HomeMy WebLinkAboutMinutes - Audit Investment Finance Committee 05/24/2016IV
MINUTES
REGULAR MEETING OF THE PALM DESERT
AUDIT, INVESTMENT & FINANCE COMMITTEE
Tuesday, May 24, 2016 — 10:00 a.m.
CALL TO ORDER
Madam Chairman Moore called the meeting to order at 10:00 a.m.
ROLL CALL
Present: Absent:
Russ Campbell, Community Member Jan Harnik,
Janet Moore, Chair/Finance Director Robert Leo,
Robert Hargreaves, City Attorney
Justin McCarthy, Interim City Manager (10:02 a.m.)
Stanley Sperling, Committee Member
Robert Spiegel, Mayor
Also Present:
Anthony Hernandez, Senior Financial Analyst
Thomas Metz, Deputy City Treasurer
Casey Negrete, Desert Willow Golf Resort
Niamh Ortega, Recording Secretary
Derek White, Desert Willow Golf Resort
ORAL COMMUNICATIONS
Mayor Pro Tempore
Community Member
Madam Chairman Moore introduced herself to the Committee, and informed the
Committee that she was appointed to the position of Director of Finance upon former
Chairman Gibson's retirement, and would be assuming the position of Chair for the Audit,
Investment & Finance Committee. It was also noted that the Council has, with deep
regret, received Mr. Goldman's resignation due to ongoing health concerns.
APPROVAL OF MINUTES
A. MINUTES OF THE MEETING OF APRIL 26, 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 April 26, 2016. Motion was seconded by Member
Sperling and carried by a 4-0-1 vote, with Campbell, Hargreaves, Moore and
Sperling voting AYE; Harnik, Leo, and McCarthy ABSENT; Spiegel ABSTAIN.
INVESTMENT & FINANCE COMMITTEE
MINUTES
V. NEW BUSINESS
May 24, 2016
A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR
APRIL 2016
Mr. Metz reported that the book value of the City portfolio for the period ended
April 30, 2016 was approximately $184.8 million. Interest earnings were
approximately $116,000. Yield -to -maturity was approximately 0.79%. He
highlighted various areas of the report.
MOTION was made by Member Campbell to recommend that the City
Council receive and file the City Investment Schedule and Summary of Cash
Report for April 2016. Motion was seconded by Member Hargreaves and
carried by a 6-0 vote, with Campbell, Hargreaves, McCarthy, Moore, Sperling
and Spiegel voting AYE; Harnik and Leo ABSENT.
B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENT FOR APRIL
2016
Mr. Metz provided an overview of the various reports.
MOTION was made by Member Sperling to receive and file the reports for
Local Agency Investment Fund (LAIF), California Asset Management
Program (CAMP), and Riverside County Investment Pool for April 2016.
Motion was seconded by Member Campbell and carried by a 6-0 vote, with
Campbell, Hargreaves, McCarthy, Moore, Sperling and Spiegel voting AYE;
Harnik and Leo ABSENT.
C. CITY FINANCIAL REPORT FOR APRIL 2016
Madam Chairman Moore provided an overview of the report and highlighted the
activity for the month of April 2016.
MOTION was made by Member Campbell to receive and file the City financial
report for April 2016 as presented. Motion was seconded by Member
Sperling and carried by a 6-0 vote, with Campbell, Hargreaves, McCarthy,
Moore, Sperling and Spiegel voting AYE; Harnik and Leo ABSENT.
D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR
APRIL 2016
Mr. Hernandez provided an overview of the reports, and indicated that staff has
spoken to several individuals who are interested in leasing space at the Parkview
building.
MOTION was made by Member Campbell to receive and file the Parkview
Professional Office Buildings financial report for April 2016 as presented.
Motion was seconded by Member Sperling and carried by a 6-0 vote, with
Campbell, Hargreaves, McCarthy, Moore, Sperling and Spiegel voting AYE;
Harnik and Leo ABSENT.
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INVESTMENT & FINANCE COMMITTEE
MINUTES
May 24, 2016
E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL
REPORTS FOR APRIL 2016
Mr. White reported that the course was on a downward trend for April. He
highlighted the revenues and expenses for Desert Willow, and distributed a
Competitive Market Analysis, which provides an overview of various local
competitors. Mr. White highlighted that the Firecliff course is ranked first and
Mountain View is second over 11 competitors.
MOTION was made by Member Campbell to receive and file the Palm Desert
Golf Course Facilities Corporation financial report for April 2016 as
presented. Motion was seconded by Member Sperling and carried by a 6-0
vote, with Campbell, Hargreaves, McCarthy, Moore, Sperling and Spiegel
voting AYE; Harnik and Leo 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 Campbell to adjourn the meeting at 10:21 a.m.
Motion was seconded by Member Sperling and carried by a 6-0 vote, with
Campbell, Hargreaves, McCarthy, Moore, Sperling and Spiegel voting AYE; Harnik
and Leo ABSENT.
Respectfully submitted,
K 9-"R
NiamhZSrtega, Recor FSecretary
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