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

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6.28.2022 Trustees of Trust Funds

A

Oh no blinking, okay, all right! I will call to order the meeting of the trustees and trust funds for.

A

Tuesday june 28th and I'll note that trustee levinson is here and I'm here and.

A

Trustee weeks is excused due to illness, we should note that it's an excuse now.

A

First order is to review and approve the minutes of the may 20 2022 meeting. I move.

B

Approval of the minutes, mr chair and I will second that motion any corrections or additions.

A

No none hearing that I'll call the question all in favor, aye, okay,.

A

Let's defer on uh the 400th anniversary or we can just go ahead and do that anyways.

A

She can just yeah if she has anything she wants to tell us we'll do that, but.

A

Okay, so among the materials that judy distributed was a request for a disbursement of 9166.

A

Associated with activities that the 14th anniversary committee has commissioned for the.

A

400Th anniversary, we have a formal request from the city manager, uh with copies of the minutes of.

A

The city council meeting at which the this person was approved and I'll just add into the record.

A

Something that I had obtained off of the city's website for the.

A

For the city council meeting at which this item was approved, if you know from the.

A

Menace it references supporting materials, but those weren't included in the minutes.

A

So these are the actual receipts or the actual bills that are associated with their nine.

A

Thousand one hundred six six hundred dollars all of you're, very hi cool awesome, welcome, carol.

C

Thank you valerie. How are you hello thanks? How are you guys good we're about to vote on.

A

Your request, would you like to speak to it, or I would be happy to answer any questions on it.

B

Thank you dana. I think we're uh we're all set on it. Maybe we have all the documentation. We need to.

A

Make a decision and any questions concerning those materials, dana.

C

No, there are three requests. You know, one is uh for five thousand dollars.

A

Associated with uh artwork performed by robert squire is sixteen hundred sixty six dollars for.

A

uh Charges to be incurred by uh by the committee from dennis robinson and then twenty five hundred.

A

Dollars toward the publication of the 101 objects book, which totally 9166.

A

Okay uh I'll entertain a motion to approve the request: I'll move approval of the expenditure.

A

And I second that uh any other discussion just a question sure how many just curious after this.

B

uh What sort of balance will you have in the trust and the trust about thirty thousand about thirty.

D

Thirteen yeah know that right, it's at 36 right, so yeah, less nine, so 20 20, 28 29 somewhere in there.

C

Okay, do all donations for the 400 go to the trust or just do some go direct.

D

um The the quick answer, dana is, it goes direct. The question the longer answer is where it goes direct.

D

To so because we didn't have our c3 standing initially when we started accepting donations.

D

We accepted them through the city, and so the city has a balance of about 673 dollars.

D

In in that account, for us, is that, but that's separate from the trust? Yes, okay! Yes, then.

D

Because we still didn't have our c3, yet we worked through the greater portsmouth chamber of commerce.

D

Education and charitable foundation, they acted as our fiscal agent.

D

And so some dollars went direct into the foundation that had to be through a c3.

D

And that's about six hundred dollars and then all else once we get our c3 now comes into our.

D

Bank account depth scatter for savings bank. So that's the longer explanation, uh dana, but none.

D

Of it goes into the trust, now that's correct. The monies that are in the trust were raised prior to.

E

Valerie coming on board in in in the structure that we have now, but it's theirs to expend.

E

You know um for the events so, but we haven't had any new funds come in.

B

So our expectation as trustees will be in short order. This trust will be.

B

Defunct down to zero, eventually, that's my understanding, as as things move on, I mean.

E

We still have what a year and 18 months, yeah yeah. So um but that's how it was explained to me.

E

You know by the city manager is that eventually, I think that they're, hoping to expend everything.

E

I'm sure that they have a lot of events coming up, but I don't think that we foresee more monies.

E

Coming into that, unless something changes yeah yeah, I wouldn't see any more money coming in.

D

I I it could be that the trust doesn't go away, because what happens if we have some dollars left.

D

At the end of next year, where are they going to go and could they stay in the trust for the folks who.

