HomeMy WebLinkAbout2023-03-28 FC Regular Meeting Agenda Packet
City of Palm Desert Page 1
FINANCE COMMITTEE
CITY OF PALM DESERT, CALIFORNIA
AGENDA
HYBRID MEETING
City Hall, North Wing Conference Room
73-510 Fred Waring Drive
Palm Desert, CA 92260
Pursuant to Assembly Bill 2449, this meeting will be conducted as a hybrid meeting.
• To participate via Zoom, use the following link: https://palmdesert.zoom.us/j/82429646748 or call
(213) 338-8477, Zoom Meeting ID: 824 2964 6748.
• Written public comment may also be submitted to scastro@palmdesert.gov. Emails received by
9:00 a.m. prior to the meeting will be distributed to the Committee. Any correspondence received
during or after the meeting will be distributed to the Committee as soon as practicable and retained
for the official record. Emails will not be read aloud except as an ADA accommodation.
1. CALL TO ORDER
2. ROLL CALL
3. NON-AGENDA PUBLIC COMMENT: This time has been set aside for the public to address
the Finance Committee on issues that are not on the agenda for up to three minutes. Because
the Brown Act does not allow the Committee to act on items not listed on the agenda,
members may briefly respond or refer the matter to staff for a report and recommendation at
a future meeting.
4. PRESENTATIONS
A. REVIEW OF THE RALPH M. BROWN ACT
B. PURPOSE AND RESPONSIBILITIES OF THE FINANCE COMMITTEE
Tuesday
March 28, 2023
10:00 a.m.
Regular Meeting
Page 1
Finance Committee Agenda March 28, 2023
City of Palm Desert Page 2
5. CONSENT CALENDAR: All matters listed on the Consent Calendar are considered routine
and may be approved by one motion. The public may comment on any items on the Consent
Agenda within the three-minute time limit. Individual items may be removed by Committee
Members for a separate discussion.
A. APPROVAL OF MINUTES
RECOMMENDATION: Approve the Finance Committee Regular Meeting minutes of
January 24, 2023.
6. ACTION CALENDAR
A. FINANCE DIRECTOR’S REPORTS
RECOMMENDATION: Receive and file the General Fund Financial Report and the
Parkview Office Complex Financial Report for the months of January and February 2023.
B. DESERT WILLOW GOLF RESORT FINANCIAL REPORT
RECOMMENDATION: Receive and file the Desert Willow Financial Report for the months
of January and February 2023.
C. CITY TREASURER’S INVESTMENT REPORT
RECOMMENDATION: Receive and file the City Treasurer’s Investment Report for the
months of January and February 2023.
D. FINANCE SUBCOMMITTEE RECOMMENDATION FOR INVESTMENT
MANAGEMENT & ADVISORY SERVICES VENDOR
RECOMMENDATION: Receive and file the selection of PFM Asset Management by
Finance Subcommittee as the City’s Investment Management & Advisory Services
consultant.
E. REPORT ON THE CITY OF PALM DESERT ANNUAL COMPREHENSIVE FINANCIAL
REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2022
RECOMMENDATION: Receive and file the Annual Comprehensive Financial Report for
the fiscal year ended June 30, 2022.
F. INDEPENDENT ACCOUNTANTS’ REPORT ON AGREED-UPON PROCEDURES
PERFORMED ON THE MEASURE A TRANSPORTATION FUND FOR THE FISCAL
YEAR ENDED JUNE 30, 2022
RECOMMENDATION: Receive and file the Independent Accountants’ Report on Agreed-
Upon Procedures Performed on the Measure A Transportation Fund for the fiscal year
ended June 30, 2022.
G. REPORT ON THE AMENDMENT TO EXTEND AUDIT SERVICES FOR THE FISCAL
YEAR ENDING JUNE 30, 2023
RECOMMENDATION: Receive and file report on extension of audit services for the fiscal
year ending June 30, 2023.
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Finance Committee Agenda March 28, 2023
City of Palm Desert Page 3
7. INFORMATIONAL REPORTS & COMMENTS
A. FINANCE COMMITTEE MEMBERS
a. Investment Policy
B. CITY STAFF
C. ATTENDANCE REPORT
8. ADJOURNMENT: The next Regular Meeting will be held on May 23, 2023.
AFFIDAVIT OF POSTING
I hereby certify under penalty of perjury under the laws of the State of California that the
foregoing agenda for the Finance Committee was posted on the City Hall bulletin board and
City website not less than 72 hours prior to the meeting.
/s/ Monique M. Lomeli
Recording Secretary
PUBLIC NOTICES
Agenda Related Materials: Pursuant to Government Code §54957.5(b)(2) the designated
office for inspection of records in connection with this meeting is the City’s Finance
Department, City Hall, 73-510 Fred Waring Drive, Palm Desert. Staff reports for all agenda
items and documents provided to a majority of the legislative bodies are available for public
inspection at City Hall and on the City’s website at www.cityofpalmdesert.org.
Americans with Disabilities Act: It is the intention of the City of Palm Desert to comply with
the Americans with Disabilities Act (ADA) in all respects. If, as an attendee or a participant at
this meeting, or in meetings on a regular basis, you will need special assistance beyond what
is normally provided, the city will attempt to accommodate you in every reasonable manner.
Please contact the Office of the City Clerk, (760) 346-0611, at least 48 hours prior to the
meeting to inform us of your needs and to determine if accommodation is feasible.
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City of Palm Desert Page 1
FINANCE COMMITTEE
CITY OF PALM DESERT, CALIFORNIA
MINUTES
Pursuant to Assembly Bill 361, this meeting was conducted by teleconference, and there
was in-person public access to the meeting location.
1. CALL TO ORDER
The Finance Committee was called to order by Chair Leo on Tuesday, January 24, 2023 at
10:00 a.m.
2. ROLL CALL
Present: Committee Members, Carlos E. Garcia, Kathleen Kelly, Karina Quintanilla, Jake
Wuest, and Chair Robert Leo.
Absent: Committee Members, Karen Alexander and Faith Messenger
City Staff
Present: Director of Finance Veronica Chavez; Deputy Director of Finance John Ramont;
Deputy Director of Finance Liberty Urban; Finance Supervisor James Bounds;
Recording Secretary Sarah Castro; and Finance Admin Assistant Skky Garcia,
were present at Roll Call. Other staff members presented reports or responded to
questions as indicated in the minutes.
3. NON-AGENDA PUBLIC COMMENT:
None.
4. CONSENT CALENDAR:
A. APPROVAL OF MINUTES
MOTION BY COMMITTEE MEMBER WUEST, SECOND BY COMMITTEE MEMBER
GARCIA, CARRIED 5-0, to approve the Finance Committee Special Meeting minutes of
October 25th, 2022.
5. ACTION CALENDAR
A. FINANCE DIRECTOR’S REPORT FOR GENERAL FUND FINANCIAL REPORT AND
Tuesday
January 24, 2023
10:00 a.m.
Regular Meeting
Page 5
Finance Committee Minutes January 24, 2023
City of Palm Desert Page 2
ALL ACTIONS ARE DRAFT, PENDING APPROVAL OF THE MINUTES
PARKVIEW OFFICE COMPLEX FINANCIAL REPORT
Finance Director Chavez presented General Fund Financial Report and responded to
Committee Member inquiries.
Deputy Director Urban presented Parkview Office Complex Financial Report and
responded to Committee Member inquiries.
1. MOTION BY COMMITTEE MEMBER GARCIA, SECOND BY COMMITTEE
MEMBER WUEST, CARRIED 5-0, to approve General Fund Financial Report for
months ending November 30 and December 31, 2022.
2. MOTION BY COMMITTEE MEMBER QUINTANILLA, SECOND BY COMMITTEE
MEMBER WUEST, CARRIED 5-0, to approve Parkview Office Complex Financial
Report for months ending November 30 and December 31, 2022.
B. DESERT WILLOW GOLF RESORT FINANCIAL REPORT
Desert Willow Golf Resort General Manager White presented Desert Willow Golf Resort
Financial Report and responded to Committee Member inquiries.
MOTION BY COMMITTEE MEMBER CHAIRMAN LEO, SECOND BY COMMITTEE
MEMBER QUINTANILLA, CARRIED 5-0, to approve Desert Willow Golf Resort Financial
Report for months ending November 30 and December 31, 2022.
C. CITY TREASURER’S REPORT
Deputy Director Ramont presented City Treasurer’s Report and responded to Committee
Member inquiries.
MOTION BY COMMITTEE MEMBER QUINTANILLA, SECOND BY COMMITTEE
MEMBER GARCIA, CARRIED 5-0, to approve City Treasurer’s Report for months ending
November 30 and December 31, 2022.
6. INFORMATIONAL REPORTS & COMMENTS
A. FINANCE COMMITTEE MEMBERS
Member Wuest was curious about LAIF and CAMP numbers and future numbers. City
staff answered questions about LAIF and CAMP.
B. CITY STAFF
Deputy Directory Urban updated the Finance Committee about the progress and completion
of the Audit and let the committee know the report should be completed by March. Deputy
Directory Urban was happy to report the Audit was a clean. Finance Supervisor Bounds spoke
on the status of Investment Advisory Request for Proposal (RFP). Bounds explained the RFP is
now closed and there are 5 great candidates in the review process. Deputy Director Ramont
spoke on the status of the Banking Services Transition. Ramont let the committee know contracts
have been signed and we are now in the process of getting ready to set up accounts.
Page 6
Finance Committee Minutes January 24, 2023
City of Palm Desert Page 3
ALL ACTIONS ARE DRAFT, PENDING APPROVAL OF THE MINUTES
C.ATTENDANCE REPORT
The attendance report was provided with the agenda materials. The Committee took no
action on this matter.
7.ADJOURNMENT
MOTION BY COMMITTEE MEMBER QUINTANILLA, SECOND BY COMMITTEE MEMBER
GARCIA, CARRIED 5-0, to approve motion for adjournment for meeting to end at 10:40 a.m.
Respectfully submitted,
Sarah Castro, Administrative Assistant
Recording Secretary
ATTEST:
Veronica Chavez, Director of Finance
Secretary
APPROVED BY THE FINANCE COMMITTEE: __/__/2022
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Page 8
CITY OF PALM DESERT
General Fund Financial Report
to
\
2022-23 Adjusted
Annual
Budget *
2022-23
YTD
Budget
2022-23
YTD
Actual
2022-23
% to YTD
Budget
Prior
YTD
Actual
Revenues
Sales Tax 25,673,460 10,020,501 9,944,159 99% 8,988,353 ↑ Sales Tax for November 2022, compared to prior year November 2021.
Transient Occupancy Tax 17,815,000 10,550,509 8,402,662 80% 8,313,480 ↑ Cash receipts for TOT lag behind budget reporting by one month.
License, Permits, & Charges 3,583,442 1,809,799 2,457,381 136% 1,965,250 ↑ Increase in Building Permits, SARDA reimbursement timing difference.
Property Tax 9,588,029 5,587,444 4,720,273 84% 4,428,172 ↑ Received in January and May of each Fiscal Year. Timing differences for unsecured taxes.
Franchise Fees 3,150,000 540,717 487,545 90% 514,969 ↓ Receive various times during the year.
Interest Income and Rent 805,000 444,741 1,053,161 237% 350,268 ↑ GF allocation of interest income estimated; actual allocation completed at year-end close. Rising interest rates.
State Subvention 4,810,000 2,322 2,095 90%2,243 ↓ Majority of payments to be received in February & June.
All Others 2,150,950 1,473,505 3,660,116 248% 2,388,082 ↑ Increase from prior year, primarily from sale of land.
InterFund Transfers In 3,604,700 - 1,000,000 100%- ↑ Transfers are done various times during the year, primarily during year-end close.
TOTAL REVENUES 71,180,581 30,429,538 31,727,392 104%26,950,817
2022-23 Adjusted
Annual
Budget *
2022-23
YTD
Budget
2022-23
YTD
Actual Encumb.
2022-23
% to YTD
Budget
Prior
YTD
Actual
Expenditures
Police Services 20,976,865 5,864,104 5,921,713 15,243,112 101% 5,591,121 ↑ Police budget increased from prior year, expenditures in line with expectations.
General Government + Contrib 19,418,754 10,798,668 10,417,477 2,277,582 96% 8,390,350 ↑ Increased actuals from prior year primarily from General Services budget, aligns with expected budget.
Public Works 9,445,110 4,430,676 3,876,362 1,419,278 87% 3,200,522 ↑ Timing of expenditures slightly different from prior year.
Parks 5,971,809 2,655,737 2,758,340 2,127,488 104% 2,085,223 ↑ Park & landscaping budgets higher than prior year.
Building and Safety 1,483,239 688,872 775,321 400,134 113% 859,093 ↓ Timing of expenditures slightly different from prior year.
Community Development 3,377,784 1,417,306 1,552,575 424,016 110% 1,481,485 ↑ Increase in overall Planning & Community Development budget from prior year.
Economic Development 3,521,860 1,492,006 1,225,915 849,649 82% 1,767,168 ↓ Slight decrease from prior year actual, aligns with expectations.
InterFund Transfers Out 22,820,960 - - - 0%- ↓ Transfers completed at various times during the year, primarily during year-end close.
TOTAL GEN FUND EXP 87,016,381 27,347,369 26,527,703 22,741,259 97%23,374,962
Total GF Exp and Encumb 49,268,962
Fire Protection Services 17,696,275 273,008 504,270 16,738,644 185% 270,109 ↑
Variance result of timing difference of Fire Billing, from Riverside County Fire Department and posting of structural
fire tax.
* Budget has been updated for General Fund related Adjustments and Appropriations made by the Council through December, midyear budget adjustments will be reflected in March committee reports.
Explanation
Explanation
January 31, 2023 (Year to date)
(YTD Budget based on prior year percentage of actual to budget)
NEW FORMAT
Page 9
CITY OF PALM DESERT
General Fund Financial Report
to
\
2022-23 Adjusted
Annual
Budget *
2022-23
YTD
Budget
2022-23
YTD
Actual
2022-23
% to YTD
Budget
Prior
YTD
Actual
Revenues
Sales Tax 25,673,460 14,017,228 12,803,241 91% 12,573,402 ↑ Sales Tax for December 2022, compared to prior year December 2021.
Transient Occupancy Tax 17,815,000 12,159,763 10,898,046 90% 9,581,523 ↑ Cash receipts for TOT lag behind budget reporting by one month.
License, Permits, & Charges 3,583,442 1,919,458 2,746,384 143% 2,084,328 ↑ Increase in Building Permits, SARDA reimbursement timing difference.
Property Tax 9,588,029 5,866,490 4,770,515 81% 4,649,322 ↑ Received in January and May of each Fiscal Year. Timing differences for unsecured taxes.
Franchise Fees 3,150,000 890,945 752,061 84% 848,519 ↓ Receive various times during the year.
Interest Income and Rent 805,000 446,944 1,054,771 236% 352,003 ↑ GF allocation of interest income estimated; actual allocation completed at year-end close. Rising interest rates.
State Subvention 4,810,000 2,434,617 2,518,986 103% 2,352,093 ↑ Majority of payments received in February & June.
All Others 2,150,950 1,876,552 3,559,642 190% 3,041,293 ↑ Increase from prior year, primarily from sale of land.
InterFund Transfers In 3,604,700 - 1,000,000 100%- ↑ Transfers are done various times during the year, primarily during year-end close.
TOTAL REVENUES 71,180,581 39,611,997 40,103,646 101%35,482,483
2022-23 Adjusted
Annual
Budget *
2022-23
YTD
Budget
2022-23
YTD
Actual Encumb.
2022-23
% to YTD
Budget
Prior
YTD
Actual
Expenditures
Police Services 20,976,865 5,876,963 8,908,440 12,268,171 152% 5,603,381 ↑ Police budget increased from prior year, expenditures in line with expectations.
General Government + Contrib 19,418,754 11,896,830 11,640,304 1,878,169 98% 9,243,600 ↑ Increased actuals from prior year primarily from General Services budget, aligns with expected budget.
Public Works 9,445,110 5,001,457 4,469,849 1,357,243 89% 3,612,828 ↑ Timing of expenditures slightly different from prior year.
Parks 5,971,809 2,888,572 3,213,989 1,991,899 111% 2,268,039 ↑ Park & landscaping budgets higher than prior year.
Building and Safety 1,483,239 769,790 1,070,217 141,586 139% 960,006 ↑ Increased salaries & professional services from prior year, full year still expected to be within budget.
Community Development 3,377,784 1,656,440 1,806,633 411,441 109% 1,731,448 ↑ Increase in overall Planning & Community Development budget from prior year.
Economic Development 3,521,860 1,628,602 1,360,078 841,660 84% 1,928,956 ↓ Slight decrease from prior year actual, aligns with expectations.
InterFund Transfers Out 22,820,960 - - - 0%- ↓ Transfers completed at various times during the year, primarily during year-end close.
TOTAL GEN FUND EXP 87,016,381 29,718,654 32,469,510 18,890,169 109%25,348,258
Total GF Exp and Encumb 51,359,679
Fire Protection Services 17,696,275 273,008 468,800 16,817,794 172% 270,109 ↑
Variance result of timing difference of Fire Billing, from Riverside County Fire Department and posting of structural
fire tax.
