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9.16.2026 Trustees of Trust Funds

Video

Thank you.
Thank you.
Thank you.
Thank you.
Thank you.
Good morning. Welcome to the September 16, 2028 meeting of the Trustees of Trust Funds,
and I will note that all the trustees are present, so we have a quorum, and we'll begin the meeting
with the review and approval of the minutes of the August 19th meeting of the trustees.
I will entertain a motion to...
So we'll approve that.
Do I hear a second?
I'll second that, yes.
Yes.
Any questions or corrections, additions?
I have one little one, Judy, and I'm not quite sure it was a correction or not, but it's inaccurate, so I'll bring it up.
It was on page one, the first to last paragraph, the one that starts with the chair presented drafts.
At the very end, the first line from the bottom says that approve the templates as presented, and then it says, and execute the documents as such, only they were just approving the templates.
They weren't, we weren't executing any.
Okay.
So take that out?
So the language and execute the documents as such.
I will amend that to delete that language.
Okay.
Do I hear a second to that?
Second.
Any comment on that?
No.
Okay.
Then I would call for a vote to approve the minutes as amended.
All in favor indicate by saying aye.
Aye.
Opposed?
Ayes haven't.
Okay.
You can have this, Judy, if you want.
Okay.
Thank you.
I'll comment.
Okay.
Next item is receipt of various donations associated with the NEVI project in Bohenko Park.
And in the materials that were distributed last week, you'll see the copies of the checks and
government members for Sean, so we would just vote to approve the acceptance of those funds.
I'll indicate a motion to that effect.
So we'll, right here a second?
Second.
Any discussion?
Yes, please.
So the charitable foundation, is this an annual apportionment or is this a one-time gift?
It was, I was pleased to see the amount of donations they've been given.
I think it's great.
This is a, and Chris is aware of this because she's been organizing it, but this is a project
specifically to raise funds for this one sculptor that is described as NEVI, so it's not an ongoing.
Got it.
Now I will note that you'll see as these projects come forward in the future, a number of the
people who contribute are regular contributors, but they do so at request for a specific project,
not as an annual donation.
The charitable fund one, I think what you're seeing is somebody's fund.
That's not from New Hampshire's charitable foundation.
That's some individual's fund within the charitable foundation.
The charitable foundation.
Okay, that makes more sense.
Tom, you have a comment.
You get together with Sean Clancy.
Hmm?
With these requests, it would be simpler if he had them all in one sheet.
What I can do is, is he gets them and he brings them down.
They don't want to hold the check.
So he brings it down as soon as he gets it.
You can see there's different dates on all those.
Yeah.
So they got to get them to find it so we can lock them in the safe and keep them safe.
So he's following procedure by the city.
However, I can put together a spreadsheet for you if that's easier.
Yeah, we don't get, you know, 10 pages.
Well, I was going to say, you did note that they're spread out over a month, a month and a half.
Right.
Correct.
Yeah.
I'll do a spreadsheet.
I'll do a spreadsheet.
It won't take me long and I'll track it that way for you and then you'll have one piece of paper, Peter.
Well, he'll still give you the cover memo.
Absolutely.
Because I have to have that.
Yeah.
We need to make sure it's allocated to the right side.
Correct.
Correct.
Okay.
So, I don't think we have a call for a motion.
So I did take a motion to accept the donations as shown on the reports.
So moved.
Second.
Second.
Okay.
Any further discussion?
Hearing none.
All in favor indicate by saying aye.
Aye.
The Chair votes aye.
It's unanimous.
Okay.
The next item is on the receipt of the annual contribution from the Capital Improvement Plan.
This is for the fiscal year 2027 and it's in the amount of $25,000.
And again, we would just formally accept that when he's be deposited.
So moved.
Second.
Any further discussion?
Hearing none, I'll call the question.
All in favor indicate by saying aye.
Aye.
Aye.
And the Chair votes aye.
It's unanimous.
Okay.
Rolling right along here.
Next item is the request for a distribution on the NEVI project.
So you'll see in there the former requisitions from the city manager.
And any minute, for some reason or other, I have things backwards here.
