Meeting Minutes : Trustees of the Public Funds – DRAFT

Attendance: Trustees; Robert Howland, Bradley Keith, James Rademacher
Also present: Gary Gibbs

Meeting Called to order by Mr. Rademacher at 7:00 PM.

Motion by Mr. Howland to accept the agenda with the addition discussion of Curbing and sidewalk update: Motion approved.

Motion by Mr. Keith to approve the minutes of the 10/05/2017 as presented. Motion approved.

Public comment on non-agenda items:

Status of Funds:
Mr. Gibbs indicated all necessary activity needed at the People’s Bank has been performed to create two separate common funds to accommodate the six funds (Burditt, Booth, Kelley, Pinney, Pittsford, and Cemetery) managed by the Trustees.  There was discussion as to what investment strategy to designate for this two common funds.

Motion by Mr. Rademacher to establish a Master – Common B – Fund for the Kelley and Booth Funds using the Balanced objective as delineated in the Portfolio Questionnaire as may be modified from time to time. Motion approved.

Motion by Mr. Rademacher to establish a Master – Common A – Fund for the Burditt, Pinney, Pittsford and Cemetery Funds using the Growth with Moderate Income objective as delineated in the Portfolio Questionnaire as may be modified from time to time. Motion approved.

Annual report discussed.
OK as presented with final year end fund balances needed.

Potential of additional funds to manage:
Mr. Rademacher reported he had an opportunity to discuss with Bonnie Bourne OVUU Chair, several OVUU Board members, Superintendent Collins, and business manager Brenda Fleming the possibility of having the Pittsford Trustees of Public Funds manage some funds currently possessed by OVUU.  There are multiple small scholarship funds at OVUHS that in total have a value of about $150,000.  Pittsford high school students are eligible for these scholarships and many Pittsford students have benefitted in the past.  Currently the funds are each separately invested mostly in low interest CD’s.  There is interest in combining these into one pool and getting professional management.  There are also several small non-scholarship funds within OVUU for which professional management would also be an advantage.  These additional funds total about $45,000.  Because of the total value of all funds currently managed by the Trustees a rather low management fee is appreciated.  If the Trustees would accept management of these additional funds, those funds would enjoy professional management and a low management fee as well.  Initial information would indicate that the Trustees would be insured in regard to the management of these funds either through the Town of Pittsford or the OVUU School District.  If we should manage these funds Master – Common – Funds as discussed above could be set up to separately accommodate the scholarship assets and the miscellaneous assets.

Motion by Mr. Keith to authorize Mr. Rademacher to communicate to Ms. Bourne that the Trustees are willing to provide professional management to the extent that appropriate Town and/or School District insurance coverage is in place.

Motion approved.

Curbing and Sidewalk:
The Pittsford Select Board has received a grant to finance half the cost of a project to upgrade the curbing and sidewalk on the Lothrop side of Route 7 from just north of the school through a distance south of the school.  At the December 6th Select Board meeting the Board has request the attendance of the Pittsford resident members of the OVUU Board to attend to discuss a request to have the Burditt Fund finance a portion of the project.

Mr. Rademacher and Mr. Keith will try to attend the Select Board meeting.


There being no further business, the meeting was adjourned at 8:00 PM.


Respectfully submitted,


James N. Rademacher