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

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3.17.2022 Trustees of Trust Funds

A

Go all right: okay, I will call the meeting to order start with taking a roll of attendance. uh Dana.

B

In person the chair is present as well. I declare we do have a quorum.

B

Next I'll entertain a motion to approve the minutes of the february 17th meeting.

B

So now a second any corrections changes additions, deletions hearing, none I'll.

B

Call the question uh again by roll call uh start with peter yes, dana, yes and the chair votes. Yes,.

B

B

What do you got for us? Well, we've got the. uh Why don't we start with the monthly td reports.

B

You have these dana, oh dana's gone.

C

He does I sent him yesterday. We should.

D

They still have been acquiesced to do a better cover sheet. I sent I sent everything to john.

C

And he said that they would take a look at it and see what they could do and bring it in. For.

C

You guys to look at when they come in next month: okay, okay, but I sent everything um dana had sent a.

C

Sample of a dashboard and what you had both given me, everything I I scanned everything to them and.

C

Told them- and I also asked them to try to pick up these two reports so that I wouldn't have to do.

C

Them because they should be able to do them. Well, I mean as far as I'm concerned, this is waste because.

D

You got to read everything you know. Well, you got to pull out your calculator and start adding them.

B

Too, oh yeah, so yeah. Well, that's one of the primary reasons we need to talk with them next month, so.

B

You were hoping they'd, give us a different version. Well, yeah I mean we've only been asking since last.

D

Fall so we'll, uh and- and this doesn't uh just to confirm judy- this doesn't reflect the dispersants.

B

We made for the community campus purchase right right because those were in separate bank accounts.

C

Those were not part of the investment funds there, so you you're, they're, not reflected there.

B

Okay, any thoughts or comments on these tough months.

B

Down two percent: do you see a path for us here, dana to.

B

Come back, I'm sorry, do you see a pat? Do you see a path for us for our investments to come back.

E

Wow, you tell me what's going to happen in ukraine, well, yeah exactly and then I'll. Let you know.

B

If I do that, it's gonna be a little bumpy.

B

Exactly we are now below april of 21.

D

Or just just above it yeah just above it.

A

B

Now, if you look at it, we've had like uh three of the last four months have been a yeah decrease.

B

D

Danny you can answer this. It looks like.

D

Now, if you look at this, we're only down.

D

Eight percent with a year.

B

Yeah 7.2 yeah. It looks like without more than that, but.

A

Yeah, I don't have that number.

D

Yeah, well, I guess so.

B

Actually about seven percent yeah, because the 2.3 percent.

B

Is off of the previous month's figure? Not right, not the january first figure.

E

What did you pick your tom? I just I said it looks like we're down about seven percent.

E

Yeah, that's down eight and a half percent right yep. So you know it's proven pretty.

E

Much trending what the market is. I guess that's why we don't have a hundred percent inequities.

A

C

And did you wasn't there something that you wanted to um oh yeah, we were gonna just as a set up for.

B

Next month's meeting you had uh last week, dana you had sent over the.

B

um Sustainability review that the town of uh you have one of these people- oh right right.

B

How did how did it come about that? Were you actually doing some research on this? You just.

B

Happened to run into this trustee, no, no, no! He he called me for because he I never met the man.

E

Or knew of him, he, he called for a reference on td as an investment advisor. They were going through.

E

The rfp process for their trust, as for their trust funds, so in the course of the conversation.

E

He asked me about our uh our approach to bsg and at which point he shared with me, what they do.

E

Which I found pretty uh interesting and the reason they they ended up pursuing you know an approach.

E

Was simply in response to some citizen inquiries, but I guess they've been at it for a little while.

B

Yeah, it's interesting the results because they only have about 373 000 under management.

A

E

I thought I thought the approach was pretty straightforward and simple to measure.

E

I don't really know how how much of portfolio was passive versus actively managed or power. I know.

E

It's all funds, but I think they were more actively managed funds. Then then we would be used to seeing.

B

Okay, so would you like us to send this along to td and see if they can come up with something similar.

E

Yeah, I think it would be be helpful to find out from td what their approach is on on esg.

E

Investing and what they can do for us. Okay, do you have this judy? I believe I do if I don't dana I'll.

C

Reach out, but I think you sent it to me as well, so I I will forward it along to john yeah, okay, okay,.

B

So this is probably what we're going to be spending this in the form of the report.

B

Summary, if you will will be when you come back, dana I'll, be home by april 15.

B

Just in time right, I think so when's that meeting I'm looking now hang on.

C

I think it's on the 15th. Maybe what day of the week is that dana.

B

It's a sunday, I think, oh okay, no we're on the 14th yeah we're on the 14th, so we'll be healed. Dana do.

C

You do you want me to do. Do you need to move that? Are you going to be traveling yeah? uh I will be.

