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9:20 <br />a.m. <br />C. Presentation on Joint Legislative Audit Committee Meeting of March 30, <br />2015, by Glenn Heran <br />Glenn Heran, 1964 Grey Falcon Circle SW, in his PowerPoint <br />Presentation discussed: 1) Why the proposed sale of the City of Vero <br />Beach Electric to Florida Power & Light (FPL), and what was the delay <br />in the sale; 2) An update on the State of Florida Legislature regarding <br />the Florida Municipal Power Agency (FMPA) audit; and 3) Why a <br />valuation of the FMPA was essential to public transparency and <br />understanding FMPA exit costs. <br />Board comments followed and it was the Board's CONSENSUS to place <br />Mr. Heran's PowerPoint Presentation on the County's website. <br />Vice Chairman Solari summarized Mr. Heran's PowerPoint <br />Presentation and the issue in one paragraph, "The sale of Vero Electric <br />to FPL has been blocked because the FMPA has set a copious and <br />arbitrary exit price of $52 million, which is why a rational objective <br />valuation of FMPA's assets is necessary, in order to establish an exit <br />price for Vero Beach". <br />Dr. Stephen Faherty recommended asking the Florida Legislature to do <br />an expanded audit for the Auditor General and include a fair market <br />valuation of the power generation assets. <br />Chairman Davis wanted valuation of each municipality's share of <br />FMPA, instead of an audit. <br />General discussion ensued on the makeup of the FMPA Board and <br />laying the groundwork with the Legislature to get a valuation of each <br />municipality's share of the FMPA. Chairman Davis suggested Mr. <br />Heran's PowerPoint Presentation and his 2014 FMPA Value Asset <br />Spreadsheets be forwarded to other counties under FMPA to start the <br />conversation. <br />6. APPROVAL OF MINUTES <br />None <br />7. INFORMATION ITEMS FROM STAFF OR COMMISSIONERS NOT <br />REQUIRING BOARD ACTION <br />None <br />Board of County Commission Minutes <br />April 14, 2015 <br />Page 3 <br />