1986.10.27_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES
Monday, October 27, 1986 9.30 A M
A meeting of the Financial Advisory Board was held at 9:30 a.m. on
Monday, October 27, 1986 at Town Hall.
Members present included Richard Brunton, Ben Cohen and Reese James.
Member Walter Peklenk was absent for reasons of health. Commissioner
Grier was also present throughout the meeting. The Town Finance
Director, Rebecca Morse, was present for most of the meeting and Town
Manager Williams joined the meeting shortly before adjournment following
his return from an appointment at the Tax Collector's Office in West
Palm Beach.
The Minutes of the October 14, 1986 Meeting were reviewed and following
discussion it was agreed to amend the next to last paragraph on Page 2
which in its original form read ..."however, as it pertains, etc." to
read ..."however, as it pertains to the sewage excise tax fund, the FAB
believes that the opinion of the Town Attorney should be sought as to
whether the stipulation of the Bond document intends to require a
separate bank account for the sewage excise tax funds. There being no
other changes to be considered, the Minutes with the above amendment
were approved.
The Chair reviewed a memorandum from the Town Manager re a computer/
software update. During the discussion,the Finance Director identified
several areas of problems with the software provider including the fact
that HTE (software provider) was not able to furnish the Town with the
software for which the Town had contracted. The memorandum of which the
Town Commission has received copies, further outlines other problems in-
cluding the need to "go outside for payroll processing".
It is the opinion of the FAB that the HTE Contract should be reviewed by
the Town Attorney for question of Breach of Contract and concurrently,
the staff should seek other sources for programs suitable to the Town's
needs.
The Finance Director reviewed the October 22, 1986 "Certification of
Final Taxable Value" noting the changes from the previously received
interim statement. It was noted that the Town had a shrinkage of less
than 1% due to appeals from assessed evaluations.
This new certification prompted further review of the 1986/87 budget
during which it was recognized that there were numerous changes required
in the earlier approved budget. The amended items will also necessitate
a formal approval of the Town Commission.
4�inancial Advisory Board Minutes
October 27, 1986
Page 2 of 2
The Enterprise Department's financial statements for fiscal 9/30/86 were
reviewed with the following notations:
Water Dept. $12,619 approx.`surplus
Sewer Dept. 34,723 approx. surplus
Sanitation Dept. 3,167 approx. deficit
It was also noted that the Finance Director projects an approximate
$348,460 surplus in the General Fund.
All the above statements were reviewed in detail and the Finance
Director asked to provide further information regarding them for the
next FAB Meeting.
During the above discussion, the Finance Director advised that the
Monthly Financial Statements would be available on the 4th Monday of
each month for review by the FAB.
The time being 12:30 p.m.,
being scheduled for Monday,
Copies: FAB Members
Town Commissioners
Town Manager
the meeting adjourned, with the next meetings
November 10 and Monday November 24, 1986.
Res ctfully submitted,
Reese E. James, Chairman