HomeMy WebLinkAbout2024-05-09 Commissioners of Trust Funds MinutesRECEIVED
Town of Reading By Town Clerk GP of 7:56 pre, Aug 28, 2020
i Meeting Minutes
Board - Committee - Commission - Council:
Commissioners of Trust Funds
Date: 2024-05-09 Time: 7:00 PM
Building: Reading Town Hall Location: Select Board Meeting 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:
Greg Lee of Wells Fargo
Minutes Respectfully Submitted By: Jacquelyn LaVerde
Topics of Discussion:
Chair Neil Cohen called the meeting to order at 7:00 pm.
were no topics to discuss.
Acceptance of minutes from 2/8/24 meeting.
On a motion by Mark Dockser, seconded by John Daly, the Commissioners of Trust
Funds voted 4-0-0 to approve the meeting minutes of February 8, 2024 as
presented.
Market update by John Daly/ Grea Lee from Wells Fargo to discuss his investment
ohilosoohv and provide recommendations for the Town's investment oortfolio.
John Daly introduced Bond Specialist Greg Lee of Wells Fargo. Mr. Lee provided a brief
review of happenings in the market in recent years.
John Daly stated that the equity market is coming back. If the market starts to soften, the
Federal Reserve will cut the rate. The only other area that did not perform as well was the
Russell 2000, which took a hit last year, but has been coming back in the last six months.
Mr. Lee explained that the Investment philosophy for fixed income is more math driven. In
searching for yields, he sees yields climbing from the short term to the longer term, then
there is an inflection point, then there is not as much return on value. For ESG, he searches
for the best combination of offerings, yield credit, quality, etc.
Diane Morabito stated that there has not been much activity since the last meeting.
Cemetery funds were expended for basic maintenance. Hospital funds were expended for
ATS, Winchester, and Lifeline bills.
Review Investment portfolio allocations.
Diane Morabito stated that current investment income is $170,308, and $770,090 of
unrealized gains.
Review Readino Response Spendina Reports,
Diane Morabito reviewed the typical monthly expenses Including approximately $4,700 per
month for Winchester Hospital, and $3,500 per month for ATS.
Update on follow-up with Town Manager to obtain approval for the 2021 transfer
of funds from the Library aift account to the Appleton and Lona trust funds. as
advised by Town Counsel.
Diane Morabito reviewed the events in 2021, where gifted funds were transferred Into an
Interest-bearing account. Town Counsel advised, in accordance with normal practices, to
get a record of approval from the Town Manager, since the transaction had already
transpired. Ms. Morabito stated that she needs to contact the Town Manager for approval,
and have Town Counsel finalize and sign the letter.
Diane Morabito stated that the Lireline representative cancelled on her twice. Lifeline
continues to bill $20,000, which is actually the amount they owe to the Town, for one client,
who was among the first to transition to Winchester Hospital services. Ms. Morabito stated
that because no services are being rendered, she is not paying the bill.
Discuss and Vote to authorize the distribution of FY 2024 Trust Funds.
The Commission discussed the status of last year's awards. Diane Morabito explained that
all of her attempts to contact representatives from the Reading Scholarship Fund went
unanswered and the funds were never expended. Because those funds were still available,
Commission members agreed to vold the previous unexpended awards In order to vote on
expendable amounts for the current year. Mark Dockser noted that if the Reading
Scholarship Fund has an issue, they can come speak to the Commission.
On a motion by Mark Dockser, seconded by John Daly, the Commissioners of Trust
Funds voted 4-0-0 to cancel the authorization from Fiscal Year 2023 for the five
scholarship awards that were approved, but not expended. Those awards were:
Northern Resident Association, Gilman L. Parker, Torre, Carl B. Sawyer, and Patron
of Older Adults.
Following discussion, the Commission reviewed the list of scholarships and expendable
amounts.
On a motion by Mark Dockser, seconded by John Daly, the Commissioners of Trust
Funds voted 4-0-0 to authorize the distribution of Fiscal Year 2024 Trust Fund
awards as follows:
Friends of Reading Football: $1,100
Kenneth brown: $25
Nathaniel Hill: $100
Northern Residents Association: $1,900
Gilman L. Parker: $750
Torre: $500
Carl B. Sawyer: $750
Hal Croft: $750 divisible by 3
Florence Nichols: $1,500
Dennis Lehane: $2,500
James Klepeis: $1,250
Patron for Older Adults: $2,000
Joan Clifford: $100
Winthrop Parker Loan Fund: $6000 for 3 loans of $2,000 each
Exemplary Teacher - Berger: $2,000
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Discuss ideas and status on recrultino for vacancies on the Trust Fund Committee,
Mark Dockser suggested that the Chair send an email to the Select Board requesting that
the Volunteer Appointment Subcommittee (VASC) make an appointment to the
Commissioners of Trust Funds a priority. Chair Neil Cohen stated that he would be happy to
do so.
Next meeting date
The Commission agreed to schedule the next meeting for Thursday, July 18th.
Adiourn
On a motion by Mark Dockser, seconded by John Daly, the Commissioners of Trust
Funds voted 4-0-0 to adjourn at 8:13 pm.
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