Trustee of Trust Funds

Meeting Minutes

Thursday, September 11, 2008  4:02 p.m.

Attendance:      Beth Guyer, Betty Seeler, George Tsiopras

                        No members from the public were in attendance.

1.      Betty spoke with the Town Auditor about the land held by the Trustees and was informed that as Trustee our responsibilities include 1) investing or 2) expending money.  Since the land donated to the Town was not originally intended to be an investment, it should have been expended back in 1900.

Betty moved to remove the land from our books based on recommendation from the Auditor and the State.  The motion was seconded by Beth.  The motion was passed.

2.      A review of the recent PDIP report revealed that the funds are earning approximately 2.00%.  Balance of the Town’s funds in the PDIP was approximately $1,385,000.  A brief discussion was held regarding looking for an advisor to manage the funds.

Beth moved to table the discussion at this time since there are no funds available to the Trustees to hire an outside advisor.  The motion was seconded by Betty.  The motion was passed.

No additional business was discussed and the meeting was adjourned at 4:10 p.m.