The meeting began with a discussion on the progression of the 2023 audit, with field work commencing on April 29th and expected completion by the end of May. This is a fundamental process for the town.

In relation to the town’s financial health, the council examined the emergency reserves and the bridge loan, considering the extension of the repayment term. Questions from a reporter about the town’s handling of expenses during Hurricane Ian and the adequacy of emergency reserves were also addressed, highlighting the council’s stance in dealing with natural disasters and their aftermath.

An update on the sufficiency of emergency reserves led into plans for future financial security. The council explored the age of receivable balances linked to demolished structures and billing errors, emphasizing the importance of accurate and timely financial recovery from losses incurred during calamitous events.

The identification of a significant water leak, initially attributed to the irrigation system on the new ball field, became a focal point of the meeting. Upon discovering the leak, discussions ensued about the necessity of a refund for the overcharges incurred by the town.

Moving forward with the aim of enhancing fiscal responsibility, the council deliberated on financial policies required for the Florida Recovery obligation calculation program. Among the improvements were an emergency financial plan and a more substantial purchasing policy, which are integral to maintaining fiscal discipline, particularly in the utilization of grants.

The council’s involvement in the documentation preparation for the CDBG DRR grant award, amounting to $1,575,000 designated for planning infrastructure improvements, was another significant item on the agenda. The development of written policies concerning financial management, duplication of benefits, accounting policy, and internal control policy was part of the grant agreement package.

In preparation for the upcoming fiscal year, the council took steps to compile the general fund budget, which involved meetings with department heads to review expense budgets. This process is important for determining the estimated revenues and the millage rate necessary to support the budget.

The council also deliberated on the town’s CD interest rate and made a strategic financial decision to transfer funds from a low-interest account to one with a higher interest rate. This move is aligned with the council’s focus on optimizing the town’s investments and revenue streams.

With the next meeting scheduled for June 10th at 9:00 a.m., the council concluded with a motion for adjournment, which was put to a vote.