Catherine Harding

The meeting included the approval of a work authorization for Gahagan & Bryant Associates, Inc. to perform annual physical monitoring surveys to assess beach volume and shoreline position. The board received a project update regarding the current bidding phase and a presentation from Pinnacle Ecological, Inc. concerning the findings of the 2023 biological monitoring efforts for nearshore hardbottom habitats. Additionally, the director provided an update on beach status, including sea turtle nesting activity, current erosion patterns, and seasonal hurricane forecasts.

The meeting included a report on beach status, noting current beach conditions, hurricane season outlooks, and turtle nest counts. Discussions were held regarding offshore borrow sites, including the exhaustion of the current site and plans for potential future sites to ensure long-term sand supply. An overview of long-range beach planning, encompassing design, permitting, and funding, was provided. Additionally, the Board reviewed a draft 12-year financial plan, addressing projected revenues, expenditures, and the potential need for future tax adjustments or millage rate increases to maintain reserve levels for beach nourishment projects.

The meeting featured an update on the beach renourishment project, covering completed sections, sand quality, feeder pipe processes, turtle nest distribution, and public safety impacts. The Board approved a contract amendment with Weeks Marine to allow for an additional 300,000 cubic yards of sand, increasing the contract value by $5,325,000 with a portion eligible for State grant funds. Additionally, the Board reviewed the current Beach Protection District Financial Report reflecting revenues and expenditures through the end of February.

The Town Commission discussed the development review process, specifically focusing on the roles and responsibilities of the Impact Review Committee and the Board of Adjustment. Topics included potential modifications to these boards' functions, the implementation of a de novo appeal process, and various updates to the Land Development Regulations. Public comment centered on the need for better communication, advanced distribution of agenda materials, and clarification of development standards such as landscaping, massing, and construction requirements.

The committee held a discussion regarding the potential buyout of the pension plan and introduced a new board member. A performance review of the 4th quarter and capital market indices was conducted by AGW Capital Advisors, which included an analysis of inflation, interest rates, the labor market, and corporate earnings. The committee approved investment portfolio recommendations and rebalancing strategies, including swapping an investment manager. Additionally, the committee discussed the transition of the plan's recordkeeper and trustee due to a merger, reviewed fee structures, and scheduled the next meeting.