City of Portsmouth, New Hampshire Trustees of Trust Funds, 20 May 2022

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From YouTube: 5.20.2022 Trustees of Trust Funds

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5.20.2022 Trustees of Trust Funds

A

Great okay, I will call to order the meeting of the trustees of trust funds for friday may 20 2022.

A

And first item on the agenda is the minutes of the april 20 2002 meeting I'll entertain a.

A

Motion to approve those I'll move approval. Second, any comments, changes, corrections.

A

Hearing then I'll call the question all in favor hi.

B

Hi hi sorry I was, uh I was a bit focused: okay, historic cemetery, trust request.

A

Thank you, mr chairman. I'd move the uh request be granted so 2500.

A

Well, just for clarification, um we got an email this morning because we don't they didn't the.

A

Cemetery committee didn't use the entire approved amount so far all right, so we only need to approve.

B

And eighty 1526.80, okay I'll second, all right any further discussion on that.

A

Hearing then I'll call that question all in favor. uh Just out of curiosity, I I read.

C

Somewhere that this was a new cemetery committee, I thought we had a long standing session well.

B

It kind of got the fun yeah. It's like the art speak thing at some point. They just kind of.

A

Fall away because of disuse, but the trust has been around for a while one of the things that.

B

Happens that these committees that are set up dana, they expire without being reauthorized, so.

A

Most of these are not charter committees.

A

So they're they don't automatically roll from year to year.

A

All right item three td bank investment report.

A

D

Again, these are my dashboards, not tvs, so we didn't do a good job at the meeting last month.

D

I haven't gotten anything, I guess they don't listen to us.

A

Well, let's, let's talk about, let's discuss this and then let's come back to that issue.

A

Okay, so uh in this, this report would also reflect the disbursement that was made.

A

For the community campus.

A

Yeah, those six hundred and twenty five thousand came.

D

Out that was not in the investments that was a separate, remember, yeah, all right. Okay,.

D

So april was a rough month.

C

C

That's about judy, am I reading this right over the 12 rolling 12 months down 5.46.

D

From that april to april.

B

I guess I see you should be looking for some new trustees.

C

A lot of people doing a lot worse than that.

C

Judy these are great reports. If I don't know how difficult it is, I don't want to make any more.

D

It's not that bad now that I've set them up. Okay, so.

C

You have the average over the 12 months, rolling 12 months. You know at the bottom.

C

Of 51. yeah, but today would it be possible to have current year to date as well.

B

Yeah, so you want current year to date and then a rolling 12 month after yes, that'd.

C

Be awesome if you want the current year to date, calendar year or fiscal year, no caledonia, okay,.

D

It's not hard once I make the changes, then it's just starting to numbers.

A

So we had when we had the folks from tdn last month.

A

We discussed that you were going to contact them if you needed any additional information in order.

A

To prepare these, did you have to do that, or were you able to just do these through the report.

A

Okay, that's when he said when he was in here and he said I can provide you what you need and.

D

I can help you devise an excel spreadsheet and I said to him: I sent you an excel spreadsheet.

D

That I've already set up- I was just wondering if you guys, could automatically produce it.

D

So that I don't have to, but evidently he said whatever whatever he said at the time that his.

D

Reports couldn't do it or whatever judy do me a favor? Yes, would you send him an email and copy us.

B

Since we didn't hear from you.

B

Td is not able to do this.

B

Okay, I want to get it writing from them that that well, okay, any other questions on on these reports.

A

Subject to the year to date is: are these so, let's work? Let's do these going forward, yeah.

D

Not a problem um and uh and then annually I still like to get that 10-year yeah. I've got to update.

D

That that's the one that dana loves so much to the history, the history one I've got to go through and.

D

Update that one and and bring that up to date. But that's since inception of the investments.

D

All together wow, so I don't. We don't need that every month, but right usually that would be.

D

Like a year and fiscal year, end is when it's produced so okay in july for the end of june.

A

All right, so, let's just plan on those being the reports that we get okay, so uh to the.

A

Td issue, so what I'm understanding is that they're saying they can't do this.

A

Not because they don't have the capability of doing it is just that the td bank.

D

Doesn't let them do compliance requirements, don't allow them to deviate from standardized reports.

A

The question was whether we want to continue to push them on that. Well, the only reason I.

B

I want the email sent to them is we did not get a firm answer that they wouldn't do it.

B

And that's why I'm looking for that that you know it was yeah. Well, send me what you do you need.

B

You know he'll do it for you yeah yeah. You know he said. He'd help me set up, but he'd.

D

Help me set up an excel spreadsheet, so I just want him to say that they won't do it. Okay,.

A

Any thoughts on that dana okay, all right! Well, you know if, if we can get these reports, which are the.

A

Quick read of the monthly things we get, I'm I'm okay. That allows me to.

A

Understand the bigger picture so yep not a problem: okay, not a problem all right, any.

A

We've just signed any checks beyond the check we just signed.

A

Okay, all right before we go to the public comment, um so uh I have uh contacted.

A

Stephanie and with the stephanie c cord, with the idea of trying to create a.

A

Instruction sheet or a cheat sheet that we can post online that would be given to.

A

Anybody's interested in creating a scholarship or making contributions.

A

uh And by the way, did you see that that little press release was in the paper again last week.

D

I've gotten four checks in the mail yeah. I mean these scholarships. I've never seen.

