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HomeMy WebLinkAboutMinutes - Audit Investment and Finance Committee 02/24/2015MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, February 24, 2015 — 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 Paul Gibson, Committee Chair / Finance Director Abram Goldman, Community Member (10:06 a.m.) Robert Hargreaves, City Attorney Stanley Sperling, Committee Member Robert Spiegel, Mayor Pro-Tem Susan Marie Weber, Mayor John Wohlmuth, City Manager Also Present: Jared Burns, Desert Willow Golf Resort Jose Luis Espinoza, Assistant Finance Director Anthony Hernandez, Senior Financial Analyst Thomas Jeffrey, Deputy City Treasurer Niamh Ortega, Recording Secretary Derek White, Desert Willow Golf Resort III. ORAL COMMUNICATIONS None. Ahsent- IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF JANUARY 27, 2015 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 January 27, 2015. Motion was seconded by Member Campbell and carried by a 7-0 vote, with Campbell, Gibson, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Goldman ABSENT. INVESTMENT & FINANCE COMMITTEE MINUTES FEBRUARY 24, 2015 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR JANUARY 2015 Member Jeffrey reported that the book value of the City portfolio for the period ended January 31, 2015 was approximately $202.5 million. Interest earnings were approximately $68,000. Yield -to -maturity was approximately 0.42%. 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 January 2015. Motion was seconded by Member Wohlmuth and carried by a 7-0 vote, with Campbell, Gibson, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Goldman ABSENT. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR JANUARY 2015 Chairman Gibson 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), Riverside County Investment Pool, and Rabobank Investment Pool for January 2015. Motion was seconded by Member Spiegel and carried by a 7-0 vote, with Campbell, Gibson, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Goldman ABSENT. C. CITY FINANCIAL REPORT FOR JANUARY 2015 Chairman Gibson provided an overview of the report and highlighted the activity for the month of January 2015. MOTION was made by Member Campbell to receive and file the City financial report for January 2015 as presented. Motion was seconded by Member Wohlmuth and carried by an 8-0 vote, with Campbell, Gibson, Goldman, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR JANUARY 2015 Mr. Hernandez provided an overview of the report. He informed the Committee that there are five vacancies at the Parkview building and a few tenants have expressed an interest in increasing their office space to include some of the vacant suites. MOTION was made by Member Sperling to receive and file the Parkview Professional Office Buildings financial report for January 2015 as presented. Motion was seconded by Member Campbell and carried by an 8-0 vote, with Campbell, Gibson, Goldman, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. INVESTMENT & FINANCE COMMITTEE MINUTES FEBRUARY 24, 2015 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL .' REPORT FOR JANUARY 2015 Mr. Burns provided a summary of the report and highlighted the income, expenses and overall performance for the month of January. Mr. White added the report reflected an increase of 1000 rounds over budget, and that the main factors were the elimination of GolfNow, dynamic pricing, and weather that was better than anticipated. MOTION was made by Member Wohlmuth to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for January 2015 as presented. Motion was seconded by Member Spiegel and carried by an 8-0 vote, with Campbell, Gibson, Goldman, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. F. CITY OF PALM DESERT "STATEMENT OF INVESTMENT POLICY" Mr. Jeffrey reported that he researched through the California Debt and Advisory Committee to determine if there were any changes that the City of Palm Desert needed to make to its policy. It was determined that no changes were necessary, and asked that the Committee recommend that the Council receive and file the report as presented. MOTION was made by Member Spiegel to recommend that the Council receive and file the report as presented. Motion was seconded by Member Campbell and carried by an 8-0 vote, with Campbell, Gibson, Goldman, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. G. INDEPENDENT ACCOUNTANTS' REPORT ON AGREED -UPON PROCEDURES PERFORMED ON THE MEASURE A TRANSPORTATION FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2014 Chairman Gibson reviewed the report and there was discussion relative to which projects were a part of the audit, and if a future rail project would be covered under Measure A. The Committee was informed of an upcoming CVAG meeting to discuss the rail project and the feasibility of adding a third rail line to service a passenger train. MOTION was made by Member Sperling to receive and file the Independent Accountants' Report on Agreed -Upon Procedures Performed on the Measure A Transportation Fund for the Fiscal Year ended June 30, 2014 as presented. Motion was seconded by Member Wohlmuth and carried by an 8-0 vote, with Campbell, Gibson, Goldman, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. H. SINGLE AUDIT OF FEDERALLY ASSISTED GRANT PROGRAMS FOR THE FISCAL YEAR ENDED JUNE 30, 2014 Mr. Espinoza informed the Committee that if certain grant -related expenditures are in excess of $500,000, the City is required to undergo an audit. Last year the amount was $1.3 million, so an audit was performed. There were no findings. 3 INVESTMENT & FINANCE COMMITTEE MINUTES FEBRUARY 24, 2015 MOTION was made by Member Spiegel to receive and file the Single Audit of Federally Assisted Grant Programs for the Fiscal Year ended June 30, 2014 as presented. Motion was seconded by Member Campbell and carried by an 8-0 vote, with Campbell, Gibson, Goldman, Hargreaves, Sperling, Spiegel, Weber and Wohlmuth voting AYE. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS None. VIII. INFORMATIONAL ITEMS None. IX. ADJOURNMENT MOTION was made by Member Campbell to adjourn the meeting at 10:39 a.m. Motion was seconded by Member Sperling and carried by an 8-0 vote, with Campbell, Gibson, Goldman, Hargreaves, Sperling, Spiegel, Weber and Wohimuth voting AYE. Niamh Ortega, Recordi T ecretary 12