Board of Commissioners of Trust Funds
Minutes of the December 9, 2010 Meeting
Present: Robert Lutts, Raymond Vaillancourt, Thaddeus Buczko and William Goreham
Robert Lutts called the meeting to order at 5:30 P.M.
A requested was received and reviewed by the Board from the Salem Council on Aging. Raymond Vaillancourt made a motion to approve the request for medication expense reimbursement for $344.50 from the Endicott Fund. The motion was seconded by William Goreham and voted unanimously.
Thaddeus Buczko made a motion to approve the minutes of the November 18, 2010 meeting. The motion was seconded by Raymond Vaillancourt and voted unanimously.
Susan Kravetz Syversen, Vice President of the Eastern Bank Wealth Management and Rose Grant Managing Director of Eastern Investment Advisors presented an investment review of the City Trust Funds with assets held as of 11/30/10. The summary of investments included:
2,9% Cash Items $ 166,512.96
62.4% Equities 3,569,566.00
29.6% Fixed Income Securities 1,693,447.31
5.1% Mutual Funds 290,515.42
Total: $5,720,041.69
The review continued with the global economic trends, performance to date and
the 2011 outlook.
There being no further business, the meeting was adjourned at 6:15P.M.
Respectfully submitted:
F. Kay Fouhey, Clerk
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