1987.07.13_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
Minutes of Regular Meeting
Monday, July 13, 1987 9.30 A M.
A meeting of the Financial Advisory Board was held at 9:30 a.m. on
Monday, July 6, 1987, at Town Hall.
Members present included Richard Brunton, Benjamin Cohen, Walter
Peklenk, and Reese James. Member Grover Ensley was on vacation. Mayor
Betty Jean Stewart and Town Manager Hugh D. Williams were also present
throughout the meeting.
The Minutes of the July 6, 1987 Meeting were amended to add the term
"former" where the Minutes spoke of the Town Finance Director. With
this amendment and upoon MOTION made and seconded, the Minutes were
approved as written.
Under the item "Correspondence", note was made that several Resolutions
had been adopted by the Town Commission in follow up to recommendations
of the F.A.B.
The meeting then proceeded to address the agenda:
1980 SEWER REVENUE BOND SINKING FUND ACCOUNT
This matter continued to appear on the agenda as awaiting a
"definitive" opinion from the Town Attorney regarding the stipu-
lations in the bond indenture pertaining to this account. Further
correspondence from the Town Attorney has been received.
-- EMPLOYEE RETIREMENT PLAN
Although resolution of this matter has been long delayed, it is
further deferred so that this Board might complete its' review of
the "Long Report" and its' recommendations on this subject, before
proceeding with the matter.
LONG REPORT
The F.A.B. would have preferred to have completed its' review of
this document and have developed its' recommendations pertaining
to the reports content prior to entering into the 1987/88 Budget
process. Unfortunately, the constraints of the budget timetable
dictated that the review of the budget needed to be undertaken
before undertaking the "Long Report". It is the intent of the
F.A.B. to take up the "Long Report" as a priority item upon
completion of its' review and comments of the 1987/88 Budget.
Financial Advisory Board Regular Meeting Minutes
July 13, 1987
Page 2
1987/88 PROPOSED BUDGET
Both Revenue and Expenses of the proposed 1987/88 Budget, as
developed by the Town Manager, were reviewed on a line by line
basis. In the course of this review, several items were
determined to need adjustment and the Town Manager agreed to
incorporate these adjustments in developing a second draft of this
document. Some of the agreed upon adjustments related to Revenue
items and others related to items of Expense. In all cases, both
the F.A.B. and the Town Manager have endeavored to assure that the
proposed budget to be presented to the Town Commission, as
accurately as possible, reflect the Revenue and Expenses that can
be expected for fiscal 1987/88. It is to be noted that the budget
does reflect full provision for implementing results of the "Long
Report". The Town Manager understands that these provisions do
not represent and are not to be understood as reflecting agreement
of the F.A.B. with the Long Report and, further, that their
provision in the budget does not constitute an implied agreement
of the F.A.B. for their inplementation. Implementation should
only occur after the F.A.B. review, its' recommendations
considered by the Town Commission and, through this course,
approval given.
The F.A.B. did concur in the continuation, on a regular basis, of
the additional position in the Finance Department that was due to
expire on September 30, 1987.
The F.A.B. also concurs in the proposal to continue the vacation
coverage in the Law Enforcement Department at a level of 20 hours
a week for the 26 week vacation period. Concurrence was also
given to the additional position in the General Public Buildings
Department. It is the sense of the F.A.B. that all future
requirements for new positions be supported by written needs and
job description prior to such requests being incorporated in
future budgets.
The time now being 1:00 p.m., the meeting adjourned with the next
meeting being scheduled for Monday, July 27, 1987, at 9:30 a.m.
It was further agreed that during this Chairman's vacation absence,
that Water Peklenk would be Acting Chairman.
Respectfully submitted,
Reese E. James, Chairman
REJ:elk
cc: F.A.B. Members
Town Commission
Town Manager