City of Portsmouth, New Hampshire Trustees of Trust Funds, 28 Jul 2022

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7.28.2022 Trustees of Trust Funds

A

That is thursday july 28th I'll call the meeting in the trustees of trust fund.

A

To order and I will entertain a motion to approve the minutes of the last meeting on june 28th.

A

Okay, any corrections, additions, deletions.

A

Any changes at all hearing that I'll call a question all in favor aye.

A

Okay, let's tell us about the historic cemetery test request. um We had a small request come in.

B

There was one more invoice that came in out of that allotted 2500, that the city council approved.

B

We had spent, I want to say, 1300. This is just a small invoice that came in after the fact for.

B

36 cents, I do have a copy of the invoice and I apologize. It did not go out in the packets.

B

I missed that um so if you approve that we just would like to sign off and- and that might be the.

B

End of it, I don't think that there's any more, but there's still a little bit less. Isn't there still.

C

A cleaning scheduled for early september there could be, in which case you know, I've got a running.

B

Tally on that, I think they've spent about 1500, so they still have about a thousand left to spend so.

A

Yeah well, it looks like.

A

They purchased about seventeen hundred and five dollars last year. Okay- and uh this is only 178, so.

A

Okay, I do have the home depot, it's, um you know: cleaning supplies, totes, cleaning supplies brushes.

B

Happy to show it to you if you want to see that that's good.

A

This may be the materials for the september. Well, it could be.

A

Okay, well, I will entertain them unless you have questions I'll, entertain a motion to approve that.

A

Disbursement, I move approval of the disbursement 178.36. Second, okay, any further discussion.

A

Hearing then I'll call the question all in favor all right, unanimous and now.

D

Can I turn the fan down on blowing into that? Do what you need to do? That's fine! Thank you.

A

Kathleen tell us about the nancy roy career and technical.

A

Education award nancy retired as the principal of the lister academy in june and throughout the.

E

Spring they worked with me to create this award as a surprise for her. They have their own graduation.

E

Even though their students get a portsmouth high school diploma and they can walk in the full.

E

Graduation, so they wanted to make their students take different paths after.

E

Graduation all different kinds of past some go to college some go in the workforce. They.

E

Wanted to give an award of cash to the student, unlike traditional scholarships that go towards.

E

Higher education, so the students going into the workforce and it's similar to the patty wagner.

E

One that we consolidated a number of years ago, but that.

E

Was very similar to give a cash award to a student moving on after graduation, it's.

E

It's a name scholarship because it's going to pay out of principle and interest till it's gone.

E

And the staff and the incoming principal or whoever that may be, will select the student and.

E

So it's pretty straightforward. It's written, like all the other ones,.

E

um This doesn't go through the guidance counselor at the house. This will be totally at the lister.

E

And they actually because they wanted it to be a surprise. We couldn't take it to the school board.

E

Until after graduation, so they they had collected the funds and gave out the first award at their.

E

Graduation and told nancy about the scholarship, and then this is, I think they turned over about 41.

E

Which was a sizable.

E

Amount that they collected and usually people collect much less than that in this type of.

E

Endeavor, but so will this be coming next year? Will this be coming from them to me and it will not be.

B

Part of the high school's packet correct. Well, I will have to in the cover memo you could keep it.

E

On that list, just for consistency and everybody knowing that, but it would um but they choose it.

E

They would choose it okay, I just want to be clear, but it should be on the list. Okay,.

A

Questions peter no that'll, it's going to last a long time, 15 to 16 years and it'll be done. Yes,.

E

Unless somebody contributes more or the stock market turns around so that'll be in the document.

C

That once it's gone, it's gone, it's paid out of principle and interest. So so this um it seems to.

A

Envision that there could be more than one yes, I think they this year, they gave out two okay.

A

So in terms of judy putting it on the list, well, I guess the logistics of deciding. Is it one or.

A

Two or when do they make their decision um any any time that works for you, so we could say if.

E

You anticipate, I can instruct them if you're going to give it away more than one they'd have.

