Board of Commissioners of Trust Funds DRAFT
Minutes of the December 12, 2011 Meeting
Present: Robert Lutts, Raymond Vaillancout, Thaddeus Buczko,
and William P. Goreham
Robert Lutts called the meeting to order at 5:30 P.M.
The Salem Council on Aging submitted a request for $330.51 for medication expense reimbursement. Robert Lutts made a motion to approve payment from the Endicott Fund. The motion was seconded by William P. Goreham and voted unanimously.
Raymond Vaillancourt made a motion to approve the minutes of the November 17, 2011 meeting. The motion was seconded by Thaddeus Buczko and voted unanimously.
Susan Kravetz Syversen, CFP, Vice President of the Eastern Wealth Management Department and Rose Grant, Managing Director of the Eastern Investment Advisors attended the meeting a gave an investment management review of the City of Salem Trust Funds. In their presentation they included information that investor sentiment continues to deteriorate as doubts linger about the sustainability of the economic recover. The labor and housing markets have yet to stabilize. Business activity remains positive. However, risk to the recovery remains as the European debt crisis accelerates. Ultimately job and income growth will be key to developing a sustainable recover beyond fiscal and monetary stimulus effort.
The current summary of investments:
10.5% Cash Items $ 605,789.42
57.2% Equities 3,304,172.32
28.3% Fixed Income Securities 1,838,525.33
4.0% Mutual Funds 228,440.41
100% Total $ 5,776,927.48
After discuss and questions, the Board accepted the Investment Review.
The next meeting is scheduled for Thursday, 1/12/12 at 5:30 P.M. in the Mayor’s Office.
There being no further business, the meeting was adjourned at 6:15 P.M.
Respectfully submitted:
F. Kay Fouhey, Clerk
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