1987.10.26_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
Minutes of Regular Meeting
Monday, October 26, 1987 9.30 A M.
A meeting of the Financial Advisory Board was held at 9:30 a.m. on
Monday, October 26, 1987, at Town Hall.
Members present included Ben Cohen, Grover Ensley, and Reese James.
Members absent were Richard Brunton and Walter Peklenk. Town Manager
Hugh D. Williams was also present throughout the meeting.
Following review and upon motion properly made and seconded, the
minutes of the October 13, 1987 meeting were accepted and approved as
written.
There were no items of correspondence for consideration.
At this time, Mr. -Novak, Chief Accounting Officer for the Town, joined
the meeting to assist the F.A.B. in its' review of the September 1987
Financial Report, including the September 30 year thus ended. During
this review several exceptional areas were noted with acceptable
explanation being given by both Mr. Williams and Mr.Novak:
Legal fees exceeded the annual budget by some 18% with still
outstanding billings to be expected. This overage mainly —
being due to the increase in litigation expenses by the Town.
-- Appointed Boards and Committies is over budget some 70% due
to an increase in consulting services for the Planning
Board.
-- Refuse collection is over budget by some 34% due primarily to
a pick-up of September 1986 expenses which was not and
should have been charged against fiscal 1985/86 and the time
and a half expense of holiday pick-ups on Thursdays.
-- Revenue exceeded budget by some $200,000.00 (9%) with the
increased being reflected in most categories. This does
suggest an ultra conservative budgeting which should receive
careful review in future budgets. It is worth noting that,
with the change in fiscal management, interest on investments
have virtually doubled in the past year.
-- Water system enterprise fund --- it is noted that this fund
continues to operate at a loss and it is strongly suggested
that steps be taken at an early date to institute corrective
steps in this matter. It is further noted that the statement
on page 24 points out the need for some $167,500.00 support
Financial Advisory Board Minutes
October 26, 1987
Page 2 of 2
from the General Fund for this service.
Sewer System ---a review of this service fund suggests that
early steps be taken to use the accumulated surplus funds for
the retirement of the outstanding sewer fund bonds, thus
eliminating some $37,000.00 in annual expense.
Mr. Novak then reviewed the balance sheet statements in some detail.
Following this review, the Chair thanked Mr. Novak for his presentation
and he departed the meeting.
Noting the time as 11:30 a.m., a Motion to adjourn was made with the
next meeting being scheduled for Monday, November 9, 1987 at 9:30 a.m.
Re ectfully submitted,
/ee4* E. James, Chairman
REJ:elk
cc: FAB Members
Town Commission
Town Manager