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HomeMy Public PortalAbout1996-24 Financial Policy Committee members, appreciationRESOLUTION NO. 96-24 A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE, FLORIDA; EXPRESSING APPRECIATION FOR THE COMMITMENT AND DEDICATION OF MEMBERS OF THE FINANCIAL POLICY COMMITTEE; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Financial Policy Committee of the Village of Key Biscayne was created by the Village Council on April 9, 1996; and WHEREAS, the committee was established for the purpose of examining and making recommendations to the Village Council regarding possible adjustments to the existing financial policies of the Village; and WHEREAS, the committee of ten members has forwarded to the Village Council final report including a set of recommendations as a result of its findings; and WHEREAS, the committee was dissolved by the Village Council at their -July -25, 1996 meeting. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE AS FOLLOWS: Section 1. That the Financial Policy Committee, having submitted a final report including a set of recommendations to the Village Council, attached as Exhibit A, be dissolved. Section 2. That a copy of this resolution shall be presented to each member of the committee, listed on Exhibit B, in appreciation of their commitment and dedication to the Village and its residents. Each copy shall state: Presented to in appreciation for commitment and dedication to the Village of Key Biscayne as a member of the Financial Policy Committee. Section 3. This resolution shall be effective immediately upon adoption. PASSED AND ADOPTED this 10th day of September , 1996. MAYOR JOHN F. FESTA ATTEST: e'r. 7 YOCELYN GALIANO GOMEZ, ACTING VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY: RICHARD J. WEISS, VILLAGE ATTORNEY -2- EXHIBIT A FINAL REPORT Financial Policy Committee june 1996 CONTENTS L. INTRODUCTION 1 II. PROCEDURE III. FACTS FOUND 2 IV. RECOMMENDATIONS 3 V. SIGNATURES 4 Ina I. INTRODUCTION The Financial Policy Committee .vas established by the Village Council on April 9, 1996. The committee's purpose vas :o review ail aspects of the three proposed O'Reilly' charter amendments and the Village's existing ::nanciai policy and their impact on the Village's Master Plan. Goals and Obiecuves. : iscai Year 1996 Capital Budget. and the Five Year Capital Improvement Plan. The committee vas charged with examining whether the existing policy should be changed and make recommendations on each of the proposed charter amendments or any other proposals discussed by the committee. The issues considered by the committee included the following: a) Definitions of debt (i.e. what debt should be included and/or excluded if a debt limit policy is adopted by the Village): bl Review of current and proposed requirements for voter approval of debt and a specific recommendation in that regard: and c ) The ^rover vehicle for any spec::;c change in the financial policy that should be aaot,tea ; ..:. :ea:_:eq ::_. .rc.a::eticv. ordinance or charter amendment). Vice NIavor John Vaid was appointed :o serve as me non -voting chairman of the committee. The Village Councii appointed The following residents to serve on the committee: Gerald Broucek: Julio Carillo: Sam Davitian: Ron Drucker: William Hodgson; Robert Maggs; Joe I. Rasco: John Thomson: and Onofre Torres. Councilman Hugh T. O'Reilly ' roposed three charter amendments at the March 12. 1996 Village Council meet:ng addressing the issue of debt. Page 1 II. PROCEDURE The committee held eight meetings on the following dates: April 18. 1996; April 23, 1996; April 30. 1996: May 7. 1996: May 14. 1996: May 21. 1996: May 28. 