* Budget has been updated for General Fund related Adjustments and Appropriations made by the Council through December, midyear budget adjustments will be reflected in March committee reports.
Explanation
Explanation
February 28, 2023 (Year to date)
(YTD Budget based on prior year percentage of actual to budget)
NEW FORMAT
Page 10
City of Palm Desert
Parkview Office Complex
Income Statement
for month and fiscal year to date
January 31, 2023
Fiscal year 2022-2023
January-23 January-23 #%YTD YTD #%
Budget Actual Variance Variance Budget Actual Variance Variance
Revenues*
Rental 62,500$ 65,912$ 3,412$ 105.46%375,000$ 618,166$ 243,166$ 164.84%
Total Revenues 62,500$ 65,912$ 3,412$ 105.46%375,000$ 618,166$ 243,166$ 164.84%
Expenses**
Tenant Improvements [1]11,422$ -$ (11,422)$ 0.00%79,952$ -$ 79,952$ 0.00%
Repairs & Maintenance- Building [1]2,500$ 668$ (1,832)$ 26.72%17,500$ 18,021$ (521)$ 102.98%
Repairs & Maintenance- Streets 1,667$ 188$ (1,479)$ 11.28%11,667$ 1,128$ 10,539$ 9.66%
Repairs & Maintenance- Other Equip 1,667$ -$ (1,667)$ 0.00%11,667$ -$ 11,667$ 0.00%
CAM Janitorial Services 13,740$ 13,928$ 188$ 101.37%96,180$ 85,647$ 10,533$ 89.05%
CAM Landscaping Services 2,642$ 2,300$ (342)$ 87.07%18,492$ 11,800$ 6,692$ 63.81%
CAM Alarm [2]315$ 720$ 405$ 228.57%2,205$ 2,945$ (740)$ 133.55%
CAM Pest Control 171$ 171$ -$ 0.00%1,194$ 1,023$ 171$ 85.71%
CAM Utilities-Gas/Electric [3]1,175$ 1,175$ (0)$ 99.96%46,142$ 50,446$ (4,304)$ 109.33%
CAM Utilities-Waste Disposal 820$ 817$ (3)$ 99.63%5,740$ 5,719$ 21$ 99.63%
CAM Utilities-Water 400$ 255$ (145)$ 63.83%2,800$ 2,276$ 524$ 81.30%
CAM Utilities-Telephone 750$ 504$ (246)$ 67.18%5,250$ 2,949$ 2,301$ 56.16%
Total Expenses 37,267$ 20,726$ 16,541$ 55.61%298,787$ 181,953$ 116,834$ 60.90%
Operating Income 25,233$ 45,186$ 19,954$ 179.08%76,213$ 436,213$ 360,000$ 572.36%
Equipment Replacement Reserve [4]-$ -$ -$ 0.00%-$ -$ -$ 0.00%
Net Income 25,233$ 45,186$ 19,954$ >100%76,213$ 436,213$ 360,000$ >100%
[1] Tenant improvements are completed at various times throughout the year. Budget overages in R&M-Building expected to be offset by savings in tenant
improvements.
[2] Two months of alarm expenses charged to current month, year-to-date alarm budget overage caused by repairs needed to alarm systems.
[3] YTD overage in gas/electric covered by additional revenue received from rent increases at new lease signing.
[4] Funds are recorded to the equipment replacement reserve at yearend after the calculation of depreciation.
CAM charges are broken out for Finance Committee reporting purposes, but are all budgeted as "Common Area Maintenance." Budget overages in CAM line
items are often offset by budget savings in other CAM line items.
Note: This schedule does not include rents received into this enterprise fund for other City-owned buildings
**Above expenses include only operational budgets. An additional $1,497,600 and $300,000 are set aside in FY22/23 for capital improvements and transfers, respectively.
*Revenues do not include interest income, which is allocated at fiscal year-end. Several updated lease documents were approved by Council over the November-January
timeframe, which is expected to lead to increased revenues in the second half of the fiscal year.
PARKVIEW FY23 Fin Committee WkshtReport Jan 2023 Page 1Page 11
City of Palm Desert
Parkview Office Complex
Income Statement
for month and fiscal year to date
February 28, 2023
Fiscal year 2022-2023
February-23 February-23 #%YTD YTD #%
Budget Actual Variance Variance Budget Actual Variance Variance
Revenues*
Rental 62,500$ 65,912$ 3,412$ 105.46%375,000$ 618,166$ 243,166$ 164.84%
Total Revenues 62,500$ 65,912$ 3,412$ 105.46%375,000$ 618,166$ 243,166$ 164.84%
Expenses**
Tenant Improvements [1]11,422$ 13,300$ 1,878$ 116.45%91,373$ 13,300$ 78,073$ 14.56%
Repairs & Maintenance- Building 2,500$ 6,111$ 3,611$ 244.45%20,000$ 24,133$ (4,133)$ 120.66%
Repairs & Maintenance- Streets 1,667$ 188$ (1,479)$ 11.28%13,333$ 1,315$ 12,018$ 9.87%
Repairs & Maintenance- Other Equip 1,667$ -$ (1,667)$ 0.00%13,333$ -$ 13,333$ 0.00%
CAM Janitorial Services 13,740$ 13,928$ 188$ 101.37%109,920$ 99,575$ 10,345$ 90.59%
CAM Landscaping Services 2,642$ 2,300$ (342)$ 87.07%21,133$ 14,100$ 7,033$ 66.72%
CAM Alarm [2]315$ -$ (315)$ 0.00%2,520$ 2,945$ (425)$ 116.85%
CAM Pest Control 171$ 171$ -$ 0.00%1,364$ 1,194$ 171$ 87.50%
CAM Utilities-Gas/Electric [3]1,175$ 5,424$ 4,249$ 461.64%52,733$ 55,870$ (3,137)$ 105.95%
CAM Utilities-Waste Disposal 820$ 817$ (3)$ 99.63%6,560$ 6,536$ 24$ 99.63%
CAM Utilities-Water 400$ -$ (400)$ 0.00%3,200$ 2,276$ 924$ 71.14%
CAM Utilities-Telephone 750$ 510$ (240)$ 68.04%6,000$ 3,459$ 2,541$ 57.65%
Total Expenses 37,267$ 42,750$ (5,483)$ 114.71%341,471$ 224,703$ 116,768$ 65.80%
Operating Income 25,233$ 23,162$ (2,070)$ 91.79%33,529$ 393,463$ 359,934$ 1173.49%
Equipment Replacement Reserve [4]-$ -$ -$ 0.00%-$ -$ -$ 0.00%
Net Income 25,233$ 23,162$ (2,070)$ >100%33,529$ 393,463$ 359,934$ >100%
[1] Tenant improvements are completed at various times throughout the year.
[2] Two months of alarm expenses charged to prior month, year-to-date alarm budget overage caused by repairs needed to alarm systems.
[3] YTD overage in gas/electric covered by additional revenue received from rent increases at new lease signing.
[4] Funds are recorded to the equipment replacement reserve at yearend after the calculation of depreciation.
CAM charges are broken out for Finance Committee reporting purposes, but are all budgeted as "Common Area Maintenance." Budget overages in CAM line
items are often offset by budget savings in other CAM line items.
Note: This schedule does not include rents received into this enterprise fund for other City-owned buildings
**Above expenses include only operational budgets. An additional $1,497,600 and $300,000 are set aside in FY22/23 for capital improvements and transfers, respectively.
*Revenues do not include interest income, which is allocated at fiscal year-end. Several updated lease documents were approved by Council over the November-January
timeframe, which is expected to lead to increased revenues in the second half of the fiscal year.
PARKVIEW FY23 Fin Committee WkshtReport Feb 2023 Page 1Page 12
Desert Willow Golf Resort
Standard Summary Income Statement
For the Seven Months Ending January 31, 2023
MTD MTD % of MTD % of
Actual Budget Budget Prior Year PY
REVENUES
Green Fees & Cart Fees 1,196,813 997,828 120%1,096,248 109%
Merchandise 149,452 82,078 182%104,150 143%
Other Pro Shop 11,748 12,591 93%8,537 138%
Range 9,300 6,421 145%11,566 80%
Food & Beverage 381,425 297,069 128%317,098 120%
Academy Merchandise 4,357 3,060 142%2,184 199%
Other Academy 46,583 34,847 134%43,649 107%
Other G&A Income 0 2,000 0%5,488 0%
------------------------ ------------------------------------------------------------------------------------------------
TOTAL REVENUE 1,799,678 1,435,895 125% 1,588,921 113%
------------------------ ------------------------------------------------------------------------------------------------
COST OF SALES
Merchandise 91,270 44,849 204%52,620 173%
Academy 3,502 2,387 147%1,646 213%
Food & Beverage 124,556 97,376 128%79,507 157%
------------------------ ------------------------------------------------------------------------------------------------
TOTAL COGS 219,328 144,612 152%133,772 164%
------------------------ ------------------------------------------------------------------------------------------------
COGS - Merchandise %61.1%54.6%112%50.5%121%
COGS - Academy %80.4%78.0%103%75.3%107%
COGS - F&B %32.7%32.8%100%25.1%130%
PAYROLL
Course and Grounds 182,283 179,502 102%156,775 116%
Carts, Range, Starters, Etc.62,528 59,236 106%57,397 109%
Food and Beverage 234,286 203,707 115%198,577 118%
Pro Shop 60,401 61,740 98%49,721 121%
Clubhouse Services 20,415 20,154 101%19,238 106%
Academy 46,427 37,303 124%41,151 113%
General and Administrative 46,602 47,690 98%47,232 99%
Marketing 21,457 21,388 100%24,359 88%
------------------------ ------------------------------------------------------------------------------------------------
TOTAL PAYROLL 674,399 630,719 107%594,450 113%
------------------------ ------------------------------------------------------------------------------------------------
OPERATING EXPENSES
Course and Grounds 98,810 94,781 104%102,946 96%
Carts, Range, Starters, Etc.5,446 6,727 81%9,163 59%
Food and Beverage 55,690 40,073 139%32,177 173%
Pro Shop 1,904 10,786 18%2,495 76%
Clubhouse Services 35,902 27,629 130%36,970 97%
Academy 14,602 1,302 1122%1,530 954%
General and Administrative 75,200 49,447 152%55,848 135%
Marketing 7,036 7,015 100%15,521 45%
------------------------ ------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 294,591 237,759 124%256,649 115%
------------------------ ------------------------------------------------------------------------------------------------
TOTAL EXPENSES 1,188,318 1,013,091 117%984,871 121%
------------------------ ------------------------------------------------------------------------------------------------
EBITDA 611,361 422,804 145%604,050 101%
-------------------- ----------------------------------------------------------------------------------------
January 2023 Month to Date
Finance Committee
Page 13
Desert Willow Golf Resort
Standard Summary Income Statement
For the Seven Months Ending January 31, 2023
MTD MTD % of MTD % of
Actual Budget Budget Prior Year PY
EBITDA 611,361 422,804 145%604,050 101%
------------------------------------------------------------------------------------------------------------------------
MANAGEMENT FEES (21,667)(21,667)100%(20,833)104%
------------------------------------------------------------------------------------------------------------------------
FINANCING ACITIVITY
Interest Expense - Debt (500)(4,110)12%(4,110)12%
Interest Expense - Leases (11,631)(5,100)228%(2,870)405%
Interest Income 8,727 30 29090%32 27522%
------------------------------------------------------------------------------------------------------------------------
TOTAL FINANCING ACTIVITY (3,404)(9,180)37%(6,948)49%
------------------------------------------------------------------------------------------------------------------------
OTHER INCOME (EXPENSE)
Non-Operating Revenue - 75 0%0 0%
Facility Rent (8,000)(8,000)100%(8,000)100%
Depreciation & Amortization (44,877)(92,710)48%(92,710)48%
Taxes (10,998)21 -51179%(8,798)125%
------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INCOME (EXPENSE)(63,876)(100,614)63%(109,508)58%
------------------------------------------------------------------------------------------------------------------------
NET INCOME 522,415 291,344 179%466,760 112%
==========================================================================
Paid Rounds 9,725 9,322 104%10,462 93%
Other Rounds 164 136 121%152 108%
Total Rounds 9,889 9,458 105%10,614 93%
Revenue/Paid Rounds 185 154 120%152 122%
Revenue/Total Rounds 182 152 120%150 122%
Green Fees / Cart Fees per Paid Rounds 123 107 115%105 117%
Green Fees / Cart Fees per Total Rounds 121 106 115%103 117%
F&B Revenue/Total Rounds 39 31 123%0 18744%
Merchandise Revenue/Total Rounds 15 9 174%10 154%
January 2023 Month to Date
Finance Committee
Page 14
Desert Willow Golf Resort
Standard Summary Income Statement
For the Seven Months Ending January 31, 2023
YTD YTD % of YTD % of Annual Rolling
Actual Budget Budget Prior Year PY Budget 12 Months
REVENUES
Green Fees & Cart Fees 4,356,756 3,852,907 113%3,907,992 111%8,549,713 9,509,477
Merchandise 576,427 483,966 119%498,157 116%904,867 1,138,504
Other Pro Shop 400,878 420,002 95%413,716 97%473,645 469,165
Range 34,155 35,073 97%39,656 86%73,677 72,440
Food & Beverage 2,259,798 1,812,162 125%1,810,509 125%3,433,919 4,425,242
Academy Merchandise 18,096 20,884 87%19,659 92%51,599 63,369
Other Academy 187,371 154,022 122%165,512 113%284,051 344,882
Other G&A Income 27,717 16,050 173%19,538 142%26,050 45,800
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
TOTAL REVENUE 7,861,197 6,795,067 116% 6,874,740 114% 13,797,521 16,068,879
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
COST OF SALES
Merchandise 324,168 264,804 122%256,373 126%493,960 602,919
Academy 14,430 16,290 89%15,390 94%40,247 47,322
Food & Beverage 674,825 574,119 118%522,988 129%1,095,686 1,287,673
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
TOTAL COGS 1,013,423 855,212 118%794,751 128% 1,629,893 1,937,914
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
COGS - Merchandise %56.2%54.7%103%51.5%109.3%54.6%53.0%
COGS - Academy %79.7%78.0%102%78.3%101.9%78.0%74.7%
COGS - F&B %29.9%31.7%94%28.9%103.4%31.9%29.1%
PAYROLL
Course and Grounds 1,282,643 1,209,829 106%1,122,482 114%2,071,977 2,125,377
Carts, Range, Starters, Etc.330,505 298,096 111%285,732 116%551,573 600,178
Food and Beverage 1,468,798 1,161,179 126%1,069,582 137%2,155,866 2,561,019
Pro Shop 370,360 384,409 96%351,267 105%680,580 649,573
Clubhouse Services 144,115 132,894 108%122,987 117%227,940 234,963
Academy 163,524 141,215 116%143,516 114%285,005 318,984
General and Administrative 309,298 319,113 97%316,933 98%568,821 555,379
Marketing 151,481 132,054 115%143,144 106%254,609 281,319
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
TOTAL PAYROLL 4,220,724 3,778,788 112% 3,555,643 119% 6,796,370 7,326,792
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
OPERATING EXPENSES
Course and Grounds 1,275,596 1,155,790 110%1,138,118 112%1,718,803 1,889,369
Carts, Range, Starters, Etc.60,982 57,658 106%57,326 106%100,665 102,397
Food and Beverage 325,865 233,663 139%211,656 154%429,257 576,290
Pro Shop 46,833 36,774 127%24,131 194%107,040 77,805
Clubhouse Services 349,137 326,594 107%312,900 112%541,795 574,668
Academy 31,854 20,976 152%20,262 157%31,802 40,701
General and Administrative 360,941 300,727 120%315,479 114%546,010 630,945
Marketing 46,781 68,494 68%66,874 70%148,319 83,570
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
TOTAL OPERATING EXPENSES 2,497,989 2,200,675 114% 2,146,746 116% 3,623,691 3,975,747
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
