City of Portsmouth, New Hampshire Trustees of Trust Funds, 21 Dec 2022

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From YouTube: 12.21.2022 Trustees of Trust Funds

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12.21.2022 Trustees of Trust Funds

A

2022, the last one of the year, we'll do a roll call, starting with mr weeks here, mr levinson, the chair.

A

Is here so it was first item in the agenda. Is the approval of the november 15th minutes entertain a.

A

Motion to that effect, let's move okay, any changes or corrections. The only question I have yeah is.

B

I I know I discussed that you were going to get in touch with td. Oh I'm sorry! I didn't. I.

C

I guess I didn't write it down when you said it. I have talked to td. Okay. Yes, that's all I! Yes.

C

Yeah other than that, the minute so fun, okay, any uh changes, corrections, dana.

A

Okay, so the I'm not sure it's worth or necessary to correct it, but we did discussed with tom our.

A

Interpretation of the the quest okay: [music] um do you want me to try to add something in.

A

No, I think it's fine. We we may want to commit to writing in some way what our interpretation for.

A

The future or something of that okay, I think I think what would the first request comes in.

B

Or one exactly all right, so uh I will call the question we'll take my roll call peter yes, dana.

A

Yes and the chair boat- yes, all right, so we have two requests for disbursements.

A

The first is the disbursement from the 400th anniversary, trust and.

B

Judy before we get into the discussion, yes, um can we get? I know you comply with everything.

B

But again, in order to get the city clerics authorization, we got 11 pages of documents.

B

All we need is what we did back a few months ago. It's a one-line thing from the city clerics.

B

Saying the council on such and such a date approve this okay, let's go back to one of those.

B

Because we don't need to get the whole the whole action sheet: yeah, okay, okay,.

B

I mean that's, we just want to make sure the council has authorized it. We don't need to read.

B

The whole council minutes you just want the page with the actions on it or just a one-line thing.

B

From the city clerk that says on such and such a date, the council voted to authorize a release.

B

By the trustees all right: well, let's discuss that because which is easier, um the making a.

C

Copy of the page with the action, but we got 11 pages judy. No, I understand I can just take that.

C

One page with the highlight on it: if that's okay with you, because it does say the action sheet on.

C

The bottom and what the vote is on okay as long as it's from the city clerk, it's always from the city.

C

Clerk yeah well see. I think I think what you're asking that's, not bad, but I think you're asking.

A

For extra work from the city clerk and from beauty, are we just asking for what we voted.

A

Well, we just voted for written, but this is different from what we've gotten in.

B

uh The last time these 11 pages and I'll have to go back and look. I think I just gave the one page.

C

On the action last time or the meeting minutes were actually available, but the action sheet is.

C

The same as the many minutes, so let me just let me look at it and I'll try to cut the paper down. Yeah.

C

Okay, well so um you gave us the trust document right right. That was separate from what you.

A

Got from the city clerk, correct yeah, so so just peter! So I had he had requests. You had requested.

A

I I assume we all have copies of these trust documents, because we've stood them before, but.

A

Right and having you have to go. Look it up in your files. I had asked judy on both of these dressed to.

A

Give us the trust document along with you, know the documents reflecting the city council's.

A

Vote, so that's why it's 11 pages I can understand, understand what you're saying peter about you got.

C

The whole meeting action sheet- I understand- I don't need that. I understood I'd already.

B

Washed it I understood, in fact, when somebody's you were already there weren't, you understood.

C

Not a problem yeah, uh just my only thought on it is, I just don't want to add extra work.

A

For you, so if it, if the city clerk can give you a little certification of vote yeah, then that's.

A

Fine, but I I I think, if, if you have the actual record itself and highlight the part of it,.

A

Anything else about that: no, no! You have a feeling about that one way or another dana.

D

No I'm fine. Whichever is easiest for judy to get us.

A

Okay, no problem all right, so we have a start. With the 400th anniversary. We have a request.

A

For disbursement uh for the remaining sums associated with the 101 objects, book legacy.

A

uh Do I have a motion to approve that so, if sounds second any discussion concerning that.

A

All right another question: dude. Maybe the motion should include 7 500 down yeah.

A

Yeah, the actual uh request was 7 500 yep. We got the the invoice october 5th.

C

There was some.

