2018-08-28-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of August 28, 2018 The meeting was held at 6:45pm.at Artistry at the Inn at Hasting Park at 2027 Massachusetts Ave., Lexington, MA. Present were Trustees Alan Fields, David Williams and Susan McClements. Investment Committee members Adrian Jackson and Patrick Morin. The Investment Committee members met with the Trustees to discuss investment strategy for the portfolio. The Endowment Fund ended the 6/30/2018 fiscal year with a gain of 6.53% exceeding its benchmark of 3.32%.The Cary Memorial Library Funds exceeded their benchmarks as well.A global balance investment strategy was reaffirmed by the investment sub-committee. The Cemetery Funds continue to operate under the legal list supervised by the State Street Charitable Asset Management Division. Results lagged the benchmarks reflecting a more constrained equity universe. (Westview 0.44%, Monroe 0.89%). The investment committee adjourned. Minutes from the April 11, 2018 meeting were unanimously approved by the Trustees. David Williams shared a draft of the Trustees' report for the Town's Annual Report and asked for comments by early September. The Trustees followed up with the Schumacher children regarding the Mary and August Schumacher Scholarship Fund. The children are pleased with how the Trustees are managing and administering the fund. David Williams obtained a quote of$7,700.00 from McCue the Florist to plant the whiskey barrels in Town Center. In past years,the Fund for Lexington has agreed to pay the cost of the barrel plantings.Alan Fields will make a request of the Fund for Lexington to pay for the barrel plantings for the Spring of 2019. The Trustees unanimously agreed to contribute $3,000.00 from the Bridge Charitable Fund to benefit Supportive Living Inc.'s campaign for a Brain Injury Wellness Center at Douglas House in Lexington. Susan McClements will send a letter to SLI notifying them of the contribution. David Williams will arrange for a check to be sent to SLI. David Williams reported that a check was sent to the Garden Club for$120.00 from the Frederick Emery Fund, representing 75% of the income in the fund as of June 30, 2018. David Williams reported to Shirley Stoltz from the Friends of the Council on Aging (FCOA) the income and principal balances in the FCOA Fund and the Jack Gardner Fund as of June 30, 2018.