2001.12.11_FAB_Minutes_Regular• FINANCIAL ADVISORY BOARD
REGULAR MEETING
MINUTES
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Tuesday, December 11 2001 2.30 P.M.
Chairman Felix .R. Goldenson called the Quarterly Meeting to order at 10:00 A.M. in
Town Hall Conference Room. In attendance were Chairman Goldenson, Vice Chair
Marianne Salibello, and members Bryon R. McKinley, Allan Teller and John R. De
Marco. Also present were Town Manager Ben Saag, Finance Director Stan Novak, and
members of the general public.
APPROVAL OF MINUTES
The following sets of Minutes were approved upon MOTION by ALLAN TELLER/
BYRON:
MINUTES OF THE MAY 16, 2001 QUARTERLY MEETING
MINUTES OF THE JULY 16 2001 QUARTERLY MEETING
MINUTES OF THE JULY 19, 2001 SPECIAL MEETING
MINUTES OF THE AUGUST 7, 2001 SPECIAL MEETING
NEW BUSINESS
The Year -End Financial Report was discussed, as well as the Budget Amendments for
the 2001/2001 Budget. MOTION was made by MR. TELLER/MR. MCKINLEY to
recommend approval by the Town Commission.
The Board reviewed the Proposed changes to the Town's current Investment Policy, and
upon MOTION by MR. DEMARCO/MR. MCKINLEY, Board recommends Town
Commission approve with the stipulation that each investment, as listed below, must be
approved individually by the Town Commission prior to making any investments in those
areas. An Ordinance will be drafted to allow for such investments.
Bankers' acceptances, and commercial paper, rated in the highest tier (e.g., A-1, P-1,
F-1, or D-1 or higher) by a nationally recognized rating agency.
. Investment -grade obligations of state, and local governments and public authorities.
Callable Agencies/Government Securities.
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Financial Advisory Board Quarterly Meeting
December 11 2001 Page 2 of 2
OTHER BUSINESS
Mr. Saag noted several issues that will be coming before the Board in the near future:
A five year capital improvement plan for the town
Preparing a request for banking services
Meeting on auditors report
FYI - with Mr. De Marco returning to the Board, the Town has approved an amendment
to the resolution limiting terms to 6 years with a 2 year hiatus, for this board only due
to the small number of people that appear either interested or qualified to serve on this
board, and can serve more than six years.
With no further business to come before the Board, MOTION to adjourn was made by
MR. DEMARCO/MR. MCKINLEY at 10:45 A.M.
APPROVAL
Marianne Salibello, V.CH.
By , n R. McKi ey
Alvan Teller
J hn R. D6 Marc
Attest:
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