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HomeMy WebLinkAbout2021-07-07 Commissioners of Trust Funds MinutesTown of Reading ' z Meeting Minutes Board - committee - Commission - Council: Commissioners of Trust Funds ikECEIVE[) TOWN CLERK RFAMN?( MAV 2021 NOY 15 AM 8: 33 Date: 2021-07-07 Time: 6:30 PM Building: Reading Town Hall Location: Lower Level Conference Room 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: .,_....e..«r..u.. auhmitted Bv: Endri Kume Topics of Discussion: Mr. Cohen called the meeting to order at 6:32 p.m. Mr. Cohen asked Mr. Kume to provide an update on the Open Meeting Law changes. According to recent legislative updates, Mr. Kume informed the Commissioners that the Zoom meetings could continue until April 2022. Open Session for topics not reasonably anticipated 48 hours in advance of the meeting. None Acceptance of minutes from prior session. Mr. Cohen and Ms. Klepeis asked made few minor changes to the minutes. Review portfolio. Discuss investment changes. Mr. Cohen asked Mr. Daly for any significant changes to the portfolio and investments from the last meeting on 6/17/21. Mr. Daly replied that there were no significant changes, and there was not much to report at this meeting. Review Cash Flow and Trust Balances Reports. Mr. Cohen asked Mr. Kume to provide a summary of the Cash Flow and Trust Balances. Mr. Kume informed the Commissioners that he had finalized opening two CDs, one with North Shore Bank and the other one with Needham Bank. Both CDs were for a term of 18 months with an interest rate of 0.509%. Mr. Kume informed the Commissioners that he was not able to update the Schedule of Investments due to timing and will work on finalizing it for the next meeting. Cash flow was being worked on and was on schedule. There were no significant changes from the previous meeting. Mr. Dockser had a question related to the expendable balance of the Trust Funds. The question was how the Commissioners could encourage the use of the expendable balances Page I 1 were appropriate. As these balances go up, how can we be proactive and try to spend some of these funds for the purpose that there were designed? Mr. Kume mentioned that the funds had grown so much due to the Commissioners' strategy by selling on a schedule every year lots of old investments that they have held for some time. This strategy generated cash and was done yearly. The other restriction on spending for some of the Trust Funds comes directly from the donor's bequests. The best way of spending the funds is through programs in line with the donor's will. Mr. Dockser suggested reaching out to different town staff, programs, and events to plan and engage them and come up with ideas on how to spend the funds. Discuss RFP Mr. Kume informed the Commissions that he had called ATS to get an update on the contact and specifically on the proposal where the prices were different. ATS told Mr. Kume that they were open to the process, and if the Commissioners worked on a draft, they would work around it. Mr. Kume had asked about the price changed on the proposal and why it included the 10% call service fee. ATS explained that 99% of the time, when the program is announced, most of the service is handled over the phone. Mr. Kume explained that Reading Response was different, and most of the calls will be handled by the Elderly Services. He asked ATS that both the prices with and without the fee were disclosed in the contract. ATS agreed with the change. The Commissioners worked on the ATS proposal line by line and finalized a draft. Mr. Cohen suggested that the best approach was to take the Mass -Fran former contract and incorporate all the discussed changes. This would be a revised draft, and it will look more like a contract than a proposal, which ATS has submitted. The Commissioners agreed, and Mr. Kume was going to work on the Draft Contract. Reading Response Program liaison report. Ms. Klepeis informed the Commissioners that she and John met with Kerry and Alice from the Elderly Services Department and talked about the Lifeline management issue and the escort services. Kerry had reached out to Winchester Hospital and Mt. Auburn; however, she had not heard back from them. Mystic Valley did not offer the Lifeline service. Mr. Daly had asked Mr. Kume to put together a price list for all the services that Lifeline charges. Mr. Kume gave a summary of the price breakdown that shows on the Lifeline bill. Mr. Daly explained that we were analyzing the cost and comparing to see if it was worth hiring an agency to manage the process. Mr. Dockser said that we should compare the pros and cons look at the prices, and see if the difference is enough to justify hiring an agency to manage the process. Mr. Dockser asked that we ask for input from Amy O'Brien and see what she says about the workload. Commissioners agreed that this topic would need more discussion in the future. Next meeting date. Mr. Cohen asked Mr. Kume to work on the contract and once he has a draft reach out to the Commissions for the next meeting date. Adjourn. On a motion by Ms Klepeis seconded by Mr. Daly, the Commissioners voted to adiourn its meetino at 8,05 o.m. by a vote of 5-0. Respectfully submitted, Secretary Page 12