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HomeMy WebLinkAbout2019-05-09 Commissioners of Trust Funds Minutes Town of Reading Meeting Minutes rFCEIVED TOWN CLERK READING, MA.�- Board - committee - commission - Council: 2111 AUG 21 AM 8: 29 Commissioners of Trust Funds Date: 2019-05-09 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, and Endri Kume Members - Not Present: Andrew Friedman and Neil Cohen Others Present: Minutes Respectfully Submitted By: Endri Kume Topics of Discussion: Mr. Daly called the meeting to order at 7:18 PM. Open Session for topics not reasonably anticipated 48 hours in advance of the meeting Mr. Kume informed the Commissioners of a request that he received related to a donation from a school donor towards one of the Trust Funds. The question was which fund would be more appropriate for the donor to donate to the school in honor of his brother with the purpose of the donation to be disbursed during the graduation ceremony. Mr. Kume asked if the Friend of Reading Trust Fund would be appropriate. Ms. Klepeis mentioned that Friend of Reading Trust Funds was too restrictive and not the best choice in this case. Ms. Klepeis suggested Dennis Leanne Trust Fund would be the more appropriate fund considering the situation. Mr. Daly asked if the funds were received or not, and Mr. Kume informed the board that the donor was undecided, and at this point, he was awaiting further instructions from the Trust Fund Commissioners. Mr. Kume also mentioned that he did not receive anything from the donor. Commissioners were asked only to authorize the award in case the donation comes through. With no further discussion, Ms. Klepeis made the following motion: On a motion by Ms Klepeis seconded by Mr. Daly $1,000 were authorized to be awarded from Dennis Leanne Trust Fund with the condition of receiving and clearing the donation first and if the gift is not received the authorization would be rescinded with no furth r discussion, by a vote of 3-0. Mr. Kume informed the Commissioners that Mr. John R Halsey was the new Select Board .liaison recently appointed by the Board replacing Mr. Andrew Friedmann. Mr. Kume informed the Commissioners that he had done an audit on all the expenses and the fund balances between the Accountant and Treasurer. This audit was the result of questions asked to Mr. Kume by the Commissioners on how the expenses are paid from the Trust Funds. Mr. Kume had reviewed all the expenses with the Town Accountant, and they Page 1 1 were accounted for. However, the funds were not moved at the bank to account for all the Trust Funds disbursement. The previous Treasurer had separated the cash for the Trust Funds accounts, from the General Fund cash and because of this change all the receipts and disbursement had to be moved at the bank on a monthly, quarterly or yearly basis the same way as they were done on the account books. The funds were supposed to be moved between the General Fund Cash account and Trust Fund Cash account. Ms. Klepeis mentioned that this change would require money movement at the bank frequently and wasn't as efficient as It would be If the cash was together with the General Fund, and Mr. Kume agreed. The only benefit this had is that it keeps the interest from the Wells Fargo account and the allocation among all Trust Funds more manageable however it requires frequent money movement depending on the expenses that Trust Funds incur. Mr. Kume Informed the Commissioners that because of this the cash at hand was different than what we had however due to the consistency of planning by the Commissioners there wouldn't be a negative impact on the Trust, It was just a true up among the bank accounts. Meeting Notes Ms. Klepeis ask Mr. Daly to table the meeting notes to the next meeting, and Mr. Daly approved. Review Cash Flow portfolio,discuss Investment changes and Trust Balances Reports Mr. Daly informed the Commissioners that there was a lot of confusion and uncertainty in the equity market. Friday the SPDR was at $294 and on Sunday night after the president had tweeted related to China trade was the SPDR was at $286. The President was scheduled to have a dinner tonight with China representatives, and that would be directly related to the tariffs. If tariffs at 25% are imposed, there will be a drop in the market, and no one knows how much it will drop. Trust Funds Scholarship and Award Amounts Mr. Kume brought up the Parker Interest-Free loan and mentioned that out of all the amount that was authorized last year; there were two left that were not claimed. With that in mind and what the available balances we could only authorize 2 loans for this year. On a motion by Ms. Klepeis. seconded by Mr. Daly. two $2000 each interest-free loans were authorized for this year by a vote of 3-0, Reading Response Program Ms. Klepeis made the following motion for all the recommendation that the Reading Response Program sub-committee had suggested. On a motion by Mr. Klepeis seconded by Mr. Daly moved to eliminate the Respite Car Program as suouested by the sub-committee by a vote of 3-0 On a motion by Ms Klepeis, seconded by Mr. Daly moved to expand the transportation policv to include transportation for clients with dialysis at 2 rides per week within a 10-mile radius excluding Boston was approved by a vote of 3-0 Page 1 2 On a motion by Ms Klepeis seconded by Mr. Daly a new program for Adult Day Health Center at VS per day limited to 1 day a week for a total of 4 times a month limited to the following centers Dutton Adult Day Health Center. Wakefield. MA: Shapiro Center. Peabody. MA: Spectrum Center. North Andover. MA was approved by a vote of 3-0. Next Meeting Next meeting was scheduled for June 20y', 2019 at 7 PM. On a motion by Ms. Kleoeis seconded by Mr. Daly, the Commissioners voted to adiourn its meeting at 8:25p m. by a vote of 3-0. Respectfully submitted, Secretary Page 1 3