HomeMy WebLinkAboutMinutes - Audit Investment Finance Committee 03/22/2016IV
MINUTES
REGULAR MEETING OF THE PALM DESERT
AUDIT, INVESTMENT & FINANCE COMMITTEE
Tuesday, March 22, 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
Robert Hargreaves, City Attorney
Jan Harnik, Mayor Pro Tempore
Robert Spiegel, Mayor
Absent:
Abram Goldman, Community Member
Bob Leo, Community Member
Stanley Sperling, Committee Member
John Wohlmuth, City Manager
Also Present:
Anthony Hernandez, Senior Financial Analyst
Thomas Metz, Deputy City Treasurer
Niamh Ortega, Recording Secretary
Jared Burns, Desert Willow Golf Resort
Derek White, Desert Willow Golf Resort
ORAL COMMUNICATIONS
None.
APPROVAL OF MINUTES
A. MINUTES OF THE MEETING OF FEBRUARY 23, 2016
MOTION was made by Member Spiegel to approve as presented the Minutes
of the regular meeting of the Palm Desert Audit, Investment and Finance
Committee held on February 23, 2016. Motion was seconded by Member
Campbell and carried by a 5-0 vote, with Campbell, Gibson, Hargreaves,
Harnik and Spiegel voting AYE; Goldman, Leo, Sperling and Wohlmuth
ABSENT.
INVESTMENT & FINANCE COMMITTEE
MINUTES
V. NEW BUSINESS
March 22, 2016
A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR
FEBRUARY 2016
Member Metz reported that the book value of the City portfolio for the period
ended February 29, 2016 was approximately $21.1 million. Interest earnings were
approximately $103,000. Yield -to -maturity was approximately 0.65%.
MOTION was made by Member Spiegel to recommend that the City Council
receive and file the City Investment Schedule and Summary of Cash Report
for February 2016. Motion was seconded by Member Hargreaves and carried
by a 5-0 vote, with Campbell, Gibson, Hargreaves, Harnik and Spiegel voting
AYE; Goldman, Leo, Sperling and Wohlmuth ABSENT.
B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENT FOR
FEBRUARY 2016
Chairman Gibson provided an overview of the various reports.
MOTION was made by Member Campbell to receive and file the reports for
Local Agency Investment Fund (LAIF), California Asset Management
Program (CAMP), and Riverside County Investment Pool for February 2016.
Motion was seconded by Member Hargreaves and carried by a 5-0 vote, with
Campbell, Gibson, Hargreaves, Harnik and Spiegel voting AYE; Goldman,
Leo, Sperling and Wohlmuth ABSENT.
C. CITY FINANCIAL REPORT FOR FEBRUARY 2016
Chairman Gibson provided an overview of the report and highlighted the activity
for the month of February 2016.
MOTION was made by Member Spiegel to receive and file the City financial
report for February 2016 as presented. Motion was seconded by Member
Campbell and carried by a 5-0 vote, with Campbell, Gibson, Hargreaves,
Harnik and Spiegel voting AYE; Goldman, Leo, Sperling and Wohlmuth
ABSENT.
D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR
FEBRUARY 2016
Mr. Hernandez provided an overview of the reports.
MOTION was made by Member Campbell to receive and file the Parkview
Professional Office Buildings financial report for February 2016 as
presented. Motion was seconded by Member Harnik and carried by a 5-0
vote, with Campbell, Gibson, Hargreaves, Harnik and Spiegel voting AYE;
Goldman, Leo, Sperling and Wohlmuth ABSENT.
6
INVESTMENT & FINANCE COMMITTEE
MINUTES
March 22, 2016
E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL
REPORTS FOR FEBRUARY 2016
Mr. Burns provided a summary of the report, and reported that February was a
fantastic month, experiencing record highs in both green fees and food and
beverage. The stellar month was attributed in part to excellent group and
individual business as well as a large number of corporate events. Looking ahead,
March is shaping up to be a great month also. The scheduled Easter Sunday
brunch is already sold out at 521 covers, and the music events each have
between 100 and 130 people in attendance.
MOTION was made by Member Spiegel to congratulate Desert Willow staff,
and receive and file the Palm Desert Golf Course Facilities Corporation
financial reports for February 2016 as presented. Motion was seconded by
Member Campbell and carried by a 5-0 vote, with Campbell, Gibson,
Hargreaves, Harnik and Spiegel voting AYE; Goldman, Leo, Sperling and
Wohlmuth ABSENT.
F. INDEPENDENT ACCOUNTANTS' REPORT ON AGREED -UPON
PROCEDURES PERFORMED ON THE MEASURE A TRANSPORTATION
FUND
Chairman Gibson presented the report and highlighted that it was a clean audit.
MOTION was made by Member Campbell to receive and file the Independent
Accountants' Report on Agreed -upon Procedures Performed on the
Measure A Transportation Fund. Motion was seconded by Member Harnik
and carried by a 5-0 vote, with Campbell, Gibson, Hargreaves, Harnik and
Spiegel voting AYE; Goldman, Leo, Sperling and Wohlmuth ABSENT.
G. ANNUAL REVIEW OF CITY INVESTMENT POLICY
MOTION was made by Member Spiegel to recommend that the City Council
receive and file the annual review of the City Investment Policy. Motion was
seconded by Member Harnik and carried by a 5-0 vote, with Campbell,
Gibson, Hargreaves, Harnik and Spiegel voting AYE; Goldman, Leo,
Sperling and Wohlmuth ABSENT.
H. AWARD OF BID FOR CORPORATE TRUST SERVICES
MOTION was made by Member Spiegel to recommend that the City Council
award a contract to U.S. Bank to provide Corporate Trust Services. Motion
was seconded by Member Campbell and carried by a 5-0 vote, with
Campbell, Gibson, Hargreaves, Harnik and Spiegel voting AYE; Goldman,
Leo, Sperling and Wohlmuth ABSENT.
VI. CONTINUED BUSINESS
None.
3
INVESTMENT & FINANCE COMMITTEE
MINUTES
VII. OLD BUSINESS
A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE
None.
VIII. INFORMATIONAL ITEMS
None.
IX. ADJOURNMENT
March 22, 2016
MOTION was made by Member Campbell to adjourn the meeting at 10:35 a.m.
Motion was seconded by Member Spiegel and carried by a 5-0 vote, with Campbell,
Gibson, Hargreaves, Harnik and Spiegel voting AYE; Goldman, Leo, Sperling and
Wohlmuth ABSENT.
Respectfully submitted,
Niamh-nega, Recordin c�etary
4