1996: and June 18, 1996. The meetings were open to the public and broadcast live on Cable Channel 29 (C -SPAN II). A copy of the minutes of the meetings are attached as Addendum A. The committee reviewed appropriate materials including the Village's existing financial policy, the Fiscal Year 1996 budget. the Master Plan. and the Fiscal Year 1995 Comprehensive Annual Financial Report. The following were invited to appear before the committee: Village Manager C. Samuel Kissinger: Finance and Administrative Services Director Jack Neustadt: Financial Advisor Percy Aguilar and Jerry Chiocca representing the accounting firm of Rachlin Cohen and Holtz. III. FACT FOUND The committee held open discussions regarding the Villages existing financial policy and the proposed O'Reilly charter amendments and established a series of recommendations for the Village Councils consideration. Page 1V. RECOMMENDATIONS By voice vote. the committee adopted the following recommendations: Definition. Long T errn Debt. All monies owed by the Village for period greater than :weive months. That portion of Enterprise Fund debt which is fully _supportea by user fees shah not be included in Long Term Debt. Ent=se funds are defined as funds established to account for operations which are financed and operated in an independent and a self-liquidating manner. The expense of providing goods or services to the public on a continuing basis (including depreciation) must be financed or recovered entirely ti -.rough user fees. Policy 1. Policy Policy Police 1. Limits on Long Term Debt. Long Term Debt of the Village shall not exceed one percent of the total assessed value of the Village and the annual debt service shall not exceed fifteen percent of the General Fund expenditures. whichever is greater. Limits on Reserve Funds. To provide for emergencies, the Village should maintain reserve funds which should not exceed twenty percent of the General Fund expenditures. but shall not be less than $2.000,000.00. Restricted reserve funds are excluded from this definition. Su=:s F u_:ncs and E:cess Revenues. Funds available at the end of a fiscal year shall be used either to reduce debt or to reduce taxes in the next fiscal year ( as determined by the Council). Policy: Exceptions. Long. term Debt limits established above regarding maximum debt service and maximum total debt shall not be increased or exceeded unless approved by a majority of the qualified electors of the Village voting in a referendum election on such a measure. The committee also recommended that Policy 1 ( Limits on Long Term Debt) be prepared as a charter amendment and placed on the ballot for the consideration of the qualified electors of the Village. Page V. SIGNATURES This report was adopted by a n - \ roil call vote of the Financial Policy Committee this 18th day of June , 1996. The concumng members have signed below. ,. / - ---..",64(4,4, , f 2I'lY�� Gezai Broucek j to Canes / r / i / ,/ am Davitian Gt/ &.Gd_C----- Ron Drucker V Robert Maggs Joe I. Rasco John Thomson Onofre Torres Resvecttull v Submjted bv: /14 &,.,C John Waid /Chairman Guido H nguanzo, Jr., CMC Village lerk Page 4 ADDENDUM A MINUTES OF THE MEETINGS OF THE F: ANC AL POLICY COMMITTEE MINUTES FINANCIAL POLICY COMMIllhE VILLAGE OF KEY BISCAYNE. FLORIDA THURSDAY. APRIL 18. 1996 COUNCIL CHAMBER 85 WEST MCINTYRE STREET. SECOND FLOOR The meeting was called to order by the chairman at 8:10 a.m. Present were committee members Gerald Broucek. Sam Davitian. William Hodgson. Robert Maggs, Joe Rasco. John Thomson, Onofre Torres. and Chairman John Waid. Village Clerk Guido Ingi1an7o was also present. At the request of the chairman. each member presented themselves to public. The committee reviewed the purpose and considerations of the committee outlined by the Village Council as follows: Purpose The committee will review ail aspects of the three proposed O'Reilly charter amendments and existing Village financial poiicy and their impact on the Village's Master Plan, Goals and Objectives. Fiscai Year 1996 Capital Budget. and the Five Year Capital Improvement Plan. The committee will examine whether the existing policy should be changed and in so doing, make recommendations on each of the proposed