TOTAL EXPENSES 7,732,137 6,834,676 113% 6,497,140 119% 12,049,954 13,240,453
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
EBITDA 129,060 (39,609)-326%377,600 34% 1,747,567 2,828,427
-------------------- -------------------------------------------------------------------------------------------------------------- --------------------
January 2023 Year to Date & Rolling 12 Months
Finance Committee
Page 15
Desert Willow Golf Resort
Standard Summary Income Statement
For the Seven Months Ending January 31, 2023
YTD YTD % of YTD % of Annual Rolling
Actual Budget Budget Prior Year PY Budget 12 Months
EBITDA 129,060 (39,609)-326%377,600 34% 1,747,567 2,828,427
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
MANAGEMENT FEES (151,245) (151,667)100% (145,833)104% (460,000) (470,961)
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
FINANCING ACITIVITY
Interest Expense - Debt (10,307) (28,505)36%(28,505)36%(49,055)(4,352)
Interest Expense - Leases (24,563) (50,377)49%(22,980)107%(74,316) (36,954)
Interest Income 42,508 217 19564%219 19412%367 47,146
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
TOTAL FINANCING ACTIVITY 7,638 (78,664)-10% (51,266)-15% (123,004)5,840
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
OTHER INCOME (EXPENSE)
Non-Operating Revenue 50,400 50,475 100%50,400 100%101,100 100,800
Facility Rent (56,000) (56,000)100%(56,000)100%(96,000) (96,000)
Depreciation & Amortization (498,439) (648,971)77%(648,971)77%(1,112,521) (985,239)
Taxes (26,421) (14,089)188%(22,908)115%(22,856) (28,983)
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
TOTAL OTHER INCOME (EXPENSE)(530,460) (668,584)79% (677,479)78% (1,130,277) (1,009,422)
------------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------------
NET INCOME (545,006) (938,524)58%(496,979)110%34,286 1,353,883
============== ====================================================================== ==============
Paid Rounds 45,006 46,358 97%47,494 95%93,602 95,857
Other Rounds 1,338 883 152%1,280 105%1,764 2,077
Total Rounds 46,344 47,240 98%48,774 95%95,366 97,934
Revenue/Paid Rounds 174 147 119%145 120%147 1,974
Revenue/Total Rounds 170 144 118%141 120%145 1,930
Green Fees / Cart Fees per Paid Rounds 96 83 116%82 117%91 1,123
Green Fees / Cart Fees per Total Rounds 94 82 115%80 117%90 1,099
F&B Revenue/Total Rounds 49 38 127%37 131%36 7
Merchandise Revenue/Total Rounds 49 10 476%10 477%9 136
January 2023 Year to Date & Rolling 12 Months
Finance Committee
Page 16
DWGR
Round Mix Analysis
For the Seven Months Ending January 31, 2023
Rounds Dollars
Category 2022/2023 %Budget %Variance 2021/2022 %Variance 2022/2023 %Budget %Variance 2021/2022 %Variance
Public Rack 13,924 31%12,316 27%1,608 12,690 27%1,234 1,638,718$ 38%1,334,897$ 35%303,820$ 1,353,093$ 35%285,625$
Residents 5,835 13%5,381 12%454 5,596 12%239 287,298$ 7%268,440 7%18,858$ 264,678$ 7%22,620$
Outings 7,572 17%7,222 16%350 7,419 15%153 847,749$ 19%696,489 18%151,260$ 704,061$ 18%143,688$
Wholesale 8,110 18%8,491 18%(381) 8,748 18%(638) 793,149 18%713,562$ 19%79,587 723,588 19%69,561
Loyalty/Special 9,565 21%12,947 28%(3,382) 13,419 28%(3,854) 784,933$ 18%836,535$ 22%(51,602)$ 858,535$ 22%(73,602)$
Total 45,006 46,358 (1,352) 47,872 (2,866) 4,351,847$ 3,849,924$ 501,923$ 3,903,955$ 447,892$
-3%-6%13%11%
Comp/Employee 1,338 883 455 902 436 -$ -$ -$ -$
Total 46,344 47,240 (896) 48,774 (2,430) 4,351,847$ 3,849,924$ 501,923$ 3,903,955$ 447,892$
2022/2023 Budget 2021/2022
Public Rack 118$ 108$ 107$
Residents 49$ 50$ 47$
Outings 112$ 96$ 95$
Wholesale 98$ 84$ 83$
Loyalty/Special 82$ 65$ 64$
Total 96.69$ 83.05$ 81.55$
Average Dollars per Round
G:\Finance\Derek White\My Documents\Analytics\ADR Analysis Monthly Reports\2022-2023\ADR analysis 22-23 2/14/2023
Page 17
DWGR
Round Mix Analysis
For the Month Ended January 31, 2023
Rounds Dollars
Category 2022/2023 %Budget %Variance 2021/2022 %Variance 2022/2023 %Budget %Variance 2021/2022 %Variance
Public Rack 3,131 32%2,219 24%912 2,491 24%640 477,314$ 40%313,241 31%164,073$ 343,825$ 31%133,489$
Residents 1,486 15%1,435 15%51 1,611 15%(125) 77,085$ 6%75,341 8%1,744$ 83,772$ 8%(6,687)$
Outings 1,264 13%1,102 12%162 1,237 12%27 183,846$ 15%145,927 15%37,919$ 160,175$ 15%23,671$
Wholesale 1,424 15%1,525 16%(101) 1,711 16%(287) 193,747$ 16%170,171$ 17%23,576$ 186,786$ 17%6,961$
Loyalty/Special 2,420 25%3,040 33%(620) 3,412 33%(992) 264,446$ 22%292,848$ 29%(28,402)$ 321,441$ 29%(56,995)$
Total 9,725 9,322 403 10,462 (737) 1,196,438$ 997,528$ 198,910$ 1,095,998$ 100,440$
4%-7%20%9%
Comp/Employee 164 136 28 152 12 -$ -$ -$ -$
Total 9,889 9,458 431 10,614 (725) 1,196,438$ 997,528$ 198,910$ 1,095,998$ 100,440$
2022/2023 Budget 2021/2022
Public Rack 152$ 141$ 138$
Residents 52$ 52$ 52$
Outings 145$ 132$ 129$
Wholesale 136$ 112$ 109$
Loyalty/Special 109$ 96$ 94$
Total 123.03$ 107.01$ 104.76$
Average Dollars per Round
G:\Finance\Derek White\My Documents\Analytics\ADR Analysis Monthly Reports\2022-2023\ADR analysis 22-23 2/14/2023
Page 18
Desert Willow/PDRFC
Statement of Cash Flows-Combined
Indirect Method Reconciliation
1/31/2023
Cash Flows from Operating Activities
Net Income (Loss)(545,006)
Adjustments to reconcile net loss to
net cash provided by operating activities
Depreciation & Amortization expense 498,439
Bad Debt expense -
Gain on disposal of assets -
(Increase) Decrease in assets
Accounts Receivable 28,374
Due from Employees -
Inventories (150,953)
Prepaid expenses (20,097)
Increase (Decrease) in liabilities
Accounts Payable 217,969
Accrued Liabilities (167,862)
Deferred Revenue 280,997
Interest -
Due to Affiliates 56,000
742,867
Net cash flows from operating activities 197,861
Page 19
Desert Willow/PDRFC
Statement of Cash Flows-Combined
Direct Method
1/31/2023
Cash Flows from Operating Activities
Cash Received From Customers 7,489,510
Interest Received 42,508
Other Operating Cash Receipts 50,400
Cash Paid to Suppliers and Employees (7,323,256)
Interest Paid (34,870)
Taxes Paid (26,431)
Net cash flows from operating activities 197,861
Cash Flows from Investing Activities
Contributed Capital -
Purchases of Property and Equipment (5,237,098)
Proceeds from sale of Property and Equipment -
Net cash flows from investing activities (5,237,098)
Cash Flows from Financing Activities
Loan proceeds-KSM/CITY -
Principal payments 7,046,066
Net cash flows from financing activities 7,046,066
Net change in cash 2,006,829
Cash at beginning of period 4,911,680
Cash at end of period 6,918,509
Page 20
DWGR
F&B Revenue Analysis
Year-to-Date Revenue Analysis
1/31/2023
Dining Analysis
2022.2023 2021.2022 Variance %
Dining Covers 34,158 39,256 (5,098)-13%
Dining Revenue 850,427$ 871,262$ (20,835)-2%
Dining - Ave Check 24.90$ 22.19$ 2.70$ 12%
Catering Analysis
2022.2023 2021.2022 Variance %
Catering Covers 11,541 7,902 3,639$ 46%
Catering Revenue 1,045,807$ 621,953$ 423,855$ 68%
Catering Ave Check 90.62$ 78.71$ 11.91$ 15%
Outlet Analysis
2022.2023 2021.2022 Variance %
Outlet Rounds 46,279 48,766 (2,487)$ -5%
Outlet Revenue 287,643$ 251,374$ 36,270$ 14%
Outing Ave Check 6.22$ 5.15$ 1.06$ 21%
Total F&B Revenue 2,183,878$ 1,744,588$ 439,290$ 25%
2/14/2023
Page 21
2022.2023 July August September October November December January
Dining Covers 2,493 2,232 3,222 5,344 8,091 4,780 7,996
Catering Covers 609 622 1,776 2,672 1,825 2,812 1,225
3,102 2,854 4,998 8,016 9,916 7,592 9,221
Dining Revenue 58,206$ 53,320$ 79,143$ 130,449$ 223,044$ 108,659$ 197,607$
Catering Revenue 27,779$ 50,761$ 105,412$ 347,003$ 194,570$ 219,101$ 101,182$
85,985$ 104,081$ 184,554$ 477,452$ 417,614$ 327,760$ 298,789$
Dining - Ave Check 23.35$ 23.89$ 24.56$ 24.41$ 27.57$ 22.73$ 24.71$
Catering - Ave Check 45.61$ 81.61$ 59.35$ 129.87$ 106.61$ 77.92$ 82.60$
Outlet Revenue 18,415$ 12,700$ 37,835$ 64,612$ 46,955$ 36,303$ 70,822$
Rounds 5,952 4,166 6,000 7,504 6,961 5,811 9,885
$'s per Round 3.09$ 3.05$ 6.31$ 8.61$ 6.75$ 6.25$ 7.16$
2021.2022 July August September October November December January
Dining Covers 2,329 2,438 3,517 6,620 9,299 5,926 9,127
Catering Covers 531 241 846 2,091 1,788 1,663 742
2,860 2,679 4,363 8,711 11,087 7,589 9,869
Dining Revenue 53,314$ 51,089$ 78,284$ 143,499$ 210,002$ 135,512$ 199,563$
Catering Revenue 24,553$ 15,302$ 45,534$ 147,461$ 170,826$ 160,343$ 57,933$
77,867$ 66,391$ 123,817$ 290,960$ 380,828$ 295,855$ 257,496$
Dining - Ave Check 22.89$ 20.96$ 22.26$ 21.68$ 22.58$ 22.87$ 21.87$
Catering - Ave Check 46.24$ 63.49$ 53.82$ 70.52$ 95.54$ 96.42$ 78.08$
Outlet Revenue 21,560$ 14,260$ 25,524$ 53,436$ 44,416$ 35,289$ 56,888$
Rounds 6,194 4,732 6,268 7,832 7,299 5,827 10,614
$'s per Round 3.48$ 3.01$ 4.07$ 6.82$ 6.09$ 6.06$ 5.36$
PDRFC COVER ANALYSIS
G:\Finance\Accounting Documents\F&B REPORTS\F & B Daily Sales Report 22-23\F & B REVENUE REPORT 2022-2023Totals
Page 22
February 2023 Month to Date Desert Willow Golf Resort
Standard Summary Income Statement
For the Eight Months Ending February 28, 2023
MTD MTD % of MTD % of
Actual Budget Budget Prior Year PY
REVENUES
Green Fees & Cart Fees 1,407,383 1,257,705 112%1,312,152 107%
Merchandise 195,351 117,694 166%157,996 124%
Other Pro Shop 19,876 23,066 86%14,538 137%
Range 11,700 10,251 114%12,930 90%
Food & Beverage 614,381 415,162 148%534,054 115%
Academy Merchandise 8,995 4,989 180%14,258 63%
Other Academy 54,188 37,441 145%41,527 130%
Other G&A Income 3,972 2,000 199%- 100%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL REVENUE 2,315,846 1,868,308 124%2,087,454 111%
-----------------------------------------------------------------------------------------------------------------------------
COST OF SALES
Merchandise 112,096 64,106 175%82,208 136%
Academy 7,344 3,892 189%9,994 73%
Food & Beverage 150,267 120,791 124%136,377 110%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL COGS 269,707 188,789 143%228,579 118%
-----------------------------------------------------------------------------------------------------------------------------
COGS - Merchandise %57.4%54.5%105.3%52.0%110.3%
COGS - Academy %81.6%78.0%104.7%70.1%116.5%
COGS - F&B %24.5%32.0%76.5%28.4%86.1%
PAYROLL
Course and Grounds 165,501 163,154 101%155,267 107%
Carts, Range, Starters, Etc.62,691 54,090 116%54,945 114%
Food and Beverage 265,009 224,206 118%217,337 122%
Pro Shop 59,370 57,520 103%53,717 111%
Clubhouse Services 17,894 18,127 99%16,844 106%
Academy 57,488 39,926 144%39,705 145%
General and Administrative 41,811 46,157 91%42,507 98%
Marketing 28,769 24,221 119%21,375 135%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL PAYROLL 698,533 627,401 111%601,697 116%
-----------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
Course and Grounds 75,779 81,029 94%83,632 91%
Carts, Range, Starters, Etc.15,309 6,363 241%7,985 192%
Food and Beverage 100,372 52,999 189%68,736 146%
Pro Shop 17,342 21,970 79%18,768 92%
Clubhouse Services 46,699 36,267 129%36,829 127%
Academy 365 1,527 24%1,859 20%
General and Administrative 62,438 56,682 110%55,569 112%
Marketing 18,662 26,571 70%9,954 187%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 336,967 283,409 119%283,331 119%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES 1,305,207 1,099,599 119%1,113,608 117%
-----------------------------------------------------------------------------------------------------------------------------
EBITDA 1,010,639 768,709 131%973,846 104%
-------------------- ------------------------------------------------------------------------------------------
Page 23
February 2023 Month to Date
MTD MTD % of MTD % of
Actual Budget Budget Prior Year PY
EBITDA 1,010,639 768,709 131%973,846 104%
-----------------------------------------------------------------------------------------------------------------------------
MANAGEMENT FEES (21,667)(21,667)100%(20,833)104%
-----------------------------------------------------------------------------------------------------------------------------
FINANCING ACITIVITY
Interest Expense - Debt (1,000)(4,110)24%(3,712)27%
Interest Expense - Leases (8,029)(5,056)159%(2,731)294%
Interest Income 8,270 30 27568%35 23923%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL FINANCING ACTIVITY (759)(9,136)8%(6,408)12%
-----------------------------------------------------------------------------------------------------------------------------
OTHER INCOME (EXPENSE)
Non-Operating Revenue - 75 0%- 0%
Facility Rent (8,000)(8,000)100%(8,000)100%
Depreciation & Amortization (233,631)(92,710)252%(92,710)252%
Taxes 337 21 1569%(373)-90%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INCOME (EXPENSE)(241,293)(100,614)240%(101,083)239%
-----------------------------------------------------------------------------------------------------------------------------
NET INCOME 746,921 637,293 117%845,521 88%
======================================================================
Paid Rounds 10,033 9,343 107%10,386 97%
Other Rounds 137 95 144%133 103%
Total Rounds 10,170 9,438 108%10,519 97%
Revenue/Paid Rounds 231 200 115%201 115%
Revenue/Total Rounds 228 198 115%198 115%
Green Fees / Cart Fees per Paid Rounds 140 135 104%126 111%
Green Fees / Cart Fees per Total Rounds 138 133 104%125 111%
F&B Revenue/Total Rounds 1 1 167%1 65%
Merchandise Revenue/Total Rounds 19 12 154%15 128%
Page 24
February 2023 Year to Date
and Rolling 12 months Desert Willow Golf Resort
Standard Summary Income Statement
For the Eight Months Ending February 28, 2023
YTD YTD % of YTD % of Annual Rolling
Actual Budget Budget Prior Year PY Budget 12 Months
REVENUES
Green Fees & Cart Fees 5,764,140 5,110,611 113%5,220,144 110%8,549,713 9,604,709
Merchandise 771,777 601,659 128%656,153 118%904,867 1,175,859
Other Pro Shop 420,754 443,068 95%428,253 98%473,645 474,504
Range 45,855 45,324 101%52,586 87%73,677 71,210
Food & Beverage 2,874,179 2,227,325 129%2,344,564 123%3,433,920 4,505,568
Academy Merchandise 27,091 25,874 105%33,917 80%51,599 58,106
Other Academy 241,559 191,464 126%207,039 117%284,051 357,543
Other G&A Income 31,689 18,050 176%19,538 162%26,050 49,773
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL REVENUE 10,177,043 8,663,375 117%8,962,193 114%13,797,521 16,297,271
