The public hearing for Eversource and Verizon’s request to install utilities on Manhand Road drew attention. During the hearing, residents voiced their concerns over potential damage to trees and stone walls along the scenic roadway. The plan involved replacing a line of poles with an underground conduit and installing a new pole at the right-of-way’s beginning. Residents questioned how the utility company would manage the trenching given the narrowness of Manhand Road and the steep embankments, raising issues about access disruption.

Justin Vet, a resident, highlighted dissatisfaction with the handling of scenic road management and past utility decisions. He underscored the lack of town support and called for equal treatment for all scenic roads. Jesse Turon echoed these sentiments, urging the board to advocate for relocating power lines from private properties to the street.

Eversource’s lack of written assurances about avoiding damage to trees and walls further fueled community frustration. Board members were divided on how to proceed, with a motion to allow Eversource’s installation resulting in mixed votes and eventual failure. The board agreed to continue the public hearing and engage in further dialogue with Eversource representatives, planning to reconvene in January.

Parallel to utility concerns, the board engaged in a detailed examination of the town’s investment strategies. The meeting featured a presentation from Bartholomew, an investment advisory firm, which highlighted the town’s portfolio performance and potential strategic shifts. Discussions centered on adopting the Prudent Investor standard to diversify investments beyond the current legal constraints, which are limited to a narrow list of stocks mainly in the pharmaceutical sector.

Board members debated the implications of transitioning trust funds and stabilization funds to more flexible investment strategies under the Prudent Investor statute. The current portfolio’s conservative approach, heavily reliant on fixed income, was seen as limiting growth potential. With the trust fund’s current yield at 2.37% and an annualized return since inception at 1.8%, there was a consensus on the need for a more adaptive strategy, particularly in the context of evolving market conditions.

The board also addressed the Community Preservation Act (CPA) funds, which are restricted by their statutory framework from being managed under the Prudent Investor category. The possibility of amending bylaws to include CPA funds under this statute was discussed as a means to open new investment avenues.

Further financial discussions included the Other Post-Employment Benefits (OPEB) trust, which has grown since 2015. The trust’s portfolio showed a strong performance with a year-to-date return of just under 12% and a one-year return of 22%. The board considered more aggressive investment options for the OPEB trust, such as private equity and real estate, to enhance returns.

Amidst these financial deliberations, the board also tackled procedural updates and resignations from town committees. The Agricultural Preservation Restriction (APR) document for the Haml family property was approved.

The meeting’s concluding discussions touched on logistical challenges in financial reporting and procedural updates. A suggestion to streamline financial reports for department heads and committees was proposed.