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1986.08.06_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA FINANCIAL ADVISORY BOARD MINUTES Wednesday, August 6, 1986 9 30 A.M. A meeting of the Financial Advisory Board was held at 9:30 a.m. on Wednesday, August 6, 1986 at Town Hall. Members present included Ben Cohen, Walter Peklenk and Reese James. Member Richard Brunton was on vacation. Commissioner Grier and Town Manager Williams were present throughout the meeting. The minutes for the July 28, 1986 meeting were approved as written. The principal purpose of this meeting was the continuation of the review of the proposed 1986/87 operating and capital budgets, with the following comments being noted as recommendations: - Equipment purchases having a cost factor of $500. or over should be included in the capital budget and deleted from the operating budget. - That each operating department carry an account depreciation/ reserve for replacement through which the department will reflect its proportionate share of replacement costs of the capital items. - That, subject to the independent auditors comments, the following "life" be established for the 1986/87 capital budget items for allocation of depreciation costs: - Police Radio System - $25,000 - 5 years - Gas Tank - 13,000 - 20 years - Bel Lido Bridge - 100,000 - 20 years - Back -Up well - 50,000 - 4 years - THM Control to water - 100,000 - 20 years - Telephones - 5 years It was noted that the proposed capital budget makes no provisions for replacement of any police cars. This matter received considerable discussion that included such items as: age of current vehicles, present milage on each, annual repair expenses of each vehicle, vehicle design, etc. Following this discussion, it is the recommen- dation that, should the Commissioners chose to provide for one vehicle replacement, the following factors be included in such action: 1. Purchase only vehicles specifically designed and manufactured for police purposes. Florida State has such specifications available. Financial Advisory Board August 6, 1986 Page 2 of 2 2. Utilize the "state" contract for selecting an appropriate vehicle for town police use. This completed our review of the proposed 1986/87 operating and capi- tal budgets and subject to our notations, comments and recommendations we find that the budgets have been developed following generally accepted municipal accounting practices and reflects the recommenda- tions of the Financial Advisory Board. The Board then reviewed the credentials and qualifications of Rebecca L. Morse, a candidate for the position of Town Finance Director. This person presents an excellent experience in municipal accounting parti- cularly her work in the establishing of an automated financial manage- ment system utilizing the Florida State Uniform Accounting System. It is the sense of the Financial Advisory Board that Ms. Morse could make a significant contributionto a similar need in Highland Beach and therefore recommends that she be offered the appointment at a compen- sation of $28,000 annual subject to a six month review and further subject to acceptable, written references from the Town of Jupiter independent auditors, their Finance Director and the Dean of Business Administration, Florida Atlantic University. The meeting adjourned at 11:45 a.m. with the next meeting scheduled for Tuesday, August 19, 1986 at 9:30 a.m. Resp ctfully submitted, Reese E. James, Chairman cc: FAB Members Town Commission Town Manager