Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 114 May 11, 2009 The Volunteer Firefighters’ Relief Fund Committee held its 114th meeting on Monday, May 11, 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 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 Donald Leary, East Great Plain Richard Benoit called the meeting to order at 5:02 p.m. Thomas Quinley made a motion to suspend the regular meeting schedule in order for Mr. Meizner to present the Asset Allocation and Performance Report as of March 31.2009. Seconded by Joshua Pothier. Approved. Art Meizner from Hooker & Holcombe recapped the 2008 Year-End Report that was covered in the February meeting. Page 2: First quarter, Jan.-Feb., was the worst market performance since 1940. The world changed on March 9, 2009. Bonds were flat for the quarter. Real estate fell 30%, although at the end of the quarter it rose significantly. Analysts believe that they can almost see the light at the end of the tunnel. Page 3: Still negative, but slowing down. Value column is big banks – Ford, GM, etc. Page 4: Volatile Bond Market – 32% move in one quarter (i.e. high yield 2008-1st quarter 2009) Page 5: Asset Class, Real Estate down 60% in two quarters. Page 7: Stock markets usually correct prior to recession end.  Page 8: Early March 09 – Treasuries were so low, folks jumped on the Stock Market. ƒ March showed the lowest credit card usage in years. People were saving money. ƒ Liquidity dried up, corporations did not have money to borrow or operate with. We appear to have more of the Recession behind us than in front of us. Page 9: How to invest to maximize performance prior to Recession ending. Page 11: Market returns – down 1.97%. It really demonstrates the stock market’s first positive performance. Page 14: Portfolio - $1,035,327.43 Page 16: Quarter performance – down 5.56%. Since this Asset Allocation’s inception on 02/29/08, the Fund has decreased 24.25%. Page 19: Review of both charts. As of 05/04/09, most funds were positive. The funds are performing as expected and continue to protect the portfolio, having performed better than most other funds. Mr. Meizner stated he had no adjustment recommendations at this time. In the near future, the Relief Fund Committee will have to look at inflation protection, which is expected to be approximately 5% by the end of 2009. Thomas Quinley made a motion to return to the regular meeting agenda, seconded by Thomas Dawkins. Approved. 2. Minutes: Meeting minutes from the February 9, 2009, were reviewed. A motion was made by Joshua Pothier to accept the minutes as read, seconded by Karen Mankowski. Approved. 3. Reports: Treasurer’s Report - The $90,000 transfer of funds is in process currently. The City of Norwich General Fund is covering until the transfer is complete. Laurel Hill Fire Company’s deposit was $180 short. Joshua Pothier and Brian Curtin will verify the deposit error has been corrected. A motion was made by Thomas Quinley to accept the Treasurer’s Report as presented, seconded by Thomas Dawkins. Approved. 4. Old Business: None 5. New Business: a. Red McKeon requested that the Committee review an informal claim for additional benefits. He provided the Committee a document package for informational purposes. 1. Richard Benoit took an action item to meet with Attorney Driscoll to review the details of the request.  b. Richard Benoit to follow-up with Attorney Driscoll regarding the Injured Firefighter Policy. c. Thank You Mr. Dawkins!! The Committee wished to extend its thank and good wishes to Thomas Dawkins, who as of May 29, 2009, will be retiring from the City of Norwich. Brigid Marks (bmarks@cityofnorwich.org) will be acting interim City of Norwich Personnel Manager Relief Fund Committee Representative. Mr. Quinley made a motion to adjourn, seconded by Mr. Pothier. Approved. Meeting adjourned at 1758 hrs. Respectfully Submitted, Thomas G Quinley, Secretary