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1995.01.24_FAB_Minutes_RegularTOWN OF HIGHLAND BEACH FINANCIAL ADVISORY BOARD REGULAR MEETING - MINUTES Tuesday, January 24, 1995 10:30 A.M. Chairman S. Myron Browner called the Regular Meeting to order in Commission Chambers at 10:30 A.M. Acting Town Clerk Doris Trinley called the roll. The Chairman, Vice Chairman Victor P. Hadeed and Members Thomas J. Reid, John R. DeMarco and Werner Wm. Rothenberg were present. Town Manager Mary Ann Mariano and Finance Director were also in attendance. Mayor Arlin Voress and Commissioner Arthur Eypel were present for a portion of the meeting. Except for Mr. Felix Goldenson, no members of the general public were present. ELECTION OF OFFICERS VICTOR P. HADEED was nominated as VICE CHAIRMAN by Mr. Reid/Mr. Rothenberg. There were no other nominations. Mr. Hadeed accepted • the nomination and was elected Vice Chairman by unanimous favorable vote. THOMAS J. REID was nominated as CHAIRMAN by Mr. DeMarco/Mr. Rothenberg. There were no other nominations. Mr. Reid accepted the nomination and was elected Chairman by unanimous favorable vote. Taking his seat as Chairman, Mr. Reid thanked his fellow members for their confidence and also thanked Mr. Browner, noting that his good work as Chairman was appreciated. Chairman Reid then briefly re -stated his understanding of the work of the Board, referring to Resolution 477, which created it, as well as the Member Information Notebook. APPROVAL OF MINUTES Upon MOTION by MR. HADEED/MR. ROTHENBERG, the Minutes of the October 28, 1994 Regular Meeting were unanimously approved. OLD BUSINESS/CORRESPONDENCE None. 14 • • CJ Financial Advisory Board Regular Meeting - Minutes January 24, 1995 Page 2 of 3 NEW BUSINESS Review of Town's Reserve Policy This review was prompted by a request to the Town Commmission from resident Felix Goldenson who had asked that a study be undertaken, with the results being transmitted back to the Commission, as to the purpose for which a reserve fund should be provided by the Town, the amount thereof, and how it should be funded. Mr. Goldenson was present and was invited to participate, with the understanding that if such a study were done, the FAB would be the panel undertaking it. Lengthy discussion took place regarding this issue, including the concept of reserve versus surplus and the possibility of using an outside consultant to determine what kind of funds should be reserved. Mayor Voress suggested that these kinds of funds should be reviewed as part of the FAB' s involvement in the fiscal year budget process, with their recommendations transmitted to the Town Commission at the appropriate time in the budget calendar. Ms. Mariano advised that her philosophy on this subject, as the Town's Manager, is always included with the approved fiscal year budget. However, she asked the Board's direction and the following MOTION was made by MR. ROTHENBERG/MR. DE MARCO: THE FINANCIAL ADVISORY BOARD REQUESTS THE TOWN MANAGER TO OBTAIN ANY MATERIALS AVAILABLE FROM OTHER MUNICIPALITIES REGARDING THE QUESTION OF SURPLUS VERSUS RESERVE FUNDS. Motion met with unanimous favorable vote. In conclusion, it was the consensus to defer any action on this matter until the members had time to review the materials forthcoming as mentioned in the above cited Motion. Mr. Goldenson stated his reason for requesting this discussion was to suggest guidelines be developed and to have a background as to exactly what funds were needed and why they were needed. It was agreed the next meeting would be held Friday, March 17, 9:30 A.M., with this subject being included as an agenda item. REVIEW YEAR-TO-DATE EXPENDITURE INFORMATION/ REVIEW DECEMBER FINANCIAL STATEMENTS. Few questions were raised, all of which were answered to the members' satisfaction. • Financial Advisory Board Regular Meeting - Minutes January 24, 1995 Page 3 of 3 ADJOURNMENT There being no further business to come before the Board at this time, Chairman Reid adjourned the meeting at 11:25 A.M. upon MOTION by MR. BROWNER/MR. ROTHENBERG. dmt NOTE: An copy of the outline of Chairman Reid's remarks, as well as a copy of Mr. Goldenson's original request are attached to and made part of these Minutes. APPROVE: Thomas J. Reid, Chairman i for P. Hadeed, Vice Chairman S. 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GoLDENSON 3224 SOUTH OCEAN BOULEVARD HIGHLAND BEACH, FLORIDA 33487 Town Commission Town of Highland Beach Gentlemen: I respectfully request that the Highland Beach Town Commission incorporate into its agenda for discussion at its earliest opportunity the following topic: The establishment of a committee to make a thorough study culminating in a report to the Commission of the purposes for which a reserve fund should be provided by the Town, the amount thereof and how it should be funded. Thank you for your cooperation. Submitted at the Town commission Regular Meeting of October 05, 1994. 10 Very truly yours, Felix R. Goldenson