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Council debates whether pension advisory committee should advise on town investments; members split on bylaws change
Summary
Councilors debated giving the pension advisory committee authority to advise on pooled investments, with proponents arguing for higher returns and opponents warning about delegating council authority and the need for advertised bylaw changes.
Portsmouth councilors spent an extended portion of the May 11 meeting debating whether the pension advisory committee should be authorized to advise on town pooled investments or whether the council should instead form a one‑time review or ad hoc subcommittee.
Finance staff reported the town pools cash across general, special‑revenue and enterprise funds; the pooled account has returned interest income (cited in the backup as $362,000 for a stated period). Councilors pressed for options…
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