1986.10.14_FAB_Minutes_Regular. -1
TOWN OF HIGHLAND BEACH FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES
Tuesday, October 14, 1986 9:30 A.M.
A Meeting of the Financial Advisory Board was held at 9:30 a.m. on
Tuesday, October 14, 1986 at Town Hall.
Members present included Richard Brunton, Ben Cohen and Reese James.
Member Walter Peklenk was absent. Town Manager Williams was also pre-
sent throughout the meeting.
The Minutes of the September 27, 1986 Meeting were approved as publish-
ed.
The Chair reviewed the "Town Commission" Agenda Action Report for their
Tuesday, October 7, 1986 meeting, noting several items that were of
significance to the FAB.
The Board then discussed several aspects of the Town's Enterprise Funds
that included:
1) Water System
A memo from the Town Manager notes that, based upon pro-
jected revenues and expenses, the present rate of .85/1000
gal can be reduced to .65/1000 gal. for the fiscal 86/87
budget year. This matter was reviewed by the FAB in conjunc-
tion with its review of the proposed water system 86/87 bud-
get. Following this review the FAB endorsed both the
proposed new rates and the budget and recommends them to
the Town Commission.
Further, the Town Manager advised that he is proposing to
go on a bi-monthly billing cycle and reviewed what he and
the Finance Director perceive as the advantages of this
arrangement. Again, following discussion, the FAB endorses
and recommends this proposal but with a 12 month trial for
an experience evaluation.
2) Sewage System
A memo from the Town Manager reviewed the financial aspects
of the Town in providing this service to the Holiday Inn.
The memo noted that the present "code" provides that the
Town be reimbursed at the rate of .85/1000 gal while the
actual cost to the Town (per the Greeley & Hanson study)
is actually $1.37/1000 gal thus requiring the "Inn" to be
subsidized by other Town residents. The Town Manager indi-
cates that he is proposing that the Town Code 22-1 be revised
to reflect the actual cost to the Town. Following a thorough
review and discussion, the FAB endorses the Town Manager's
proposal and recommends it to the Town Commission.
Financial Advisory Board Minutes
October 14, 1986
Page 2 of 2
The FAB then reviewed the sewage system proposed 1986/87 budget and
following several suggestions to the Town Manager, recommends the
proposed budget to the Town Commission.
The matter of the Town's multiple and extensive array of bank accounts
was again reviewed with the Town Manager and the Finance Director,
including their several memos on this subject. The FAB concurs in the
general concept of consolidating the numerous unnecessary accounts into
a "Treasurer's Fund", however, as it pertains to the Sewage Excise Tax
Fund, the FAB believes that the stipulation of the bond issue requires
an independent CPA opinion as to releasing the pledge of these funds.
The time now being 12:30 p.m., the meeting adjourned with the next
meeting being scheduled for 9:30 a.m. on Monday, October 27, 1986.
Res ctfully submitted,
R ese E. James
Chairman
/mam
Copies: FAB Members
Town Commissioners
Town Manager