City of Portsmouth, New Hampshire Trustees of Trust Funds, 17 Feb 2022

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2.17.2022 Trustees of Trust Funds

A

It says: recording yeah. Now it's going to wait. Okay, we'll call the meeting to order.

B

Begin with a roll call um start with you, peter here dana here and for the record dana's.

B

uh Calling in via zoom and the cheers here so uh I'll note that we do have a quorum of.

B

uh People present for this meeting in person I'll entertain a motion to approve minutes.

B

Of both the january 11th and the january 28th meetings so move, mr chairman, but I.

A

Have a change on the january 28th meeting, okay, we'll we'll do that! After uh do I hear a second.

C

um Judy did I get these? Yes, it's interesting. It's in a separate email.

D

It was in an earlier email that was with the documents the other documents it was. It was.

B

Sent out about late afternoon, four o'clock or so yesterday, yesterday, yes, yep had the agenda as well.

C

Oh okay, hold on. Let me just look at it quick sure.

C

I'm creating a problem here.

C

Oh here it is okay, got it. Okay, you want to take a minute to look at it. um Okay, let me open it.

C

Okay, this is about the charitable trust and all that yeah there should be the minutes of.

B

Two meetings we had in january yeah, all right I'll, get them both. Okay, all right.

C

So um so what do we need now? A second to the motion to approve? Yes, our second okay.

B

Peter you had correction yeah on the january 28 minutes in the last paragraph, which sees.

A

Where it says from the city clerk's office,.

A

And then parentheses I would take out such as a city council vote in parentheses.

A

And add, with a copy of the minute showing the council voted to request the funds.

B

You, okay with that change, dana.

C

All right, can you peter tell me again what you want to do, please, on the.

A

Second line in the last paragraph where the parentheses such as the city council, vote.

C

Yes, I would take that out and after the city clerk's office.

A

uh I would add, with a copy of the minutes showing the council voted to request the funds. Okay,.

A

That's more closely to what my motion was.

B

I'm okay with that change! You, okay, danny, I'm, okay, okay, all right! Subject to that correction!.

B

I'll call the motion uh all in favor, or I should say I have to go- call peter that's submitted. Yes,.

B

Yeah, dana yes and the chair votes. Yes, okay, uh that reminds me I was going to ask you judy.

B

Do we post these on the city's website or on our web page? Okay, because I was in.

B

There a while ago- and it didn't look like we- they went up. Okay, great, they did go up. Okay,.

D

um What I'll do is I'll amend the 120, the 128, we send it to the city clerk's office and they will.

D

Put it they will send out the version. Will you send us an amended copy? Thank you. Okay,.

B

Let's uh go to the td wealth management investment report.

B

Did you get your mailing from td, dana.

C

um From tv no, I didn't. I got judy's report. Okay,.

B

Well, uh you you receive yourself yeah okay, so we got ours probably about 10 days ago.

C

Well, that's that's getting mailed to my house and that's why it gets delayed till it gets.

B

To me here in florida, okay, um maybe judy you could well dana's still in florida and.

C

An email a copy of that to him so you'll do that you'll have a chance to look at it.

B

um Why don't you take us through these.

B

Summaries judy, so the first one is the month to month. uh Excuse me the monthly summary.

D

um With the beginning and ending balances for each of the funds, the total portfolio.

D

Ending balance was 21 million, 641 thousand two hundred and twenty nine dollars and ninety one.

D

Cents, which was a an overall four point, eight eight percent decrease from the previous month.

A

Excuse me: does that show had the six hundred thousand been taken out.

D

Six hundred thousand is not in the investment fund. Six hundred thousand was in a separate cd.

D

These investment funds are with with td wealth,.

D

We have separate separate monies and separate banks, so the cds has not the money withdrawn.

D

For the community campus were in separate accounts, they were not part of the td wealth, so it did not.

D

Affect the td wealth accounts, so this here report mirrors td but doesn't mirror our.

