1995.07.17_FAB_Minutes_Regular. TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING
MINUTES
Wednesday, July 17, 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 Jane Dillon called the roll. Present were
Chairman Thomas J. Reid, Vice Chairman Victor P. Hadeed and Members
S. Myron Browner, John R. Demarco and Werner Wm. Rothenberg.
Also present were Town Manager Mary Ann Mariano and Finance
Director Michael Seaman.
Mr. John J. Sorrelli who has submitted a Talent Bank Application
for a Board/Commission appointment, was a member of the audience.
APPROVAL OF MINUTES
Upon MOTION by MR. ROTHENBERG/MR. HADEED, the Amended Minutes of
the June 13, 1995 Regular Meeting were unanimously approved.
OLD BUSINESS
Continue review of Fiscal Year Budget 1995/1996.
CORRESPONDENCE
None.
NEW BUSINESS
Fiscal Year Budget 1995/1996
There was lengthy discussion on the 1995/1996 Fiscal Budget. The
Sinking Fund was priority in this discussion as to how the monies
would be disbursed from this fund in regard to the Bond issue.
. The Town Manager informed the Board of the Town Commission's
decision to bond the $3 million debt,'"which will be done in the
form of a Revenue Bond, rather than a General Operating Bond.
(Every year $367K would have an expenditure in the General
Operating Budget placed over to the Utility Budget and out of
the Utility Budget, pay the debt service.)
. Chairman Reid recommended that the Water. and Sewer budgets be
combined into one Utility Fund.
Financial Advisory Board
. Regular Meeting Minutes
July 17, 1995 Page 2 of 4
. On August 1 the Town Commission will adopt a Reimbursement
Resolution whereby the Town can reimburse itself for money spent.
(Looking at $3.8 million, but can reimburse itself the $1.5
million the Town has to put out.)
Water Rate Schedule
A MOTION was made by MR. BROWNER/MR. ROTHENBERG to accept the
proposed Water Rate increase:
RATE 1ST 20,000 PER 1,000 GAL: .95
AFTER 20,000 PER 1,000 GAL: 1.50
UNIT CHARGE PER MONTH: 3.00
The Motion met with unanimous favorable vote.
Sewer Rate Schedule
A MOTION was made by MR. HADEED/MR. BROWNER to accept the proposed
Sewer Rate Increase:
PER UNIT PER MONTH 12.55
• The MOTION met with unanimous favorable vote.
Millaae Rate
A MOTION was made by MR. BROWNER/MR. HADEED to maintain the present
Millaae Rate at 4.0.
The MOTION met with unanimous favorable vote.
A FORMAL MOTION was made by MR. BROWNER/MR. HADEED to approve all
expenditures as amended in both the General Fund and Utilities
Fund, with the General Fund showing $3,442,366; the grand total
budget showing $5,535,804, and approval of the recommended 4.0
millage rate.
SINKING FUND
A MOTION was made by MR. BROWNER/MR. HADEED as follows:
THAT THE $61,194 IN THE SINKING FUND NOT BE
DESIGNATED AS A SINKING FUND, BUT BE DESIGNATED
AS A GENERAL RESERVE.
The MOTION met with unanimous favorable vote.
•
• Financial Advisory Board
Regular Meeting Minutes
July 17, 1995 Page 3 of 4
PROPOSED POLICY FOR RESERVE FUNDS
The draft policy was reviewed and revised by the Board.
A MOTION was made by MR. HADEED/MR. ROTHENBERG to accept the
amended policy.
The MOTION met with unanimous favorable vote.
BOND ISSUE
A MOTION was made by MR. HADEED/MR. DEMARCO that a memo be
submitted to the Town Commission at its July 25 Work Shop meeting,
recommending an increase in the Bond to an amount between $3.8
million and up to a maximum of $5 million, to reduce drain on the
current reserves.
A vote was taken with the following results:
Chairman Reid . . . . . . aye
Vice Chairman Hadeed . . . aye
Mr. Browner . . . . . . . . nay
Mr. Demarco. . . . . . . . aye
Mr. Rothenberg . aye
Mr. Hadeed stated he would attend the July 25 Town Commission
Meeting to address this motion.
There being no further business to come before the Board at this
time, the meeting was adjourned upon MOTION by MR. BROWNER/MR.
HADEED at 11:15 A.M.
•
• Financial Advisory Board
Regular Meeting Minutes
July 17, 1995 Page 4 of 4
APPROVE:
ce�r�L"
Thomas J. Reid, Chairman
Victor P. Hadeed, Vice Chairman
S. Myron Browner
R. DeM&rco
Y
Werner Wm. Rothenberg
ATTEST
DATE : 07 ce
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