1985.07.30_BTRB_Minutes_Regular i
4
' THE TOWN OF HIGHLAND BEACH, FLORIDA
July 30, 1985 RETIREMENT BOARD OF TRUSTEES 12:30 P.M.
0 THE Regular Quarterly meeting of the Trustees of the Retirement Board was
called to order by Mayor Sullivan, Chairman, at 12:38 p.m.
Those in attendance were: Mayor Edward J. Sullivan, Commissioners Betty
Jean Stewart and John J. Basso, Staff Member Elizabeth Ulitsch. Officer
Abraham Widelitz was absent. Also present was Maree Fowler, Finance
Director.
Item 1. The Financial Statement for Quarter Ended June 30, 1985, showing
Receipts of $17,809.94 , Disbursements of $1,000.00 and a Balance
of $257,823 .01, was distributed to the Board members. At the Mayor's
request, Maree Fowler, Finance Director, read the Statement in detail
(copy attached) .
The Statement was discussed briefly. Mrs. Fowler pointed out that the
new Glendale Federal rate for 7/1/85-9/30/85 was 8% compounded daily and
yielding 8.45%. She stated that seven (7) financial institutions were
called this morning to find out the rates now being paid. Comparison of
current interest rates follows:
90 days 180 days 1 year
Atlantic National Bank 7.35% 7.75% 8.25%
Barnett Bank 7.25 7.75 8.00
City Federal 7.55 7.75 8.00
NCNB 7.65 7.80 8.00
0 First Federal, Palm Beaches 7.35 7.75 8.35
Florida Federal 7.00 7.15 8.00
Glendale Federal 7.80 8.25 8.60
The Board agreed that it was not to our advantage to have long-term
investments at this time.
The Mayor asked for a motion to accept the June 30, 1985 Financial State-
ment as presented. The motion was made by Commissioner Basso, seconded by
Commissioner Stewart. All were in favor.
There being no other matters to come before the Board at this time, a motion
was made to adjourn by Commissioner Basso, seconded by Commissioner Stewart .
All being in favor, the meeting adjourned at 12:48 p.m.
Re fully s •mitted,
J Awe f
ofll
Elis~- Uli
/'N /
APPROVED: ' r - /t _
S.
' � n, Chairman
`
John : .sso
1i�lSISI r:2
Betty Jean Stewart
ATTEST:—/--am .244,1 C,� ��
DATE: �'`xY�,i �( G /98S" Ellie fUlits�fi ` r"c'C�
(Absent)
Abraham Widelitz