Minutes of the VLCT Property and Casualty Intermunicipal Fund, Inc.
Boarfd of Directors Meeting
Friday, March 24, 2017
VLCT Offices, Montpelier, Vermont
Directors Present: Pat Scheidel (by phone), Mel Adams, Pete Johnson, Joshua Powers, John Lawe, Brendan Whittaker (by phone), Neal Fox, Aaron Frank (left at noon), Carl Rogers, and Jackie Higgins
Staff Present: David Sichel, Jeremiah Breer, Michael Gilbar, Joe Damiata and Maura Carroll (left 11:00 a.m.)
Others Present: Magali Welch, Kristen Sharrow and Jillian Mulcahy (Johnson Lambert). William Heberton and Ryan Draughn (NLC Mutual Insurance Company)
The meeting was called to order by Vice President Johnson at 10:00 a.m.
Upon motion (Scheidel/Fox) duly adopted, the Board voted unanimously to approve the agenda as presented.
Upon motion (Adams/Fox) duly adopted, the Board voted unanimously to approve the minutes from the February 17, 2017 meeting as presented.
Magali Welch, Kristen Sharrow and Jillian Mulcahy from Johnson Lambert presented the 2016 financial audit. They issued an unmodified opinion on the financial statements. The financial statements resulted in an increase in Net Position.
Upon motion (James/Rogers) duly adopted, the Board voted unanimously to accept the 2016 financial audit and establish a safety margin of 95%.
Joe Damiata provided an organizational update.
- Board member Walker James was in a serious auto accident.
- Bill Heberton and Ryan Draughn from NLC Mutual Insurance Company were introduced to the board.
- Adam Davis was introduced. He is the new Risk Management Services Administrative Assistant.
- The NavRisk underwriting software upgrade is going well. It is expected to go live on June 1.
- A loss prevention database software system is being adopted. This was obtained at no cost from another risk management pool. The only cost to PACIF is customizing the software to our needs.
- The selection of a cloud services vendor is progressing well. VLCT hopes to move to the cloud this summer.
- VLCT's 50th anniversary celebration will be on June 27, 2017.
- VLCT's upgraded website will be unveiled at that time.
- Board educational opportunities were reviewed.
- PACIF's actuary Milliman has been engaged to help review our loss data and consider ways to improve or member rating system.
- The North Carolina League of Municipalities, where Ken Canning went to work, was dislocated due to a serious fire in downtown Raleigh. Their office buildings were severely damaged.
John Lawe asked when we would receive a report from Best Doctors' Occupational Health Institute (BDOHI).Mr. Damiata said this report will be presented soon.
Jill Muhr updated the board on the Human Resources Program that is jointly funded by PACIF, VERB and VLCT.
Abigail Friedman reviewed services provided to PACIF by the Municipal Assistance Center during 2016.
Bill Heberton from NLC Mutual Insurance Company presented an overview of the company's operations and financial results. Ryan Draughn presented a review of the NLC Mutual data project. The project is currently in the "proof of concept" phase. PACIF is one of three NLC Mutual member pools participating in this test.
David Sichel provided a legislative report. He reviewed potential legislation relating to independent contractors and workers' compensation and unemployment insurance. He also reviewed a bill, H.197, which would provide a rebuttable presumption for workers' compensation coverage for police, fire and ambulance workers.
Under other business Pete Johnson presented comments given by Aaron Frank before he left the meeting. He was impressed by the staff transition and glad that our strategic planning had paid off. He also requested organizational charts be prepared to indicate succession planning.
Jeremiah Breer presented an actuarial opinion on the financials provided by our actuary Milliman. This is provided for informational purposes. There were no issues identified.
Upon motion (Powers/Fox) duly adopted, the Board adjourned at 12:10 p.m.
David Sichel, Assistant Secretary