Local Option Acceptance of General Laws Chapter 203 – Prudent Investor Rule
After some discussion and clarification, the board decided to retain its original favorable recommendation on the local option acceptance of the Prudent Investor Rule for trust funds, as outlined in General Laws Chapter 203C. This rule allows municipalities more flexibility in investing trust funds, similar to pension and OPEB funds, rather than being limited to a pre-approved legal list of investments.
The topic gained particular attention due to differing recommendations between the Select Board and the Finance Committee, with the latter having voted for no action. The Finance Committee voiced concerns about the speed of adopting the new statute, preferring that the town first update its investment policy to include protections and guidance for the broader investment options. Nonetheless, the Town Manager committed to not moving off the legal list until an updated investment policy is approved by the relevant parties, including the Finance Committee and the Select Board.
Draft Select Board Report to Town Meeting
The board reviewed and approved the draft Select Board Report to Town Meeting, subject to the revisions discussed during the meeting. The revisions included several minor edits for clarification and typographical errors, as well as an extended comment from a board member who voted in the negative on a warrant article.
New Business
- Members of the Select Board expressed their appreciation to town staff for their work and welcomed new employees while also acknowledging recent retirements.
- Concerns were raised regarding the CSO (Combined Sewer Overflows) issue affecting Alewife Brook. A public meeting with the Massachusetts Department of Environmental Protection was scheduled to allow for community input.
- An update was provided on the upcoming event series for Patriots Day week in Arlington, with various activities and celebrations planned.
- A board member expressed gratitude for the ability to attend and participate in meetings remotely while traveling for personal reasons.
- An update was given on the Mugar wetlands and the applicant’s agreement to install monitoring wells at the proposed Thorndike Place development.
The meeting was adjourned with unanimous consent.
Source: https://www.youtube.com/watch?v=T9nJl9LNofU