HomeMy WebLinkAbout2018-03-22 Commissioners of Trust Fund Minutes Town of Reading
A: V. Meeting Minutes R E c E i V kE D
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Board - Committee - Commission - Council: 7018 JUNI I AM 10: 34
Commissioners of Trust Funds
Date: 2018-03-22 Time: 7:00.PM
Building: Reading Town Hall Location: Lower Level.Conference Room
Address: 16 Lowell Street
Purpose: General Business
Attendees: Members-Present:
Elizabeth Klepeis, John Daly, Neil Cohen and Endri Kume'. -.
Members Not Present:
Barry Berman
Others Present:
Richard Holmes
Minutes-Respectfully Submitted By: . Endri Kume -
Topics of.Discussion:
Mr.,Cohen called the meeting to order at 7:03PM.
Open Session for topics not reasonably anticipated 48 hours in advance of the meeting
Mr.Cohen asked the members if there was any topic not reasonably anticipated 48 hours in advance of the meeting.
Mr.Kume asked to move forward and open the discussion for the 2018:fiscal year awards and scholarship..Mr.Kume,
presented the past seven years of historical information for each scholarships and award,for the commissioners to
review.After a few minutes and discussion the following amounts were decided:
No.,Scholarship&Awards . Amount
1:Friends Reading Football $. 1_,000.
2'Kenneth Brown $ 25
I Nathaniel Hill $ -50
4i No..Residents Assoc $ 400
5Gilman L. Parker $ 150
6,Torre $ 500
7'Carl B. -Sawyer $ 175-
8 Hal Croft" $ 210
9,Florence Nichols_ $ 600
10 Dennis Lehane $ 1,_000
1f James Klepeis $ 600
12:Patron for Older Adults $ 1,000.
13'Patri_ck Schettini . $ 3,500
14'J6a-n Clifford_Award $ 75
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15 Winthrop Parker Loan Fund $ 8,000
16 Exemplary Teacher.- Berger $ 800
On a motion by Ms.Klepeis seconded by Mr.Daly the following amounts were awarded and approved by a vote of
4-0:
Friends Reading Football$1,000 1 Kenneth Brown$25 1 Nathaniel Hill$50 1 No.Residents Assoc. $400 I Gihnan L
Parker$150 1 Torre$500 1 Carl B..Sawyer$1751 Hal Croft$210 I Florence Nichols$600 1 Dennis Lehane$1,000 1
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James Klepeis$600 1 Patron for Older Adults$1,000'1 Patrick Schettirii$3,500 1 Joan Clifford Award$75 1 Winthrop
Parker Loan Fund authorized$8,000 1 Exemplary Teacher- Berger$800.
Meeting Notes
Mr. Cohen-thanked Mr.Kume for the letter sent to Mr.Breire.Mr. Cohen made a motion to approve the meeting
notes of 1/25/18 as presented.
On a motion by Mr.Cohen,seconded by Ms.Klepeis the Minutes of the 01/25/18 meeting were-approved as presented
by a vote of 40.
Review Portfolio.Discuss investment changes
Mr. Cohen asked Mr.Daly to provide a portfolio review and if there were any changes that we had to make at this
time.Mr.Daly informed the commissioners that the 5ffi out of 6 purchases from the.sale of SPDR was made in the
month of January.There are no plans to purchase any new bonds at this time.Mr.Daly indicated that the worst
performer in the portfolio at this time was GE and as we had discussed in the last meeting we are planning to hold GE
position.at this time.Mr.Daly,informed the commissioners that the FED had increased the rates but this was already
known to investors so there wasn't much of a market disruption.Mr..Daly mentioned that he will be following the
market.very closely and see how it'reacts to..the trade tariffs.between US and China.There had been a considerable
trade volume in the market and Mr.Holmes indicated that this volume was due to automatic trading that happens when•
there are sudden movements in the market.,Mr.Holmes mentioned that the portfolio was in.a negative performance
when looking at the YTD,but positive performance overall.
Mr.Kume informed the Commissioners about Wells Fargo current issues.The conversation was triggered from a
recent conversation that Mr.Kume had with one,of his colleagues who informed him about the fake account issues,
about a year ago,and the recent news that FED was ordering Wells Fargo to halt growth over compliance concerns.
The conversation was just for information only.Mr.Daly mentioned that they are one of the leading investment
management banks in the industry and that we will be on the lookout if there is any new development for Wells Fargo. .
Reading Response Program
Ms.Klepeis gave her liaison report.MassTran had requested a new contract to be signed now that the new rates were
in effect.Ms.Klepeis summarized the new rates as follows:
New Rates:
Zone. Ambulatory Wheelchair
1 $17.50 $3.1.00
2 $28.00 $45.50
3 $3:8.00 $57.75
Mr.Kume;with Ms.Klepeis request,provided in the package the old contract that was signed in 2007 between
MassTran and the Trust Funds Commissioners:Mr.Cohen suggested that Mr.Kume review and update the contract
with the new information and send a draft via email,for the Commissioners to review and discus.in the next meeting.
The draft contract will be'reviewed by the Commissioners and approved before the-final is sent out to the company. .
On a motion by Ms.Klepeis,.second by Mr.Daly,the increase in rates by MassTran effective February 1",2018 were
approved to be included in the DRAFT contract by a vote of 4-0.
Ms.Klepeis present the new pamphlet for the Respite Care. This marketing material is part of the annual fee that we
pay to the vendor.Ms.Klepeis indicated that this marketing material now has the Reading Elder and Human Services
department phone number and it will make it easier for callers to schedule and.receive service.Mr.Cohen made a few
changes to the pamphlet and suggested Ms.Klepeis follow up with the company to make the changes.
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Mr.Daly mentioned that some other towns are'using.Uber and Lyft:as meaw ftranspoi-tation for.similar programs to
what Reading has.Ms..Klepeis mentioned that there were a lot of safety concerns and thepopulation that we provide
the services for needs a special care and professional service.
Next Meeting
Next meeting was scheduled for May 24th,2018.
On a motion.by Mr.Daly seconded by Ms.Klepeis the Commissioners voted to adjourn its meeting at 7.59 p.m.by. a
vote of 4-0.
Respectfully submitted,
Secretary
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