1987.06.04_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES OF REGULAR MEETING
Thursday, June 4, 1987 9.30 A.M.
A meeting of the Financial Advisory Board was held at 9:30 A.M. on
Thursday, June 4, 1987, at Town Hall.
Members present included Richard Brunton, Ben Cohen, Grover Ensley and
Reese James. Also present throughout the meeting was Town Manager Hugh
Williams and Town Finance Director Rebecca Morse. It was noted that
Commissioner Scholz and Building Inspector Abbate were in the audience
throughout the meeting. Member Walter Peklenk is on vacation.
Mr. Ensley was welcomed as a newly appointed member of the F.A.B. and it
was noted that the F.A.B. now has a full membership.
The minutes of the May 26, 1987 Meeting were reviewed and that part
which referred to the 1980 Sewer Revenue Sinking Fund Reserve was
amended to read:
"This discussion is a follow-up to our May 12, 1987 Meeting.
A review of the Bond Indenture reveals in item 3 (G) (page 17)
that "upon request at the issuer" (Town of Highland Beach),
monies on deposit to the credit of the Reserve Account shall
be -invested by the depository Bank in direct obligations of,
or obligations the principal of and interest on which are
guaranteed by, the U.S. Government, etc.". It was noted that
past records show that these funds have been held in a Savings
Account and not invested in U. S. Government obligations. The
Finance Director's memo of April 1, 1987, recommends that, rather
than retaining the funds in a low paying Savings Account, the
funds be kept in a bigger paying Certificate of Deposit with a
Banking Institution approved as a certified public depository
under Chapter 280 of the Florida Statutes. Following further
discussion, the F.A.B. endorsed the proposed action and recom-
mends its approval by the Town Commission".
With the above amendment, the minutes were approved.
Under "Correspondence", the chair noted with regret that the Town
Finance Director has submitted her resignation to be effective Friday,
June 19, 1987. Ms. Morse has accepted a similar position with her home
town of Palm Springs. During her short tenure (8-1/2 mos.) great
progress has been made in the Accounting Records and Financial
Management of Town's funds and the F.A.B. is sorry to lose her talents.
We wish her well in her new appointment.
The chair also noted that the Town Commission "Agenda Action Report" for
their June 2, 1987 Meeting carried an item re a memo from Chief of
Police requesting authorization to employ a Secretary for the Police
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Minutes of Financial Advisory Board Regular Meeting
June 4, 1987
Page 2 of 3
Department office. Since this position is not in the 1986/87 budget,
the F.A.B. has been asked to comment and bring its recommendation to the
Town Manager. During the discussion, it was noted that at this time,
there is an absence of any supporting information regarding this
proposed new position such as 1. Duties 2. Rating 3. Period of
employment, and 4. Cost for balance of fiscal 86/87. The Town Manager
advised that he has requested such information from the Police Chief.
Although the F.A.B. recognizes the perceived need as pointed out in the
Police Chief's memo of April 23, 1987, it was the sense of the F.A.B. to
defer comment pending further information from the Town Manager.
The "Agenda Action Report" also carried a notation regarding the
retirement request of the Town Building Inspector and that the matter
has been referred for comment by the F.A.B. This matter will be taken
up later in the meeting.
The meeting then addressed the agenda items:
1972 G. 0. BOND ISSUE
This is a follow-up discussion of this subject from the
May 26, 1987, F.A.B. meeting. The Town Manager advised
that he had verbally conferred with Town Counsel re this
subject and that Counsel had indicated that he could not
see anything that would prohibit the proposed action;
however, he would be sending a written confirmation of
his verbal comment. Following further discussion, the
F.A.B. concurred in the proposal as outlined in the
Finance Director's memo of May 26, 1987, subject only
to the receipt of a written opinion from the Town Attorney
that such action is not in violation of the Bond Indenture.
INVESTMENT POLICY
The latest draft of this proposed policy (draft #3) was
reviewed on a line by line basis during which a number
of changes were agreed upon with the Town Manager. The
Town Manager agreed to have the final draft available
for the next F.A.B. meeting so that this matter may move
to the Town Commission for its action.
RETIREMENT PLAN
This item is being deferred pending review of the "Long
Report".
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Minutes of Financial Advisory Board Regular Meeting
June 4, 1987
Page 3 of 3
LONG REPORT
Preliminary draft of this report was received on May 29
and the F.A.B. Members have not yet had time to review its
contents. Town Manager noted that the final copy is
expected on or about 10th of June.
At this time, the F.A.B. took up the matter of retirement of the Town
Building Inspector. The Town Manager reviewed the basis for the request
and his reasoning for recommending approval in accordance with the terms
outlined in the memorandum, subject to a written "Memo of Understanding"
to be drawn by the Town Counsel which would spell out the terms and
carry the signature of both the retiree and the Town Manager. Following
extensive discussion, it was the sense of the F.A.B. to endorse the
proposed action of the Town Manager as outlined at this meeting and the
effecting the "Memo of Understanding" as described by him.
There being no further business, the meeting adjourned at 11:45 A.M.
with the next meeting being scheduled for Monday, June 15, 1987 at
9: 30 A.M.
REJ/amk
cc: FAB Members
Town Commission
Town Manager
Finance Director
Res tfully submitted,
Reese E. James, Chairman