C

Valerie for a little bit, then there was um karen had to get.

C

It on the dock at the dock. It was full for november. It took a while to get it on the docket for the city, I just that being a local business. I yeah.

C

um They've actually been paid. I think the 400th had had some funds that they used were basically.

C

Reimbursing the 400 so that that business is now out of pocket for a super long time. So it's.

C

Actually, the check is made out to the portsmouth new hampshire 400th for reimbursement for that.

D

Okay, yeah other questions, peter yeah, all right, we'll follow the question.

A

All in favor, or opposed peter, yes, dana, yes and the chair boat. Yes,.

A

All right, the second request is the.

A

Request to disperse twenty one thousand one hundred dollars from the public arts trust.

A

Laughing at peter and his pen td banks pen doesn't mean.

A

C

Good um uh to disperse those monies to the uh 400th anniversary.

C

I think yeah toward the cost associated with erecting a structure at pohanko.

A

Gateway park, that's a piece of art um any uh go ahead of motion concerning that request.

B

So who the check going to be made out to city of portsmouth.

A

So it's going to be made out to the city of portsmouth, I mean I, I missed that. How do what.

A

We're thinking behind that, I was asked to make the check out to the city of portsmouth, but but.

C

It's it's towards sculptures for the park. I think that they're they're collecting the.

C

Funds- I don't, I don't think that they have an invoice, that they.

C

I don't know I mean all right so so, where are they going to put the funds.

A

Well, I'm sorry, I don't I you know the answer to this or no, I don't and I'm I'm.

B

I mean I have no problem.

B

B

Is this still part of the bond issue? It's nothing to do with the bond. Well, it says.

B

Money left from the foundry garage right, but what happened was is that the city of portsmouth.

C

um Allocated 150 000 and put it into the public arts trust for artwork at the foundry garage. We.

C

Did not use or they the city did not use all of that money and in the remainder of the.

C

Funds would that's been sitting in the trust. Was twenty one thousand one hundred dollars.

C

So karen went to the city council and asked to reallocate those funds for artwork at.

C

The foundry garage for artwork that's going to go into the bojango, sculpture, garden and.

C

They approved that, so it's just basically reallocating the money that was originally.

C

For foundry artwork that we didn't use all the money for now to be used for artwork.

C

Where is that money sitting? I don't know 420. well whatever's the the refinery garage artwork money.

B

Was sitting at 150 was sitting in the public arts, trust correct and now what they're going.

C

To do is they want to use the remaining money that was in the public arts, trust for the bank.

C

Of gardens, which I guess they have items ready to go or whatever for well, they have an rfp out too.

B

I think it's part of the 400th anniversary projects.

D

Yeah, well, yes, dana, but I I don't think it's.

B

That's one of the projects. I think that the 400th is taking under their wing is, is.

A

By way of disclosure, I'm on I'm not part of.

A

The 400th button, I'm on the selection committee for the piece of art itself.

A

I'm not involved with the fundraising or how it's paid all the rest of that the logistics of it.

A

But I'm I'm pretty sure that the city council voted to.

A

Give the 400th non-profit the 501 3c the authority to make the decision on the art.

A

And make arrangements once that decision is made to see that it is made and installed, and so I.

B

I think I'd feel better if we were paying an invoice from the piece of the art.

A

Well, what what I don't understand is.

A

If the city collects this money now the art won't be installed until some point 23.

A

Why what does the city do with it pulls it over on another hand, there must be some kind of an.

C

Allocation account, that's sitting there for it, I mean to say I don't think the city manager.

C

Would just ask for it and put it into a general fund? Well, yeah! Go ahead, peter, I'm sorry what.

B

I think I'd feel more comfortable. I mean nothing's been we're not holding anything up.

B

um Because we don't even know what it's going to be used for.

C

I can see if the city manager is in. She told me that she was going to be in this.

C

Morning she said, if you need anything, let her know so I mean I can see if the city.

C

Manager is in, if you wanted to see if she can come down all right. Well, so um did you.

A

Have any questions about this request? Dana I'm fine with it. My question is.

A

Yeah well and that that's peter's question I I totally agree with it. The second question.

A

And that's that's what I understood as well.

A

To be used toward the the city, vote doesn't say, yeah there's another glitch that I.