D

Are running the 450th, which will not be me right? What happened with the 375th was? There was a 375th.

E

Trust and the council voted several years ago and created the 400th, took the balance from the.

E

375Th and rolled it into the 400s so valerie's correct. They probably would do something to that.

D

Because what are we going to do with the funds right? So um so we would. I suspect that we would.

D

Leave a few dollars in the in the trust um you've, given the proposed budget for your for next year,.

A

Is that likely or is it? Are you going to need all the money you can raise? I'd like to remain.

D

Optimistic tom, but you're right, we are starting to see some challenges in the fundraising based on.

D

Inflation and the fears of recession for next year so from corporate at the corporate level.

D

We are starting to see some pushback, so we're cutting back on some of our budget numbers um so.

D

We're gonna do whatever we can to make it all happen, but it might not happen.

D

At the level that we had hoped so you're right, I pre-ordered my book yesterday. Oh me too, which book.

A

The children's book, no, no, the separate from that. The third item you see in there is the 101 objects.

A

Of the history of portsmouth in 101 objects.

D

That's the 2500 one. Actually, the the invoice from uh river run is.

D

Actually, more than that yeah that's just the 2500 is the money that comes out of.

A

This truck it looks like a letter, um dana yeah here I am.

B

Oh, I don't know, oh yes, I do. I have thank you. Paperback copies history, 101 objects.

B

Interesting yeah, so so what kind of objects like gravestones.

D

Oh there's there there you haven't seen the ads for this. I take it yeah. No, you get the.

A

City's electronic newsletter yeah- I have I should I guess I gotta read it more carefully.

A

I said well, valerie can explain it well, it's a it's. A great collaboration among.

D

The library, strawberry bank museum um there's a couple of other players as well.

A

As the name ethan, I am thank you. I knew there was one more.

D

Two more important ones, um and so they've solicited 101 images of things.

D

I don't even I don't even know if I haven't even seen the images but.

D

There are, there are like 70 authors who have also written about these things, so.

D

um I don't, I don't have the list in front of me, so it's it's based on something the smithsonian.

D

Did this testimony did something very, very similar and so they've, you know, steal all the good ideas.

B

I'll get my order in right away. There you go there, you go it's online. How am I traveling 29.

D

And they'll be in 2005, uh pre-order and 29.99 when they start to so get them now, while they're yeah.

D

Yeah, you gotta get them through riverrun. So so can I ask a question of you you may so. I know that.

D

You're concerned about funds and how we spend them and watching them carefully and that's fine great.

D

I think the process, when we first started, was that we would ask the city manager and the city manager.

D

Would simply approve whether or not the funds would be coming from the trust.

D

We know that they're restricted to programs and events no worries. We got plenty of them.

D

Not to worry, can I tell you about the process that we're going through in order to approve any.

D

Removal from the trust to make you feel better or to tell me how you're feeling about this, I.

D

Want to make sure that you're feeling like we're being transparent and due diligence, I don't think.

E

Anyone's questioning yeah, no, that's that's not an issue, it was the language of the trust. I think.

E

That came into play without having to go before the council. That's correct. We talked to bob that.

A

Exactly the trust we have to just go by the terms of trust, and so most of these types of trusts are.

A

Established to require a certification from the city manager, with a request for the dispersal.

A

After an approval from the city council, this trust, if you've read it, doesn't seem to.

A

Mention the city council, but the city attorney actually researched this issue back in 2000.

A

Or 18, or something and and concluded at that point, that it did require a.

A

Approval of the of the council and so we're just operating under his legal opinion,.

B

Actually, the trust does say in point number, four uh to fund programs as may be approved.

B

By the city, council or the city manager, and that's where a little bit of the confusion.

B

Came in right, whether it was city council and city management or or so right and so you're feeling.

D

You're based on bob's advice, it needs to go through the city council, which is immediate.

A

2019 yeah that seemed a little good under the circumstances, a little cumbersome and this issue.

A

Must have come up in 2019 because, prior to that, that's what happened? Was the city manager made a.

