City of Portsmouth, New Hampshire Trustees of Trust Funds, 19 Jan 2023

Previous Meeting Next Meeting

⏯

youtube image

►

From YouTube: 1.19.2023 Trustees of Trust Funds

Description

1.19.2023 Trustees of Trust Funds

A

How to order the january 19, 2023 meeting of the trustees of trust funds.

A

And the first meeting on the agenda is the approval of the minutes of the december.

A

21St meeting and uh before I call for a motion on that I'd like to propose.

A

An amendment to those to that draft, specifically in the third paragraph I guess, would be the fourth.

A

Paragraph because you got a one sentence, paragraph there, but uh the reference about.

A

Two-Thirds of the way down the paragraph that the chair explained that this ordinance.

A

States, etc. I would like it replaced with languages, as that section.

A

1.105.8 of the public art ordinance provides that quote no less than 90 percent of the.

A

Principal amount of public art contribution generated on any particular building project.

A

Shall be expended on the site of that project? End quote, since the total contribution for the.

A

Foundry garage artwork was 150 000. The request to this dispersed twenty one.

A

Thousand one hundred dollars of those funds toward the blanco, sculpture garden exceeds.

A

The fifteen thousand dollar limit permitted by that section by six thousand one hundred dollars.

A

Which is what I was trying to say, but might not have artfully said it last time I was here.

A

uh So, subject to that change, I entertain a motion to approve the minutes. As amended, prove is amended.

A

Do I hear a second any further corrections or discussion.

B

Because of the price of the potential sculpture in the garden, but because it exceeds the cost.

B

Of 10, of the cost of the garage, yes, yeah, the the the funds that we're currently holding in.

A

Trust are twenty one thousand one hundred dollars relate to the foundry garage and.

A

That amount is above 10 percent, uh which would mean that that the requirement that expended.

A

At least 90 percent of all projects being spent on the project site would not be met.

C

So is that going to be amended? Yes? uh So uh after our meeting I had a conference call with a city.

A

Manager and the city attorney and explained uh my reading of the trust document in relation.

A

To the ordinance- and they agreed so they have already proposed in the last city council meeting.

A

An amendment to that ordinance it will simply provide that at the end of the sentence. I read.

A

Unless otherwise approved by the city council, and so that that will go through its three readings,.

A

So, in about six weeks, that change will be made unless unless the council doesn't agree, but it.

A

Was unanimous when it was presented, so I expect that we'll be disbursing that money sometime.

C

Judy you indicated to us that the checksford board, I avoided the the current the check that.

D

We had originally issued and I will wait and then reissue a new check when the time comes.

C

So we will then need, when it comes back to us certification from kelly, the city clerk.

A

Yeah yeah and I I did discuss with the manager and attorney that.

A

That we had a question about how that check would be issued, and I suggested that it would make sense.

A

It should probably go to the um yeah, the 501c3 portsmouth nh400.

A

uh And my suggestion was that probably they should open a segregated account for this.

A

Money, so it doesn't get commingled with the other funds that they're raising toward the celebration.

A

And they were going to follow through on that as well. So any other discussion hearing none.

A

But we'll call a roll call. Is that with you dana and I vote yes peter yes and the chair vote? Yes,.

A

Okay, the next item on the agenda is the scholarships for this year.

A

And you have the updated version, peter I mean dana. I do okay, so the suggested amount did not.

D

Change as as we talked about briefly, um the only thing that changed on this sheet is just.

D

Updating it through december of 2020 2022 to the most current amounts that for each trust,.

D

That sit in the investment fund, I did not change. The suggested amounts to be awarded again. It's.

D

um Fifteen hundred dollars more than what was awarded last year, so the total amount to be.

D

Awarded this year is a total of two hundred and twenty four thousand four hundred dollars.

C

So move you wanna hear a second all right, second from me, okay, so it's just just yeah.

A

When I was looking over this couple questions, so I noticed um you know, most of them were fairly.

A

Close to last year's individual awards as well, the one that was noticeably different was the.

A

uh Leery one, the john and olga leary one where last year was awarded 25, 000 uh and.

A

This year the proposal is 18. yeah and again you know I do. I do try to keep in mind when.

D

It when making the proposals, um if you look at the fourth column, over the income available per.

D

The state for for the ms nine, it only earned 18 000. Last year they didn't award everything last.

D

Year either, so I I just felt, like you know, in keeping it if it had made a big difference to.

D

The bottom line- I would have kept it the same as last year, but but keeping in mind that the.

D

Ms9 has had had an income of eighteen thousand, it just kind of made more sense to me. But if, if you.

D

Want to bump it up well, no, what I was my reason for asking is what I was trying to figure out is.

A

Because it's pretty clear that last year the available income was 18 and we had awarded 25.

A

And I was trying to figure out if that particular account somewhere or the underperformed more than.

A

The other accounts, but we didn't know what anything well. We didn't award all of it. Okay,.

