ENWRIGHT WAS DEAD WRONG
Nashua's Treasurer’s deception and omissions regarding Nashua's trust fund money were on full display at a Special Board of Aldermen (BOA) held last week.
Dawn Enwright has 22 years of prior experience working as Nashua’s trust accountant from 2008 to 2012 and she has now returned as the City’s Treasurer and Tax Collector.
The BOA held a special 40-minute presentation titled "Trustees of Trust Funds." The City provided no documents prior to the board meeting. Ms. Enwright delivered a PowerPoint presentation to the board that lacked substantive detail regarding compliance with state laws and the current status of Nashua's trust funds.
Ms. Enwright has taken the initiative to attend both the DPW Pension Funds Trustee meetings and the Library Board of Trustees meetings where she has provided insight into the requirement for the city trust funds and the legal framework governing the City Trustee Boards.
Meeting minutes from the DPW Trustee Pension Board reveal that Ms. Enwright reached out to the mayor in July 2024, obtaining his approval to seize control of the pension fund and other independent trust funds, with plans to manage them through a five-member city board. However, neither Ms. Enwright nor the Mayor reached out to the BOA to inform them of this decision and state law compliance issues.
State laws permit pension funds, library funds, and cemetery funds to be controlled, invested, and managed by separate boards of trustees, which is how Nashua currently operates. The city is responsible for managing and investing all other trust funds, including expendable trust funds, capital reserve funds, and private funds through a City appointed Board of Trustees for City Trust Funds. However, Nashua has failed to adhere to these legal standards and has not established this Board.
These independent trust funds have consistently been well-managed by boards dedicated to optimizing their returns—a practice that should not be undermined without thorough consideration and transparency. However, the BOA members neglected to ask crucial questions regarding the rationale behind the city’s desire to control the pension, library, and cemetery funds.
The First Deception
Alderman Jette asked Ms. Enwright directly about the City’s compliance with State laws: "Have we not been in compliance with all of that, and will this put us in compliance?"
Ms. Enwright replied, "We're structured a little bit different but the oversight was there and the DOJ felt sufficient that we had our checks and balances so every year they approved our MS-9 and MS-10's."
However, Ms. Enwright's answer to Alderman Jette’s question should have been a definitive NO; the city has not been in compliance with state laws, RSA 34. This raises serious questions about transparency and accountability.
Ms. Enwright also neglected to inform both the BOA and the public that she had already communicated with the Department of Public Works Pension Trustees Board, the Library Board of Trustees, and individuals of the Cemetery Trust Funds of the need to bring their trusts under the control of an appointed Board of Trustees of City’s Trust Funds. This lack of communication is troubling, particularly given the public’s interest in Nashua's Trust Funds which represents over $75 million dollars.
June 24, 2024 - Meeting Minutes Board of Trustees Division of Public Works Retirement SystemTrustee Enwright quoted the Charter which states that the “City of Nashua is to have a Trustee of Trust Funds which is also RSA driven to say that all funds are to be held by the Trustee of Trust Funds for investment purposes. It would comprise of the Mayor, CFO, President of the BOA and two appointees that live in Nashua with a preference of financial background to make up a total of five members.”
It is unacceptable that Ms. Enwright chose to conceal from the BOA and public, during a televised session of the BOA, the fact that the City must have an RSA-driven Board of Trustees of City Trust Funds but does not. Transparency is crucial in these matters, and such significant information should not be hidden from the public eye, especially when it relates to the management of $75M in public funds. Essential for public trust, the Public deserves to know the full and clear picture regarding these developments, especially when the Public is seeking records.
The Second Deception
It is crucial to question the State's approval given evidence suggesting the City may have submitted falsified documents. Ms. Enwright’s claim that the DRA approved the financial filings does not dismiss potential misconduct. The presence of fraudulent forms, including an electronic signature from a nonexistent Board of Trustees, raises serious concerns. Notably, on the 2023 MS-9 state form filed in October 2024, Ms. Enwright signed as the Trust Accountant, attesting to data on behalf of a Board that did not exist. Therefore, dismissing the possibility of wrongdoing simply because the State hasn't flagged issues is unwise. Thorough scrutiny is essential in these matters.
The Unlawful Responses to RTK Request
Citizens have been seeking records about City funds since August 2024, with specific requests for information on investment securities and the Capital Reserve Fund for the Arts Center. The continued withholding of Trust Fund records undermines public trust and violates the law. The Board of Aldermen's willingness to overlook this issue and the legal office's advice to persist in unlawful responses fosters an environment ripe for legal conflict. Elected officials must take immediate action to restore integrity and trust in our governance.