Yeah.
But it, we've already had the city council approve the project and approve disbursements for it.
So this is the second installment under the contract.
And so we just need a vote to release those funds to the Chair.
So moved.
Second.
Second.
Second.
Second.
Second.
Second.
Second.
Second.
Second.
I just hate to say it up in the morning.
Oh, but I've got an 8 o'clock, so I have to do it.
All right.
So next item is the State Street Pocket Park.
How about the Market Rate Housing Study?
He's just noting the item so that we can put it as tabled.
Right, Tom.
The next item is the...
Oh, the below mark.
Oh, I'm sorry.
You're right, Peter.
Yeah.
Apologies.
Okay, so this is the request for the first installment
under the study that the City Council has approved
for artist, live, work, studio space
as a form of market rate housing.
And you have the previous City Council vote
and the minutes of the meeting
as well as the requisition from the manager.
And I guess I think everything's there,
but I wanted to make sure because we had looked at the interpretation
of the trust earlier.
Right.
And I note that the City Manager's memo does say that the payment is due
based upon our memorandum.
So I interpret that as saying that it is consistent with that.
And so I believe everything is in order,
but I want to make sure that everybody is of the same opinion.
Will we accept the report?
Okay.
That would be what?
Accept the, will we approve the request?
Do we hear a second to that?
Yes, second.
Yeah.
Okay.
Any other questions on that?
I'm comfortable with it.
We want to throw it in July.
So, yeah.
No, exactly.
So I will call the question.
All in favor, indicate by saying aye.
Aye.
Did you say aye, Chris?
I did.
Yes, aye.
And the chair votes aye.
So that one is unanimous.
So I have a check here.
It's for the first installment, which is $10,035.
The CD that we had was actually that just rolled
or was getting ready to roll was the CD for the public funds
for that trust.
So we, Tom and I talked about it.
I contacted Eastern Bank.
Eastern Bank agreed to send the $35,000
and roll the rest into the CD that you had approved.
That money's on the way.
I have the check for the first installment.
I'd like you to sign it, and I'll hold it
until I receive the monies from Eastern,
which should be within the next day of June.
And then you're going to need us to come in to sign?
No, I'm having you sign now.
This is the first installment.
There's three.
This is.
Okay, well.
Yeah.
So.
No, the money, the money was out of, you signed the paperwork to have.
No, no, no.
My question relates to the manager's request was for $35,000.
Correct.
The other $25,000 will hold in the checking account,
and as soon as they come in, we'll cut the check.
Okay.
So they don't need.
They don't, yeah.
I'm just getting at that.
Yeah.
Sorry.
I wasn't asking for any questions.
I thought that was going into Chris's vacation fund.
Chris probably would like it to go into her vacation fund.
Okay.
Thank you.
All right.
So now the next request is the Lower State Street Market Park request.
So the actual request for distribution has been withdrawn.
Just for the record, the request was based on a vote of the city council that took place back
in March.
That was in the amount of $26,000.
But we distributed that, I believe, in April directly to Peter Rice for the improvements that
he was overseeing in the park based on the plans that were presented to us in April.
And so this most recent request just doesn't have a financial approval authorization from the
city council.
So that has been withdrawn.
I'm told that that will go to the city council at the second meeting this month.
I think it's the 28th.
And they'll be back next month for us to make a dispersal.
There is one thing I wanted to just point out.
When I looked at the trust document and there's a deed that's associated with the transactions
that occurred back in 2002, I'm sure you've read the memo.
You know that there is some restrictions on our ability to disperse money out of that for an
improvement in the park that would be considered a structure.
But it does allow for dispersals for amenities.
And so I asked Jen Smith to take a quick look and analysis of that just to make sure that
in paying for the cost of creating and installing a piece of art that J. Smith West would be
considered an amenity as opposed to a structure.
And her memo comes to that conclusion.
So I just wanted to just make aware of that so it's not an issue at a later point.
Does anybody have any questions about Jen's memo?
No questions?
Okay.
So no action necessary, but I wanted you to be aware of that.
Okay.
All right.
So now we have the monthly financial reports.
