1988.01.11_FAB_Minutes_RegularF_
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TOWN OF HIGHLAND BEACH, FLORIDA
• FINANCIAL ADVISORY BOARD
MINUTES - REGULAR MEETING
Monday, January 11, 1988 9:30 A.M.
A meeting of the Financial Advisory Board was held at 9:30 a.m. on
Monday, January 11, 1988, at Town Hall.
Members present included Richard Brunton, Ben Cohen, Grover
Ensley, Fred Firstenburg, and Reese James. Also present were
Mayor Betty Jean Stewart and Chief Finance Officer Stanley Novak.
Following review and upon MOTION properly made and seconded, the
minutes of the December 7, 1987 meeting were accepted and approved
as written.
The Chair welcomed Mr. Firstenburg as a newly appointed member of
the Financial Advisory Board, replacing Mr. Peklenk.
Items of "correspondence" included:
A Memo re selection of independent auditors. This matter will
be discussed at the next F.A.B. meeting.
• - A Memo re water and sewer service charges. The Finance
Officer is to provide additional data for review at the next
F.A.B. meeting.
Copy of a letter from Long Associates. The Administration
Office will be asked for more information re this matter.
Items of "old business" included:
Budget Transfers.
It has been agreed that year-end budget transfers are not in
the Town's best interest insofar as financial record keeping
is concerned. The Financial Officer has agreed to develop a
proposal that will address timely budget transfers that will
allow for better tracking of financial items for future
budgeting. This proposal to be available for the first
F.A.B. meeting in February.
Long Report re compensation for Town Manager position.
This matter will be pursued at the next F.A.B. meeting.
Items of "new business" included:
. - Membership of the Town's Chief Financial Officer in
professional associations.
. Financial Advisory Board Regular Meeting Minutes
January 11, 1988
Page 2
This was discussed and it is the recommendation that the Town
Commission should support and underwrite membership fees for
the Chief Finance Officer in certain State professional
organizations so that the Town can benefit from the sharing
of information that comes from such membership.
Water Rates.
There is a definite need for additional financial data for
discussion of this subject. The Chief Finance Officer has
agreed to develop this for the next F.A.B. meeting.
November Financial Statements.
The Chief Finance Officer reviewed this report, making
special note that:
This is a two month report and the three month report
including December 31 will allow for better analysis.
• - No legal billings have been received for the two month
period.
Payment for fire protection services is in process.
Contract requires payment within 15 days of receipt of
tax assessments.
Debt payments are payable in January.
Treasurer's Fund continues to be maximum invested in
State Pooled Fund for greater earnings.
At this point, the meeting adjourned with the next meeting
scheduled for Tuesday, January 19, 1988, at 9:30 a.m.
Res ectfully submitted,
Reese E. James, Chairman
REJ:elk
cc: FAB Members
Town Commission
Acting Town Manager
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