1986.08.19_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES
Tuesday, August 19, 1986 9.30 A.M.
A Meeting of the Financial Advisory Board was held at 9:30 a.m. on
Tuesday, August 19, 1986 at Town Hall.
Members present included Richard Brunton and Reese James. Member Ben
Cohen was on vacation and Member Walter Peklenk was absent for health
reasons. Commissioner Grier and Town Manager Williams were also
present throughout the meeting.
The purpose of this meeting was a final review of the proposed 1986/87
budget prior to its presentation to and consideration by the Town
Commission.
The subject of "Depreciation/Reserve for Replacement" received
considerable discussion while noting that the "General Fund" did not
carry this account which would and should reflect the accumulation of
dollars for replacement and/or major repairs to Town Buildings and
major equipment, i.e.: town cars, lawn equipment, etc. It was also
noted that account #271.0 carries as accumulated unrestricted reserve
the sum of $760,000 of which some $282,000 has been proposed for the
"Capital Budget" items. The FAB concurs in the proposal for partial
use of these unrestricted funds and at the same time suggests that the
Town Commission consider formally allocating the remaining $478,000 to
the unfunded "Depreciation/Reserve for Replacement" account in the
entrprise funds. As of September 30, 1985, this account showed an
unfunded liability of $879,885.
This meeting concluded the FAB's review of the proposed 1986/87
budget.
The meeting adjourned at 11:30 a.m. with the next meeting being sched-
uled for Tuesday, September 9, 1986 at 9:30 a.m.
Retfully submitted,
s,
Reese E. James, Chairman
Copies: FAB Members
Town Commission
Town Manager