E

Request and and the trust trustees took it at that, but okay, then there was some kind of an event and.

E

Then nothing happened for so long that we kind of I always remembered it that the city manager.

E

That's all that was required, so that's kind of when I met with you and karen I had said well in.

E

The past, it's always been just the city manager requiring it and not realizing that a memo had.

E

Been done so that's on me as long as we know the process, that's yeah, that's fine! I just need.

D

To understand why- um and it just means that we need to um uh plan for an additional coordinator.

D

Which is which is fine exactly long as we know about it, we just need to that's what we need to.

D

Do and that's fine, I mean the good news from our perspective. Is we just need to? You know know that.

A

We are going to bring up this issue before we put together our gender, which is usually three days.

A

Or four days before the meeting and then have the documentation when we get to the meeting so.

A

You don't have to put it in yeah, and so the cma is very good at doing this, so we don't have any.

A

Qualms about releasing this money to you. Okay, good just want to make sure we were playing by.

D

All the rules, so that's all um keep the requests common. Oh, oh trust me, self-reformable, yeah, so well,.

A

So I don't think we had a motion, so if you well, I actually, I do move approval of the.

B

Expenditure as requested right- and I second that, um in absence of further discussion, I'll call.

A

The question all in favor, aye aye, no nays, it's unanimous, thank you and judy has a check for you.

D

Thank you very much. Can I ask another question you may there we had talked about this really early on.

D

Tom, um there are some other trusts that are for, like community days and um yeah community days.

D

And we will probably be holding some community days, at least one that I'm aware of. Thank you very.

D

Much are we able to come back to you and ask if we can have some of those funds for community days.

A

Sure so so the as we tried to explain at the outset.

A

You know we just follow the terms of the trust agreement and.

A

If there's any ambiguity, then we usually request an opinion from the city attorney.

A

So, if, instead of trying to find a trust that might have the title that is consistent, just tie your.

A

Proposed use to an allowed use of funds under any trust, and if it's clear, we'll go along with it. If.

A

It's not we'll get an opinion and then we'll rule on it. Cool process good, and I think we gave you.

A

All those you had all this trust yeah, I have them yeah. I just wanted to make sure I understood what.

D

The process was, I got it. Do you know what what trust that is, so I can oh gosh there's actually.

D

There's a few of them, so I will look at the wording in each of them to determine which ones.

D

We can request yeah and if there's any question about it, then you know, let's ask the city attorney.

A

An opinion up front to save you, the trouble you shouldn't have to do your own legal analysis.

D

So yes, and I will go to the city attorney first then thank you just remember. He represents himself.

A

As a fool for a client, that's right, so I shall not do that all right very much. I appreciate it.

D

Thanks so much thanks judy, thank you. Keep up the good work thanks we're having fun.

A

Okay, cable, television, public access, charitable trust, request.

A

So again we have received a request for a disbursement of 135 000 uh to the.

A

uh Not the finance committee, but to the public public television station, the corporation that.

A

Was set up for the public access television? The process is different for this and laid out in.

A

Quite some detail in the trust document. This is consistent with what we've done in past years. It.

A

Appears to me that the request meets the terms of the trust agreement, any comments or questions dana.

B

Yes, I know it's not within our purview and everything has followed protocol here.

B

But frankly, I don't understand what that how they arrive at their numbers.

B

How much stays I I assume the city council decides what amount stays in the general fund.

E

No, it's all it's all this um special franchise committee that's been appointed. It's got one.

E

Member from the city council, yeah, there's been somebody from yeah there's a three-member.

A

uh Committee whose job it is specifically to review the funds that come in from comcast and to.

A

Put together a budget and include in that budget, the proposed disbursement out of those funds.

A

That's what that certification from uh yeah? No, I get it, but I just note that the distribution.

B

Exceeds the transfer to the trust it does there, however, there were, there was almost.

E

Eighty thousand dollars still sitting in the trust so overall, the the trust is not in the red.

E

So what, after after the disbursement, I think there's almost 60 thousands.

B

That's right still sitting, so it is the goal to keep the trust amount.