A

Total portfolio that's correct, there are, there are a couple of bank accounts that are separate.

D

Now it's even less. I think there are three I'll bring that information next week for you and I.

D

Can include it yeah I it that gives us, because one of the things that tom asked us to do, which.

A

I gave him a rough draft this morning is, we need to know, what's been withdrawn each month as well.

A

Because that affects whether things go up and down it's not only the market right. Well, that's.

D

What I included here, if you see on that first line, I put wrote- includes 97 000 fiscal year, 22 payment.

D

That came out of the parks fund. That was what you approved for the but for the budget last time so.

D

On that very first line on that month-to-month after parks, you can see that I did write down that.

D

We did make a payment for 97 000, but I can give a more detailed report. I have no problem with that.

B

Well and just a reminder, peter, we also have cds and things that are not under management.

B

With dd, we ought to know, though, not that much anymore, honestly, not that much anymore. We can have.

B

That so you can see that every month and it might be a good time to actually review whether you want.

D

To keep them where they're at or if you want to move and I'm not sure why they have to be kept.

D

Separate, quite honestly, it's something to look at because they would be making.

D

Earning more money yeah with gd public rates raised to me.

D

Overall overall, so I was basically we didn't want to pay fees on money market account. You know money.

C

That was getting ready to be dispersed, correct yeah. It was mostly a liquidity issue, but yeah.

D

Yeah, but now I mean td literally turns it around the next day for me to get the.

A

Money out, so it's something we might want to review good yeah. We also, we don't have a fdic.

B

Insurance on the td investments, but but why don't we want to bring a summary of.

D

That all together and bring it next month, along with what the exploration.

B

Of the cds are so we can know what timing we need. Yeah. There are no cds, we cashed out the.

D

Last cd everything's in a money market, separate money markets, I'm sure yep, that's what I meant.

B

Okay, anything else you want to bring to our attention um nope and if you want to the second.

D

um Sheet is, you know, month-to-month overall performance, and you know what dana likes to see is.

D

That you know basically year-to-date average, how it's averaging so um a positive 2.65 percent, dana.

D

You know, since the inception of td, taking over the funds.

D

Is roughly what the overall portfolio has been earning over the over that time span.

B

Right so last month, last month was a little bit more of a rough month, but.

D

You know it does fluctuate month to month, so.

B

Who are the last three months kind of up and down yeah.

B

Questions or observations about those just curiously on the on this sheet. Yes, it shows.

A

4.88 down, okay,.

A

And on this sheet it shows 5.1 percent down interesting I'll, have to double check.

D

The formula on that data I mean peter good catch. I didn't even notice that.

D

Good catch, like probably a formula issue yeah, I will check it. Is this excel? Yes,.

D

It could be probably when I copied over the column it didn't be over right. um I will check that for.

D

You, I don't know if you want to take the time now time to talk about what you would like to send to.

D

Td, as far as um yeah, no I I do that's what peter was saying he brought in and I had sent around a.

B

Little bar chart of some thoughts on it, but.

B

So we got td coming in next month, correct all right, so we want to give some thought to.

B

What we want to ask them by way of separate from the monthly financials you know now.

B

That they've been we've been with them, for you know coming up on a year, but.

B

I'm interested in seeing what they're, looking at over the next six months.

B

B

Any uh any other thoughts or comments on the reports that judy did dana. Oh, I I think.

C

They're great okay! So let's let's talk about uh uh dana you'll recall that when you had.

B

Sent an email on another subject back in end of december early january.

B

Right you had expressed your concern about uh the lack of certain information in the reports.

B

You received monthly from td um and I circulated a you know what I call the proposed dashboard.

B

That we would ask td to create, especially for us, do you have a chance to look at that.

C

No, I didn't get that that was a while ago, that was probably back early january early january. It was.

B

Right around the time, it's probably just before the the second element, the recess.

A

Meeting right because you said we won't talk about it at that meeting- we'll talk about this.

