HomeMy WebLinkAbout2007-04-18-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting April 18, 2007
The meeting was held at the offices of Atlantic Trust at 100 Federal St., Boston at 12 :45 P. M. Present
were Trustees Alan Fields, Thomas Taylor and David Williams, and David Ely and Dennis Dywer
from SSGA.
The minutes of the last meeting were approved with two changes: the Cary Library Endowment has not
yet been turned over to the Trustees and the payment of $4000 to the Dept. of Social Services is to be
made $2000 in February and $2000 in July.
The Trustees voted to accept the Cary Library Endowment Fund. The assets at Morgan Stanley of
about $912,000 will be sold and the proceeds transferred to State Street this month. The fund will be
held by the Trustees as part of the Town of Lexington Investment Fund as a separate category with
line items for the approximately 12 -15 separate funds within the account. The Library is in the process
of identifying these line item funds. This is a change from the decision at the last meeting to set up a
separate fund like the cemetery funds. Doing that would be very expensive.
In the portfolio review we looked at our fixed income strategy. We examined two alternatives to the
Pimco fund, but decided to keep the Pimco fund because it offered a more flexible strategy.
We decided that we are holding too much money in the cash account and will move 5% of the cash to
the Pimco fund and 4% to the IShares Select Dividend fund.
It was decided to eliminate the Ssga Int. Growth Opps fund and put the money 3% in the Dodge & Cox
Int, fund and 2% in ISharesEAFE.
We voted to accept:
Bathon Family Scholarship Fund
Lexington High School Class of 1976 Scholarship Fund
We were notified of the change of name of the William P. Fitzgerald Athletic Scholarship to The
William P. and Wilma "Billie" Q. Fitzgerald Scholarship Fund.
It was voted to make available from the Blossom Fund up to $1500 for flower barrels for the Center.
David Williams was authorized to transfer the annual scholarship funds to the appropriate
organizations. It was voted (David Williams abstaining) to make available up to $15,000 from the
Gilmore Fund to construct the proposed Prince Estabrook Way at Depot Square.
Next meeting: September 26 at 12:45 at Alan's office.
Tom Taylor, Secy.