1987.06.15_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES OF REGULAR MEETING
Monday, June 15, 1987 9.30 A.M.
A meeting of the Financial Advisory Board was held at 9:30 A.M. on
Monday, June 15, 1987, at Town Hall.
Members present included Ben Cohen, Grover Ensley and Reese James.
Members absent were Richard Brunton and Walter Peklenk who were on
vacation. Town Manager Hugh Williams was also present throughout the
meeting.
The minutes of the June 4, 1987 Meeting were reviewed, and upon MOTION
properly made and seconded, the minutes were approved as written.
Under Correspondence, the Chair noted a memorandum from the Town Manager
re smoking in the Town Complex. Also noted was June 3, 1987 opinion re
liability protection for appointed Board Members.
The Meeting then proceeded with the agenda items:
INVESTMENT POLICY
Following further discussion and subject to some amending
language as had been agreed upon with the Town Manager, the
F.A.B. concurs in the proposed policy and recommends it for
consideration by the Town Commission. It was also recommended
that the final draft (#5) be submitted to the Town Attorney
for review prior to Commission consideration.
1972 G. 0. BOND ISSUE
The Town Manager is still awaiting a written legal opinion
from the Town Attorney. This item will again be included in
the next F.A.B. Agenda.
1980 SEWER REVENUE SINKING FUND RESERVE ACCOUNT
The Town Manager is still awaiting a written legal opinion
from the Town Attorney. This item too will be included in
the next F.A.B. Agenda.
EMPLOYEE RETIREMENT PLAN
A "First Draft" of an outline for a proposed Employee Retire-
ment Plan' -was reviewed with the Town Manager. During this
discussion, note was made that the "Long Study Report" advises
that the current level of Town participation (5%) is competi-
tive with others in the local area. Following in an indepth
Minutes of Financial
June 15, 1987
Page 2 of 3
discussion,
re -write as
Meeting.
Advisory Board Regular Meeting
it was agreed that the Town Manager would do a
Draft #2 for further review at the next F.A.B.
POLICE CLERK POSITION
The F.A.B. Minutes of June 4, 1987, had pointed out the need
for further information prior to its comment. Such informa-
tion was not available for this meeting and the subject will
be included in the next F.A.B. Agenda.
1987/88 BUDGET
A June 11, 1987, Memo from the Town Manager as well as a
June 1st, letter from the County Property Appraiser were re-
viewed. The Town Manager has suggested starting the budget
process on June 29, with a proposed completion schedule of
July 28, for presentation to the Town Commission. The F.A.B.
indicated its concurrence with the proposed time table. Dur-
ing this discussion, several budgetary areas were noted:
1) April 30, 1986 - April 30, 1987 CPI increased by
4.7% per Bureau of Labor Report.
2) The County Solid Waste Authority is proposing a
23% increase in "Tipping Fees".
3) That estimated net taxable value of property in
the Town has increased by some $4,115,000.
4) That the new state sales tax legislation should
provide an approximate 10% increase in Town Revenue.
5) That the Town Manager proposes to provide a 5%
increase factor in the 87/88 budget.
The Board also reviewed the budget format as presented by
the Finance Director. The Town Manager proposes to have the
first draft of the 87/88 budget ready for the F.A.B. review
at its next meeting.
MAY 31 FINANCIAL STATEMENT
The Financial Statement for the eight (8) month period ending
May 31, were revised. Several areas of exception were noted
and, after discussion with the Town Manager, the F.A.B.
accepted the Report as being within acceptable limits.
TELECOMMUNICATION TAX
A June 9, 1987, Memo from the Town Manager re this subject
was reviewed. During this discussion, it was noted that:
Minutes of Financial Advisory Board Regular Meeting
June 15, 1987
Page 3 of 3
1) It is the F.A.B. objective to assure value for taxes
collected and not how to find sources for increases
in taxes.
2) Ad Valorum taxes are a federal tax deductible item
whereas utility taxes are not so deductible.
3) There is a question as to benefit to residents in
raising or adding utility taxes as such.
Following discussion, it was the sense of the F.A.B. that
raising of or adding utility taxes were not indicated and
not recommended to the Town Commission.
LONG REPORT
The "Draft" copy of this awaited report was reviewed on a
page by page basis. The recommendations contained therein
were discussed at length, following which it was agreed that
the "Final" copy and the Town Manager's recommendations would
be available for the next F.A.B. Meeting.
The meeting adjourned at 12 noon with the next meeting being scheduled
for Monday, June 29, 1987, at 9:30 A.M.
Rerctfully submitted,
lw p • J �Z7�'
Reese E. James, Chairman
REJ:amk
cc: FAB Members
Town Commission
Town Manager
Finance Director