Pittsford Trustees of the Public Funds DRAFT Meeting Minutes February 7, 2017

Pittsford Trustees of the Public Funds
DRAFT
Meeting Minutes February 7, 2017

 

Attendance: Trustees; James Rademacher, Robert Howland via phone,  absent Terri Davis

Investment advisors: Gary Gibbs, Craig Arsenault

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

Motion by Mr. Howland to accept the agenda; Approved.

Motion by Mr. Howland to approve the minutes of 07-06-2016.  Approved

Public comment on non-agenda items: None.

Mr. Rademacher informed the Trustees that he has communicated with Attorney John Newman that the Trustees thank him for his services regarding the VT Attorney General opinion concerning the Burditt Fund in relation to school consolidation and we no longer require his services in this matter.

Mr. Rademacher reviewed some history related to the so called “Pinney Fund”.  This is a fund that potentially could be brought under management by the Trustees.

Mr. Gibbs presented a review of the management objects of the Burditt and Booth Funds.

Burditt Fund is in a 70/25/5 equity/bond/cash investment allotment.  Since management was transfer to the People’s Trust Department the Fund has maintained an average rate of return of 8.8% even during the last several turbulent years.  12/31/2006 the Fund was valued at $2,012,917.  Ten years later on 12/31/2016 the Fund was worth $2,433,969.  That is a gain of 20.9%.  The CPI averaged 1.4% over those same years. With compounding over the ten years the CPI is up 14.9%.  The Fund has gain 6.0% in value over the ten years.  Over those ten years the Fund has disbursed $684,660 to Lothrop School to assist Pittsford property taxpayers.

The Booth Fund is a smaller fund and has a somewhat less aggressive 45/50/5 equity/bond/cash investment allotment plan.  Ten years ago the Fund had a value of $27,813 and is now worth $31,528 for a 13.4% increase while disbursing $11,674 for scholarships for Pittsford college bound students.

The Christopher Kelley Memorial Fund currently has a $13,483 CD at People’s Bank.  Future contributions to the Fund could allow for diversification of investments and the Kelley family looks forward to making that happen.

The Trustees had anticipated beginning to manage the “Pittsford Fund” but have not seen any documents to that effect.  Review of our minutes of 07/16/2015 indicate we were to anticipate the transfer of approximately $20,300 to the People’s Bank Trust Department.  Mr. Gibbs indicated he would investigate if the funds may be in a different department at People’s Bank.

Mr. Gibbs indicated that the Trustees have different instructions for statement reports in distribution frequency and to whom.

Motion by Mr. Rademacher.

Quarterly and calendar year annual financial statements shall be distributed to all current members of the Pittsford Trustees of the Public Funds and the Pittsford Town Clerk/Treasurer.  Approved.

Meeting adjourned at 10:02 AM.

 

Respectfully submitted,

 

 

 

James N. Rademacher