Now it's the management agreements for TDs.
Next.
TD wealth management for post-modelations.
You know, I'm operating off of like an earlier version.
I didn't print out the right one.
Okay.
So since the last time we were here, you know that while we were here, that John DeQuattro
had pointed out that the document we presented him referred to some 2021 SIS agreements.
And he said that the versions that he had presented at the end of June were essentially the same
documents, just a different fee structure and different dates in it.
And so he provided those to us.
I had Jen run a comparison on them and come up with the changes, which were just as John
had pointed out.
So Jen and I worked on adding those into the amendment that we had drafted that was distributed
last time.
And that version was then presented to John with a request for review and approval by them.
I sent that to you, both of you at the same time.
And then he came back and said that TD's counsel had asked for a change in one paragraph, the one
associated with the fees and that paragraph, the fee modification, the original amendment, I should
say the original agreement, what I call the overriding agreement, had said that they would guarantee the fee for a five year period of time.
There wouldn't be any change in that.
The five years has now gone by.
So they were asking that that be removed.
And so based on his request, we, Jen and I reworked this into this version that was sent out to you.
And then literally just yesterday afternoon, Suzanne got back and said that TD has approved the latest draft.
So unless you have concerns or questions about that document.
I was just happy that it's retroactive to July 1st.
Well, and that, we insisted on that.
And so, so actually, so late yesterday afternoon, Suzanne sent me back the draft with her signatures on it.
I signed it this morning.
And I guess we should probably just take a final vote to approve the form of the agreements now.
And then we'll get copies ready to be signed and exchanged.
So you move.
So we'll move.
Okay.
And your second, any further discussion?
Yeah, just publicly thank you both for your work on that, bringing it up, asking the question, right?
That old saying, it's not the fool that asks, it's the fool that doesn't.
And I was, wow.
So great work, gentlemen.
Thank me.
Great for the city.
Great for the city.
Thank you, Peter.
So all in favor, indicate by saying aye.
Aye.
Aye.
And the chair votes aye.
Okay.
So.
And then the companion documents that we've already reviewed and we had approved, which were the TD forms, the SIS statement of investment selection.
You remember that John had said that the ones that he sent in, at the end of June, were dated in a fashion where they were only good for 30 days.
So yesterday, he sent, he sent revised drafts.
The only, I actually did a comparison of these last night.
The only changes are the change of date from June 29th to September 15th.
But it doesn't change the effective date, which is still until I want.
So if we can get signatures.
I think you just need the one, right?
What do you mean?
Oh, sorry.
On the bottom, there, there.
Sorry.
I thought it was just one signature you needed.
Well, when we did this, for some reason or other, we did this in 2021.
You signed the one of them, and then all three of us signed the second.
So.
I know it doesn't make sense.
So if you could send these to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
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I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
John, I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
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I'll send that one of them to John.
I'll send that one of them to John.
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I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
I'll send that one of them to John.
OK, so next we have those financials.
I don't know what to lead us through here.
So we've got the TD dashboard from Suzanne.
just a snapshot of the month and year to date,
I think she's got on there, performance.
And then on my documents, again,
everything was up in the month of August by about 1.94%.
And on my documents, you know,
basically the review of the month.
And then kind of the comparison on the longer sheet,
do you guys need copies of these bigger ones?
I know that you usually like to get them.
You know, kind of the year in review,
looking at August of last year and August from this year.
And then the last big page is just the overall performance with TD
and what those numbers are.
No surprises there.
They were no withdrawals this month from that.
And then I also did the consolidation of funds with all of our bank accounts.
I was unable to,
I still have not received Newbury Ports money market statement for August.
So I'm going to have to run over to the bank before the end of the week and get that.
I don't know why it hasn't come in the mail.
I don't know if it's a mail issue.
Not sure.
So what I did was I just put last month's total.
It just doesn't include the interest that we would have gotten in the month of August.
That's a highlighted one on the sheet.
Highlighted one on the sheet.
Everything else is up to date.
But these would not include, for instance, the NEPI donations.
Correct.
Correct.
And those will be in September.
Okay.
And then the last sheet is just updated.
