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HomeMy WebLinkAboutMinutes - Audit Investment Finance Committee 11/22/2016 E:2. :. . - MINUTES ;i4 t REGULAR MEETING OF THE PALM DESERT • gi v AUDIT, INVESTMENT & FINANCE COMMITTEE 1 ..° Tuesday, November 22, 2016 I. CALL TO ORDER Madam Chairman Moore called the meeting to order at 10:05 a.m. II. ROLL CALL Present: Absent: Lauri Aylaian, City Manager Robert Hargreaves, City Attorney Russ Campbell, Community Member Jan Harnik, Mayor Pro Tempore Brian Holcombe, Community Member Robert Leo, Community Member Janet Moore, Chair/Finance Director Robert Spiegel, Mayor Stanley Sperling, Committee Member Also Present: Anthony Hernandez, Senior Financial Analyst Niamh Ortega, Recording Secretary Derek White, Desert Willow Golf Resort III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES - A. MINUTES OF THE MEETING OF OCTOBER 25, 2016 MOTION was made by Member Campbell to approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on October 25, 2016. Motion was seconded by Member Sperling and carried by a 7-0-1 Mote, with Aylaian, Campbell, Harnik, Holcombe, Leo, Sperling and Moore voting AYE; Hargreaves ABSENT; Spiegel ABSTAIN. INVESTMENT & FINANCE COMMITTEE MINUTES November 22, 2016 V. NEW BUSINESS • A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR OCTOBER 2016 Ms. Moore provided an overview of the report. MOTION was made by Member Leo to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report for the month of October 2016. Motion was seconded by Member Campbell and carried by an 8-0 vote, with Aylaian, Campbell, Harnik, Holcombe, Leo, Sperling, Spiegel and Moore voting AYE; Hargreaves ABSENT. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR OCTOBER 2016 Ms. Moore provided an overview of the various reports. MOTION was made by Member Harnik to receive and file the reports for Local Agency Investment Fund (LAIF), California Asset Management Program (CAMP), and Riverside County Investment Pool for September 2016. Motion was seconded by Member Leo and carried by an 8-0 vote, with Aylaian, Campbell, Harnik, Holcombe, Leo, Sperling, Spiegel and Moore voting AYE; Hargreaves ABSENT. C. CITY FINANCIAL REPORT FOR OCTOBER 2016 Ms. Moore provided an overview of the report. Following questions relative to budgeting strategy and timing of payments throughout the fiscal year, it was suggested that a column be added to report to indicate the budget percentage compared to the previous year-to-date. Ms. Moore responded that she would look into increasing the readability of the report. MOTION was made by Member Aylaian to receive and file the City financial report for October 2016 as presented. Motion was seconded by Member Campbell and carried by an 8-0 vote, with Aylaian, Campbell, Harnik, Holcombe, Leo, Sperling, Spiegel and Moore voting AYE; Hargreaves ABSENT. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR OCTOBER 2016 Mr. Hernandez provided an overview of the report. He shared that there are four suites available for lease. Member Harnik discussed the refresh project that Mr. Acosta presented at the last Committee meeting, and indicated that she has a copy of the renderings in her office for members who were unable to attend that meeting. MOTION was made by Member Harnik to receive and file the Parkview Professional Office Buildings financial reports for October 2016 as presented. Motion was seconded by Member Leo and carried by an 8-0 vote, 2 INVESTMENT & FINANCE COMMITTEE MINUTES November 22, 2016 with Aylaian, Campbell, Harnik, Holcombe, Leo, Sperling, Spiegel and Moore voting AYE; Hargreaves ABSENT. E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR OCTOBER 2016 Mr. White reviewed the report. Golf revenues were up 8% over prior year. There are concerted efforts to reduce labor. There is a large decline in revenue from last year to this year, which is attributed to Firecliff being renovated and out of service for several months. Mr. White also informed the Committee that Thanksgiving dinner is sold out with approximately 550 covers to be served from noon-4:00 p.m. MOTION was made by Member Campbell to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for October 2016 as presented. Motion was seconded by Member Harnik and carried by an 8-0 vote, with Aylaian, Campbell, Harnik, Holcombe, Leo, Sperling, Spiegel and Moore voting AYE; Hargreaves ABSENT. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. VIII. INFORMATIONAL ITEMS Ms. Moore reminded the Committee that there is no meeting in December. The next regular meeting will occur on January 24, 2017. IX. ADJOURNMENT With Committee concurrence, Madam Chairman Moore adjourned the meeting at 10:24 a.m. Respectfully submitted, Niamh Ortega, Recor Secretary •