A

Wanted to discuss today- and I don't have an answer to it-.

A

A

Where is it the use.

A

There's a provision in the uh foreign.

A

S so this, so when I looked at the the trust document, it said that.

A

The funds are to be used and dispersed in accordance with the public arts, ordinance.

A

That's the one that says that uh you know like one percent to one half percent of any project.

A

Is set aside for art, any public project and the expenditures of public art funds says.

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That no less than 90 percent of the principal amount of public art contribution generated.

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By any particular building, project shall be expended on the site of that project.

A

The amount that was distributed or was allocated was 150 000.

A

The request is more than 10 percent.

A

And so the question is.

A

That seems to be contrary to the ordinance okay. Did you follow me on that? Dana uh yeah yeah.

E

So, just looking at these things last night and that's why I didn't have a chance to circulate.

A

Anything, but um let me go see if karen's, here, yeah and and if, uh if she's around and and if susan's.

A

Around maybe susan's not here, the legal department has a lot of sickness through it, she's out for.

C

The week they've left, uh I didn't hear what you said: a lot they're sick or they just on vacation.

D

What was it one and a half percent of the project allocation for art? One percent yeah it yeah it.

B

Yeah, but I think there also is a maximum of 150 000., okay right.

B

Same thing is going to come up with the sewerage treatment plant.

A

Well, that should have come up already by now right. Well, they must be holding that or something.

A

Well, if they're holding it they're supposed to put it into this arch trash, but.

B

How's everything in florida, dana good, we're gonna, get a good cold spout this weekend.

B

Are you down when you coming back, uh I'm gonna be here for most of the.

B

B

Oh franco, harris died this morning. Oh no kidding.

C

That one's up there I would be okay. I mean that the motion that he voted on was for reallocation.

D

Of those elections yeah, I know the only reason I even bring it up at all is because it it's it in.

A

An ordinance now you know the ordinance is the one that says that no less than.

A

90 percent is supposed to be uh used in in the in the arts project.

B

um Nobody's nobody's up there yeah nobody's up there. It's 10 of eight nobody's up there. Yet.

B

uh Tom, I would I would, uh since it's really no reason anybody waiting for the money, I'd move.

B

We postpone action until we get clarification uh either from the manager or this attorney.

B

On both those issues, um the ordinance and who the right to check out to yeah.

A

So it's essentially motion to table the request until the january meeting or yes.

A

Would you second, that dana I'll second that, but I'm also okay, if uh there's any.

D

Urgency on getting these funds, then do it at another meeting via email or direct okay.

A

Yeah, that's fine! So we'll we'll uh we'll I'll call the motion a minute but we'll table it.

A

Until the january meeting, unless we received an indication that there's that- and I guess.

B

The other question needs to be answered: if that's what it's for, why isn't it made out to? Well, that's.

A

A two question, which is one the ordinance question about the ordinance and then two uh who the check.

C

Should be made, object should be made out to it. It does seem odd that uh the council would approve.

A

It makes sense for them to approve using these funds for blanco park. Well, it doesn't make sense.

A

Is to have the funds disperse to the city before the actual expenses are necessary, so all right.

A

uh All in favor of that motion, starting with peter yes, hey now chair votes, yes,.

A

Well, the the portsmouth 400 as a legacy committee and one of their legacy projects, is to.

A

Create at least the initial it could be more, but it's likely going to be the initial.

A

Major piece of art in blanco park, which is connected to the 400th anniversary right, so that.

A

That fortress 400 uh asked six to seven people to serve on a review and selection committee.

A

uh That is limited to that function and I and I'm one of them. So if you want the legacy committee.

D

Committee, no I'm I'm on what they it's just the uh just a sculpture.

D

Make a good choice: yeah uh we're trying to.

A

um And so we're not! This committee is not actually involved in the fundraising component.

A

um Nor anything really having to do with the you know the larger grocery project.

A

Or its implementations or anything of that nature, so, okay, thank you. Thank you. um Okay,.

A

Scholarships, yes,.

C

um What I put together for you is a draft.

C

We usually vote in january, or you usually vote in january for the.

C

Scholarships to be distributed, yep so revamped a little bit.

C

Schedule- and I wanted to talk about it beforehand, so that you're just not getting it right at the.