It's basically still the same.
Allocations.
Again, NEPI sculpture isn't in there yet.
Those monies will go in and the $20,000 will come out
because it will be in September's activity.
So.
So a couple of questions on this.
So the red lining or the addition at the end, are those, have you updated those?
I've tried to update them, correct.
So, you know, I knew that the NEVI, that's why I put $20,000 in September
because I already had the request.
So I knew that that money would be coming out in September.
But this is as of August 31st.
And same thing with the other ones.
That's the latest information that I know.
If somebody knows something different, you can let me know.
And I'm happy to change that.
It's just a projection.
Yeah, I know.
I'm trying to update it.
Yeah.
Well, we ought to, like, every six months or something, ask Chris to do this, you know,
just as a standard procedure so we can have predictability when we invest these.
Well, I'll ask you for an update for the next meeting, that way we can have it.
No, the only other thing is I think we can delete the top item.
Okay.
Because we're not going to have any more.
If you're okay with that, I'm all right with it.
Yeah.
Okay.
I have a question.
Yeah.
So, back on the dashboard, I don't know if you can answer this or not, Judy.
So, the monthly, 2026, and maybe it's the spread, but some of them were, two of them,
two of the funds had a 1.94%, the other two had 1.93.
It depends kind of on the trading of what they do for the month.
They're not always exact for each fund.
Sometimes they'll use, because they're a little heavy in one bond more than another bond,
like a one to three-year bond versus the five to seven-year or seven to ten-year.
So, they might take it, and it's just a slight, slight variance.
That's what I've seen when I go through every month.
It's like, you know, I know that the trading isn't exact.
Like, they don't take, you know, 100 shares from every single S&P and trade that in and do it.
They do whatever ones, you know, they seem to have a little bit more stocks in.
And sometimes it just makes for the slightest of variances as far as the difference, as far as what's earned.
That's kind of what I've noticed, but anything more in-depth, you'll have to say for John.
That's a good answer.
Yeah, okay.
But our largest fund, which is a scholarship fund, had a lower return than the other one.
So, if that happened every month, that would be...
It would be concerning, but usually it'll flip the other way.
And, you know, I mean, sometimes we take a withdrawal, too, and that hits it, but there were no withdrawals this month.
But, yes, it's that little fluctuation of they're doing the, you know, I don't want to say they're moving their money around,
because it sounds funny, but they're doing some trading, keeping the stocks at a certain level, you know.
They're optimizing and balancing.
Yes.
Thank you.
That's a good way to put it.
Thank you.
Okay.
Any questions or further comments we got on the...
It's helpful.
Financial.
All right.
And the next item is the materials, sort of a final accounting, which we received from Todd Henley at the Recreation Department.
It's actually not on the...
It's not on the agenda.
The agenda, but you get the materials, because it doesn't require any action.
But just you remember that when they report...
This was for the work that was done on the indoor pool.
And you'll recall that the original request included an add-on, so to speak, for redoing the office in the pool.
And Todd's plan was to have his people do that in-house.
And so the only sum that was included as part of the overall projects was $1,500 for the cost of the materials.
And because there was no bid or anything for that work, we asked him to provide us with a final accounting once the work was done.
So this is that accounting, and in essence, what he has said is that we ended up hiring somebody to do it.
We paid more than $1,500.
So the amount that we issued to him has been covered as consistent with the terms of that placement into a pool.
This is just for informational purposes.
So the total project was $2,651.
We contributed $1,500 of the $2,651.
Right.
So I guess we don't have any more items unless somebody...
Oh, I was going to say we're going to sign some checks.
Yeah.
Chris has left us so there will be no public comment.
Okay.
So these are scholarship checks, and then I have one check from Futures that's requesting salary,
which they had to come in for yet, or the person that does the Futures.
Do I sign the upper one, right?
You sign the upper one, and then somebody else will sign the lower one.
That's right here.
I'm assuming that I'm going to sign off.
I only recorded two signatures.
Okay, thank you.
You're an official signer now, Chris.
Yes, so.
It took a year or whatever.
I was five, like, letting the other two sign in.