E

To let you know by january december december 30th, because I bring it to the trustees okay january.

E

Oh please, when I send word back you don't all be in writing. So, yes, everybody will know. Okay could.

B

You copy on it me on it, so I knew who I absolutely would yeah. Okay, that's perfect! Thank you. Kathleen.

A

So so, if there is more than one they don't share the award they get.

A

Two separate that's what they did this year and the only other question I had was.

A

What happens if the lister school or lister academy is phased out or something at some.

A

Point does this award go to a regular high school student, or would it I um it doesn't.

E

Actually contemplate that because, but what I don't even think, we'd have to go to court to do it. But I.

E

Would envision that if there was some amount left that would go into the community.

E

Scholarship fund for the trades, whatever we call that when I came yeah okay. Well, that's that's kind.

A

Of what I was wondering about well, the only reason I even think of this is because I saw this morning.

A

Yeah headline and said: well I don't think there's any question that lister academy may not always.

C

Be in that location, I guess my question is: what happens if it's no longer called lister academy.

E

Because there's pro prohibition about naming buildings and so when the old pass.

E

Program was at sherborne school, you couldn't name, there was a move. They wanted to name something.

E

After bob, who many years ago, was the impetus for starting this, so they named the program.

E

The lister academy, which is part of the high school right, it's a program within the high.

E

School technically, it's located physically, not on site, so it's anticipated they're.

E

Going to go to the community campus, but the program goes not it's not the building. Okay,.

D

Okay, interesting distinction, yeah.

D

So that's why we have rooms that are named after people, but not buildings.

A

Just I know this one's already been signed and and I'm okay, it was a typo one and I'm just gone.

A

Well, there's a there is one, but that's! Okay! If it's not on the signature page, I can fix that.

A

Well, just um if you get well, you haven't got in front of you, but if you can remember number four.

A

Paragraph four says that the qualifying senior is one that is a graduate listener.

A

Academy program enforcement, high school and exemplar exemplifies the value of the.

A

Lister academy community should be the values of the leicester academy.

A

But but my thought when, when I was after reading the headlines and thinking about this this morning,.

A

It would be helpful to have a provision that says that if, for some reason or the academy.

A

Seizes it, the money goes into that community fund. I mean so on. That might be something.

A

To think about with, as we do new scholars, individual scholarship things that sort of.

A

Create a default you know just to save, having to go back and do a non-judicial arrangement, but.

A

uh Other uh questions peter just one- I I neglect. I just didn't remember that we could do name funds.

D

If interests and principle were paid out, was that that's part of it? That's that's the sunset option.

D

And so it could be named with a sunset option right it just I I just slipped my mind that that.

E

Was possible some of the ones with the rapholt scholarship was the first one we did after that.

E

Yeah, okay! Well, it makes sense and I would say that has become the most popular. Yes, it makes sense.

A

In many ways, particularly if it's someone who is affiliated with the school in 10 years, the.

A

Students aren't going to know who that person was and and so I'm sure a lot of people think I just.

A

Want the current generation to know about them, but well another one. That's exactly that point.

E

Is the russ wilson scholarship, so the bigger awards are in the early years and eventually.

E

That's going to pay out also, but the students that he knew and knew him will have graduated after.

E

The first four years of the scholarship well a little bit longer because of the rec programs. But.

D

Okay, I would say almost everyone's picking that option now dana.

A

Okay, any other, if no other comments or questions then entertain a motion to solo approve. This.

A

Second, all right, all in favor all right hi, since can you that's the original or somebody? Oh cheers.

E

If I could take it back with the signatures, um we're ready to roll judy doesn't miss a beat.

E

Everything- how is the other scholarship doing that? I don't know. I got a call at home one time.

C

I came tom got a call. Okay, you know it's in probate and I've checked periodically.

E

um This is the tom mccann one yeah another one, um we're gonna. I don't think we've gotten a duty on.

E

Bill mortimer's, we're gonna, get a distribution out of that and that's been we're going on three years.

E

But it's something I check on periodically because on the mccann we're supposed to get.

