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Home My WebLink About09 Minutes - Finance Committee 01/26/2021CITY OF PALM DESERT PALM DESERT FINANCE COMMITTEE MINUTES TUESDAY, JANUARY 26, 2021 -10:00 A.M. (VIRTUAL MEETING) I. CALL TO ORDER Chair Leo called the meeting to order at 10 :00 a .m . 11 . ROLL CALL All present partic ipated in the video conferen ce . ~ Present: Absen t: Chair Robert Leo Vice -Chair Russell Ca p e Member Karen Alexander Member Jan Harnik Member Kathleen Kelly Also Present: Interim City Manager Randy Synder Director of Finance and City Treasurer Janet Moore Assistant Finance Director Jose Lu is Espinoza Deputy City Treasurer Thomas Metz Senior Financial Analyst Anthony Hernandez t3 ~ Record ing Secretary Patty Leon z 0 o General Manager Derek White , Desert Willow Golf Resort 5 ~ ~ Partner Richard Kikuchi , Lance , Sol & Lunghard , LLP u o C: Assurance Manager Kirk Hamblin , Lance , Sol & Lunghard , LLP t ~ tj President and Chief Executive Officer Phillip Smith , S unrise Comp t31 1< = 111. ORAL COMMUNICATIONS None . IV. APPROVAL OF MINUTES A. Minutes of the October 27, 2020 Palm Desert Finance Committee Meeting Upon a motion duly made by Member Kelly and seconded by Member Alexander, the minutes of the October 27, 2020 Palm Desert Finance Committee Meeting, as presented , were approved by a vote of 3 -0 with 1 abstention (AYES : Alexander, Kelly, and Leo; NOES: None ; ABSTAIN: Harnik; ABSENT: Campbell). MINUTES PALM DESERT FINANCE COMMITTEE January 26, 2021 G:\Finance\Patty Leon\Finance Committee\Minutes\2021\Minutes 012621 JMM rev 3-16-21.docx 2 V.NEW BUSINESS A.Report on the City of Palm Desert Audited Financial Report for the Fiscal Year Ended June 30, 2020 Mr. Kikuchi provided an overview of the City’s annual financial audit for fiscal year 2020. Upon a motion duly made by Member Alexander and seconded by Chair Leo, a recommendation that the City Council receive and file the audited City of Palm Desert Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2020, as presented, was approved unanimously (AYES: Alexander, Harnik, Kelly, and Leo; NOES: None; ABSENT: Campbell). B.Report on the Palm Desert Recreational Facilities Corporation Audited Financial Report for the Fiscal Year Ended JUNE 30, 2020 Mr. Kikuchi provided an overview of PDRFC’s annual financial audit for fiscal year 2020. Upon a motion duly made by Member Alexander and seconded by Chair Leo, a recommendation that the City Council receive and file the audited Palm Desert Recreational Facilities Corporation Financial Report for the Fiscal Year Ended June 30, 2020, as presented, was approved unanimously (AYES: Alexander, Harnik, Kelly, and Leo. NOES: None. ABSENT: Campbell). C.Report on the Independent Accountant’s Report on Agreed-Upon Procedures Performed on the Measure A Transportation Fund for the Fiscal Year Ended June 30, 2020 Mr. Espinoza discussed the Independent Accountant’s Report for fiscal year 2020. Upon a motion duly made by Member Alexander and seconded by Chair Leo, a recommendation that the City Council receive and file the Independent Accountant’s Report on Agreed-Upon Procedures Performed on the Measure A Transportation Fund for the Fiscal Year Ended June 30, 2020, as presented, was approved unanimously (AYES: Alexander, Harnik, Kelly, and Leo; NOES: None; ABSENT: Campbell). MINUTES PALM DESERT FINANCE COMMITTEE January 26, 2021 G:\Finance\Patty Leon\Finance Committee\Minutes\2021\Minutes 012621 JMM rev 3-16-21.docx 3 D.Reports on the City Investment Schedule and Summary of Cash for November and December 2020 Mr. Metz discussed the December 2020 treasurer’s report. Upon a motion duly made by Member Alexander and seconded by Chair Leo, a recommendation that the City Council receive and file the treasurer’s reports for November and December 2020, as presented, was approved unanimously (AYES: Alexander, Harnik, Kelly, and Leo; NOES: None; ABSENT: Campbell). E.Statements for Local Agency Investment Pool Accounts for November and December 2020 Mr. Metz discussed the December 2020 local