HomeMy WebLinkAbout2021-02-25 Commissioners of Trust Funds Minutes 0� OrR �
Town of Reading 'n EIVED
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Board - Committee - Commission - council: 2J PM 2: i
Commissioners of Trust Funds
Date: 2021-02-25 Time: 6:30 PM
Building: Reading Town Hall Location:
Address: 16 Lowell Street Session: Open Session
Purpose: Specific Business Version: Final
Attendees: Members - Present:
Neil Cohen, Mark Dockser, John Daly, Elizabeth Klepeis, and Endri Kume
Members - Not Present:
Others Present:
Minutes Respectfully Submitted By: Endri Kume
Topics of Discussion:
Mr. Cohen called the meeting to order at 6:32 p.m. This was a virtual Zoom meeting.
Acceptance of minutes from prior sessions Zoom meetings.
Minutes from 1/11/2021 were reviewed and some minor changes were made. The final
minutes were approved as follows:
On a motion by Ms Klepeis seconded by Mr. Dockser, the Minutes of 1/11/2021, meeting
were approved as amended by a vote of 5-0
Review portfolio Cash Flow and Trust Balances Reports. Discuss investment
changes.
Mr. Daly informed the Commissioners of the high volatility in the market. The reinvestment
of the SPDR sale had been completed. Our broker had difficulties finding replacement bonds
for the portfolio, and with the current market condition, it will be challenging to find new
bonds. The interest rate for the 10-year Treasury was up as the investors feel the Covid-19
virus is under control or will be by the end of this year. Another factor influencing the rate is
the government pumping more money into circulation and the fed news that they are not
worried about inflation. Mr. Kume informed the Commissioner that he had closed all the CDs
requested in the previous meeting. Mr. Daly asked Mr. Kume if there were any more banks
to look at and lock another CD for $245K, and Mr. Kume confirmed he would move on with
finding another one.
On a motion by Ms Kleoeis seconded by Mr. Dockser, the investment of $245K in a CD at a
minimum rate of 0 50% for 6-18 months was approved by a vote of 5-0
Mr. Kume went over the cash flow forecast for the rest of the year. With the CD coming out
of the Wells Fargo account, we should have around $100K left by the end of the year in the
money market at Wells Fargo. He noted that this figure does not include the decision made
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today to move more funds out of Wells Fargo. Mr. Kume informed the Commissioners that
he had received more funds from residents who received the Interest Free loans and paid
back the portion that was due this period.
Discussion about the scholarshlp:
After a brief overview of the different scholarships and awards, the Commissioners reviewed
the amounts on a line by line basis column FY21 as follows:
Scholarship&Awards FY22 FY21
8104 Friends of Reading Football 0.00 8,545.99 2,000.00
8105 Kenneth Brown($25/year until 2100) 1,000.00 10,485.70 25.00
8106 Nathaniel Hill 1,500.00 88.23 75.00
8107 Northern Residents Association 11,370.47 678.99 600.00
8108 Gilman L. Packer 5,000.00 315.31 1 275.00
8109 1rome 0.00 2,915.74 500.00
8110 Cad B. Sawyer 5,000.00 304.68 250.00
8111 I Hal Croft(diNsible by 3) 5,687.48 364.89 300.00
8112 Florence Nichols 16,680.47 1,005.39 900.00
8113 Dennis Lehane 31,507.20 1,902.73 1,700.00
8114 James Klepeis 15,050.001 835.92 1 800.00
8115 Patron for Older Adults 25,000.00 1,473.78 1,200.00
8116 Patrick Schettini (spend by 2022 FINAL) 0.00 9,361.84 4,500.00
8101 Joan Clifford Award (BOOK) 1,000.00 380.58 150.00
8102 Winthrop Parker Loan Fund 0.00 3,062.87 2,000.00
8103 1 Exemplary Teacher- Berger 6,856.22 9,011.11 1,500.00
Scholarship&Awards Total 1 125,652 60,734 16,775
There was a discussion to increase the amount for the Exemplary Teacher — Berger from
$750 to $1500, and the Commissioners were all in agreement.
A motion by Ms Klepeis seconded by Mr. Dockser, to approve the amounts for award and
scholarship listed under column FY21 as presented After the discussion there was an
amendment to increase the Exemplary Teacher - Beraer from 4750 to 53500 and a vote
approved the amendment of 5-0 The first motion as amended carried with a vote of 5-0
Reading Response Program liaison report:
Ms. Klepeis informed the Commissioners that she had been in touch with Kern Valley from
the Elderly Service. She was informed that not too many people had requested rides to
medical appointments. A question was asked if the transportation program will cover rides
to get the Covid-19 vaccine, and under our current rules, that is a reasonable expense and
is covered by the Reading Transportation Program.
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RFP for Reading Response Transportation Program
Ms. Klepeis suggested minor changes to the format of the document. After a brief
discussion, the final RFP would be distributed by Mr. Kume to all the Commissioners for
electronic signature. All bids will be reviewed and decided upon at the next meeting based
on set criteria determined by the Commissioners.
The RFP document was finalized, and the deadline for bid submission was set for May 5",
Reading Response Spending was low as the services provided were reduced due to the
pandemic. Expenses for Checkers Cab, Lifeline, and Adult Day Health Care were normal,
and MassTran had no bills.
The next Meeting Date was set for 5/6/2021
On a motion by Ms Kleoeis seconded by Mr. Daly, the Commissioners voted to adiourn its
meetina at 6.17 p.m. by a vote of 5-0.
Respectfully submitted, Secretary
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