1987.04.13_FAB_Minutes_SpecialKam.
TOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES OF SPECIAL MEETING
Monday, April 13, 1987 10:00 A. M.
A Special Meeting of the Financial Advisory Board was held at 10 a.m.
on Monday, April 13, 1987 at Town Hall.
Members present included Richard Brunton, Benjamin Cohen, Walter
Peklenk, and Reese James. Also present by special invitation were
members of the Town Commission (Mayor Stewart, Vice Mayor Blosser,
Commissioner Robinson, and Commissioner Scholz --Commissioner Basso not
present).
The purpose of this Special Meeting was to provide an opportunity for
the Town Manager and Finance Director to present an educational seminar
on the operation of the Finance Department.
The Town Manaer had furnished to each person present some work papers
prepared for this meeting, including the financial reports for the six-
month fiscal period ending March 31, 1987. The presentation included
comments on each area followed by more in-depth comments by the Finance
Director. Items covered included:
- The various accounting funds utilized by the Town and their
purpose.
- The various Town bank accounts and their use, management, and
investment.
- The internal management and controls of cash receipts.
- The internal management and control of expenditures.
- The daily application of the Town Purchasing Policy, particularly
noting the less than and more than $2,500.00 effect.
- The Monthly Financial Reports including Check Register.
During the questioning and answering, it was agreed that:
The Town Manager would highlight and comment on variances in the
Revenue & Expenditures Statement that exceed a factor level to be
developed by the F.A.B. at its' next meeting.
- The Town Manager would highlight and comment on budget and non -
budget items in the Check Register which represent unusual items.
The Finance Director would develop a draft investment policy for
review and comment by the F.A.B. at an early meeting.
Minutes of Finanancial Advisory Board Special Meeting
April 13, 1987
Page 2 of 2
The meeting adjourned at 11:30 a.m., with thanks to the Town Manager
and Finance Director for their able and thorough coverage of the
subject.
The next meeting of the F.A.B. is scheduled for 9:30 a.m., Tuesday,
April 21, 1987.
Res tfully submitted,
Reese E. James, Chairman
REJ:elk
cc: FAB MEMBERS
TOWN COMMISSION
TOWN MANAGER
FINANCE DIRECTOR