agency investment pool reports. Upon a motion duly made by Member Alexander and seconded by Chair Leo, a recommendation that the Finance Committee receive and file the California Asset Management Program, Local Agency Investment Fund, and Riverside County Investment Pool reports for November and December 2020 was approved unanimously (AYES: Alexander, Harnik, Kelly, and Leo; NOES: None; ABSENT: Campbell). F.Financial Reports for City of Palm Desert for December 2020 Ms. Moore provided an overview of the City financial report for December. Upon a motion duly made by Member Alexander and seconded by Chair Leo, a recommendation that the Finance Committee receive and file the December 2020 financial reports for the City of Palm Desert was approved unanimously (AYES: Alexander, Harnik, Kelly, and Leo; NOES: None; ABSENT: Campbell). G.Financial Report for the Parkview Professional Office Buildings for December 2020 Mr. Hernandez provided information on the operation of the Parkview Professional Office Buildings for December. Upon a motion duly made by Member Alexander and seconded by Chair Leo, a recommendation that the Finance Committee receive and file the December 2020 financial report for the Parkview Professional Office Buildings was approved unanimously (AYES: Alexander, Harnik, Kelly, and Leo; NOES: None; ABSENT: Campbell). MINUTES PALM DESERT FINANCE COMMITTEE January 26, 2021 G:\Finance\Patty Leon\Finance Committee\Minutes\2021\Minutes 012621 JMM rev 3-16-21.docx 4 H.Financial Report for the Desert Willow Golf Resort for December 2020 Mr. White discussed the operation and activity at the Desert Willow Golf Resort during December. Upon a motion duly made by Member Alexander and seconded by Chair Leo, a recommendation that the Finance Committee receive and file the December 2020 financial report for Desert Willow Golf Resort was approved unanimously (AYES: Alexander, Harnik, Kelly, and Leo; NOES: None; ABSENT: Campbell). VI.CONTINUED BUSINESS None. VII.OLD BUSINESS None. VIII.INFORMATIONAL ITEMS A.Committee Member Comments Member Alexander inquired about the availability of COVID-19 vaccines for Palm Desert residents. Member Kelly responded that the City Council had discussed the logistics of making these vaccines accessible to Palm Desert residents, well in advance of the vaccines’ approval. Vaccine distribution, however, is subject to the approval of Riverside County, which is the focal point of Palm Desert’s supply chain. Member Kelly added that the City Council and City staff will continue in their efforts to provide options for vaccines for Palm Desert residents, and that the City hopes to have good news to share soon. Chair Leo commented on the potential impact that the economic stimulus would have on the Palm Desert business community. Member Kelly reported that the City Council had approved a financial increase to provide grants that are available to Palm Desert businesses that have been adversely affected by the closure. The City is also providing funds for a program to provide meals for families in need as well as first responders who are too busy to stop for a meal. The City drew monies from its economic reserve fund in order to address this emergency need. MINUTES PALM DESERT FINANCE COMMITTEE January 26, 2021 G:\Finance\Patty Leon\Finance Committee\Minutes\2021\Minutes 012621 JMM rev 3-16-21.docx 5 Member Harnik observed that there have been significant changes in retail spending patterns in Palm Desert. While stores such as Lowe’s have done well financially due to “do-it-yourself” projects, many other local businesses have had difficulty generating revenue. Member Harnik noted that the Coachella Valley Economic Partnership has been involved in distributing approximately 2.8 million pieces of personal protective equipment to businesses. B.Request to Add Potential Items to Upcoming Agenda None. IX.ADJOURNMENT There being no further business before the meeting, the same was, on motion duly made, seconded, and carried, adjourned at 10:47 a.m. Patty Leon, Recording Secretary Patty Leon