C

Yeah we didn't award all of it. There were definitely awards coming out of the larry.

D

But I believe, if memory serves me correctly, that that not all of it ended up being awarded, it was.

D

Kind of redistributed on how on how it came out, if I remember correctly so that would have been.

A

The lack of rewards would have been the result of decisions by the school department, yeah yeah.

A

Okay, yep that's interesting yeah, uh and I can confirm that for you, if you want, I may I well.

A

No I'm thinking, as I said, I was actually coming at it from a different angle. I was trying to figure.

A

Out, if some reason other that one fund was under before performing yeah, no okay, no all right um any.

A

Other questions or observations about the proposal hearing, none I'll call the question peter yes, dana.

A

Yes and the chair vote yes great. Thank you thanks, judy good job honor. Thank you.

A

Okay, let's start our numbers, does anyone need the dashboard yeah? Please.

A

Around and save you, the trouble.

D

So in the month of december we did have a disbursement which you can see on the dashboard.

D

Page on the very the very first page, um to the right hand, side the amount withdrawn from both of.

D

The funds from the park fund, we withdrew the 100 and 1000, which is going to which is money. That's.

D

Going to go towards the first half of the year for the park, funding that we've budgeted for and then.

D

The 96 000 that came out of the scholarships is just to go through and cover for what we paid out.

D

For the um september october november portion of the year.

C

So on the parks, one judy we're going to sign the check today. Yes, so how can you take it out of I'm.

D

Taking out of the investment fund and moving it to the checking account sitting in the checking.

D

Account right now, when you sign the check, then then it'll go it'll, go that's how we've always.

D

Done it in the past yeah, so it did come out of the it's out of the investment fund in december. Okay,.

D

I called and said you know we're gonna, I'm going to be asking for a check in january. I need to move.

D

These funds over same thing with the scholarships and the scholarships are basically what we do is.

D

In the checking account we true up at the at two times a year, we true up um at the end of december.

D

And we drew up at the end of january uh june as far as money coming out for scholarships. We.

D

Issued a lot of scholarships, obviously, in august september october, this 96 is coming back over to.

D

To basically zero out all the scholarship accounts for money that that was issued out.

A

All right, so those have already been transferred. Okay, all right, but that's you know. I want you to.

D

Take into consideration if you look at the increased decrease amount. I wanted.

D

To flag it for you all, so that, as you can see, those two accounts had a bigger decrease right.

D

But obviously part of it is because we had a withdrawal of funds. I just wanted to be able.

D

To point that, out to you, no that's good. That's helpful! When we're looking at these things, yep.

B

I'm sorry, can you explain to me: we withdrew the scholarship funds. I put.

B

Into a checking account because we we're we it we, we issued jack stana.

D

We we issued checks to the scholarships all the checks that you've been signing.

D

That's basically moving the money over to to to pay for those scholarships out.

D

We have funds in the checking account it's just a balancing, so we have funds in the checking account.

D

But technically, at the end of the day, it's got to be the scholarship funds that are in there.

D

So what we do is we basically square it off. If I had to go to the to td bank, got it scholarship.

D

Exactly exactly it's a it's, it's it's one fund, yep, okay and these funds will be essentially used.

A

To cover the second semester, tuition payments as well, that's all paid correct, correct, yep.

C

Okay and just to follow up, um I did send out an email to john on monday uh again regarding.

D

The dashboard report um requesting if he could give me a status report, I have not heard back.

D

So um I will shoot another email offer I'll give him a phone call. Yeah tell everybody. There's no.

C

Excuse not to have it for the next month, it'll be almost a year yeah. I will pass that along.

A

We met with them or he came in in october october. Okay,.

A

Yeah but we started well. No, no! I totally agree I'm just trying to you know. It seems like right.

D

And dana had dana had stated at that time that he had spoken to someone at td as well, and that kind.

D

Of prodded it along that they were like. Well, maybe we can do it, and um but I still haven't, because I.

A

Recall was it suzanne had said in the email that she had talked to correct powers it be, and they.

A

Were going to correctly so yeah correct? Okay, all right any questions about the financials.

A

A

The heavy lifting parts.

D

Okay, so the first one that I'm going to look at is going to be a check for a hundred.

D

And twelve thousand nine hundred and fifty dollars, which is the first half of the year.

D

um Check from the prescott park in marine maintenance that was voted on back in february.

D

Of 22 for fiscal year 23 of the month, that's going to be allocated over to the city for.

D

The maintenance on the park- so this is the first half of the year- um totals for that.

D

And I have just so that you can see dana's got this already. I sent it to him last night, oops.

C

Thank you yeah. It's just not staying with me today.

D

Just where the performance is so that you could see, um this is the sheet that I keep in case the.

D

Attorney general was to ask you know how the funds being allocated. Would you keep.

D

Track of it for the state as well, if they ask you can see the activity for q1 and q2.