C

Time that you want to vote and if there's things that you want to see on this or change on this.

C

Or information, additional information that you need in order to make an informed decision that I wanted to do that so.

C

um Basically, what you have is, you know the fir. The very first column is the book value of the funds.

C

The second column is the total percentage of what that particular trust holds in the overall pool.

C

And then the third column is what the current fair market value of the fund is. As of november.

C

And you can see if you look down at the very bottom. The fair market value in november is.

C

Down 3.5 percent to the book fund value back in june, which we know because it's been a volatile.

C

Market we knew that it was down so right now. It's currently 3.5 percent below the book value.

C

um The fourth column is the column that is filed with the ms9, which shows income available to.

C

Spend that column that they look at it's not the principal, it's just some available income. It's.

C

um Gains losses, it's donations that have come in it's all of those things that are sitting in the.

C

Pool that that sits in a certain column kind of more for me than for you, but wanted to put it on.

C

There and and that's as of what they as a mendes of june, because that's when we file yeah okay.

C

And then the the next column is what was awarded in fiscal year, 22, so that you can.

C

See what was given out last year, and then I did in in the next column a rough suggested june, 2023.

C

um It did not if you look at the bottom line numbers. Those numbers have not gone up a lot.

C

But again the the value of the stocks and the fair market value and everything is kind of.

C

Iffy, so I didn't know if you wanted to spend more, I mean looking at it, we can look at it and.

C

If there's certain ones that you want to increase anything in that column, that's got in yellow is a.

C

Set amount per the trust; okay, so um like carrie mchale, that that one, which is the second yellow.

C

One that says seven thousand, that is, spending out the attorney general. They met with the attorney.

C

General they're they're spending down that trust to close it out so what's currently available is.

C

Seven thousand, we don't want to spend any more of that. We have a few out outlying.

C

um Scholarships that haven't come in yet from 2022, so I don't want to say 10 000 and then have.

C

All of a sudden be 3 000 short I've taken that into consideration when we've looked at that.

A

uh Going back to column four, yes, what's the difference between the.

A

uh The items that are in black ink and atoms that are in bluing everything in blue ink those amounts.

C

Are set okay, so you know I I want to respond to that right. I wanted to just set. Have those.

C

Stand out because those are set per the trust on the amounts to be given out. Okay and and.

A

So will you update this as of the end of december? I will so that we'll know what the fair market.

C

Value is at the end this december again, this is a draft I just wanted to throw it out see if there's.

C

Something additional that you wanted or more information that you might want before you make.

C

Your vote in january, but your recommendations will probably not change they probably won't. I can't.

C

Imagine that they would, unless there was something severely drastic. That would happen, but I mean, as.

C

Far, as I know, I mean looking at november's numbers, they've actually come up a smidge, so I would think.

C

That they'd be pretty close to the same, but I will review them before. I come in again same same idea.

C

I don't want to recommend something and knowing that the numbers have shifted to the only vfw yeah.

D

Oh yes, do you happen to know um last year was 2.02 yeah. I think the year before was in the.

C

Two range, I think, the absolute highest one year, but it was when the funds had a lower overall.

C

Amount was closer to three point, something but we've never gone. I think the the deal has.

C

Been we'd never go above four, and I don't know where that number comes from, but that seems to.

C

Be what I've seen in peter tori's old notes? So um I think you know my impression's always been that.

C

You want to give a good return out, but you want to be fiscally responsible at the same time. So.

B

Peter, did you have a question yeah the vfw? Yes, I remember, josh denton came and he did.

B

That started 75 000., oh no, fifty thousand! Yes! Yes, we also had a payout, but we did yeah.

C

Yeah but I say that, but they gave me the thousand dollars for that payout for the.

C

First year, so what you're seeing reflected there is is the 50 000. That's lost ground a little bit.

C

For right now, so in the la, in the first column, the light blue. Yes, those are those everything.

C

That's light blue is, is I've highlighted those because those have a set amount? That's awarded.

C

Per the trust, so the trust says you will give out a thousand dollars per year. So I wanted to.

C

Highlight those because that's not something that can be adjusted, that's per the trust.

B

Well, okay and tony ron was we amended that to be able to cash it out exactly so tony exactly peter.

C

Up to ten thousand dollars per the attorney general's office until it.

