HomeMy WebLinkAbout2009-12-18-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting
December 18, 2009
The meeting was held at the Town Offices at 8:30 AM. Present were Trustees Alan
Fields, Thomas Taylor and David Williams, together with various town officials.
The purpose of the meeting was to discuss the request by the Town Comptroller and
Treasurer that the funds held by the Trustees and check payment system used by the
Trustees be integrated into the town's accounting system. The town's auditors have
urged that this be done for many years. Rob Edelson said that the funds would not be co-
mingled with other town funds, and the Trustees' power to invest and to pay out funds
would not be affected. The only significant change would be that payments to
beneficiaries would have to be made through the town's payment procedures. Rob was
asked to see if there is a way checks could be written on an account that said "Trustees of
Public Trusts ", rather than "Town of Lexington ". Rob is to put our discussion into a letter
of understanding after which the Trustees will vote on the proposal.
It was voted to accept the Edward B. Worthen Jr. Scholarship Fund on terms set forth in a
letter attached to these minutes.
David reported that $30,000 has been added to the library fund by the Worthen Trust.
The Trustees will begin an effort to identify people who would be good replacements for
the present trustees and bring them on to the committee as non -legal associate members.
It was voted to make the following investment changes to the Investment Fund:
Reduce the weighting in the Pimco All Asset Fund and the Loomis Sayles Fixed
Income Fund by 5% each.
Buy the following percentage weightings in the Pimco Global Multi Asset Fund
(new) - 7 %; the Eaton Vance LC Value Fund - 2 %; and the Dodge & Cox Intl Fund - 1 %.
In the Cary Library Restricted Fund , reduce the weighting of the Pimco All Asset
Fund by 10% and buy a weighting of 10% in the Pimco Global Multi Asset Income Fund
(new).
fund.
In the Cary Library Unrestricted Fund, make the same change as in the restricted
Tom Taylor, Secy