So just as a reminder, next month's meeting is on Friday now, and it's Friday.
Yes.
Wednesday.
Do you want TD to come in for that one, or wait until November?
They can probably...
Oh, I don't know if they can do it Friday.
Well, I guess I don't think that we need them to come in.
Either you want them to come in in person?
Normally, they would have come in last month.
Yeah.
We usually have them in person in the year-end report and the half-year report.
So usually that's January and July, or depending on how early in the month the meeting is, whether
they can get their materials done in time.
And then the other two are done via Zoom.
Because they did it via Zoom last time, we can ask them to come in live or just do it via Zoom.
It doesn't matter.
Zoom is fine with me.
I think the last time we met with them, I gained a lot, learned a lot.
So for me, you know, virtual is fine.
Okay.
Yeah.
Okay.
So we'll just let them know that the Zoom will be fine.
Okay.
While we're all here, we can maybe take a minute to talk about just sort of planning the transition.
Do we want to do it live or do you want to do it after?
Well, no, this is official business.
So as you know, Judy officially ends in third, fourth week of December.
And then she'll have 30 days off and then comes back as a part-time person.
And so normally we would have TD come in in January to give us their year-end summary.
But I'm a little concerned about with Judy not around and we're not sure who would be covering us.
I think we probably should still have a meeting, but I'd rather just keep it focused on stuff we actually have to do, like requisitions, that type of thing.
And maybe put off the TD report until February for the year-end, for the year-end.
That probably makes sense.
That makes sense?
Great.
And anything else, have you given further thought to what we, how we should handle the transition?
I talked to Nathan about it.
I'm waiting for him to get back to me on his thoughts about, you know, how we would handle, you know, a meeting in January.
I haven't, you know, I have talked to him about it.
I don't have anything definitive at this minute on how that will be handled.
But.
As the city decided who will cover things?
I don't, I don't know anything.
I honestly don't know anything more than, there was a brief discussion, but he didn't name anyone.
He didn't, he didn't say anything.
We had talked about my contract, but, you know, he's, I think he's still working on all that.
All right.
Well, we have been guaranteed that you will be the liaison.
Verbally.
Verbally.
You know, I mean, Nathan told me.
I would like to request that for the October meeting, we, we have confirmation.
So we don't get left out come December with no coordination.
Yep.
I will speak to Nathan about it.
And then if he has any questions, I can have him call Tom.
Okay.
So, so just, as I recall, you wanted to be a little further along this year before nailing down the terms.
Are you, are you ready to have?
Oh, no.
I had, I actually had asked for something by the end of August and I'm still, I'm still waiting.
So, yeah, I'm, I'm ready.
I'm ready.
I'm ready to commit at this point.
I think Nathan needs to draw it up.
Okay.
All right.
Good.
So if you could touch base with him and if he has any questions or concerns, have him call me and I'll deal with him.
Or have him come to the, to the, to the trustees meeting if, if he's, you know, we need to know.
Okay.
Yeah.
Well, but I, I don't want this to, you know, if he comes in just to have a conversation with us.
But, but I think it's important.
I, I totally agree.
That, that he just doesn't get ahold of you.
You, you, the chairman runs a meeting, but all three trustees are involved.
And, and, you know, I, I, I was, I was looking at my role as just lighting a fire.
Yeah, well, I see, but, but, um, I'll speak to Nathan.
Let's just tell him we'd like to get it nailed down before our next meeting.
If there's any reason he can't, we'd like him to come in.
Okay.
It's up to you what you work out for terms, as long as you're providing us the coverage.
Yeah.
Um, does that mean that you won't have a chance to tie out the year end until you get back in February?
That'll be correct.
I'm not allowed to come in at all.
So the documents will come in in January.
It'll be, usually it's the third week of January.
They come in anyways, it's later because it takes TD, TD does their thing for the month, the year end.
Um, so I won't, I won't be able to, I literally can't come in at all.
So, um, for 30 days.
All right.
So let's, let's actually do this then.
Ask Nathan if he can plan on coming in for a short visit at our October meeting.
October.
