|

Trustee of Public Funds Meeting Minutes 5.8.25

Posted on

Trustee of Public Funds Meeting

5/8/25 via Zoom, 1:00-2:00pm

Participants:

Spencer Adams of Edward Jones

Todd (Akiva) Mandell, Trustee

Carrie Nelson, Trustee

Elly Majonen, Trustee & Town Treasurer

This was an informational meeting and the first meeting with Spencer, our new Edward Jones Financial Advisor.

Discussion regarding the following:

  • Current market – unstable. Federal interest rate changes can affect the market either positively or negatively.
  • Review of the last 4 years of EJ investments. Five years ago we were at $120,806 and at the end of April the balance was $163,051 (per statement) and $165,700 as of 5/8/25. The account is doing well and growth recently has been steady.
  •  Annual scholarship amounts and the idea of increasing the scholarships $$ available per year. The trustees and scholarship committee could call a meeting to discuss this idea.
  • With the permanent investment of $100,000 (per the wishes of the Bullocks) and the current total of the investments and the cash account, might we think about reinvesting some of the cash account (currently at $14,459, earned through dividends) to work for us and increase the total $$ that we are investing?
  • With help from Spencer, Elly will create a report that looks at the longitudinal growth of the Bullock Fund while invested through EJ, showing start up, gains/losses, the number and amounts of scholarships given. Spencer will forward some reports. Elly will provide Spencer with some history and documented purpose of the fund.
  • Reminder that we need to follow Open Meeting Law (OML). The Trustees of Public Funds is a non-advisory body which does make decisions regarding the funds for which we are trustees. No decisions were made at this meeting. Elly will create a brief checklist of OML requirements to follow for future meetings and get that to each member and Spencer.  

Respectfully submitted,

Elly Majonen