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
COST OF SALES
Merchandise 436,263 328,910 133%338,581 129%493,960 632,807
Academy 21,774 20,181 108%25,384 86%40,247 44,672
Food & Beverage 825,093 694,910 119%659,365 125%1,095,686 1,301,563
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL COGS 1,283,130 1,044,001 123%1,023,330 125%1,629,893 1,979,041
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
COGS - Merchandise %56.5%54.7%103.4%51.6%109.5%54.6%638.4%
COGS - Academy %80.4%78.0%103.0%74.8%107.4%78.0%929.6%
COGS - F&B %32.3%34.3%94.0%31.3%103.1%34.3%407.8%
PAYROLL
Course and Grounds 1,448,144 1,372,983 105%1,277,749 113%2,071,977 2,135,611
Carts, Range, Starters, Etc.393,196 352,186 112%340,677 115%551,573 607,923
Food and Beverage 1,733,807 1,385,385 125%1,286,919 135%2,155,866 2,608,691
Pro Shop 429,730 441,929 97%404,984 106%680,580 655,227
Clubhouse Services 162,009 151,020 107%139,830 116%227,940 236,013
Academy 221,012 181,140 122%183,221 121%285,005 336,766
General and Administrative 351,109 365,270 96%359,440 98%568,821 554,683
Marketing 180,250 156,275 115%164,519 110%254,609 288,713
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL PAYROLL 4,919,257 4,406,189 112%4,157,340 118%6,796,370 7,423,628
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
Course and Grounds 1,351,376 1,236,819 109%1,221,749 111%1,718,803 1,881,517
Carts, Range, Starters, Etc.76,291 64,022 119%65,311 117%100,665 109,721
Food and Beverage 426,237 286,662 149%280,392 152%429,257 607,927
Pro Shop 64,175 58,744 109%42,900 150%107,040 76,380
Clubhouse Services 395,836 362,861 109%349,729 113%541,795 584,538
Academy 32,220 22,504 143%22,121 146%31,802 39,207
General and Administrative 423,379 357,408 118%371,047 114%546,010 637,815
Marketing 65,443 95,066 69%76,828 85%148,319 92,278
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 2,834,956 2,484,084 114%2,430,077 117%3,623,691 4,029,382
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES 9,037,344 7,934,275 114%7,610,748 119%12,049,954 13,432,051
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
EBITDA 1,139,700 729,100 156%1,351,446 84%1,747,567 2,865,220
-------------------- ------------------------------------------------------------------------------------------------------------ --------------------
Page 25
February 2023 Year to Date and
Rolling 12 months Desert Willow Golf Resort
Standard Summary Income Statement
For the Eight Months Ending February 28, 2023
YTD YTD % of YTD % of Annual Rolling
Actual Budget Budget Prior Year PY Budget 12 Months
EBITDA 1,139,700 729,100 156%1,351,446 84%1,747,567 2,865,220
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
MANAGEMENT FEES (172,911)(173,333)100%(166,667)104%(460,000)(471,795)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
FINANCING ACITIVITY
Interest Expense - Debt (11,307)(32,615)35%(32,217)35%(49,055)(1,640)
Interest Expense - Leases (32,592)(55,433)59%(25,711)127%(74,316)(42,252)
Interest Income 50,778 247 20535%254 20027%367 55,382
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL FINANCING ACTIVITY 6,879 (87,801)-8%(57,674)-12%(123,004)11,490
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
OTHER INCOME (EXPENSE)
Non-Operating Revenue 50,400 50,550 100%50,400 100%101,100 100,800
Facility Rent (64,000)(64,000)100%(64,000)100%(96,000)(96,000)
Depreciation & Amortization (732,069)(741,681)99%(741,681)99%(1,112,521)(1,126,159)
Taxes (26,084)(14,067)185%(23,282)112%(22,856)(28,273)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INCOME (EXPENSE)(771,753)(769,198)100%(778,562)99%(1,130,277)(1,149,632)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
NET INCOME 201,914 (301,232)-67%348,542 58%34,287 1,255,283
==================================================================================================
Paid Rounds 55,039 55,701 99%58,258 94%93,602 95,504
Other Rounds 1,475 978 151%1,035 143%1,764 2,081
Total Rounds 56,514 56,678 100%59,293 95%95,366 97,585
Revenue/Paid Rounds 184 156 118%155 119%147 2,004
Revenue/Total Rounds 180 153 118%151 119%145 1,959
Green Fees / Cart Fees per Paid Rounds 104 92 114%90 116%91 1,137
Green Fees / Cart Fees per Total Rounds 102 90 113%88 116%90 1,113
F&B Revenue/Total Rounds 0 0 105%1 84%1 7
Merchandise Revenue/Total Rounds 14 11 129%11 123%9 140
Page 26
2018-2019 2019-2020 2020-2021 2021-2022
OPERATIONAL INCOME STATEMENT Actuals Actuals Actuals Actuals
2022-2023
Forecast
Beginning Cash Balance 3,327,774 3,596,022 2,374,599 3,817,067 4,911,679
REVENUES
Green Fees & Cart Fees 7,080,240 5,582,594 7,481,139 9,060,713 9,565,069
Merchandise 809,498 713,947 785,205 1,060,234 1,079,626
Other Pro Shop 501,340 517,703 491,579 482,003 455,829
Range 43,827 35,476 67,454 77,941 74,616
Food & Beverage 2,869,768 2,216,719 2,181,902 3,975,953 4,492,967
Academy Merchandise 92,285 76,911 77,263 64,932 58,762
Other Academy 216,465 173,351 268,967 323,023 338,125
Other G&A Income 24,542 28,722 14,504 37,621 40,205
Transfer in from GF - - - - -
TOTAL REVENUE 11,637,965 9,345,423 11,368,013 15,082,421 16,105,200
EXPENDITURES
Cost of Good Sold 1,355,396 1,121,263 1,200,530 1,719,241 1,948,800
Payroll 5,264,339 5,171,186 5,410,712 6,661,711 7,544,605
Operating Expenses 3,086,672 2,954,736 2,918,415 3,624,504 4,083,774
Equipment/Leases 636,885 450,384 469,030 988,548 720,000
Other Expense 609,758 513,878 557,776 518,614 495,398
Loan Repayment from City ($1M still outstanding)- - - 500,000 500,000
Capital Improvement Plan
Firecliff Golf Course Renovation - - - - 3,500,000
Annual DWGR Capital Replacement Expenditures 658,476 271,100 459,151 414,346 490,000
Annual Perimeter & DW Drive Expenditures 142,881 182,157 187,417 190,454 400,000
Total CIP 801,357 453,257 646,568 604,801 4,390,000
TOTAL EXPENDITURES 11,754,407 10,664,704 11,203,031 14,617,418 19,682,577
Net Surplus/(Deficit)(116,442) (1,319,281) 164,982 465,003 (3,577,377)
Transfer in from Capital Reserve 657,435 367,697 577,065 464,767 700,000
Accrual to Cash Basis Adjustment (272,745) (269,839) 700,421 164,842
OPERATIONS RESERVE PLAN/ANALYSIS
Ending DW Cash Balance/Reserve 3,596,022 2,374,599 3,817,067 4,911,679 2,034,302
Restricted for Outstanding Operational Loan 2,000,000 2,000,000 2,000,000 1,500,000 1,000,000
90 Day Operations Reserve 2,738,262 2,552,862 2,639,116 3,378,154 3,698,144
Reserve Surplus/(Deficit) *(1,142,240) (2,178,263) (822,049) 33,524 (2,663,843)
* - Risk to General Fund
Desert Willow Golf Resort
Budget and Cash Flow Analysis
Page 27
DWGR
Round Mix Analysis
For the Month Ended February 28, 2023
Rounds Dollars
Category 2022/2023 %Budget %Variance 2021/2022 %Variance 2022/2023 %Budget %Variance 2021/2022 %Variance
Public Rack 2,856 28%2,931 31%(75) 2,919 28%(63) 468,706$ 33%499,606 40%(30,900)$ 473,082$ 36%(4,376)$
Residents 908 9%446 5%462 924 9%(16) 47,199$ 3%23,506 2%23,693$ 48,033$ 4%(834)$
Outings 2,775 28%2,106 23%669 2,236 22%539 468,335$ 33%310,427 25%157,908$ 336,645$ 26%131,690$
Wholesale 1,514 15%1,402 15%112 1,708 16%(194) 209,139$ 15%170,155$ 14%38,984$ 195,927$ 15%13,213$
Loyalty/Special 1,980 20%2,457 26%(477) 2,599 25%(619) 213,830$ 15%253,711$ 20%(39,881)$ 258,558$ 20%(44,728)$
Total 10,033 9,343 690 10,386 (353) 1,407,209$ 1,257,405$ 149,804$ 1,312,245$ 94,964$
7%-3%12%7%
Comp/Employee 137 95 42 133 4 -$ -$ -$ -$
Total 10,170 9,438 732 10,519 (349) 1,407,209$ 1,257,405$ 149,804$ 1,312,245$ 94,964$
2022/2023 Budget 2021/2022
Public Rack 164$ 170$ 162$
Residents 52$ 53$ 52$
Outings 169$ 147$ 151$
Wholesale 138$ 121$ 115$
Loyalty/Special 108$ 103$ 99$
Total 140.26$ 134.58$ 126.35$
Average Dollars per Round
G:\Finance\Derek White\My Documents\Analytics\ADR Analysis Monthly Reports\2022-2023\ADR analysis 22-23 3/10/2023
Page 28
DWGR
Round Mix Analysis
For the Eight Months Ending February 28, 2023
Rounds Dollars
Category 2022/2023 %Budget %Variance 2021/2022 %Variance 2022/2023 %Budget %Variance 2021/2022 %Variance
Public Rack 16,780 30%15,248 27%1,532 15,609 27%1,171 2,107,424$ 37%1,834,503$ 36%272,921$ 1,826,175$ 35%281,249$
Residents 6,743 12%5,827 10%916 6,520 11%223 334,497$ 6%291,946 6%42,551$ 312,711$ 6%21,786$
Outings 10,347 19%9,329 17%1,018 9,655 17%692 1,316,084$ 23%1,006,916 20%309,168$ 1,040,706$ 20%275,378$
Wholesale 9,624 17%9,893 18%(269) 10,456 18%(832) 1,002,288 17%883,717$ 17%118,571 919,515 18%82,773
Loyalty/Special 11,545 21%15,404 28%(3,859) 16,018 27%(4,473) 998,763$ 17%1,090,246$ 21%(91,483)$ 1,117,093$ 21%(118,330)$
Total 55,039 55,701 (662) 58,258 (3,219) 5,759,056$ 5,107,328$ 651,727$ 5,216,200$ 542,856$
-1%-6%13%10%
Comp/Employee 1,475 978 497 1,035 440 -$ -$ -$ -$
Total 56,514 56,678 (164) 59,293 (2,779) 5,759,056$ 5,107,328$ 651,727$ 5,216,200$ 542,856$
2022/2023 Budget 2021/2022
Public Rack 126$ 120$ 117$
Residents 50$ 50$ 48$
Outings 127$ 108$ 108$
Wholesale 104$ 89$ 88$
Loyalty/Special 87$ 71$ 70$
Total 104.64$ 91.69$ 89.54$
Average Dollars per Round
G:\Finance\Derek White\My Documents\Analytics\ADR Analysis Monthly Reports\2022-2023\ADR analysis 22-23 3/10/2023
Page 29
Desert Willow/PDRFC
Statement of Cash Flows-Combined
Indirect Method Reconciliation
2/28/2023
Cash Flows from Operating Activities
Net Income (Loss)201,914
Adjustments to reconcile net loss to
net cash provided by operating activities
Depreciation & Amortization expense 732,069
Bad Debt expense -
Gain on disposal of assets -
(Increase) Decrease in assets
Accounts Receivable (192,866)
Due from Employees -
Inventories (135,048)
Prepaid expenses (245)
Increase (Decrease) in liabilities
Accounts Payable 186,648
Accrued Liabilities (44,003)
Deferred Revenue 156,156
Interest -
Due to Affiliates 64,000
766,711
Net cash flows from operating activities 968,625
Page 30
Desert Willow/PDRFC
Statement of Cash Flows-Combined
Direct Method
2/28/2023
Cash Flows from Operating Activities
Cash Received From Customers 10,412,304
Interest Received 50,778
Other Operating Cash Receipts 50,400
Cash Paid to Suppliers and Employees (9,474,874)
Interest Paid (43,899)
Taxes Paid (26,084)
Net cash flows from operating activities 968,625
Cash Flows from Investing Activities
Contributed Capital -
Purchases of Property and Equipment (6,812,475)
Proceeds from sale of Property and Equipment -
Net cash flows from investing activities (6,812,475)
Cash Flows from Financing Activities
Loan proceeds-KSM/CITY -
Principal payments 7,046,066
Net cash flows from financing activities 7,046,066
Net change in cash 1,202,216
Cash at beginning of period 4,911,680
Cash at end of period 6,113,896
Page 31
DWGR
F&B Revenue Analysis
Year-to-Date Revenue Analysis
2/28/2023
Dining Analysis
2022.2023 2021.2022 Variance %
Dining Covers 44,127 50,560 (6,433)-13%
Dining Revenue 1,106,669$ 1,137,657$ (30,988)-3%
Dining - Ave Check 25.08$ 22.50$ 2.58$ 11%
Catering Analysis
2022.2023 2021.2022 Variance %
Catering Covers 13,671 9,448 4,223$ 45%
Catering Revenue 1,314,959$ 804,858$ 510,100$ 63%
Catering Ave Check 96.19$ 85.19$ 11.00$ 13%
Outlet Analysis
2022.2023 2021.2022 Variance %
Outlet Rounds 56,449 59,285 (2,836)$ -5%
Outlet Revenue 370,011$ 316,295$ 53,715$ 17%
Outing Ave Check 6.55$ 5.34$ 1.22$ 23%
Total F&B Revenue 2,791,639$ 2,258,811$ 532,828$ 24%
3/9/2023
Page 32
2022.2023 July August September October November December January February
Dining Covers 2,493 2,232 3,222 5,344 8,091 4,780 7,996 9,969
Catering Covers 609 622 1,776 2,672 1,825 2,812 1,225 2,130
3,102 2,854 4,998 8,016 9,916 7,592 9,221 12,099
Dining Revenue 58,206$ 53,320$ 79,143$ 130,449$ 223,044$ 108,659$ 197,607$ 256,242$
Catering Revenue 27,779$ 50,761$ 105,412$ 347,003$ 194,570$ 219,101$ 101,182$ 269,151$
85,985$ 104,081$ 184,554$ 477,452$ 417,614$ 327,760$ 298,789$ 525,393$
Dining - Ave Check 23.35$ 23.89$ 24.56$ 24.41$ 27.57$ 22.73$ 24.71$ 25.70$
Catering - Ave Check 45.61$ 81.61$ 59.35$ 129.87$ 106.61$ 77.92$ 82.60$ 126.36$
Outlet Revenue 18,415$ 12,700$ 37,835$ 64,612$ 46,955$ 36,303$ 70,822$ 82,368$
Rounds 5,952 4,166 6,000 7,504 6,961 5,811 9,885 10,170
$'s per Round 3.09$ 3.05$ 6.31$ 8.61$ 6.75$ 6.25$ 7.16$ 8.10$
2021.2022 July August September October November December January February
Dining Covers 2,329 2,438 3,517 6,620 9,299 5,926 9,127 11,304
Catering Covers 531 241 846 2,091 1,788 1,663 742 1,546
2,860 2,679 4,363 8,711 11,087 7,589 9,869 12,850
Dining Revenue 53,314$ 51,089$ 78,284$ 143,499$ 210,002$ 135,512$ 199,563$ 266,395$
Catering Revenue 24,553$ 15,302$ 45,534$ 147,461$ 170,826$ 160,343$ 57,933$ 182,905$
77,867$ 66,391$ 123,817$ 290,960$ 380,828$ 295,855$ 257,496$ 449,301$
Dining - Ave Check 22.89$ 20.96$ 22.26$ 21.68$ 22.58$ 22.87$ 21.87$ 23.57$
Catering - Ave Check 46.24$ 63.49$ 53.82$ 70.52$ 95.54$ 96.42$ 78.08$ 118.31$
Outlet Revenue 21,560$ 14,260$ 25,524$ 53,436$ 44,416$ 35,289$ 56,888$ 64,922$
Rounds 6,194 4,732 6,268 7,832 7,299 5,827 10,614 10,519
$'s per Round 3.48$ 3.01$ 4.07$ 6.82$ 6.09$ 6.06$ 5.36$ 6.17$
PDRFC COVER ANALYSIS
G:\Finance\Accounting Documents\F&B REPORTS\F & B Daily Sales Report 22-23\F & B REVENUE REPORT 2022-2023Totals
Page 33
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Page 34
City of Palm Desert
Investments Summary
January 2023
The City’s investment portfolio is detailed below. Investment transactions were executed
in accordance with the California State Government Code, the City’s Investment Policy and
all bond indentures.
Investment Portfolio:
Book Value Purchases &Redemptions &Book Value % of
Asset Class 1/1/2023 Deposits Withdrawals 1/31/2023 Portfolio
Agencies 40.97$ -$ -$ 40.97$ 13%
Corporates 35.00 - (5.00) 30.00 10%
Negotiable CD's - - - - 0%
CAMP Pool 52.50 5.20 - 57.70 18%
LAIF Pool 20.51 - - 20.51 7%
County Pool 75.00 - - 75.00 24%
Custodian ®63.39 0.21 - 63.60 20%
Trustee ®2.94 - - 2.94 1%
Cash 9.49 25.00 (11.13) 23.36 7%
Total 299.80$ 30.41$ (16.13)$ 314.08$ 100%
® = Restricted funds based upon bond indenture terms.
Key Trends
Major changes to the portfolio during the month of January include the addition of $5.0 M from
matured investments, $7.62 M from the sale of land, $6.26 M from Riverside County Property Tax
Settlements, and a $5.0 M deposit to the CAMP Investment pool.
