1988.06.21_FAB_Minutes_Regular•
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TOWN OF HIGHLAND BEACH, FLORIDA
FINANCIAL ADVISORY BOARD
REGULAR MEETING - MINUTES
Tuesday, June 21, 1988 9.30 A.M.
A regular meeting of the Financial Advisory Board was called to order
by Acting Chairman Richard Brunton at 9:30 A.M. on Tuesday, June 21,
1988 at Town Hall.
Members present included: Acting Chairman Richard Brunton, Benjamin
Cohen, and Fred Firstenburg. Members George Harbin and Grover Ensley
were absent.
Also present for the meeting were Mayor Betty Jean Stewart, Chief
Accounting Officer Stanley Novak, Town Manager Mary Ann Mariano, and
Recording Secretary Redawna Bavender.
MOTION was made by Mr. Firstenburg/Mr. Cohen to approve the minutes of
the May 12, 1988 Regular Meeting of the Financial Advisory Board as
amended. The amendments being the deletion of the words "All voted
AYE" from the third last and the fourth last paragraph on page two, and
changing the salary figure fron► $40,082.00 to $40,081.00 in the fifth
last paragraph on page two. All voted AYE.
CORRESPONDENCE:
There was no correspondence to be discussed.
OLD BUSINESS:
- REVIEW MAY FINANCIAL STATEMENT
Mr. Stanley Novak, Chief Accounting Officer, discussed the May 1988
Financial Statement by reviewing both the expenditures and revenues of
the Town. Shortfalls were noted in a few departments, but Mr. Novak
noted that nothing was drastically out of line.
- DISCUSSION RE WATER RATES
Mary Ann Mariano, Town Manager, stated that the basis for the increased
water rates is to alleviate the necessity of general fund subsidization
of the water enterprise fund as well as to create a reserve in the
water fund. This reserve may be used for en►ergencies that may arise as
well as assist in the costs which will be associated with the Town's
long term water needs. Mrs. Mariano will reconunend that the Town
budget a 10% reserve figure in next year's budget. Several rate
scenarios were presented to the Financial Advisory Board.
Mayor Stewart complemented Mr. Novak on the excellent package he put
together using the new Lotus progran►.
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FINANCIAL ADVISORY BOARD - REGULAR MEETING MINUTES
•June 21, 1988
Page 2 of 3
Mayor Stewart questioned Mr. Novak as to what additions can be
programmed into the computer to add a one time surcharge in. Mr. Novak
stated he felt Pressus and Haas would probably have to make a program
change, but felt it wouldn't be too costly.
Mr. Cohen and other members of the Board concurred that that
transferring of excess funds from sewage to water and/or combining such
funds should be studied as an alternative to increasing water rates.
Mayor Stewart read a memorandum, dated March 1987, from Becky Morse,
former Finance Director, where Ms. Morse felt combining the water and
sewage funds would only mask the problem of the water system not being
a self sustaining enterprise and would not resolve the overall
problem.
Acting Chairman Brunton stated he would like to see a short evaluation
prepared of something being done jointly between sewage and water,
mainly a reduction in one and an increase in the other, and/or
transferring fron► one account to the other. An evaluation will be
prepared and addressed at the July Financial Advisory Board Meeting.
NEW BUSINESS:
• - DISCUSSION RE 88/89 FY BUDGET
The revenue portion of the 88/89 Fiscal Year Budget was discussed.
It was noted that there may be an increase in revenues obtained from
advalorem taxes to maintain the current millage rate and increase the
reserve appropriately.
With regard to an inflationary factor to be used for salary adjustments
pursuant to the policy of the Town, Mr. Novak stated that the CPI
figure was at 3.7% at April 30, 1988. Documentation as to that fact
will be presented to the Board at a later date.
The next meeting of the Financial Advisory Board will be held on
Tuesday, July 12, 1988 at 9:30 A.M.
The meeting was properly adjourned at 12:15 P.M.
APPROVED: - ABSENT -
George M. Harbin, Chairman
Ri air Brunto
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FINANCIAL ADVISORY BOARD - REGULAR MEETING
•June 21, 1988
Page 3 of 3
A
Benja n Cohen
- ABSENT -
Grover y
Fred Firstenburg
cc: FAB Members, Town Commission, Town Manager
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