Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 113 February 9, 2009 The Volunteer Firefighters’ Relief Fund Committee held its 113th meeting on Monday, February 9, 2009, at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call Members present were: Richard Benoit, Taftville Karen Mankowski, Occum Joshua Pothier, Assistant Comptroller Thomas Quinley, Yantic Red McKeon, Occum/Past Chairman Donald Leary, East Great Plain Brian Curtin, City Treasurer Thomas Dawkins, Personnel Manager Frank Davis, Citizen Appointee Art Meizner, H&H (Guest) Members absent were: Joseph Ruffo, Comptroller Joseph Kochanski, Laurel Hill Richard Benoit called the meeting to order at 5:03 p.m. 2. Minutes: Meeting minutes from meeting 112 held on January 12, 2009, were reviewed. Red McKeon made a motion to accept the minutes as presented, seconded by Donald Leary. Approved. Thomas Quinley made a motion to suspend the meeting in order for Mr. Meizner to present the Year-End Summary Report. Seconded by Donald Leary. Approved. Art Meizner from Hooker & Holcombe reviewed the Plan’s 2008 Year-End Report: 2008 was a terrible year for the Financial Markets and the Relief Fund. Financial recovery will likely begin to occur in the 3rd / 4th quarter of 2009 and possibly continue into 2010. ¾ Treasury Bonds are about as low as they can go. ¾ Corporate bonds may be poised to reverse. ¾ Equity Funds may show positive gain by the end of the year. Page 3: The Stock Market last year is down 37%; down 22% in the 4th quarter. Since January 3, 2009, it is down 40.6%. Page 4: Treasury yield is 3.6%, and equities are at 5.8%. Page 6: Remember that expansions and recessions do not last forever. Page 7: Housing bubble – in uncertain times people are not buying homes.  Page 8: Employment – unemployment is at ~6.7% as of December 8, 2008. Inventories are still high. Page 9: Consumer Price Index Page 10: 10 yields - most recent 0.25%. Page 11: Corporate Bond Funds may reverse. Page 16: The Fund is down 12.1% for the quarter. Since 02/28/08, the Fund is down 21.67% - from $1,224,519.77 to $1,095,716.16 on 12/31/2008. Page 18: Fourth quarter 2008 – Page 20: Russell Preferred Funds: Page 21: Small Cap Funds: Page 23: Intermediate Term Funds – these funds have a lot of opportunity going forward. Page 24: World Bonds: Page 25: World Stock – rough quarter and rough year for 2008. Page 26: Short Term Bonds are down 1.95%. Mr. Meizner believes that the portfolio is poised well and has no recommendations for change at this time. He may possibly recommend for next quarter, to move a small amount of international investment into US Funds. The Fund will need to transfer approximately $90,000 for payroll between now and June 2009 per Mr. Pothier and Mr. Curtin. 3. Reports: Treasurer Report: Checking deficit of $7,439.82. Move money for re-balancing, approximately $90,000. 4. Communications: None 5. Old Business: a. Injured Firefighters Policy: Joshua Pothier states that Attorney Driscoll has no legal issues. Mr. Benoit will get together with Atty. Driscoll. Policy tabled for a special meeting in the near future. b. Election of Officers 2009: A motion was made by Red McKeon to have the same slate of officers in 2009 as the Committee had in 2008. Seconded by Donald Leary. Approved. Officers will remain the same. Slate of Officers is as follows: Chair: Richard Benoit Co-Chair: Thomas Dawkins Secretary: Thomas Quinley Treasurer: Joseph Ruffo/Joshua Pothier 6. New Business: a. Taftville presented applications for two new members – Brian Tuttle and Dwayne Jahns. Motion made by Thomas Quinley to accept the new members applications, seconded by Donald Leary. Approved.  b. Yantic presented applications for two new members – Brian Lamothe and Shawn Capiga. Donald Leary made a motion to accept the new members applications, seconded by Thomas Dawkins. Approved. c. East Great Plain (EGP) presented applications for two new members – Richard Boulanger and Charles Newman. Motion made by Thomas Quinley to accept the new members applications, seconded by Thomas Dawkins. Approved. d. Occum presented applications for three new members – Jessica Strout, Jolette Riley and Jeff Desrosier. Motion made by Thomas Quinley to accept the new members applications, seconded by Frank Davis. Approved. e. All 2008 money has been deposited to the Relief Fund account except for Laurel Hill. Mr. Benoit will check with Mr. Martin as to the status of their deposit. f. Joshua Pothier reminded all department representatives that the tax abatement summary sheets are due to the assessors office by March 1, 2009. g. All past meeting minutes from December 2001 to current have been provided to Mr. Pothier by the Secretary, Mr. Quinley, for inclusion onto the City of Norwich web site. h. EGP presented Application for Benefits for Larry Mackie, who has 31 years of credited service. Motion made by Thomas Quinley to accept Mr. Mackie’s application, seconded by Frank Davis. Approved. i. Yantic presented Application for Benefits for Warren Chmielecki, who has 25 years of credited service. Donald Leary made a motion to accept Mr. Chmielecki’s application, seconded by Frank Davis. Approved. Mr. Quinley made a motion to adjourn, seconded by Mr. Davis. Approved. Meeting adjourned at 1810 hrs. The next meeting is scheduled for May 11, 2009. Respectfully Submitted, Thomas G Quinley, Secretary May 11, 2009