D

Funny that you say that because I got the email, but there was no attachment.

D

Yeah, I have the email right here. What's the date of that email uh january 22nd.

B

Okay, no, there was, is there another one? What what's that email say? um It says this. This is not a.

D

Subject that we'll cover okay, that's yeah, that is the one! Okay all right! Well, you did you get.

A

Very attached, I think I did but- and it just says it says: oh wait a minute. It does say attachment.

D

Proposed td dashboard, so maybe I just missed that it was attached it's on january, 22nd.

D

Dana and you were you, were you were on the email yeah. I have it. Okay, thank you. So that's.

B

Just a starting point, and peter has given me one this morning that I can't send to everybody, but.

B

So the one thing that has dawned on me after I or dawned on me after I sent that out was.

B

That this doesn't really address, withdrawals and distributions that are made.

A

That's why, on the one I gave you this morning, I had a line.

A

For withdrawals right um yeah, they should be able to put that.

A

Yeah I mean I see it my report because I'm I'm tracking the number piece of it, but I don't.

D

Know why they couldn't put a note somewhere on the graph or something stating how much was withdrawn.

B

B

The one extra value.

B

That you include on yours, peter, is.

B

A number an inception date yeah. That would be the date that td took over right. Okay,.

C

It could track.

C

It might not be specific on the withdrawal, but but your current month balance would reflect the.

C

Withdrawal yeah yeah, but the thing is, you won't know if it was a withdrawal.

A

Or a market condition yeah see the last two columns are um the increase in decrease.

C

Yeah so we're you know we're looking to see what our rate of return is and and the.

B

Withdrawal would skew the number I don't know why they couldn't put an added column. This is.

D

Withdrawal and withdrawals could go in that month, yeah well, I I have to believe they have.

C

Performance reports that accommodate that situation, any wealth manager has that so.

C

The so you can measure their performance, um I we just haven't seen it yet, maybe because we haven't.

C

Come to a quarter end or a year end well, yeah! I expect that we would see some of this next month.

B

But yeah and I understood that you were hoping to get something every month.

C

I'm sorry I missed that. I understood that you were hoping to receive.

B

uh Some type of performance, summary or dashboard from them every month.

C

um I would be okay, the answer is yes, I did quarterly is fine, but my point was getting what we're.

C

Getting monthly is doesn't do have any value to me, because it's merely it's just a reporting out.

C

Each fund: well, we know statistics about performance you're right too dana, because we need.

A

To go through the whole report, and rather than having a grand total of everything, yep a snapshot.

B

Yeah one thing I don't like is that I have to sit there with a calculator and.

B

Add up each individual report just so I can get a total of the funds yeah and I don't have anything.

B

Indicating that they should at least be able to do this, yeah did he give. Would I give you.

A

Give it to judy- maybe she couldn't send it around. I will yeah yeah. Why don't we.

D

We'll um it to them ahead of time so that they can.

D

B

I think you could even take mine word format and if you added well, we got inception so.

B

What I was attempting to do.

B

That in that bar chart at the bottom, peter was to have the inception date and then the last.

B

Year-End date and then every date every month thereafter.

B

Does that work for you, I want to know what it was in inception. No, no. What I'm saying is.

B

Screwing up the camera, but so I I had his inception and then I envisioned we would have the.

B

Last annual meeting annual number and then every month of that year,.

B

Do you want that in numbers as well? Yes, okay, yeah, all right so uh judy just bar chart at the bottom.

B

Yeah, if it is your end, include the number the the actual value instead of just uh yes,.

B

All right, so if you can uh pass that along to them and and.

B

Tell them we'd like to resolve what this is going to look like at the next meeting, when they have.

B

Their performance, review or and if there are going to be any issues, let us know in advance, so we can.

B

Come up with alternatives, I I have a format here, which is basically exactly what I think you.

C

Gentlemen are talking about I'll, take a picture of it and send it to them.