D

um And so this allotment of funds is the first half like. I said for the first and second quarter,.

C

Judy is there any way seeing it doesn't take the whole sheet.

C

To increase the size of the font, I can try, I can I I can try. Okay, [applause].

C

What's that, like a a nine, where are you looking well the size of the plot, the numbers? Oh.

D

um This is, I think, a 10.. This looks like a 10. if you could get it to 12, though yeah well, maybe.

D

I could try somehow I don't no it because I'm thinking if you've got the rest of this.

C

The weather, let me try juggling it and I'll, see what I can do for you.

D

It's not a problem. I can try.

A

Marine maintenance uh fund- yes, the city fill all the slots for the we did. We had. We had the lottery.

D

On january 6th and um we had 27 applicants, one of which was a non-resident total filled, all 13 slots.

D

And we've got a wait list and a lot of the folks on the wait list are waiting to see if someone.

D

Dropped out so there's a very um active and it's great to see and you know, got a lot of phone calls.

D

About it as well, so that's great yep yep all failed. Did the city keep the rates the same.

D

um Well, going before the fee committee, um there might be some changes going forth before the fee.

D

Committee- and I really probably shouldn't say anything more than that: well, but they wouldn't.

A

Be affected until next, so this year the fees are the same, so we should generate well. We don't know.

A

Because of the day charges but right depends on the day charges we generate around um 30.

D

40 around 32 000, depending on the size of the boats, too, I mean whoever gets awarded if.

D

There's different sized boats could generate more funds. Well, that's great! So if that's all.

D

Right with you all well, I thought that was a big leap. One week signed on the bud line.

D

For the city to meet to through the park, yeah yeah, so if you all approve I've, got the check to sign.

C

Tim bailey's still handling dogs, yeah he's great.

C

He's active all trades, do you want to vote on it? Well, we can, if you, if.

A

All right: well, let's just voted on all audience: yeah! Well, we've already.

A

Approved anyways. Okay, so we don't need that. You voted on it back in february.

B

So this this is the 112 000 correct for the park, yes for the par correct, yeah.

A

What all you're really doing is is confirming that the city has spent at least a hundred and twelve.

A

Thousand dollars- that's correct, related that way, if that, and that was part of the conditions.

D

Of one of the things that when I went to speak with the attorney general's office, when we were.

D

All this was going on, they were like we want some kind of a tracking so that we can see so.

A

Well, which makes sense this report clearly shows they've spent that way: yes, okay and then the.

D

Word, the marine maintenance trust loan payback, the annual payback that we do every year.

D

um Dana that's the second sheet that I sent to you.

D

Okay, so what you have here is the performance for the dots for the calendar year of 2022.

A

Yes, this one, I think we need a vote on because, yes, it's yes, so what you have.

D

If you look over to the the far right, is the um total amount of revenues generated with 71.

D

We had operating expenses going out, which is, is the amount that you would voted on and agreed to.

D

To go towards the docks um for the budget, so the profit for the year of 2022 was 50 423 dollars.

D

um The agreement is, is we keep about five thousand dollars remaining in the checking account per year?.

D

So that would be mean a loan payback of forty five thousand four hundred dollars. Last year. We.

D

Paid back 45, so it's pretty consistent to what we have been paying back in the past.

A

The number is forty five thousand four hundred dollars to to pay back towards the loan and.

D

Overall, that will bring that that original the original cost of the loan was six hundred and.

D

Thirty one thousand five hundred and twenty seven with this payment, it will be down to.

D

Three hundred and thirty nine thousand seven sixty, so it is being chipped away at yep, okay, I would.

A

Entertain a motion to approve the dispersal of forty five thousand four hundred dollars.

A

Toward our loan with the city, so okay any further discussion hearing, none I'll call.

A

The question: let's start with you, dana vote, yes, peter yes and chair votes, yes great. Thank you.

D

Then I additionally have two scholarship checks.

C

Do we have to sign that check oh yeah? Well, that would be helpful.

D

Thank you peter. I would have gotten upstairs and I'm like. Oh no.

A

Just a curiosity question: yes, how often do we.

A

Prove an amount that then is distributed, half to a student and then the student.

A

Doesn't complete the year and then the second half doesn't get paid out.

D

um One or two one or two I actually got back a check from one of the schools for.

D

Half of the scholarship a month, because the student only stayed for half of.

D

The semester, so they even allocated that back yeah, so yeah, that's impressive, yeah.

C

Put a few kids going to eat a lot yeah! That's like the oberlin of the.

A

Of the 80s you know, I don't have any other checks. That's okay! All right.

A

That concludes the schedule, business and I see no one from the public here to offer any.

A

Opinions on what we're doing so, is there any new business that either? Would you like to bring up.

A

Okay, I will entertain a motion to adjourn so I'll move.

A

All in favor, I guess we have a roll call peter yes, painter, yes and the chair boats. Yes, great.

A

In record time,.