Volunteer Firefighter Relief Fund Committee

To: Members of the Volunteer Firefighter Relief Fund Committee From: Richard Benoit, Chairman of the Volunteer Firefighters’ Relief Fund Subject: Regular Meeting #138 Meeting Date: Monday, May 15, 2017 Meeting Time: 5:00 p.m. Meeting Location: Room 209, City Hall Agenda Items: 1. Call to order 2. Roll call 3. Determination of quorum 4. Reports a. Review of March 31, 2017 investment results by Art Meizner from Hooker & Holcombe Investment Advisors (to be distributed) i. Consideration of assumed rate of return and investment allocations b. Treasurer’s report for the quarters ended December 31, 2016 and March 31, 2017 (attached) 5. Approval of minutes of preceding meeting a. Review of minutes from the Regular Meeting on November 21, 2016 (available on the website) 6. Communications 7. Unfinished business 8. New business a. Consideration of recommendations by Art Meizner for changes in investment portfolio, if any. b. Approval of bills i. Projected revenues, expenditures, and transfers for FY2017-18 (attached) c. New members i. Laurel Hill: Sarah Robert – paperwork received ii. Yantic: Christopher Colonair, Kaitlin O’Connell – paperwork received iii. Comment: importance of getting rosters and payments by 3rd week of January 2018 d. New applications for benefits i. Occum: Robert Riley – July 2017. 35 Years of Service. $770 monthly payment. Paperwork received. e. Refunds i. East Great Plain: James E. Fear, Sr. – 8 years of credited service (2009 – 2016). Refund of $1,836 contributions plus $192.43 interest paid on February 22, 2017. 9. Adjournment Please notify Richard Benoit (860) 886-1774 or Brigid Marks (860) 823-3786 if you are unable to attend the meeting. City of Norwich Volunteer Firefighters' Relief Fund Treasurer's Report For The Quarter Ended 12/31/2016 X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2017\G. Investments\[G-3 2017 VFFRF cash & investments.xlsx]2Q Hooker & Checking Holcombe Total Beginning Balance 271,402.26 2,343,687.45 2,615,089.71 Receipts: Annual City Appropriation - - - East Great Plain - - - Laurel Hill - - - Occum - - - Taftville - - - Yantic - - - Interest Income 212.06 - 212.06 Realized Gains/(Losses) - 6,278.22 6,278.22 Unrealized Gains/(Losses) - (50,621.91) (50,621.91) Dividends - 63,359.04 63,359.04 - Total Receipts 212.06 19,015.35 19,227.41 Transfers Between Accounts (12,000.00) 12,000.00 - Disbursements: Refunds - - - Pensions Paid 87,045.00 - 87,045.00 Actuary Fees 2,000.00 - 2,000.00 Postage/ Other - - - Investment Fees - 5,358.24 5,358.24 Total Disbursements 89,045.00 5,358.24 94,403.24 Ending Balance 170,569.32 2,369,344.56 2,539,913.88 Note: October pension run included retro payment to Paul Labrecque Actuary fees were for GASB 67/68 reporting City of Norwich Volunteer Firefighters' Relief Fund Treasurer's Report For The Quarter Ended 3/31/2017 X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2017\G. Investments\[G-3 2017 VFFRF cash & investments.xlsx]3Q Hooker & Checking Holcombe Total Beginning Balance 170,569.32 2,369,344.56 2,539,913.88 Receipts: Annual City Appropriation - - - East Great Plain 4,488.00 - 4,488.00 Laurel Hill 528.00 - 528.00 Occum 1,320.00 - 1,320.00 Taftville 1,584.00 - 1,584.00 Yantic 5,808.00 - 5,808.00 Interest Income 149.23 - 149.23 Realized Gains/(Losses) - 2,323.77 2,323.77 Unrealized Gains/(Losses) - 87,065.48 87,065.48 Dividends - 8,523.57 8,523.57 - Total Receipts 13,877.23 97,912.82 111,790.05 Transfers Between Accounts (12,000.00) 12,000.00 - Disbursements: Refunds 2,028.43 - 2,028.43 Pensions Paid 76,902.00 - 76,902.00 Actuary Fees - - - Postage/ Other - - - Investment Fees - 2,705.01 2,705.01 Total Disbursements 78,930.43 2,705.01 81,635.44 Ending Balance 93,516.12 2,476,552.37 2,570,068.49 Note: Refund was for EGP volunteer James Fear City of Norwich Volunteer Firefighters' Relief Fund Projected Revenues, Expenditures, and Transfers Fiscal Year 2017-18 July August September October November December January February March April May June TOTAL Beginning balance 2,105 336,448 310,108 283,757 244,895 213,266 186,875 160,853 130,420 102,974 56,517 29,041 2,105 City Contribution 373,322 373,322 Volunteers' contributions 14,000 14,000 Interest Income 1 140 129 118 102 89 78 67 54 43 24 12 857 Pension payments (26,480) (26,480) (26,480) (26,480) (26,480) (26,480) (27,500) (27,500) (27,500) (27,500) (27,500) (27,500) (323,881) GASB 67/68 Actuarial Report (2,250) (2,250) Biennial Actuarial Valuation (6,500) (6,500) Refunds (3,000) (3,000) (6,000) Advertising/MuniCode Costs for Ordinance Change - Postage/tax forms (100) (100) Transfers to investment account (12,500) (12,500) (12,500) (12,500) (50,000) - Ending Balance 336,448 310,108 283,757 244,895 213,266 186,875 160,853 130,420 102,974 56,517 29,041 1,553 1,553 Notes and Assumptions: Actuarial valuation in 2017-18 and the GASB 67-68 report for the annual audit. Refunds have been averaging about $6,000 per year. Assumed interest rate 0.50%