Portfolio Allocations, Maturities and Performance:
53%
23%
10%
14%
Local Govt
Restricted
Custody/Trustee
Corporate
Agency
Investment Allocation
-
2
4
6
8
10
9M 1Y 2Y 3Y 4Y 5Y
Investment Maturity
0
1
2
3
4
5
1-Aug 1-Sep 1-Oct 1-Nov 1-Dec 1-Jan
Performance -Total Porfolio
City Yield LAIF Yield 1Y T-Bill
Page 35
CITY OF PALM DESERT
Portfolio Management
January 31, 2023
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value Term
Days to
Mat./Call
YTM/C
365 Equiv.
CAMP 57,708,970.89 119.85 4.530157,708,970.8957,708,970.89
FEDERAL AGENCY - COUPON 13,992,985.81 3494.81 0.43983013,465,070.0014,000,000.00
LAIF 20,517,139.13 17.06 2.425120,517,139.1320,517,139.13
FEDERAL AGENCY - CALLABLE 26,979,285.35 5379.28 2.30387326,219,810.0027,000,000.00
TRUSTEE CASH BALANCES 2,945,555.34 11.01 0.23412,945,555.342,945,555.34
MEDIUM-TERM NOTES 29,995,799.23 80010.32 2.9171,11829,188,710.0030,000,000.00
CUSTODIAN PROJECT FUNDS 63,595,115.20 121.87 4.110163,595,115.2063,595,115.20
RIVERSIDE COUNTY POOL 74,996,502.95 125.80 3.150174,996,502.9574,996,502.95
290,731,353.90 100.00%Investments 288,636,873.51290,763,283.51 150 237 3.320
Cash
(not included in yield calculations)
Passbook/Checking 23,353,202.00 1 0.000123,353,202.0023,353,202.00
314,084,555.90Total Cash and Investments 311,990,075.51314,116,485.51 150 237 3.320
Current Year
January 31
1,070,693.33
Fiscal Year To Date
4,054,214.12
Average Daily Balance
Effective Rate of Return
296,855,797.08
4.25%
Total Earnings Month Ending
This investment portfolio is in compliance with the provisions of California Government Code Section 53601 and the City of Palm Desert investment policy. Barring unforeseen events, it has sufficient cash
to fund city expenditures for the next six months. Union Bank Custody Services has provided market value prices for all corporate securities. All balances are bank balances. The "% of Portfolio"
calculation on the Portfolio Summary page omits demand deposits.
__________________________________________________ ____________________
Veronica Chavez, Finance Director
Portfolio CITY
AP
Reporting period 01/01/2023-01/31/2023
Run Date: 03/10/2023 - 09:02 PM (PRF_PM1) 7.3.11
Report Ver. 7.3.11
Page 36
YTM/C
365
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
CAMP
4.530C.A.M.P. POOL (CITY)13 55,431,457.63 55,431,457.63 4.53055,431,457.63SYS13 1
4.530C.A.M.P. POOL (DESERT WILLOW)12444 2,277,513.26 2,277,513.26 4.5302,277,513.26SYS12444 1
57,708,970.8957,708,970.8957,708,970.8952,663,436.73Subtotal and Average 4.530 1
U.S. BANK / LAIF BOND PROCEEDS
0.203LOCAL AGENCY INVESTMENT FUND12-33-084 0.00 0.00 0.2030.00252026003 1
0.000.000.000.00Subtotal and Average 0.000 0
FEDERAL AGENCY - COUPON
0.505FEDERAL HOME LOAN BANK664 3,000,000.00 2,999,758.85 10/28/20240.50007/28/2021 2,833,650.00 Aaa3130ANAC4 635
0.500FEDERAL HOME LOAN BANK710 5,000,000.00 5,000,000.00 12/08/20230.50011/04/2021 4,830,800.00 Aaa3130APR72 310
0.360FEDERAL HOME LOAN MTG CORP706 3,000,000.00 2,995,028.03 10/16/20230.12510/21/2021 2,893,710.00 Aaa3137EAEY1 257
0.350FEDERAL HOME LOAN MTG CORP707 3,000,000.00 2,998,198.93 09/08/20230.25010/21/2021 2,906,910.00 Aaa3137EAEW5 219
13,992,985.8113,465,070.0014,000,000.0013,992,590.35Subtotal and Average 0.439 349
LAIF
2.425LOCAL AGENCY INVESTMENT FUND12000 20,517,139.13 20,517,139.13 2.42520,517,139.1312000 1
20,517,139.1320,517,139.1320,517,139.1320,517,139.13Subtotal and Average 2.425 1
FEDERAL AGENCY - CALLABLE
0.520FEDERAL FARM CREDIT BANK668 5,000,000.00 4,981,200.17 12/23/20240.32009/14/2021 4,655,800.00 Aaa3133EMLP5 691
0.370FEDERAL FARM CREDIT BANK698 3,000,000.00 2,999,352.50 10/20/20230.34010/20/2021 2,908,920.00 Aaa3133ENBN9 261
0.331FEDERAL FARM CREDIT BANK699 3,000,000.00 2,998,732.68 10/12/20230.27010/19/2021 2,901,330.00 Aaa3133ENAU4 253
0.400FEDERAL HOME LOAN BANK660 3,000,000.00 3,000,000.00 07/29/20240.40007/29/2021 2,854,620.00 Aaa3130AN7K0 544
0.450FEDERAL HOME LOAN BANK708 3,000,000.00 3,000,000.00 11/24/20230.45011/24/2021 2,899,140.00 Aaa3130APMC6 296
5.006FEDERAL HOME LOAN BANK756 5,000,000.00 5,000,000.00 02/16/20245.00011/16/2022 5,000,000.00 Aaa3130ATS99 380
5.969FEDERAL HOME LOAN BANK758 5,000,000.00 5,000,000.00 11/14/20255.00011/14/2022 5,000,000.00 Aaa3130ATS73 1,017
26,979,285.3526,219,810.0027,000,000.0026,978,792.61Subtotal and Average 2.303 537
TRUSTEE CASH BALANCES
0.030GOLDMAN SACHS GOVERNMENT FUND382 0.00 0.00 0.0300.00 Aaa252026000-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND383 0.00 0.00 0.03007/01/2022 0.00 Aaa252026001-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND384 0.00 0.00 0.0300.00 Aaa252026002-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND385 0.00 0.00 0.0300.00 Aaa252026003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND386 0.00 0.00 0.0300.00 Aaa252026004-G 1
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:02 PM (PRF_PM2) 7.3.11
Report Ver. 7.3.11Page 37
YTM/C
365
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
TRUSTEE CASH BALANCES
0.030GOLDMAN SACHS GOVERNMENT FUND401 0.00 0.00 0.0300.00 Aaa252026017-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND402 0.00 0.00 0.0300.00 Aaa252026018-G 1
4.230GOLDMAN SACHS GOVERNMENT FUND404 26.94 26.94 4.23026.94 Aaa260128000-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND405 0.00 0.00 0.03007/01/2022 0.00 Aaa260128001-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND407 0.00 0.00 0.03007/01/2022 0.00 Aaa260128002-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND408 0.00 0.00 0.03007/01/2022 0.00 Aaa260128003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND409 0.00 0.00 0.03007/01/2022 0.00 Aaa260128004-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND410 0.00 0.00 0.0300.00 Aaa260128005-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND412 0.00 0.00 0.0300.00 Aaa260128006-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND414 0.00 0.00 0.0300.00 Aaa260128007-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND415 0.00 0.00 0.0300.00 Aaa260128008-G 1
4.220GOLDMAN SACHS GOVERNMENT FUND416 130.96 130.96 4.220130.96 Aaa260128009-G 1
4.220GOLDMAN SACHS GOVERNMENT FUND417 830.08 830.08 4.220830.08 Aaa260128010-G 1
4.220GOLDMAN SACHS GOVERNMENT FUND418 162,616.21 162,616.21 4.220162,616.21 Aaa260128011-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND419 0.00 0.00 0.0300.00 Aaa261470000-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND420 0.00 0.00 0.0300.00 Aaa261470001-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND421 0.00 0.00 0.0300.00 Aaa261470002-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND671 22.60 22.6022.60 Aaa263346000-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND672 0.31 0.3107/01/2022 0.31 Aaa263346001-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND673 0.19 0.190.19 Aaa263346002-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND674 874,218.31 874,218.31874,218.31 Aaa263346003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND675 0.00 0.00 0.03007/01/2022 0.00 Aaa263346004-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND676 0.00 0.00 0.03007/01/2022 0.00 Aaa263346005-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND677 0.00 0.000.00 Aaa263346006-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND678 1.53 1.531.53 Aaa263346007-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND679 1.52 1.52 0.03007/01/2022 1.52 Aaa263599000-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND680 81.12 81.1207/01/2022 81.12 Aaa263599001-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND682 1,416,823.68 1,416,823.681,416,823.68 Aaa263599002-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND683 0.00 0.000.00 Aaa263599003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND684 0.00 0.00 0.03007/01/2022 0.00 Aaa269048000-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND685 11.61 11.6111.61 Aaa271146000-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND687 0.03 0.0307/01/2022 0.03 Aaa271146001-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND688 0.03 0.03 0.03007/01/2022 0.03 Aaa271146002-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND689 468,409.81 468,409.81468,409.81 Aaa271146003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND690 0.00 0.00 0.03007/01/2022 0.00 Aaa271146004-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND691 0.70 0.70 0.03007/01/2022 0.70 Aaa271146005-G 1
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:02 PM (PRF_PM2) 7.3.11
Page 38
YTM/C
365
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
TRUSTEE CASH BALANCES
0.000GOLDMAN SACHS GOVERNMENT FUND692 0.00 0.000.00 Aaa271146006-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND693 0.00 0.00 0.03007/01/2022 0.00 Aaa277580000-G 1
0.005GOLDMAN SACHS GOVERNMENT FUND744 22,379.71 22,379.71 0.00522,379.71 Aaa263599004 1
2,945,555.342,945,555.342,945,555.342,945,015.19Subtotal and Average 0.234 1
MEDIUM-TERM NOTES
0.450AMAZON.COM INC.662 3,000,000.00 3,000,000.00 05/12/20240.45007/19/2021 2,852,400.00 A023135BW5 466
0.500CATERPILLAR FINANCIAL SERVICES697 3,000,000.00 2,998,064.54 05/17/20240.45010/08/2021 2,841,930.00 A14913R2L0 471
5.250Freddie Mac760 5,000,000.00 5,000,000.00 12/30/20245.25012/30/2022 5,000,000.00 Aaa3134GYAB8 698
6.750GOLDMAN SACHS GOVERNMENT FUND752 5,000,000.00 5,000,000.00 10/29/20276.75010/31/2022 5,000,000.00 A238150APM1 1,731
3.999MORGAN STANLEY747 5,000,000.00 5,000,000.00 07/23/20254.00009/01/2022 5,000,000.00 A16174468C6 903
0.500TOYOTA MOTOR CREDIT CORP658 3,000,000.00 3,000,000.00 06/18/20240.50006/18/2021 2,831,460.00 A89236TJH9 503
0.530TOYOTA MOTOR CREDIT CORP659 3,000,000.00 2,998,762.19 06/18/20240.50007/08/2021 2,831,460.00 A89236TJH9 503
0.525TOYOTA MOTOR CREDIT CORP667 3,000,000.00 2,998,972.50 06/18/20240.50009/14/2021 2,831,460.00 A89236TJH9 503
29,995,799.2329,188,710.0030,000,000.0031,447,289.84Subtotal and Average 2.917 800
CUSTODIAN PROJECT FUNDS
4.110FIRST AMERICAN US TREASURY MMF647 5,902,537.98 5,902,537.98 4.1105,902,537.98 Aaa6736302420-G 1
4.110FIRST AMERICAN US TREASURY MMF648 25,740,649.26 25,740,649.26 4.11025,740,649.26 Aaa6736302430-G 1
4.110FIRST AMERICAN US TREASURY MMF649 12,185,501.66 12,185,501.66 4.11012,185,501.66 Aaa6736302440-G 1
4.110FIRST AMERICAN US TREASURY MMF650 19,766,426.30 19,766,426.30 4.11019,766,426.30 Aaa6736302450-G 1
63,595,115.2063,595,115.2063,595,115.2063,394,912.57Subtotal and Average 4.110 1
RIVERSIDE COUNTY POOL
3.150POOLED INVESTMENT FUND052460 74,996,502.95 74,996,502.95 3.15074,996,502.95 Aaa052460 1
74,996,502.9574,996,502.9574,996,502.9574,996,502.95Subtotal and Average 3.150 1
CUSTODIAN PROJECT FUNDS
0.010GOLDMAN SACHS TREASURY FUND498 0.00 0.00 0.0100.00 Aaa6736302420 1
0.010GOLDMAN SACHS TREASURY FUND499 0.00 0.00 0.0100.00 Aaa6736302430 1
0.010GOLDMAN SACHS TREASURY FUND500 0.00 0.00 0.0100.00 Aaa6736302440 1
0.010GOLDMAN SACHS TREASURY FUND501 0.00 0.00 0.0100.00 Aaa6736302450 1
0.000.000.000.00Subtotal and Average 0.000 0
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:02 PM (PRF_PM2) 7.3.11
Page 39
YTM/C
365
Page 4
Par Value Book Value
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
296,855,797.08 290,763,283.51 3.320 150288,636,873.51 290,731,353.90Total and Average
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:02 PM (PRF_PM2) 7.3.11
Page 40
YTM/C
365
Page 5
Par Value Book Value
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
CUSTODIAN PROJECT FUNDS
0.000CITY OF PALM DESERT753 0.00 0.0010/27/2022 0.00SYS753 1
UNION BANK CHECKING ACCOUNTS
0.000CITY OF PALM DESERT MAIN13016 17,963,558.23 17,963,558.2317,963,558.23SYS13016 1
0.000DESERT WILLOW GOLF COURSE13013 3,225,908.41 3,225,908.4107/01/2022 3,225,908.41SYS13013 1
0.000PUBLIC SAFETY CHECKING602 542,289.03 542,289.0307/01/2022 542,289.03SYS602 1
0.000RECREATIONAL FACILITIES CORP13020 1,621,446.33 1,621,446.3307/01/2022 1,621,446.33SYS13020 1
0.00
296,855,797.08 314,116,485.51 3.320 150
1Average Balance
311,990,075.51 314,084,555.90Total Cash and Investments
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:02 PM (PRF_PM2) 7.3.11
Page 41
CITY OF PALM DESERT
LONG-TERM LOANS RECEIVABLE
January 31, 2023
10-Mar-23
10:11 AM
SymPro Book Stated
No.Investment Value Maturity Date Interest Rate
1 City Loan to RDA*-$ N/A 0.20%
348 EIP Loan **1,067,000.00$ 09/02/34 7.00%
594 Highlands Utility Undergrounding ***22,947.33$ 09/02/36 5.35%
Assessment District 04-01 Deferred Loan
Footnotes
*On May 17, 2019, the California State Department of Finance (DOF) denied the 1986 City Loan in the principal
amount of $6,000,000 as an enforceable obligation of the Successor Agency of the Palm Desert Redevelopment
Agency. Several attempts have been made to challenge this decision. The DOF, however, continues to maintain
its position and its interpretation of the dissolution law as it relates to the loans.
** EIP balance adjustments made on March 2
and on September 2 of each year.
*** Highlands balance adjustments made on
March 2 and on September 2 of each year.
Page 42
PALM DESERT HOUSING AUTHORITY
Portfolio Management
January 31, 2023
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value Term
Days to
Mat./Call
YTM/C
365 Equiv.
CAMP 49,880,394.97 198.05 4.530149,880,394.9749,880,394.97
LAIF 983,613.96 11.93 2.4251983,613.96983,613.96
CUSTODIAN PROJECT FUNDS 10,337.05 10.02 4.110110,337.0510,337.05
50,874,345.98 100.00%Investments 50,874,345.9850,874,345.98 1 1 4.489
Cash
(not included in yield calculations)
Passbook/Checking 4,566,255.49 1 0.00014,566,255.494,566,255.49
55,440,601.47Total Cash and Investments 55,440,601.4755,440,601.47 1 1 4.489
Current Year
January 31
183,186.82
Average Daily Balance
Effective Rate of Return
55,122,647.46
3.91%
Total Earnings Month Ending
This investment portfolio complies with the provisions of California Government Code Section 53601 and the City of Palm Desert investment policy. Barring unforeseen events, it has sufficient cash to fund
Housing Authority operations for the next six months. All balances are bank balances. The "% of Portfolio" calculation on the Portfolio Summary page omits demand deposits.
