HomeMy WebLinkAbout2024-08-02-TPT-min
TOWN OF LEXINGTON, MA
TRUSTEES OF PUBLIC TRUSTS
Minutes of Mee?ng of August 2, 2024
The mee?ng was held at 10:15am at Lexington Town Hall, 1625 Massachuse?s Avenue, Lexington.
Trustees Lester Savage, Alex Payne and Jim Cavallo were in a?endance.
1. The Trustees unanimously approved the minutes of the June mee?ng.
2. The Trustees reviewed disbursements made during the month of July.
3. Trustee Lester Savage brought forward a request from Alan Fields to spend down more
of his fund. Specifically, he requested that a $10,000 grant me made to the Lexington
Historical Fund and that a $10,000 grant be made to the Library. The trustees observed
that current income in that fund was not sufficient to support the total requested
distribu?ons. Lester Savage was going for follow up with Alan.
4. Lexington Recrea?on approached Lester Savage to say that the boardwalk at Lincoln Field
is in need of repair. We expect a request will be made for funding.
5. The Trustees discussed a request by the Lexington Symphony to have an endowed concert
master chair. Lester Savage and Jim Cavallo will work on a new fund document.
6. The Trustees discussed having SSG take over management of the funds’ investments.
There would be no addi?onal cost, and the Trustees will s?ll have input into how the funds
are invested. The Trustees agreed that this approach was in the best interest of the funds.
The Board accepted the resigna?on of Alex Payne as CIO, and acknowledged that Alex will
con?nue on as the liaison to SSG.
Mee?ng adjourned at 11:15am.
Respec?ully submi?ed,
James Cavallo
Trustee of Public Trusts