TOWN OF MANCHESTER, VERMONT
INVESTMENT ADVISORY COMMITTEE (IAC) MINUTES
BOARD ATTENDEES: BRIAN VOGEL (CHAIR AND TOWN TREASURER), DONALD BRODIE, TARA DOWDEN, MARIE FERRARIN, ANDREW SHAW, GLENN CESTARO AND JOHN O'KEEFE (TOWN MANAGER). ABSENT: John O'Keefe, Glenn Cestaro
TOWN STAFF ATTENDEES: MICHAEL DeCUBELLIS (FINANCE DIRECTOR)
PUBLIC ATTENDEES: None.
VOGEL CALLED THE MEETING TO ORDER AT: 9:08AM
Minutes from October 9, 2020
Ferrarin moved, seconded by Shaw, to approve the minutes from October 9, 2020. Motion carried 5-0.
Review of Statement for Town Meeting
Vogel presented a draft statement from the IAC to be submitted for inclusion in the Town Report. Committee members provided suggestions. Vogel will revise and submit to Mary Grimming.
Review of Town Investments
Vogel reviewed the 2020 investment performance, current balances, and current asset allocation. All of the funds are performing acceptably and within Town regulations. Committee members discussed cash positions and possible investments.
Vogel reviewed the state of the market and economy and committee members discussed their perspectives and expectations for market performance for 2021. Based on this discussion, it was determined that the current asset allocations remain appropriate and will be reviewed again at the next meeting.
The Committee agreed to meet again on March 12th.
Adjournment
The meeting adjourned at 9:25am.
APPROVED BY: ______________________________________________
CLERK