AMEY SPENCER TRUST FUND MEETING MINUTES

Wednesday, March 31, 2021 at 7:00 P.M.

Via Zoom

Minutes: (attachments can be found: https://clerkshq.com/barrington-ri )

AMEY SPENCER TRUST FUND MINUTES

Present: (Town Council sitting as Trustees): President Annelise Conway, Vice President Carl Kustell, Trustee Jacob Brier, Trustee Michael W. Carroll and Trustee Robert Humm

Also, Present: Special Guest Washington Trust Portfolio Manager Jennifer Lippin (departed at 7:48pm), Town Manager Jim Cunha, Town Solicitor Mike Ursillo, Business and Finance Director Kathy Raposa, and Town Clerk Meredith J. DeSisto

President Conway called the AMEY TUCKER SPENCER TRUST FUND MEETING to order at 7:00 P.M.

DISCUSS AND ACT ON MINUTES FROM JANUARY 11, 2021:

Trustee Carroll asked that the minutes of January 11, 2021 be amended as follows:

(Page 3) Discuss and Act on FY 202/21 Budget: “Mr. Carroll said historically there was no Spencer Trust Administrator. He said that we looked into the RI Foundation, but they all charge administrative fees ~~for everything (grants, etc.)~~ in addition to investment fees which would have cost us more.”

Motion by Trustee Carroll and seconded by Vice President Kustell to amend and accept the Amey Tucker Spencer Trust Fund minutes from January 11, 2021. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

President Conway explained that this meeting was scheduled because at the meeting on January 11^th it was motioned that the budget would stand as presented but a special meeting would be scheduled within the first quarter to discuss the policies of the home buying assistance program and the home repair program of the meeting.

President Conway acknowledged the intention of the Spencer Trust in which a trust was established to help the poor and unfortunate residents of Barrington. She said that there is a special note within the will that said that the Trustees should not necessarily be the ones who would evaluate the worthiness of the request(s) but the request should stand on its own as worthiness. She said that this important when we make decisions on who is a “Barringtonian” and who is poor and unfortunate. She said that the second item is that we have a lack of affordable housing stock in this community. She said that although we have tripled the amount, we are still below the 10% state suggested requirement (we began at 1.5% and we are approximately at 3.3%). She said that she believes that the proposal for an Affordable Housing Fund Capital Reserve Account in the amount of $500,000 will probably not be approved by the Committee on Appropriations.

President Conway said that another guiding principle is that we usually spend approximately 5% of the Corpus. She said that she believes that we are underspending and that we could allow for a larger amount of funding to be taken from the interest and use to increase the Spencer Fund budget. She said that it is not that we do not have the funds, but we did not realize the gains in our investments.

Discussion ensued regarding expanding additional support of services within the Spencer Trust budget, determining who is a “Barringtonian” resident and to continue supporting the administrator fees within the budget.

Trustee Carroll discussed the past history of an eligible applicant, and said that in a proposal at one time, it was defined as “…the poor and unfortunate residents of the Town of Barrington at the time of their application.”

Further discussion ensued regarding who makes the ultimate decision. Solicitor Ursillo stated, “It is you, the Trustees of the Spencer Trust.” He explained that as long as you operate within the spirit of the terms of the Trust.

DISCUSS AND ACT ON REALIZATION OF UNREALIZED GAINS

Discussion ensued with FY July 1 – June 30 with a proposal of increasing the availability of funds of total realized gains of $146,273 (the difference between $250,000 and the $103,727 as of June 30, 2020).

Motion by President Conway and seconded by Trustee Brier to realize that $146,273 of unrealized gains from the Spencer Trust Fund to be used for the budget. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

DISCUSS AND ACT ON BUDGET CATEGORIES

Town Manager Cunha discussed the American Rescue Plan Act and that over the next 2-years the Town will receive approximately $4.7 million in which the municipalities will be able to spend the money in four (4) areas: (1) Covid related revenue losses; (2) water, sewer and broadband infrastructure; (3) Covid relief funds and (4) Private non-profits. He said that he hopes to have an opportunity to give a “bump” to some of the agencies.

Discussion ensued regarding adding new categories to the Spencer Trust Budget: Trustee Carroll requested a General Use Fund (to help those with long-term illnesses (hospital beds), parents with children in hospitals but need to stay at a hotel or if a resident had a fire at their home and needed provisions whereas the insurance does not cover certain needs. Mr. Brier suggested that it be called, “Emergent Needs”. Ms. Raposa said that any unspent funds would be rolled over to the next year. Mr. Hervey suggested that this maybe served better with EBCAP. They have the experience of connecting the needs of those with a crisis and they do not look at income. Town Manager Cunha said that it be best within our control and use a specific application. Discussion ensued regarding general guidelines that may need to be implemented.

Motion by Trustee Carroll and seconded by Trustee Humm to create two (2) new categories, (1) “Emergent Needs” and (2) “Medical Costs”.

Mr. Brier said that he is concerned with the set up for medical costs.

The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

Washington Trust Portfolio Manager Jennifer Lippin departed the meeting at 7:48pm.

DISCUSS AND ACT ON APPROPRIATION FOR HBOT DOWN PAYMENT ASSISTANCE PROGRAM

President Conway suggested to add $75,000 to the Down Payment Assistance Program. Discussion ensued regarding the definition of Barrington resident (someone who resides in Barrington either by rental or home ownership (per Solicitor Ursillo)). Discussion ensued regarding the vote of the STF on March 1, 2016 regarding funds of $400,000 towards affordable housing and the intent regarding the definition of “resident”. Finance Director Kathy Raposa stated that there is currently $370,000 left in the account.

