2017-12-28-RB-min - Laserfiche WebLink

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Direct Lending. Meketa will search to see what other Direct Lending companies are out there and perhaps send out an RFP. Two issues are volatility and liquidity. How does the Board protect against risk valuation. Bond return has little cash flow. Alan brought up immunization. Take the liability of retirements over the next five years and buy a bond to cover the cost. Alan asked Steve to look at immunization. Expect a correction in the next year or two. The Board has room to extend the funding schedule to lessen the impact to the Town. Meketa has hired an actuary and Steve will have him provide a report. It is expected the funding ratio will increase to above 90%when the next valuation for 1/1/18 is done. There was a discussion of the Federal tax cut. There will not be a long term of growth. The tax cuts will provide a stimulus toward economic growth but also raises questions about its long term effect on the national deficit. Repatriation should be an additional benefit as corporate funds are returned from overseas which should benefit share prices through the buyback of stock and payment of dividends as well as increase domestic capital spending. We will continue to secure a laptop for the Board meetings to access PROSPER records as needed. Future Board Meeting dates announced: 1/25/18, 2/22/18, 3/22/18, and 4/26/18. The meeting was adjourned at 10:25 AM The next Board Meeting will be on Thursday January 25th at 8:00 at Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member