City of Newburyport

Office of The Treasurer/Collector

60 PLEASANT STREET

NEWBURYPORT, MA 01950

Newburyport Trust Fund Commission

Public Meeting May 12, 2016 – 7:00 p.m.

Minutes

Committee Members present: Richard O’Brien, Chair, Richie Eaton,

Sheila Mullins, Julie Languirand – called to order 7:10pm

  • Approve meeting minutes ofJanuary 20, 2016 – ACCEPTED
  • Discussion around City Audit management letter reference of trust fund policy; Investment Policy changes to trust fund section(s) of policy and revision of Request for Funds, adding specific guidelines to clarify request form (similar to the CPC process). Julie will redesign form and add instructions for committee review.
  • Reviewed Bartholomew March 2016 statements - discussed investments and earnings posted, clarified the interest v. earnings; effort to protect principal balances and gains for future grants.
  • Discussed Herman Roy original bequest/wishes. Need clarification of Trust Fund Committees role in determining spending once balance of $1M is reached. Need additional history, contact Connolly’s office, and to establish distribution policy for future spending.
  • Reviewed applications requests for distribution from Trust Funds-

-BALCH FUND $10,000 request from Parks Dept. submitted 2/11/16 for improvements to Bartlett Mall. Funds are specific to Bartlett Mall; originally voted to grant whole request, but upon further review motion by Sheila Mullins to amend and to approve $7500.00* in order to maintain a portion of the spendable balance, 2nd by R O’Brien, approved.

-AG CUTTER $30,000 requested from Parks Dept. submitted 2/11/16 for improvement to Bartlett Mall project. Funds are designated for City Beautification; $10,000* donation discussed.

motion to approve $10,000 from AG Cutter by Richard O’Brien, 2nd by Richie Eaton, approved.

*both amounts will be granted when all funds are raised for said project and all other donations are confirmed; quarterly requests may be made by Committee andthe Right to Rescind or review requests until June 2017.

-CHARLES MOSELEY $9,821.00 requested by Parks Dept. submitted 5/12/16 for tree removal at Moseley Woods; funds are specifically designated for Moseley maintenance/upkeep/policing. Discussion on invoices to be sent to City and paid by City upon conclusion of work.

MOTION to approve $9,821.00 for tree maintenance from Moseley Trust by Richie Eaton, 2nd by Richard O’Brien, approved.

  • Reviewed the Committees understanding of adhering to a distribution policy, including Herman Roy fund. Suggestions were to limit to 100% of earnings, and up to 50% appreciation (principal gain) at the time of the request.
  • Old business –

-clarifying trust docs – Sheila mentioned she will again review the

documents the City holds on hand; discussed checking with library on

space to store documents as well as if they hold any originals there for

library bequests

-history of funds to investment – determined that it appears historically

that funds were invested approximately around the year 2000

-annual committee report for City Council– Julie will enhance the

Committees annual report to the City Clerk’s office to include notes,

grants in addition to the Trust Fund purposes and earnings.

Meeting adjourned 8:30pm

Next meeting – Thursday, August 11, 2016