1997.01.29_FAB_Minutes_Regular• TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING
MINUTES
Wednesday, January 29, 1997 _ 9:30 A.M.
Chairman Victor P. Hadeed 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 Victor P. Hadeed, Vice Chair John R. DeMarco, William Wm.
Rothenberg, Felix R. Goldenson and Byron R. McKinley.
Also present were Town Manager Mary Ann Mariano, Finance Director
Stan Novak, and Commissioner Thomas J. Reid, as consultant to the
Board.
APPROVAL OF MINUTES
Upon MOTION by MR. DEMARCO/MR. MCKINLEY, the Minutes of the
December 10, 1996 Regular Meeting were unanimously approved.
NEW BUSINESS
• Election of Officers
The Board unanimously voted Mr. Hadeed remain as Chairman, and Mr.
DeMarco remain as Vice -Chair through the end of Mr. Hadeed's tenure
in April. At that time, re-election will be held for the
Chairman's seat.
Investment Funds
Concluding discussion on two investment funds presented by Mr.
Novak, the following, MOTION was made by MR. GOLDENSON/MR. HADEED.
THE FINANCIAL ADVISORY BOARD UNANIMOUSLY AGREES THAT THE
TOWN INVEST IN THE BARNETT REPRO SWEEP ACCOUNT, AS LONG
AS IT IS IN COMPLIANCE WITH THE STATE.
Investment Policv
The Investment Policy will be reviewed at the next Regular FAB
meeting, and it was asked that Commissioner Reid assist the Board
with their review. The Florida League of Cities will be looked at
on an annual basis for any changes that may affect the Town's
Policy.
At Ms. Mariano's suggestion, the Board agreed that the Investment,
Purchasing and Personnel policies should be reviewed every three
• years, on a rotating basis.
• Financial Advisory Board
January 29, 1997 Page 2 of 2
Year End Budget Transfers
After brief discussion on the budget transfers, MOTION was made by
MR. DEMARCO/MR. ROTHENBERG as follows:
THE FINANCIAL ADVISORY BOARD RECOMMENDS THAT THE TOWN
COMMISSION APPROVE THE 1995/1996 BUDGET TRANSFERS.
Roll call met with unanimous vote.
OTHER BUSINESS
Ms. Mariano stated that the Town is changing to Humana Health
Insurance, effective February 1, 1997.
With no other business to come before the Board, MOTION to adjourn
was made by MR. ROTHENBERG/MR. HADEED at 11:50 a.m.
APPROVE:
Victor P. Hadeed, Chairman
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' r Y , Iff"r-
J n Demarco, Vice Chairman
Werner Wm. Ro h b g
Bryan R. McK nley
'l
Felix R. Goldenson
ATTEST:
DATE:
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