B

Okay, that would be great good.

B

Okay, all right well, it should be. I think this will be our first performance meeting.

B

With td, since they took over and last fall, so this should be good. Okay, uh ron, scholarship.

D

Okay, so what has happened since our last meeting um and when the vote came down to.

D

um Approve how much was going to be awarded in 2022 for the scholarships.

D

Contacted me and as was approved by the attorney general's office, they were allowed to give.

D

Up to ten thousand dollars a year, we had scheduled them for six she's requesting she would like the.

D

Trustees to bump it up to the ten, they would like to run the scholarship out, and so she would like.

D

To increase it from six to ten, so that's a request that she'd like to bring forth to the trustees.

D

And I was also contacted um yesterday or the day before regarding the russ wilson award.

D

We had awarded the one thousand dollars I did not realize it was one thousand dollars.

D

For a male student and one thousand dollars for a female student.

D

um So it's a total of two thousand dollars so that one also needs to be bumped up from one thousand.

D

To two thousand to to follow the stipulation of the trust, so what I have for you is.

D

An amended total scholarship to be awarded amount going from 217 to two hundred and.

D

Seventeen thousand nine hundred dollars to twenty two hundred nine hundred two thousand.

D

Oh two hundred and twenty two thousand nine hundred dollars.

D

Which is an increase of the five thousands? I just would like you to review it, take a vote on it and.

D

Then I'll, let the school department know that it's been approved by the trustees and have you.

A

Reviewed the trust I have and the copies of the trusts are here in case. You would like to look.

B

So one question relating to the russ wilson: yes,.

B

Other issues that we need bob to look at of having trust that specifically say certain.

B

Sums have to go. I said that, because the that's how it was presented to.

D

Well, it says an award shall be made annually to a female and male student. I don't know.

D

It's a total of two thousand dollars to be awarded, so I that's.

D

Your call on that one.

D

But under the russ wilson award, if you look at item number five, that's how it was.

D

Written yeah, I'm you know my concern is that it this may not have been caught. You know.

B

Earlier this year, as we did with the one two months ago, you know, given that it calls for.

B

Disbursement equally, I'm inclined to say we can go ahead and approve this.

B

Well, we perhaps ought to ask bob to weigh in on this future distribution the future. What you.

B

Think how do you feel about that peter and dana I'm having a tough time here and oh everything.

B

All right, let me is this better yeah a little bit okay. So what do we need to run by bob? Well, okay, so.

B

I was focusing on the russ wilson trust and the paragraph five says that an award shall be made.

B

Annually to a female and male student athlete who embodies, russ's philosophies, etc. So my question is.

B

Whether we're running a foul of the city's policies on.

B

You know designating specific sums for.

B

Female versus male students etc. This is the issue we ran into a couple months ago,.

B

With the trust that was being created and the person wanted to allocate it specifically to.

B

A female student or a non-binary student and.

B

What I'm saying is because this is says that equal sums is to go to a student, a female.

B

Student as that of a male student, I'm inclined to say we can approve this, but I just wanted to.

B

Make sure everybody was comfortable with that and then secondly,.

B

Just this may come up again in this next year, along with other similar, older trust agreements.

B

I'm just suggesting we have bob weigh in on that.

C

Well, on this particular case on the russ wilson one, I have no problem improving it.

C

Given the fact it's equal gender allocation, exactly that's my position.

B

How do you feel about it? Peter yeah? I have no problem. Okay, this particular award got.

A

You've got in under the 25 000 because it's going to be completely depleted, that's correct! Yes,.

B

Okay, so that's okay! On wilson, one.

B

Let me just take a quick look at the.

D

In the tony um we're on scholarship, if you look at the settlement from the attorney.

D

General's office, it does state that you can award it out to ten thousand.

C

So judy the the additional request is for what five thousand dollars one thousand.

C

For ron and four I mean one thousand for wilson and the rest for ron. That is correct. Okay,.

D

I think it's in paragraph four.

