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MINUTES OF THE VLCT PROPERTY AND CASUALTY INTERMUNICIPAL FUND, INC. BOARD OF DIRECTORS MEETING
VLCT OFFICES, MONTPELIER, VERMONT AND
VIA ZOOM
FRIDAY, DECEMBER 17, 2021

Directors Present: Carl Rogers, Jackie Higgins, Aaron Frank, Dave Atherton, Stuart Hurd, Jared Cadwell, Erik Wells, Bryan Young, Bruce Urie and Rob Gaiotti

Staff Present: Ted Brady, Joe Damiata, Fred Satink, Seth Abbene, Phil Woodward, Peggy Gates, Jill George, Abby Friedman, Trisha Clark, Gloria Neddo, Tonia Emmons and Kelley Avery

President Rogers called the meeting to order at 10:01 a.m.

Upon motion (Higgins/Frank) duly adopted, the board voted unanimously to approve the agenda.

Upon motion (Hurd/Higgins) duly adopted, the board voted unanimously to approve the minutes of the October 13, 2021 meeting.

Joe Damiata provided a brief organizational update to the board including the following items:

  • Ted Brady and the Leadership Team have been working on a VLCT Strategic Plan which Mr. Brady presented to the VLCT Board yesterday.
  • Staff is discussing options with the City Center landlord for reducing VLCT’s office footprint to save money. 
  • There are two national governance conferences next year in March and May – AGRiP and NLC-RISC - which board members may find of interest.  Mr. Damiata asked board members to let him know as soon as possible if they wish to attend.
  • Staff is following a new bill recently proposed to eliminate qualified immunity.  Any updates to this bill or other relevant legislation will be provided at the next meeting.

Ted Brady noted qualified immunity will be discussed at the next VLCT Board meeting, and PACIF members are welcome to attend.

President Rogers noted from the personnel report provided in the packet that Jeremiah Breer is no longer with VLCT.  He asked that it be reflected in the minutes that the board wishes Mr. Breer every success and appreciated his service to VLCT and to the board.  This was echoed by other board members.

Seth Abbene provided a review of the unaudited financials through the third quarter.  Net position has increased by 1.6% over year-end.  Revenues are down from this time last year, largely due to decreased workers’ compensation contributions from reduced rates.  General and administrative expenses are up 3.3% from prior year due to in-house counsel costs; however, these expenses are also 7.9% under budget due to timing of services.

Upon motion (Cadwell/Higgins) duly adopted, the board voted unanimously to accept the third quarter financial report as presented.

Jill George reviewed PACIF claims for the third quarter. Workers’ compensation claim count was average for Q3 and total incurred was above average due to four large claims. Property and casualty claim count and total incurred were up slightly for the quarter. 

Upon motion (Cadwell/Higgins) duly adopted, the board voted unanimously to accept the Q3 Claims Report as presented.

Fred Satink provided a brief update regarding the 2022 PACIF renewal.  PACIF retained all existing members for the 2022 renewal, and the reinsurer for cyber coverage renewed at the lowest amount quoted after reviewing our claims through December 1st. Although there is one quote pending for potential new membership next year, there are no new members for January 1st.

Peggy Gates, Workers’ Compensation Claims Manager, provided an overview to the Board on the workers’ compensation claims area processes, procedures, responsibilities, and associated vendor relationships.  Ms. Gates asked other claims staff present to introduce themselves to the board and noted other claims staff that were unable to attend today. Ms. Gates reviewed recent updates impacting workers’ compensation coverage, some 2021 statistical data and also answered questions from the board.  The directors thanked Ms. Gates for her educational presentation, and for her service to VLCT and PACIF.

Joe Damiata reviewed the 2022 Administrative Services Contract Addendum.  Mr. Damiata noted an updated version of the addendum was emailed last night which was revised with budget changes approved at yesterday’s VLCT Board meeting. The revised addendum included an additional 1.25% toward staff salaries for 2022.

Upon motion (Cadwell/Young), duly adopted, the board voted unanimously to approve the PACIF 2022 VLCT Administrative Services Agreement Addendum as presented and authorized the Board President to sign.