E

The residuary of the estate- and I think it involves selling a house.

D

Thank you now, with all these changes, are you still going to be here.

E

Subject to being told otherwise at any moment, yes,.

E

Yeah it's july: do you want to take this and then give it to me? Okay,.

E

I'll do it with a memo through cynthia. Thank you. I would anticipate that. I still have a job.

A

Maybe it would be a good thing you get to retire. You know.

E

But that should be my option yeah. Well, that's the funny thing about that.

A

Thanks for coming in, thank you kathleen see ya good to see you.

E

Thanks judy you're welcome kathleen. Okay next item on the agenda is the td wealth management report.

A

These are the end of june right. This is, I got a little bit everything in there. I have the end.

B

Of year, I've got um inception to date, so let's walk through it. Actually, the reason I say that.

A

Is because things have been a little better in july, then? Yes, that's only through june.

D

Okay, so for the month of um june, obviously um there were.

B

um Three payouts out of the funds: in june, the um we had 97 000 come out of the parks, which is.

B

For the second installment and the final installment for the fiscal year, 22 budget.

B

And then we had um seven thousand the seven thousand two hundred nineteen dollars out of.

B

Scholarships which was to cover some scholarship checks that had been written in the 1526, which was.

B

For the historic cemetery trust to cover to cover the check that was cut for that.

B

So that's why those are a little bit more. The second sheet that you have is a june.

B

To june comparison june, 21 all the way through to june 22.

B

See you know from june of 21 to june of 22. You know we're down 15 percent.

B

A lot of that is due to the market.

B

Yeah, the next sheet is an inception to date from td, which is actually from april 21st.

B

April 21, through june of 22 and overall since the inception date we're down 11. So it's it's.

B

You know again and anything highlighted in yellow on that sheet was a month that.

B

We had some payouts, so you know that would be like the 97 000 coming out for.

B

The parks and which does change the percentage a little bit.

B

And the very last page me judy instead of highlighting it in yellow, could you.

C

Just drop down and say disbursements and down below yeah. Just so that we.

B

List the disbursements down below I can do that yeah sure.

B

And then the very last one is your year performance going back so far from fiscal year, 16.

B

To the close of fiscal year, 22. and that's the percentage numbers are.

B

Year to year, comparisons not from the inception date so from fiscal year 21 to 22, is that 15.4.

B

Percent decrease. You can see fiscal year 21 coming from 20, we had a big increase of 20 percent, so.

A

And this again includes disbursements. It's not just.

A

That is correct performance. Okay, that is correct.

B

A little bit of a blip on the radar for fiscal year 22, but overall it's a a steady increase.

D

Fiscal year, 22 is just a tough year, yeah and and using fiscal year. 16 was just an arbitrary.

A

Choice. That's as far as I went back, I still I have prior years. I just haven't gotten to do that.

A

History, yet it's an ongoing project for me to get this. The way that you want it. I.

B

I can go back all the way to when we first started doing investments.

B

I just haven't gotten that in there yet dana what happened in 19 and 20.

D

Pandemic in 20 what year? Well, we were only up in fiscal fiscal year 19 we were only up 1.5 percent.

C

And then in 20 you only have 2.1 percent.

B

I can go back and get the pace and reports which generally tells.

B

You what the climate was like if you'd like that, I can no it's it. I don't remember that the.

C

The pandemic had that much of an effect in those two years. Well, I wouldn't know 19., oh.

A

It would have been, I mean in 21, we were still in it yeah. That was the rebound. We had the huge real.

A

Bounce back, it was also when we did the switch too. We switched from one investment company to.

B

Another and they kind of re-allotted a little bit as well, but the economy had a big rebound in 21.

A

But I'm trying to remember what happened. Did we make a big disbursement in 19.

B

Not sure I mean I can I can go back and look at I mean I've got all the patient.

B

The patient, um when they came in and had their portfolio yeah things that they handed out. I can.

B

Go back and look and report back again it would it would. It would be nice to know not to give you.

C

More work, but what was dispersed in those years, because that that can have an effect uh on the.

