1986.06.23_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD - Minutes
Monday, June 23, 1986 10:30 A. M.
A meeting of the Financial Advisory Board was held at 10:30 a.m. on
Monday, June 23, 1986 at Town Hall.
Those attending included members Richard Brunton, Ben Cohen, Walter
Peklenk, and Reese James. Town Manager Hugh D. Williams was also present
throughout the meeting.
The minutes of the May 5 and May 19, 1986 meetings were approved as
written.
The Chair reported that the Town Commission had adopted the Town
Manager's proposed Purchasing Policy, new water charges, and that,
effective with the Town's fiscal year 1986/87, future trash removal
expenses will be incorporated in the ad valorem taxes.
The F.A.B. then renewed its review of the Town's investment practice
policy, especially addressing:
DEBT SERVICE ---
Discussion concluded that improved income can be achieved
by investing Account No. 094 into two C.D.'s of $55,000.00 each
with 3 month staggered maturities and interest on these C.D.'s
to be direct deposit to Account No. 086.
EMPLOYEE RETIREMENT FUND ---
Discussion revealed that the present plan By-laws do not
provide for a notice of intent to withdraw, thus necessitating
the retaining of a large amount at a relatively low earning
rate. It is recommended that the Fund Trustees consider
implementing a 30-day notice of intent to withdraw, thus per-
mitting the full fund to consolidate into the Glendale
Account No. 005-63-4 for a significantly increased earning
rate.
The Financial Statements for the eight months ending May 31, 1986 were
reviewed with the Town Manager and the Finance Director.
The franchise fee with Centel was then reviewed and compared with
comparable data from nearby towns. It was recognized that more study
will be necessary and it was agreed to continue the discussion on this
matter at it's June 30 meeting.
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FINANCIAL ADVISORY BOARD - Minutes
June 23, 1986
Page 2 of 2
It was agreed that further meetings will be held on June 30, July 14, and
July 28, 1986.
The meeting adjourned at 12:30 p.m.
Resp
IN
ese
REJ:ELK
CC: F.A.B. Members
Town Commission
Town Manager
tfully submitted,
E. James, Chairman