Finance Board

901 Ponce de Leon Blvd. Belleair, FL 33756 Town of Belleair Meeting Minutes Finance Board 4:00 PM Town HallWednesday, January 17, 2024 Meeting was called to order at 4:03 with Chairman Piccarreto presiding. ROLL CALL Chairman Kevin Piccarreto, John Hail, Kathleen Perrott, and Lawrence CoppPresent 4 - CITIZENS COMMENTS None to be heard. APPROVAL OF MINUTES 24-0002 Approval of November 15, 2023 Meeting Minutes Mr. Hail moved approval. Seconded by Mr. Copp. Aye: Chairman Piccarreto, Hail, and Copp3 - Absent: Perrott1 - GENERAL AGENDA 24-0007 Draft Town Commission Meeting Budget Calendar Tina Porter-Finance Director-spoke on proposed calendar, informational purposes. Gay Lancaster-Town Manager-spoke on department directors not previously being responsible for their budgets and development. Mr. Copp questioned guidance that is provided to departments regarding costs and increases. Ms. Lancaster spoke on operation and maintenance challenges; limited forward thinking on vehicles; trying to get processes in order and proposed guidelines provided by Tina. Mr. Piccarreto questioned if anything needs added to calendar; Ms. Lancaster inquired if the board would like to meet again to discuss policies, or if they'd like to provide comment directly to Tina. Mr. Piccarreto stated policies are upcoming on the agenda, this is for calendar item. Ms. Porter stated calendar is informational only. 24-0014 Investment Schedule - 1st Quarter Results Ms. Porter spoke on investment schedule by fund; once ad valorem receipt were Page 1Town of Belleair Printed on 4/17/2024

January 17, 2024Finance Board Meeting Minutes received from tax collector, they were transferred to SBA; spoke on investments, one with State Board of Administration and the other with Florida State; ability to explore further options, but might be early at this stage; total ad valorum is 87% of anticipated receipt. Ms. Lancaster spoke on historically high collection of ad valorem; approximately 95%; Ms. Perrott questioned if additional will be collected, Ms. Lancaster believes so. Mr. Piccarretto questioned interest. Ms. Lancaster spoke on increase to principal, regular contributions and better earnings. Ms. Perrott moved to approve the investment schedule to present to the commission. Seconded by Mr. Hail. Aye: Chairman Piccarreto, Hail, Perrott, and Copp4 - 24-0015 Proposed Update to Town Financial Management Policies - policy statement to be provided on or before date of meeting. Ms. Porter spoke on need to expand policies; policies will provide more assistance to staff as well as new commissioners; the draft is not for immediate changes, expects to discuss proposed changes at an upcoming meeting; requesting advise regarding language for use of fund balance; statute requires balanced budget be presented, shortfalls have opportunities to amend via budget amendments; questions if language is sufficient to provide guidance in times of decrease fund balance, lower property values; current required reserves are healthy; spoke on infrastructure challenges. Mr. Piccarreto questioned timeframe for comments; Ms. Porter stated goal is May or June to present to commission. Ms. Lancaster spoke on continued refinement of structure and processes; documentation as practices are being done; prudent operational policies. Mr. Piccarreto questoned if a full meeting will be needed; Ms. Lancaster spoke on all items can be addresed in April to present to commission. Mr. Hail quesioned finance progression. Ms. Porter stated almost caught up, spoke on upcoming audit. Ms. Perrott spoke on extensive third party assistance; questioned if it is resolved. Ms. Porter stated most is cleared up, still using one Aclarian contractor and anticipate retaining through this audit. Ms. Perrott questioned accounting structure; Ms. Porter addressed, still some revisions to be done, improved process. Ms. Lancaster noted the move from programmatic to line item budgeting. Ms. Porter spoke on some refinement needed, however large strides have been made. Mr. Piccarreto spoke again on budget priorities calendar, what is needed; Ms. Porter would like any feedback of items that board members would like to see or have addressed. Ms. Lancaster stated she made a note of budget guidelines from administration to departments to be provided to board. Page 2Town of Belleair Printed on 4/17/2024

January 17, 2024Finance Board Meeting Minutes OTHER BUSINESS No other business. ADJOURNMENT No further business; meeting adjourned in due form at 4:41 PM. Ms Perrott moved to adjourn. Seconded by Mr. Hail. Aye: Chairman Piccarreto, Hail, Perrott, and Copp4 - APPROVED: ________________________________ Chairman Page 3Town of Belleair Printed on 4/17/2024

Finance Board Town of Belleair Meeting Agenda 901 Ponce de Leon Blvd. Belleair, FL 33756 Town Hall4:00 PMWednesday, January 17, 2024 Welcome. We are glad to have you join us. If you wish to speak, please wait to be recognized, then step to the podium and state your name and address. We also ask that you please turn-off all cell phones. ROLL CALL SCHEDULED PUBLIC HEARING Persons are advised that, if they decide to appeal any decision made at this meeting/hearing, they will need a record of the proceedings, and, for such purposes, they may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. CITIZENS COMMENTS (Discussion of items not on the agenda. Each speaker will be allowed 3 minutes to speak.) APPROVAL OF MINUTES Approval of November 15, 2023 Meeting Minutes24-0002 FB - 11-15-2023Attachments: GENERAL AGENDA Draft Town Commission Meeting Budget Calendar24-0007 2024-2025 Budget CalendarAttachments: Investment Schedule - 1st Quarter Results24-0014 Finance Board Presentation Investments 1st Qtr FY24 by Account Finance Board Presentation Investments 1st Qtr FY24 by Fund Attachments: Proposed Update to Town Financial Management Policies - policy statement to be provided on or before date of meeting. 24-0015 OTHER BUSINESS ADJOURNMENT Page 1Town of Belleair Printed on 1/16/2024

January 17, 2024Finance Board Meeting Agenda ANY PERSON WITH A DISABILITY REQUIRING REASONABLE ACCOMMODATIONS IN ORDER TO PARTICIPATE IN THIS MEETING, SHOULD CALL (727) 588-3769 OR FAX A WRITTEN REQUEST TO (727) 588-3767. Page 2Town of Belleair Printed on 1/16/2024