B

Close to zero balance, I think it's it's. They they take what it whatever they need.

E

For the funding for the budget up until up into you know, probably five thousand of what's left or.

E

Maybe the whole thing I mean, but they've never hit that because they've been able to work it.

E

So if you look at the minutes of that meeting june 13th meeting of the finance advisory committee.

A

It suggests that the amount that's been received over the last few years from comcast has.

A

Progressively gone down so they're they're leaving an additional amount in the trust.

B

To cover what they anticipate needing for future years until I guess until the contract runs out so.

C

Okay, but certainly seems everything's in accordance to the trust. Yes and our.

B

Obligation so I'd make a motion to approve the distribution of 135 thousand dollars I'll second.

A

That any further discussion, then okay call the question all in favor aye vote. Yes, it's unanimous.

B

B

I should look at this: did they have in the line item.

B

Aren't they they're they're.

B

Supposed to keep up the maintenance of the building is that right. I can't remember.

E

If that was in the contract, there was something about the building. Wasn't there.

A

A

Yeah, I think that that's, um but that's under the lease agreement between the city and the.

A

Corporation, so that wouldn't we wouldn't see that level of detail with the request.

A

But if you look at their budget.

B

Yeah, I guess that's what I was looking at and I building improvements lease.

B

Obligation, 7 500. right seems pretty minimus under the circumstances, but.

B

All right, it's good.

A

Okay td bank management reports.

A

You want to lead us through this judy. um Yes, these are, for I mean the first sheet is for.

E

Just the month of may um we had an increase this month. The prior month was um not as productive as.

E

As may was, it was a little bit of an increased in may.

E

Which is shown in the first chart, the second chart is just your may to may average.

E

So for one snapshot of one year um and you can see in april it was down.

E

Six point: nine nine percent and then in may we were at point two six percent, so.

E

The overall average is a decrease from last may to this may of 4.38.

E

um You know a lot of that has to happen, obviously with what's going on with the economy and.

E

Everything the third sheet was um what dana had requested, which was, um and I dana I am going to.

E

Go back to peter's original sheets. I just have to update them for the report. This is an inception.

E

To date, so it's actually from april to this past may, because you wanted to see from the inception.

E

And you can see overall we're down 5.19 so that month of may we were actually.

E

I mean in april when we started.

E

So we're down a little bit more if you go from an inception, so you mean the inception date that we.

E

Began with tdo correct the sheet that dana likes is, I mean that's from inception from when you're.

E

Investing and I've got to go back and update that because I know dana likes to track that from the.

E

Very very inception: it makes for an interesting history of what's been done over the years.

E

So I would go back to 2007 or something like that: yeah correct. That would be interesting, yeah, so.

A

um I I just haven't had a chance to update those right also year to date is good too.

B

I do have okay yep um now. No, this is great judy. Thank you very much.

B

I you know, I don't know what your assessment is tom, but under the circumstances.

B

Would be worse well, it could be a lot worse. It.

A

Could be worse by the time we get the june reports yeah, but yeah no.

A

I'm not unhappy with how they're.

A

Managing things through this fairly tumultuous mark shows the benefit of allocation.

E

I hope to have all that because I'll have the year-end june number so I'll be able to put all.

E

That together, the next meeting so we'll have uh the fiscal year end correct. Can you can you.

A

When you provide that, can you provide us with a list of additional funds that we.

A

Have that are not yes under management just so we have a. I can give you the total value.

A

Okay, other questions or observations, dana none.

A

E

A

So when are we scheduled to talk with td people? Again, we haven't. Usually we do it after the.

E

Quarter the quarter would be september, so I would say october but depending I mean that's,.

E

Totally up to you, I thought that we I I wasn't even sure there was some talk of going twice a.

E

Year and not even quarterly, that's totally up to you yeah. I think you can call it whenever you want.

A

A

Given the sort of the state of the market, I'd rather not.

A

Put it off right, so it's just plain to do it right. After the quarter there.

E

So after so beginning of october yeah, or do you want to do june.

