2017.11.15_FAB_Minutes_Regular-= TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING MINUTES
Town Hall / Commission Chambers Date: November 15, 2017
3614 South Ocean Boulevard Time: 2:00 PM
Highland Beach, Florida
1. CALL TO ORDER:
Vice Chair Babii called the Financial Advisory Board Regular Meeting of Wednesday,
November 15, 2017 to order at 2:00 P.M. in Commission Chambers. Roll call was taken
followed by the Pledge of Allegiance.
MEMBERS PRESENT UPON ROLL CALL:
Member John Ross
Member David Buchsbaum
Vice Chair David Stern
Chair Greg Babij
Finance Director Cale Curtis
MEMBERS ABSENT:
Member Lori Wolin
Member Edward Kornfeld
Deputy Town Clerk Cuebas advised that Member Wolin and Member Kornfeld notified
her that they would not be able to attend the meeting. The board members passed a
unanimous vote to excuse their absences.
2. ADDITIONS, DELETIONS OR ACCEPTANCE OF AGENDA:
Chair Babii called for any additions, deletions to the agenda. Chair Babii recommended a
permanent addition to the agenda to add Board Member Reports before Adjournment.
MOTION: Member Ross moved to have Board Member Reports added to the agenda.
Vice Chair Stern seconded the motion.
Financial Advisory Board Regular Minutes
Wednesday, November 15, 2017 Page 2 of 5
UPON ROLL CALL:
Member Ross -
Yes
Vice Chair Stern -
Yes
Member Buchsbaum -
Yes
Chair Babij -
Yes
The motion passed on a 4 to 0 vote.
3. PUBLIC COMMENTS AND REQUESTS:
There were no public comments.
4. PRESENTATIONS:
1. Introduction of New Member John Ross
Member Ross introduced himself and provided his background. The Board welcomed
Member Ross.
5. APPROVAL OF MINUTES:
• November 1, 2017 — Regular Meeting
Chair Babii advised that he had a few updates that were provided to Deputy Town Clerk
Cuebas. Deputy Town Clerk Cuebas read the pertinent changes into the record. Chair Babii
called for a motion to approve the minutes as amended from the November 1, 2017 Regular
Meeting.
MOTION: Vice Chair Stern moved to approve the minutes of November 1, 2017,
Regular Meeting as amended. Member Buchsbaum seconded the motion, which passed
unanimously.
6. OLD BUSINESS:
None.
Financial Advisory Board Regular Minutes
Wednesday, November 15, 2017 Page 3 of 5
7. NEW BUSINESS:
A. Review of Investment Policy
Finance Director Curtis presented this item and outlined the recommended changes to the
Investment Policy, as to be presented to the Town Commission.
MOTION: Chair Babij moved to have the Finance Director present the proposed
investment policy changes to the Town Commission. The motion was seconded by Vice
Chair Stern.
Board members discussed and questioned the Finance Director with regard to the
recommendations made of the Investment Policy.
Chair Babij provided a suggested recommendation to page 6 of the Investment Policy to
clarify the statement "US government backed securities..." and should instead read "US
government issued securities".
Chair Babij called for a Roll Call vote regarding the motion on the floor.
UPON ROLL CALL:
Chair Babij -
Yes
Vice Chair Stern -
Yes
Member Ross -
Yes
Member Buchsbaum -
Yes
The motion passed on a 4 to 0 vote.
B. Review of Investment Portfolio
Finance Director Curtis presented this item and outlined the current investments and the
recommended changes to the current investments to be in line with the Town's
Investment Policy.
MOTION: Chair Babii moved for the Financial Advisory Board to recommend Finance
Director Curtis to make a change to the Investment Portfolio as proposed. The motion
was seconded by Member Ross.
Discussion ensued with regard to the current investments and how the recommendation
proposals will allow the Town to increase the return on the investments.
Chair Babii called for a Roll Call Vote.
Financial Advisory Board Regular Minutes
Wednesday, November 15, 2017 Page 4 of 5
UPON ROLL CALL:
Chair Babij -
Yes
Member Ross -
Yes
Member Buchsbaum -
Yes
Vice Chair Stern -
Yes
The motion passed on a 4 to 0 vote.
8. REPORTS (PER L4NENTLYADDED AGENDA ITEM)
A) Vice Chair David Stern reiterated the tasks and assignments of the Financial
Advisory Board when he previously served on the board such as review the audit
and insurance policies. He advised there are a number of issues that the Board can
review and provide recommendations to the Town Commission.
B) Member David Buchsbaum provided comments with regard to the Board's
involvement in the Police and Fire contracts, as they are two of the largest contracts
within the Town. He also recommended that the Board be involved with the millage
discussion for the next fiscal year as the Board can provide their recommendation
to the Town Commission.
C) Member John Ross provided comments with regard to the current investment
portfolio and the proposed changes. He advised that there are other investments out
there that the Town can participate in order to increase the yield even further.
D) Chair Greg Babij advised that the proposed recommendations to the Town's
current portfolio not only increased the yield but also decreased the risk to a
banking crisis, by moving away from QPD and the LGIP, which have the same risk
exposure. With the proposed changes we got more yield, more safety and more
liquidity which are all components of the Investment Policy.
Deputy Town Clerk Cuebas made the following announcements:
Town Hall will be closed Thursday, November 23, 2017 and Friday, November 24,
2017 in observance of Thanksgiving.
Town Commission Workshop Meeting - November 28, 2017 at 1:30 PM
Light Up the Holidays Event at St. Lucy Catholic Church Parish Hall - December
4, 2017 at 6:00 PM.
Financial Advisory Board Regular Minutes
Wednesday, November 15, 2017 Page 5 of 5
9. ADJOURNMENT
There being no further business to come before the Board, Chair Babij called for a motion
to adjourn.
MOTION: Vice Chair Stern moved to adjourn the meeting at 2:34 PM. Member
Buchsbaum seconded the motion, which passed unanimously.
APPROVAL:
ij, Chair
ATTEST:
Jerish4a'�C�uelbas, MPA
Deputy Town Clerk
Date: f 2