1995.05.23_FAB_Minutes_Regular• TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING
MINUTES
Tuesday May 23, 1995 9:30 A.M.
Chairman Thomas J. Reid called the Regular Meeting to order in Commission Chambers at
9:30 A.M.
Deputy Town Clerk Gretchen Dayton called the roll. Present were Chairman Reid, Vice
Chairman Victor P. Hadeed and Members S. Myron Browner, John DeMarco and Werner
Wm. Rothenberg.
Town Manager Mary Ann Mariano and Finance Director Michael Seaman were also present.
Mr. Felix Goldenson was present as a member of the general public.
APPROVAL OF MINUTES
Upon MOTION by MR. BROWNER/MR. DEMARCO, the Minutes of the April 3, 1995
Regular Meeting were unanimously approved.
• OLD BUSINESS
A) PREPARE A PRELIMINARY REPORT FOR A LONG TERM RESERVE POLICY
Discussion took place regarding the memo sent to the Town Commission dated April 13,
1995. Mr. Hadeed attended the workshop meeting to answer any questions the Town
Commission may have, and said they questioned the need for a preliminary report.
Ms. Mariano said the Commission discussed the preliminary report and decided an outline
presented to them in June, would be more appropriate, with the final report to be received
by September 30.
The Town Manager and Finance Director will prepare a staff report in terms of municipal
financing procedures, to be attached to the report.
A joint session/workshop meeting with the Town Commission was discussed.
After further discussion, the MOTION was made by ROTH ENBERG/DEMARCO as follows:
ON JUNE 15, 1995 THE FINANCIAL ADVISORY BOARD WILL PRESENT TO THE
TOWN COMMISSION A TOPICAL OUTLINE OF THE RESERVE FUNDS REPORT,
WITH THE FINAL REPORT TO BE RECEIVED ON SEPTEMBER 30, 1995.
0
• FAB MIN 5/23/95 PG 2
The Motion met with unanimous vote.
During discussion of the previous MOTION, the necessity of presenting an outline in June
was discussed, therefore the MOTION by MR. HADEED/MR. DEMARCO was amended as
follows:
PRESENT TO THE TOWN COMMISSION A FINAL RESERVE FUNDS REPORT ON
SEPTEMBER 30, 1995.
The MOTION met with unanimous vote.
The possibility of seeking a line of credit with Barnett Bank was discussed.
B) DISCUSSION OF FINANCING FOR FIRE TRUCK
Delivery date of the fire truck is anticipated by the end of August or the beginning of
September. The Town Commission has decided to fund the fire truck through the bonding
of the law suit issue, therefore no more discussion on this subject was necessary.
• CORRESPONDENCE
None.
NEW BUSINESS
None.
Upon MOTION by MR. ROTHENBERG/MR. DEMARCO was made as follows:
THE FINANCIAL ADVISORY BOARD THANKS THE TOWN COMMISSION AND
TOWN MANAGER FOR BRINGING THE LAWSUIT TO AN END WHICH WAS
BENEFICIAL TO ALL RESIDENTS OF THE TOWN OF HIGHLAND BEACH.
The MOTION met with favorable unanimous vote.
It was agreed the next meeting will be held on Tuesday, June 13 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. BROWNER/MR. ROTHENBERG at 10:25 A.M.
• FAB MIN 5/23/95 PG 3
APPROVE:
Thomas J. Reid, Chairman
Victor P. Hadeed, Vice Chairman
�. Myron 6rowner
"Aj4v
Werner Wm. Rot enberg
ATTEST:
DATE:'