Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting May 15, 2006 The Volunteer Firefighters’ Relief Fund Committee held a special meeting on Monday, May 15, 2006 at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call Members present were: Richard Benoit, Taftville Thomas Quinley, Yantic Thomas Dawkins, Personnel Manager Joseph Kochanski, Laurel Hill Karen Mankowski, Occum Joshua Pothier, Deputy Comptroller Red McKeon, Occum/Past Chairman Donald Leary, East Great Plain John Crooks, guest Members absent were: Robert Zarnestke, City Manager Dennis Davis, City Pension Board Member Joseph Ruffo, Comptroller/Treasurer Richard Benoit called the meeting to order at 5:05 p.m. 1. Minutes a. Review of last meeting minutes (meeting #99): 1. It was noted that Mr. Leary was absent; however, he was in attendance, arriving late to the meeting. 2. It was also noted that Mr. Ruffo had been absent from the meeting, though noted he had been in attendance. Corrections made to Meeting Minutes #99. 3. A motion made by Donald Leary to accept review of minutes with corrections noted, seconded by Karen Mankowski. Approved. 2. Reports: None 3. Communications: None 4. Old Business a. A review and summary of the Volunteer Firefighters’ Relief Fund Ordinance, including the 2006 updates that have yet to be accepted and incorporated into the Ordinance, was performed.  1. All attendees agreed that the Relief Fund Revision was ready for submission to the City Council for approval and adoption. 2. Motion was made to forward the document to the City Council by Thomas Quinley, seconded by Joseph Kochanski. Approved. 3. Councilman Crooks has agreed to sponsor the Relief Fund Revision and bring it forward to Mayor Lathrop and other Council Members. b. The Committee continued with discussions regarding investment policy options for the Relief Fund monies going forward. 1. Mr. Crooks has agreed to work with the Committee with regard to formally establishing an Investment Policy Statement and moving the Committee in a direction to potentiate higher positive returns on the Fund’s investments. 2. Mr. Crooks stated that investment policy is “as much an art as it is a science.” He presented the Committee members with an investment policy statement questionnaire from Raymond James Consulting Services, which Committee members individually completed. i. Mr. Crooks reviewed and explained each question prior to Members confidentially providing their responses. ii. Mr. Crooks collected the questionnaires for evaluation and compilation of data and will return the results to the Committee at a future date (approximately 1-2 weeks) for review. iii. Data is to be used in producing a working investment policy statement for Relief Fund monies. c. Based on the outlined time-line by Mr. Crooks, a follow-up meeting is to be scheduled for June 5, 2006 at 1700 hrs. Motion for follow-up meeting made by Thomas Quinley, seconded by Donald Leary. Approved. d. The Committee suggested that Chairman Benoit meet with Mayor Lathrop to review the Relief Fund Revisions being proposed by the Committee prior to the Council’s public meetings. The Committee felt this would allow for more effective communication relating to resolution of questions and concerns prior to an open Council. Chairman Benoit agreed to schedule a meeting with the Mayor within the week. Motion made to adjourn by Thomas Quinley, seconded by Joseph Kochanski. Approved. Meeting adjourned at 1750 hrs. Respectfully Submitted via email to Richard Benoit. Thomas G. Quinley June 5, 2006