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HomeMy WebLinkAboutMinutes - Audit Investment and Finance Committee 04/28/2015IV X- MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, April 28, 2015 — 10:00 a.m. CALL TO ORDER Chairman Gibson called the meeting to order at 10:00 a.m. ROLL CALL Present: Paul Gibson, Committee Chair/Finance Director Abram Goldman, Community Member Bob Leo, Community Member Stanley Sperling, Committee Member Bob Spiegel, Council Member Susan Marie Weber, Mayor John Wohlmuth, City Manager Alsn Present - 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 Absent: Russ Campbell, Community Member David Erwin, City Attorney Chairman Gibson welcomed Mr. Robert J. Leo to the Committee. Member Leo will serve as a voting member of the community. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF MARCH 24, 2015 MOTION was made by Member Leo to approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on March 24, 2015. Motion was seconded by Member Wohlmuth and carried by a 6-0-1 vote, with Gibson, Goldman, Leo, Sperling, Weber and Wohlmuth voting AYE; Campbell and Erwin ABSENT; Spiegel ABSTAIN. INVESTMENT & FINANCE COMMITTEE MINUTES APRIL 28, 2015 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR MARCH 2O15 Member Jeffrey reported that the book value of the City portfolio for the period ended March 31, 2015 was approximately $195.5 million. Interest earnings were approximately $65,000. Yield -to -maturity was approximately 0.41 %. 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 March 2015. Motion was seconded by Member Leo and carried by a 7-0 vote, with Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Campbell and Erwin ABSENT. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR MARCH 2015 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Spiegel 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 March 2015. Motion was seconded by Member Leo and carried by a 7-0 vote, with Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Campbell and Erwin ABSENT. C. CITY FINANCIAL REPORT FOR MARCH 2O15 Chairman Gibson provided an overview of the report and highlighted the activity for the month of March 2015. MOTION was made by Member Wohlmuth to receive and file the City financial report for March 2015 as presented. Motion was seconded by Member Spiegel and carried by a 7-0 vote, with Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Campbell and Erwin ABSENT. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR MARCH 2O15 Mr. Hernandez provided an overview of the report. He informed the Committee that there are a couple of agencies expressing interest in leasing office space at the Parkview building, and he is optimistic for a positive outcome. MOTION was made by Member Spiegel to receive and file the Parkview Professional Office Buildings financial report for March 2015 as presented. Motion was seconded by Member Wohlmuth and carried by a 7-0 vote, with Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Campbell and Erwin ABSENT. 2 INVESTMENT & FINANCE COMMITTEE MINUTES APRIL 28, 2015 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR MARCH 2O15 Mr. White provided a summary of the report and highlighted the income, expenses and overall performance for the month of March. He reviewed the number of rounds and indicated that March finished well. The Dining under the Stars event was held every week in March this year, versus two in the month last year. The recent state mandate for water reduction will have some effect on the course, but staff does not know at this point how it expects to proceed as the State has not developed its guidelines yet. Mr. White pointed out, however, that approximately 90% of the water currently used on the courses is recycled, or non -potable. The mandate aims to save 36% of potable water, so essentially staff will focus on saving 36% of the 10% of potable water. MOTION was made by Member Spiegel to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for March 2015 as presented. Motion was seconded by Member Wohlmuth and carried by a 7-0 vote, with Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Campbell and Erwin ABSENT. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS None. Vill. INFORMATIONAL ITEMS None. IX. ADJOURNMENT MOTION was made by Member Spiegel to adjourn the meeting at 10:35 a.m. Motion was seconded by Member Wohlmuth and carried by a 7-0 vote, with Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth voting AYE. Campbell and Erwin ABSENT. Niamh Ortega, Recordecretary -93