C

Becomes less and then you just would sunset it out same thing with the kl scholarship, okay,.

C

Yep: okay, any other questions of judy nope. Any questions, uh dana.

A

All right, so this will be an agenda for the january meeting. Yes,.

A

My guess is at that meeting, we'll probably again discuss.

A

What kind of noticed the school department is giving out to john high school? Yes,.

A

um Would you take an opportunity to reach out to the I will just to yes remind them.

A

I will okay.

A

A

The tv wealth management.

A

Reports or summaries.

A

You'll notice that judy has.

A

Been kind enough to give us her some reason advance. So I assume for a request of the two of.

C

You, yes, it's still nothing from tv. No, I did. I did speak with john decuatro last week, said that susan.

C

Is uh suzanne suzanne is now working on that and they are in process of developing something for.

C

You he said he hopes that maybe it would come out with the december, but he's he can't speak for her.

C

On that, but they are, they actually are working on it. They got the go-ahead from whoever they.

C

Needed and they're putting something together so we'll have to wait and see what they come.

C

Up with, but he's again I had sent him like two months ago so anxiously looking forward.

C

So that's the feedback on the on the um dashboard.

B

B

December is not going to be good.

A

Unless we have a big rally in the last week of the month, it's going to be a santa claus rally there. I.

A

I don't think so either I mean when I when I was looking at these, I actually was playing around.

A

My calculator with the actual reports and I'm thinking these were actually you know, recouped a.

A

Lot of that lost territory, but uh it's certainly not end of last week and this week, no any any.

A

Questions for judy about the reports or any comments on the td statements. Anything dana, okay,.

C

I have five scholarship checks with signature.

C

D

Not too many now it's kind of slowed down, yeah.

C

D

Do you happen to know how the what the financial arrangement is between the 400th anniversary.

D

Leadership or group and the pohanko heart group, I'm not sure I understand your question.

A

So I just my question is: is funding for the art coming through the 400th anniversary.

D

Fundraising, or is the art group independent of that on the funding uh all right? It's the term.

A

Art group that I'm puzzled by, but but let me try to answer this and see if it so. The initial.

A

Piece of public art to go into a bohenko. What is now going to be.

A

Called pohanko gateway, sculpture park with potentially up to seven or eight pieces.

A

Installed over a period of time, the initial piece the city council has.

A

Okay, what I want to say designated the 400th, the 501c3 non-profit 400, to uh make.

A

That choice and in that in the 501c3 is raising the money to cover the cost of that. That piece.

A

And so I that's why, when, when I first read the request that we had today, I was of the assumption.

A

That we were going to write a check out to the 400th, okay uh and and because they're out there.

A

Raising monies to cover that cost, maybe I misunderstood too, I mean it would no one. I well.

A

It just it's the ambiguity. That's caused us to not know what we wanted. uh What we're supposed to do.

A

Here today so, and so it's the 400th anniversary uh uh 501c3, that is in charge of the you know,.

A

Creating a legacy piece in the park and raising the money to pay for it.

A

And so um obviously you know whatever arrangement is done, the final arrangement will have to involve.

A

The city, because it's city land, but I believe it's it's up to the 400th group- to raise the funds.

A

And I know they're out there doing that the rfp called for 200 000, 200, 000. yeah and for one.

A

Piece for well, it was, it was uh drafted in a faction that allocated two hundred.

A

Thousand dollars toward one or more pieces wow, um you know these things are not inexpensive. No.

A

No, uh but it, but it is probably, I can't talk about what we've received, but it would be.

A

Possible to have more than one or it could be sent along one. I can't remember how much.

C

It was significant yeah, it was 75 000 yeah, it was. It was significant that was for a piece that had.

A

Already been made dana we're getting down to the two minute mark, so I can start the other one. If.

C

You want or up to you guys what you want to do well, any further questions about that. Dana no.

A

No, and so what I think, what you're referring to as the art group, is what I'm calling the selection.

A

Committee and it's it's just reviewing and making uh selection a recommendation on what artists.

A

Designed to use okay, uh any uh new business.

A

All right, uh nobody in the public to make comments so and stay in a motion to adjourn so move.

D

A second okay, uh all in favor aye, all right, unanimous dana! Are you zooming next month as well.