Abby Friedman reviewed the Municipal Assistance Center’s (MAC’s) Memorandum of Understanding and Service Proposal for 2022.  There were several enhancements in 2021 necessitated by the pandemic which MAC intends to carry over into 2022.  The outreach ability has grown substantially by using ZOOM for member webinars and educational services.  Additionally, these sessions can be recorded, shared, and posted which has proven extremely beneficial to members.  MAC intends to continue using this platform for 2022 along with providing its usual legal guidance.  A new financial specialist has also been added to MAC staff for 2022 to provide critical support, education and guidance with respect to municipal finances, budgeting and accounting for members.  The board commended Ms. Friedman for MAC’s services and support to members.

Upon motion (Hurd/Cadwell), duly adopted, the board voted unanimously to approve the 2022 MAC Service Proposal and Memorandum of Understanding as presented and authorized the Board President to sign.

Joe Damiata reviewed the VLCT/PACIF Memorandum of Agreement (MOA) for Equity work and a Tech Assessment which was provided in the board packet.  This was discussed at the Board’s September meeting when the board approved providing $100,000 to VLCT members for equity training and $150,000 to VLCT for a technology assessment.  This MOA formalizes the allocation of these costs.

Upon motion (Hurd/Frank), duly adopted, the board voted unanimously to approve the VLCT/PACIF MOA for Equity and Tech Assessment as presented and authorized the board President to sign.

Mr. Damiata briefly reviewed the 2022 Proposed PACIF Budget.  Mr. Damiata provided an updated copy of this budget to the board yesterday when the VLCT Board passed its revised budget which included the additional 1.25% increase to staff salaries. A draft budget was reviewed at the board’s last meeting, and there are no changes to the budget figures with the exception of the general and administrative cost increase reflected as a result of the VLCT Board’s decision from yesterday’s meeting.

Upon motion (Frank/Higgins), duly adopted, the board voted unanimously to approve the Proposed 2022 PACIF Budget as presented.

The board reviewed the 2022 Proposed Meeting Schedule, which contained the PACIF Board meeting dates, along with the Joint Investment Committee and Budget Advisory Committee meeting dates. Other committee meeting dates are to be determined and staff will contact committee members with those dates if meetings are needed.  There were no oppositions to the proposed meeting dates presented.

Upon motion (Hurd/Higgins), duly adopted, the board voted unanimously to approve the 2022 Proposed Meeting Schedule as presented.

Under board governance, Alternate Director positions must be appointed annually. Additionally, there is a vacant alternate position which needs to be filled, and the board also needs to elect its officers for 2022. 

Upon motion (Hurd/Cadwell), duly adopted, the board voted unanimously to re-appoint Rob Gaiotti as Board Alternate.

The board discussed the various nominees for the additional alternate decision but decided that Judy Frazier from the City of Rutland had excellent qualifications for the position.

Upon motion (Urie/Cadwell), duly adopted, the board voted unanimously to close the nominations for PACIF board membership.

Upon motion (Frank/Cadwell), duly adopted, the board voted unanimously to appoint Judy Frazier from the City of Rutland as Board Alternate.

The board discussed the slate of officers and decided to move the slate as is for 2022.

Upon motion (Young/Cadwell), duly adopted, the board voted unanimously to re-appoint board officers as slated for 2022 as follows: 

  • President, Carl Rogers 
  • Vice President, Jackie Higgins
  • Secretary/Treasurer, Aaron Frank 
  • Executive Secretary, Ted Brady
  • Assistant Secretary, Fred Satink
  • Assistant Treasurer, Joe Damiata

President Rogers noted he wants to keep the current committee participants as is for 2022, but there is a vacancy left on three committees due to Jerry Storey’s resignation.  President Rogers appointed Bryan Young to the Joint Investment Committee, Judy Frazier to the Strategic Planning Committee and Jared Cadwell to the VLCT Budget Advisory Committee to fill these vacancies.  In addition, President Rogers appointed Aaron Frank as lead for the Joint Investment Committee to report back to the board.

Upon motion (Hurd/Urie), duly adopted, the board approved the 2022 committee appointments as presented by the Board President.

The meeting was adjourned at 11:45 a.m.

Respectfully submitted,    

Fred Satink, 
Assistant Secretary
 

Publication Date: 
Tuesday, December 21, 2021
Board or Committee: 
PACIF Board of Directors
Board/Committee Meeting Date: 
Friday, December 17, 2021

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