HomeMy WebLinkAbout04 Finance Cmte 10272020MINUTES
ADJOURNED MEETING OF THE
PALM DESERT FINANCE COMMITTEE
(VIRTUAL MEETING)
Tuesday, October 27, 2020
CALL TO ORDER
Chair Leo called the meeting to order at 10:00 a.m.
ROLL CALL
All present participated in the video conference.
Present: Absent:
Robert Leo, chair Russell Campbell, vice & a
Karen Alexander, member
Gina Nestande, mayor
Kathleen Kelly, mayor pro tempore
Also Present:
Janet M. Moore, director of finance / city treasurer
p
Jose Luis Espinoza, assistant finance director
w
Thomas Metz, deputy city treasurer
Anthony Hernandez, senior financial analyst
A O
Derek White, general manager, Desert Willow Golf Resort
Kirk Hamblin Lance, Sol & Lunghard
Richard Kikuchi, Lance, Sol & Lunghard
Patty Leon, recording secretary
U
d
U
III. ORAL COMMUNICATIONS
AA
None.
0 O
IV. APPROVAL OF MINUTES
�� w
U 4 a
A. Minutes of the Palm Desert Finance Committee meeting on July 28, 2020.
MOTION was made by Member Alexander to approve the minutes of the
Finance Committee meeting on July 28, 2020. Motion was seconded by Member
Kelly and carried by a 4-0 vote. AYES: Alexander, Kelly, Nestande, and Leo. NOES:
None. ABSENT: Campbell.
FINANCE COMMITTEE
MINUTES October 27, 2020
V. NEW BUSINESS
A. RESOLUTIONS APPROVING THE PALM DESERT "STATEMENT OF
INVESTMENT POLICY", AS AMENDED.
Thomas Metz highlighted the changes shown on page 2 of the staff report.
MOTION was made by Member Alexander to recommend that the City Council
approve the Palm Desert Statement of Investment Policy, as amended. Motion was
seconded by Member Nestande and carried by a 4-0 vote. AYES: Alexander, Kelly,
Nestande, and Leo. NOES: None. ABSENT: Campbell.
B. TREASURER'S REPORT ON CITY INVESTMENTS AND CASH FOR
JULY, AUGUST, AND SEPTEMBER 2020.
Thomas Metz discussed the highlights of the City of Palm Desert investment
report and cash position for September 2020.
MOTION was made by Member Alexander to recommend that the City Council
receive and file the City Treasurer's Report on investments and cash for July,
August, and September 2020. Motion was seconded by Member Kelly and carried
by a 4-0 vote. AYES: Alexander, Kelly, Nestande, and Leo. NOES: None. ABSENT:
Campbell.
C. STATEMENTS FOR LOCAL AGENCY INVESTMENT POOL ACCOUNTS
FOR JULY, AUGUST, AND SEPTEMBER 2020.
Thomas Metz discussed the highlights of these reports.
MOTION was made by Member Alexander to receive and file the reports for
the Local Agency Investment Fund (LAIF), the California Asset Management
Program (CAMP), and the Riverside County Investment Pool for July, August, and
September 2020. Motion was seconded by Member Kelly and carried by a 4-0 vote.
AYES: Alexander, Kelly, Nestande, and Leo. NOES: None. ABSENT: Campbell.
D. AUDIT UPDATE 2019/2020 (Lance, Soll & Lunghard).
Luis Espinoza introduced auditors Richard Kikuchi and Kirk Hamblin from
Lance, Sol & Lunghard (LSL).
Mr. Kikuchi provided an overview of the City's financial audit for the Fiscal
Year ended June 30, 2020. He noted that although there were challenges
this year with Covid restrictions, working remotely, and meeting deadlines,
the quality of the audit was outstanding. LSL believes that the City's financial
statements for this time period have been presented, in all material respects,
in accordance with applicable financial reporting framework. Therefore, LSL
will be issuing an unmodified opinion with no findings or significant changes,
E
G:TinancelPatty LeonTinance CommitteelMinutes120201Minutes 102720 approved 1-26-2021 pl.docx
FINANCE COMMITTEE
MINUTES October 27, 2020
which signifies a clean audit for the City. Mr. Kikuchi thanked the City of
Palm Desert, particularly Janet Moore, Luis Espinoza, and the Finance
Department staff, for helping make this audit a success.
