HomeMy WebLinkAbout2019-01-10 Commissioners of Trust Funds Minutes Town of Reading
Meeting Minutes RECIVED
TOWNCLERKaao„ READING, MA.
Board - Committee - Commission - council: 2111 AU6 21 AM 8. 29
Commissioners of Trust Funds
Date: 2019-01-10 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 Endrl 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 7:08 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 12/04/18.
On a motion by Ms Klepeis seconded by Mr. Daly the Minutes of the 12/04/18 meeting
were approved, by a vote of 4-0-0.
Ms. Klepeis moved with a motion to approve the meeting notes for 12/17/18 as amended.
On a motion by Ms Klepeis seconded by Mr. Daly the Minutes of the 11/15/18 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 and Trust Balances Reports
Mr. Daly asked Mr. Kume what the current MMDT interest rate was and if it made sense to
move some of the funds from the Wells Fargo Money Market to MMDT. Mr. Kume responded
that the rate was a little over 2% and if moved the funds would definitely accrue more
interest.
On a motion by Ms Klepeis seconded by Mr. Daly $200K was approved to be transferred
from Wells Faroo to MMDT. by a vote of 4-0-0.
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Review Portfolio. Discuss investment changes
Mr. Cohen asked Mr. Daly how the portfolio was doing and to provide an update on the
recent investment activities. Mr. Daly confirmed the following investment activities for the
month of December:
1. Purchased bond Royal Bank of Canada, 109K shares at $91.855
2. Purchased bond IBM Corp, 100K shares at $99.244
3. Purchased ]Shares EFT Russell 2000, 156 shares at $144.9417
4. Purchased SPDR S&P500 TRUST EFT, 184 shares at $264.9717
Mr. Daly noted that this was the first time the repurchase was better than the sale. There
were two more purchases left to be completed in the next few months. The most recent
Wells Fargo market report indicated that the economy would grow; however, Mr. Daly noted
that the growth rate was lowered from what was previously reported. Mr. Daly mentioned
that the report has an outlook of a 7% overall increase by the end of the year. Ms. Klepeis
mentioned that the Fed was backing increasing rates due to Inflation worries. Mr. Daly
confirmed and added that the Fed still plans on 1 or 2 hikes for this year.
Reading Response Program
Ms. Klepeis asked Mr. Kume If he had heard back from the procurement office on the
questions if there was a need for a public bid to switch the account from Hallmark to Philips.
Mr. Kume informed the Commissioners that the procurement office confirmed there was no
need for a public bid. Ms. Klepeis mentioned that she had nothing else to report at this time.
Next Meeting
Next meeting was scheduled for March 28�, 2019 at 7 PM.
On a motion by Ms Kleoeis seconded by Mr. Daly. the Commissioners voted to adiourn its
meeting at 7.55 p.m. by a vote of 4-0
Respectfully submitted, Secretary
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