D

Ten scholarships.

B

Okay, well with the.

B

Charitable trust, divisions.

B

Approval I'm inclined to vote that increase as well, so, okay here, a second.

B

Second right so just to clarify is this motion just relating to the to the.

B

um Ron or to the wrong and wilson, okay, any further discussion.

B

Hearing then we'll call the roll call dana yes peter yes, and the chair vote yeah.

B

Okay, uh can you give us an update on where we are with the tommy mccann scholarship? I can't I never.

D

Heard back from from kathleen okay, so I I I don't know what the status is. I will continue to follow.

D

Up with that, okay and tell her that that we have to have a report back of some kind for the next.

D

Meeting she probably got tied up right so yeah. So let's put this on the agenda for the march meeting.

B

You'll recall that you know: we've got a fairly substantial inheritance coming to us and the.

B

Last thing we heard was back in the fall and they were still trying to put together the that's. This.

A

Is the one the attorney called? You called me and yes, the the yeah. It makes this look a little silly.

B

But so I I'm looking to nail that down so.

B

All right so next item on the agenda is the scholarship.

B

Press release: did you each have a chance to review that? Yes, okay, did you have a chance.

B

Dana yeah yeah, I have yeah right so just just by way of background. This was the follow-up to.

B

A discussion we had at the first meeting in january.

B

About when we had a representative of the of the high school scholarship committee,.

B

To our career guidance committee, I guess to make some efforts to see that this information about.

B

The community scholarships is dispersed to non-portsmouth high school students, so.

B

If we're okay, with this draft, I'm going to authorize stephanie secord to.

B

To uh issue it, she will uh post it on the city's website and on our on our page, dealing.

B

With scholarship funds and she'll also put it in the weekly or the daily newsletter, um it's it's.

A

Exactly like what we reviewed the other day yeah, we said we sent this around yeah but yeah, but but.

B

I just wanted to make sure that peter was uh that dana was okay with it um relating to that is that.

B

You, if you went on to the city's website, you saw that she also.

B

Created a simple page saying how to apply for scholarships? Did you see that.

B

Yes, okay, did you see that right? I did yes, so these are great okay, so these are just informational.

B

I've asked her if she could also put together a.

B

A simple pdf which would go on the city's website to tell people how they can go about. Establishing.

B

Or contributing to scholarship funds, so we'll probably see a draft of that in in march.

B

B

Marine maintenance.

B

And prescott park contribution.

A

Thomas is that a copy of the press release right there yep.

A

This one recorded, oh, I have an extra one. You saw, you can have it. You want the.

B

Copy of the page from the website as well yeah.

D

So in preparation for the fiscal year, 23 budget, you have in front of you the five-year rolling.

D

Average, which is the policy that was set up years ago by the trustees on designating.

D

How much funds were going to be used for the operation of the park coming from the trust fund?.

D

The bottom portion item c.

D

Is basically some optional amounts? I believe the policy was the most that would be given.

D

Used is five percent per the policy. The target has always been in past years, around four percent.

D

Last year it was at 3.75 percent and the trust um gave to the city or turned over to the city.

D

192 200 this year, based on the five-year rolling average, which is approximately 5.5 million dollars.

D

I've recommended I'm making a recommendation to the trustees.

D

Of coming in at 3.65 percent last year, it was 3.75 and that will still enable to give a little.

D

Bit more money to the city for the operations of the park, but keeps it at a reasonable average for.

D

For for the trust, but you can see what it would be at 3.75, it would be 209 000., the 203 thousands at.

D

3.65 4 is at 223 and I even did a scenario way off to the right and at 3.5, which would be 195 000.. So.

D

B

So let me just ask you just when we approve this we're approving the number, not the.

B

Percentage right that is correct, okay, you're, basically approving how much how much you feel.

D

Is reasonable for the trust to turn over to the city based on based on the earnings.

D

Can I just ask a couple questions make a point one point on this: yes,.