charter amendments or any other proposals that the committee wishes to recommend. Considerations Items to be considered include. but are not limited to: a) Definitions of debt (i.e. what debt should be included and/or excluded if a debt limit policy is adopted by the village): b) Review of current and croposed requirements for voter approval of debt and a specific recommendation in that regard: and c) Tne proper vericie for nv specific change in the financial policy that should be adopted ( i.e. modified financial policy. ordinance or charter amendment). Page 1 ot:: April 18, 1996 The committee scheduled its next meeting for Tuesday, April 23. 1996, at 8:00 a.m. The meeting was adiourned at S:f5 a.m. Respectfully submitted: 2' < ,..-,\---- . / ; ------____ Guido H. iitguanzo, Jr., C.JIC Village CTrl{ Approved by the Committee 'I ' 7th ay of Mr 1996: _j Jolhn,T Vaid 94irman IFA PERSON DECIDES TO.APPS4L A.VY DECISION MADE BY THE VILLAGE COUNCIL WITH RESPECT TO ANY MA TTER CONSIDERED AT A MEETING OR HEARING, THAT PERSON WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, MAY NEED TO ENSURE TIL4 T A I 'RBA TIM RECORD OF THE PROCEEDINGS IS MADE. WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. MINUTES FINANCIAL POLICY COMMI I-I-hE VILLAGE OF KEY BISCAYNE. FLORIDA TUESDAY. APRIL 23. 1996 COUNCIL CHAMBER 85 \VEST MMCINTYRE STREET. SECOND FLOOR 1. ROLL CALL: The meeting vas called to order by the chairman at 8:05 a.m. Present were committee members Gerald Broucek. Sam Davitian. Ron Drucker. William Hodgson, Robert Maggs, Joe Rasco. John Thomson. Onofre Torres. and Chairman John Waid. Also present were Village Clerk Guido Inguanzo and Finance and Administrative Services Director Jack Neustadt. 2. MINUTES: There were no minutes submitted for the committee's consideration. 3. ORDER OF BUSINESS: At the request of the committee. Finance Director Neustadt discussed types of governmental debt including general obligation bonds. revenue bonds, special assessments, and special taxing districts. The director and committee discussed the Village's current debt. The committee reviewed the V::age's balance sheet for Fiscal Year 1995 and discussed the reserve funds. The committee scheduled its next meeting. for Tuesday. April 30. 1996. at 8:00 a.m. 4. ADJOURNMENT: There ^eing no further business. the meeting was adjourned at 10:15 a.m. ?age 1 ot_ April 23, 1996 Respeetf� ubinitted: Guido H. 4 nguanzo, Jr.. OIC Village Clerk Approved by the Committee tli 7th ay of Ms..r 1996: Joh'Waid C airman IFA PERSON DECIDES TOAPPE4L ANYDECISION MADE BYTHE VILLAGE COUNCIL WITH RESPECT TO ANY HATTER CONSIDERED AT A MEETING OR HEARING, THAT PERSON WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, MAY NEED TO ENSURE THAT A GERBATIM RECORD OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE TESTI_M1ONYAND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. ?age 2 of.? MINUTES FINANCIAL POLICY COMMhI-I"EE VILLAGE OF KEY BISCAYNE, FLORIDA TUESDAY. APRIL 30. 1996 COUNCIL CHAMBER 85 WEST MMCINTYRE STREET. SECOND FLOOR The meeting was called to order by the chairman pro tem at 8:10 a.m. Present were committee members Gerald Broucek. Julio Carillo. Sam Davitian. Ron Drucker. William Hodgson, Joe Rasco, Onofre Torres. and Chairman John Waid (arrived at 8:30 a.m.). Aso present were Village Clerk Guido Inguanzo and Finance and Administrative Services Director Jack Neustadt. Mr. Hodgson nominated Mr. Rasco to serve as chairman pro tem. The nomination was seconded by Mr. Broucek and adopted by unanimous consent. Mayor John Festa addressed the committee regarding the Village's financial policy. Councilman Hugh O'Reilly addressed the committee regarding debt. There was extensive discussion regarding the Villages current financial policy and the adoption of a debt policy. There being no further business. the meeting was adjourned at 9:50 a.m. Resp Guido H. n juanzo, Jr., CMC Village lerk Approved by the Committee th '. 