1994.07.12_FAB_Minutes_Regular• TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING - MINUTES
Tuesday, July 12, 1994 9.30 A.M.
Chairman S. Myron Browner called the Regular Meeting to order in
Commission Chambers at 9:30 A.M.
Before proceeding with the agenda, Chairman Browner welcomed
recently appointed members John R. DeMarco and Werner Wm.
Rothenberg. He also made note of Fred Firstenburg's contributions
to the Board during his 6-year allowable tenure, and expressed
regret that because of business responsibilities, Frank Magarace
had missed the allowable three (3) unexcused consecutive meetings,
which results in automatic resignation. Further, the Chairman
stated that Member Thomas J. Reid had advised he would be unable to
attend either this meeting or the one scheduled for July 19 because
of previous business engagements and these would be considered
excused absences.
Deputy Town Clerk Doris Trinley called the roll. The Chairman,
Vice Chairman Victor P. Hadeed and Messrs. DeMarco and Rothenberg
were present. As previously noted, Mr. Reid was absent.
Town Manager Mary Ann Mariano and Finance Director Michael Seaman
were also present.
Vice Mayor Bill Paul and Commissioner David Augenstein, who were in
the audience, were welcomed by Chairman Browner and invited to join
in discussions.
MINUTES
Upon MOTION by VICE CHAIRMAN HADEED/MR. DE MARCO, the Minutes of
the June 14 Regular Meeting were unanimously approved.
OLD BUSINESS/CORRESPONDENCE
None.
NEW BUSINESS
Continuing review of the 1994/95 FY Budget, it was noted that while
the total budget figure indicates a slight decrease from the
1993/1994 FY Budget, the $101,462 that was transferred from the
Capital Projects Fund after the start of the budget year for
fire/rescue equipment actually increases the total budget figure
from the prior year.
• Financial Advisory Board
Regular Meeting - Minutes
July 12, 1994 Paae 2 of 2
At this time, Town Manager Mariano noted this meeting had been
scheduled, and Commission Members invited, specifically to discuss
the possible avenues available to the Town to raise monies in light
of the judgment against it regarding Hidden Harbor, which had
recently been upheld by the llth Circuit Court of Appeals in
Atlanta. She advised that while the Town will continue to
negotiate a settlement with the Resolution Trust Corporation in
hopes of lowering the judgment amount, it was now time to consider
that the Town will have to pay out a substantial amount, and to
start accruing funds for either a lump sum down payment and/or to
finance a bond issue.
Discussion that followed included the cost(s) and possible
length(s) of time for a bond issue (20-30 years), legal fees and
insurance coverage, and other options still open to the Town;
however a increase in the millage rate generated the major portion
of discussion.
In this regard, Mr. Seaman had provided the members with
comparative calculations which were subsequently given various
considerations. Ms. Mariano advised that she and Mayor Voress had
met with Chuck Haas of Haas & Diaz, the Town's auditors, who
• related that there would be no problem regarding a millage increase
as long as all TRIM requirements were met. During discussion, Ms.
Mariano stressed there would be no "one-time assessment" per
resident to satisfy the judgment.
In conclusion, the members were asked to consider all the
information imparted and be prepared to make a recommendation to
the Town Commission regarding a millage increase for the 1994/1995
Fiscal year at their July 19 meeting.
There being no further business to come before the Board at this
time, the meeting was adjourned at 10:25 A.M.
dmt
APPROVE:
Myron'Browner, Chairman Vi M
Hadeed, Vice C airman
f-'
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oh R DeMa co Werner Wm. Rothei er
ATTEST:
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