HomeMy WebLinkAbout2024-05-10-TPT-min
TOWN OF LEXINGTON, MA
TRUSTEES OF PUBLIC TRUSTS
Minutes of Mee?ng of May 10, 2024
The mee?ng was held at 2pm at The Lexington Community Center, 39 Marre? Road, Lexington,
Room 242. Trustees Lester Savage, Alex Payne and Jim Cavallo were in a?endance.
1. The Trustees unanimously approved the minutes of the 2.08.24 mee?ng.
2. The Trustees elected execu?ve oļ¬cers. Lester Savage will serve as Chairman, Jim Cavallo
as Secretary and Alex Payne as Treasurer. The trustees discussed roles and responsibili?es
of the commi?ee. The town will create email addresses for the Trustees.
3. The Trustees unanimously approved distribu?ons from scholarship funds for awards to be
made in June 2024.
4. The Trustees unanimously approved distribu?ons from the Carey Memorial Library
Restricted and Unrestricted funds.
5. The Trustees discussed the investment objec?ves of the por?olio. Alex Payne previously
served on the investment advisory board and will assume responsibility for managing the
por?olio going forward. The Trustees agreed that a mee?ng should be scheduled with
State Street to review the recent performance of the por?olio, to agree on investment
objec?ves and to discuss protocols.
6. The Trustees discussed a request from the Friends of the Lexington Bikeway to support a
block party. It was unanimously agreed to fund the request for $5,000 from the Blossom
Fund.
7. The Trustees discussed a request brought to Town Mee?ng by the Lincoln Park
Subcommi?ee and whether a por?on of the requested funds could be funded by the
Richard Kirk Fund. The Trustees agree to postpone any decision pending further
discussion with the Lincoln Park Subcommi?ee on their needs.
Mee?ng adjourned at 3:30pm.
Respec?ully submi?ed,
James Cavallo
Trustee of Public Trusts