E

I'll be I'll, be driving.

A

Okay, is it possible to go to the following week that way, he'll be here? No for you, okay, all right.

B

Your way the whole week, but I I don't know I guess I could the meeting with john yeah oh.

A

Yeah, what are you gonna uh head out.

E

E

Wait a minute: let me look now wednesday of that week. I can't.

D

Do tuesday I've got some dental work that day we could do monday.

B

Of the following week, you mean there, oh this, that week, how about friday, the 15th.

B

Well, he'll be traveling. No, he said he's going to be back on the 14th. Oh you're, going to be back.

B

On the 14th or the 15th 15th, okay, all right! So how come I missed that? How about the last week.

C

Of april, I know it's out of ways, but does that work for everyone? I've gone from the 26 20th.

D

To the first okay yeah, I'm going from the 22nd to the 26th monday, the 18th does that work.

B

That works for me. Let me just check here dana. Would the 18th monday work for you.

A

D

So we were supposed to meet on the 14th right yeah, let's go to the youtube: okay, okay,.

B

I will shoot an email out put the 18th in your calendar, dana okay,.

E

Okay, if I that would be preferred for me and I apologize, but if need be,.

E

I could I could stick to the I could stick to the 14th and I'll just.

E

Leave later in the day for driving now that might not work with you. Would you be a boss.

E

Exactly yeah, no, I I think it would be helpful to have you here when we're meeting with td.

B

So yeah, I would prefer to be there because they're probably going to come in handing.

B

Out materials- and you won't have a chance to look at them all right so monday. The 18th.

E

Okay, I got it in there and judy will see if we can get this room.

B

Okay, yeah well also: we've got to change it with the tv, john yeah yeah. Let everybody know yeah.

B

B

What else you got for us for well? This is my first draft of a monthly financial report, for you.

C

Showing all of the bank accounts and where we stand at the end of.

C

The month, this is everything that the trustees hold, not just the investments.

C

So currently we have, we have a total of four accounts. Currently we have the td.

C

Wealth management investment account. We have our regular checking account with citizens.

C

And then we have two savings accounts. One is with bangor and one is with bank prove.

C

We had one with cambridge, but the money was taken out, which was the pierce estate money.

C

And that was transferred over to the checking account. So when you look at the checking account.

C

Balance at the end of february it looks huge but that 653 000 that's going to go.

C

To the community campus, which is already gone in march, is sitting in there so that.

C

That's just holding that until we were able to transfer that money over to the city.

C

So and looking at it, the bangor savings bank account um yeah. Let's switch that that's.

C

I would think it would be prudent to do that.

D

Now they're charging as a service yeah yeah yeah. I check with check with ben wheeler piscataqua.

C

Okay, um or is it something, and you tell me, is it something that you'd rather see.

C

I mean really the daniel street monies for the flag are not used. That often, would it be better.

C

Sitting in the investment account with everything else in in earning when the market's good earning.

C

A little bit more money than it would be if it was sitting in a separate bank. Well, the same thing.

C

With the futures I mean to me, maybe all of this money should be transferred over to the investment.

C

I still have a reconcile, that's my fault yeah. I want to know where about 50 thousand yeah.

C

You know: do we take all of that money and move it into the investment accounts on that one, but.

D

In the futures you get you get deposits during the year too correct yeah. So no, but it doesn't go here.

C

It goes into the investment account. Well, actually, so it goes into the checking account and then they.

C

They kind of say we want you to put this in the investment account or hold it, because we're.

C

Going to use it for admin funds, so um I agree that something needs to be done with the bangor, because.

C

We're losing two dollars a month, we're not gaining any money there for the for those for those funds.

E

How much do we typically keep in the checking account? um It usually runs around um 275 000.

C

And that is because we've got usually around right now. Currently, we have 31 000 for the mmt the docks.

C

Which is the money? That's just come in for the seasonals that will get redistributed out.

C

We've got 58 000 in the public arts, trust which is was designated for the foundry.

C

Garage art, not all of it, was used, so those funds are still sitting there. That.

C

They weren't invested they're just sitting in the checking account.

C

We have the um ct pact, which is the cable television trust uh we have 73 000 of that.

C

Sitting in the citizens account they come in and out during the year requesting funds out of that.

C

And then futures we currently have a hundred and fifteen thousand and again they come in and out.

C

For admin fees and whatever for that, so currently we have a balance of 277 000 and that's roughly.

C

Around what stays in there, because those other funds aren't invest, sent to the investment fund.

E

Do we need to get some direction from from the arts from the city on the.

E

58 000 for the foundry arms I can. I can reach back out to the city manager and let her know.

C

Those funds weren't used and if she wants to take it to the council, to see if they want to move it.

C

Some or use it for somewhere else or designate it for something else. We can certainly do that.

