Pittsford Trustees of the Public Funds Meeting Minutes July 6, 2016 DRAFT

Pittsford Trustees of the Public Funds
Meeting Minutes July 6, 2016
DRAFT

 

Attendance: Trustees; Robert Howland (by telephone), James Rademacher

Absent: Terri Davis

Also present: Gary Gibbs, Craig Arsenault

 

Meeting Called to order by Mr. Rademacher at 9:00 AM.

 

Motion by Mr. Howland to accept the agenda with the addition of:

Election of Lead Member

Approve interval actions.

Motion approved.

 

Motion by Mr. Howland to nominate Mr. Rademacher as Lead Memeber.

Motion approved

 

Motion by Mr. Howland to approve the minutes of the 02/01/2016  meeting as presented.

Motion approved.

 

Public comment on non-agenda items:

None.

 

Discussion of the Burditt Fund:

Current Balance $2,104,692 with YTD yield of 1.45%.

Mr. Gibbs and Arsenault reviewed the current investment strategy.  We know of no new calls for Fund distributions.  Although there is likely some short term volatility ahead with “Brexit” and US presidential politics maintaining the current investment strategy and diversity is recommended.

 

Discussion of the Booth Fund:

Current Balance $30,725 with YTD of 2.63%.  Recommend maintain current strategy.

 

Discussion of the Kelley Fund:

Current Balance $13,480.  No withdrawals; $500 contribution received.

 

Motion by Mr. Howland to continue current investment strategies.

Motion approved.

 

Discussion of Annual Report:

The Trustees currently manage the Burditt, Booth, Pittsford and Kelley Funds.

Our quarterly investment reports are to reflect all four of those Funds.  For the Annual report the Trustees submit for the Pittsford Town report all four funds need to be presented.  For the Next Annual Report Mr. Rademacher to provide a short commentary on each managed fund.

Motion by Mr. Howland to have the quarterly reports reflect the four funds the Trustees manage and that our Annual Report to the Town of Pittsford reflect the same.

Motion approved.

 

Authorization of actions:

Since the last meeting a distribution was made by the Burditt Fund, a distributions was made by the Booth Fund And an attorney fee of $111.83 was paid.

Motion By Mr. Howland to approve those actions.

Motion approved.

 

Attorney General communication:

Burditt Fund/School Consolidation:

On behalf of the Trustees attorney John Newman requested an opinion of the VT AG to approve how the Trustees had determine to mange Burditt Fund disbursements given that Lothrop School has now consolidated into the Otter Valley Unified Union School District.

Relevant terms were:

Distribution requests required unanimous vote of the Lothrop School Board and the Pittsford Select Board.

Distribution were made to Lothrop School.

With Consolidation the Lothrop School Board will no longer exist.  As a separate budgeted entity the Lothrop School budget will no longer exist.

New terms proposed to maintain the Fund directive, “for the benefit of the purpose of assisting Town of Pittsford…”

Distribution requests require a unanimous vote of those Pittsford residents that are members of the OVUU Board and the Pittsford Select Board.

Distributions will be made to the Town of Pittsford in order to assist the Town of Pittsford.

Mr. Newman has indicated he has received communication from the AG that he has “no objection” to our plan going forward.  This is not the letter of approval we were seeking.

Mr. Newman indicated the AG probably felt that there was little legal president is VT to make a favorable ruling but that there also was not anything to indicate our proposal was in error.  Mr. Newman indicated that in his opinion the Trustees are on strong ground to continue as planned.  We could ask Mr. Newman to bring the issue to the Superior Court for a determination.  The court would probably make a similar determination but would add a little bit of security to our actions going forward.  Mr. Newman felt this added security was no worth  the expense.

After this discussion no action was taken as the terms had be adopted by the Trustees at a previous meeting.

There being no further business meeting was adjourned at 10:00 AM.

 

Respectfully submitted,

 

 

 

James N. Rademacher