HomeMy Public PortalAbout20131107 - Commissioners of Trust Funds - Meeting MinutesHopkinton Comissioners of Trust Funds Meeting Minutes of Nov. 7, 2013
A quorum was present with all 3 commissioners attending: Maureen Bumiller,
Tom Garabedian, and Mary Arnaut. Meeting was called to order at 6:00 PM
The meeting minutes from October were read into record. A motion was made and seconded,
and a vote take to accept the minutes.
Next, a request fro Library Director Rownak Hussain was received from the Commissioners
mail box and reviewed. A motion was made to authorize the payment of $1,046.63 and
seconded, and by vote, approved unanimously. Also, via a submitted report, the Library
requested and had approved for payment a total of $26,351.49 for the current fiscal
year, including the current authorization.
Tom Garabedian gave an update on the McGovern Trust Fund balances as of Oct. 31, 2013:
Interest $176,563.40 and principal $1,520,664.35. Investment balances have increased
following recent changes to the accounts.
Tom also reported that he has drafted another letter to Town Treasurer Maureen Dwinnell
regarding an outstanding request by the Commissioners to transfer the balances of the
other trust funds to specified investments. Tom will copy Town Manager Norman Khumalo
and the Commissioners before mailing the letter on Nov. 8.
Chair Maureen Bumiller will e-mail Ms. Dwinnell for the balances fo the four (4) funds, as
of the close of the fiscal year ending June 30, 2013, so she can begin working on the
Annual Town report content. Tom will send Maureen Bumiller the balance on the McGovern
Trust for the same period.
The next meeting was confirmed for Dec. 11, 2013 at 5:00 PM in Town Hall Room 203.
A motion was made, seconded, and passed to adjourn the meeting at 6:16 PM.
Respectfully Submitted By Mary Arnaut, Secretary.