C

The growth yeah- I can add it on disbursement, so I'm just trying to remember what year.

A

Did they finish up the burying ground yeah bearing ground is kept separately so bearing grounds.

A

Wasn't? Okay, because that was like a million dollars there and that was kept separately.

A

Well, but the monies that the city received from the sale of the connie bean center those went.

A

Into that army navy trust yeah, it was about 600 000, because that was dispersed weren't. They just.

C

Dispersed it was just dispersed for the community campus. I have no idea about that. That doesn't ring.

B

A bell with me at all: yeah there's something interesting there, because in 2020 s p was up.

D

Yeah 16: well, let me look into it and I'll I'll report back. I don't have a problem doing that.

C

Yeah well double check. My numbers too, make sure I didn't make a mistake. I don't I don't think so.

B

That's pretty. This is really helpful because when, when our friend from td comes next time,.

C

As far as I'm concerned, they don't need to send us their report because it's not worth.

C

They don't get it. We need to consolidate it rather than have to go through every one of their reports.

D

I agree that report uh yeah. I don't want to get it. It's just more paper for nothing.

D

Yeah, but if there was a cover sheet to it,.

B

Well, he told me he could help me set up wow, no, no! No! No! No! No! No! No! I can do it myself.

B

Tv so I'll make those changes to my report and we can tweak it some more if you want to grow more.

A

Yeah, the the problem is you're going back now and reconstructing everything. It's just a ton of work.

A

You know tom had asked me to put together um the year-end summary of the total investments that.

B

That the trustees this includes the td wealth, as well as a few small savings accounts, or you.

B

Know checking account and that total amount um held is 19, that 19 million figure, which includes.

B

um The breakout up, above of you, know this a little bit still left in there's the futures money.

B

There's the daniel street trust still has the 14 000, which is specific to be used for. I believe it.

B

Was flag pole or flag pole repairs a memorial or something to do with memorial, flag, poles.

B

That's being held african burial ground still is 29 public arts trust has 31. that 2245.

B

Interestingly, when they paid out the cd they gave they, they gave us the payout for the cd, which was.

B

For the daniel street trust, which was for the community center and then at the end, they were.

B

Like oh well for the two weeks that you were in there, you've got 22 dollars. Now we have 22 dollars.

B

Sitting in a little savings account over there that, if you would be so inclined, I can close that.

B

Out because it's just kind of yeah is it supposed to be earmarked for something in particular well.

B

It's it's the daniel's, it's the industry trust, so I could roll it up into that. 14 000 up above yeah.

A

Yeah- let's just do that, okay, so if you could make a motion for that, it's all right for me.

A

Sorry, all in favor aye thank you and I will roll that up and then in the citizens. Banking account.

B

At the end of june, there was the three hundred thousand. um There were some checks that hadn't.

B

Cleared yet um the cable trust, which was a big payout in the um a couple of other scholarship.

B

Checks that they hadn't cleared yet they have since cleared so that amount is less.

B

And then your td investments, so at the end of june I mean this preliminary. I haven't done my.

B

Closing entries yet to finalize everything, but at the end of june the trustees were responsible for.

B

A total of 19 million dollars, okay, todd what'd: you do with the difference when we were up around 22.

C

What are you done with that? Did I tell you about my new home, though you know every community center.

B

That was yeah. You know you know, speaking of which, on these on this report, and you know for peter's.

D

Request- all of which is good, but that only will give us balances yeah as opposed to performance.

D

Investment performance, okay, and is that something that td should be provided for? You.

D

Yes, I and, and if we want to know the performance trend, we got to kind of.

D

Reflect back to payson and and their annual performance and then add in td, to take a look. Okay,.

A

Yeah and when we, when the td folk were in last time, we discussed wanting to get some.

A

Peer review um comparisons and not peer review, but peer performances, and I I haven't heard.

A

Anything from them, so what are they coming in again september october october? I I don't.

D

Know tom, if it shouldn't take a fairly stern letter from the chair on those issues to them.

A

All right! Well, why don't you reach out and if you don't, you know, if I don't get a satisfaction, every.

