To Alfred Marciano, of Charland, Marciano & Co, CPAs, LLP & Chairman of the Warwick Municipal Retirement Board...
Still have your 2014 letter where you stated:
"I would take great comfort in knowing that the City of Warwick Municipal Retirement Plan has been well managed. The facts speak for themselves. You also make mention that the City is burdened by a "Billion dollar debt problem'". Perhaps in the next leaflet that is sent to the residents of the City, you could clearly explain how you arrive at that number... May I suggest that you verify your sources before continuing to publish your misinformation. At some point you may find yourself in the uncomfortable position of having to prove the assertions that you are making."
Mr. Marciano, in case you missed that tweet last week by Ted Nesi, Moody's investors have put Warwick's massive unfunded liabilities at over ONE BILLION. The facts sure do speak for themselves, now don't they.
It looks like it is you that is in the very uncomfortable position of having to apologize to the Warwick taxpayers and to the active and retired Municipal employees for being quite "off" with your assertions.
You may also want to explain to the public why you gave out another 2.81% COLA to Municipal retirees right before your good friend Avedisian pushed everyone out of the way and jumped off the Warwick Titanic. Could you also please explain to the public why you still had that COLA increase meeting when the Chairman of our Warwick City Council Finance Committee was not able to be in attendance??
The majority of your retirement board -who just so happen to be City employees - gave themselves another COLA increase knowing full well that the City of Warwick was in major financial trouble.
You stated in your letter that : “the City, through an approved process with the board, retains actuaries and investment advisors of the highest caliber to assist with the execution of our fiduciary responsibility to the city, the taxpayers, and the members of the pension system.”
Mr. Marciano, it has been proven time and time again during public testimony at our City budget meetings where Gabriel Roeder themselves admitted during questioning that the City actuaries & investment advisors don’t even speak with each other. — You're the Chairman, did you really not know this?
Additionally, in your letter you state you are in "continued compliance with the State Open Meetings Law." This is also false. You failed to mention that your retirement board was in violation of the Open Meetings Law and it was also fined, with at least two violations for closing a meeting and preventing the taxpayers from asking questions.
The members of the Warwick Municipal Retirement Board and you as the Chairman must all be so proud of yourselves. Is that your definition (as you also stated in your letter) of being “dedicated, conscientious and professional”?
When your term as Chairman of the Warwick Municipal Retirement Board is up ( which can’t come fast enough), it would be in the best interests of the City of Warwick that Mayor Solomon has you no longer serving on it. You need to be replaced with an individual, who IS: conscientious and truthful, and who will serve the City with the utmost integrity, honesty and professionalism.
If you'd like a copy of the letter you mailed, this page would be more than happy to send one to you.
So back to that “Billion dollar debt problem”... Apparently I was ahead of my time.
Very Truly (not yours),