1987.01.05_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES
Monday, January 5, 1987 9.30 A.M.
A meeting of the Financial Advisory Board was held at 9:30 a.m. on
Monday, January 5, 1987 at Town Hall.
Members present included: Richard Brunton, Ben Cohen, Walter Peklenk,
and Reese James. Commissioner William A. Grier was also present
through most of the meeting and Town Manager Hugh D. Williams was
present throughout the meeting.
The minutes of the December 15, 1986 meeting were approved as
published.
There were no items of correspondence for discussion at this meeting.
The meeting then addressed the agenda items:
1) The Town Manager gave a further up -date on the status of the
computer/software program. He advised that the budget
program was now fully loaded and in operation and that the
new utility billing would go into effect in February 1987 on
a bi-monthly basis. While the bi-monthly billing will create
a short-term, one time cash flow situation, the new program
will be far more efficient and cost effective than the prior
manual, monthly billing system.
2) The format of the financial statements were again discussed
at length, during which it was concluded that the F.A.B.
could benefit from an educational presentation by the Town
Manager and the Finance Director. It is also the sense of
the F.A.B. that because of the substantial changes taking
place in the financial management affairs that the Town
Commission may wish to join the F.A.B. in this informal
presentation. The Chair is to confer with the Mayor on such
a meeting.
3) The Town's Employee Retirement Program was introduced for
discussion as a result of 1986 new Federal tax legislation
and the recent discovery that over -payments had been made to
some terminating employees as a result of incorrect calcu-
lations of interest earnings. The F.A.B. recognizes that
the Employee Retirement Board is a quasi -independent body
operating under the general direction of the Town Commission
and thus, the Board is responsible for their own affairs.
The F.A.B. Chair is to correspond with the Chair of the
Employee Retirement Board as to their views on whether the
F.A.B. should involve itself in this matter. The question
_ t
Financial Advisory Board Minutes
January 5, 1987
Page 2 of 2
does arise as to whether it might not be more efficient and
cost effectuve to have the Retirement Program handled by a
recognized, competent, outside Retirement Program management
organization. This matter will again be discussed at the
F.A.B. January 20, 1987 meeting.
4) The Town Manager advised that the auditor's management letter
will be reviewed by the Town Commission at their January 26
meeting and that copies of the letter will be made available
to the F.A.B. on or about January 23.
There being no further business for discussion at this time, the
meeting adjourned at 11:20 a.m. with the next meeting being called for
Tuesday, January 20, 1987 at 9:30 a.m.
R7LAc-je��
tfully submitted,
Reese E. James, Chairman
REJ:elk
cc: FAB Members
Town Commission
Town Manager