1988.12.06_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
RETIREMENT BOARD
REGULAR MEETING
Tuesday, December 6, 1988 1 : 15 P.M.
A Regular Meeting of the Board of Trustees of the Retirement Board of
the Town of Highland Beach, Florida, was called to order by
Chairman/Mayor Betty Jean Stewart at 1: 15 P.M. in the Commission
Chambers at Town Hall.
Other Members present were Vice Mayor John J. Basso and Employee
Representative Elizabeth Ulitsch. Absent were Commissioner Robert F.
Scholz and Police Sgt. Abraham Widelitz.
Also in attendance were Town Manager/Town Clerk Mary Ann Mariano, Chief
Accounting Officer Stanley Novak and Deputy Town Clerk Anne M. Kowals.
The Minutes of September 7, 1988 (copies of which were previously dis-
tributed to the Members) were accepted as submitted , upon MOTION by VICE
MAYOR BASSO/EMPLOYEE REPRESENTATIVE ULITSCH. The MOTION carried
unanimously.
The Board of Trustees reviewed the ICMA Quarterly Statement which is
attached to and made a part of these Minutes. Chief Accounting Officer
04 Novak noted that on 07/01/88, the balance was $156, 233 . 96; and on
09/30/88, the balance was $166, 725. 88.
The Chief Accounting Clerk distributed copies of "Performance Summaries
of Variable Funds" , including a Risk-Return Graph, which is also
attached to and made a part of these Minutes. Mr . Novak noted that the
Balanced Fund and the Growth Stock Fund were negative due to the market
conditions. It was further noted that the Guaranteed Fund schedule
gives a track record of the rate of returns from the year 1984 . The new
rate on the Guaranteed Fund is down to 8. 05% for a contract period (with
New York Life Insurance) that will expire 10/30/92.
In discussing the Risk-Return Graph, Mr . Novak advised that the graph
shows the risk factors and potential rates of return relating to the
various Funds. The Chief Accounting Officer noted that the Cash Manage-
ment Fund is being implemented--one can place monies in this Fund until
the market stabilizes--it is a short term vehicle and it is not
guaranteed because there is still fluctuation in this Fund. Mr . Novak
noted that each employee has received information on this new Fund .
Chief Accounting Officer Novak advised the Members that the Bond Funds
are both corporate and governmental ( it is a conservative fund) ; the
Balance Fund is bonds and stocks; and , the Index Fund , which was
established last August and discussed at the last Retirement Board
Meeting , is where one invests in the Blue Chip Stocks. It was noted
that the Growth Stock Fund offers the highest rate of return with much
^
T 7 risk involved.
-I
Town of Highland Beach, Florida
Retirement Board Regular Meeting Minutes
December 6, 1988
Page 2 of 2
Upon MOTION by VICE MAYOR BASSO/EMPLOYEE REPRESENTATIVE ULITSCH, the
Chairman/Mayor adjourned the Retirement Board Meeting at 1 : 26 P.M.
APPROVED: -__i —
Bett 'Jean Stewa Chairman/Mayor
. 7 J. Bets. , Vice Mayor
T«RM sxriQED 3..E9
- Robert F. Scholz, Commissioner
(Resigned 3/3/89)
Elizabet. U ' tsch mp o e ep.
4eA•
" . Abraham Widelitz
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ATTEST• JOJ . /� fruo-LJ
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Performance Summaries
Variable Funds
Balanced Bond Growth Stock
Fund Fund Fund
Last 12 Months -438% 10.47% -12.45%
1st Quarter 14.42% 2.142% 6.24%
2nd Quarter 537% 0.79% 5.140
3rd Quarter 032% 1.64% -0.61%
July 19814 -1.14% -0.46% -0.86%
August 1988 -1.67% 028% -329%
September 1988 3.41% 1.82% 3.66%
Guaranteed Fund:
Interest Rate History
Deposit Guaranteed Earliest
Period Rate Maturity
1/1/14. 2/28/85 12.00% 12/31/89
3/1/85- 7/31/85 11.75% 8/31/90
8/1/85-12/31/86 10.75% 8/31/91
1/1/86- 3/31/86 1025% 12/31/91
4/1/86- 6/30/86 730% 3/31/89
7/1/86. 9/30/86 7.60% 6/30/X9
10/1/86-11/30/86 763% 10/ 1/89
12/1/86- 3/31/X7 755% 3/31/90
4/1/87. 6/30/X7 7.05% 4/ 1/89
7/1/87- 8/31/87 8.05% 8/31/92
9/1/X7.11/30/87 8.35% 11/30/93
12/1/87. 2/29/X8 835% 8/31/93
3/1/88- 3/31/18 7.45% 5/31/92
eTh
4/1/88• 5/31/88 7.20% 5/31/92
6/1/88. 8/31/1(8 8.11% 5/31/93
9/1/8X-11/30/XX 1420% 9/3/91
RC FUNDS EXPECTED RISK-RETURN TRADEOFF
l
INDEX .ROWTH
STOCK
o BOND BALANCED
eL GUAR
CASH MGT
LeLess RISK More r
NOTE: Plorwmwnt of the Guaranteed Fund on this graph 4 strkty o function
of its rick chwroct.rt.tce oM not It. return cheroct.n.t;c..
nns
4
0614(4% , Mayor:
I A • Town of Highland Beach UHT Jean Stewart
• ••d�I Vico Mayor:
941E::
::
—.rat John J.Basso
O• •c %
Commissioners:
�,� - •:=s 3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33487 Robert F.Scholz
4 i Doric R.Rome
�l a • ��
11c •,.06;0• — Marvin A.Waldman
~\.a..."' Palm Beach County, Florida 407,27$.4S48
Town Manager:
Mary Ann Mariano
December 1 , 1988
TRUSTEES OF THE RETIREMENT BOARD
OF THE TOWN OF HIGHLAND BEACH
A Regular Meeting of the Board of Trustees of the Retirement
Board of the Town of Highland Beach has been called for
Tuesday, December 6, 1988, at 1 : 15 P.M. , in the Town Commis-
sion Chambers at Town Hall.
AGENDA•
1 . MINUTES - September 7, 1988
•
2. REVIEW ICMA QUARTERLY STATEMENT
• ko
(/:4
E M. KOWALS
DEPUTY TOWN CLERK
cc: Mayor Stewart, Chair
Vice Mayor John J. Basso
Commissioner Robert F. SCholz
Elizabeth Ulitsch, Sec.
Abraham Widelitz
Town Manager
Finance Department
Posted 12/1/88
0