FOR IMMEDIATE RELEASE
Contact: Marcia Hope Goodwin 407-246-3107

MAYOR DYER ANNOUNCES
FORMATION OF FINANCE COMMITTEE

ORLANDO, FL (October 1, 2003) – Orlando Mayor Buddy Dyer today announced the formation of the City’s first Finance Committee taking effect with the beginning of the City’s new fiscal year.

Mayor Dyer proposed the formation of the Finance Committee when he reorganized City government in June. The committee will address the continuing need to have additional review of the City’s finances, particularly the debt structure.

“Orlando enjoys an outstanding reputation in the national financial community,” said Mayor Dyer. “We want to continue to enhance our points of accountability and oversight, and I believe having an independent agency oversee our finance department ensures our accountability to citizens.”

The Finance Committee will:

· Review and make recommendations as appropriate to City Chief Financial Officer Mickey Miller, the Mayor and the City Council on any proposed investment, debt or asset management strategy

· Review and recommend guidelines within which the City’s debt, investment and other financial management policies will be conducted and monitored

· Periodically report to City Council on the effectiveness of the City’s various financial policies and strategies

The committee will consist of five members: the Mayor, District 1 City Commissioner Phil Diamond, Hughes Supply Chairman David Hughes, Moore Stephens Lovelace CPA William Miller, Jr. and Colonial Bank Chairman Donald T. Senterfitt.

David H. Hughes is the chairman of Hughes Supply, a $3 billion wholesale distributor of construction and industrial materials. He currently serves on the board of directors for SunTrust Banks, Inc., Brown & Brown Insurance and Darden Restaurants, Inc.

William Miller, Jr. is a shareholder in the Orlando office of Moore Stephens Lovelace, P.A. where he manages the firm-wide Auditing and Accounting department and is a member of the Securities and Corporate Finance Practice Group. He is former member and chairman of the Greater Orlando Aviation Authority (GOAA).

Donald T. Senterfitt is the chairman of the board of directors of Colonial Bank, Central Florida. He is a former vice-chairman of SunTrust Banks, Inc. and is past president of the American Bankers Association.

The Finance Committee may retain the services of a Financial Advisory to assist in the performance of its functions.

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