2021-05-13 Commissioners of Trust Funds Minutes

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rxego Town of Reading RECEIVED e, Meeting Minutes TOWN CLERK 'F� I` `,3 READING, MA. O 6lY;IN(OPPOPP R Board - Committee - Commission - Council: 2821 JUN 30 AM 10: 14 Commissioners of Trust Funds Date: 2021-05-13 Time: 6:30 PM Building: Reading Town Hall Location: Address: 16 Lowell Street Session: Open Session Purpose: Specific Business Version: Final Attendees: Members - Present: Neil Cohen, Mark Dockser, John Daly, Elizabeth Klepeis, and Endri Kume Members - Not Present: Others Present: Minutes Respectfully Submitted By: Endri Kume Topics of Discussion: Mr. Cohen called the meeting to order at 6:32 p.m. This was a virtual Zoom meeting. Acceptance of minutes from prior sessions Zoom meetings. Ms. Klepeis ask Mr. Kume if he had an update about the Exemplary Teacher award and If he had reached out to the school's superintendent. Mr. Kume answered that he is waiting for the new superintendent to start, and he will reach out to him as soon as he starts. Ms. Klepeis had a question about the interest-free loan and when that loan would be issued. Mr. Kume answered that he had already reached out to the Reading Scholarship Foundation, and the process Is ongoing. The minutes from 2/25/2021 were reviewed and were approved as follows: On a motion by Ms Klepeis, seconded by Mr. Dockser. the Minutes of 2/25/2021. meeting were approved by a vote of 5-0 Review portfolio Cash Flow and Trust Balances Reports. Discuss Investment changes. Mr. Daly informed the Commissioners that he had a conversation about bond investment with Mr. Lee of Wells Fargo. Mr. Daly mentioned that it would take another 6-8 months to find a bond within our investment guidelines. There was a significant movement with the CPI, and that scared a lot of investors. The Fed will keep the rates low, and the current inflation is only temporary. The stock market is not so convinced, so there was a lot of movement in the market. He explained that our portfolio is well-diversified, and there was no need to make any changes to the portfolio. He advised that with the cash that is being freed, we should lock in CDs. Mr. Kume informed the Commissioners that he had locked another CD for 14 months at 0.60% with Needham Bank. Mr. Dockser asked a question on how do we spend the principal balance for the Hospital Trust Funds. Ms. Klepeis answered that the only way would be to build a hospital. Mr. Page 1 1