__________________________________________________ ____________________
Veronica Chavez, Finance Director
Portfolio HA
AP
Reporting period 01/01/2023-01/31/2023
Run Date: 03/10/2023 - 09:10 PM (PRF_PM1) 7.3.11No fiscal year history available
Report Ver. 7.3.11
Page 43
Days to
Mat./Call
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
PALM DESERT HOUSING AUTHORITY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
CAMP
1CA ASSET MANAGEMENT PROGRAM12008 49,880,394.97 49,880,394.97 4.53049,880,394.97SYS12008 4.530
49,880,394.9749,880,394.9749,880,394.9749,695,425.77Subtotal and Average 1 4.530
CUSTODIAN PROJECT FUNDS
1GOLDMAN SACHS TREASURY FUND590 0.00 0.00 0.0100.00 Aaa6736302460 0.010
0.000.000.000.00Subtotal and Average 0 0.000
LAIF
1LOCAL AGENCY INVESTMENT FUND21003 983,613.96 983,613.96 2.425983,613.96SYS21003 2.425
983,613.96983,613.96983,613.96983,613.96Subtotal and Average 1 2.425
CUSTODIAN PROJECT FUNDS
1FIRST AMERICAN US TREASURY MMF597 10,337.05 10,337.05 4.11001/01/2021 10,337.05 Aaa6736302460-G 4.110
10,337.0510,337.0510,337.05333.45Subtotal and Average 1 4.110
55,122,647.46 50,874,345.98 1 4.48950,874,345.98 50,874,345.98Total and Average
Portfolio HA
AP
Run Date: 03/10/2023 - 09:10 PM (PRF_PM2) 7.3.11
Report Ver. 7.3.11Page 44
Days to
Mat./Call
Page 2
Par Value Book Value
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
PALM DESERT HOUSING AUTHORITY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
CHECKING
1HOUSING AUTH CHECKING25015 4,079,458.99 4,079,458.994,079,458.99SYS25015 0.000
1HOUSING AUTH TRUST25016 486,796.50 486,796.5007/01/2020 486,796.50SYS25016 0.000
0.00
55,122,647.46 55,440,601.47 1 4.489
1Average Balance
55,440,601.47 55,440,601.47Total Cash and Investments
Portfolio HA
AP
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Page 45
RDA SUCCESSOR AGENCY
Portfolio Management
January 31, 2023
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value Term
Days to
Mat./Call
YTM/C
365 Equiv.
RIVERSIDE COUNTY POOL 338.51 10.00 3.1501338.51338.51
CAMP 5,852.21 10.04 4.53015,852.215,852.21
LAIF 751.35 10.00 2.4251751.35751.35
TRUSTEE CASH BALANCES - MMA 15,383,242.13 197.37 0.000115,383,242.1315,383,242.13
TRUSTEE CASH BALANCES - GF 408,504.10 12.59 4.2201408,504.10408,504.10
15,798,688.30 100.00%Investments 15,798,688.3015,798,688.30 1 1 0.111
Cash
(not included in yield calculations)
Passbook/Checking 27,320,461.52 1 0.000127,320,461.5227,320,461.52
43,119,149.82Total Cash and Investments 43,119,149.8243,119,149.82 1 1 0.111
Current Year
January 31
1,542.95
Average Daily Balance
Effective Rate of Return
22,495,023.77
0.08%
Total Earnings Month Ending
This investment portfolio is in compliance with the provisions of California Government Code Section 53601 and the City of Palm Desert investment policy. Pursuant to ABX126, the availability of cash to
fund the Palm Desert RDA Successor Agency's debt service is dependent upon the County of Riverside and the State of California. All balances are bank balances. The "% of Portfolio" calculation on the
Portfolio Summary page omits demand deposits.
__________________________________________________ ____________________
Veronica Chavez, Finance Director
Portfolio RDAS
AP
Reporting period 01/01/2023-01/31/2023
Run Date: 03/10/2023 - 09:14 PM (PRF_PM1) 7.3.11No fiscal year history available
Report Ver. 7.3.11
Page 46
Days to
Mat./Call
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
RDA SUCCESSOR AGENCY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
RIVERSIDE COUNTY POOL
1POOLED INVESTMENT FUND052470 338.51 338.51 3.15007/01/2020 338.51 Aaa052470 3.150
338.51338.51338.51338.51Subtotal and Average 1 3.150
CAMP
1C.A.M.P. POOL (RDA S.A.)578 5,852.21 5,852.21 4.5305,852.21SYS578 4.530
5,852.215,852.215,852.215,830.51Subtotal and Average 1 4.530
LAIF
1L.A.I.F. (RDA S.A.)604 751.35 751.35 2.42507/01/2020 751.35SYS604 2.425
751.35751.35751.35751.35Subtotal and Average 1 2.425
TRUSTEE CASH BALANCES - MMA
1U.S. BANK MONEY MARKET ACCOUNT830 0.05 0.0507/01/2020 0.05 P-1247394001-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT832 0.00 0.00 0.01007/01/2020 0.00 P-1247394003-U 0.010
1U.S. BANK MONEY MARKET ACCOUNT833 1.03 1.031.03 P-1247394002-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT834 527,989.93 527,989.93527,989.93 P-1247394000-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT837 14.42 14.4214.42 P-1236781002-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT838 0.00 0.00 0.01007/01/2020 0.00 P-1236781003-U 0.010
1U.S. BANK MONEY MARKET ACCOUNT839 7,435,986.33 7,435,986.337,435,986.33 P-1236781000-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT842 0.00 0.00 0.01007/01/2020 0.00 P-1253446003-U 0.010
1U.S. BANK MONEY MARKET ACCOUNT843 7.66 7.667.66 P-1253446002-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT844 2,950,545.60 2,950,545.602,950,545.60 P-1253446000-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT845 0.41 0.4107/01/2020 0.41 P-1253446001-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT853 4,468,673.29 4,468,673.294,468,673.29 P-1224324000-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT855 0.79 0.7907/01/2020 0.79 P-1224324001-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT856 22.55 22.5522.55 P-1224324002-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT857 0.00 0.00 0.01007/01/2020 0.00 P-1224324003-U 0.010
1U.S. BANK MONEY MARKET ACCOUNT881 0.07 0.0709/01/2020 0.07 P-1236781001-U 0.000
15,383,242.1315,383,242.1315,383,242.1315,383,178.91Subtotal and Average 1 0.000
TRUSTEE CASH BALANCES - GF
1GOLDMAN SACHS GOVERNMENT FUND811 408,504.10 408,504.10 4.220408,504.10 Aaa277861000-G 4.220
1GOLDMAN SACHS GOVERNMENT FUND812 0.00 0.00 0.0300.00 Aaa277861001-G 0.030
1GOLDMAN SACHS GOVERNMENT FUND813 0.00 0.00 0.03007/01/2020 0.00 Aaa277861002-G 0.030
1GOLDMAN SACHS GOVERNMENT FUND814 0.00 0.00 0.03007/01/2020 0.00 Aaa277861003-G 0.030
Portfolio RDAS
AP
Run Date: 03/10/2023 - 09:14 PM (PRF_PM2) 7.3.11
Report Ver. 7.3.11Page 47
Days to
Mat./Call
Page 2
Par Value Book Value
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
RDA SUCCESSOR AGENCY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
408,504.10408,504.10408,504.10407,183.95Subtotal and Average 1 4.220
22,495,023.77 15,798,688.30 1 0.11115,798,688.30 15,798,688.30Total and Average
Portfolio RDAS
AP
Run Date: 03/10/2023 - 09:14 PM (PRF_PM2) 7.3.11
Page 48
Days to
Mat./Call
Page 3
Par Value Book Value
Stated
RateMarket Value
January 31, 2023
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
RDA SUCCESSOR AGENCY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
UNION BANK CHECKING ACCOUNTS
1RDA SUCCESSOR AGENCY582 27,320,461.52 27,320,461.5227,320,461.52SYS582 0.000
0.00
22,495,023.77 43,119,149.82 1 0.111
1Average Balance
43,119,149.82 43,119,149.82Total Cash and Investments
Portfolio RDAS
AP
Run Date: 03/10/2023 - 09:14 PM (PRF_PM2) 7.3.11
Page 49
PALM DESERT RDA SUCCESSOR AGENCY
LONG-TERM LOANS RECEIVABLE
JANUARY 31, 2023
10-Mar-23
10:17 AM
.
SymPro Book Stated
No.Investment Value Maturity Date Interest Rate
738 EIP Loan *145,000.00$ 09/02/29 3.00%
Footnotes
*EIP balance adjustments made on March 2
and September 2 of each year.
Page 50
Page 51
Page 52
Page 53
Page 54
Page 55
Page 56
Page 57
Page 58
2/2/23, 8:16 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
Local Agency Investment Fund
PO Box 942809
Sacramento, CA 94209-0001
(916) 653 3001
February 02, 2023
LAIF Home
PMIA Average Monthly Yields
CITY OF PALM DESERT
CITY TREASURER
73-510 FRED WARING DRIVE
PALM DESERT, CA 92260-2578
Account Number:
January 2023 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
1/13/2023 1/12/2023 QRD 1722369 N/A SYSTEM 163,722.48
Account Summary
Total Deposit:163,722.48 Beginning Balance:20,353,416.65
Total Withdrawal:0.00 Ending Balance:20,517,139 13
Page 59
2/2/23, 8:17 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
Local Agency Investment Fund
PO Box 942809
Sacramento, CA 94209-0001
(916) 653 3001
February 02, 2023
LAIF Home
PMIA Average Monthly Yields
PALM DESERT HOUSING AUTHORITY
CITY TREASURER
73-510 FRED WARING DRIVE
PALM DESERT, CA 92260-2578
Account Number:
January 2023 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
1/13/2023 1/12/2023 QRD 1720890 N/A SYSTEM 5,111.66
Account Summary
Total Deposit:5,111.66 Beginning Balance:978,502.30
Total Withdrawal:0.00 Ending Balance:983,613 96
Page 60
2/2/23, 8:17 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
Local Agency Investment Fund
PO Box 942809
Sacramento, CA 94209-0001
(916) 653 3001
February 02, 2023
LAIF Home
PMIA Average Monthly Yields
S/A TO THE PALM DESERT REDEVELOPMENT
AGENCY
FINANCE DIRECTOR
73-510 FRED WARING DRIVE
PALM DESERT, CA 92260-2578
Account Number:
January 2023 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
1/13/2023 1/12/2023 QRD 1721315 N/A SYSTEM 3.90
Account Summary
Total Deposit:3.90 Beginning Balance:747.45
Total Withdrawal:0.00 Ending Balance:751 35
Page 61
Page 62
Fund Detail Report
Parameters:Query: Fund Detail
County of Riverside Treasurer-Tax Collector
Run Date:02-Feb-2023 10:15:01 AM User:Susan
From :
To :
As at :
01-Jan-2023
31-Jan-2023
02-Feb-2023
Balance Calculation Based On:Value Date
Closing BalanceReceiptsInstrumentEntityDeal NoValue Date T/TBank Value Date Peoplesoft Desc.
/p g
Ticket No
Journal Date
external ref t Receipts AmountCR
Payments
Account Name :
Account Number :
City Of Palm Desert
1/1/2023 1/1/2023 $74,996,502.95 OB $74,996,502.95 $0.00
$74,996,502.95 $74,996,502.95 $0.00
Account Name :
Account Number :
RDA Successor Agcy Palm Desert
1/1/2023 1/1/2023 $74,996,841.46 OB $338.51 $0.00
$338.51 $338.51 $0.00
Printed on 2/2/2023 Page 1 of 1End of Report Page 63
City of Palm Desert
Investments Summary
February 2023
The City’s investment portfolio is detailed below. Investment transactions were executed
in accordance with the California State Government Code, the City’s Investment Policy and
all bond indentures.
Investment Portfolio:
Book Value Purchases &Redemptions &Book Value % of
Asset Class 2/1/2023 Deposits Withdrawals 2/28/2023 Portfolio
Agencies 40.97$ -$ (10.00)$ 30.97$ 10%
Corporates 30.00 - - 30.00 10%
Negotiable CD's - - - - 0%
CAMP Pool 57.70 80.48 - 138.18 44%
LAIF Pool 20.51 - - 20.51 7%
County Pool 75.00 0.07 (73.00) 2.07 1%
Custodian ®63.60 0.23 - 63.83 20%
Trustee ®2.94 0.72 - 3.66 1%
Cash 23.36 95.97 (94.05) 25.28 8%
Total 314.08$ 177.47$ (177.05)$ 314.50$ 100%
® = Restricted funds based upon bond indenture terms.
Key Trends
Major changes to the portfolio during the month of February include deposits of $80.0 M to the
CAMP investment pool. Riverside County Pool assets of $73.00 M were withdrawn and re-invested
to the CAMP investment pool. Two investments totaling $10.00 M were redeemed in February.
Portfolio Allocations, Maturities and Performance:
56%
23%
10%
11%
Local Govt
Restricted
Custody/Trustee
Corporate
Agency
Investment Allocation
-
2
4
6
8
10
9M 1Y 2Y 3Y 4Y 5Y
Investment Maturity
0
2
4
6
1-Sep 1-Oct 1-Nov 1-Dec 1-Jan 1-Feb
Performance -Total Porfolio
City Yield LAIF Yield 1Y T-Bill
Page 64
CITY OF PALM DESERT
Portfolio Management
February 28, 2023
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value Term
Days to
Mat./Call
YTM/C
365 Equiv.
CAMP 138,188,836.43 147.78 4.7301138,188,836.43138,188,836.43
FEDERAL AGENCY - COUPON 13,993,831.28 3214.84 0.43983013,465,070.0014,000,000.00
LAIF 20,517,139.13 17.09 2.425120,517,139.1320,517,139.13
FEDERAL AGENCY - CALLABLE 16,980,338.79 4145.87 0.42793016,219,810.0017,000,000.00
TRUSTEE CASH BALANCES 3,660,465.09 11.27 0.22613,660,465.093,660,465.09
MEDIUM-TERM NOTES 29,996,060.57 77210.37 2.9171,11829,188,710.0030,000,000.00
CUSTODIAN PROJECT FUNDS 63,814,140.06 122.06 4.320163,814,140.0663,814,140.06
RIVERSIDE COUNTY POOL 2,069,854.46 10.72 3.15012,069,854.462,069,854.46
289,220,665.81 100.00%Investments 287,124,025.17289,250,435.17 121 211 3.759
Cash
(not included in yield calculations)
Passbook/Checking 25,284,679.44 1 0.000125,284,679.4425,284,679.44
314,505,345.25Total Cash and Investments 312,408,704.61314,535,114.61 121 211 3.759
Current Year
February 28
747,761.77
Fiscal Year To Date
4,801,975.89
Average Daily Balance
Effective Rate of Return
309,457,699.06
3.15%
Total Earnings Month Ending
This investment portfolio is in compliance with the provisions of California Government Code Section 53601 and the City of Palm Desert investment policy. Barring unforeseen events, it has sufficient cash
to fund city expenditures for the next six months. Union Bank Custody Services has provided market value prices for all corporate securities. All balances are bank balances. The "% of Portfolio"
calculation on the Portfolio Summary page omits demand deposits.
