2799 Report of Committee on Trust Funds, March 12, 1906

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March 12th 1906 . . Your Committee on Trust Funds reports as follows . The town Treasurer reports the following Trust Funds : Dated. Carey Library Trustees-------$61000 .00 at 6%. 1883 Carey Library Trustees--------5, 000 .00 " 6X 1887 . Bridge Fund - ------ -----------3, 000 .00 " 6% 1891 Beals Fund---- -----------------2, 000.00 " 6jo 1892. Gammell Fund -------- ------- -- 500 .00 " 7`r 1874 . Gilmore Fund --------- -------- 500 .00 " 5o 1894 . Cemetery Trust Funds ----- ---9 , 910 .00 " 5% 1877. 25 , 910.00 The Selectmen have also received $2500 .00 from the Geo . 0 . Smith Estate , tL-e income of which is to be paid to the Field & Garden Club . This last sum has been very wisely placed by the Selectmen in the Savings Bank . We believe it was a mistake in the beginning to allow trust funds to merge in town receipts and expenses . Under an easy going method different rates of interest have been fixed , and the trust funds dropped into the treasury to be spent for expenses that should have been covered by annual assessments or provided for by a debt with definite terms of payment . . The total amount of interest the town pays on these funds is $1455 .00 . 0n the same amount of the town notes the town would pay $906 .00, making a difference of $549 . 00 saving in interest . If the town wishes ' to contribute to any of the beneficiaries of the trust funds , the Carey Library, for instance , it should make an annual appropriation for that i jpurpose , and then would know clearly what it contributes . It is not a question of the solvency of the town or of saving interest , but of treating trust funds according to the strictest standards I of business morality. No citizen, a trustee of private funds , should say "I was as solvent as the town when I mixed trust funds with my business . " without the retort: "The town of Lexington is not in debt to its trust funds . They are entirel7.r apart from the public business. " We recommend that a committee be appointed by the town to take