Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Meeting 115 September 14, 2009 The Volunteer Firefighters’ Relief Fund Committee held its 115th meeting on Monday, September 14, 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 Brigid Marks, City of Norwich Personnel Manager Joseph Kochanski, Laurel Hill Donald Leary, East Great Plain Art Meizner, H&H (Guest) Members absent were: Joseph Ruffo, Comptroller Frank Davis, Citizen Appointee Richard Benoit called the meeting to order at 5:06 p.m. 2. Minutes: Meeting minutes from the May 11, 2009, were reviewed. A correction to the meeting minutes regarding “page 19”: clarification – inflation projection of 5% for the latter part of the year was added. A motion was made by Donald Leary to accept the minutes with the clarification, seconded by Karen Mankowski. Approved. 3. Reports: Treasurer’s Report – Laurel Hill has verified that all money has been deposited and is up-to-date. A motion was made by Thomas Quinley to accept the Treasurer’s Report as presented, seconded by Red McKeon. Approved. Art Meizner from Hooker & Holcombe recapped Quarterly Performance Report for the second quarter of 2009. Page 10: The economy is moving forward. Second quarter showed heavy growth with March 9 marking the beginning of the turnaround. 07/01 – 10% growth on the Fund’s portfolio. Page11: 1,040 for S&P 500, present Market is expected to be 1050 by 12/31/09. Page 12: There has been an intense rally – up 18% on the portfolio. The Market has recovered 36% as of 07/31/09 versus near 50% from earlier recoveries dating back to 1900. Page 13: Money still remains on the sidelines. Page 14: We are hearing the end of the recession. High inventories are being sold off. We need the general public to start buying. Recovery is going to be slow going for a while. Unemployment will not be reversed until mid summer at the earliest. Many companies did not go out of business. Lower rated stocks did better. The biggest movement within the Market has been with cheap stocks. Page 15: Interest rate is almost negligible. Cautious forward movement. Page 16: There has been a slow reversal of the housing market. Page 17: Federal debt review as depicted from the Gross Federal Debt as a percentage of GDP. Page 18: Lower taxes – taxes going up, threshold coming down, need to pay for inflation. Page 19: Unemployment will decrease after the recession is over. Page 20: There are no recommendations for new or modified investments for inflation hedge at this time, but this will be reviewed again in December. Page 21: Upward trends. Page 24: Russell does not have Treasury Inflationary Bonds or natural resources. Page 25: Up 13.5% from 03/31 – 06/30/09. Page 26: Up 13%. Timing of inflows and outflows worked to the Fund’s favor. Pages 27 & 28: Up 15.91% - 50% bonds / 50% stocks. Very well performing through 08/31/09. Page 29: Managers are doing better than portfolios. *Handout* up for the quarter 10.6% and up 18.54% for the YTD. Page 32: Emerging markets up 39.59%. Overview, our funds have brought in 13.11% for the second quarter. Page 33: UP Values: YTD recovery – 18.5%. GOOD NEWS! In 2 weeks up 16.22%. Hope nothing terrible happens. The Fund has recovered significantly but remains down about 2% since we started. Art Meizner recommended that $250,000 to be reallocated. Therefore, transfer $160,000 and hold $90,000. Motion made by Thomas Quinley to transfer monies as stated, seconded by Joseph Kochanski. Approved. Motion to suspend the regular agenda made by Thomas Quinley, seconded by Donald Leary. Approved. a. Donald Leary presented a member for withdrawal – Mr. Marceau with approximately 16 Years of Service. Joshua Pothier will verify service. Thomas Quinley made a motion to refund contributions pending confirmation of Service Years, seconded by Red McKeon. Approved. b. Taftville refund of contributions by Timothy Jenks has been withdrawn by Richard Benoit. c. Meeting agenda set for 2010. Meetings will be held on the second Monday of the month. Motion made by Thomas Quinley to accept meeting agenda for 2010, seconded by Donald Leary. Approved. Meetings will be held in the months of January, February, May, September, and December. Motion made to return to the regular agenda by Thomas Quinley, seconded by Joshua Pothier. Approved. 4. Old Business: None 5. New Business: a. Red McKeon brought up a concern that three members of Occum Fire Department were receiving payments despite these requests bypassing the Committee for approval and administration of payments. Those three individuals are: Carmen Coletti, Roland Lambert and John Jackubowski. A motion was made by Thomas Quinley to review and re-verify these individuals’ records, seconded by Donald Leary. Approved. Action item for Karen Mankowski and Joshua Pothier to re-verify the records and report to the Committee at the next scheduled meeting as to whether or not these individuals were properly reviewed and approved. Mr. Quinley made a motion to adjourn, seconded by Joshua. Pothier. Approved. Meeting adjourned at 1755 hrs. Respectfully Submitted, Thomas G Quinley, Secretary