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Vaughan Fund Minutes 07/26/2011

VAUGHAN FUND
JULY 26, 2011
 
 
Chairman David Burke opened the meeting at 6:34pm.  Trustees present included Gerald W. MacPherson, Sr., Jean Demetracopoulos, David H. Webster and John C. Kareckas.  Town Manager Perry Ellsworth was also present.
 
Approval of Minutes
 
1. 4-26-11:  On a motion by Mr. Webster, seconded by Mr. Kareckas, it was unanimously voted to adopt the minutes as written.
 
New Business
 
1. Mr. Burke stated that there are 2 CD’s (each approximately $50,000) coming due in August, 1 with Edward Jones and 1 with Kennebunk Savings Bank.  A decision needs to be made as to their disposition.  He recommended keeping them in a safe, guaranteed investment.  He suggested comparing CD rates with other banks or brokers before simply allowing them to roll over where they are.
 
Consensus was to roll over the CD’s for 12-18 months, whichever will be the most beneficial in regard to rates.
 
Mr. Burke made note that the current Fund balance is approximately $342,000, which is down compared to 6 months ago, due to $22,000 in grants being issued in the spring and the reduction in value of some of the investment vehicles.
 
ADJOURNMENT
 
On a motion by Mrs. Demetracopoulos, seconded by Mr. Webster, it was unanimously voted to adjourn the meeting at 6:47pm.
 
 
 
Attest:
 
          Barbara Bennett, CCM
          Town Clerk