1977.07.19_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
BOARD OF TRUSTEES
RETIREMENT PLAN
REGULAR QUARTERLY MEETING
July 19, 1977 1 :00 P.M.
The Regular Quarterly Meeting of the Board of Trustees of the
Retirement Plan, Town of Highland Beach, Highland Beach, Florida ,
was called to order by the Chairman, Mayor Gilday, at 1:00 P.M.
July 19, 1977 .
Present were:
Mayor Morton E. Gilday, Chairman
M. Maree Birkbeck, Treasurer
Commissioner Ruth E. Mumford, Secretary
Commissioner Robert D. Clark
Officer William Cecere
'Th Also present:
Jane E. Barker, Recording Secretary
Mayor Gilday called for a Motion to dispense with the reading of
the minutes from the previous meeting.
MOTION by Commissioner Mumford/Commissioner Clark: "I so move" .
ROLL CALL on the Motion Carried Unanimously.
The purpose of this meeting was for the Treasurer to present
the Quarterly Statement of the Retirement Plan to the Board,
copy of which is attached. The opening balance in the Fund
on April 1, 1977 was $37 , 785.06 and the closing balance as
of June 30, 1977 was $40, 083.24.
Mayor Gilday called for a Motion to accept the Treasurer ' s report.
MOTION by Officer Cecere/Commissioner Clark to accept the report.
ROLL CALL on the Motion Carried Unanimously.
fmi‘ Miss Birkbeck then suggested that another C.D. be purchased from
Atlantic Federal Savings & Loan in the amount of $5,000.00 for
Board of Trustees
Retirement Plan
Regular Quarterly Meeting
July 19, 1977 Page 2 of 2
a six-year period at 7-3/4 interest, compounded at 8.06%.
This $5,000.00 to be withdrawn from the savings account which
would leave a balance of $2,422.14.
Mayor Gilday asked if this were in the form of a Motion and
Miss Birkbeck replied in the affirmative. The Motion was
seconded by Commissioner Mumford.
ROLL CALL on the Motion Carried Unanimously.
Miss Birkbeck also made the statement that in case of an emergency
---say someone with a large accrual in the Fund should retire
early---they would be able to withdraw some of the money from
this C.D. without too great a penalty. In anticipation of
approval from the Board of Trustees to purchase this C.D. , Miss
Birkbeck had the signature cards ready for signing.
Commissioner Clark questioned whether each member of the Fund
would receive a copy of the Financial Statement and Miss Birkbeck
informed him that a copy was available for anyone to look at, from
their representative.
The purpose for which this meeting had been called having been
accomplished, the meeting ADJOURNED at 1: 10 P.M.
APPROVED:
Morton E. Gilday, Chairman
sn; in„,
Ruth E. Mumford, Secretary
M. MareBirkbeck,e Treurer
P-7QQQ
etici.
c
Robert
D. Clark, Commissioner
4 -4---
Officer William Cecere
ATTEST: eceft
i ,i ---li r�/Y/
ording Secretary
Dated: July 21, 1977
TOWN OF HIGHLAND BEACH
RETIREMENT PLAN
FINANCIAL STATEMENT Q/E June 30, 1977
4/1/77
Opening Balance April 1, 1977 $ 37, 785.06
Receipts
Employee ' s Contributions (5%) $1,232 .40
Town's Contributions 1,232 .40
Voluntary Contributions 717.73
Interest C. D's $ 605.50
Savings a/c 73. 96 679.46
Total Receipts 3,861. 99
Balance $ 41,647.05
Disbursements
4/14/77 A. F. Drasal 217. 50
M. Lipsky $1, 346. 31
Total Disbursements 1, 563.81
A Balance June 30, 1977 $ 40, 083.24 i
SUMMARY
Maturity Data
1/6/80 - C.D. #3500-1255-5 $ 5, 593.83
6/1/80 1523-6 5,422.06
9/17/80 1635-6 5, 303.37
1/6/80 0528-03192-3 5, 595.29
1/31/81 5150-3603 5, 158.70
1/6/80 8037286 5, 587.85
Savings a/c # 1255-4 7,422.14
$ 40,083.24
Respectfully submitted,
M. Maree Birkbeck ' ?
Treasurer, Board of Trustees
7/19/77