B

They finished with the artwork, I believe they have yes.

D

Well, I'm surprised that they didn't use the whole thing.

B

Yeah, what does that mean that the artwork came in less expensive or they cut back on.

B

Some project yeah, I haven't, I have no idea, so you know if you want me to follow up and.

C

See what information I can get? We can well sure it seems to me if, if the project, if.

B

The artwork at the garage is done, then this ought to go into the investment account. Okay,.

E

Well, it depends on the time horizon on any of these funds that they're going to be looking at to.

E

Draw on it, you know if it's within the next six to nine months, I think we gotta just be conservative.

E

With what we do, yeah yeah, I'm just guessing that these funds will sit around, because I don't to my.

B

Knowledge there are no other municipal projects contemplated involving, but it is, if I remember.

D

Correctly, it was a certain percentage of every project, and if this is just the foundry garage.

D

There wouldn't be any other project that they would use it for. Well, that's what I'm saying and.

B

So unless they've got some, you know something else, take a look at it and I'll report back on it.

D

Maybe the user to reduce the bond, what a novel concept! That would me! No, I don't know if he can.

B

Do that, if it's been earmarked for they'd have to take a vote, I guess I'll get the.

C

Information on it, what exactly is tied to it, and I will come back to you on that- one: okay,.

C

So I mean I are you in agreement that you want to do something with the.

C

Money in the banker savings account and move it out of there. Yes, okay.

E

Judy is that bangor, cambridge and bank prov. Are they all in just checking, accounts or high yield.

E

Savings like they were like in a savings account they're, not they're, not um they're, not like in a.

C

Cd or anything like that, or even in a money market account they're just in a regular savings account.

E

So they're earning zero. Well, the bangor savings is, is they've implemented a fee now so we're.

C

Losing two dollars: a month um bank prob: we earned two dollars and 13 cents. I think that's.

C

You know like half of a percent or whatever it's not a lot.

C

So- and you know I mean and same with I understand originally, I think the african burial ground was.

C

Put into a separate because those are the funds for the african burial ground, they were put into.

C

A separate location just to have quick access in and out there hasn't been a super lot of activity.

C

So my question is: does it make sense to either move it into a better money, market type account or.

C

It in with the investments at this point, because it is so readily easily available to get the money.

C

Out of the investment account, so I mean do you need me to investigate something more? We we ought.

D

To get we ought to get a report from the there is a a committee that oversees that okay, so I'll.

C

Touch base with them and see what their thoughts are on that and we'll go from there yeah. Why don't.

B

You do that on each of those components: okay and then we'll make a decision next month, perfect.

C

Perfect, I will follow up on all those components. um As far as layout goes is.

C

There anything else that you would like to see on a monthly basis on this, that I can expand on.

C

Okay, good dana! Are you okay with this report, yeah? No! No! No! It's very good! Okay!.

C

So I'm gonna follow back to the main board savings. Yes, regardless of the work you do.

E

Should use that in the count that at least for the moment to avoid the feed we can move, I can.

B

Move it over to bank prop well, we can move it over to citizens and then and have and.

C

Then decide where you want it to go and then just write the check to whatever bank you want it to go.

C

To that would be the quickest and cleanest yeah. Are we getting anything on the citizens account.

C

Yes, there are, there is interest coming in it's it's, you know more or less than the bank problem.

B

More yeah: let's move the citizens in okay, so the bank is bangor savings, the one that.

C

You want me to move we'll we'll transfer that over to the citizens, account correct, yep, okay,.

C

And then I'll hold it there and then I'll report back and we can.

C

Decide what to do at that point? You can decide what to do at that point.

A

Okay- and you had asked me, um that's all I have on the financial end of things: okay, no checks.

C

I do have two checks. Two scholarship checks to be signed. You had asked me to check with.

C

Kathleen dwyer again on with the um tommy mcgann chris state, um I did. She said they still haven't.

C

Received anything um more on the time you can and she says it can take, it can take quite a.

C

While to get it, I'm just reading what she says and she says they're actually still waiting for.

C

A distribution on another estate as well, she said, but she will check into it to see where it's at.

E

Oh by the way, a lot of good press on the on the new.

E

Trustee funds and the scholarship funds- I think that's been great yeah. I think so that reminds me.

C

We did get another 100 donation into the um arts, community arts so online, so the money is coming in.

C

Yep yep yeah, I know stephanie did a good job of getting the message out on that job.

C

That's all I have that's it. Yeah. Okay, here are the checks. Any uh new.

B

Business any comments from the public.

D

They're, all behind you, well, it could be up there. We just can't see him.

B

All right, then, I will entertain a motion to adjourn at uh 7 55.

E

I'll move: will you adjourn? Second? Okay, we'll take a roll call dana? Yes, peter! Yes, chair vote. Yes,.