Page 185 - BOXFORD

The Treasurer is required to issue an annual report to the town that lists cash account balances,
investment types, earnings and compliance with the terms of the town’s Investment Policy. The
Report on Investments provides that information for the $11,398,520 held by the town on June
30, 2015. Comparative data is provided for the current and previous fiscal year and a brief
explanation of significant changes.

General Fund monies are all invested as provided by state statutes in money market bank
accounts, the state investment pool (MMDT) or in Certificates of Deposit with maturities of one
year or less. Trust Funds and Community Preservation Funds may be deposited into longer term
accounts and are invested in money markets, CDs, bonds and those equities on the Massachusetts
Legal List for Public Investments.

OPEB funds are appropriated by Annual Town Meeting to reduce the town’s Unfunded Actuarial
Accrued Liability for employees’ Other Post Retirement Benefits. The fund balance of $828,168
is on deposit in the State Retiree Benefits Trust Fund within the PRIT and managed by PRIM
(Pension Reserves Investment Management Board). Reported earnings were $30,287 and
annualized rate of return for FY 2015 was 3.87%.

The town’s General Fund cash balance of $5.7 million on 6/30/15 is $1.4 million less than at the
end of the previous fiscal year. The decrease represents the delayed expenditure of the donations
and short-term borrowings for the Nason Land Acquisition and a year-end deficit for Chapter 90
expenditures for which state reimbursement was not yet received.

Trust Fund earnings in FY 2015 were 73% greater than earned in the previous fiscal year due to
higher yields and increased realized gains. FY 2015 earnings on the Community Preservation
Fund were approximately 31% higher than in the previous year due to higher average account
balances, realized gains and yield levels.

The market values of the Community Preservation Fund and Trust Fund were 2.5% and 1.4%
greater than book values primarily due to appreciation in the equity portions of the portfolios
(approximately 20% of each portfolio is invested in those stocks on the Massachusetts Legal
List).

The Report of Trust, Gift and Restricted Funds provides account activity by fund for Fiscal
Year 2015. Several developers’ performance deposits were released by the Conservation and
Planning Board during the course of the year.

Respectfully submitted,
Ellen S. Guerin, Treasurer/Collector of Taxes
Town of Boxford

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