__________________________________________________ ____________________
Veronica Chavez, Finance Director
Portfolio CITY
AP
Reporting period 02/01/2023-02/28/2023
Run Date: 03/10/2023 - 09:08 PM (PRF_PM1) 7.3.11
Report Ver. 7.3.11
Page 65
YTM/C
365
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
CAMP
4.730C.A.M.P. POOL (CITY)13 135,903,052.92 135,903,052.92 4.730135,903,052.92SYS13 1
4.730C.A.M.P. POOL (DESERT WILLOW)12444 2,285,783.51 2,285,783.51 4.7302,285,783.51SYS12444 1
138,188,836.43138,188,836.43138,188,836.4360,583,251.80Subtotal and Average 4.730 1
U.S. BANK / LAIF BOND PROCEEDS
0.203LOCAL AGENCY INVESTMENT FUND12-33-084 0.00 0.00 0.2030.00252026003 1
0.000.000.000.00Subtotal and Average 0.000 0
FEDERAL AGENCY - COUPON
0.505FEDERAL HOME LOAN BANK664 3,000,000.00 2,999,770.38 10/28/20240.50007/28/2021 2,833,650.00 Aaa3130ANAC4 607
0.500FEDERAL HOME LOAN BANK710 5,000,000.00 5,000,000.00 12/08/20230.50011/04/2021 4,830,800.00 Aaa3130APR72 282
0.360FEDERAL HOME LOAN MTG CORP706 3,000,000.00 2,995,612.97 10/16/20230.12510/21/2021 2,893,710.00 Aaa3137EAEY1 229
0.350FEDERAL HOME LOAN MTG CORP707 3,000,000.00 2,998,447.93 09/08/20230.25010/21/2021 2,906,910.00 Aaa3137EAEW5 191
13,993,831.2813,465,070.0014,000,000.0013,993,396.47Subtotal and Average 0.439 321
LAIF
2.425LOCAL AGENCY INVESTMENT FUND12000 20,517,139.13 20,517,139.13 2.42520,517,139.1312000 1
20,517,139.1320,517,139.1320,517,139.1320,517,139.13Subtotal and Average 2.425 1
FEDERAL AGENCY - CALLABLE
0.520FEDERAL FARM CREDIT BANK668 5,000,000.00 4,982,027.14 12/23/20240.32009/14/2021 4,655,800.00 Aaa3133EMLP5 663
0.370FEDERAL FARM CREDIT BANK698 3,000,000.00 2,999,427.50 10/20/20230.34010/20/2021 2,908,920.00 Aaa3133ENBN9 233
0.331FEDERAL FARM CREDIT BANK699 3,000,000.00 2,998,884.15 10/12/20230.27010/19/2021 2,901,330.00 Aaa3133ENAU4 225
0.400FEDERAL HOME LOAN BANK660 3,000,000.00 3,000,000.00 07/29/20240.40007/29/2021 2,854,620.00 Aaa3130AN7K0 516
0.450FEDERAL HOME LOAN BANK708 3,000,000.00 3,000,000.00 11/24/20230.45011/24/2021 2,899,140.00 Aaa3130APMC6 268
16,980,338.7916,219,810.0017,000,000.0021,979,797.02Subtotal and Average 0.427 414
TRUSTEE CASH BALANCES
0.030GOLDMAN SACHS GOVERNMENT FUND382 0.00 0.00 0.0300.00 Aaa252026000-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND383 0.00 0.00 0.03007/01/2022 0.00 Aaa252026001-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND384 0.00 0.00 0.0300.00 Aaa252026002-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND385 0.00 0.00 0.0300.00 Aaa252026003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND386 0.00 0.00 0.0300.00 Aaa252026004-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND401 0.00 0.00 0.0300.00 Aaa252026017-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND402 0.00 0.00 0.0300.00 Aaa252026018-G 1
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:08 PM (PRF_PM2) 7.3.11
Report Ver. 7.3.11Page 66
YTM/C
365
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
TRUSTEE CASH BALANCES
4.470GOLDMAN SACHS GOVERNMENT FUND404 27.04 27.04 4.47027.04 Aaa260128000-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND405 0.00 0.00 0.03007/01/2022 0.00 Aaa260128001-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND407 0.00 0.00 0.03007/01/2022 0.00 Aaa260128002-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND408 0.00 0.00 0.03007/01/2022 0.00 Aaa260128003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND409 0.00 0.00 0.03007/01/2022 0.00 Aaa260128004-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND410 0.00 0.00 0.0300.00 Aaa260128005-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND412 0.00 0.00 0.0300.00 Aaa260128006-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND414 0.00 0.00 0.0300.00 Aaa260128007-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND415 0.00 0.00 0.0300.00 Aaa260128008-G 1
4.470GOLDMAN SACHS GOVERNMENT FUND416 131.43 131.43 4.470131.43 Aaa260128009-G 1
4.470GOLDMAN SACHS GOVERNMENT FUND417 21,723.67 21,723.67 4.47021,723.67 Aaa260128010-G 1
4.470GOLDMAN SACHS GOVERNMENT FUND418 163,194.98 163,194.98 4.470163,194.98 Aaa260128011-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND419 0.00 0.00 0.0300.00 Aaa261470000-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND420 0.00 0.00 0.0300.00 Aaa261470001-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND421 0.00 0.00 0.0300.00 Aaa261470002-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND671 43.68 43.6843.68 Aaa263346000-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND672 283,575.31 283,575.3107/01/2022 283,575.31 Aaa263346001-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND673 0.19 0.190.19 Aaa263346002-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND674 874,200.00 874,200.00874,200.00 Aaa263346003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND675 0.00 0.00 0.03007/01/2022 0.00 Aaa263346004-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND676 0.94 0.94 0.03007/01/2022 0.94 Aaa263346005-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND677 0.00 0.000.00 Aaa263346006-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND678 1.53 1.531.53 Aaa263346007-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND679 1.52 1.52 0.03007/01/2022 1.52 Aaa263599000-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND680 314,381.12 314,381.1207/01/2022 314,381.12 Aaa263599001-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND682 1,416,829.70 1,416,829.701,416,829.70 Aaa263599002-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND683 0.00 0.000.00 Aaa263599003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND684 0.00 0.00 0.03007/01/2022 0.00 Aaa269048000-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND685 23.41 23.4123.41 Aaa271146000-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND687 95,550.03 95,550.0307/01/2022 95,550.03 Aaa271146001-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND688 0.03 0.03 0.03007/01/2022 0.03 Aaa271146002-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND689 468,400.00 468,400.00468,400.00 Aaa271146003-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND690 0.00 0.00 0.03007/01/2022 0.00 Aaa271146004-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND691 0.70 0.70 0.03007/01/2022 0.70 Aaa271146005-G 1
0.000GOLDMAN SACHS GOVERNMENT FUND692 0.00 0.000.00 Aaa271146006-G 1
0.030GOLDMAN SACHS GOVERNMENT FUND693 0.00 0.00 0.03007/01/2022 0.00 Aaa277580000-G 1
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:08 PM (PRF_PM2) 7.3.11
Page 67
YTM/C
365
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
TRUSTEE CASH BALANCES
0.005GOLDMAN SACHS GOVERNMENT FUND744 22,379.81 22,379.81 0.00522,379.81 Aaa263599004 1
3,660,465.093,660,465.093,660,465.092,971,087.83Subtotal and Average 0.226 1
MEDIUM-TERM NOTES
0.450AMAZON.COM INC.662 3,000,000.00 3,000,000.00 05/12/20240.45007/19/2021 2,852,400.00 A023135BW5 438
0.500CATERPILLAR FINANCIAL SERVICES697 3,000,000.00 2,998,189.14 05/17/20240.45010/08/2021 2,841,930.00 A14913R2L0 443
5.250Freddie Mac760 5,000,000.00 5,000,000.00 12/30/20245.25012/30/2022 5,000,000.00 Aaa3134GYAB8 670
6.750GOLDMAN SACHS GOVERNMENT FUND752 5,000,000.00 5,000,000.00 10/29/20276.75010/31/2022 5,000,000.00 A238150APM1 1,703
3.999MORGAN STANLEY747 5,000,000.00 5,000,000.00 07/23/20254.00009/01/2022 5,000,000.00 A16174468C6 875
0.500TOYOTA MOTOR CREDIT CORP658 3,000,000.00 3,000,000.00 06/18/20240.50006/18/2021 2,831,460.00 A89236TJH9 475
0.530TOYOTA MOTOR CREDIT CORP659 3,000,000.00 2,998,836.91 06/18/20240.50007/08/2021 2,831,460.00 A89236TJH9 475
0.525TOYOTA MOTOR CREDIT CORP667 3,000,000.00 2,999,034.52 06/18/20240.50009/14/2021 2,831,460.00 A89236TJH9 475
29,996,060.5729,188,710.0030,000,000.0029,995,926.16Subtotal and Average 2.917 772
CUSTODIAN PROJECT FUNDS
4.320FIRST AMERICAN US TREASURY MMF647 5,922,866.63 5,922,866.63 4.3205,922,866.63 Aaa6736302420-G 1
4.320FIRST AMERICAN US TREASURY MMF648 25,829,301.38 25,829,301.38 4.32025,829,301.38 Aaa6736302430-G 1
4.320FIRST AMERICAN US TREASURY MMF649 12,227,469.16 12,227,469.16 4.32012,227,469.16 Aaa6736302440-G 1
4.320FIRST AMERICAN US TREASURY MMF650 19,834,502.89 19,834,502.89 4.32019,834,502.89 Aaa6736302450-G 1
63,814,140.0663,814,140.0663,814,140.0663,602,937.52Subtotal and Average 4.320 1
RIVERSIDE COUNTY POOL
3.150POOLED INVESTMENT FUND052460 2,069,854.46 2,069,854.46 3.1502,069,854.46 Aaa052460 1
2,069,854.462,069,854.462,069,854.4672,391,979.79Subtotal and Average 3.150 1
CUSTODIAN PROJECT FUNDS
0.010GOLDMAN SACHS TREASURY FUND498 0.00 0.00 0.0100.00 Aaa6736302420 1
0.010GOLDMAN SACHS TREASURY FUND499 0.00 0.00 0.0100.00 Aaa6736302430 1
0.010GOLDMAN SACHS TREASURY FUND500 0.00 0.00 0.0100.00 Aaa6736302440 1
0.010GOLDMAN SACHS TREASURY FUND501 0.00 0.00 0.0100.00 Aaa6736302450 1
0.000.000.000.00Subtotal and Average 0.000 0
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:08 PM (PRF_PM2) 7.3.11
Page 68
YTM/C
365
Page 4
Par Value Book Value
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
309,457,699.06 289,250,435.17 3.759 121287,124,025.17 289,220,665.81Total and Average
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:08 PM (PRF_PM2) 7.3.11
Page 69
YTM/C
365
Page 5
Par Value Book Value
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
CITY OF PALM DESERT
Days to
Mat./CallMoody'sCUSIPInvestment #
Purchase
Date
CUSTODIAN PROJECT FUNDS
0.000CITY OF PALM DESERT753 0.00 0.0010/27/2022 0.00SYS753 1
UNION BANK CHECKING ACCOUNTS
0.000CITY OF PALM DESERT MAIN13016 20,673,012.30 20,673,012.3020,673,012.30SYS13016 1
0.000DESERT WILLOW GOLF COURSE13013 3,021,210.57 3,021,210.5707/01/2022 3,021,210.57SYS13013 1
0.000PUBLIC SAFETY CHECKING602 697,977.89 697,977.8907/01/2022 697,977.89SYS602 1
0.000RECREATIONAL FACILITIES CORP13020 892,478.68 892,478.6807/01/2022 892,478.68SYS13020 1
0.00
309,457,699.06 314,535,114.61 3.759 121
1Average Balance
312,408,704.61 314,505,345.25Total Cash and Investments
Portfolio CITY
AP
Run Date: 03/10/2023 - 09:08 PM (PRF_PM2) 7.3.11
Page 70
CITY OF PALM DESERT
LONG-TERM LOANS RECEIVABLE
February 28, 2023
10-Mar-23
10:57 AM
SymPro Book Stated
No.Investment Value Maturity Date Interest Rate
1 City Loan to RDA*-$ N/A 0.20%
348 EIP Loan **1,067,000.00$ 09/02/34 7.00%
594 Highlands Utility Undergrounding ***22,947.33$ 09/02/36 5.35%
Assessment District 04-01 Deferred Loan
Footnotes
*On May 17, 2019, the California State Department of Finance (DOF) denied the 1986 City Loan in the principal
amount of $6,000,000 as an enforceable obligation of the Successor Agency of the Palm Desert Redevelopment
Agency. Several attempts have been made to challenge this decision. The DOF, however, continues to maintain
its position and its interpretation of the dissolution law as it relates to the loans.
** EIP balance adjustments made on March 2
and on September 2 of each year.
*** Highlands balance adjustments made on
March 2 and on September 2 of each year.
Page 71
PALM DESERT HOUSING AUTHORITY
Portfolio Management
February 28, 2023
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value Term
Days to
Mat./Call
YTM/C
365 Equiv.
CAMP 50,061,523.73 198.05 4.730150,061,523.7350,061,523.73
LAIF 983,613.96 11.93 2.6241983,613.96983,613.96
CUSTODIAN PROJECT FUNDS 10,369.27 10.02 4.320110,369.2710,369.27
51,055,506.96 100.00%Investments 51,055,506.9651,055,506.96 1 1 4.689
Cash
(not included in yield calculations)
Passbook/Checking 4,597,183.72 1 0.00014,597,183.724,597,183.72
55,652,690.68Total Cash and Investments 55,652,690.6855,652,690.68 1 1 4.689
Current Year
February 28
183,028.36
Average Daily Balance
Effective Rate of Return
55,448,176.08
4.30%
Total Earnings Month Ending
This investment portfolio complies with the provisions of California Government Code Section 53601 and the City of Palm Desert investment policy. Barring unforeseen events, it has sufficient cash to fund
Housing Authority operations for the next six months. All balances are bank balances. The "% of Portfolio" calculation on the Portfolio Summary page omits demand deposits.
__________________________________________________ ____________________
Veronica Chavez, Finance Director
Portfolio HA
AP
Reporting period 02/01/2023-02/28/2023
Run Date: 03/10/2023 - 09:11 PM (PRF_PM1) 7.3.11No fiscal year history available
Report Ver. 7.3.11
Page 72
Days to
Mat./Call
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
PALM DESERT HOUSING AUTHORITY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
CAMP
1CA ASSET MANAGEMENT PROGRAM12008 50,061,523.73 50,061,523.73 4.73050,061,523.73SYS12008 4.730
50,061,523.7350,061,523.7350,061,523.7349,886,863.85Subtotal and Average 1 4.730
CUSTODIAN PROJECT FUNDS
1GOLDMAN SACHS TREASURY FUND590 0.00 0.00 0.0100.00 Aaa6736302460 0.010
0.000.000.000.00Subtotal and Average 0 0.000
LAIF
1LOCAL AGENCY INVESTMENT FUND21003 983,613.96 983,613.96 2.624983,613.96SYS21003 2.624
983,613.96983,613.96983,613.96983,613.96Subtotal and Average 1 2.624
CUSTODIAN PROJECT FUNDS
1FIRST AMERICAN US TREASURY MMF597 10,369.27 10,369.27 4.32001/01/2021 10,369.27 Aaa6736302460-G 4.320
10,369.2710,369.2710,369.2710,338.20Subtotal and Average 1 4.320
55,448,176.08 51,055,506.96 1 4.68951,055,506.96 51,055,506.96Total and Average
Portfolio HA
AP
Run Date: 03/10/2023 - 09:11 PM (PRF_PM2) 7.3.11
Report Ver. 7.3.11Page 73
Days to
Mat./Call
Page 2
Par Value Book Value
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
PALM DESERT HOUSING AUTHORITY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
CHECKING
1HOUSING AUTH CHECKING25015 4,105,383.22 4,105,383.224,105,383.22SYS25015 0.000
1HOUSING AUTH TRUST25016 491,800.50 491,800.5007/01/2020 491,800.50SYS25016 0.000
0.00
55,448,176.08 55,652,690.68 1 4.689
1Average Balance
55,652,690.68 55,652,690.68Total Cash and Investments
Portfolio HA
AP
Run Date: 03/10/2023 - 09:11 PM (PRF_PM2) 7.3.11
Page 74
RDA SUCCESSOR AGENCY
Portfolio Management
February 28, 2023
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value Term
Days to
Mat./Call
YTM/C
365 Equiv.
RIVERSIDE COUNTY POOL 338.82 10.00 3.1501338.82338.82
CAMP 5,873.46 10.04 4.73015,873.465,873.46
LAIF 751.35 10.00 2.6241751.35751.35
TRUSTEE CASH BALANCES - MMA 15,383,307.46 199.79 0.000115,383,307.4615,383,307.46
TRUSTEE CASH BALANCES - GF 25,454.88 10.17 4.470125,454.8825,454.88
15,415,725.97 100.00%Investments 15,415,725.9715,415,725.97 1 1 0.009
Cash
(not included in yield calculations)
Passbook/Checking 27,274,519.72 1 0.000127,274,519.7227,274,519.72
42,690,245.69Total Cash and Investments 42,690,245.6942,690,245.69 1 1 0.009
Current Year
February 28
1,377.44
Average Daily Balance
Effective Rate of Return
43,103,831.82
0.04%
Total Earnings Month Ending
This investment portfolio is in compliance with the provisions of California Government Code Section 53601 and the City of Palm Desert investment policy. Pursuant to ABX126, the availability of cash to
fund the Palm Desert RDA Successor Agency's debt service is dependent upon the County of Riverside and the State of California. All balances are bank balances. The "% of Portfolio" calculation on the
Portfolio Summary page omits demand deposits.
