1985.04.22_FAB_Minutes_Regular(I*
TOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
APRIL 22, 1985 10.00 A.M.
A meeting of the Financial Advisory Board was held at Town Hall on Mon-
day, April 22, 1985, at 10:00 A.M. Those attending included Ben Cohen,
Reese James and Joe Murania. The Town Manager was also present through-
out the meeting.
Discussion was held and action taken, as noted,on the following agenda
items:
1. The minutes of the March 18, and March 25, 1985, were
approved as written.
2. The Town Commission had requested comments from the
Financial Advisory Board regarding increasing its
(F.A.B.) membership from three to five members. The
F.A.B. is in agreement with the change from three to
five members providing that the number is kept uneven
and that interested and qualified Town residents are
available and willing to serve but that no change be
�. made until at least one other apointee is available
in addition to alternate member Walter Peklenk.
3. The matter of charging for garbage and trash pick-up
was referred to Mr. Murania for his specific review
and recommendation at the next Financial Advisory
Board meeting.
4. The Town Manager reviewed the Water Department permit
requirements. There are six (6) items to be accomplished
at a total estimated cost of $40,000.00 with $25,000.00
of the total to be necessary in the 1985/86 budget year.
The maintenance needs at the water tower will be avail-
able for the next Financial Advisory Board meeting. Also
discussed was the present method of charging for meter
service. The Town Manager agreed to provide the Financial
Advisory Board with data for its next meeting.
5. The format for the 1985/86 budget was reviewed and found
to be acceptable at this time. In the absence of pro-
jected data, there was no need for action by the Financial
Advisory Board at this time.
Li J
i
0
FINANCIAL ADVISORY BOARD
APRIL 2211985 Page 2 of
6. The matter of funding of depreciation based upon life
expectancy of capital items and major repair items was
again discussed. It is the opinion of the Financial
Advisory Board that good financial planning dictates
that such funding should be instituted with the 1985/86
budget.
7. The matter of a beach cleaning program was again discus-
sed. It was estimated that this would require an expen-
diture of some $30,000.00 the first year and $20,000.00
annually thereafter. Concerns were expressed for the
impact on the turtle hatching period and the support of
"non -beach" owners. There is also question as to whether
the Town should be involved in this matter.
8. The question as to the number of town employees by depart-
ment was clarified by the Town Manager incorporating such
data in the 1985/86 budget format.
9. The Employees Pension Fund Trust Agreement has been re-
viewed by the Financial Advisory Board and found to be
a good organization with a good rate of return - thus
quite acceptable.
10. The six months statements of Revenue & Expenses were
received without comments.
11. The Town Comparison Study is in process and the data
should be available for our next meeting.
12. The auditors letter was taken under consideration but it
is the recommendation of the Financial Advisory Board
that the auditors be selected and appointed concurrent
with the approval of the annual budget.
There being no further business before the "Board", it was agreed to
adjourn with the next meeting to be helt at 10:00 A.M. on Monday,
May 20, 1985.
cc: F.A.B. Members
Town Commission
Town Manager
Respectfully submitted,
J
Reese E. James, Chairman