MOTION was made by Member Nestande to receive and file the presentation
of the City of Palm Desert's audit report by Lance, Soil & Lunghard for the Fiscal
Year ended June 30, 2020. Motion was seconded by Member Alexander and carried
by a 4-0 vote. AYES: Alexander, Kelly, Nestande, and Leo. NOES: None. ABSENT:
Campbell.
E. GENERAL FUND FINANCIAL REPORT FOR CITY OF PALM DESERT
FOR SEPTEMBER 2020.
Janet Moore provided an overview of the report.
MOTION was made by Member Kelly to receive and file the General Fund
Financial Report for the City of Palm Desert for September 2020. Motion was
seconded by Member Nestande and carried by a 4-0 vote. AYES: Alexander, Kelly,
Nestande, and Leo. NOES: None. ABSENT: Campbell.
F. FINANCIAL REPORT FOR PARKVIEW OFFICE COMPLEX FOR
SEPTEMBER 2020.
Anthony Hernandez provided an overview of the report.
MOTION was made by Member Alexander to receive and file the financial
report for the Parkview Office Complex for September 2020. Motion was seconded
by Member Kelly and carried by a 4-0 vote. AYES: Alexander, Kelly, Nestande, and
Leo. NOES: None. ABSENT: Campbell.
G. FINANCIAL REPORT FOR DESERT WILLOW GOLF RESORT FOR
SEPTEMBER 30, 2020.
Derek White provided an overview of Desert Willow operations.
MOTION was made by Member Nestande to receive and file the financial
report for the Desert Willow Golf Resort for September 2020. Motion was seconded
by Member Alexander and carried by a 4-0 vote. AYES: Alexander, Kelly, Nestande,
and Leo. NOES: None. ABSENT: Campbell.
VI. CONTINUED BUSINESS
None.
3
G:TinancelPatty LeonTinance CommitteelMinutes120201Minutes 102720 approved 1-26-2021 pl.docx
FINANCE COMMITTEE
MINUTES
VII. OLD BUSINESS
None.
VIII. INFORMATIONAL ITEMS
A. COMMITTEE MEMBER COMMENTS
October 27, 2020
Mayor Pro Tern Kelly addressed Member Alexander's concerns about El
Paseo from the prior Finance Committee meeting. Mayor Pro Tern Kelly
stated that she and Mayor Nestande had met with the interim city manager.
The interim city manager had stated that the City would focus more on a
consistent cleanup of El Paseo, including surface areas, flower beds, and
trees. Additionally, staff is exploring ways to assist business owners with any
faded or dusty awnings. Mayor Pro Tern Kelly reported that the City Council
had recently approved additional funds to support businesses in the City.
These funds were intended to assist outdoor dining and personal care
businesses.
Mayor Pro Tern Kelly commented that she hoped that everyone has had a
chance to visit Lupine Plaza since it's a perfect place for takeout in a lovely
setting.
Member Alexander responded that she appreciated all the help that the City
Council has provided, such as Lupine Plaza patio seating. She added that
she hoped to see new businesses occupy vacant commercial space. Chair
Leo concurred.
B. REQUEST TO ADD POTENTIAL ITEMS TO UPCOMING AGENDA
No report.
IX. ADJOURNMENT
This meeting was adjourned at 10:47 a.m. The next regular meeting of the Palm
Desert Finance Committee will be November 24, 2020.
Respectfully submitted,
PaWy Leo*►.
Patty Leon, recording secretary
n
G:TinancelPatty LeonTinance CommitteelMinutes120201Minutes 102720 approved 1-26-2021 pl.docx