1987.11.23_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
MINUTES - REGULAR MEETING
Monday, November 23, 1987 9.30 A M.
A meeting of the Financial Advisory Board was held at 9:30 a.m. on
Monday, November 23, 1987, at Town Hall.
Members present included Richard Brunton, Ben Cohen, Grover
Ensley, and Reese James. Member Walter Peklenk was absent.
Mayor Betty Jean Stewart and Town Manager Hugh D. Williams were
also present throughout the meeting.
Following review and upon MOTION properly made and seconded, the
Minutes of the November 16, 1987 Meeting were accepted and
approved as written.
There were no items of correspondence, so the meeting proceeded to
the agenda items.
LONG REPORT
Due to the unavailability of the additional data promised by
Long Associates re wages, this matter has to be deferred
until such data is available to the F.A.B. as necessary
assistance in arriving at a recommendation in the matter.
1980 SEWER BOND ISSUE
Mr. Williams memo, dated November 12, 1987, was reviewed,
along with supporting information that was given by
Mr. Williams. Following discussion, Mr. Williams proposal
was unanimously endorsed by the F.A.B. and recommended to the
Town Commission for its' approval, subject to a contrary
legal opinion from the Town Attorney regarding the Bond docu-
ment and the Town Resolution regarding the sewer surcharge.
FISCAL 1986/87 BUDGET TRANSFERS
Although Mr. Novak, who had joined the meeting at this point,
advised that all the data on this matter was not available
for this meeting, there was extensive discussion on the
subject. Concerns were expressed regarding the purpose and
value of year-end budget transfers, as well as the practice
of making payments for billings that exceed the budgeted
item. It is the sense of the F.A.B. that such billings
should be brought to the Town Commission prior to payment and
the appropriate budget transfer be made as a part of the
Commission authorization for payment of such billings.
Further, the F.A.B. does not endorse the practice of making
year-end budget transfers. It was also agreed that the Town
Manager would develop, for the next F.A.B. meeting, a
proposed policy for the timely management of budget
variances.
Financial Advisory Board -Regular Meeting Minutes
November 23, 1987
Page 2
This subject will again be taken up at the next F.A.B.
meeting.
OCTOBER 1987 FINANCIAL REPORT
Mr. Novak reviewed the report, during which he noted the
exceptional items:
(1) Finance Department is over -budget due to an advance
payment of audit fees required by the audit firm.
(2) The Water Department continues to operate with
inadequate revenue and the F.A.B. again recommends that
early action be taken to adjust the water rates to
properly reflect the "cost of doing business". The
Town Manager agreed to develop a proposal for a new
water rate structure for the next F.A.B. meeting.
Note was made that the time was 12 Noon and upon proper MOTION,
the meeting adjourned with the next meeting being scheduled for
Monday, December 7, 1987, at 9:30 a.m.
Res ctfully submitted,
Reese E. James, Chairman
REJ:elk
cc: FAB Members
Town Commission
Town Manager