AGENDA ITEM #1: President Jancosek called the AMEY TUCKER SPENCER TRUST FUND MEETING   to order at 6:37 P.M. 

AGENDA ITEM #2: APPROVE: MINUTES FROM THE SPENCER TRUST MEETING HELD ON JULY 28, 2025.

Ø   Motion by Vice  President Cassar and seconded by Trustee Cloutier approving the minutes of the meeting of the Amey Tucker Spencer Trust Fund meeting on July 28, 2025.  The motion passed in favor 4-0-0-0, President Jancosek, Vice President Cassar,  Trustee Cloutier and Trustee O’Neill; no one opposed, no recusals and no abstentions.

AGENDA ITEM #3: DISCUSS AND ACT: FY2026 SPENCER TRUST BUDGET

The Trustees at the June meeting approved a FY2026 Spencer Trust Budget totaling $436,500. With this budget, the Town at the time was proceeding with the understanding that growth in the Trust would be available for expenditure, totaling several million dollars. The net position of the fund at the end of FY2024 was approximately $6.075 million. Finance Director Maryanne Crawford and I wanted to confirm there is sufficient funding available in the trust to cover the budget to avoid any risk of drawing from the corpus of the Trust (the principal sum of the trust), which is not permitted. Unfortunately, the Town’s wealth manager has made it clear that the funding available to the Trustees is the income from interest and dividends each year, and the cash balance on hand. Based on the FY2024 Audit, the total income from dividends that fiscal year totaled $179,740. Going forward, we propose using the most recent audit numbers (in this case, FY2024), and taking into consideration the cash balance to establish the annual Spencer Trust budget.

 The recommended revised FY2026 budget (see page 3 of this memo) totals $249,000 $250,000 (updated to include $1,000 for the Day of Caring). The agency support total, $107,000, is proposed to remain the same. The proposed revised budget for the remaining items – home repair, emergent fund, administrator consulting fees, fund management fees, and super senior grants – totals $142,000 $143,000. This includes reducing the home repair budget to $35,000, the administrator budget to $15,000, and halving the super senior grant program ($60,000). The super senior grants would be capped at 80 in total, at $750 each. We approved 83 grants last fiscal year, totaling $90,692.

Also provided are “Projected Budgets” to provide budget scenarios that are sustainable given projected dividends and interest income. The revised budget would reduce the funding reserved for the First-Time Homebuyer Assistance Program to $150,000, but the Projected Budgets include an additional $30,000 each year to rebuild that balance

Town Manager Hervey presented an amended budget, which included a minor adjustment—an additional $1,000 allocated for the Day of Caring . The Assistant Town Solicitor, Amy Goins also submitted a memo clarifying that expenditures from the town’s Trust Fund must be based solely on income generated from interest and dividends, aligning with the guidance of the Trust Fund advisers.  During the discussion, Council President Cloutier raised concerns that the Trust Fund may have been misused in prior years, suggesting that spending may not have adhered strictly to the fund’s income-based limitations. In response, Town Manager Hervey defended the administration’s handling, stating that no mismanagement occurred, as there is sufficient cash on hand from accumulated earnings to support past and current committed expenditures.

Looking ahead, President Cloutier inquired about alternative funding sources to restore the budget to previous levels. In response, Hervey acknowledged the challenges of securing funding but suggested exploring the Community Development Block Grant (CDBG) program as a potential way to supplement the home repair project, offering it as an example of how external grants could help offset budget constraints.

President Jancosek opened Public Comment: No Public Comment

President Jancosek Closed Public Comment

Ø  Motion: by Vice President Cassar and seconded by Trustee Cloutier To approve the FY2026 Spencer Trust Budget as amended. The motion passed in favor 4-0-0-0, President Jancosek, Vice President Cassar, Trustee Cloutier and Trustee O’Neill; no one opposed, no recusals and no abstentions

AGENDA ITEM #4: PUBLIC COMMENT

No one wished to comment

AGENDA ITEM #5: ADJOURN

President Jordan Jancosek adjourned the meeting of the  Spencer Trust at 6:43 PM. The motion passed in favor 4-0-0-0, President Jancosek, Vice President Cassar,  Trustee Cloutier and Trustee O’Neill; no one opposed, no recusals and no abstentions.

Stephanie Bernardo

Barrington Town Clerk