1977.01.14_BTRB_Minutes_Regular es, TOWN OF HIGHLAND BEACH, FLORIDA
BOARD OF TRUSTEES
RETIREMENT PLAN
REGULAR MEETING
January 14, 1977 11:00 A.M.
The Regular Meeting of the Board of Trustees (Retirement Plan)
was called to order at 11: 10 A.M. on Friday, January 14, 1977
by the Secretary, Commissioner Ruth E. Mumford.
Present were:
Commissioner Ruth E. Mumford, Secretary
M. Maree Birkbeck, Treasurer
Commissioner Robert D. Clark
Patrolman William Cecere
Absent: Mayor Morton E. Gilday
Chairman
Also present:
Anton Drasal, Finance Advisor
Bette Barker, Recording Secretary
Maree Birkbeck, Treasurer, presented the Annual Financial Report
of the Retirement Plan. (Copy attached)
Commissioner Mumford called for a Motion to accept this report as
presented and after inquiring as to whether the total balance on
the report included all of the most recent receipts, Commissioner
Clark made a Motion to accept the report as read. Mr. Drasal
had informed Commissioner Clark that the report included all
receipts through December 31, 1976. Patrolman Cecere seconded.
ROLL CALL on the Motion Carried Unanimously.
Maree Birkbeck then made a recommendation that since there was
$8,827 . 53 in the savings account that another C.D. in the amount
of $5, 000.00 be purchased. Mr. Drasal said that Certificates of
Deposit were going at 41% as of yesterday according to information
received from several bankers. Maree Birkbeck then added that a
Certificate of Deposit in the amount of $5, 000.00 should be
purchased from a Federal Savings and Loan at the current interest
Board of Trustees
Retirement Plan
Regular Meeting
January 14, 1977 Page 2 of
rate of 71% for a period of four (4) years . Further discussion
followed and it was determined that with the balance left in the
savings account, after the Certificate of Deposit had been
purchased, and the current funds that are coming in, there should
be enough for any contingency that might arise.
Commissioner Clark then asked if Maree Birkbeck ' s suggestion was
in the form of a Motion and when ascertaining that it was ,
Commissioner Clark seconded it.
ROLL CALL on the Motion Carried Unanimously.
Maree Birkbeck then brought up the fact the Plan calls for a
regular audit of the Retirement Fund and inasmuch as the money
does not belong to the Town, the Town ' s auditors would not
conduct the audit . She, being the Treasurer, would like arrangements
made for this audit .
Commissioner Clark made the Motion that Mr. Drasal audit the funds
'raN, this year and Patrolman Cecere seconded the Motion.
ROLL CALL on the Motion Carried Uanimously.
Patrolman Cecere requested that Maree Birkbeck give him a breakdown
for each officer of the amount of money that officer has invested.
Motion made by Maree Birkbeck/Patrolman Cecere to ADJOURN the meeting
at 11: 25 A.M.
ROLL CALL on the Motion Carried Unanimously.
APPROVED: (Absent)
Morton E. Gilday, Chairman
Commissioner Ruth E. mford, Secy.
M. Maree Birkbeck"; Treasurer
(".cot'
Yt«�.C/ Commissioner Robert D. Clark
Anton Drasal, edvisor `,14, _ Cc/v.„✓ ---
ATTEST: 257---/ tom• -/, � k� Patrolman William Cecere
cording Se retary
\ Dated: January 17, 1977
TOWN OF HIGHLAND BEACH
RETIREMENT PLAN
Opening Balance - January 1, 1976 $ 21, 168.25
Receipts: Q/E March 31, 1976
-Contributions $3556.91
-Interest 384.40 = $3941.31
Q/E June 30, 1976
-Contributions 3410.09
-Interest 436.29 = 3846.38
Q/E Sept. 30, 1976
-Contributions 3235.44
-Interest 507.94 = 3743.38
WE Dec. 31, 1976
-Contributions 4247.38
-Interest 572.87 = 4820.25
TOTAL RECEIPTS 16,351.32
Balance $ 37,519.57
Disbursements
03-26-76 Bette Funck $ 433 .64
08-13-76 John P. O' Grady 488.30
09-20-76 John Ryan 1273.32 =
TOTAL DISBURSEMENTS. . . 2, 195.26
Balance, December 31, 1976 $ 35,324.31
SUM•ARY
Savings A/C r 1255-4 $ 8,827.53
C D # 1255-5 5,389.63
X523-ti
5, 22,2- 13
91 1635-6 5, 109. 77
03192 5, 389. 38
1-8037286 5, 383.87
TOTAL $ 35, 324.31
cc: Board of Trustees Respectfully submitted,
Finance Director tc
Town Manager '
M. Maree Birkbeck Treasurer
Board of Trustees - 01-13-77