1979.08.07_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
BOARD OF TRUSTEES
RETIREMENT PLAN
REGULAR QUARTERLY MEETING
August 7, 1979 3 : 30 P.M.
The Regular Quarterly Meeting of the Board of Trustees (Retirement Plan)
was called to order by the Chairman, Mayor Louis Y. Horton at 3 : 30 P.M.
Those in attendance were: Mayor Horton, Commissioner Storm, Maree
Birkbeck, Treasurer, and Jane E. Barker, Recording Secretary. Vice Mayor
Mumford and Sgt. Cecere were absent.
Maree Birkbeck, Treasurer, gave the Quarterly Financial Statement for
the Quarter ended June 30, 1979 (Copy attached) . MOTION by Commissioner
Storm and seconded by Mayor Horton that the finanicial statement be
approved. The vote was unanimous.
The Treasurer then requested the approval of the Board of Trustees
for acceptance of the following three employees into the Retirement
Plan:
ell Helen R. Carpenter effective April 1, 1979
Betty Ulitsch effective October 1, 1979
Officer John Wambach effective October 1, 1979
MOTION by Commissioner Storm and seconded by Maree Birkbeck that the
applications for enrollment into the Plan by these three individuals
be approved - one post-dated to April 1 and the other two pre-dated to
October 1. In calling for the question, all members of the Board
voted Aye.
Maree Birkbeck then reported that a $10, 000. 00 Money Market C.D. matured
on July 30, 1979 at the rate of 9. 72% interest. This has been reinvested
at the rate of 9.473% and will mature on January 31, 1980 (a six-months
C.D. )
Commissioner Storm asked why the $10, 000.00 plus the interest was not
reinvested and Miss Birkbeck explained that only multiples of $10, 000 . 00
can be invested in six-months C.D' s; the interest has to be deposited in
the savings account.
Commissioner Storm made the MOTION to approve this rolling over of the
$10, 000.00 C. D. as reported by Miss Birkbeck. Mayor Horton seconded
the MOTION. The vote was unamimous in favor of this.
Mayor Horton asked if the Town was still working on a credit balance
Ir'., and was informed by Miss Birkbeck that the forfeitures had been used up
in April.
Minutes Board of Trustees
Retirement Plan
Regular Quarterly Meeting
A August 7, 1979 Page 2 of
T
Miss Birkbeck then brought up the matter of the auditors failing to
file an IRS form 5500C, however, they have assured her that these
forms will be filed properly from now on.
The next item that the Treasurer discussed was the proposal submitted
by the auditors for $250.00 for the audit of the Retirement Plan. She
stated that this matter had been discussed previously and she doubted
very much whether another auditing firm would accept the Retirement
Plan audit without doing our other books. She therefore recommended
that the proposal be accepted.
Commissioner Storm stated that this proposal should clearly state that
the auditing firm would take care of filing all the reports with the
IRS.
MOTION by Commissioner Storm/Mayor Horton that the proposal of $250.00
from Nowlen, Lynch & Stewart be accepted with the condition that they
be responsible for filing all necessary IRS forms. The vote was unanimous.
MOTION by Commissioner Storm/Mayor Horton that the meeting be ADJOURNED
at 3:45 P.M.
APPROVED:
Mayor CLo is Y. Horton, Chairman
\ (Absent)
Ruth . Mumfo-'• , Vice - or
. .
f b'
arold C Storm, Commissioner
M. Maree Birkbeck, Tr'Isurer
(Absent)
Sgt. William Cecere
ATTEST: �s-t.t� t . 75L�'t ,!/� —'
cording Secretary
Dated: August 9, 1979
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