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Spencer Trust approves $250,000 FY2026 budget after solicitor memo limits spending to annual income
Summary
The Spencer Trust voted to approve an amended FY2026 budget of $250,000 after staff presented a solicitor memo advising that annual budgeting should be limited to interest and dividend income; trustees also discussed cuts to an administrator position and the potential use of CDBG funds to cover operating costs.
At a Spencer Trust meeting, trustees approved an amended fiscal year 2026 budget totaling $250,000 after staff cited legal guidance limiting annual expendable funds to income from interest and dividends.
A staff member summarized the amended budget and said a memo dated Sept. 4 from assistant solicitors Amy Gollins and Peter Scores supports the conclusion that the trust’s annual available funds for budgeting should be based on interest and dividend income rather than tapping principal. "This amended budget was presented to these trustees on July 28," the staff member said, "It'll be $250,000 and we're showing projected budgets to bring it in line with the annual income projections." The transcript’s income projection figures were unclear and the units were not specified in the record.
Trustees sought clarification about past spending and whether prior years had exceeded allowable limits. The staff member replied that earlier expenditures had not violated the trust because there was cash on hand from accumulated, unspent interest and dividends; going forward, however, annual budgeting should follow the solicitor guidance.
Trustees also discussed an anticipated reduction in the trust administrator’s hours (staff described the role as averaging about one day per week under the smaller budget). Several trustees expressed concern that cutting administrator capacity could weaken the trust’s ability to support community agencies and to manage program outreach. The staff member suggested exploring Community Development Block Grant (CDBG) program funding to help offset operating costs, noting some CDBG grants allow up to 20% for administration.
The Chair opened the meeting’s public comment period and, seeing no speakers, closed it. The trustees then moved to adopt the FY2026 Spencer Trust budget as amended; the Chair announced the motion passed with four votes in favor and one absence.
Votes at a glance: the trustees approved the meeting minutes from July 28, 2025, earlier in the session (motion recorded as "by Trustee Casar, seconded by Trustee Cloutier," passed 4–0 with one absence). Later they approved the FY2026 budget amendment (motion announced as approved 4–0 with one absence). The meeting adjourned after a brief closing motion and voice vote.
The record notes a September 4 solicitor memo from assistant solicitors Amy Gollins and Peter Scores that trustees referenced in adopting the budget. The transcript includes differing spellings for some trustee names across exchanges; the article presents names as they appear in the meeting record.
The trust did not specify an implementation timeline for the administrator position change or a final decision on pursuing CDBG funding; trustees indicated staff follow-up would be required.
