Board of Commissioners of Trust Funds
Minutes of the December 13, 2012 Meeting
Present: Mayor Driscoll, William P. Goreham, Raymond Vaillancourt
Thaddeus Buczko and Sumner Jones
The meeting was called to order by Mayor Driscoll at 5:30 P.M.
The Eastern Bank Investment Advisors attended the meeting and reviewed the current investment strategy and outlook for 2013. Susan Kravetz Syversen, CFP, Vice President of Eastern Wealth Management and Rose Grant, Managing Director of Eastern Investment Advisors prepared and reviewed the Salem City Trust Funds.
Michael Tyler, Chief Investment Advisor, was not available to join the meeting.
The team reviewed the Investment Portfolio, performance, investment objective, asset allocation and the current economy. In addition they reviewed fixed income, equities and commodities as well as investment strategy and bond maturity.
The question was raised about selling our interest in the People Bank which was the old Beverly National Bank. The Board will review the option of selling this investment. Robert Lutts, former treasurer for the Board, wanted to keep this investment. The Mayor will speak with him about his thoughts about the value of this fund and the Board will make an informed decision at a later date.
The Salem Council on Aging submitted a request for assistance in paying medication expenses for five Salem residents. Raymond Vaillancourt made a motion to approve $967.20 from the Endicott Fund for this request. The motion was seconded by Thaddeus Buczko and voted unanimously.
William P. Goreham made a motion to approve the minutes of the November 8, 2012 meeting. The motion was seconded by Sumner Jones and voted unanimously.
There being no further business, the meeting was adjourned at 6:20 P.M.
Respectfully submitted:
F. Kay Fouhey, Clerk
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