HomeMy WebLinkAboutMinutes BOC 022207BUDGET OVERSIGHT COMMITTEE
February 22, 2007
MINUTES
The Budget Oversight Committee met on February 22, 2007, in the Council Chambers of
the Municipal Complex, located at 10500 North Military Trail, Palm Beach Gardens,
Florida. The meeting was called to order by John Chaplik, Chair, at 8:36 AM.
Rob Call
Members Present:
Harvey Goldberg - Chair
Martin Cohen - Committee Member
Mark Veil- Committee Member
John Chaplik — Committee Member
Members Absent:
L. Marc Cohn — Vice Chair
Also Present:
Hal Valeche - Council Liaison
Allan Owens - Finance Administrator /Staff Liaison
Mary Anderson- Pickle - Deputy Finance Administrator
Angela Wong — Community Services Operations Manager
Jack Doughney — Community Services Administrator
U. APPROVAL OF,MEWTES:
The minutes from January 25, 2007, were approved unanimously, 4 -0.
DL CAPITAL IMPROVEMENT PROJECTS OVERVIEW:
A presentation was made by Angela Wong, Community Services Operations Manager. A
Capital Improvement Projects overview is a multi -year planning instrument used by
governments to identify needed capital projects, coordinate financing and timing
improvements to maximize a return to the public. This is developed by each department
for a five -year period, reviewed and updated annually as part of the budget process. A
capital project is a set of activities which is $50,000.00 or more. A project description and
justification is filled out along with the funding sources. A timeline is put on the project
and this is signed off by the Growth Management Department. These forms are collected,
reviewed and signed off by each division to ensure consistency. Each department is
responsible for submitting a five -year plan. Any unspent funds from prior projects are
carried forward into the next year. A committee consisting of one person from each
department meets monthly to give an update of what is going on with each department.
This information is incorporated into a quarterly report which is sent to Council from the
Finance Department.
Budget Oversight Committee Meeting Minutes 022207 Page
IV.OPEN ITEMS FOR DISCUSSION:
Allan Owens, Finance Administrator, gave an update to the Committee regarding the
latest developments from the Fire Pension Fund Meeting of February 20, 2007. Allan
stated that the actuary for the fund presented his own study of the assumptions and
analysis of the funding. The Board approved his recommendations. The investment
assumption was reduced from 8 -1/2% to 8 -1/4 %. It was recommended to lower the
investment rate assumption and instead of paying out of the earnings to have the City
pick up the investment expenses directly. The impact to the City's Budget is an increase
of the contribution requirement to 5.6% which is about $600,000.00. Allan feels this is a
step in the right direction.
Allan stated the Finance Department is still working on the GASB 45 (Governmental
Accounting Standards Board) — OPEB (Other Post Employment Benefits Study). Finance
provided the requested information and they are determining the assumptions for rates of
retirement. They are getting closer to providing Finance with a draft. This will be
presented to the Committee when completed.
Budget Oversight Committee Meeting Minutes 022207 Page 2
V.ADJOURNMENT:
With no further business to discuss the meeting adjourned at 9:15 a.m.
APPROVED:
4arvelvy/(Goldberg, Chair
L. Marc Cohn, Vice Chair
JoLo Chaplik, Committee Member
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Martin Cohen, Committee Member
— M444/-,� �,
Mark Veil, Committee Member
Attest:
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Annette Tucci
Municipal Services Coordinator
NOTE: These summary minutes are prepared in compliance with 286.011 F.S. and are
not verbatim transcripts of the meeting. A verbatim audio recording is available from the
Office of the City Clerk.
All referenced attachments on file in the City Clerk's office.
Budget Oversight Committee Meeting Minutes 022207 Page