1 i ' ay s./May. 1,99 John aid C rman IFA PERSON DECIDES TO.4PPE4L .4NY DECISION MADE BY THE VILLAGE COUNCIL WITH RESPECT TO ANY MATTER CONSIDERED .4 T.4 MEETI`'G OR HE4RLVG. THAT PERSON WILL NEED A RECORD OF THE PROCEEDINGS .4.N'D. FOR SUCH PURPOSE. MAY .VEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS M4DE. WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. ?age 1 ot'1 MINUTES FINANCIAL POLICY COMMI I"IiE VILLAGE OF KEY BISCAYNE. FLORIDA TUESDAY. MAY 7. 1996 COUNCIL CHAMBER 85 NEST MICINTYRE STREET. SECOND FLOOR The meeting was called to order by the chairman at 8:05 a.m. Present were committee members Gerald Broucek. Julio Cariilo. Sam Davitian. William Hodgson. Joe Rasco, John Thomson, and Chairman John Waid. Committee members Ron Drucker. Robert Maggs and Onofre Torres were absent. Also present was Village Clerk Guido Inguanzo. Mr. Hodgson made a motion adopting the minutes of the meetings of April 18, 1996, Apri123, 1996, and April 30. 1996. The motion was seconded by Mr. Rasco and adopted by unanimous consent. The clerk read a statement from `1r. Onofre Torres regarding recommendations for the consideration of the committee. Mr. Jerry Chioca. of Rachlin Cohen and Holtz. the Village's auditing firm. and Percy Aguila, the Village's financial advisor. panicipated in discussions with the committee. Mr. Thomson presented Es proposed drat: committee report for the committee's review. Councilman Hugh O'Reilly. M Mayor John Festa and Finance and Administrative Services Director Jack Neustadt addressed the committee. The meeting was adjoured at 10:15 a.m. Respec4�fFi1lv�scbn tied: Guido H. In'uanzo. Jr., C.MC Village Clkk .-gyp by the Co ee this 184 dav�,1 June, ' 96: W'd airman IF A PERSON DECIDES TO APPE4L .4.‘Y DECISION .MADE BY THE VILL-I GE COUNCIL WITH RESPECT TO ANY MATTER CONSIDERED .4T .4 .MEETING OR HEARING. THAT PERSON WILL NEED A RECORD OF THE PROCEEDINGS AND. FOR SUCH PURPOSE. Y NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE. iVNICH RECORD INCLUDES THE TESTIMONY .4ND EVIDENCE UPON WHICH THE .4PPEAL IS TO BE BASED. MINUTES FINANCIAL POLICY COMMI 1"I EE VILLAGE OF KEY BISCAYNE, FLORIDA TUESDAY. MAY 14, 1996 COUNCIL CHAMBER 85 WEST _MCINTYRE STREET. SECOND FLOOR The meeting was called to order by the chairman at 8:10 a.m. Present were committee members Gerald Broucek. Julio Carillo. Sam Davitian. Robert Maegs, William Hodgson, Joe Rasco, John Thomson. and Chairman John Waid. Also present was Village Clerk Guido Inguanzo. The committee continued its discussions regarding a definition of debt, long term debt policy, reserve and surplus funds policy. and manner in which such policies should be implemented by the Village. The committee. by consensus. concurred on the following issues: A. Long Term Debt. Long. term debt shall be defined as all monies owed by the Village for a period greater than twelve months. Enterprise Fund debt shall be included in long term debt unless the fund is fully supported by user fees. B. Policy Options. Debt service shall not exceed fifteen percent of the General Fund expenditures and total debt shall not exceed one percent of the total assessed value of the Village. No debt shall exceed thirty years or the useful life of the project. The meeting was adjourned at 10:10 a.m. Respects sub :tted: Guido H. I,tguanzo. Jr.. CMC Village Clerk A - • 1 by the Co • 'tree this fJ e 1996: Js Waid airman IF A PERSON DECIDES TO APPEAL .4NY DECISION MADE BY THE VILLAGE COUNCIL WITH RESPECT TO ANY LVATTER CONSIDERED AT .-A MEETING OR HEARING. THAT PERSON WILL NEED A RECORD OF THE PROCEEDINGS AND. FOR SUCH PURPOSE. MAY .vEED 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. MINUTES FINANCIAL POLICY COMMI 1-1 EE VILLAGE OF KEY BISCAYNE. FLORIDA TUESDAY. MAY 21. 