A

Time I get back from oh yeah you're, leaving right my vacation I'll I'll, send a letter where you go.

C

At this time I'm going to go to sweden back there yeah good. We have a daughter who lives there so.

A

um Okay, anything else on td, no.

A

All right: let's talk about the website.

A

A

You started this conversation dana with your email back on nice because of.

A

Somebody, and- and I had it happen to me again after I sent you a response yeah, I actually had.

A

A gentleman who lives next door to the jay smith pocket part: oh yeah, who.

A

Was concerned about the fact that there was a lot of late night, noise and rowdiness, and so he had.

A

Called around to the city and ended up talking to the legal department and was told well, you got to.

A

Call the trustees of trust funds they're in charge of the park. Here's tom watson's number column so.

D

We're not in charge of that park we're not in charge of any parks. At this point.

A

um And you'll recall we really never had oversight of that park. It was right, michael.

A

Doing maintenance work on his own off time. It wasn't even part of his his preschool park. Duties.

A

um So I have since spoken to bob sullivan and said whoever over there is spreading the word about.

A

Our roles got it wrong, so he was going to circulate internal memorandum to everybody in.

A

The department saying if there are any inquiries along these lines, they need to go to the city.

A

Manager's office and in fact that's what ended up happening with this gentleman. So the question is.

A

The incidents you're talking about were not those people weren't directed to you.

A

From anybody they just thought that.

D

Now, how how did that inquiry come about? One was for the public comment uh area. I think somewhere.

D

On on the website, under trustees, it has us being responsible for administration.

D

Of prescott park, which means addressing yes yeah, so you I have a copy of your email here, so you say.

A

Within the past few days, I received two interesting inquiries that bring.

A

Into focus the need to clarify the role of the trustees and that of the city on.

A

City website, the first was from sue, sherry or steri, who is chairing a new cemetery committee.

A

She wanted to know if the trustees owned or were responsible for the point of grade cemetery.

A

Right, I don't know, there's nothing on the website that says I don't know how she, how that came about.

A

And then the second one is from another individual interest in putting a map of public comment, space.

A

On prescott park, the city website does not have it included. The site would leave want to conclude.

A

That the trustees determine and enforce the policies of public comment space websites also.

A

Does not speak to whether advanced permission is needed to use the public, common space etc. So.

A

I you know, I probably what we want to do if we want to.

A

Still pursue this is to probably have alan brady come in. I think he's still in china he's not okay,.

B

Stephanie, oh stephanie, okay, okay yeah, so maybe we can have stephanie come in and.

B

Download copies of what's there and get them out to you prior to that meeting, so that you.

B

Can see what what's being, how it's lined up and and and who it's being referred to.

B

So that you can know what changes you might like to make yeah um sure. Why don't you do that, but.

A

Let's also just each of us take an independent look at the website.

A

You know the the whole prescott park. Information originally was all part of the trustees, and so.

A

It you know now there's a hose site with all the.

A

Master planning and the policies and all that material, um maybe we just need to pare down.

A

Our site, so it really just focuses on our role. What our role is, these days.

B

I know that I'm listed for the docs and that's fine people do call me for the docs so um and.

B

That's fine is that something that you want to do, because I mean theory that would be handled by the.

A

City anyways, I mean the city. What I usually do is if, if it's a monetary question, you know about.

B

Seasonals or whatever I'll answer that, if it's something specific about you know, is my boat.

B

Too big to be docked at the um I forward that, right over to tim bailey, we have a little.

B

System kind of going so right now it works, so I don't have a problem leaving it as it is. As.

B

Is unless you want to change it, uh are we still using daqwa for the reservation? Yes and those.

A

Monies go to you afterwards. Well, they go to the marine maintenance trust because we don't know, but.

A

They passed through your everything, all the finances come to me. That is correct.

A

But that is as much in your role as comptroll for the city as opposed to your liaison for.

A

The trustees right pretty much both yes, okay, all right all right! Well, once you send around what you.

A

Have but let's just take an independent peek and we'll have stephanie come in and just clean it up.

