Council approves bylaw changes creating Pension and Investment subcommittee after amendment

The Orchard Town Council voted May 26 to amend the pension advisory committee bylaws to add a permanent subcommittee to advise the council and town administrator on general investments of operating and reserve funds.

Council member Miss McDowell introduced the change, saying the pension committee’s investment expertise ‘‘extends beyond anything that many of us are capable of’’ and that an annual review by the committee could help identify investment vehicles that meet the town’s policy while potentially yielding higher returns. She told the council, ‘‘Knowledge is power, and we should not be afraid of gaining as much knowledge as we can.’’

Debate centered on procedure and the council’s authority to change bylaws for an advisory committee. The town solicitor counseled that the charter allows the council to establish and amend advisory committee bylaws, while opponents argued the committee itself should consider changes following its internal procedures and Robert’s Rules. Councilors then voted first on an amendment to remove the proposed town citizen-at-large seat from the proposed subcommittee; the amendment passed unanimously, 7–0.

After debate on composition and parliamentary procedure, the amended bylaw package — renaming the group the Portsmouth Pension and Investment Advisory Committee and establishing the permanent investment subcommittee composed of finance professionals and council representation as described in the ordinance text — passed on final vote 5–2 (Councilors Payero and Blank opposed).

The council directed staff to correct numeration and administrative drafting errors in the adopted text. The changes are advisory in nature and do not change who can sign contracts or otherwise alter the finance director’s statutory responsibilities.

The adopted motion and amendment are recorded in the council minutes; the solicitor will incorporate the editing changes noted during the meeting.