1996 COUNCIL CHAMBER 85 \SST'MCINT`i RE STREET. SECOND FLOOR The meeting was called to order by the chairman at 8:00 a.m. Present were committee members Gerald Broucek. Julio Cariilo. Ron Drucker. Sam Davitian. William Hodgson, Robert Maggs, Joe Rasco. John Thomson. Onofre Torres. and Chairman John Waid. Also present was Staff Assistant to the Village Clerk Vivien Mauri. The committee discussed the Villages borrowing options based on different scenarios. The committee discussed proposed definitions of long term debt. The committee discussed options relating to the use of reserve and surplus funds. Councilman Hugh 0 -Reilly participated in discussions with the committee. The following members of the public ad rep red the committee: Mortimer Fried; Martha Broucek; and Heidi Archibald. The meeting was adiourned at 10:45 a.m.. Respe ully • ►,gitted: Guido H. IIlguanzo, Jr.. C IC Village erk Ap • . i by the Co this 18th day� Jun Job' Waid rman ee 96: IF A PERSON DECIDES TO APPE4L ANY DECISION .1fADE BY THE VILLAGE COUNCIL WITH RESPECT TO ANY .MATTER CONSIDERED AT .-1 MEETING OR HEARING. THAT PERSON WILL NEED A RECORD OF THE PROCEEDINGS AND. FOR SUCH PURPOSE. MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE. 1G HICH RECORD I.\ CL UDES THE TESTIMONY AND EVIDENCE UPON WHICH THE -IPPEgL IS TO BE BASED. MINUTES FINANCIAL POLICY COMMITTEE VILLAGE OF KEY BISCAYNE. FLORIDA TUESDAY. MAY 28. 1996 COUNCIL CHAMBER 85 WEST MCINTYRE STREET. SECOND FLOOR The meeting was called to order by the chairman at 8:10 a.m. Present were committee members Gerald Broucek. Julio Carillo. Sam Davitian. Ron Drucker, William Hodgson, Robert Maggs, Joe Rasco, John Thomson. and Chairman John Waid. Also present was Village Clerk Guido Inguanzo. The committee discussed and concurred on the following, policies: Long Term Debt. All monies owed by the Village for period greater than twelve months. That portion of Enterprise Fund debt which is fully supported by user fees shall not be included in Long Term Debt. Enterprise funds are defined as funds established to account for operations which are financed and operated in an independent and a self-liquidating manner. The expense of providing goods or services to the public on a continuing basis (including depreciation) must be finance or recovered entirely through user fees. Limits on Long Term Debt. Long Term Debt of the Village shall not exceed one percent of the total assessed value of the Village and the annual debt service shall not exceed fifteen percent of the General Fund expenditures whichever is greater. Limits on Reserve Funds. To provide for emergencies. the Village should maintain reserve funds which should not exceed twenty percent of the General Fund expenditures, but shall not be less than $2.000.000.00. Restricted reserve funds are excluded from this definition. Surplus Funds and Excess Revenues. Funds available at the end of a fiscal year shall be used to either reduce debt or to reduce taxes in the next fiscal year (as determined by the Council). Policy Exceptions. Long term Debt limits established above regarding maximum debt service and maximum total debt shall not be increased or exceeded unless approved by a majority of the qualified electors of the Village voting in a referendum election on such a measure. Page 1 of 3 May 28, 1996 Mr. Hodgson made a motion recommending to the Council the adoption of "Long Term Debt" as a definition. The motion was seconded by Mr. Cariilo and adopted by unanimous consent. Mr. Hodgson made a motion recommending to the Council the adoption of "Limits on Long Term Debt" as a financial policy. The motion was seconded by Mr. Davitian and adopted by unanimous consent. Mr. Rasco made a motion recommending to the Council the adoption of "Limits on Reserve Funds" as a financial policy. The motion was seconded by Mr. Davitian and adopted by unanimous consent. Mr. Drucker made a motion recommending to the Council the adoption of "Surplus Funds and Excess Revenues" as a financial policy. The motion was seconded by Mr. Davitian and adopted by unanimous consent. Mr. Thomson made a motion recommending to the Council the adoption of "Policy Exceptions" as a