Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting, September 24, 2007 The Volunteer Firefighters’ Relief Fund Committee held a special meeting on Monday, September 24, 2007, at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call Members present were: Thomas Quinley, Yantic Thomas Dawkins, Personnel Manager Joseph Kochanski, Laurel Hill Red McKeon, Occum/Past Chairman Donald Leary, East Great Plain Joshua Pothier, Assistant Comptroller Brian Curtin, City Treasurer Frank Davis, Citizen Appointee John Crooks, City Council, guest Stuart Haskowitz, Hooker & Holcombe, guest Arthur J. Meizner, Hooker & Holcombe, guest Members absent were: Joseph Ruffo, Comptroller Richard Benoit, Taftville Karen Mankowski, Occum Thomas Dawkins called the meeting to order at 5:08 p.m. 2. Minutes: Deferred until the next meeting 3. Reports: Treasurer Report: August Treasurer’s Report was presented to the Committee. Mr. Curtin confirmed that approximately $370,000 had been moved from the CD accounts to the State of Connecticut Short Term Investment Fund, which is currently paying 5.2- 5.4%. Mr. Curtin also commented that this account has daily liquidity, is compound daily and paid monthly. Motion made by Thomas Quinley to accept the Treasurer’s Report, seconded by Donald Leary. Approved. 4. Communications: None 5. Old Business: None 6. New Business a. The purpose of this meeting is to review an investment proposal submitted by Hooker & Holcombe.  Art Meizner introduced himself to the Committee and stated that he was a former Frank Russell employee. He has been doing investment counseling with Hooker & Holcombe for approximately 9-10 years. Mr. Meizner and Stuart Haskowitz conducted a very thorough investment proposal review, focusing on wide spread diversification with minimal risk. They stated that Hooker & Holcombe was very much interested in working with the Committee to achieve its goals and target earnings of between 7-8% with the least amount of risk. They further stated that in their conservative estimation, it would cost the plan approximately $7,100 in annual fees to administer a portfolio of the type outlined in the investment proposal. Hooker & Holcombe further stated that they would not raise rates for three (3) years and that they would agree to a 30 day contract notice to terminate by either side at any time. The Committee members thanked Hooker & Holcombe for their very detailed investment proposal and stated that they would like to take some time to review those details before making any decisions. Hooker & Holcombe exited the meeting room at 1800 hours. Refer to investment proposal for the Volunteer Firefighters’ Relief Fund prepared by Hooker & Holcombe Investment Advisors, Inc. b. Thomas Quinley questioned Mr. Curtin and Mr. Pothier about the annual deposit from the City Tax Assessments and why the City had applied only 1/12 the monies to the Fund. He further stated that he believed this to be in error and that the total amount recommended by Hooker & Holcombe to fund the annual plan should be made in one lump sum deposit. Mr. Curtin concurred with that assessment and indicated that this was an error and the funding details would be corrected and revised in the next Treasurer’s Report to clarify any misunderstandings. c. A motion made by Thomas Quinley, seconded by Donald Leary to hold a special meeting in one week on October 1, 2007 to further discuss the investment proposal by Hooker & Holcombe. Approved. Motion made to adjourn by Thomas Quinley and seconded by Frank Davis. Approved. Meeting adjourned at 1830. Respectfully Submitted, Thomas G. Quinley October 1, 2007