2014.10.17_FAB_Minutes_Regular TOWN OF HIGHLAND BEACH
MINUTES OF THE
FINANCIAL ADVISORY BOARD
REGULAR MEETING
Friday, October 17, 2014 9.00 AM
Members Present: Chair Gerald Gitner, Board Member Dragos Alexe, Board Member
David Buchsbaum, Board Member Bruce Giacoma and Board Member Edward B.
Kornfeld. Also Attending: Finance Director Cale Curtis, Deputy Town Clerk Valerie
Oakes, and members of the public.
CALL TO ORDER
Chair Gitner called the Regular Meeting to order at 9:00 AM in the Town Hall
Conference Room. Roll call was taken by Deputy Town Clerk Oakes.
ADDITIONS, DELETIONS OR ACCEPTANCE OF AGENDA
Chair Gitner called for any additions, deletions to the agenda, hearing none, the agenda
was accepted as presented.
PUBLIC COMMENTS AND REQUESTS:
No public comments and requests.
PRESENTATIONS•
APPROVAL OF MINUTES:
• September 5, 2014 — Regular Meeting
Chair Gitner called for a motion to approve the September 5, 2014 Regular Meeting
minutes, as presented.
MOTION: Member Giacoma moved to approve the minutes of September 5, 2014
Regular Meeting as amended. Member Kornfeld seconded the motion, which passed
unanimously.
Financial Advisory Board Regular Meeting
Fridav, October 17, 2014 Page 2 of 3
OLD BUSINESS:
A) Update on the Sale of the Surplus Property
Finance Director Cale Curtis reported that on September 16, 2014, the property
closed at $3.5 million. Currently, the funds are in a money market account
earning 22 points. However, he received a quote on a one year certificate of
deposit in Florida QPD for 55 basis points and no early withdrawal penalty.
Chair Gitner recommended that the money be deposited in one year CDs.
At the next scheduled meeting, Finance Director Cale Curtis will provide the
town's net proceeds from the sale of the surplus property.
B) Discussion on the Proposed FY 2014/15 Budget
Director Curtis announced that the FY 2014/15 budget was adopted and went into
effect on October 1, 2014. There was a potential change regarding xeriscape that
would have affected the budget, rather the budget was adopted as presented.
Member Alexe questioned the purpose of the ordinance, if it was to switch the
liability. Director Curtis explained that initially the Commission was looking to
change one word "assigns" to "tenant ". However, there were questions regarding
maintenance responsibility and associated costs.
C) Update on the Recommendation to Town Commission to Appoint an Ad Hoc
Committee
Director Curtis reported that the FAB, at their last meeting, made a motion to
recommend to the Town Commission to appoint an Ad Hoc Committee to review
the $350,000.00 funding limitation. At this time, the Town Commission does not
want to increase or eliminate the spending limit. Instead, the Town Commission
would rather the FAB look at funding sources for the upcoming FY 2015/16
capital improvement projects such as the water main system and calcite system.
A possibility is a state loan, Water Drinking Bond, which the cost of borrowing is
around 3 %.
Further discussion ensued amongst the Board members.
Member Giacoma requested a chart that provides the Town's total debt and how a
tax bill would appear if it were a paid through ad valorem taxes.
The Board discussed the four top priorities, which are as follows:
1. Water Main System — By consensus, the Board agreed that this item
should be funded through state financing.
2. Calcite System — By consensus, the Board agreed that this item should
Financial Advisory Board Regular Meeting
Friday, October 17, 2014 Page 3 of 3
be funded through state financing, in conjunction with the Water Main
System.
3. Walk Path - By consensus, the Board agreed that this item should be
funded through the funds received from the sale of the surplus
property.
4. Fire Truck — This item is pending as the Finance Director is
negotiating the agreement with Delray Beach Fire Rescue.
NEW BUSINESS:
No new business.
ADJOURNMENT:
Chair Gitner announced that the next Financial Advisory Board meeting will be held on
Friday, January 16, 2015 at 9:00 AM.
There being no further business, Chair Gitner called for a motion to adjourn the meeting
at 9:51 AM.
MOTION: Member Giacoma moved to adjourn the meeting at 9:51 AM. Member
Buchsbaum seconded the motion, which passed unanimously.
APPROVED: °
Geral Gitner,a'
P a
� r
Dragos Ale c , and Member
TOWN SEAL
David Buchsbaum, Board Member
1� Bruce Gia , �oard ember
Valerie Oakes, CMC
Deputy Town Clerk Edward B. o f d, Board Member
Date: ' C � l � � 4=