2005.07.27_FAB_Minutes_SpecialFINANCIAL ADVISORY BOARD
• SPECIAL MEETING
MINUTES
Thursday, July 27, 2005 9:00 A.M.
Chairman Also Teller called the meeting to order at 9:30 A.M. in Commission Chambers.
In attendance were Chair Alan Teller, Vice Chair Max Angel, David Stern, John Hamerski
and Dan Hinchliffe. Also present were Town Manager Dale Sugerman, Finance Director
Stan Novak and members of the general public.
NEW BUSINESS
Review Proposed 2005-2006 Operating Budget
Town Manager Dale Sugerman offered a thorough review of the proposed draft budget,
highlighting many areas of noted importance. Discussion followed with questions asked
by the Members.
MOTION was made by MR. TELLER/MR. ANGEL to recommend to the Town
Commission that they approve the 2005-2006 Draft Fiscal Year Budget subject to
elimination of expenditure for construction of a Town dock.
• MOTION was made by MR. TELLER/MR. HINCHLIFFE to establish a Community
Reinvestment line item of $50,000 rather than $10,000 per Commissioner.
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MOTION was made by MR. TELLER/MR. I IERMAWSWfor the Town Manager to obtain
a written legal opinion on the $650,000 buy back to ensure it does not need to go to
referendum.
MOTION was made by MR. TELLER/MR. ANGEL immediately find funding to install a
backup generator for the RO plant and size it to include all Town buildings.
All MOTIONS carried unanimously.
Review of Insurance Program
MOTION was made by MR. ANGEL/MR. TELLER to establish a $350,000 reserve fund
for uninsured and/or deductible exposures, to be accumulated over a period of 3 years.
Motion carried unanimously.
Town Manager thanked the FAB for their review, and also thanked his staff for the work
they put into preparing document.
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•
MEMORANDUM
DATE: July 28, 2005
TO: Town Commission
FROM: Alan Teller, Chairman
Financial Advisory Board
SUBJECT: BOARD RECOMMENDATION
Insurance Program
At a Special Meeting on July 27, the Financial Advisory Board reviewed the Town's
insurance program and recommends the following:
Establish a $350,000 reserve fund for uninsured and/or deductible
exposures. This amount is recommended to be accumulated over a period
• 3 years.
lnly'
Alan Teller, Chairman
cc: Financial Advisory Board
Town Manager
Town Clerk
File
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FINANCIAL ADVISORY BOARD
. July 27, 2005 Page 2 of 2
ADJOURNMENT
With no further business to come before the Board, MOTION to Adjourn was made by
MR. ANGEL/MR. STERN at 3:00 p.m.
Aletn Teller, Ch\ ,'
Max Angel, V. Cli.
•Attest: _ ate:
•
El
•
DATE:
TO:
FROM:
MEMORANDUM
July 28, 2005
Town Commission
Alan Teller, Chairman
Financial Advisory Board
SUBJECT: BOARD RECOMMENDATION
2005-2006 Proposed Draft Fiscal Year Budget
Please be advised that at a Special Meeting on July 27, 2005, the Financial Advisory
Board concluded review of the 2005-2006 Proposed Draft Fiscal Year Budget. The
following recommendations regarding subject budget are hereby transmitted for your
consideration:
The Financial Advisory Board recommends approval of the proposed 2005-2006 Fiscal
Year Expenditure Budget subject to the following recommendations:
1) Eliminate the expenditure for construction of a Town dock.
2) Establish Community Reinvestment line item of $50,000 rather than $10,000 per
Commissioner.
3) In light of the proposed budget - paying the entire amount within the fiscal year -
have the Town Manager obtain a written legal opinion on the $650,000 buy back
to ensure it does not need to go to referendum.
4) Find funding to install a backup generator for the RO plant and size it to include
all Toy n buildings, ASAP.
Alan Teller, Chairman
cc: Town Manager
Town Clerk
FAB members
Finance Director
File