2021-12-03

Town of Manchester, Vermont

Investment Advisory Committee Minutes

December 12, 2021

Committee Attendees: Andy Shaw, Glen Cestaro, Donald Brodie, Marie Ferrarin, John O’Keefe (Town Manager), Brian Vogel (Treasurer)

Town Staff Attendees Michael DeCubellis (Finance Director)

Public Attendees: None

Brian Vogel called the meeting to order at 9:00am.

1. Acceptance of minutes from last meeting (6/4/21) moved by Glen Cestaro and seconded by Marie Ferrarin.

2. Mr. Vogel discussed the performance of the Towns investments since the last meeting.

3. Discussed future needs of the Sewer Department and whether creating a new district is beneficial.

4. Discussed future needs for the Water and Reappraisal Funds.

5. Discussed buying preferred stocks at no more than 5% of portfolio and reducing the fixed income holdings.

6. Discussed current market conditions and the effect on future earnings.

7. Set next meeting for 03/04/22 @ 9:00am

Approved By: ___________________________

Clerk