I'm hoping you can nail down your deal with him before then, but maybe we should have
a conversation with three of us and him about the transition.
Um, and, and, and correct me if I'm wrong, Judy.
Yes.
There is transfer from the, from the trust funds, which covers the cost of this position.
There is, there is a transfer of some monies, um, 15%, 15% of currently of my salary is covered
by the monies that come over from Prescott Park.
That's how it's set up currently.
I know Nathan has said, you know, to me, and again, I, I, I, I feel like I'm speaking out
of term because it's financial.
This is not etched in stone.
He had mentioned that I would be paid out of finance.
So that would be something, if you want to know more about that, you'll need to talk
to Nathan about it because I'm not sure how he's going to fund it.
I know that he said he'll be able to fund it, but I'm not sure what his plans are.
Well, you know, my, my argument to him is this position, this liaison position is basically
paid for from the trust funds.
So, so it, it's not a city expenditure.
He, there is no, he is not arguing the fact that at all about money.
Okay.
As far as I understand, it's just, I think it's time for Nathan.
He's been very busy.
We've got the audit coming in and he hasn't had a chance to draw up the document.
He told me he had a draft, but he did not have something for me to look at as of yet.
Yeah.
Okay.
And I don't think there's any argument at all about, you know, that you guys need coverage,
that the trustees need coverage.
That's not, that's not the argument at all.
From our point of view, it's a CYA.
We're not left out.
The word should not.
And I'm sure he'll understand that.
So I'll speak to Nathan and, and, and we'll go from there.
Yep.
Okay.
Okay.
So related to that, um, usually our January items include approval of the scholarships.
No, we did February this past year.
I know we did this past year, but, um, and, um, budget and the budget for Prescott Park.
Um, we, we, and we're not in a position to do any of those in December, right?
Okay.
So when we get to setting the meeting for February, it's going to be a long one.
Well, but maybe we, we ought to do it toward the end of the month just to give you time once
you get back to put it all together.
Or do you think we can continue to do it in the middle of the month?
I think your normal time period will be fine for me.
Okay.
You, your last day of work is when?
My last day of work is December 18th, but I don't think that my retirement kicks in until
the 31st.
Oh, really?
Yeah.
So I think, I think the retirement system, when I had spoken with them briefly, they had said,
well, technically it'll be the 31st and you'll have to go the 30 days, but I'll reconfirm that
with them.
But, um, yeah.
Yeah, because that makes a difference if your retirement, if your last day of work is the 18th, that would
mean you could come back in January.
I'm not sure about that.
So I'll, I'll reconfirm that.
My impression that I'd gotten from the New Hampshire retirement system would be that they look at like
the month of January, so.
Good.
Okay.
Um, so one of the things that I do, the reason I think it makes sense to still have Nathan come
in is I, I think we should have a conversation with him about what happens if you're out sick
or something.
I mean, it, uh, now that you're really sort of a standalone agent for us, we've got to figure
out the redundancy to cover things.
I'm just, I understand that.
All right.
Um, uh, trying to think of what else we've got coming up between now and the end of the
year that might be affected by this.
I can run through it again.
Those are the big ones.
Those are the big ones that you had mentioned.
Okay.
Um, but yeah, in February you schedule, schedule a meeting whenever you want to have it and I
will make sure accordingly that I'm used to doing the scholarships and so it won't take
me long.
Are we on track for the MS9s, MS10?
I'm still working, I'm still working on that.
Yeah, I'm on the same schedule I was last year.
And those will do at the end of this month, right?
Uh, and, um, usually, usually they go in the second or third week of October.
So, and I'm on schedule and they will go in.
All right.
Anything else?
No.
Okay.
Well, I would suggest that, um, for the December meeting, an item on the agenda should be set
at the, uh, meeting dates for January, February, or March.
Yeah.
We can, we can do that even in November if you want.
Yeah, November might be better for agenda item.
One way or another, we'll, we'll get that done.
Yep.
All right.
So I would just stand a motion to adjourn.
So moved.
Second.
Any discussion?
Hearing none.
All in favor indicate by saying aye.
Aye.
And the chair votes aye.
Thank you very much.