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HomeMy WebLinkAbout2019-03-28 Commissioners of Trust Funds Minutes c�ti orxrb Town of Reading =I Meeting Minutes RECEIVED TOWN CLERK READING, MA.Y , Board - Committee - Commission - Council: 2110 AUG 21 AM 8: 29 Commissioners of Trust Funds Date: 2019-03-28 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 Klepels, 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 7:05 PM. Open Session for topics not reasonably anticipated 48 hours in advance of the meeting None. Meeting Notes Ms. Klepeis moved with a motion to approve the meeting notes for 1/10/19 as amended. On a motion by Ms Klepeis seconded by Mr. Daly the Minutes of the 1/10/19 meeting was approved as amended, by a vote of 4-0-0 Ms. Klepeis moved with a motion to approve the meeting notes for 2/7/19 as amended. On a motion by Ms Klepeis seconded by Mr. Daly the Minutes of the /7/19 meeting were approved as amended, by a vote of 3-0-1 Mr. Cohen abstained as he was not present at the meeting. Review Cash Flow portfolio,discuss investment changes and Trust Balances Reports Mr. Daly informed the Commissioners that the fourth and final purchase of Russell 2000 and SPDR S&P 500 was completed on March 0. The sale that was decided back in December had come out to be a great move as we sold at a high price and since December the price for the !Share and SPDR S&P has gone down. There was a bond, Royal Bank of Canada that was redeemed at par in the amount of$100K. Mr. Lee, the investment broker, had already started looking for a replacement. Page 1 1 Mr. Daly mentioned that there was some concern around the market outlook due to an inverted yield curve for the 3-month paper and 10-year Treasury note. This Is considered a sign of recession; however, there are other factors that were Impacting the market, so there are different opinions from different analysts. Another factor that might have caused the inverted curve, Mr. Daly explained, could be the fact that some of the biggest investors are getting ready to buy some of the newest IPOs that are coming up, such as Lyft and Uber. This sell-off, in order to have the rash to buy, is a factor that might have affected the overall market. Mr. Daly also mentioned that when it comes to timing, most investors think that there will not be a recession for at least one year. Trust Funds Scholarship and Award Amounts After a few minutes and discussion the following amounts were decided: No. Scholarship&Awards Amount 1 Friends Reading Football $ 2,000 2 Kenneth Brown $ 25 3 Nathaniel Hill $ 75 4 No. Residents Assoc $ 600 5 Gilman L. Parker $ 225 6 Torre $ 500 7 Carl B. Sawyer $ 225 8 Hal Croft $ 240 9 Florence Nichols $ 800 10 Dennis Lehane $ 1,500 11 James Klepsis $ 725 12 Patron for Older Adults $ 1,200 13 Patrick Schettini $ 3,750 14 Joan Clifford Award $ 100 15 Exemplary Teacher- Berger $ 750 Total! $ 12,715 On a motion by Ms Klepeis seconded by Mr. Dalv the following amounts were awarded and approved by a vote of 4-0: Friends Reading Football $2.000 1 Kenneth Brown $25 1 Nathaniel Hill $75 1 No Residents Assoc. $600 1 Gilman L Parker $225 1 Torre $500 1 Carl B Sawyer$2251 Hal Croft $ 40 1 Florence Nichols $800 1 Dennis Lehame $1,500 1 lames KI o is $725 1 Patron for Older Adults $1.200 1 Patrick Schettini $3.750 1 Joan Clifford Award $100 1Exemplary Teacher - Berger $750 Reading Response Program Ms. Klepeis informed the Commissioners that the transition from Hallmark to Philips is almost complete. Hallmark has almost transitioned out from the process, and she recommended we stop paying the administrative fee of$450. On a motion by Ms Kleoeis seconded by Mr. Daly the 450 monthly administrative fee to Hallmark for service rendered was terminated effective next month by a vote of 4-0. Ms. Klepeis reminded Mr. Kume to follow up with Tom Crossman for a new contract with Philips. Ms. Klepels went over the recent issue with one of the clients for the Reading Response Program. MassTran had limited driver and couldn't provide transportation outside of the 10:OOAM and 12:30PM due to being short 2 drivers. A client needed transportation to a medical facility outside of these hours and had reached out to Elderly Services. Elderly Services had informed the client that they couldn't provide the service for the hours Page 1 2 requested. Disappointed the client had asked to follow up with the Commissioners and the Elderly Service had Provided the contact info for the Mr. Kume who is also an ex officio for the Commissioners. Mr. Kume had talked to the client and informed her that he would get back at her with a solution. After going back and forth with the Elderly and Human Services, It was decided, with the approval of Ms. Klepeis, to pay for a taxi for the client. Ms. Klepeis suggested to the Commissioners that due to the constraints from MassTran we should consider authorizing additional expenses until we find a more reliable service provider. On a motion by Ms Klepeis seconded by Mr. Daly a total of$5.000 per Year was authorized to be spent on unplanned transportation needs such as taxi rides for Reading Response Program by a vote of 4-0 Next Meeting Next meeting was scheduled for May 9t", 2019 at 7 PM. On a motion by Ms Klepeis seconded by Mr. Daly. the Commissioners voted to adioum its meeting at 8.05 p.m. by a vote of 4-0. Respectfully submitted, Secretary Page 13