Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting #103, March 26, 2007 The Volunteer Firefighters’ Relief Fund Committee held its 103rd meeting on Monday, March 26, 2007, 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 Red McKeon, Occum/Past Chairman Donald Leary, East Great Plain Joshua Pothier, Assistant Comptroller Brian Curtin, City Treasurer Members absent were: Dennis Davis, City Pension Board Member Joseph Ruffo, Comptroller Robert Zarnestke, City Manager Richard Benoit called the meeting to order at 5:02 p.m. 2. Minutes: The February meeting minutes were reviewed. A motion to accept the minutes as presented was made by Thomas Dawkins, seconded by Donald Leary. Approved. 3. Reports: a. Treasurer Report: Report for month ending February 28, 2007, was reviewed. A motion to accept with a noted correction - the 5.2 % interest rate will be corrected to the currently applicable rate, was made by Thomas Quinley. In addition, the Committee asked Mr. Curtin to investigate other liquidity options for investment. Motion seconded by Donald Leary. Approved. Joshua Pothier reported that Bruce Sabourin, North Pointe Investment, had indicated to him that he was looking at an investment strategy of 25% market and 75% American Money Market Funds that would yield approximately 4.8% rate return. The North Pointe Investment Partners Procedural Operations for: Norwich Volunteers Firefighters’ Relief Fund, March 16, 2007, was reviewed by the Committee and accepted with one grammatical error correction for the use of the word comprise. Motion made by Thomas Quinley, seconded by Donald Leary. Approved. 4. Communications: None 5. Old Business: a. Thomas Quinley requested a Military Buy-Back of one year for Kenneth Leo of Yantic. The Department of Defense forms had previously been submitted to the Personnel Director and Committee members for review. Thomas Quinley made a motion to accept Mr. Leo’s request to purchase one-year Military Buy-Back time and to begin his 20-year retirement payments effective upon receipt of all required paperwork and Buy-Back money in the Comptroller’s Office. Seconded by Joseph Kochanski. Approved. b. Joseph Pothier reported that the Comptroller’s Office would be pooling Relief Fund cash accounts and creating one checking account. Additionally, the old deposit slips for Bank of America are no longer valid. c. Joseph Kochanski commented that Bruce Sabourin’s goal as stated to the Committee during earlier meetings, was to have a 7% investment return. Joe posed the question as to how North Pointe intended to reach this goal considering the 4.8% investment strategy reported above. The Committee members discussed this at some length and determined that all money would be held back from North Pointe Investment Partners until the Committee is presented with an acceptable plan. d. Based on the above discussion Thomas Quinley made a motion that 75% of existing funds would be made available to the City Treasurer, Brian Curtin/City Comptroller’s Office, Joshua Pothier, for Certificate of Deposit rotational investments; 25% will be held back for potential investment with Bruce Sabourin, North Pointe Investment Partners. Seconded by Joseph Kochanski. Approved. 6. New Business None Next regularly scheduled meeting to be held May 14, 2007. Motion made to adjourn by Thomas Quinley, seconded by Donald Leary. Meeting adjourned 1740. Respectfully Submitted, Thomas G. Quinley May 14, 2007