2022.01.27_FAB_Minutes_RegularaTOWN OF HIGHLAND BEACH
TOWN FINANCIAL ADVISORY BOARD
REGULAR MEETING MINUTES
Town Hall / Commission Chambers Date: January 27, 2022
3614 South Ocean Boulevard Time: 2:00 PM
Highland Beach, Florida 33487
1. CALL TO ORDER
Chairperson Stern called the meeting to order at 2:01 P.M.
2. ROLL CALL
Member Richard Greenwald
Member David Goldberg
Member Mitchell Pakler (Virtually)
Member Edward Kornfeld
Vice Chairperson Ron Reame
Chairperson David Stern
Administrative Support Specialist Ganelle Thompson
ADDITIONAL STAFF PRESENT
Town Manager Marshall Labadie
Financial Services Manager Eric Marmer
ABSENT
Member Peter Weiner
Chairperson Stern welcomed Member Edward Kornfeld back to the Financial
Advisory Board.
3. PLEDGE OF ALLEGIANCE
The Board members led the Pledge of Allegiance.
4. APPROVAL OF THE AGENDA
MOTION: Reame/Greenwald - To approve the agenda as presented passed
unanimously 6 to 0.
Financial Advisory Board Regular Meeting Minutes
Date: January 27, 2022 Page 2 of 5
5. PUBLIC COMMENT
There were no preregistered public comments.
6. APPROVAL OF MINUTES
A. August 19, 2021, Regular Meeting Minutes
MOTION: Reame /Greenwald - To approve August 19, 2021, regular meeting
minutes as presented passed unanimously 6 to 0.
7. UNFINISHED BUSINESS
A. Update on General Fund Balance Guideline — Vice Mayor Natasha Moore
Chairperson Stern read the title into the record.
Vice Mayor Moore presented a PowerPoint presentation on the general fund
balance guideline and discussed the following:
Discussion of Fund Balance Guidelines
Key Questions for Financial Advisory Board
Background — Definitions and Fund Balance Amounts
Background - Fund Balance Has Grown Significantly Since 2006
Background - Cost of Financing
Background - Considerations from GASB No. 54 and GFAO
Reserve Levels in Highland Beach Compared to Neighbors with Similar Size
Budgets
Reserve Levels in Highland Beach Compared to Neighbors with Larger Budgets
Reserve Levels in Highland Beach Compared to Neighbors with Smaller Budgets
FY 2022 General Fund Revenues by Category
City of Panama City, Florida Comprehensive Annual Financial Report for Fiscal
Year ended September 30, 2020
Panama City Beach Strategic Plan 2021-2026
Highland Beach General Fund Balance and Reserves
Discuss Financial Advisory Board Recommendations
Board Discussion followed with a conversation on the spending and how to go
about using funds from the general fund balance unassigned reserves on
expenditures particularly regarding funding the Towns Fire Department.
Member Greenwald asked about the unassigned balance figures. Member Pakler
asked why the Town was behind in figures presented for the general fund
balance.
MOTION: Reame/Greenwald - to approve a number from the unassigned
reserves of the general fund balance be used to fund the fire
department, which passed unanimously on a 6 to 0 vote.
Financial Advisory Board Regular Meeting Minutes
Date: January 27, 2022
Page 3 of 5
Chairperson Stern proposed recommending that five million dollars from the
unassigned reserves be used to fund the fire station. Member Kornfeld stated
that there may not be enough data available to recommend five million dollars be
used. Vice Chairperson Reame suggested adding more money towards disaster
recovery but that a number needed to be used towards the fire department
because the expenses are imminent. He suggested deciding on that number as
a group.
Town Manager Labadie provided comments about the financial plan of the fire
station and mentioned the strategic priorities.
MOTION: Reame/Goldberg - To recommend the Town Commission increase
the assigned reserves to 33.3 % of the general fund budget (using
one million dollars of the unassigned reserves toward disaster
recovery) and 100 percent of the unassigned reserves be used for
the fire department, which passed 4 to 2 with members Kornfeld and
Greenwald dissenting.
Member Greenwald was not in favor of spending 100 percent of the unassigned
reserves. He stated he would be more comfortable commuting closer to three
million dollars of the unassigned reserves toward the fire and rescue department.
B. Water & Sewer Rate Study Update
Chairperson Stern read the title of this item into record.
Financial Services Manager Eric Marmer along with Interim Finance Director
David Dilena of Government Services Group Inc. (GSG) was present.
Mr. DiLena provided comments about the water and sewer rates and stated that
the Town of Highland Beach is ready for audit.
Town Manager Labadie and Mr. Marmer provided information as it related to the
water and sewer rates citing that the revenue target projections on the previous
first-quarter report were based on future year projections. It has been noted that
the report has since been updated to reflect current year revenue projections.
8. NEW BUSINESS
A. First Quarter Financial Report - Eric Marmer, Financial Services Manager
Chairperson Stern read the title of this item into record.
Mr. DiLena provided information as it related to the first-quarter financial report.
Member Pakler left the meeting at 3.47 P.M.
Financial Advisory Board Regular Meeting Minutes
Date: January 27, 2022 Page 4 of 5
B. Preliminary Discussion of Fire Department Financing
Chairperson Stern read the title of this item into record.
Town Manager Labadie discussed the next steps of solicitation for bank loans
which he stated will be 1 of 2 firms and determining the amount the Town would
like to borrow. He also discussed leasing the vehicles.
C. Finance Department Update
Chairperson Stern read the title of this item into record.
Town Manager Labadie provided an update as it relates to staffing and the
organizational structure in the Finance Department.
D. Financial Advisory Board 2022 Calendar Year Meeting Dates
Chairperson Stern read the title of this item into record.
The Board Members decided to forgo deciding on meeting dates at this time,
citing the unavailability of two of the board members' attendance for the April
meeting date.
Town Manager Labadie stated that the Board members should prepare for a
meeting in March.
Chairperson Stern asked that the Town Clerk's Office canvass the board
members' availability for meeting dates and table the 2022 calendar year meeting
dates until the next meeting.
9. BOARD MEMBER'S COMMENTS
Member Goldberg thanked Vice -Mayor Moore for her presentation and
expressed support for the Town Commission in regard to the fire department.
Members Greenwald and Kornfeld also provided comments about the meeting.
% ANNOUNCEMENTS
Chairperson Stern read the announcements into the record as follows:
February 01, 2022 - 1:30 P.M. Town Commission Meeting
February 02, 2022 - 1:00 P.M. Natural Resources Preservation Advisory Board
Regular Meeting
February 10, 2022 - 9:30 A.M. Planning Board Regular Meeting (Cancelled)
February 15, 2022 - 1:30 P.M. Town Commission Meeting
Financial Advisory Board Regular Meeting Minutes
Date: January 27, 2022
Page 5 of 5
February 21, 2022 - Town Hall Closed in Observance of Presidents' Day
11. ADJOURNMENT
The meeting adjourned at 4:00 P.M.
APPROVED at the May 09, 2022, Financial Advisory Board Regular Meeting
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r� '949 David Stern, Chairperson
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fLORtpt Transcribed by: Ganelle Thompson
Ga elle Thomp on,
Administrative Support Specialist
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Disclaimer: Effective May 19, 2020, per Resolution No. 20-008, all meeting minutes are
transcribed as a brief summary reflecting the event of the meeting. Verbatim audio/video
of this meeting can be found on the town's Media Archives & Minutes webpage:
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