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HomeMy WebLinkAboutAudit Investment and Finance Committee - June 23, 2015MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, June 23, 2015 — 10:00 a.m. CALL TO ORDER Chairman Gibson called the meeting to order at 10:00 a.m. II. ROLL CALL Present: Absent: Russ Campbell, Community Member David Erwin, City Attorney Paul Gibson, Committee Chair/Finance Director Abram Goldman, Community Member Sabby Jonathan, Council Member Bob Leo, Community Member Stanley Sperling, Committee Member Susan Marie Weber, Mayor John Wohlmuth, City Manager Also 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 III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF MAY 26, 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 May 26, 2015. Motion was seconded by Member Leo and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Jonathan, Leo, Sperling, Weber and Wohlmuth voting AYE. INVESTMENT & FINANCE COMMITTEE MINUTES V. NEW BUSINESS JUNE 23, 2015 A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR MAY 2015 Member Jeffrey reported that the book value of the City portfolio for the period ended May 31, 2015 was approximately $202.3 million. Interest earnings were approximately $64,000. Yield -to -maturity was approximately 0.40%. 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 May 2015. Motion was seconded by Member Wohlmuth and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Jonathan, Leo, Sperling, Weber and Wohlmuth voting AYE. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR MAY 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 May 2015. Motion was seconded by Member Erwin and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Jonathan, Leo, Sperling, Weber and Wohlmuth voting AYE. C. CITY FINANCIAL REPORT FOR MAY 2015 Chairman Gibson provided an overview of the report and highlighted the activity for the month of May 2015. MOTION was made by Member Campbell to receive and file the City financial report for May 2015 as presented. Motion was seconded by Member Erwin and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Jonathan, Leo, Sperling, Weber and Wohlmuth voting AYE. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR MAY 2015 Mr. Hernandez provided an overview of the report. MOTION was made by Member Wohlmuth to receive and file the Parkview Professional Office Buildings financial report for May 2015 as presented. Motion was seconded by Member Campbell and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Jonathan, Leo, Sperling, Weber and Wohlmuth voting AYE. E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR MAY 2015 E INVESTMENT & FINANCE COMMITTEE MINUTES JUNE 23, 2015 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 current June numbers indicate the year will end with approximately $200,000 positive cash flow. Mr. Sperling noted that he had recently played a course in San Diego for $99 and it was nowhere close to the quality of Desert Willow's courses, and said that the current $25 fee that he has received at Desert Willow as a resident was great value. Mr. Leo responded that perhaps a different marketing approach would help spread this message to residents. Mr. White replied that he would take all comments under advisement. MOTION was made by Member Sperling to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for May 2015 as presented. Motion was seconded by Member Erwin and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Jonathan, Leo, Sperling, Weber and Wohlmuth voting AYE. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS None. Vill. INFORMATIONAL ITEMS Mr. Goldman announced that he would be hosting a fundraiser luncheon to benefit the Army Historical Museum. The event would take place at his home on June 29, 2015 at 11:00 a.m. and all Committee members were invited to attend. Address details would be provided upon request. IX. ADJOURNMENT MOTION was made by Member Campbell to adjourn the meeting at 10:22 a.m. Motion was seconded by Member Erwin and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Jonathan, Leo, Sperling, Weber and Wohlmuth voting AYE. Niamh rtega, Recording S etary 3