1986.04.29_BTRB_Minutes_Regular THE TOWN OF HIGHLAND BEACH, FLORIDA
i
April 29 , 1986 RETIREMENT BOARD OF TRUSTEES 1:15 P.M.
f 7 The quarterly meeting of the Trustees of the Retirement Board was called
to order by Commissioner Stewart, Acting Chairman, at 1: 15 P.M.
Those in attendance were: Commissioners Betty Jean Stewart and John J.
Basso, and Officer Abraham Widelitz. Mayor Sullivan and staff repre-
sentative, Elizabeth Ulitsch, were absent. The Finance Director, Maree
Fowler was present, as was Bernice Smith, Administrative Assistant,
acting as secretary.
Item 1 . The Financial Statement for the Quarter ended March 31, 1986
was presented to the Board, along with the Employee Statement of Con-
tributions. See attachments.
A motion was made by Commissioner Basso/seconded by Officer Widelitz,
to approve the Financial Statement as submitted.
Maree Fowler stated that she had contacted a number of other Banks in
order to ascertain the latest interest rates, and it was decided that
it would be advantageous to remain with Atlantic Bank and Glendale
Federal at this time, as these rates are higher, i.e. 6. 50% and 7. 70%
respectively.
During the Financial Advisory Board meeting held on April 21 , 1986,
the question arose "Does the Town Commission wish the F.A.B. to involve
itself in the investment practices of the Retirement Fund Directors?"
Commissioner Stewart brought this question to the attention of the Board,
and it was the consensus of the Board of Trustees that a letter be writ-
ten to the Town Commission stating that the Board would be very happy
to avail themselves of any advice that the F.A.B. would care to give
them, however, the Board of Trustees would have the final decision.
The F.A.B. would act in an advisory capacity only.
There being no other matters to come before the Board, a motion was
made to adjourn at 1: 30 by Commissioner Basso/seconded by Officer Wide-
litz .
Res ectfully�su`bmit�t_edd,
Bernice Smith
APPROVED: (absent)
Edward J. u . ivan, Chairman
/'ohn J. Basso
_ GISir
Be .°'y Jean Stewart
(absent)
Elizabeth Ulitsch
Attest: Db.ASC LO L'
I ^ Abraham Widelitz
Date: "/� 057 /g4 41
cc:Town Manager
I
,.
TOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES
Monday, April 21, 1986 10: 00 A.M.
A meeting of the Financial Advisory Board was held at 10: 00 a.m. on
Monday, April 21, 1986 at the Town Hall.
Those attending included members Richard Brunton, Ben Cohen, Walter
Peklenk, and Reese James. Commissioner William A. Grier and Town
Manager Hugh D. Williams were also in attendance throughout the
meeting.
The Minutes of the April 7, 1986 Meeting were approved as written.
The Chair then reviewed several items of correspondence of interest
to the F.A.B. members, most of which were informational only and
require no comment by the F.A.B.
The subject of the Town Manager ' s proposed purchasing policy was then
taken up. The latest draft (April 1986) was reviewed, noting that
some areas in the policy still require additional coverage. It was
agreed that the Town Manager would have his final draft for review
by the F.A.B. at its next meeting.
The subject of the Town ' s Organizational Chart was deferred until
the next F.A.B. meeting.
The subject of the Town ' s Investment Practice/Policy was then
discussed, with the following comments:
1) Town Manager pointed out that applicable
State Statutes exempt Town Officials from liability
for deposits in State approved financial institutions.
2) Concern was expressed as to whether the Town was
maximizing its investment return with the funds being
held for the settlement with Delray Beach. A review
of the current agreement between the two municipalities
indicates that approximately $160, 000 would be needed
for immediate response to the "courts" judgement and
thus kept on deposit in an approved money-market fund.
The balance should be considered for placement in
higher earning C.D. ' s in such manner as to provide
for staggered roll-over in accordance with scheduled
payment projections .
3) Sewer Improvement Reserve Fund currently has some
$78, 000.00 in a money-market account. It is the
recommendation that, here also, consideration should
be given for placement of these funds in higher yielding
''^` C .D. ' s that would mature not later than the close of
fiscal year 1985/86 and retaining $10, 000.00 in the
Financial Advisory Board - Minutes
April 21, 1986
Page 2 of 2
/1
current money-market account as "standby" money for
emergencies .
4) General Fund
These funds, too, are maintained in a money-market
account and, again, it is recommended that a portion
of these funds could be placed in higher earning C .D. ' s
on a "staggered" basis so as to mature as a cash-flow
needs projection would indicate.
5) The F.A.B. questions, "Does the Town Commission wish the
F.A.B. to involve itself in the investment practices of
the Retirement Fund Directors?" The F.A.B. will await
word from the Commission prior to any review in this area.
6) Debt Service Funds will be taken up at the next F.A.B.
meeting.
The Memorandum from the Town Manager, dated 4/16/86, re the Royal
Highlands Settlement Fee was reviewed and it is the sense of the
F.A.B. members that, subject to a contrary view by Town Council and
Town Auditors, the Town Manager ' s proposal has a lot of merit and
so endorses it to the Commissioners.
The next meeting is scheduled for Monday, May 5, 1986 .
The meeting adjourned at 12 :00 Noon.
Res tfully submitted,
Reese James, Chairman
RJ:elk
cc: FAB Members
Town Commissioners
Town Manager
.., \0611i4 111 I1 Town of Highland Beach rdI Su
Off '
•. , Edward . lhvon
..-.i i;• '.ro / Vice Mayor
.7..i Maly Louise G.Blamer
o: •roe
r' .�I=' :x i Commissioners.
#• p®� h 3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33431 John Basso
Ill • • •'• • ' William A.Grier
Ils\\;LOBO
P•- Betty leen Slewan
Palm Beach County, Florida 305 - 278-4540 Town Manager
Hugh D.Williams
April 24, 1986
TRUSTEES OF THE RETIRE ERT BOARD
TOWN OF HIGHLAND BEACH
The Regular Quarterly Meeting of the Board of Trustees
has been called by Mayor Sullivan [Chairman] for Tuesday
April 29, 1986 at 1.15 p.m. for the following reasons:
1. Presentation by the Finance Director of
Financial Statements.
2. Formal approval of disbursements.
3. Investments.
4. Other matters to come before the Board.
for Staff Representative
Elizabeth Ulitsch
cc: Board of Trustees
Town Manager
T wn Clerk (for posting]
MME.