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HomeMy WebLinkAboutMinutes - Audit Investment and Finance Committee 03/24/2015-, / IV MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, March 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 David Erwin, City Attorney Stanley Sperling, Committee Member Van Tanner, Council Member Susan Marie Weber, Mayor 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 ORAL COMMUNICATIONS None. Absent: Abram Goldman, Community Member John Wohlmuth, City Manager APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF FEBRUARY 24, 2015 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 February 24, 2015. Motion was seconded by Member Erwin and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Sperling, Tanner and Weber voting AYE. Goldman and Wohlmuth ABSENT. INVESTMENT & FINANCE COMMITTEE MINUTES MARCH 24, 2015 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR FEBRUARY 2015 Member Jeffrey reported that the book value of the City portfolio for the period ended February 28, 2015 was approximately $201.3 million. Interest earnings were approximately $64,000. Yield -to -maturity was approximately 0.43%. MOTION was made by Member Erwin to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report for February 2015. Motion was seconded by Member Campbell and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Sperling, Tanner and Weber voting AYE. Goldman and Wohlmuth ABSENT. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR FEBRUARY 2015 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Erwin 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 February 2015. Motion was seconded by Member Weber and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Sperling, Tanner and Weber voting AYE. Goldman and Wohlmuth ABSENT. C. CITY FINANCIAL REPORT FOR FEBRUARY 2015 Chairman Gibson provided an overview of the report and highlighted the activity for the month of February 2015. MOTION was made by Member Campbell to receive and file the City financial report for February 2015 as presented. Motion was seconded by Member Erwin and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Sperling, Tanner and Weber voting AYE. Goldman and Wohlmuth ABSENT. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR FEBRUARY 2015 Mr. Hernandez provided an overview of the report. He informed the Committee that staff will be meeting with the Salton Sea Authority next month to discuss their interest in leasing office space at the Parkview building. It was noted that much of the funds expended on tenant improvements, other than carpet and paint, are to bring the office spaces into compliance with ADA requirements. MOTION was made by Member Sperling to receive and file the Parkview Professional Office Buildings financial report for February 2015 as presented. Motion was seconded by Member Erwin and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Sperling, Tanner and Weber voting AYE. Goldman and Wohlmuth ABSENT. 18a INVESTMENT & FINANCE COMMITTEE MINUTES MARCH 24, 2015 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR FEBRUARY 2015 Mr. Burns provided a summary of the report and highlighted the income, expenses and overall performance for the month of February. Mr. White reviewed the number of rounds and indicated that February has been a busy month. MOTION was made by Member Erwin to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for February 2015 as presented. Motion was seconded by Member Campbell and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Sperling, Tanner and Weber voting AYE. Goldman and Wohlmuth ABSENT. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS None. Vill. INFORMATIONAL ITEMS None. IX. ADJOURNMENT MOTION was made by Member Campbell to adjourn the meeting at 10:14 a.m. Motion was seconded by Member Erwin and carried by a 6-0 vote, with Campbell, Erwin, Gibson, Sperling, Tanner and Weber voting AYE. Goldman and Wohlmuth ABSENT. Niamh Ortega, Record' ecretary 3