The Skaneateles Village Board opened its Jan. 24 meeting with a brief investment portfolio review of the village's Length of Service Award Program, which is a benefit for Skaneateles' retired volunteer firefighters.
According to Glens Falls National Bank and Trust Company Vice President and Investment Officer Christopher Rose, since its inception, the portfolio have returned 18.18 percent - "a little better than the market," he said.
Funds were invested conservatively following the 2008 credit crisis, and investors stayed away from European equities, Rose said. While small and mid cap equities did well, they have reallocated some funds out of the large cap investments.
The bank's overall objective for the LOSAP program is to see growth with income. Investments have been broken down to fall within three different ranges - 0 to 15 percent is allocated to money market investments, 30 to 50 percent invested in fixed income and 50 to 65 percent allocated to equities.
"We invested most of your portfolio at the end of 2009 at the bottom of the market," Rose said.
Investors wanted to look at companies that benefited from the downturn of the market, such as T.J. Maxx and Target Corporation.
"I think you've been doing a great job with our LOSAP program," Mayor Bob Green said.
The mayor and trustees aren't the only ones pleased with the program. Volunteer firefighter Jorge Batlle said he receives his checks in a timely manner.
"As an actual recipient, I applaud this bank," Batlle said.
Engine 11 to be repaired
Skaneateles Fire Chief Eric Sell reported there have been some issues with the pump on fire engine 11 and the cost to repair is $9,388, which is more than what is available in the department's maintenance budget.
"This is our front line pumper," Sell said, adding the seal has gone bad and after running it again recently, it appears the leakage has gotten worse.