Pittsford Trustees of the Public Funds
Meeting Minutes June 13, 2016
Attendance: Trustees; Robert Howland, James Rademacher
Absent: Bradley Keith
Also present: Gary Gibbs, Craig Arsenault
Meeting Called to order by Mr. Rademacher at 8:38AM.
Motion by Mr. Howland to accept the agenda:
Motion by Mr. Howland to approve the minutes of the 06/13/2017 meeting as presented.
Public comment on non-agenda items: None.
Discussion of the Burditt Fund:
- Current Balance $2,624,660 with YTD yield of 8.18%.
- Mr. Gibbs and Arsenault reviewed the current investment strategy. Last 10 years average total return of 5.26%. Total earnings of $1,117,606.11 with disbursements of $676,694.97. We know of no new calls for Fund distributions. Recommend maintain current strategy.
- Request made to change account name to “Pittsford Trustees Burditt Fund”.
Discussion of the Booth Fund:
- Current Balance $33,170 with YTD of 5.43%. Last 10 years average total return of 5.69%. Total earnings of $16,111.88 with disbursements of $11,692.30. Several years ago the fund investments were diversified to include stock and stock mutual funds. Recommend maintain current strategy.
Discussion of the Kelley Fund:
- Current Balance $13,334.71. No withdrawals; YTD interest $6.76. Contributions are expected in the future at which time a more aggressive investment portfolio will be considered.
- Maintain current investment strategies.
Discussion of the Pinney Fund:
- The current balance is approximately $11,000. The fund is for the benefit of the Town of Pittsford to be utilized for the construction and maintenance of schools. This is very similar to the Burditt Fund.
- Motion by Mr. Howland to have our investment management team create an investment account for the Pinney Fund (Pittsford Trustees Pinney Fund) with the assets invested in a manner similar to the Burditt Fund.
- Motion approved.
Discussion of the Pittsford Fund:
- The school board has authorized the Pittsford Trustees to manage the assets of the Pittsford Fund. The necessary authorizations are in place. The school board does not anticipate a need for a disbursement for several years. Currently the trust documents allow up 80% of the annual earnings to be withdrawn. The other 20% and any unspent portion of the 80% roll into the principal. The principal is not to be spent. It may be possible to enter into a “Non-judicial Settlement” to modified these somewhat restrictive disbursement terms. The Pittsford Fund has a current value of approximately $20,350 at the Lake Sunapee Bank.
- Motion by Mr. Rademacher to authorize our investment management team to obtain transfer of the Pittsford Fund assets from the Lake Sunapee Bank and to authorize the creation of an investment account for the Pittsford Fund (Pittsford Trustees Pittsford Fund) with the assets invested in a manner similar to the Burditt Fund.
- Motion approved.
Discussion of the Cemetery Fund:
- The Vermont legislature recently passed, and the Governor has signed, H.5 related to the constraints of Towns investing cemetery funds. The new law also indicates that if a Town has an elected Board of Trustees that the trustees shall manage the cemetery funds. Pittsford has a cemetery fund with current asset of approximately $34,000. At the last Pittsford Select Board meeting the Select Board approved a motion to transfer this fund to the Pittsford Trustees of Public Funds to manage.
- Motion by Mr. Rademacher to authorize our investment management team to accept the transfer of the Pittsford Cemetery Fund and to create an investment account for the Cemetery Fund (Pittsford Trustees Cemetery Fund) with the assets invested in a manner similar to the Burditt Fund.
- Motion approved.
There being no further business meeting was adjourned at 9:37 AM.
James N. Rademacher