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Melbourne Village finance panel approves November finances, recommends moving half of money market into SBA or FL Trust
Summary
At its Dec. 10 meeting the Melbourne Village Finance Committee approved November minutes and financials and agreed to recommend that the Town Commission move half of one money‑market balance into “SBA or FL Trust” to improve short‑term cash management; auditors will be on site Jan. 14.
The Melbourne Village Finance Committee approved its November 2024 minutes and financial statements at a meeting Dec. 10 at the Town Office and agreed to recommend a short‑term change to the town’s cash allocation. Kim Zarillo, acting chair, called the meeting to order and oversaw unanimous votes to accept both the minutes and the financial statements.
Heather Roberts, Town Clerk/Treasurer, introduced a new investment chart she described as “extremely helpful in understanding our investments,” prompting committee members to discuss moving funds. By consensus the committee asked the Town Commission to move one‑half of a money‑market balance into “SBA or FL Trust” as property tax receipts begin to arrive; Roberts and committee member Gary Howell were directed to research the flexibility of short‑term holdings versus the proposed options.
The committee voted to place the November financials on file for audit after a motion by Gary Howell and a second by Teri Maxner; the vote passed unanimously with five members present. Members discussed timing and liquidity considerations for the proposed transfer and asked staff to return with clearer comparisons before the Commission acts.
The committee also noted the auditors will be on site Jan. 14, 2025, to begin the 2024 audit, and that any end‑of‑year reclassifications or reconciliations should be completed in advance. The committee’s recommendation to the Commission is advisory; any transfer would require Commission approval.
The Finance Committee is scheduled to meet next on Tuesday, Jan. 21, 2025.
