1999-11-23City of Beverly, Massachusetts
Public Meeting Minutes
Board: Joint Meeting Board of Library Trustees, Commissioners of Trust Funds, and Lynch
Fund Trustees
Subcommittee:
Date: November 23, 1999 7:00 P.M.
Place: Beverly Public Library
Board members present: Diane Costa, Edward Brindle, Lindsay Diehl, Katherine Fanning, Neil
Olson, Helga Senko, John Young, John Dunn, Arthur Powell, Elizabeth Caputo, Lauren Young,
Barbara Feenan, James Dawson, William Howard, Joe Boyle, and Jim Rich
Board members absent: Joanne Panunzio, Kevin O'Reilly, Janice Vagos
Others present: Thomas Scully, Anna Langstaff
Recorder: Anna Langstaff
John Dunn welcomed everyone.
Beverly National Bank is the investor and advisor for all City trust fund assets. Joe Boyle of the
Beverly National Bank reviewed Library Trust Funds and Lynch Funds. He reviewed assets and
investment strategies.
John Dunn and Joe Boyle noted that Library Trust Fund investments have been spent
consistently, whereas Lynch Funds have had a modest disbursement over the years. They also
mentioned the importance of long term planning on the part of Lynch Fund and Library Trustees
so that the Commissioners of Trust Funds know what investment strategies to use.
Edward Brindle would like to see a yearly review of earnings and disbursements of trust fund
accounts.
There being no further business, the joint meeting was adjourned at 8:00 P.M.