C

Judy, can you help me understand the rolling average and how how we work the rolling average.

D

Sure so, if you look at the middle box your five year, rolling average is the total.

D

Total, you know um average of the last five years, which is the 5.5.

D

Yeah I get that okay and just and that's numbers as of december 31st. That is correct.

D

Okay, it's it's always based on the december. The december year, the calendar year end number.

D

um And then, basically, what you're doing is you're taking four percent of that five year average.

D

And coming to the 223, if you look at the very bottom part the numbers up top that.

D

You're looking at are each of each of the um how it's designated and broken out. You know we have.

D

Checking we have a money market, we have the mutual funds and we that's that's all the monies that are.

D

In the prescott park, trust at the very top, so what specifically, are you looking at dana well.

C

It's the 5.585, the average of 2017 through 2021. It's supposed to be yes,.

D

Okay and then, where you have the previous five-year rolling average, that was last year's.

D

Rolling average of the five years, which would have been 20 20 through 20 2016 through 20, okay, perfect.

C

Again, okay, that's what I wanted to know. Thank you. You are welcome again um and just my comment on.

C

Your pre, your presentation about the policy. You know the trustees haven't been even up.

C

To five percent trying to keep it to uh four percent yep, those were there's one.

C

Change in that, and and that used to be in the days when we would fund the entire operation or.

C

As much of the operation of a park before the city stepped in, that's called I I would just like to.

C

Go on record saying those withdrawal rates are in excess of what I would think would be prudent, but.

C

Necessary because we were operating the car now we can revert to more appropriate withdrawal rates.

D

That is correct.

B

I are you um suggesting that.

B

3.65 is a is still an excessive withdrawal rate or no, no, not at all. I think it's very.

C

I think it's conservative and appropriate okay, how about you peter yeah? My only concern is.

A

This may not be a good year, so when we get to a year from now it it could have an effect on.

A

It it could, but it is a five-year rolling average which helps softens that a bit, but.

D

You are correct, I mean obviously, if we have a year and we we lose a million dollars. There's.

D

Going to be an effect to that yeah, I don't have any problem this year, but look at it yeah I mean.

A

We gave 192.

A

Last year and 203 this year, what I'm hoping that doesn't lead the city to believe that next year,.

A

They can expect 213 000.. The city gets a copy of this. The city manager gets a copy of it. um The.

D

City is aware: okay, this is at odd discretion and nobody else. That's right, correct! That's correct!.

B

I mean it's it's in our discretion, but it's somewhat of a negotiated thing. If.

B

If we decided we're only going to get 50 000 this year, I'm sure that we'd have a meeting with.

B

The city manager and or the city council, but yeah so yeah, so our I mean the reason they.

B

Give us the five year averages has been approved, uh I believe, with the city.

B

With it with the uh charitable trust division many many years ago, because this is different than how.

B

Scholarship trusts are usually handled with disbursement, so um you know we we gave out 200.

B

200 last year, or will be this year by june, um and and you know we still.

B

Increase the value of by about a million dollars so that that includes most of that 192 dispersed.

B

So, even if even if we had a really bad year in the market, a 200 000 contribution, it won't break.

B

The bank it'll all be caught up with next year anyway, so um so the recommendation would be 203.

B

900 correct and then from the marine maintenance trust for the last couple of years, we've given 21.

D

000 I am asking in in in the docs, are asking for an additional thousand dollars that 22.

D

21 000 or 22 that we're proposing here does nothing but go in and.

D

Support the operations of the docks. There are no other funds that come in from the city. um They are.

D

In a position where they would like to increase the uh wages for the for the dark hands that they.

D

Have from like 13, 13 and 25 cents to 14 an hour, I think it's a reasonable request, given the state of.

D

Employment within the city, and so that's why we're asking for an additional thousand dollars.

D

It's it's not going to hurt anything with the marine maintenance trust, I'm we're.

D

Already receiving the seasonal dock payments in these monies come from the seasonal dock.

