1993.01.19_FAB_Minutes_Regularn
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TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING - MINUTES
Tuesday, January 19, 1993 9.30 A.M.
Vice Chairman Victor P. Hadeed called the Regular Meeting to order in
Commission Chambers at 9:30 A.M.
Deputy Town Clerk Doris Trinley called the roll. Present were the Vice
Chairman, Fred Firstenbury, Frank A. Magarace and Thomas J. Reid.
Chairman S. Myron Browner was absent.
Finance Director Michael Seaman and Debbie Diaz of Haas, Diaz & Co.,the
Town's auditors, were also present. Commissioner John F. Rand and Town
Manager Mary Ann Mariano were absent.
Upon MOTION by Mr. Firstenburg/Mr. Reid, the Minutes of the November
17, 1992 Regular Meeting were unanimously approved.
There was no Old Business or Correspondence to be addressed.
NEW BUSINESS
• Review of Fiscal Year 1991/1992 Financial Report
It was the consensus of the members that rather than a page by page re-
view, Ms. Diaz would highlight important elements of the report. She
first advised there were three additions to be made to the report:
1) A copy of the Certificate of Achievement for
Excellence in Financial Reporting earned by
Mr. Seaman for last year's financial report.
2) Disclosure as it relates to the Broadview law-
suit. The Town Attorney has evaluated the
range of potential loss, (1.7 million for legal
fees and 14.7 million, the last award that
came down for the RTC), but did not indicate
in his correspondence that it is probable
there will be a favorable outcome for the RTC
and these figures will occur as a result. Re-
garding the Town's appeal of these judgments,
Ms. Diaz noted it is their understanding there
may not be any result until late 1993. There-
fore, at a minimum, the events need to be dis-
closed in the Notes to the Financial Statement
and they are working on same at this time. When
completed, the Town Attorney must review it to
ascertain if the facts have been accurately and
properly understood and disclosed.
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Financial Advisory Board
•Regular Meeting - Minutes
January 19, 1993 Page 2 of 3
Ms. Diaz said that to date their dealings had been
only with the Town Attorney and not the other appeals
attorneys. She acknowledged that it is important for
them to correspond directly with the other attorneys
to get their opinion on the Broadview matter and they
will be in touch with the Town Attorney regarding this.
3) Three (3) reports will also be added to the final
Financial Report:
Independent Auditors' Report on Compliance Based
on Examination of the Financial Statements.
Independent Report on the Internal Control Structure.
Report on Comments to Management.
Ms.Diaz complimented Mr. Seaman and his staff on
an excellent job, saying the Town ran a very "clean"
operation.
Questions on other sections of the report were answered to the members'
satisfaction. It was noted that on page 17, the last sentence was a
typographical error and would be removed and the statistical tables on
pages 70, 71 and 74 were incomplete. Other minor errors were also
noted for correction in the final report.
Having been advised there was no reference in the Financial Statement
as regards Adelphia Cable's fees and/or franchise payments to the Town,
it was the consensus of the members that the Town's cable franchise
agreement and its financial impact be an agenda item for discussion at
a future meeting.
Concluding review, Ms. Diaz acknowledged that the members had had
little time to digest the information contained within the Financial
Statement and said her firm would be available to them should any
questions arise after today's meeting.
Review of Monthly Financial Reports as of December 31, 1992
There were no questions or comments regarding the reports.
Next meeting is scheduled for Tuesday, March 16, 1993 at 9:30 A.M.
There being no further business to come before the Board at this time,
the meeting was adjourned upon MOTION by MR. MAGARACE/MR. REID at 10:05
A.M.
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.Financial Advisory Board
Regular Meeting - Minutes
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ATTEST:
DATE:
•
APPROVE: -
or P-y Hade , Vice C airman
Fred
Firsten urg
-
406,s6v 7 —
Frank
A. Magarace
Thomas J. Reid