The Capital Endowment Fund was established to fund and facilitate innovations in town government and to assist with long range capital planning. This fund was enacted by the state legislature and approved by the Governor in April of 1995.
$2,000,000 was received from the proceeds of the sale of Belmont’s cable system. An additional $943,849.24 was appropriated by Town Meeting in 2001. All capital endowment funds are invested by the Town Treasurer with Merrill Lynch. The Treasurer is assisted by the Capital Endowment Fund Advisors, comprised of volunteer investment professionals residing in Belmont. All statements and records are kept on file in the Treasurer’s Office.
Withdrawals from investment income have been made periodically to fund the Town’s capital needs. $382,900 was withdrawn in July 2001 to partially fund the buydown agreement for the McLean Hospital development.
Respectfully submitted,
Capital Endowment Fund Advisors
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