1976.05.25_BTRB_Minutes_Regular BOARD OF TRUSTEES
RETIREMENT PLAN
May 25, 1976 10:40 A. M.
Mayor Gilday called the meeting to order and he announced that
it was in lieu of the meeting which should have been held
during the month of April under the By-laws.
In attendance were:
Mayor Morton E. Gilday, Chairman
Commissioner Ruth E. Mumford, Secretary
M. Maree Birkbeck, Treasurer
Commissioner Robert D. Clark
Officer William Cecere
Also in attendance were:
Mr. Anton Drasal, Finance Advisor
Kathryn, M. Borgemenke, Town Clerk
The Mayor called for a motion to dispense with the reading of
the minutes of the previous meeting.
MOTION by Patrolman Cerere/Commissioner Clark; "I so move. "
ROLL CALL on the Motion Carried Unanimously.
Mayor Gilday then read a quarterly Financial Statement -
through March 31, 1976 from M. Maree Birkbeck, Treasurer.
(Copy attached)
It was the recommendation of the Treasurer that a $5, 000.00,
4 year certificate of deposit be purchased on June, 1, 1976
at the Boca Raton Federal Savings and Loan Association at
an interest rate of 7. 5%.
Mayor Gilday requested a Motion to accept this recommendation.
r MOTION by Commissioner Mumford/Commissioner Clark: "I so move. "
ROLL CALL on the Motion Carried Unanimously.
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Board of Trustees (Retirement Plan)
May 25, 1976 Page 2 of
Commissioner Clark noted that this would be $20, 000 invested in
C.D. ' s and Miss Birkbeck confirmed that this was correct plus
interest earned.
She referred to the next meeting scheduled for July and asked
that in the event there was no business to come before the
Board of Trustees would it be proper to advise the Trustees
accordingly.
Mayor Gilday asked the Trustees if they wished to authorize,
in the event there was no business at that time, the Mayor
or in his absence, the Secretary could adjourn the meeting
for a period not more than two months.
MOTION by Commissioner Clark/Commissioner Mumford: "I' ll so move. "
ROLL CALL on the Motion Carried Unanimously
Being no further business the meeting adjourned at 10: 50 A.M.
Apply& 7 1
Morton E. GjXday, Cha man Commissioner Ruth__E. Mum Ord
-k` ti e4t - . .
/1Co ssioner Rober D. Clark04,4 10
M. Maree Birkbeck, Tre surer C
r
Officer William Cecere ATTEST:
Dated 44ay 27, 1976Cle-r` ?
ec—Le Town Clrk C
Concurred by, Advisor
May 21, 1976
To: Chairman & Members
Board of Trustees - Retirement Plan
From: M. Maree Birkbeck
Treasurer
Subject: Investment of Funds
I attach, herewith, a Financial Statement for quarter
ended March 31, 1976 showing balance in Banks totalling
$24,657.92.
The Savings Account carried a balance of $9,398.07 to
which we subsequently added the sum of $1,343.91, bring-
ing the current total to $10,741.98.
In view of this, I recommend that another $5,000.00 4-Year
Certificate of Deposit be purchased on June 1, 1976 at the
Boca Raton Federal Savings & Loan Association at an interest
rate of 7.5%.
Respectfully Submitted,
4110 .
M. Maree Birkbeck
Treasurer, Bd. of Trustees
Distribution:
Mayor Gilday
Commissioner Mumford
Commissioner Clark
Officer William Cecere
cc: Tony Drasal
0111,
TOWN OF HIGHLAND BEACH
ems RETIREMENT PLAN
BALANCE January 1, 1976
Savings A/C #001255-4 $21,095.53
Checking A/C #200-12-1 72.72= $21,168.25
January 5, 1976: Converted to CD's (4 year) 15,000.00
Checking & Savings A/C's $ 6,168.25
1st Federal of Delray $ 5,000.00
(#37286)
1st Federal of Palm Beaches 5,000.00
(0528-03192-3)
Boca Federal S & L 5,000.00 15,000.00
(035001255) $21,168.25
RECEIPTS January/March
Employees Deductions (596) 1,431.97
Town of Highland Beach 1,431.97
Voluntary Contributions 692.97
fl Interest-Savings A/C 106.55
Interest- 3 CD's 277.85
Total Receipts 3,941.31
$25,109.56
DISBURSEMENTS March 26, 1976-Betty Funck (Retired)
Employee's Contribution 415.21
Interest @ 51/4% 18.43 = 433.64
BALANCE ON HAND-MARCH 31, 1976 $24675.92
DISTRIBUTION
Savings Account $ 9,398.07
CD's & Interest 15,277.85
$24,675.92
Respectfully Submitted,
Treasurer, Board of Trustees 7/