1986.09.27_FAB_Minutes_Regulare.
TOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES
Monday, September 27, 1986 9 30 A.M.
A meeting of the Financial Advisory Board was held at 9:30 a.m. on
Monday, September 27, 1986 at Town Hall.
Members present included Richard Brunton, Ben Cohen, Reese James and
Walter Peklenk. Commissioner Grier and Town Manager Williams were also
present throughout the meeting.
The Minutes of the September 9, 1986 Meeting were approved as publish-
ed.
The Chair reviewed an item of correspondence that required no action by
the Financial Advisory Board.
A lengthy discussion then ensued regarding the Centel franchise with
the Town as well as its lease arrangement for town -owned land, result-
ing in the following recommendations:
1) Retain the status quo for the franchise fee and land rent
with the proviso that Centel retain the present customer fee
schedule for basic service, and
2) At such time as Centel formally requests additional land
area, that the land rent be based upon the same rate per
square foot as at present.
Several areas of employee fringe benefits were discussed with the Town
Manager agreeing to provide more information for the next meeting.
The Town's numerous bank accounts were then reviewed with the Finance
Director who joined the meeting at this point. Ms. Morse explained the
purpose of the some eighteen (18) accounts noting that in her judgement
these accounts could be incorporated into five (5) accounts without
loss of identity or purpose but with greater efficiency and at less
cost. The proposed new funds and their "make-up" to be as follows:
1) Treasurer's Fund
- Capital projects
- Sewer system improvement revenue
- Sewer system reserve
- Sewer system bond & interest
- Sewer system operation & maintenance
- Sewer system surcharge fund
- General fund - money market
- General fund - regular checking
- Utilities - regular checking
- Excise tax fund
- Certificates of Deposit (3 accounts)
t
Financial Advisory Board Minutes
September 27, 1986
Page 2 of 2
2) Payroll Fund
3) Retirement Fund
4) Sewer System Sinking Fund
5) Sewer System Bond Coupon Fund
At this time, Commissioner Grier asked the FAB for comments on the
appropriate handling of CAB escrow funds. Following discussion, it is
the sense of the FAB that such funds can appropriately be incorporated
into the general funds of the Town providing the records clearly iden-
tify such funds as being in escrow for project(s) and further, that any
interest earned by these funds be retained by the Town against expenses
incurred in their handling.
The matter of the 1986/87 budgets for the enterprise activities was
then introduced. The Town Manager agreed to have these ready for the
FAB October 14, 1986 meeting.
The proposed computer print-out of the Town's financial statement was
discussed and it was agreed that the Finance Director and the Town
Manager would obtain additional information on this matter for further
review at the next FAB Meeting.
The meeting adjourned at 12 Noon with the next meeting being scheduled
for 9:30 a.m. on Tuesday, October 14, 1986.
Res ctfully submitted,
Reese E. James, Chairman
cc: FAB Members
Town Commissioners
Town Manager