2017-04-26-TPT-min - Laserfiche WebLink

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r� TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS' Minutes of Meeting of April 26, 2017 g k 1"Y ` 4 a. r The meeting was held at 7:30 pm at the home of Alan Fields at 42 Adams Street!l;exiron MA. Present were Alan Fields, David Williams and Susan McClements. > Minutes from the December 7, 2016 meeting were unanimously approved. Alan Fields updated the Trustees on the performance of the portfolio. Results for the first quarter exceed benchmarks. The Trustees unanimously approved a motion to request State Street Global Advisors to change the blended benchmarks for the Westview Cemetery Perpetual Care Fund and the Monroe Cemetery Fund to 40% S&P 500 and 60% LB -IG effective as of July 1, 2017. The request is being made to reflect the recognition that the equity portfolio is generating a higher absolute yield and the dividend income stream is expected to continue to grow. The Trustees reviewed and accepted the Cemetery Trust Fund Protocols adopted by the Treasurer's Office outlining a process of (i) acknowledging receipt of a portion of the proceeds the Town receives from the sale of cemetery plots, and (ii) distributing annual perpetual care payments from the cemetery funds to the Town. A copy of the memo detailing the protocols is attached. The Trustees unanimously approved and ratified the disbursement in January of 2017 of $74,701.98 from the Westview and Munroe Cemetery Perpetual Care Funds to the Town of Lexington for cemetery perpetual care costs incurred in 2016. David Williams presented a request forwarded from the Fund for Lexington for funding the $7,000 cost of restoring the "Lady Lexington" oil painting on permanent display at Cary Memorial Hall. After some discussion, the Trustees agreed that this project fell within the purview of the Fund for Lexington's beautification mandate and that the request should be directed to that fund rather than come from the much smaller unrestricted funds available to the Trustees for discretionary expenditures. The Trustees unanimously approved the disbursement of scholarship funds to the 2017 scholarship recipients and/or their schools. The Trustees agreed that Susan McClements would send a letter requesting that the Fund for Lexington pay $6,600 for flowers and plantings in barrels located in Lexington town center. The Lexington Arts & Crafts Society reminded the Trustees by email from Alice Abrams that The State of Clay Ceramic Exhibition is scheduled for May of 2018 and that the Society will again request financial support for the exhibit from the Trustees of Public Trusts.