HomeMy WebLinkAbout2012-12-10-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting of December 10, 2012
The meeting was held at 12 :00 pm at the offices of Atlantic Trust at 100 Federal Street,.
Boston, MA. Present were Alan Fields, David Williams and Susan McClements. --
Minutes from the Trustees July 26, 2012, meeting were unanimously approved with one
minor change to the wording about the Angela/Jere Frick Conservation Fund.
Alan Fields led a conversation about possible candidates for the investment committee.
It is unclear whether Adrian Jackson will be able to join the committee. The Trustees
will continue to think about possible candidates for the committee. David Williams and
Susan McClements recommended a potential candidate. Alan will look into the potential
candidate's background and experience to determine whether it makes sense to set up an
initial meeting between Alan and the candidate.
Alan will follow up with Investment Committee member Lou Conrad to review the
portfolio performance. Alan noted that approximately $200,000 in bonds will mature in
2013. He will discuss with Lou the best strategy for reinvesting those funds.
The Trustees continued discussions about how best to honor the town's 300`"
Anniversary. After some discussion, the Trustees agreed to inquire about providing
funds to expedite the building of a park planned for the former access road between the
Bank of America and Bertucci's. As much as $20,000 may be available for this project
comprised of contributions from the George L. Gilmore Fund, the Fund for Lexington,
the George W. Taylor Tree Fund and the Jack Blossom and Betty Eddison Fund ??
David Williams will follow up with Selectmen Chair Deb Maugher about the Trustees
desire to fund the park as a 300t Anniversary gift and see about next steps.
David reported that Lexington residents Jamey Rosenfield and Susan Kenyon inquired
about establishing a fund to honor Rick Abrams and benefit ACROSS Lexington.
( "ACROSS" stands for Accessing Conservation land, Recreation areas, Open space,
Schools and Streets). David will work to finalize the terms of the Rick Abrams
ACROSS Lexington Fund for Alan's approval. Alan will then forward the terms of the
fund along to the Selectmen for their approval and acceptance.
David reported that McCue's would like to know whether they should plan to plant the
42 barrels in Town Center this spring. Planting the barrels would cost $6,150. In years
past the Trustees have asked the Fund for Lexington to pay the cost of planting the
barrels. David will draft a letter to the Fund for Lexington requesting the funds.
Alan reviewed results from State Street Global Advisors for the period ending October
31, 2012. The Trustees were satisfied with the performance of the funds, most of which
were meeting or exceeding benchmarks.
The Trustees unanimously approved the distribution of income to the town from the
Monroe Cemetery Fund and the Westview Cemetery Fund based on the income balances
of each fund on December 31, 2012.
The Trustees would like to convene a session in the coming year to discuss and share best
practices with organizations similar to the Trustees of Public Trusts from neighboring
towns. Following some discussion, it was agreed to investigate whether the towns of
Arlington and Concord might be interested in such a meeting. Alan will work to identify
members of the Concord organization. If Concord is interested, Susan or David will see
whether Arlington is interested.
The meeting adjourned at 1 pm.
Respectfully submitted,
Susan K. McClements
(