HomeMy WebLinkAboutAudit Investment and Finance Committee - 07-28-2015ITA
MINUTES
REGULAR MEETING OF THE PALM DESERT
AUDIT, INVESTMENT & FINANCE COMMITTEE
Tuesday, Jul 28, 2015 — 10:00 a.m.
CALL TO ORDER
Chairman Gibson called the meeting to order at 10:00 a.m.
ROLL CALL
Present:
David Erwin, City Attorney
Paul Gibson, Committee Chair/Finance Director
Abram Goldman, Community Member
Bob Leo, Community Member
Stanley Sperling, Committee Member
Robert Spiegel, Mayor Pro-Tempore
Susan Marie Weber, Mayor
John Wohlmuth, City Manager
Also Present:
Thomas Jeffrey, Deputy City Treasurer
Niamh Ortega, Recording Secretary
Derek White, Desert Willow Golf Resort
ORAL COMMUNICATIONS
None.
APPROVAL OF MINUTES
Absent:
Russ Campbell, Community Member
A. MINUTES OF THE MEETING OF JUNE 23, 2015
MOTION was made by Member Erwin to approve as presented the Minutes of
the regular meeting of the Palm Desert Audit, Investment and Finance
Committee held on June 23, 2015. Motion was seconded by Member Leo and
carried by a 7-0-1 vote, with Erwin, Gibson, Goldman, Leo, Sperling, Weber
and Wohlmuth voting AYE; Campbell ABSENT; Spiegel ABSTAIN.
INVESTMENT & FINANCE COMMITTEE
MINUTES JULY 28, 2015
V. NEW BUSINESS
A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR JUNE
2015
Member Jeffrey reported that the book value of the City portfolio for the period
ended June 30, 2015 was approximately $204.6 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 June 2015. Motion was seconded by Member Leo and carried by an 8-0
vote, with Erwin, Gibson, Goldman, Leo, Sperling, Spiegel, Weber and
Wohlmuth voting AYE; Campbell ABSENT.
B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR JUNE
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 June 2015. Motion was seconded by Member Erwin and carried by an 8-0
vote, with Erwin, Gibson, Goldman, Leo, Sperling, Spiegel, Weber and
Wohlmuth voting AYE; Campbell ABSENT.
C. CITY FINANCIAL REPORT FOR JUNE 2015
Chairman Gibson provided an overview of the report and highlighted the activity for
the month of May 2015.
MOTION was made by Member Spiegel to receive and file the City financial
report for June 2015 as presented. Motion was seconded by Member Erwin
and carried by an 8-0 vote, with Erwin, Gibson, Goldman, Leo, Sperling,
Spiegel, Weber and Wohlmuth voting AYE; Campbell ABSENT.
D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR
JUNE 2015
Mr. Gibson provided an overview of the report.
MOTION was made by Member Leo to receive and file the Parkview
Professional Office Buildings financial report for June 2015 as presented.
Motion was seconded by Member Erwin and carried by an 8-0 vote, with
Erwin, Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth voting
AYE; Campbell ABSENT.
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INVESTMENT & FINANCE COMMITTEE
MINUTES JULY 28, 2015
E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL
REPORT FOR JUNE 2015
Mr. White provided a summary of the report and highlighted the income, expenses
and overall performance for the month of March. He noted that the entire Palm
Springs market was down 12% for April and May, but Desert Willow ended the fiscal
year with the third highest revenue total in Desert Willow's history. They continue to
grow both the bottom and top lines, and over $200,000 in cash flow was generated
during the year.
Mr. White also reported that the course achieved 10% water savings, reminding the
Committee that the majority of the water used is already recycled, non -potable
water. The weather station will be replaced to obtain more accurate readings and
additional water reduction.
MOTION was made by Member Spiegel to receive and file the Palm Desert
Golf Course Facilities Corporation financial reports for June 2015 as
presented. Motion was seconded by Member Erwin and carried by an 8-0 vote,
with Erwin, Gibson, Goldman, Leo, Sperling, Spiegel, Weber and Wohlmuth
voting AYE; Campbell ABSENT.
F. CONSIDERATION OF ADJOURNMENT OF NEXT REGULAR MEETING TO
SEPTEMBER 22, 2015
Due to the timing of the audit and a lack of agenda items, it was recommended that
the August meeting be adjourned to the next regular meeting in September. This
will allow staff sufficient time to focus on audit activity prior to the auditors attending
in September 2015.
MOTION was made by Member Spiegel to adjourn the next regular meeting to
September 22, 2015. Motion was seconded by Member Erwin and carried by
an 8-0 vote, with Erwin, Gibson, Goldman, Leo, Sperling, Spiegel, Weber and
Wohlmuth voting AYE; Campbell ABSENT.
Vl. CONTINUED BUSINESS
None.
VII. OLD BUSINESS
None.
VIII. INFORMATIONAL ITEMS
Chairman Gibson reported there has been some discussion relative to potentially calling
the improvement bonds in September, or if that date cannot be met, then in March 2016.
He will inform the Committee as discussions proceed.
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INVESTMENT & FINANCE COMMITTEE
MINUTES JULY 28, 2015
IX. ADJOURNMENT
MOTION was made by Member Leo to adjourn the meeting at 10:19 a.m. Motion was
seconded by Member Erwin and carried by an 8-0 vote, with Erwin, Gibson, Goldman,
Leo, Sperling, Spiegel, Weber and Wohlmuth voting AYE; Campbell ABSENT.
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