Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters' Relief Fund Committee Minutes Meeting # 85 The Volunteer Firefighters’ Relief Fund Committee held its eighty-fifth meeting on Monday, December 8, 2003 at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. ROLL CALL Members present were: Richard Benoit, Taftville Thomas Quinley, Yantic Joshua Pothier, Deputy Comptroller Joseph Kochanski, Laurel Hill Dennis Davis, City Pension Board Karen Mankowski, Occum Joseph Morse, Citizen Appointee Thomas Dawkins, Personnel Manager Gregory Ensling, East Great Plains Members absent were: Red McKeon, Occum/Past Chairman Joseph Ruffo, Comptroller/Treasurer Miriam Lopez, Citizen Appointee Richard Podurgiel, City Manager Richard Benoit called the meeting to order at 5:06 p.m. 2. MINUTES a) Review of last meeting minutes. Motion made to accept minutes as read by Dennis Davis. Seconded by Joseph Morse. Approved. 3. REPORTS a) Treasurer’s Report: Distributed for October 1 through November 30. Several questions were raised regarding the amount of interest posted, total receipts, and the amount reflected in the checking account versus the Fleet Money Market account. Motion made by Thomas Quinley to accept the report. Seconded by Dennis Davis with the stipulation Mr. Pothier review the account questions with Mr. Ruffo and Mr. Murray for resolution and report update/revision as necessary. Approved. 4. COMMUNICATIONS None 5. OLD BUSINESS a) The status of Mr. Dubicki’s, East Great Plains Volunteer Fire Department, requested refund is pending. At this time no refund form and verification of the years of qualified service have been submitted for review. This item remains open until resolution by East Great Plains representative or Mr. Dubicki. 6. NEW BUSINESS a) Mr. Murray conducted a review of the financial statement and current funding allocations of the Firemen’s Relief Fund. Mr. Murray further stated that the Fund has between $9,000-$10,000 disbursements each month and believes the Fund should be looking at investing $950,000. He further reviewed current interest rates from various institutions and CD terms (including 1, 2, and 3 year terms). Mr. Quinley raised a question regarding the $990,106.31 matured funds were reflected as being in the checking account versus the Fleet Money Market account which currently is indicated as paying 1.40% by the City Treasurer’s Statement. Further, Mr. Quinley commented that he did not believe the Committee had sufficient information to make an informed decision as to how the Fund monies should be invested. A motion was made by Thomas Quinley, to delay decision for Fund allocation/investment until a special meeting to explore all options is held in one week at 1700 hours on Monday. Seconded by Dennis Davis. Approved. b) Mr. Chabot has requested time buy-back. Motion made by Richard Benoit to table buy-back discussion until January meeting. Seconded by Thomas Quinley. Approved. c) A special thank you to Bill Murray for attending this meeting. 7. OTHER BUSINESS a) Special meeting on Monday December 15 to discuss investment options. b) Next regular meeting will be January 12, 2004 at 5:00 pm. 8. ADJOURNMENT Motion made by Dennis Davis and seconded by Greg Ensling. Approved, meeting adjourned at 5:28 p.m. Respectfully Submitted, Thomas G. Quinley January 12, 2004