Motion by President Conway and seconded by Trustee Carroll to appropriate $75,000 to the Home Buying Assistance Program and if not used to be rolled over to the next year.

Mr. Brier asked for clarification regarding the current funds of $370,000 and if this new allocation of funds ($75,000) will not contain the initial restriction regarding resident.

Amended Motion by President Conway and seconded by Trustee Carroll to add $75,000 to the Home Buying Down Payment Assistance Program without the conditions that existed for the previous allocation of funds. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

DISCUSS AND ACT ON APPROPRIATION FOR BARRINGTON RENTERS

President Conway said that this item is the home repair assistance program with the clarification that it not be restricted to only Barrington residents. She said that the allocation is similar and believes that there will be a larger demand for repair projects. Trustee Carroll said his concern, which can be helped by the Housing Board of Trustees and how they will structure the program, is if we buy a generator for the renter, the generator will stay at the rental property (landlord would get the benefit) and the renter only gets the use of it for a period of time. He said that we would need to work out something where the renter could get a reduce monthly rental fee. Trustee Carroll suggested that the landlord and renter would work out a partnership.

Motion by Trustee Carroll and seconded by Trustee Brier to remove the restriction of home ownership with the home repair and improvement program and add $75,000 to that line item. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

Amended Motion by Trustee Carroll and seconded by Trustee Brier to remove the restriction of home ownership with the home repair and improvement program and add $75,000, in total to that line item. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions. (Trustee Carroll, asked to clarify the motion and amended it during the next discussion.)

DISCUSS AND ACT ON NON-PROFIT ORGANIZATIONS SUPPORTING BARRINGTON RESIDENTS

Discussion ensued regarding increasing the non-profit line items TAP-IN, EBCAP Crisis and Meals on Wheels. Mr. Brier suggested supporting additional funds to EBCAP (operating).

Dennis Roy, Director of EBCAP spoke on the services that support Barrington residents. Mr. Brier said that earlier we voted on implementing an Emergent Need (crisis) line item in the Spencer Trust Fund Budget and he suggested that we increase allocating funds with EBCAP Operations.

(Trustee Carroll, during this discussion asked that the motion within: DISCUSS AND ACT ON APPROPRIATION FOR BARRINGTON RENTERS be clarified. (See the amended motion in the above discussion.)

Trustee Carroll suggested to add a line for advertisements and Mr. Hervey agreed that we need to have a robust advertisement line item.

Motion by Trustee Carroll and seconded by Trustee Brier to add “advertisement” in the Miscellaneous Expense line item of $2500.00 in total. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

Motion by Trustee Brier and second by President Conway to change the EBCAP Crisis line item to $10,000 (in total) and to add $10,000 (in total) to EBCAP Operating. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

Motion by Trustee Brier to add $25,000 to the Emergent Need Fund.

Discussion ensued regarding the budget allocations of funds and that this budget is for July 1 – June 30, 2021. Ms. Raposa said that you must wait to see the investments of the previous year in order to use them towards a budget. Discussion ensued to meet quarterly.

Amended Motion by Trustee Brier to add 21,539 to the Emergent Need Fund, TAP-IN $7500 and Meals on Wheels $2500.

President Conway said that she would be fine with not funding the Medical Expenses but there is a need for the Emergent Need line item. She said that given the fact we are 6-months into our budget that we reduce the Emergent Need line item but increase the Meals-on-Wheels. (Ms. Conway said that Meals-On-Wheels expenses for Barrington is approximately $36,000).

Amended Motion by Trustee Brier and seconded by Trustee Humm to allocate $15,000 to the Emergent Need Fund and allocate $3600 to Meals-on-Wheels, allocate $10,000 to TAP-IN and an additional $2939 to EBCAP operations for a total of $12,939. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions. The final budget is clarified below:

Management Fees	$23,000.00
Administrator	$20,400.00
FICA	$1,561.00
Home Repair	$75,000.00
Advert Misc.	$2,500.00
Down Pymt Asst.	$75,000.00
EBCAP operating	$12,939.00
EBCAP Crisis	$10,000.00
TAPIN	$10,000.00
Emergent Needs	$15,000.00
Medical Expenses
Meals on Wheels	$3,600.00
TOTAL COMMITTED	$249,000.00
BUDGET	$249,000.00
BALANCE	$0.00

DISCUSS AND ACT ON PROCESS TO REVIEW GRANT APPLICATIONS

Motion by President Conway and seconded by Trustee Carroll to table DISCUSS AND ACT ON PROCESS TO REVIEW GRANT APPLICATIONS to a meeting in the future. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

CONFIRM FY2020/21 BUDGET

Solicitor Ursillo stated that the budget was passed at an earlier meeting.

PUBLIC COMMENT

No one wished to speak.

ADJOURN

Motion by Trustee Brier and seconded by Mr. Kustell to adjourn the Amey Tucker Spencer Trust Fund meeting at 8:52pm. The motion passed in favor 5-0-0-0, President Conway, Vice President Kustell, Trustee Brier, Trustee Carroll, and Trustee Humm; no one opposed, no recusals and no abstentions.

__________________________

Meredith J. DeSisto, CMC

Barrington Town Clerk