Hartford Police Union Endorses Cloud For Treasurer
By Jenna Carlesso
August 26, 2011
The Hartford Police Union will put its support behind Adam Cloud for city treasurer in the upcoming election. Cloud currently serves in the role and is running for his own term. He replaced former city Treasurer Kathleen Palm Devine, who retired Feb. 1.
See the union's press release below:
The Hartford Police Union
Endorse Adam Cloud for City Treasurer
The Hartford Police Union is pleased to announce the endorsement of Adam Cloud for Treasurer of the City of Hartford.
When asked why he wanted to serve as Treasurer he gave us two reasons along with his initiatives and goals:
"I wanted to serve as the Treasurer of the City of Hartford for two reasons. First, as a member of this community my entire life and as a father to my own three children that my wife and I are raising here, this of?ce represents a unique opportunity to contribute to where I came from - especially during these difficult times. Second, I wanted to serve because I believe the of?ce requires a leader who not only has local roots, but who also brings value-added skills to bear, honed through decades of experience in Municipal Finance, Cash Management and the investment of Pension Assets."
-Adam Cloud, 2011
Adam's KEY STRATEGIC INITIATIVES
• Increase the value of the pension fund assets
• Decrease the required contribution from the City
• Create Transparency
• Generate Revenue
• Manage the Parks Trust Funds
• To be the custodian of all City funds
• To protect the bond rating of the City of Hartford
• To guard and prudently invest the pension assets of the City of Hartford
• Promote ?scal restraint and be a resource to the Council on matters of ?scal concern to the City
To date Adam has the MERF funded at 88.6% and is nearing $1billion dollars. The fund is valued at $969m up from $958 since February 2011 and generated $112m worth of investment income in the last year.
Adam's vision by moving to an automated bi-weekly contribution system for the employer contributions should result in the ability to invest money longer and produce more returns thereby lowering the contribution amount.
By redesigning the Treasurer's webpage Adam has been able to provide MERF results, asset managers information, asset allocations, actuarial valuations and investment policy statements.
It is because of these reasons, initiatives, goals, his education, management experience and proven track record of being a watch dog by protecting and growing the City's pension fund is why the Hartford Police Union endorses Adam Cloud for Treasurer of the City of Hartford.