2021-05-13 Commissioners of Trust Funds Minutes

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Dockser explained that one of the things that the Town is trying to do is a new Senior or Community Center. Town Meeting approved funds to perform a study related to this project. Suppose the center moves forward and is a viable project. Would the Trust Funds Commissioners be willing to contribute to any initiatives or programs that would help residents that show a financial need? Mr. Cohen answered yes and explained that we would need to review the program at that time and determine if the expense is within the guidelines of the Hospital Trust Funds. Mr. Daly suggested that we should keep investing any cash that frees up from bond in CDs with local banks, and Ms. Klepeis made the following motion: Ms Klepeis motioned that once funds become available and not reouir d for cash Flow these funds can be invested in a CD at 245K Mr. Cohen asked if there was any discussion Mr. Dockser added that we need a oarameter for interest and Mr. Cohen agreed to keep it at a minimum of 0.50%. Mr. Kume said that we need to ke p the term of the CD below 18 months Mr. Dockser suggested looking into the banks and see if they also provide DIF (Depository Insurance Fund) on top of the FDIC Mr. Kume asked if it was ok to look into the banks that we have opened CDs with, and if they have DIF we can incr ase the amp nt invested with them. All the Commissioners agreed With two amendments one for the DIF insurance and the second for interest rate and term of the CO. the final motion was approved by a vote of 5-0 Mr. Cohen asked about the cash flow projection, and Mr. Kume responded that we would have no liquidity needs as expenses for the programs are trending below projections. Discussion about RFP: Mr. Kume provided an update on the responses for the RFP. There was a total of 4 companies that had inquired, but only one of them had provided a bid for the service. The current provider of service, MassTran, had not submitted a proposal. The company that had bid on the service was called Alternative Transportation Systems LLC. They had provided a detailed description of what they offer and prices for the services. Ms. Klepeis suggested that the next step would be to discuss it and then reach out to the Elderly Services staff and share the info. Ms. Klepeis and Mr. Daly would reach out to the Elderly Service staff to consult via a zoom meeting and plan to have a Q&A session with the company. Ms. Klepeis went over the rates that we currently have and what the new company would charge us. The rates were in line with what we had and very competitive. Mr. Dockser asked how this compares to Checker Cab, and Mr. Kume pulled the expenses and showed that the service Checkers Cab provided was expensive compared to the new company. Ms. Klepeis suggested the next step be to reach out to the Elderly Service and discuss this proposal with them. Once they had discussed the proposal, Ms. Klepeis would reach out to Alternative Transportation System and invite them to the next meeting. Reading Response Program liaison report: Mr. Cohen asked the Commissioners for an update on Reading Response Program. Mr. Kume Informed the Commissioners that he had received notice that the Lifeline program from Philips Health Care was being sold to Connect America. Mr. Kume had reached out to Tom Crossman, the representative from Philips Lifeline. According to Mr. Crossman, nothing will change regarding service or billing or pricing; everything will stay the same. In the back end, the branch of the Philips Lifeline was going to be moving to different ownership. The next Meeting Date was set for 6/17/2021 On a motion by Ms. Klepeis seconded by Mr. Daly, the Commissioners voted to adiourn its meeting at 8:17 p m by a vote of 5-0 Respectfully submitted, Secretary Page 1 2