A

What do you think dana, I think october is okay yeah unless we see something dramatic.

C

C

Okay, okay, yeah that'll, give him.

B

Give us three quarters of this of the calendar year reporting. Yes,.

E

So this is a quote from alan brady city's I.t department. He reached out for uh cost of.

E

How much of the new system would cross the computer itself and the monitor.

E

The total total dollar amount is eight hundred and seventy two dollars and thirty nine.

E

Cents- and he said you could put that on order, if, as soon as, if you wanted to approve it as soon as.

E

You want to approve it, it does that mean that he's going to keep the existing software or yes, so we.

A

Don't need an upgraded software, we don't, we might have to do um a bit of an upgrade with the bila.

E

um You know I the overall cost the computer itself is 8.72 and in talking with alan and.

E

Cindy chase who's, the one that restored the computer the last time we had an issue with it.

E

um You know getting on the maintenance contract with nessa who this the city wants.

E

It to be maintained within the city bounds. um Probably the total cost is going to run about 1500.

E

We don't have an exact cost yet because they're working out contracts and that sort of thing.

E

But overall the total cost for getting everything up and running, getting abeela upgraded to make.

E

Sure that it's running on the most optimal platform- that's that fits the computer.

E

Which is the financial software that will be probably a couple of hundred dollars and then.

E

You know having the support from the city, slash nesset, which is our outside vendor.

E

And I'm not sure what the exact cost of, but alan thought that overall, the total would.

E

Run about 1500 for complete complete coverage and upgrade of everything.

B

Is that over and above the computer? No it's total, including the 872. and what's the recurring.

B

Annual cost- um I don't have that yet, but I don't think it would be a huge amount just because I.

B

Yeah, you know, um but probably part of the cities yeah. So what what will we have for backup.

A

Once we get this, I mean it wasn't that isn't that one of your concerns that we.

E

Have everything sitting right part of this right now? The system that we have is just very unstable.

E

Yes, the memory is pretty much full. um You know I have to save certain documents down.

E

On a memory, stick to make sure that we don't lose them so that like have enough memory for.

E

What we're operating on right now, the backup I think there was some talk of getting and they're.

E

Not expensive the little cd backups that they have. That's that's a backup system.

E

I mean I can go back and ask alan about putting it on our server, but again, I'm not sure if there's an.

E

Issue with the attorney general's office of it needing to be separate, and I'm not sure that you.

E

Want all of your items on the server I thought there was concern. I thought peter had expressed.

E

Concerns about that. I think that is a concern okay, but when I'm, I just think we ought to make sure.

A

That we have a system that automatically backs up at least once a day overnight or something yeah.

A

If not regularly throughout the day to another location, so we don't have a crash and lose that.

B

I certainly endorse that type of thinking whether and it should be automatic, okay, yeah and whether.

B

It's a physical device that you need to add to this fine or whether it's a service on the cloud.

B

I don't know if the we talked about that which seems to be what everyone does that's correct.

E

And I know that the financial system abila offers backup capabilities of the financial system.

E

On on the cloud, so it might be that we upgrade for a couple hundred dollars to get that piece of it.

E

And then the financial thing would be upgraded. That would be that's the software. That's the.

E

Software piece of it so right: well, maybe you can talk to alan about okay, just insuring I mean yep.

A

This cost is very reasonable. Okay, and so you know get two I'll take one.

A

But but you know we wanted to, we just can't afford to have correct wait. Where is this? Who.

B

Where's this money come from. What happens is: is that the profits of of all the investments before.

E

They're applied, there's an expense line that will hit every single trust. Some of it's going to be.

E

Peanuts for the trust, but basically everything that's maintained by the trustees chips in a.

E

Piece of the pie, based on the percentage of of how much funds does that include your time. No, no.

A

She's under the city, I'm under the city, and they cover that, just as the payments that we receive.

A

For our role as trustees, that comes out of the city budget, not out of there.

C

Yeah yeah that's interesting, and you really have to wonder why that is but.

B

Well, I guess it's because it's everyone else's money that they've given here to the trust yeah.