A

Sense coverage for a press release from the trustees, but uh so so my thought was.

A

That uh it would be helpful to have this on our website so that, if some attorney is preparing a.

A

Will for somebody and wants to put something in it can explain the process. Essentially, you know you.

A

Can give to the community scholarship funds? uh You can create your own scholarship here.

A

Are the different options here? Are the minimum requirements? Here's some decisions, you have to.

A

Make and you have to work out an agreement with the city to the legal department.

A

So I've stephanie has actually sent me an initial draft of that. I don't want to bother you guys.

A

Until I have a chance to sort of massage it, um so maybe the next meeting or within two meetings, I'll.

A

Have something to look at one of the questions I have which we've never discussed before is.

A

Whether people can contribute into the other scholarships that are out there that were.

A

Established by families. So if somebody wants to give to the john hooley scholarship or.

A

Or they I mean they can contribute, and I have gotten checks for the other scholarships as long.

D

As they're, not any of the ones that were have recently been merged in yeah, I understand that.

A

But um but there's nothing written out there that reminds people that they can give those particular.

D

Scholarships so that might be good to add well so the policy issue here is, I mean normally. I.

A

Would say what do we have to lose, but I don't want to detract from the community scholarships.

A

I don't want people to pick, you know some one that they will give a couple hundred dollars to.

A

That would be better served as part of the building up the community.

A

But I think that's a policy decision, so I want to discuss that with you before we.

B

Where did we wind up judy in getting for the hooley scholarship? It was about uh 5500, total.

B

I got a nice note from sean the other day.

D

That's that's his is that his wife, john's wife, yeah, yeah, um very sweet person.

D

um Yeah interesting question.

B

Yeah interesting question.

C

B

I think in in in.

B

Going back, I think, in in bernie's case, I think they wanted to increase the hooli scholarship.

B

I'm not sure they would have used it to go into the community scholarship, so I don't think you.

B

Want to preclude somebody, I don't think we can necessarily preclude somebody, because.

A

Some of them, the don't the creators of the trust, actually say, they're going to.

A

Go out and raise money over the next few years to essentially get up to the 25 000.

A

So it's it's really a question of whether we want to um you know, encourage that or just allow. We.

B

I can see your point. We don't want to compete with ourselves right.

C

Maybe how many scholarships do we have? There must be 30 35. We we combined 20 into the five.

D

Scholarships so that took that got rid of 15. Basically, because we created five and got rid.

D

Of 20., we we had 52 at the time and we've created three or four seasons: around 30 yeah, 35, 30 plus.

D

Because we, I just added the um bwf, uh the bfw yeah new one, and there was another one that we.

D

Added within the past year, right so in 30ish, 30, 30 35, just a quick thought. I'd have to give.

C

Him more thought, but I don't think it would hurt. I think it'd be good for public transparency to have.

C

It available on the website what these 30 plus scholarships are in most cases it's if anyone.

C

I mean it would only be long term old line city residents who would even recognize most of them.

C

And if they chose to give to them, I'd be okay with it versus.

C

The community fund, I think probably 90 percent plus- would just go community. I think so. I think.

A

People might choose to contribute toward an existing scholarship because of its purpose.

A

Not because they recognize the name, because we've got some go back to 1850s right so.

A

Someone may say geez, I I like the the purpose that you know, mrs smith,.

A

Set out in 1920 and no one in the world will know who mrs smith is, but.

A

um Yeah, but over the over the spectrum of all those scholarships, the purpose in general is.

C

They're, basically, all the same, you know help these kids get scholarships. I know some are.

C

But our community scholarships cover virtually every purpose. Well, no, I I agree. Well, let me do.

A

This, then, um let me include a paragraph or a couple sentences on that and when we look.

A

At it, we can make a final decision on whether to do that or not okay. Getting back to scholarships.

B

One of the rotary meetings that I, like the best of the scholarships that was destiny.

B

And they gave out 60 000 worth of scholarships. That's awesome.

A

Were those funds raised this year? Is that no so they're, not christmas tree sales.

B

uh Golf tournament and they get there were 18 recipients. That's great wow, that's great and.

B

And it's that's all money that rotary raised and so that you know doesn't come into the total.

B

Amount of scholarships that are awarded so and these they have some old-time ones bill generator.

B

Still has a uh the generator's family still has a and that's part of the 60 000. I mean because it's.

B

It was set up through rotary and joe shanley. I remember uh the chamber used to give away a.

A

Scholarship out of his well when the hospital first was sold, they used to give out and that.

B

You had to be going to a medical school and they gave out a lot every year, but.

B

I guess corporate must have decided that they'd rather go to the bottom line.

A

Oh so that was not the community health foundation that was given.

A

The scholarship it was it was the hvac yeah, okay, any uh new business.

A

Any old business, any public comment hearing none I'll, entertain a motion.

A

To adjourn so moved motion to adjourn the next meeting is 14 june 14th june 14th.

A

Is that not good for anybody that uh I I think we went through last month? So, let's just check it.

B

That's fine with me: that's the meeting that will need to um definitely be wrapped up by.

D

Nine, because the city manager has a meeting in here at nine that day, but we usually are.

A

Yeah well, we set a new record today, so.

A

um Okay, okay, good well I'll declare the meeting adjourned and thank you for coming in. On a friday.

C