HomeMy WebLinkAboutAudit Investment and Finance Committee - May 26, 2015IV
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MINUTES
REGULAR MEETING OF THE PALM DESERT
AUDIT, INVESTMENT & FINANCE COMMITTEE
Tuesday, May 26, 2015 — 10:00 a.m.
CALL TO ORDER
Chairman Gibson called the meeting to order at 10:02 a.m.
ROLL CALL
Present:
Russ Campbell, Community Member
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 (10:05 a.m.)
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.
APPROVAL OF MINUTES
Absent:
David Erwin, City Attorney
A. MINUTES OF THE MEETING OF APRIL 28, 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 April 28, 2015. Motion was seconded by Member Campbell
and carried by a 7-0 vote, with Campbell, Gibson, Goldman, Leo, Sperling,
Spiegel and Weber voting AYE; Erwin and Wohlmuth ABSENT.
INVESTMENT & FINANCE COMMITTEE
MINUTES MAY 26, 2015
V. NEW BUSINESS
A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR
APRIL 2015
Member Jeffrey reported that the book value of the City portfolio for the period
ended April 30, 2015 was approximately $197.2 million. Interest earnings were
approximately $58,000. Yield -to -maturity was approximately 0.39%.
MOTION was made by Member Leo to recommend that the City Council
receive and file the City Investment Schedule and Summary of Cash Report
for April 2015. Motion was seconded by Member Campbell and carried by a 7-
0 vote, with Campbell, Gibson, Goldman, Leo, Sperling, Spiegel and Weber
voting AYE; Erwin and Wohlmuth ABSENT.
B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR APRIL
2015
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 April 2015. Motion was seconded by Member Spiegel and carried by a 7-0
vote, with Campbell, Gibson, Goldman, Leo, Sperling, Spiegel and Weber
voting AYE; Erwin and Wohlmuth ABSENT.
C. CITY FINANCIAL REPORT FOR APRIL 2015
Chairman Gibson provided an overview of the report and highlighted the activity for
the month of April 2015.
MOTION was made by Member Campbell to receive and file the City financial
report for April 2015 as presented. Motion was seconded by Member
Wohlmuth and carried by an 8-0 vote, with Campbell, Gibson, Goldman, Leo,
Sperling, Spiegel, Weber and Wohlmuth voting AYE; Erwin ABSENT.
D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR
APRII 2n15
Mr. Hernandez provided an overview of the report
MOTION was made by Member Spiegel to receive and file the Parkview
Professional Office Buildings financial report for April 2015 as presented.
Motion was seconded by Member Campbell and carried by an 8-0 vote, with
Campbell, Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth
voting AYE; Erwin ABSENT.
E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL
REPORT FOR APRIL 2015
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INVESTMENT & FINANCE COMMITTEE
MINUTES MAY 26, 2015
Mr. Burns and Mr. White provided a summary of the report and highlighted the
income, expenses and overall performance for the month of March. It was reported
that April was a difficult month, but May is expected to be better.
MOTION was made by Member Leo to receive and file the Palm Desert Golf
Course Facilities Corporation financial reports for April 2015 as presented.
Motion was seconded by Member Sperling and carried by an 8-0 vote, with
Campbell, Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth
voting AYE; Erwin ABSENT.
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 10:16 a.m. Motion
was seconded by Member Spiegel and carried by an 8-0 vote, with Campbell, Gibson,
Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth voting AYE; Erwin ABSENT.
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Niamh Ortega, Recording retary
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