Halifax Trustees of Public Funds

Special Meeting

November 6, 2024, at 9:30 AM

Halifax Town Office, 246 Branch Road, West Halifax, VT

Trustees in attendance: Steven Cohen, Patrick McAllister, Laurel Copeland

DRAFT MINUTES

CALL TO ORDER at 9:45 am 

APPROVAL OF MINUTES – March 30, 2024, unanimously approved

CHANGES AND/OR ADDITIONS TO AGENDA – New donation received

NEW BUSINESS

1. Prepare report on Fiscal Year Ending June 30, 2024 (FYE2024) – McAllister shared data from fiscal year ending June 30, 2024, from Edward Jones. A slight revision of the report format for this year was agreed (put descriptions of funds below the report of accounts). Additional information about the loan from the Scott Fund will be added. McAllister shared the spreadsheet summary of the funds for all to complete (or send McAllister the information and he can complete) with FY24 data, he will draft the report for review by the other trustees. A brief discussion on changes to the funds ensued:
   1. Wicks Fund – Investment account held at Edward Jones; no distributions; dividends are accruing
   2. Scott Fund – Investment account held at Edward Jones; dividends are accruing, loan was made to Town in FYE2024 in addition to a distribution (June 3, 2024, $65k + $14k = $79,202.74 paid to Town; Town repaid $66,599.20 Sep. 20, 2024, including estimated opportunity cost)
   3. Cael Fund – Held at Brattleboro Savings and Loan (BSL); CDs rolled over in June into 6-month CDs; received a bequest for the Butterfield Fund in FYE2025 (see New Business); in June one recipient was awarded $1500 Scholarship, although this amount was paid out in FYE2025 (Aug.); in FYE2024, $500 was awarded in January 2024; $500 was awarded in August 2023
   4. Eames Fund – Held at BSL; CD matured Nov 6, 2024; invested in a 6-month CD at 4.10% APR (best available rate); value $130,087.93 with YTD interest $3,553.20.
   5. Cemetery Fund – Held at BSL checking account $9,084.14; need to turn off receipt of paper statements; these funds are likely to be expended in FYE2025 or FYE2026, depending on contractor availability.
2. New donation received
   1. A donation from the Will of Dorothy Christie in the amount of $300 was received for the Butterfield Award Sept 11, 2024; added to the CD

OLD BUSINESS

1. Signatories on TPF accounts (at BSL, Edward Jones) – at BSL, need assistance from BSL to finish setting up e-access. Copeland will contact David Belouin at BSL for help ensuring all trustees have online access and authority on the Cael, Eames and Cemetery Fund accounts. Need to drop paper statements from all accounts as well. At Edward Jones, Cohen and Copeland completed paperwork on Aug. 2, 2024, and posted the documents to Edward Jones that day. Cohen received a follow-up call from Edward Jones. Nothing further was heard; McAllister emailed them to verify Cohen and Copeland have access.
2. Upcoming disbursements – Selectboard generally discusses amounts required during budget talks in winter.

OTHER BUSINESS – None.

HEARING OF VISITORS – None.

ADJOURNMENT – at 10:35 am

Audio recording at: https://us02web.zoom.us/rec/share/_-R120XUPZP3Vuxb-MV27GSRXf3tPnCpT8TMcI_lTw7oO6G1eNtVrHwot5dDKCcu.sz-XuSj6HPVOQPNZ

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