2002-08-08-TPT-min - Laserfiche WebLink

Browse Search

TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting August 8, 2002 A meeting of the Trustees was held at 8:00 P. M. at 42 Adams Street, Lexington. Present were Alan Fields, David Williams and Thomas Taylor, and Secretary Karen Jackman. The minutes of the April 4, 2002 meeting were approved. David reported on the response of John Ryan to our April 22 letter. Ryan proposed going back five years and reconstructing accounting for income and perpetual care funds. The Trustees position is that starting now the Town should turn over perpetual care funds and we will make all income on the Westview and Munroe cemetery funds available, as we have in the past. Any income accrued on these funds to date will be added to principal. The investment portfolio was reviewed. Alan pointed out that interest rates have declined dramatically, and since we can only disburse income on most of our funds, recipients will be receiving less from us in the future. I was agreed that Alan will write to recipients and warn them of the possibility of lesser payouts in the future. We discussed whether we should cut back on the equity portion of the portfolio in order to increase income, but it was decided that would not make much difference. It was voted, however, to set the ratio of equities to fixed income at 20 -40% equities, and authorize Alan to make changes within that range at his discretion. it was voted to give the Lexington Human Services Fund $4000 for the year, $2000 now and $2000 in January, to come from the Geneva Brown Fund. A request from Dan Fenn for $1000 for Lexfest was rejected. David reported that the Trustees of the George O. Smith Scholarship Fund, a private trust fund, want to turn the Fund over to the Trustees. They want a letter giving our performance record for the last five years and a statement of our investment policies. Alan will write the letter. Tom Taylor, Secretary