B

I think that's how they look at it yeah. I think they also, you know for because it isn't much money.

A

It just takes away the appearance that we're setting our own correct salaries and exactly.

E

So should I move forward with the equipment piece of it.

E

Or do you want to wait and get more information on the other pieces as well.

A

I guess my suggestion would be that you just talk to alan as soon as you can. I know you're.

A

Heading out the door yeah, but if he says we can accomplish that with this, then I would right.

A

And make this expenditure? In fact, you want to make a formal motion to that effect. Yeah.

B

I I move, we make the expenditure.

B

For the new computer, on the condition that the new computer will accommodate automatic backup. Second,.

A

Any other comments or discussion hearing them I'll call the question all in favor, aye aye, anonymous.

A

Good job, finally we're getting there yeah wow.

A

Okay and we just anything else on the financials or yes, so I have a check to be signed.

E

For the last piece of the monies for prescott park that was previously voted um that the trustees.

E

Are going to supply out of the trust, for? um Is this a one quarter or two quarter payment? Well,.

E

I mean I do it twice a year, I do it, we did one in december and this is the rest of the money.

E

This is the rest of the money. What's our total, I keep forgetting a hundred sixty.

B

Annual 192 200 is from prescott park and 21. 000 comes from the.

E

Marine maintenance, trust for dogs, for the expenditures on the docks.

A

And we do these as a single check now, because oftentimes we were doing the.

A

Marine maintenance- I've always done these off of because I can track them that way, and it's.

E

One check to the city: it's a little bit easier for the deposit, but they are tracked separately.

E

In the funds, so this will this will complete the 22.. That's correct.

C

Thank you, 106. easy, come easy, go.

A

Early money, thank you.

A

Anything else I nope, I think that does it. For me, this is unbelievable. I mean here's.

B

The reality I mean this is a great snapshot picture because the re you know the reality is.

B

It cost twice as much as what our budget was when we were trying to manage it.

E

Yeah just interestingly, I did run some numbers for fiscal year 23 and what we had proposed.

E

That coming from the trust will be 203 900 from prescott park and 22 again from the.

E

Lane maintenance trust for a total of 225 000. The approved budget for prescott park for fiscal year.

E

23 was 526 000, so it's escalating yes, yeah and you know, and a lot of that you know. um Peter rice has.

E

Said in a lot of times, he had in the past past years had absorbed a little bit of that through.

E

Public works if they needed something, he just did what he needed to do, but he's really trying.

E

To in has been very um streamlining everything so that people can really see the true cost of.

E

What it is to run that park, you know it's and you've always known it, because you've.

E

Been seeing it coming through when it came through from prescription, you had to really work.

E

And michael was wonderful, it you know using duct tape or whatever he needed to do to make.

E

Everything work you know so, um but I did. I did think that was interesting, so yeah.

A

Now the reality is that, even when we were actually running the park, we knew that.

A

What we had was not covering, I mean the city was covering all insurance costs.

A

Trucks yeah exactly you know all capital expenditures, yeah water, fresh sprinkler system, yep.

A

uh And judy yes, and we had talked about this last month, can you send.

A

These as electronics versions- I'm sorry, I think he just forgot, but.

A

I just I'm trying to store stuff electronically instead of gathering paper all the time.

A

Okay, any other new business data, no, no new business, okay and there's nobody here.

A

From the public so one question any new donations from the public to the trust.

E

I haven't seen that, to be honest, I haven't run the report um for june. I know that there were.

E

A couple of donations, a couple of hundred dollar donations into the community trust.

E

Yeah in may, um I have not. I have not seen or run the report for june, but they have been. I didn't.

E

Receive a check to I received a heart check, so I think, with um you know some of the publicity that.

E

Stephanie has constantly kind of put out there. It has. It has generated some some monies coming in.

B

If nothing else, there's a lot more awareness out there about it, which is really positive, yeah.

A

Good, okay I'll entertain a motion to adjourn move. Will you adjourn? Second, all in favor aye, great.

C