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2020.09.24_FAB_Minutes_Special• TOWN OF HIGHLAND BEACH TOWN VIRTUAL FINANCIAL ADVISORY XA BOARD SPECIAL MEETING MINUTES Town Hall / Commission Chambers Date: September 24, 2020 3614 South Ocean Boulevard Time: 2:30 P.M. Highland Beach, Florida 33487 1. CALL TO ORDER Chairperson Stern called the meeting to order at 2:33 P.M 2. PRESENT UPON ROLL CALL Member Ronald Reame Member Richard Greenwald Member John Stump Member Neil Eisenband joined the meeting at 2:38 P.M Vice Chairperson Natasha Moore Chairperson David Stern Administrative Support Specialist Ganelle Thompson ADDITIONAL STAFF PRESENT Town Manager Marshall Labadie Finance Director Mathew Lalla 3. PLEDGE OF ALLEGIANCE The Board Members led the Pledge of Allegiance. APPROVAL OF THE AGENDA MOTION: Member Reame moved to approve the agenda as presented. Member Greenwald seconded the motion, which passed (5 to 0) unanimously. 4. PUBLIC COMMENT Ms. Thompson stated that there were no public comments 5. APPROVAL OF MINUTES A. August 20, 2020 - Regular Meeting Minutes Chairperson Stern read the title into record. Virtual Financial Advisory Board Special Meeting Minutes Date: September 24, 2020 Page 2 of 3 MOTION: Member Reame moved to approve the August 20, 2020 minutes as presented. Vice Chairperson Moore seconded the motion, which passed (5 to 0) unanimously. 6. UNFINISHED BUSINESS There was no unfinished business. 7. NEW BUSINESS A. Discussion on External Auditor Contract Extension. Chairperson Stem read the title into record and referred the item to Finance Director Lalla. ACTION: It was the consensus of the board to recommend the extension of the External Auditor contract. B. Discussion on 2020 Revenue Sufficiency and Rate Study — Water and Wastewater Systems Chairperson Stern read the title into record and referred the item to Finance Director Lalla. Finance Director Lalla introduced Executive Vice President Robert Ori and Consultant Mark Tuma of Raftelis Financial Consultants, Inc. Mr. Ori presented an in-depth PowerPoint presentation on the 2020 Revenue Sufficiency Rate Study with further discussion on the water and wastewater systems along with the prospected fees associated with single family homes, multi -family homes and condominiums. The Board discussed the 2020 Revenue Sufficiency and Rate Study. Chairperson Stern suggested that Raftelis investigate another approach that would decrease the amount being directly charged to the owners. He stated that part of the money in the reserves came from the sale of the Boca Raton water plant property and suggested transferring a partial lump some of that money to the water fund to offset capital expenditures. He went on to explain that the reserves would be replenished by not reducing the tax rate and further explains that this approach would reduce the direct increase to the owners by making the water waste self-sustaining for the next five years and clarified the money from the sale was placed in the general fund. Chairperson Stern thanked Mr. Ori for the presentation to the Board. There was further discussion regarding the PowerPoint Presentation. Member Greenwald provided final statements about the presentation. He concurred with Chairperson Stern's suggestion about transferring money into the water fund to offset capital expenditures. Virtual Financial Advisory Board Special Meeting Minutes Date: September 24, 2020 Page 3 of 3 C. Financial Advisory Board 2021 Calendar Year Meeting Dates Chairperson Stern read the proposed 2021 Calendar Year Meeting Dates for the 2021 fiscal year into record. MOTION: Member Greenwald moved to adopt the Financial Advisory Board Proposed 2021 Calendar Year Meeting Dates. Member Stump seconded the motion, which passed (6 to 0) unanimously. rM001:30OW, :4LTi1-14*11=061.i1 There were no board member reports. 9. ANNOUNCEMENTS A. October 06, 2020 - 1:30 P.M. B. October 08, 2020 - 9:30 A.M. C. October 12, 2020 - D. October 22, 2020 - 2:00 P.M. 10.ADJOURNMENT Virtual Town Commission Regular Meeting Virtual Planning Board Regular Meeting Closed in observance of Columbus Day Virtual Financial Advisory Board Meeting Tentative Chairperson Stern adjourned the meeting at 4:53 P.M. APPROVED at the December 17, 2020, Financial Advisory Board Regular Meeting. ✓ vllw/Sf 91-e ATTEST: . ;ilcvt:- Gar el`le Thompson Administrative S port Specialist David Stern, Chairperson Transcribed by Ganelle Thompson Administrative Support Specialist Ia 1 I II a�)Ic Date Disclaimer: Effective May 19, 2020, per Resolution No. 20-008, all meeting minutes are transcribed as a brief summary reflecting the event of this meeting. Verbatim audio/video recordings are permanent records and are available on the Town's Media Archives & Minutes webpage: https://highlandbeach-fl.municodemeetings.com/. 09.24.2020 Virtual Financial Advisory Board Special Meeting Minutes baw Final Audit Report 2020-12-18 created: 2020-12-18 By: Beverly Wright (bwright@highlandbeach.us) Status: Signed Transaction ID: CBJCHBCMBMVi_wokfc9xFn8BjMJpWIgvlJslCGddrG "09.24.2020 Virtual Financial Advisory Board Special Meeting Mi nutes baw" History Document created by Beverly Wright (bwright@highlandbeach.us) 2020-12-18 - 3*33:52 PM GMT- IP address: 12.18.232.162 Document emailed to David I Stem (distem1043@aol.com) for signature 2020-12-18 - 3:34:30 PM GMT Email viewed by David I Stem (distem1043@aol.com) 2020-12-18 - 5:04:15 PM GMT- IP address: 69.147.93.14 ,© Document e-signed by David I Stem (distem1043@aol.com) Signature Date: 2020-12-18 - 5:19:28 PM GMT - Time Source: server- IP address: 73,57.217.1 O Agreement completed. 2020-12-18 - 5:19:28 PM GMT 8 Adobe Sign