financial policy. The motion was seconded by Mr. Drucker and adopted by unanimous consent. Mr. Thomson made a motion recommending to the Council that the "Limits on Long Term Debt" be placed on the ballot as a charter amendment. The motion was seconded Mr. Carillo. Dr. N'iaggs offered an amendment to the Thomson motion that all of the policy items be placed on the ballot. There was no second to the motion. The Thomson motion was adopted by a 5 - 3 roil call vote. The vote was as follows: Committee Members Carillo. Davitian. Hodgson. Rasco. and Thomson voting Yes. Committee Members Broucek, Drucker. and Maggs voting No. The committee scheduled its final meeting for June 18. 1996. The meeting was adjourned at 11:05 a.m. Page 2 of 3 May 28, 1996 Resp tfu1 s bmitted: / Guido . Inguanzo, Jr., CMC Villa Clerk Approved by the Committee t is ► t day of J 1996: Waid tairman IFA PERSONDECIDES TO APPEAL ANY DECISION MADE BY THE VILLAGE COUNCIL WITH RESPECT TO ANY MATTER CONSIDERED AT A MEETING OR HEARING, THAT PERSON WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, 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. Page 3 of 3 MINUTES FINANCIAL POLICY COMMI 1"I EE VILLAGE OF KEY BISCAYNE TUESDAY. JUNE 18. 1996 COUNCIL CHAMBER 85 NEST MCINTYRE STREET. SECOND FLOOR 1. CALL TO ORDER/ROLL CALL OF MEMBERS: The meeting was called to order by the chairman at 8:10 a.m. Present were committee members Gerald Broucek, Ron Drucker, Julio Carillo. Sam Davitian. William Hodgson. Robert Maggs, John Thomson, Onofre Torres, and Chairman John Waid were present. Also present vas Village Clerk Guido Inguanzo. AGENDA: There were no changes to the agenda. 3. APPROVAL OF MINUTES: Mr. Drucker made a motion adopting the minutes of the meetings of May 7. 1996. May 14. 1996. May 21. 1996, and May 28, 1996. The motion was seconded by Mr. Hodgson and adopted by unanimous consent. 4. DISCUSSION: The committee discussed a proposed final report. Mr. Thomson offered an amendment to page 3 of the report as follows: "The committee also recommended that Policy 1 (Limits on Long Term Debt) and Policy 2 (Limits on Reserve Funds) be prepared as a charter amendments and placed on the ballot for the consideration of the qualified electors of the Village." The motion was seconded by Dr. Maggs and failed on a 7 - 1 voice vote. The vote was as follows: fir. Thomson voting Yes. Messrs. Broucek, Carillo, Davitian, Drucker, Hodgson. Maggs, and Torres voting No. Mr. Drucker made a motion adopting the committee report. The motion was seconded by Mr. Davitian and adopted by a 7 - 1 roll call vote. The vote was as follows: Messrs. Broucek, Carillo, Davitian. Drucker. Hodgson. Maggs, and Thomson voting Yes. Mr. Torres voting No. 5. ADJOURNMENT: The meeting was adioumed at 8:55 a.m. Guido H. I anzo. Jr.. CMC Village C k IF A PERSON DECIDES TO APPE4L .4.\ Y DECISION t1.4DE BY THE VILLAGE COUNCIL WITH RESPECT TO ANY MATTER CONSIDERED .4 T .4 MEETING OR HE4 RI NG. TH.4 T PERSON If 7LL .NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE MAY NEED TO ENSURE TK4 T .4 1 ERBATI.SI RECORD OF THE PROCEEDINGS IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPO.V WHICH THE .4 PPE4L IS TO BE BASED. Village of Key Biscayne v Village Council John F. Festa, Mayor John \tiaid, Vice Mayor Raul Llorente Hugh T. O'Reilly Michele Padovan Raymond P. Sullivan Betty Sime Financial Policy Committee John «aid, Chairman Gerald Broucek Julio Carillo Sam Davitian Ron Drucker William Hodgson Robert Maggs v v Joe I. Rasco John Thomson Onofre Torres 35 West McIntyre Street Key Biscayne. Forma 33149 •' 3051365-5511 • Fax: (3051365.87936 • Internet: http://vkb.key-biscayne.fl.us MISSION STATEMENT: "TO PROVIDE A SAFE. QC.-kLITY COMMUNITY ENVIRONMENT FOR All. ISLANDERS THROUGH RESPONSIBLE GOVERNMENT." EXHIBIT B FINANCIAL POLICY COMMITTEE John Waid, Chairman Gerald Broucek Julio Carrillo Sam Davitian Ron Drucker William Hodgson Robert Maggs Joe I. Rasco John Thomson Onofre Torres