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HomeMy WebLinkAboutMinutes - Audit Investment and Finance Committee 11/25/2014MINUTES 4-1" �' REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, November 25, 2014 — 10:00 a.m. CALL TO ORDER Chairman Gibson called the meeting to order at 10:00 a.m. ROLL CALL Present: Russell Campbell, Community Member David Erwin, City Attorney Paul Gibson, Committee Chair / Finance Director Abram Goldman, Community Member Joseph Pradetto, Community Member Stanley Sperling, Committee Member Alsn Present - Jared Burns, Desert Willow Golf Resort Jose Luis Espinoza, Assistant Finance Director Anthony Hernandez, Senior Financial Analyst Shirley Hotwagner, Resident Thomas Jeffrey, Deputy City Treasurer Niamh Ortega, Recording Secretary Dave Patterson, Resident Mike Tellier, Desert Willow Golf Resort Michael Thompson, Resident Neddy Thompson, Resident Tom Walton, Resident Derek White, Desert Willow Golf Resort III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES Absent: Van Tanner, Mayor Susan Marie Weber, Mayor Pro-Tem John Wohlmuth, City Manager A. MINUTES OF THE MEETING OF OCTOBER 28, 2014 MOTION was made by Member Erwin to approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on October 28, 2014. Motion was seconded by Member Campbell and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto and Sperling voting AYE. Tanner, Weber and Wohlmuth ABSENT. INVESTMENT & FINANCE COMMITTEE MINUTES NOVEMBER 25, 2014 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR OCTOBER 2014 Member Jeffrey reported that the book value of the City portfolio for the period ended October 31, 2014 was approximately $196.1 million. Interest earnings were approximately $75,000. Yield -to -maturity was approximately 0.42%. MOTION was made by Member Pradetto to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report for October 2014. Motion was seconded by Member Campbell and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto and Sperling voting AYE. Tanner, Weber and Wohlmuth ABSENT. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR OCTOBER 2014 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), Riverside County Investment Pool, and Rabobank Investment Pool for October 2014. Motion was seconded by Member Pradetto and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto and Sperling voting AYE. Tanner, Weber and Wohlmuth ABSENT. C. CITY FINANCIAL REPORT FOR OCTOBER 2014 Chairman Gibson provided an overview of the report and highlighted the activity for the month of October 2014. MOTION was made by Member Pradetto to receive and file the City financial report for October 2014 as presented. Motion was seconded by Member Sperling and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto and Sperling voting AYE. Tanner, Weber and Wohlmuth ABSENT. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR OCTOBER 2014 Mr. Hernandez provided an overview of the report. He informed the Committee that there are two spaces still vacant that are currently used for storage, but could be rented out if there is interest. MOTION was made by Member Campbell to receive and file the Parkview Professional Office Buildings financial report for October 2014 as presented. Motion was seconded by Member Pradetto and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto and Sperling voting AYE. Tanner, Weber and Wohlmuth ABSENT. 7 INVESTMENT & FINANCE COMMITTEE MINUTES NOVEMBER 25, 2014 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR OCTOBER 2014 Mr. Burns provided a summary of the report and highlighted the income, expenses and overall performance for the month. Mr. Tellier provided an update to the Committee regarding a member's request to research a particular grass seed he had seen advertised. It was determined that the seed was not well suited to the valley's climate and would be cost prohibitive. Mr. White answered several questions from members of the public in attendance relative to the number of rounds played and the report submitted as part of the agenda packet. Mr. Patterson asked how many of the rounds were resident rounds, and Mr. White replied that during peak season it is typically more than 25% with January and February seeing 30-33%. Summer months typically reflect lower numbers for resident play due to the fact that deeply discounted rates are available for less than the cost of resident play. Mr. Walton and Ms. Thompson indicated they were in attendance to gather additional operational data regarding Desert Willow. Mr. Gibson stated that this Committee reviewed the financial reports, while the President's meeting would discuss more of the day-to-day operations. Mr. White offered to schedule a meeting with them and any other members of the public to discuss the reports in greater detail and provide information to their specific inquiries. MOTION was made by Member Pradetto to receive and file the Palm Desert Golf Course Facilities Corporation financial report for October 2014 as presented. Motion was seconded by Member Erwin and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto and Sperling voting AYE. Tanner, Weber and Wohlmuth ABSENT. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. Vill. INFORMATIONAL ITEMS None. IX. ADJOURNMENT MOTION was made by Member Campbell to adjourn the meeting at 10:16 a.m. Motion 3 INVESTMENT & FINANCE COMMITTEE MINUTES NOVEMBER 25, 2014 was seconded by Member Erwin and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto and Sperling voting AYE. Tanner, Weber and Wohlmuth ABSENT. Niamh Ortega, Recordi (!!Secretary 19