B

Unlike the prescott contributions, I think our understanding with the city on the docks.

B

Is that we basically give the city everything that's in there every year, except for a whole.

B

Back figure to cover the basic winter transition like five thousand dollars or ten thousand dollars.

B

Or something we've been doing this since the city's taken over the dock, we've had monies.

D

Coming in from from the marine maintenance, trust yeah, no, no! No! Well! That's what I'm.

B

The main this trust is not on a five-year rolling average, all right. No, that is correct. What we get.

D

Every every year for revenues, that's right and then and then at the end, and so this is.

B

Almost an advance against what we're going to pay them, because at the end of the year,.

B

We take whatever else is left in there, pull back 5.

B

000 and make a final distribution, so this is really just an advance against.

B

What we anticipate is the profit of running the docks. That is correct. That is correct, so.

D

I I don't, I don't see a problem with having in another. What are we all left on that? No, a lot.

D

I want to say um a little over 300, but again I don't have a number in front of me. I can bring.

D

That figure in for you next next month, yeah, I I didn't chipping away at it. We just gave 45 45 000.

D

In december, you authorized that, for the payback can we just see where we stand absolutely yep.

B

You know it's, it's just an internal loan anyway yeah, so it's other. It's just one.

B

Pocket to the other, exactly um okay, uh so I will entertain a motion to approve.

B

A disbursement in the next fiscal year of 203 900 from the prescott uh trust.

B

And twenty two thousand dollars from the marine maintenance trust so moved and.

A

Repaired semi-annually. Now we pay, we paid the prescott one quarterly. This year we didn't.

B

Pay the last two years, we've actually been waiting and we do one payment in december and one payment.

D

Like beginning of june, when your june meeting to to true it up so okay and the city doesn't care.

B

That they're fine with it and and the reason why we do that, is that we have found part of the.

D

Attorney general, when they weighed in on do on doing this, was that we had to be able to show the.

D

Expenses for okay, for you know that there really were expenses for the amount that we were giving.

D

So sometimes it's just easier to make sure and just do it in the two payments.

B

Right, so would you accept a friendly amendment to your motion to approve the.

B

Disbursement of two hundred and three thousand nine hundred dollars in semi-annual payments sure.

B

Okay, uh do I hear a second to that motion? Second promotion. Any further discussions.

B

Hearing then we'll do a roll call peter yes, dana yes and the chair vote. Yes,.

A

When do you expect that the next request will be made for construction money.

B

You mean I'm not. You know that question is a loaded question, so to speak. All I can tell.

B

You is that from the prescott park implementation committee's point of view, uh the city has already.

B

Appropriated either through everybody morning, robert nice car peter, I don't think I've seen him.

A

For the year, gonna be ready for the drive to cooperstown, no we're gonna. Take you on yeah.

B

You know you're on tv bob just so you know.

B

And so all the funds for phase one uh have already been appropriated or in the cip. So.

B

So I the hope is that phase one will be built out over the fall 22 spring 23 time frame.

B

And then it'll be ready for the season of 23.. That's correct this. This will be done in the.

B

Off season of the arts festival, so it won't interfere with them. So the next time there'll.

B

Be you know, requests for funding, it will be probably in the spring of 24 or something.

A

Do you still anticipate the money for the stage.

B

Well, uh the stage yeah well, the.

B

The master plan calls for a seasonal stage. uh Somebody will have to buy that that that.

B

How much that will cost and how it will be paid for is yet to be determined.

B

Okay yep, um I just have some scholarship checks for signatures. All right.

B

All right any other new business while we're signing the checks.

D

From me from anybody.

B

I there is no one in the audience, so I will not be able to have public comment.

B

And unless somebody has any new business I'll entertain a motion to adjourn the meeting.

B

I move: will you adjourn? Okay, thank you. Thank you. I'll call. The roll peter.

B

Yes, dana yes and the chair votes. Yes,.