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2016-05-03-TPT-min
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2016-05-03-TPT-min
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TOWN OF LEXINGTON <br />TRUSTEES OF PUBLIC TRUSTS <br />Minutes of Meeting of May 3, 2016 <br />The meeting was held at 7:30 pm at the home of Alan Fields at 42 Adams Street, Lexington, ,MA. <br />Present were Alan Fields, David Williams and Susan McClements. <br />Minutes from the November 4, 2015 meeting were unanimously approved. <br />David Williams noted that the Town Celebrations Committee should be reminded to publically <br />acknowledge funds it receives from the American Legion Fund and the Leroy Brown Fund for <br />the Patriot's Day Parade. They have done so in past years but did not do so at this year's parade. <br />After reviewing the results of the investment portfolios, which continue to exceed benchmark <br />returns, there was further discussion concerning the trust's income distributions during a period <br />when interest rates were at extremely low levels. The Trustees concluded that in response to the <br />current interest rate environment, a total return policy should be adopted, thereby enabling, when <br />appropriate, the trusts to pay out in a calendar year, four per cent (4 %) of the principal value of <br />the trust. The policy would therefore enable the trustees to invade principal as well as use income <br />to meet the four per cent distribution objective. The Trustees unanimously approved the adoption <br />of the foregoing total return policy. <br />The Trustees discussed and unanimously approved continuing the policy of deferring any <br />disbursements from funds with a total value of less than $10,000. <br />The Trustees reviewed and discussed policy and procedures in place for the disbursement of <br />funds: <br />Typically, a memo is sent from the individual or organization requesting the funds to the <br />TOL Secretary to the Board of Selectmen. The secretary produces a voucher, which then <br />must be approved by one of the Trustees. Individual scholarship funds send requests for <br />disbursements to current Trustee, David Williams, who requests a voucher from the <br />selectmen's secretary. Approved vouchers are sent to the TOL Treasurer's office so that <br />funds may be disbursed. Scholarship funds distributed by the Lexington Scholarship <br />Fund are approved in an aggregate amount annually by vote of the Trustees based on <br />awards from the Lexington Scholarship Funds. The funds are transferred from those <br />individual scholarship funds to the Lexington Scholarship Fund. A list of individuals/ <br />schools receiving the scholarships is sent to the TOL Treasurer's office with a voucher to <br />issue individual cheeks from the Lexington Scholarship Fund. <br />The Trustees unanimously approved and ratified the disbursement in March, 2016 of the <br />following amounts to the Town of Lexington for cemetery perpetual care costs incurred in 2015: <br />$70200.00 from the Westview Cemetery Perpetual Care Fund; and <br />$ 7327.00 from the Munroe Cemetery Perpetual Care Fund. <br />
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