Trustees of the Trust Fund Meeting
Monday, August 24, 2015
Jackson Town Offices
9:30 A.M.
Attending Martha Benesh, Helene Matesky. Absent Joan Davies
Visitor, Linda Terry
1. Acceptance of the minutes of July 31, 2015, was postponed as they had not been reviewed.
2. Joan Davies is moving out of town and is submitting her resignation to the Select Board. We will miss her.
3. Contributions deposited into the PFM Account. (Public Financial Management)
The Select Office has made their final contribution to the Trustees for the amount of $195,500.
Highway Truck CR 0048 - Article 8 - 50,000
Heavy Highway Vehicle 0068 - 11 - 30,000
Police Dept.Cruiser 0027 - 13 - 15,500
Fire Dept Truck 0003 - 7 - 100,000
Note: the school and water precinct are still outstanding.
4. Withdrawals
A. Martha made a motion to withdraw the sum of $1,447.48 to pay one invoice from the Police Department Expendable Trust Fund # 0051 to Tigerdirect dated August 11, 2015, for the purchase of computers. Minutes, letter from the Select Office and invoices reviewed.Helene second, all in favor.
B. Helene made the motion to withdraw a total sum of $1996.01 to pay three invoices from the Bridge Repair Expendable Trust Fund #0034.
True Value Lucy Hardware Invoice 242473 June 15, 2015 for 118.95 - 242573 June 17, 2015 for 134.94
Mountain Valley Fabrications Invoice 43 dated July 21, 2015 for $1831.07
Invoices reviewed, letter from Select Office and minutes. Martha second, all in favor.
5. Helene reported that she has prepared the School audit and is waiting for confirmation from Becky at the School Department.
6. Helene gave Martha new forms to fill out so she can have access to the PFM account and act as back up to Helene.
9. Investment discussion.
Chris Eddy sent us information about setting up accounts at Infinex, the investment branch of Northway Bank. We still have questions. The brokerage money market accounts are not FDIC insured. We do not want to invest the whole portfolio, immediately. We still want to discuss options with other investment organizations. We need to clarify for investment purposes, which funds are available for long term investments, which are usable(see below) and those which are Town money.
Helene has spent a great deal of time reorganizing the funds. Normally we must complete an MS 9 each year for Town Meeting and filing with the NH Attorney General's office and the NH Department of Revenue. But she has created a separate spreadsheet so we can regroup the funds to reflect the expenditures of the funds. For example, Most of the cemetery funds can only expend interest. She went into the original documents to review the original intent and amount of many accounts. She brought to our attention the 1930s gift to the town for the Wentworth/Wildcat/Falls land care account #0029 given by Georgia Wentworth. Initially $10,000 dollars was given to the town. The principal has been accumulating for years to a total of $30,622.36 (8/5/2015). She will need more time to review, but believes that approximately $20,622 could be used for
Wildcat Falls improvements, as defined by the gift.
If we are to invest the money, we will continue discussions with advisors to assure deposits and withdrawals can be easily made based on the purpose of the funds and the needs of the various town boards.
Meeting closed at 11:15
Respectfully submitted
Martha Benesh, Secretary
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