Trustees of the Trust Funds

Town of Pittsfield

November 5, 2009

Those Present: Elsie Morse, Cara Marston

The secretary’s report of August 27, 2009 was accepted.

The treasurer’s report as of October 31, 2009 was accepted.

There was no Old Business.

Under New Business :

The Board accepted a proposal for new musical instruments for $2,535.23 to be taken from the Band Fund. A note in the acceptance letter will state, “Our understanding is that the instruments are the property of the school and as such will not go home with students outside the school year.”

The Board approved $200 to help defray costs associated with the Christmas Tree Lighting.

The Board discussed the Cemetery Trust. At the present time the interest does not cover the expenses associated with Perpetual Care and the principal is being accessed. During our meeting with TJ on November 19, 2009 we will discuss our concern regarding the fees encumbered in the present investment and a possible change to a Jumbo CD arrangement. The fees diminish the book value of the Trust and it is the book value which appears on the reports for the State.

The next meeting will be November 19, 2009 at 8:00 a.m.

Submitted by Elsie Morse

11/18/2009