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Trustees press for clearer warrant language and plan to change investment manager
Summary
Trustees said they are deep-diving fund documents, will switch investment firms and requested each department provide five-year CIP plans and warrant-language copies so trustees can confirm reserve-account eligibility under statutory rules.
Trustees of trust funds told the Select Board they are reviewing the town's capital-reserve and expendable-trust account language and plan to meet with three investment firms about changing managers.
A trustee noted he has been "deep diving" into account language and found items that need more precise wording so trustees and the board are clear on allowable uses. "We're gonna be requiring more articles to be given as part of the request ... so that the trustees can read the verbiage and make sure that it's a 100% in line with what the article is written," the trustee said (S1).
Trustees asked departments to produce five-year CIP lists so the trustees can match reserve accounts to expected expenditures and ensure investment strategy and liquidity mirror anticipated cash needs. The trustees flagged potential issues with litigation and legal-expense accounting and suggested an expendable trust could help offset legal budgets.
No formal vote was taken; trustees and staff will continue due diligence and report back with proposed warrant wording and investment-manager recommendations.
