HomeMy WebLinkAbout2008-01-28-TPT-min• TOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of meeting of January 25, 2008
The meeting was held at the offices of Atlantic Trust at 100 Federal Street, Boston at 1;00 PM:_
Present were trustees Alan Fields, Thomas Taylor and David Williams.
It was decided to contribute the funds necessary for the purchase of a mower to Lexington
Conservation Stewards. David will find out how much is needed and decide which beautification
funds will be tapped.
It was voted to accept the Battle Green Flag Pole Maintenance Fund, with an initial funding of
$18,000.
A thank you note was received from the Lexington Historical Society for funding the
construction of Whipple Way.
It was voted to approve changes in the terms of the Michael Wagner Technology Education
Fund, which will become the Michael Wagner Scholarship Fund.
There was a discussion of the funding of the town's Human Services Fund. We will continue to
give $2500 twice yearly and will ask the administrator to give us a semi - annual report on how
the money is spent. Our funding is independent of whatever support comes from the Fund for
Lexington.
At this point the meeting was joined by Craig McCullough, Patrick Doyle and Joanne Pipkin
from State Street.
We reviewed the correspondence between Alan and the bank regarding the loss of $12,740
suffered by the Cary Library funds because of the investment in the bank's Short Term Fixed
Income Fund last surnmer.We believe this investment was contrary to our policies which were
known by State Street. Alan requested that we be reimbursed for this loss. Craig said that he had
passed on our request to his superiors and it was being considered.
There was a discussion of the asset allocations in the two Cary Library funds. Our instructions
were to invest 30% in equities and 70% in fixed income. The funds are not allocated this way.
We decided to establish an allocation of 40% equities for the future. Craig said it is the bank's
practice to automatically rebalance the portfolios quarterly so the allocation should stay close to
60 -40 in the future.
The year end report for the Investment Pool showed an annual return of 6.5% against a
benchmark return of 9.1 %. While the 6.5% return is a good return for 2007 it looks bad
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compared to the benchmark. It was agreed that the benchmark being used is not an accurate
measure of our fund and Craig will find one more reflective of our asset mix.
It was decided to allocate the Investment Pool 50 -50 between equities and fixed income.
It was decided to set 5% as the cash allocation for the Investment Pool and the two cemetery
funds.
It was decided to reduce the weighting a bit in international stocks in the Investment Pool and to
look at some mananged funds. Alan will make some suggestions.
Tom Taylor, Secy
DRAFT 1/26/08