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Town of Reading
Meeting Minutes
TOWN CLERK
READING, M S ,
Board - Committee - Commission - Council:
Commissioners of Trust Funds .
Date: 2017-08-03
Building: Reading Town Hall
Address: 16 Lowell Street
Purpose: General Business
Attendees: Members - Present:
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Location: Lower Level Conference Room
Elizabeth Klepeis, John Daly, Barry Berman, Neil Cohen and Endri Kume
Members Not Present:
Barry Berman
Others Present:
Richard Holmes and Sharon Angstrom
Minutes Respectfully Submitted By: Sharon Angstrom
Topics of Discussion:
Ms. Klepeis called the meeting to order at 7:02.
On a motion by Ms. Klepeis seconded by Mr. Berman the Minutes of the 5/11/17 meeting were approved by a vote of
,4-0-1. Mr. Kume abstained as he was not present on 5/11/17.
Mr. Daly provided a brief portfolio update. He reminded the Commissioners that at the last meeting the sale of 360
shares of SPDRS was approved with the agreement to reinvest the proceeds in SPDRS 1/3 each month for the next
three months. Mr. Daly pointed out that the bond portfolio is stable with earnings of $269k per year through Wells
Fargo. Mr. Daly states the market is currently hanging in there not going up or down. He mentions he believes interest
rates may rise. Mr. Daly also points out that one of the equities in the portfolio, GE has been a disappointment as it is
down 19% this year.
The Commissioners reviewed the two applications submitted for Parker Loan program.
On a motion by Ms. Klepeis, seconded by Mr. Daly,_application from Ashita Rao for the Parker Loan was approved by
a vote of 5-0.
On a motion by Ms. Klepeis, seconded by Mr. Daly, application from Emma Collins for the Parker Loan was approved
by a vote of 4-0-1.Chairman Cohen recused himself because he knew the applicant.
Ms. Klepeis discussed the Respite Program as well as the Memory Cafd program. She explained that at the Memory
Caf6 program memory impaired individuals and their caregivers come to do activities together. The Caseworker gets
to know them and arranges for Respite time for the caregiver to allow the caregiver some time off. Licensed Nurses
Aids are used in the Respite Program. Three people are utilizing this program.
Ms. Klepeis stated the Reading Response program is doing well with 142 Life Line, 14 Auto Alerts, 5 Cell Phones and
6 extra buttons for outside the home. Ms. Klepeis noted that a local facility, Sanborn Place fell on hard times and was
forced to eliminate its transportation program. Mr. Berman asked if Reading Response costs for transportation has
gone up in May & June due to the elimination of transportation at Sanborn Place. Ms. Klepeis responded that she
wasn't sure of the impact.
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2013-09-03
Town of Reading
Meeting Minutes
Ms. Klepeis asked Mr. Kume to check the policy to see if there is a cap on the medical transportation program as she is
curious as to where the $40k budget for Reading Response came from.
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The next meeting date will be Oct 19, 2017 at 7:00 pm.
On a motion by Mr. Berman seconded by Ms. Kleneis the Commissioners voted to adjourn its meeting at 8.10 p.m. by
a vote of 5-0.
Respectfully submitted,
Sharon Angstrom
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2013-09-03