HomeMy WebLinkAbout2018-12-04 Commissioners of Trust Funds Minutes OFpE,O
Town of Reading
5n, Meeting Minutes RECEIVED
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Board - committee - commission - council: 2019 MAR -8 PM It 32
Commissioners of Trust Funds
Date:. 2018-12-04 Time: 7:00 PM
Building: Reading Town Hall Location: Conference Room
Address: 16 Lowell Street Session: Open Session
Purpose: General Business Version: Final
Attendees: Members - Present:
John Daly, Elizabeth Klepeis, Neil Cohen and Endri Kume
Members - Not Present:
Andrew Friedman
Others Present:
Minutes Respectfully Submitted By: Endri Kume
Topics of Discussion:
Mr. Cohen called the meeting to order at 7:04PM.
Open Session for topics not reasonably anticipated 48 hours in advance of the
meeting
None.
Meeting Notes
Ms. Klepeis made a friendly amendment to the minutes for 11/28/18 and moved with a
motion to approve the meeting notes for 11/28/18.
On a motion by Ms Klepeis, seconded by Mr. Daly the Minutes of the 11/28/18 meeting
were aooroved as amended by a vote of 4-0-0
Review Portfolio. Discuss investment changes
Mr. Daly informed the Commissioners that the final proceeds from the sale of 600 shares of
Russell 2000 and 720 shares of SPDR 500 were $90,563.52 and $196,514.85 respectively
for a total of $287,078.37. Original cost for the shares was $137,365.09 and total gains of
$149,713.28. Mr. Daly mentioned that the day the shares were sold the market was up and
It played in our favor. Mr. Daly also mentioned that there was a lot of volatility in the
market and he had been monitoring the trade volume for both securities. He strongly
suggested continuing our investment strategy like in the past In order to lower the exposure
of the Trust to the market volatility. Ms. Klepeis asked how the proceeds were going to be
reinvested. Mr. Daly suggested reinvesting for 4 or 6 months. He also mentioned that the
10 year Treasury was going to go up due to the Fed increasing rates In the next few months
so it might be better to invest faster than 6 months. Mr. Daly suggested investing $50k per
month In order to be fully reinvested in 5 months. Mr. Cohen asked to adjust the
reinvestment amount in order to fully reinvest the amount in 4 months and that was the
consensus of the group.
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Ms. Klepeis made the following motion:
on a motion by Ms Kleoeis seconded by Mr. Daly the decision to buy back on a prorated
basish reof SPDR and of Russel 2000 in the next four months was approved bye.
of 4-0-0.
Next Meeting
Next meeting was scheduled for January 10th, 2019 at 7PM.
On a motion by Ms Klepeis seconded by Mr. Daly, the Commissioners voted to adjourn its
meeting at 7.31 p.m. by a vote of 4-0
Respectfully submitted, Secretary
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