2017.11.01_FAB_Minutes_Regular• TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING MINUTES
Town Hall / Commission Chambers Date: November 1, 2017
3614 South Ocean Boulevard Time: 9:30 AM
Highland Beach, Florida
1. CALL TO ORDER:
Vice Chair Babii called the Financial Advisory Board Regular Meeting of Wednesday,
November 1, 2017 to order at 9:30 A.M. in Commission Chambers. Roll call was taken
followed by the Pledge of Allegiance.
MEMBERS PRESENT UPON ROLL CALL:
Member David Stern
Member Edward Kornfeld
Member David Buchsbaum
Vice Chair Greg Babij
Finance Director Cale Curtis
MEMBERS ABSENT:
Member Lori Wolin
Deputy Town Clerk Cuebas advised that Member Wolin notified her that she would not be
able to attend the meeting. The board members passed a unanimous vote to excuse her
absence.
2. ADDITIONS, DELETIONS OR ACCEPTANCE OF AGENDA:
Vice Chair Babii called for any additions, deletions to the agenda. Vice Chair Babii called
for an addition to the agenda under New Business to discuss the role of the Financial
Advisory Board. The item was added to the agenda as 7D.
3. PUBLIC COMMENTS AND REQUESTS:
There were no public comments.
Financial Advisory Board Regular Minutes
Wednesday, November 1, 2017 Page 2 of 5
4. PRESENTATIONS:
1. Introduction of New Member David Stern
Member Stern introduced himself and provided his background. The Board welcomed
Member Stern.
5. APPROVAL OF MINUTES:
• January 10, 2017 — Regular Meeting
Vice Chair Babij called for a motion to approve the minutes as presented from the January
10, 2017 Regular Meeting.
MOTION: Member Buchsbaum moved to approve the minutes of January 10, 2017,
Regular Meeting as presented. Member Stern seconded the motion, which passed
unanimously.
6. OLD BUSINESS:
None.
7. NEW BUSINESS:
A. Appointment of Board Chair
MOTION: Member Buchsbaum moved to appoint Greg Babij as Chair. The motion was
seconded by Member Stern, which passed unanimously.
Deputy Town Clerk congratulated Chair Babij on his recent appointment but advised the
Board that a Vice Chair needs to be appointed at this time.
B. Appointment of Vice Chair
MOTION: Chair Babii moved to appoint David Stern as Vice Chair. The motion was
seconded by Member Kornfeld.
Financial Advisory Board Regular Minutes
Wednesday, November 1, 2017 Page 3 of 5
C. Presentation of Resolution No. 17-004 R by Finance Director, Cale Curtis
A RESOLUTION OF THE TOWN COMMISSION OF THE TOWN OF
HIGHLAND BEACH, FLORIDA, DESIGNATING THE FINANCIAL REVIEW
BOARD, AS THE TOWN INFRASTRUCTURE SURTAX CITIZEN OVERSIGHT
COMMITTEE; ESTABLISHING THE RESPONSIBILITIES AND DUTIES OF
THE OVERSIGHT COMMITTEE; ESTABLISHING PROCEDURES FOR THE
CONDUCT OF MEETINGS AND OPERATIONS; ESTABLISHING A SUNSET
DATE; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES
Finance Director Curtis gave a presentation with regard to the Financial Advisory Board's
responsibilities and duties as they have been designated the Town's Infrastructure Surtax
Citizen Oversight Committee.
Members questioned Finance Director Curtis with regard to the financials that were
outlined in the presentation. Discussion ensued with regard to the general fund balance, the
responsibilities of the Oversight committee and the process involving the Town
Commission.
D. Utilization of the Financial Advisory Board
Chair Babii questioned the Board members if they would be willing to meet more regularly
in order to review the town's investments and give recommendations on how to improve
safety, liquidity and lastly yield as per policy. All members agreed that they would be
willing to meet on a more regular basis.
Discussion ensued with regard to the current and previous utilization of the Board as well
provided recommendations that the members can currently offer to the Town Commission.
MOTION: Chair Babii moved that the Financial Advisory Board request to the
Commission to task the Board with reviewing the Investment Policy Statement annually
and meet quarterly in order to review the investments. The motion was seconded by Vice
Chair Stern, which passed unanimously.
Deputy Town Clerk Cuebas announced to the Board that their presence is strongly
encouraged at the upcoming November 7, 2017 Town Commission Regular Meeting, as
there will be an item on the agenda regarding the utilization of the Financial Advisory
Board.
Financial Advisory Board Regular Minutes
Wednesday, November 1, 2017 Page 4 of 5
8. ADJOURNMENT
There being no further business to come before the Board, Chair Babii called for a motion
to adjourn.
MOTION: Vice Chair Stern moved to adjourn the meeting at 10:01 AM. Member
Buchsbaum seconded the motion, which passed unanimously.
Financial Advisory Board Regular Minutes
Wednesday, November 1, 2017 Pate 5 of 5
APPROVAL:
reg Babij, Chair
ATTEST:
je-rZish:aC�uebas,;., MPA
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Deputy Town Clerk
Date: November 15, 2017
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