To the Editor:

Newtown’s hard working taxpayers are paying for the investing services of Westport Resources, which, despite conservative benchmarks, has had a range of returns between –2.5 percent and –6.1 percent over several years.  “Other investment firms have met similar benchmarks successfully,” “an attainable goal,” according to Town Finance Director Bob Tait. The current benchmark has even been lowered twice in recent history, states Pension Committee chair Thomas Murtha. Had Westport Financial done the same job as these other firms our town pension fund would have enjoyed a $6 million increase.

Now, the town is in the market to hire a consultant (more taxpayer dollars) to produce RFPs and identify a new manager for the fund. Why has it taken this long and millions of lost dollars to right this ship? Apparently, Mr Tait has been requesting consulting help for some time. The town’s continued patronage of a firm that is not meeting lowered, conservative benchmarks and losing millions is extremely poor judgement. The fact that Westport Resources, employer of Newtown’s former first selectman (as a municipal and business planning specialist, no less!)  can not manage the town’s pension fund while collecting its fees is yet another example of town politics/ “old boy network” that has existed for too long and at the expense of the taxpayer.

Ideally, the added expense of a consultant will yield dividends that can compensate for financial losses and, perhaps RFPs for other services (legal?) might also be implemented sooner rather than later.

Sincerely,

Robert Hennessey

21 Sleepy Hollow Road, Sandy Hook   May 27, 2015