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HomeMy WebLinkAboutMinutes - Audit Investment Finance Committee 01/26/2016IV MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, January 26, 2016 — 10:00 a.m. CALL TO ORDER Chairman Gibson called the meeting to order at 10:00 a.m. ROLL CALL Present: Russ Campbell, Community Member Paul Gibson, Chair/Finance Director Abram Goldman, Community Member Jan Harnik, Mayor Pro Tempore Bob Leo, Community Member Stanley Sperling, Committee Member Robert Spiegel, Mayor Also Present: Anthony Hernandez, Senior Financial Analyst Thomas Metz, Deputy City Treasurer Niamh Ortega, Recording Secretary Derek White, Desert Willow Golf Resort ORAL COMMUNICATIONS None. Absent: Robert Hargreaves, City Attorney John Wohlmuth, City Manager APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF NOVEMBER 24, 2015 MOTION was made by Member Leo to approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on November 24, 2015. Motion was seconded by Member Sperling and carried by a 4-0-2 vote, with Gibson, Goldman, Leo and Sperling voting AYE; Hargreaves, Harnik and Wohlmuth ABSENT; Campbell and Spiegel ABSTAIN. INVESTMENT & FINANCE COMMITTEE MINUTES JANUARY 26, 2016 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORTS FOR NOVEMBER AND DECEMBER 2015 Member Jeffrey reported that the book value of the City portfolio for the period ended December 31, 2015 was approximately $192.9 million. Interest earnings were approximately $93,000. Yield -to -maturity was approximately 0.58%. MOTION was made by Member Spiegel to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Reports for November and December 2015. Motion was seconded by Member Leo and carried by a 7-0 vote, with Campbell, Gibson, Goldman, Harnik, Leo, Sperling and Spiegel voting AYE; Hargreaves and Wohlmuth ABSENT. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR NOVEMBER AND DECEMBER 2015 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Spiegel to receive and file the reports for Local Agency Investment Fund (LAIF), California Asset Management Program (CAMP), and Riverside County Investment Pool for November and December 2015. Motion was seconded by Member Campbell and carried by a 7-0 vote, with Campbell, Gibson, Goldman, Harnik, Leo, Sperling and Spiegel voting AYE; Hargreaves and Wohlmuth ABSENT. C. CITY FINANCIAL REPORT FOR DECEMBER 2015 Chairman Gibson provided an overview of the report and highlighted the activity for the month of December 2015. MOTION was made by Member Spiegel to receive and file the City financial report for December 2015 as presented. Motion was seconded by Member Campbell and carried by a 7-0 vote, with Campbell, Gibson, Goldman, Harnik, Leo, Sperling and Spiegel voting AYE; Hargreaves and Wohlmuth ABSENT. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR NOVEMBER AND DECEMBER 2015 Mr. Hernandez provided an overview of the reports, and stated that if the final suite is rented as expected, the building will be 100% occupied. MOTION was made by Member Leo to receive and file the Parkview Professional Office Buildings financial reports for November and December 2015 as presented. Motion was seconded by Member Campbell and carried by a 7-0 vote, with Campbell, Gibson, Goldman, Harnik, Leo, Sperling and Spiegel voting AYE; Hargreaves and Wohlmuth ABSENT. 2 INVESTMENT & FINANCE COMMITTEE MINUTES JANUARY 26, 2016 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR NOVEMBER AND DECEMBER 2015 Mr. White provided a summary of the report, and reported that there were 4% more playable days in November and 36% more in December than there were last year. He hoped that will poor weather spanning the rest of the country, more visitors will be enticed to the desert. He shared that a recent survey showed that there is a disparity between what people want to do when they visit versus the marketing message being delivered. There is more interest in hiking, biking and other outdoor activities, not just golf. In keeping with this shift, Desert Willow is now offering footgolf, and is home to the American Footgolf League, and will be hosting a USA vs. UK match this year. There were several suggestions for the types of packages Desert Willow might participate in to increase business, and Mr. White indicated he would take all recommendations under review. MOTION was made by Member Leo to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for November and December 2015 as presented. Motion was seconded by Member Campbell and carried by a 7-0 vote, with with Campbell, Gibson, Goldman, Harnik, Leo, Sperling and Spiegel voting AYE; Hargreaves and Wohlmuth ABSENT. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. VIII. INFORMATIONAL ITEMS None. IX. ADJOURNMENT MOTION was made by Member Leo to adjourn the meeting at 10:39 a.m. Motion was seconded by Member Campbell and carried by a 7-0 vote, with with Campbell, Gibson, Goldman, Harnik, Leo, Sperling and Spiegel voting AYE; Hargreaves and Wohlmuth ABSENT. Respectfully submitted, ), (n n � C,. Q./Fording Niamh Ortega, Secretary 3