C

Just going back to the comment on the public comment, space in prescott park.

C

I remember because I was involved when mccain made this announcement running for president.

C

That decision and reserving the space was approved by the city attorney so.

C

And that would go back. I mean two president. You know two elections before so.

C

It it, um it would be good to know.

C

Certainly nothing that trustees want to be involved in.

C

But who does make the decision on the use of city sidewalks and.

C

People that, because every sunday in front of the north church, there's a group that.

C

They change every week, but protest.

C

And it it's getting a little bit difficult because they now all carry big flags.

C

And I've come around the corner and my car has been hit in the windshield with these flags now.

C

I don't want to get involved in whether you want these people out there or not, but they.

C

Should be controlled but who controls them yeah well, you're, getting into a very.

A

Intersection of of public policy and yeah.

A

Just to give you a little history at one point the trustees did have when we were actually operating.

A

The park these issues came to us so dana. You recall that at one point there was one group who.

A

Actually, had lawyers come up from boston to address us on something they wanted to do.

A

And we were using the legal department as our legal advisors on how to handle that issue.

A

But there was, there was once you designate an area as a public forum. Then you've got.

A

To make it available to everybody, you can have certain limits on time. Placement well.

C

That came up with the city council meeting the last city council meeting.

C

Some woman wanted to sell potato donuts to raise money for.

C

The wars, the war, yeah and.

C

They didn't allow it and they told karen to work with her to come up with an alternative location.

C

um Because once as bob said, if you approve one you've got to approve them all,.

D

That was that question was about someone wanting to use the stage yeah, let's see exactly so, we so.

A

Somebody came to us and said we want to use the stage when the ass festival was not in.

A

uh Progress to hold a rally, and we had to say no because then literally everybody who wanted.

A

Sure that was secret. So that's why it's only the little area, that's to the total north corner of.

A

The park, where you see all these announcements and and political uh candidates, etc, yeah.

D

It's not clear, like peter asked: do we do someone need to get authorization to have a public comment.

D

To use the public comments, space see nowhere's on the website. Does it say that or.

D

Who to get authorization? The request goes to the city manager's office,.

B

I mean I know that the yoga in the park that they have I mean that goes to the scene, manager and and.

B

So I'm assuming that they all do well, there must be a a city council policy. There is a. There is a.

A

City policy, because I remember the issues came up with things like you- can't use a mega phone.

A

When there's a performance going on in the park or things of that nature, so there is a policy yeah, no.

A

All right, we'll we'll uh try to work on that if you could reach out to stephanie.

A

For next month, for next month, yes, okay, uh we got some checks to sign. uh Well,.

A

Well, you're passing those around. Is there any new business or old business you'd like to.

A

Address these are all scholarship checks.

B

So far out of the amount that we designated so there's a.

B

Slew of them here, that's that's impressive. Thank you. um Guidance office did a great job. No, so.

D

You're happy with how that's working out yeah, they did a great job this year. Brittany did a great job.

B

And they gave out some big awards to some to some students. There's one for five grand really yeah.

D

That's serious.

C

A

I like to see where the colleges.

D

A

Any idea what percentage of the possible high grads go on to college.

C

It's some form of advanced learning.

C

It goes now, seven thousand I'm saying I'm gonna rotate them that way. I can keep track of them.

B

I gotta make sure they all come back with me.

C

You mean you want me to take the one out of my pocket that I just didn't. Try to cash.

A

Is that the weak university.

B

Okay, he did the biggest bunch.

B

If you could be a second signer on those all right, thank you.

C

C

A

We'll say it's kind of interesting that almost all of these schools are east coast. Schools.

D

We just had a floor to gulf coast yeah, but no, you know yeah, no, no, california, yeah exactly.

C

C

C

You know somehow we ought to be able to let him know he doesn't need to record. No, I I can.

A

Whenever we have a motion, I can call them off, so you can.

B

No, I mean yeah all right well, any any other new business role, business.

A

Here and then nope from public, so I will uh adjourn the meeting so move second all day.