On March 18, Boothbay Harbor Sewer District (BHSD) met with its current investment portfolio manager First National Bank’s Wealth Management division, marking the last of the district's planned talks with local banks. 

Representatives included Chief Fiduciary Officer Peter Nicholson, Senior Portfolio Officer Gary Stone, Business Development Officer Alyssa Allen and Government Banking/Senior Business Development Officer Jake Miller.

Discussions focused on protecting district funds amidst economic uncertainties caused by the Trump administration's proposed tariffs and the possible rise in unemployment due to the mass layoffs of government workers. This comes as BHSD is waiting to see if it will receive promised funds for its $8.1 million sea wall project following federal spending freezes. 

Bank representatives said the district’s conservative portfolio style (75% fixed income and 25% stocks) would help shelter the district from a downturn in the stock market. BHSD also has shares in international companies, so  its stocks are not entirely dependent on the U.S. economy.  

BHSD's portfolio has seen a 4.97% return since its February 2022 inception, compared to the 4.36% benchmark, according to a meeting handout. Last year's return was .86% more than the benchmark (8.07% versus 7.21%).

“We've taken a quarter of the risk but gotten more than a quarter of the return,” said Stone.  

In other business, BHSD is waiting on estimates for the demolition of its garage which was destroyed in the Feb. 10 fire. The district will also have to remove the slab under the building as its in-ground heating system was damaged.