HomeMy Public PortalAbout20130305 - Commissioners of Trust Funds - Meeting Minutes
Hopkinton Commissioners of Trust Funds Meeting Minutes of March 5, 2013
Attendance was taken. A quorum was present with commissioners Maureen Bumiller,
Tom Garabedian, and Mary Arnaut. Guests present were library director Rownak
Hussain, and Town Finance Officer Chris Ketchen.
The meeting was called to order at 4:03 PM. Chris reported on the upgrade of the Town's
financial system and how the library would be reporting expenditures and requesting funds.
Rownak submitted a request for funds in the amount of $2704.78. After the Commissioners
reviewed the request, a motion was made, seconded, and passed to approve that the funds
could be expended from the McGovern Trust. A request was also made to approve the
re-classification of $350. The request was approved. Rownak said she would email the
running total for requests for fiscal year 2014.
Next, there was a conference call with the Commissioners and Sean Fitzpatrick, from
the investment firm the Town uses, Morgan Stanley. Sean discussed all of the
Trust Funds, except the McGovern Trust. He talked about the different options to invest
the money. Chris Ketchen confirmed with Town Treasurer Maureen Dwinnell that she
had spoken with our Morgan Stanley representative David Javaheri and that the two of
them approved the changes for the 4 Trust Funds. Ms. Dwinnell will initiate the transfer
of the money from UniBank to Morgan Stanley. As for the McGovern Trust Fund, no
changes were recommended to the current investments, at this time.
Next, Chris said he would follow-up with Maureen Dwinnell regarding the $100
expenditure for the Roche scholarships and where the money originated, since the
balances of the Roche Trust Fund did not reflect any expenditures.
Next, the minutes from the February meeting were read into record and approved.
Also, the balances of the McGovern Trust Fund were reported by Tom Garabedian.
The current principal balance is $1,575,444.26 and the interest balance is
$175,107.78. Also, Maureen Bumiller reported she had submitted the Annual
Report for fiscals year 2013.
The next meeting is scheduled for April 9, at 4:00 PM in Town Hall Room 203.
A motion was made and passed to adjourn at 5:00 PM.
Respectfully submitted by Mary Arnaut, Secretary. P.S. Chris will be leaving
Hopkinton at the end of the month. We wish him well.