1990-09-27September 27, DgO
A meeting of the Commissioners of Trust Funds was held at 8:30 A.H. at the
Beverly National Bank. Present were Messrs. Smith, Dawson and Mrs. Remare.
Also from the Shawmut Bank were Joseph Boyle, Mark Bergin and Richard
MacKinnon to discuss the asset allocation report for fiscal year 1989-90.
L. M. Smith suggested selling the stock held for certain trust funds and
applying the gains to those individual funds rather than spreading the gain
over the entire trust funds accounts as has been done over the past year as
sales were made.
A letter will be written to the Shawmut Bank giving instructions to open a
Special School Funds "Principal Account" in the amount of $17,500.00 and the
balance to remain in the "Income Account". This wtli be effective as of
July 1, 1990. On the June 30, 1990 asset allocation report, there should be
no principal amount for the Special School Funds.
A report entitled Account Allocation 7-1-89 through 6-30-90 will be forth-
coming f;om Shawmut adding an extra column giving the percentage of each
trust fund in relationship to the entire trust fund account.
The meeting adjourned at 10:00 A.M.
Respectfully submitted,
Alice H. Remare, Clerk
Commissioners of Trust Funds for City of Beverly