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Commissioners of Trust Funds
Date: 2023-11-30 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:
Chair Neil Cohen, John Daly, Mark Dockser, Diane Morabito
Members - Not Present:
Others Present:
Minutes Respectfully Submitted By: Jacquelyn LaVerde
Topics of Discussion:
Discuss Combined Statement of Revenues, Expenditures and Chances in Fund
Balance/
Review Investment portfolio allocations/
Review Reading Response Spending Reports
Treasurer Diane Morabito noted that everything is consistent with last year in terms of
spending, and reports are fully updated through October.
John Daly stated that since the last meeting, there has been a fairly good market in stocks
and bonds. The S&P 500, in which the bulk of the money is invested, is up 8.5% NASDAQ
is up 11%, Dow is up 7%, and Russell 2000 is up 8%. For the year to date, S&P is up 19%.
Russell 2000 had a tough year when bankruptcy hit two banks and is only up 3% for the
year. Predictions are mixed for next year, and there is the question of whether there will be
a soft recession. Because Inflation is under control, some are predicting that the Fed will
start cutting rates in April or May.
Ms. Morabito noted that since the last meeting, money market accounts have been
converted to mutual funds. Greg at Wells Fargo Invested in a $500,000 US Treasury bond.
Ms. Morabito provided the draft letter from Town Counsel indicating that the Commission is
authorized to transfer the monies into the trusts. She noted that Town Counsel would like
the Commission to finalize the letter. The letter states that expenditures from the Library
Gift Account must be approved by the Board of Library Trustees and the Select Board.
However, the Select Board delegated their authority to the Town Manager. Ms. Morabito
will contact Town Counsel for clarification. With the impending transition of the Town
Manager, if it needs to go before the Select Board, it can be at the January meeting.
Update on the status of the Winchester Hospital Lifeline service transition
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Ms. Morabito stated that the combination of bills from LifeLine and Winchester Hospital is
accurate through October. There are still 23 individuals who are still with Phillips Lifeline.
There are about eight to ten transitions every month, and all clients should be transitioned
to Winchester Hospital services by the end of December. Ms. Morabito noted that her
consistent efforts with Phillips have led them to dedicate more people to the team to
complete the transition.
Provide update on receivina a credit from Lifeline for charges billed in error
There are currently 138 individuals with Winchester Hospital, and 23 that still need to be
transferred to Winchester Hospital from Lifeline. The issue with Lifeline correcting their bills
is ongoing. Staff at the Senior Center has indicated they are happy with the service at
Winchester.
Status update on the issuance of scholarships
Ms. Morabito stated that she emailed Ren O'Connell and Susan Colella, but has not yet
received a response. Commissioners asked Ms. Morabito to continue following up weekly
until she gets a response.
Discuss ideas on recruiting for vacancies on the Trust Fund Committee
Mark Dockser stated that he has reached out to a potential candidate and will be meeting
with him tomorrow at 4:00 pm to discuss his interest in joining the Commission. There is
the question of whether this individual might have a conflict of interest, as his firm could
end up doing business with the Town of Reading. The candidate will confer with his
compliance officer.
Next meetina date
Commissioners discussed and agreed to schedule the next meeting for Thursday, February
8"', 2024, at 7:00 pm.
Adiourn
On a motion by Mark Dockser, seconded by John Daly, the Commissioners of Trust Funds
voted 4-0 to adjourn at 7:51 pm.
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