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Resident urges review of nearly $10 million public trust fund
Summary
A resident, Barry Rundell, told the board the town's public trusts now hold about $9.5 million and urged exploring probate‑court petitions or loans to unlock additional resources for town needs; the board said trustees control distributions and expressed reluctance to change the status quo without broader consensus.
Citizen Barry Rundell addressed the board to highlight what he described as an underused set of public trust funds whose principal has grown substantially since their founding. "I found 1 person who was, who was aware of the fact that the town has these large amount of trust funds, 2 trust funds, totaling now about $9,500,000," he said, and urged the town to consider legal avenues for adjusting distribution rules.
Rundell argued the trusts yield relatively modest annual distributions (he estimated about $200,000) and suggested options ranging from modest reallocation of income to loans from the trust to the town at competitive rates. Board members responded that trustees are elected and that the town already receives annual reporting in the town report; several members emphasized fiduciary conservatism and reluctance to pursue probate action without trustee support. Rundell said he would inform taxpayers and continue outreach if the select board does not pursue the options immediately.
The board did not commit to pursuing a probate court petition or other legal changes; members suggested further information and trustee recommendations would be necessary before any formal action.
