HomeMy WebLinkAbout08182010BUD MinutesVice- chairperson Christine Vicars called the meeting to order at 6:06 p.m.
Present: Christine Vicars, Edward Kroah
Staff Members Present: Debra Krueger- Administrative Services Director; Kenneth Killgore- Finance Director;
Vaunette Davis -Human Resources Specialist.
Pledge of Allegiance
Roll Call by Vaunette Davis
arras
HOME OF PELICAN ISLAND
CITY OF SEBASTIAN
BUDGET REVIEW ADVISORY BOARD
MINUTES
MONDAY, AUGUST 18, 2010 6:00 P.M
CITY COUNCIL CHAMBERS
1225 MAIN STREET, SEBASTIAN, FLORIDA
There being no quorum, Ms. Vicars advised that no action will be taken tonight, but since staff has prepared a
presentation we will proceed with an informal presentation by Mr. Killgore.
Mr. Killgore reported that a quarterly report was drafted and included in the agenda packets. He gave a brief
synopsis of the report, indicating that the report included any budget adjustments that were required to be
approved by City Council.
In closing, Mr. Killgore stated that the $1.6 mil in bank CDs were doing well. All the securities that have matured
have not been reinvested. We have recently contracted with an Investment Advisor who will review what we
currently have and report on a strategy on investments. Currently the SBA rate is 1/3 of 1% which is a competitive
rate in buying government securities.
Ms. Vicars commented that the Departments were doing a good job in keeping personnel cost within the 75% and
were on target with the budget, but in the long run it evens out with the operating costs.
Mr. Killgore advised that some of the depai ents with divisions within the department may exceed the budget in
a division, but the overall department will be within budget.
He also advised that he will turn the report in tomorrow to be on the agenda for next Wednesday's Council
Meeting. He will report that although we did not have a quorum, it was reviewed by the Committee.
Ms. Krueger thanked the committee for all their hard work and dedication over the summer. She stated that it was
truly a pleasure working with the board through a difficult budget, but believes by working together we will be
able to present a solid budget for Council.
Ms. Vicars thanked the staff as well. She also advised that Mr. Herlihy and the other board members will be
contacted for their input.
With no further business, the meeting was adjourned at 6:13 p.m.
Adopted at Meeting of J 2 1 2011:
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