1986.04.21_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES
Monday, April 21, 1986
10:00 A.M.
A meeting of the Financial Advisory Board was held at 10:00 a.m. on
Monday, April 21, 1986 at the To- ,Fall.
r
Those attending included members Richard Brunton, Ben Cohen, Walter
Peklenk, and Reese James. Commissioner William A. Grier and Town
Manager Hugh D. Williams were also in attendance throughout the
meeting.
The Minutes of the April 7, 1986 Meeting were approved as written.
The Chair then reviewed several items of correspondence of interest
to the F.A.B. members, most of which were informational only and
require no comment by the F.A.B.
The subject of the Town Manager's proposed purchasing policy was then
taken up. The latest draft;(April 1986) was reviewed, noting that
some areas in the policy still require additional coverage. It was
agreed that the Town Manager would have his final draft for review
by the F.A.B. at its next meeting.
j The subject of the Town's Organizational Chart was deferred until
the next F.A.9. meeting.
The subject of the Town's Investment Practice/Policy was then
discussed, with the following comments:
1) Town Manager pointed out that applicable
State Statutes exempt Town Officials from liability
for deposits in State approved financial institutions.
2) Concern was expressed as to whether the Town was
maximizing its investment return with the funds being
held for the settlement with Delray Beach. A review
of the current agreement between the two municipalities
indicates that approximately $160,000 would be needed
for immediate -response to the "courts" judgement and
thus kept on deposit in an approved money-market fund.
The balance should be considered for placement in -
higher earning C.D.'s in such manner as to provide
for staggered roll-over in accordance with scheduled
payment projections.
3) Sewer Improvement Reserve Fund currently has some
$�78,000.00 in a money-market account. It is the
recommendation that, here also, consideration should
be given for placement of these funds in higher yielding
C.D.'s that would mature not later than the close of
fiscal year 1985/86 and retaining $10,000.00 in the
Financial Advisory Board - Minutes
April 21, 1986
Page 2 of 2
current money-market account as "standby" money for
emergencies.
4) General Fund
These funds, too, are maintained in a money-market
account and, ,again, it is recommended that a portion
of these funds could be placed in higher earning C.D.'s
on a "staggered" basis so as to mature as a cash -flow
needs projection would indicate.
5) The F.A.B. questions, "Does the Town Commission wish the
F.A.B. to involve itself in the investment practices of
the Retirement Fund Directors?" The F.A.B. will await
word from the Commission prior to any review in this area.
6) Debt Service Funds will be taken up at the next F.A.B.
meeting.
The Memorandum from the Town Manager, dated 4/16/86, re the Royal
Highlands Settlement Fee was reviewed and it is the sense of the
F.A.B. members that, subject to a contrary view by Town Council and
Town Auditors, the Town Manager's proposal has a lot of merit and
so endorses it to the Commissioners.
The next meeting is scheduled for Monday, May 5, 1986.
The meeting adjourned at 12:00 Noon.
Resp tfully submitted,
R ese James, Chairman
RJ:elk
cc: FAB Members
Town Commissioners
Town Manager