1987.03.30_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES OF REGULAR MEETING
Monday, March 30, 1987 9:30 A. M.
A meeting of the Financial Advisory Board was held at 9:30 a.m. on
Monday, March 30, 1987 at Town Hall.
Members present included Richard Brunton, Benjamin Cohen, and Reese E.
James. Member Walter Peklenk was absent. Commissioner Robert Scholz
and Town Manager Hugh D. Williams were also present throughout the
meeting.
The Minutes of the March 18, 1987 Meeting were reviewed and amended to
include:
"The Revenue and Expense Statements for the Town for the month of
February and year-to-date, period ending February 28, 1987, were
reviewed and with the exception of the Finance Department Salary
Expense, were found to be within acceptable levels. The variance
in the Finance Department Salary Expense was identified as being
due to the temporary help that had been employed since October
1986, for the purpose of assisting in converting the Town's
financial records into the new computer."
With the above amendment, the Minutes of the March 18, 1987 Meeting
were approved.
In the absence of any correspondence to consider, the Board took up
the agenda items.
(1) WATER AND SEWER ENTERPRISE FUNDS.
The Finance Director had prepared a memorandum and pro -forma
financial statements to assist this Board in its' discussion re-
combining these two funds. The memorandum expressed the
Finance Director's concern for the deficit condition of the Water
Department and the need for this matter to be addressed at an
early date. It was also noted that projected salary expense for
the fiscal year would be over -budget at approximately $22,000.
In addition, the projected statement carried approximately
$61,000 of unbudgeted expenses directly related to the future
expansion of the water field. Following a lengthy discussion of
this matter, it was agreed that the Town Manager, with the
Finance Director, would provide this Board with a Position Paper
addressing the long-term financial needs of the Water Department.
This report be be in the hands of the Board Members prior to the
scheduled April 21, 1987 Meeting.
2) JOINT MEETING WITH COMMISSION
At the request of the Mayor, a Joint Meeting with the
Commissioners was set for Monday, April 13, at 10:00 a.m. for the
purpose of having the Town Manager and Finance Director present a
review of the Finance Department operation.
Minutes of Financial Advisory Board Regular Meeting
March 30, 1987
Page 2
3) EMPLOYEE WAGES AND BENEFITS
Town Manager presented a proposal to employ a consulting firm to
carry out a complete review of work assignments and related
personnel matters, including a wage study. Following a
discussion of this proposal, the Board endorsed and recommends
such a review.
4) EMPLOYEE RETIREMENT PLAN
A Memornadum from the Town Manager on this subject was discussed.
The first consideration being the question of type of plan, i.e.,
defined benefit or defined contribution. This discussion led to
the recommendation that the "defined contribution" plan was the
most appropriate and with this basis, the Town Manager was asked
to develop more in-depth data for this Board to consider.
Discussion also centered on the need to retain an outside
consultant to review the present plan. However, following this
discussion, it was agreed that the matter of a consultant be
tabled, at this time.
There being no further business at this time, the meeting adjourned at
11:30 a.m., with the next meeting being scheduled for Tuesday,
April 21, 1987 at 9:30 a.m.
Resp 'fitfully submitted,
� U4,
Reese E. James, Chairman
REJ:elk
cc: FAB Members
Town Commission
Town Manager
Finance Director