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1995.12.06_FAB_Minutes_Regular• TOWN OF HIGHLAND BEACH FINANCIAL ADVISORY BOARD REGULAR MEETING MINUTES Wednesday, December 6, 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 and Members S. Myron Browner and John R. DeMarco. Vice Chairman Victor P. Hadeed and William Wm. Rothenberg were absent. Also present were Town Manager Mary Ann Mariano and Finance Director Michael Seaman. APPROVAL OF MINUTES Upon MOTION by MR. DEMARCO/MR. BROWNER, the Minutes of the September 12, 1995 Regular Meeting were unanimously approved. OLD BUSINESS Review of Liability Insurance Proposal • Representatives from Burke, Bogart & Brownell presented their insurance proposal. Charles Cohen and Alan Teller, who both have expertise in insurance, spoke on their findings of the Burke, Bogart & Brownell proposal compared to the policy the Town currently has. Items brought up in discussion included: 1. Any attorney the town of Highland Beach would like to use in a litigation matter is acceptable without any premium change. 2. The umbrella rate can be changed annually. Ms. Mariano recommended taking the basic 8 million which could be funded within the existing budget with possible increase each year. 3. Injury on the job during town hall renovation: Insurance pro- vides builders risk for materials that go into the job. The contractor should have coverage if a worker is injured, with the Town having additional coverage in the event of worker injury as an additional insured. 4. Burke, Bogart & Brownell are local, Florida League is in Orlando making Burke, Bogart & Brownell more accessible. After discussion of the presented information, a MOTION was made by MR. BROWNER/DEMARCO that, consistent with the advice The FAB has received from Mr. Teller and Mr. Cohen, the Town accept the proposed general liability policy of Titan Insurance Co. and instructed the Town's insurance agent to shop around for a good Financial Advisory Board • • Financial Advisory Board December 6, 1995 Page 2 of 2 coverage/premium price for an additional 8 million dollar umbrella policy with the anticipation that in the short term future, it can be increased up to a maximum of $25 million. Motion met with a unanimous vote. Review Revised Investment Policy Discussion of the revised Investment Policy brought up some questions which Mr. Seaman and Mr. Reid were able to clarify. There were some suggested changes which were noted in the Policy. Several members had questions which were answered to their satisfaction. Upon MOTION made by MR. BROWNER/MR. DEMARCO, the Financial Advisory Board accepts the Investment Policy as written with slight adjustments as discussed, and recommends the Town Commission adopt the original Policy as amended in accordance with this version, a copy of which is attached to and incorporated in these minutes. BUDGET TRANSFERS • The Board reviewed recent budget transfers with some discussion. Chairman Reid requested final numbers on the RTC settlement and how much will be put back to the reserve. Michael Seaman will provide this. Auditors were here in November; final report will be ready in March. A MOTION was made by MR. BROWNER/MR. DEMARCO to formally accept the budget transfers as issued. Motion met with unanimous vote. Chairman Reid asked that letters of thanks be sent to Mr. Cohen and Mr. Teller for their work on the Insurance Policy. There being no further business to come before the board, a MOTION to adjourn was made by MR. BROWNER/MR. DEMARCO at 10:40 A.M. APPROVE: Thomas J. Reid, Chairman S. Myron'Browner • Absent Werner Wm. Rothenberg Absent Victor P. Hadeed, Vice Chairman R. DtMarco ATTEST: DATE: C!