1994.10.28_FAB_Minutes_Regular0
TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING - MINUTES
Friday, October 28, 1994 9:30 A.M.
Chairman S. Myron Browner 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
Chairman and Vice Chairman Victor P. Hadeed and Members Thomas J. Reid,
John DeMarco and Werner Wm. Rothenberg.
Town Manager Mary Ann Mariano and Finance Director Michael Seaman were
also in attendance, as were Mayor Arlin G. Voress and members of the
general public.
MINUTES
Upon MOTION by MR. ROTHENBERG/MR. HADEED, the Minutes of the October 12
16 Regular Meeting were unanimously approved.
OLD BUSINESS/CORRESPONDENCE
None.
NEW BUSINESS
Review Garbage/Trash Rates
After some discussion, during which members' questions were answered to
their satisfaction, MOTION was made by MR. ROTHENBERG/MR. DE MARCO as follows:
THAT CURBSIDE RATE BE INCREASED TO $11.25 PER UNIT (CURRENT
$10.80); AND CONDOMINIUM RATE BE INCREASED TO $7.25 (CURRENT
$7.00).
Motion met with unanimous favorable vote.
Financial Advisory Board
Regular Meeting - Minutes
October 28, 1994 Page 2 of 3
Review Financing Alternatives for Fire Truck
Based on Delray Fire/Rescue's recommendation that the bid for the new fire truck be
awarded to Sutphen Corporation in the amount of $540,494.00, (copy attached to and made
part of these Minutes), several financing approaches were discussed including:
.Pay the initial $110,000 chassis payment in November out of
surplus funds to secure quoted purchase price of truck, as well
as $10,598 discount; then take time to research ways to finance
remainder, since truck will not be ready for delivery for approx-
imately eight (8) months (July).
After initial down payment, borrow from Town reserves to pay remainder,
paying interest just as would be paid to a lending institution.
There were loan proposals from Liberty National Leasing Co. and Barnett Bank, which were
also reviewed and discussed. Brad Meyers, a representative from Liberty, spoke on behalf
of his company's offer. There was no representative from Barnett Bank. [A copy of these
loan proposals are attached to and made part of these Minutes].
• A philosophical discussion also took lace concerning the amount of time that should be
p p p g
taken to pay out the remainder of a loan, i.e., short-term wherein the least cost would be
incurred, or long-term, wherein taxpayers would not bear a front-end burden for a piece of
equipment with a life span of approximately 20 years.
Regarding the borrowing of funds from existing reserves, to include repayment with interest,
instead of a lending institution, the Town Manager noted that such an action, even by virtue
of Resolution, could not be made legally binding on any future Town Commission.
After lengthy and in-depth discussion, Mayor Voress addressed the members, advising them
not to let any other possible, and at this date, unknown, financial obligations which the
Town might have to face affect their recommendation today.
In conclusion, VICE CHAIRMAN HADEED/MR. ROTHENBERG made the following
MOTION, which met with unanimous favorable vote:
PAY $110,000 OUT OF SURPLUS FUND TO MEET NOVEMBER PURCHASE
DATE, THUS SAVING $10,598 ON BID PRICE; THEN LOOK INTO OTHER
OPTIONS RE FINANCING BETWEEN NOVEMBER AND DELIVERY DATE OF
TRUCK QULY).
0
6
Financial Advisory Board
Regular Meeting - Minutes
October 28, 1994 Page 3 of 3
Review Preliminary Financial Statements
Review was brief, with Mr. Seaman answering members' questions to their satisfaction.
There being no further business to come before the Board at this time, the meeting was
adjourned upon MOTION by MR. REID/MR. ROTHENBERG at 10:30 A.M.
dmt
ATTEST:
DATE:
APPROVE:
AS
S. Myro Browner,Chairman
Victor P. Hadeed, Vice LZn
1
Thomas J. Reid
J n R. eMarco
Werner Wm. Rothenberg