HomeMy WebLinkAbout2017-05-11 Commissioners of Trust Funds Minutes... Town .of Reading
Meeting Minutes
Board.- Committee - Commission - Council:
Commissioners of Trust Funds
Date: 2017-05-11
Building: Reading Town Hall
Address: 16 Lowell Street
Purpose: General Business
Attendees: Members - Present:
Time: 7:00 PM
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Location: Lower Level Conference Room .
Elizabeth Klepeis, John Daly, Barry Berman,. Karen Jameson, Neil Cohen
Members - Not Present:
Others Present:.
Richard Holmes and Sharon Angstrom
Minutes Respectfully Submitted By: Sharon Angstrom
Topics of Discussion:
Ms. Klepeis called the meeting to order at 7:16.
On a motion by Mr. Berman,. seconded by Mr. Daly, the minutes for the February 28 17 were accepted as amended
The motion was approved by a vote of 3-0-1.
The Commissioners reviewed the handout provided regarding the investments. Ms. Klepeis initiated a discussion
regarding selling some investments while the market is high. Mr. Berman asked why Nye don't have an investment
manager to manage the investments in between meetings. Ms. Klepeis explained that most of the funds are in bonds
that we tend to hold to maturity. The equities are a smaller piece of the asset allocation, which includes 25% equities
and 75% cash and bonds. Ms. Klepeis further explained that the individual stocks. held in portfolio were kept due to
high dividends and that the majority of the trust funds are invested conservatively to preserve principal.
After some brief discussion regarding cash flow. needs of the fund, Ms. Klepeis pointed out that it may makes sense to
sell some investments to ensure there is adequate cash flow to fund the expenses of the fund.
On a motion by Ms. Klepeis seconded by Mr. Berman, the Commissioners authorized the sale of 360 shares of the
SPDERs that were originally purchased 11/23/09. The motion was approved by a vote of 5-0-0.
On a motion by Ms. Klepeis seconded by Mr. Berman the Commissioners authorized the profits from the SPDERs
sale to be reinvested in SPIDERS at a 1/3 a month'for three months. The motion was approved by a vote of -5-0-0.
Ms. Angstrom pointed out to the Commissioners that $700 awarded for the Exemplary Teacher Award did not cover.
the full costs of the awards given to teachers retiring. She informs the Commissioners that $161 of this expense was
absorbed_ by the General Fund budget. The Commissioners took no action on this topic as they wished to stick with the
original award amount
Ms. Klepeis reported on the transportation request made by Sanborn Place. She states that HUD is providing housing,.
but no meal.program or CNA services are being provided so the residents will need to pay to get these services. She
points out that some of the residents are on Medicaid.. The Reading Response program picks up if they don't qualify
for.Medicaid and provides transportation once a week to one of the 38 cities/towns we travel to.
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Meeting Minutes
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On a motion by Ms. Klepeis seconded by Mr. Daly, the Commissioners approve the residents of Sanborn Place to be
allowed to apply for Reading Response since Sanborn Place no ,longer offers transportation. The motion was approved
by a vote of 5-0-0.
Mr. Klepeis provided a liaison report on Reading Response. Ms. Klepeis informs the Commissioners that the
administration for Hallmark Health has changed. There is a new nurse and public relations person.
Ms. Klepeis informs the Commissioners that Elder Services has run out of the Reading Response magnets. In the past
these magnets cost between $.87 -$.89 each.
On a motion by Ms. Klepeis, seconded by Mr. Daly, the Commissioners voted to authorize the purchase of 250
magnets by a vote of 5-0.
The next meeting will be on August 3, 2017 at 7:00 pm.
On a motion by Mr. Daly seconded by Mr. Berman, the Commissioners voted to adiourn its meetine at 8:40 n.m. by a
vote of 5-0.
Respectfully submitted,
Secretary
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