__________________________________________________ ____________________
Veronica Chavez, Finance Director
Portfolio RDAS
AP
Reporting period 02/01/2023-02/28/2023
Run Date: 03/10/2023 - 09:15 PM (PRF_PM1) 7.3.11No fiscal year history available
Report Ver. 7.3.11
Page 75
Days to
Mat./Call
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
RDA SUCCESSOR AGENCY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
RIVERSIDE COUNTY POOL
1POOLED INVESTMENT FUND052470 338.82 338.82 3.15007/01/2020 338.82 Aaa052470 3.150
338.82338.82338.82338.52Subtotal and Average 1 3.150
CAMP
1C.A.M.P. POOL (RDA S.A.)578 5,873.46 5,873.46 4.7305,873.46SYS578 4.730
5,873.465,873.465,873.465,852.97Subtotal and Average 1 4.730
LAIF
1L.A.I.F. (RDA S.A.)604 751.35 751.35 2.62407/01/2020 751.35SYS604 2.624
751.35751.35751.35751.35Subtotal and Average 1 2.624
TRUSTEE CASH BALANCES - MMA
1U.S. BANK MONEY MARKET ACCOUNT830 0.05 0.0507/01/2020 0.05 P-1247394001-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT832 0.00 0.00 0.01007/01/2020 0.00 P-1247394003-U 0.010
1U.S. BANK MONEY MARKET ACCOUNT833 1.03 1.031.03 P-1247394002-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT834 527,992.17 527,992.17527,992.17 P-1247394000-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT837 14.42 14.4214.42 P-1236781002-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT838 0.00 0.00 0.01007/01/2020 0.00 P-1236781003-U 0.010
1U.S. BANK MONEY MARKET ACCOUNT839 7,436,017.91 7,436,017.917,436,017.91 P-1236781000-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT842 0.00 0.00 0.01007/01/2020 0.00 P-1253446003-U 0.010
1U.S. BANK MONEY MARKET ACCOUNT843 7.66 7.667.66 P-1253446002-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT844 2,950,558.13 2,950,558.132,950,558.13 P-1253446000-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT845 0.41 0.4107/01/2020 0.41 P-1253446001-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT853 4,468,692.27 4,468,692.274,468,692.27 P-1224324000-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT855 0.79 0.7907/01/2020 0.79 P-1224324001-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT856 22.55 22.5522.55 P-1224324002-U 0.000
1U.S. BANK MONEY MARKET ACCOUNT857 0.00 0.00 0.01007/01/2020 0.00 P-1224324003-U 0.010
1U.S. BANK MONEY MARKET ACCOUNT881 0.07 0.0709/01/2020 0.07 P-1236781001-U 0.000
15,383,307.4615,383,307.4615,383,307.4615,383,244.46Subtotal and Average 1 0.000
TRUSTEE CASH BALANCES - GF
1GOLDMAN SACHS GOVERNMENT FUND811 25,454.88 25,454.88 4.47025,454.88 Aaa277861000-G 4.470
1GOLDMAN SACHS GOVERNMENT FUND812 0.00 0.00 0.0300.00 Aaa277861001-G 0.030
1GOLDMAN SACHS GOVERNMENT FUND813 0.00 0.00 0.03007/01/2020 0.00 Aaa277861002-G 0.030
1GOLDMAN SACHS GOVERNMENT FUND814 0.00 0.00 0.03007/01/2020 0.00 Aaa277861003-G 0.030
Portfolio RDAS
AP
Run Date: 03/10/2023 - 09:15 PM (PRF_PM2) 7.3.11
Report Ver. 7.3.11Page 76
Days to
Mat./Call
Page 2
Par Value Book Value
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
RDA SUCCESSOR AGENCY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
25,454.8825,454.8825,454.88394,823.77Subtotal and Average 1 4.470
43,103,831.82 15,415,725.97 1 0.00915,415,725.97 15,415,725.97Total and Average
Portfolio RDAS
AP
Run Date: 03/10/2023 - 09:15 PM (PRF_PM2) 7.3.11
Page 77
Days to
Mat./Call
Page 3
Par Value Book Value
Stated
RateMarket Value
February 28, 2023
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
RDA SUCCESSOR AGENCY
YTM/C
365Moody'sCUSIPInvestment #
Purchase
Date
UNION BANK CHECKING ACCOUNTS
1RDA SUCCESSOR AGENCY582 27,274,519.72 27,274,519.7227,274,519.72SYS582 0.000
0.00
43,103,831.82 42,690,245.69 1 0.009
1Average Balance
42,690,245.69 42,690,245.69Total Cash and Investments
Portfolio RDAS
AP
Run Date: 03/10/2023 - 09:15 PM (PRF_PM2) 7.3.11
Page 78
PALM DESERT RDA SUCCESSOR AGENCY
LONG-TERM LOANS RECEIVABLE
FEBRUARY 28, 2023
10-Mar-23
10:56 AM
.
SymPro Book Stated
No.Investment Value Maturity Date Interest Rate
738 EIP Loan *145,000.00$ 09/02/29 3.00%
Footnotes
*EIP balance adjustments made on March 2
and September 2 of each year.
Page 79
Page 80
Page 81
Page 82
Page 83
Page 84
Page 85
Page 86
Page 87
3/1/23, 9:28 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
March 01, 2023
LAIF Home
PMIA Average Monthly
Yields
CITY OF PALM DESERT
CITY TREASURER
73-510 FRED WARING DRIVE
PALM DESERT, CA 92260 2578
February 2023 Statement
Tran Type Definitions
Account Summary
Total Deposit:0.00 Beginning Balance:20,517,139.13
Total Withdrawal 0 00 Ending Balance 20,517,139.13
Page 88
3/1/23, 9:30 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
March 01, 2023
LAIF Home
PMIA Average Monthly
Yields
PALM DESERT HOUSING AUTHORITY
CITY TREASURER
73-510 FRED WARING DRIVE
PALM DESERT, CA 92260 2578
February 2023 Statement
Tran Type Definitions
Account Summary
Total Deposit:0.00 Beginning Balance:983,613.96
Total Withdrawal 0 00 Ending Balance 983,613.96
Page 89
3/1/23, 9:29 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
March 01, 2023
LAIF Home
PMIA Average Monthly
Yields
S/A TO THE PALM DESERT REDEVELOPMENT
AGENCY
FINANCE DIRECTOR
73-510 FRED WARING DRIVE
PALM DESERT, CA 92260 2578
February 2023 Statement
Tran Type Definitions
Account Summary
Total Deposit:0.00 Beginning Balance:751.35
Total Withdrawal 0 00 Ending Balance 751.35
Page 90
Page 91
Fund Detail Report
Parameters:Query: Fund Detail
County of Riverside Treasurer-Tax Collector
Run Date:06-Mar-2023 11:04:35 AM User:Susan
From :
To :
As at :
01-Feb-2023
28-Feb-2023
06-Mar-2023
Balance Calculation Based On:Value Date
Closing BalanceReceiptsInstrumentEntityDeal NoValue Date T/TBank Value Date Peoplesoft Desc.
/p g
Ticket No
Journal Date
external ref t Receipts AmountCR
Payments
Account Name :
Account Number :
City Of Palm Desert
2/1/2023 2/1/2023 $74,996,502.95 OB $74,996,502.95 $0.00
122 FileTreasury 10778312/3/2023 2/3/2023 $1,996,502.95 AR02454065AC2/2/2023 $0.00 ($73,000,000.00)
121 fileTreasury 10846172/9/2023 2/9/2023 $2,069,854.46 INTQ223CSHAC2/8/2023 $73,351.51 $0.00
$2,069,854.46 $75,069,854.46 ($73,000,000.00)
Account Name :
Account Number :
RDA Successor Agcy Palm Desert
2/1/2023 2/1/2023 $2,070,192.97 OB $338.51 $0.00
121 fileTreasury 10846182/9/2023 2/9/2023 $2,070,193.28 INTQ223CSHAC2/8/2023 $0.31 $0.00
$338.82 $338.82 $0.00
Printed on 3/6/2023 Page 1 of 1End of Report Page 92
Page 1 of 2
CITY OF PALM DESERT
STAFF REPORT
MEETING DATE: March 23, 2023
PREPARED BY: James Bounds, Finance Supervisor
REQUEST: AWARD OF CONTRACT TO PFM ASSET MANAGEMENT FOR
INVESTMENT MANAGEMENT AND ADVISORY SERVICES
RECOMMENDATION:
1.Award contract, in substantial form, to PFM Asset Management to provide investment
management and advisory services for a term of three (3) years with an option to renew two
(2)additional one-year periods based on satisfactory performance.
2.Authorize the City Manager or designee to negotiate and/or take any necessary actions to
facilitate the agreement, to execute the agreement and any documents necessary to
effectuate the action taken herewith.
BACKGROUND/ANALYSIS:
At the October 25, 2022, Finance Committee meeting, staff discussed transitioning from an in-
house investment manager to contracting for investment management and advisor services.
With the retirement of the Deputy City Treasurer, who was the City’s in-house investment
manager for 23 years, City staff believe that engaging an outside investment management and
advisory service would aid the City’s investment portfolio by providing professional expertise and
advice on investment selection, implications of changes in State and Federal laws, compliance
with the City’s investment policy which emphasizes safety of principal, liquidity, while obtaining
a market rate of return.
On November 29, 2022, the Finance Committee approved issuing a request for proposal (RFP)
for Investment Management and Advisory Services. The RFP was issued on November 30,
2022, and submittals were due by January 6, 2023. The City received five (5) proposals. Staff
narrowed down the proposals to two (2) firms to be interviewed by the Finance Subcommittee
based on the selection process guidelines within the RFP which were:
1.Clarity and conformance of proposal
2.Content of the proposal, including the work plan
3.Proposer’s experience and performance
4.Team members’ experience and performance
5.Comments by references
6.Fee proposal
The two firms selected for interviews were Chandler Asset Management and PFM Asset
Management.
On January 24, 2023, the Finance Committee formed a selection subcommittee to interview the
two (2) selected proposals. The two interviews took place on March 7, 2023. The interviewees
Item 1I-1Page 93
City of Palm Desert
Award Contract for Investment Management and Advisory Services
Page 2 of 2
were qualified candidates with similar strategies and the committee independently scored and
ranked the firms based on presentation, experience with California local governments and fee
structure. PFM Asset Management was selected unanimously by the subcommittee for
recommendation to the Finance Committee.
Based on all analyses, references, and interviews staff recommends awarding the contract for
investment management and advisory services to PFM Asset Management.
Committee Recommendation:
The Finance Committee will review this item on March 28, 2023, for ratification. This item is
being brought to City Council prior to the Finance Committee meeting in order to maximize
opportunities with the current market conditions.
FINANCIAL IMPACT:
PFM’s fees are asset-based with a minimum annual fee of $25,000. The breakdown is as follows:
Assets Under Management Annual Fee Cost Per Level
First $50 million 8 basis points (0.08%) 40,000
Next $50 million 6 basis points (0.06%) 30,000
Next $200 million 4 basis points (0.04%) 40,000
Assets over $300 million 3 basis points (0.03%) 30,000
Potential Annual Cost for $300 million in
Assets Under Management 140,000
Under the current investment policy, the City Treasurer may delegate authority to individuals
responsible for investment transactions. All investment transactions still require City Treasurer
authorization, in writing, prior to initiation.
REVIEWED BY:
Department Director: Veronica Chavez
City Attorney: Robert Hargreaves
Finance Director: Veronica Chavez
Assistant City Manager: Chris Escobedo
City Manager: Todd Hileman
ATTACHMENTS:
1.Draft Agreement
2.PFM Asset Management Proposal
3.PFM Asset Management Fee Proposal
Item 1I-2Page 94
Contract No. ____________
CITY OF PALM DESERT
PROFESSIONAL SERVICES AGREEMENT
1.PARTIES AND DATE.
This Agreement is made and entered into this 23rd day of March, 2023, by and between
the City of Palm Desert, a municipal corporation organized under the laws of the State of California
with its principal place of business at 73-510 Fred Waring Drive, Palm Desert, California 92260-
2578, County of Riverside, State of California (“City”) and PFM ASSET MANAGMENT, a LIMITED
LIABILITY COMPANY, with its principal place of business at 633 W 5TH STREET SUITE 2560,
LOS ANGELES, CA 90071 ("Consultant"). City and Consultant are sometimes individually
referred to herein as "Party" and collectively as "Parties."
2.RECITALS.
2.1 Project.
The City is a public agency of the State of California and is in need of professional services
for the following project:
INVESTMENT MANAGEMENT AND ADVISORY SERIVCES
(hereinafter referred to as “the Project”).
2.2 Consultant.
Consultant desires to perform and assume responsibility for the provision of certain
professional services required by the City on the terms and conditions set forth in this Agreement.
Consultant is duly licensed and has the necessary qualifications to provide such services.
3.TERMS.
3.1 Scope of Services and Term.
3.1.1 General Scope of Services. Consultant promises and agrees to
furnish to the City all labor, materials, tools, equipment, services, and incidental and customary
work necessary to fully and adequately supply the services necessary for the Project ("Services").
The Services are more particularly described in Exhibit "A" attached hereto and incorporated
herein by reference. All Services shall be subject to, and performed in accordance with, this
Agreement, the exhibits attached hereto and incorporated herein by reference, and all applicable
local, state and federal laws, rules and regulations.
3.1.2 Term. The term of this Agreement shall be from April 1, 2023 to
March 30, 2026, unless earlier terminated as provided herein The City shall have the unilateral
option, at its sole discretion, to renew this Agreement automatically for no more than two (2)
additional one-year terms. Consultant shall complete the Services within the term of this
Agreement, and shall meet any other established schedules and deadlines.
3.2 Responsibilities of Consultant.
3.2.1 Independent Contractor; Control and Payment of Subordinates.
The Services shall be performed by Consultant or under its supervision. Consultant will determine
the means, methods and details of performing the Services subject to the requirements of this
Agreement. City retains Consultant on an independent contractor basis and not as an employee.
Any personnel performing the Services shall not be employees of City and shall at all times be
under Consultant's exclusive direction and control. Neither City, or any of its officials, officers,
Item 1I-3Page 95
Contract No. ____________
directors, employees or agents shall have control over the conduct of Consultant or any of
Consultants officers, employees or agents, except as set forth in this Agreement. Consultant shall
pay all wages, salaries, and other amounts due such personnel in connection with their
performance of Services under this Agreement and as required by law. Consultant shall be
responsible for all reports and obligations respecting such additional personnel, including, but not
limited to: social security taxes, income tax withholding, unemployment insurance, disability
insurance, and workers' compensation insurance.
3.2.2 Schedule of Services. Consultant shall perform the Services in a
prompt and timely manner in accordance with the Schedule of Services set forth in Exhibit "B"
attached hereto and incorporated herein by reference. Consultant represents that it has the
professional and technical personnel required to perform the Services expeditiously. Upon
request of City, Consultant shall provide a more detailed schedule of anticipated performance to
meet the Schedule of Services.
3.2.3 Conformance to Applicable Requirements. All work prepared by
Consultant shall be subject to the approval of City.
3.2.4 Substitution of Key Personnel. Consultant has represented to City that
certain key personnel will perform and coordinate the Services. Should one or more of such
personnel become unavailable, Consultant may substitute other personnel of at least equal In the
event that such substitution is required, Consultant shall (i) notify City of the resulting replacement,
(ii) introduce the individual serving as the replacement to City, and (iii) provide City with a résumé
and any other information regarding the individual that may be reasonably requested by City.. In
the event that City and Consultant cannot agree as to the substitution of key personnel, City shall
be entitled to terminate this Agreement for cause. The key personnel for performance of this
Agreement are as follows: James Bounds, Finance Supervisor.
3.2.5 City's Representative. The City hereby designates Veronica
Chavez, Finance Director/City Treasurer, or his/her designee, to act as its representative in all
matters pertaining to the administration and performance of this Agreement ("City's
Representative"). City's Representative shall have the power to act on behalf of the City for review
and approval of all products submitted by Consultant but not the authority to enlarge the scope of
Services or change the total compensation due to Consultant under this Agreement. The City
Manager shall be authorized to act on City's behalf and to execute all necessary documents which
enlarge the scope of services or change the Consultant's total compensation subject to the
provisions contained in Section 3.3 of this Agreement. Consultant shall not accept direction or
orders from any person other than the City Manager, City's Representative or his/her designee.
3.2.6 Consultant's Representative. Consultant hereby designates Sarah
Meacham, or his/her designee, to act as its representative for the performance of this Agreement
("Consultant's Representative"). Consultant's Representative shall have full authority to represent
and act on behalf of the Consultant for all purposes under this Agreement. The Consultant's
Representative shall supervise and direct the Services, using his/her best skill and attention, and
shall be responsible for all means, methods, techniques, sequences, and procedures and for the
satisfactory coordination of all portions of the Services under this Agreement.
3.2.7 Coordination of Services. Consultant agrees to work closely with
City staff in the performance of Services and shall be available to City's staff, consultants and
other staff at all reasonable times.
3.2.8 Standard of Care; Performance of Employees. Consultant shall
Item 1I-4Page 96
Contract No. ____________
perform all Services under this Agreement in a skillful and competent manner, consistent with the
standards generally recognized as being employed by professionals in the same discipline in the
State of California. Consultant represents and maintains that it is skilled in the professional calling
necessary to perform the Services. Consultant warrants that all employees and subconsultants
shall have sufficient skill and experience to perform the Services assigned to them. Consultant
represents that it, its employees and subconsultants have all licenses, permits, qualifications and
approvals of whatever nature that are legally required to perform the Services, and that such
licenses and approvals shall be maintained throughout the term of this Agreement. Consultant
shall perform, at its own cost and expense and without reimbursement from the City, any services
necessary to correct errors or omissions which are caused by the Consultant's failure to comply
with the standard of care provided herein. Any employee of the Consultant or its sub-consultants
who is determined by the City to be uncooperative, incompetent, a threat to the adequate or timely
completion of the Project, a threat to the safety of persons or property, or any employee who fails
or refuses to perform the Services in a manner acceptable to the City, shall be promptly removed
from the Project by the Consultant and shall not be re-employed to perform any of the Services
or to work on the Project.
3.2.9 Period of Performance. Consultant shall perform and complete all
Services under this Agreement within the term set forth in Section 3.1.2 above (“Performance
Time”). Consultant shall also perform the Services in strict accordance with any completion
schedule or Project milestones described in Exhibits “A” or “B” attached hereto, or which may be
separately agreed upon in writing by the City and Consultant (“Performance Milestones”).
Consultant agrees that if the Services are not completed within the aforementioned Performance
Time and/or pursuant to any such Performance Milestones developed pursuant to provisions of
this Agreement, it is understood, acknowledged and agreed that the City will suffer damage.
Neither City nor Consultant shall be considered in default of this Agreement for delays in
performance caused by circumstances beyond the reasonable control of the non-performing
Party. For purposes of this Agreement, such circumstances include a Force Majeure Event. A
Force Majeure Event shall mean an event that materially affects a Party’s performance and is one
or more of the following: (1) Acts of God or other natural disasters; (2) terrorism or other acts of a
public enemy; (3) orders of governmental authorities (including, without limitation, unreasonable
and unforeseeable delay in the issuance of permits or approvals by governmental authorities that
are required for the services); (4) strikes and other organized labor action occurring at the site
and the effects thereof on the services, only to the extent such strikes and other organized labor
action are beyond the control of Consultant and its subcontractors, and to the extent the effects
thereof cannot be avoided by use of replacement workers; and (5) pandemics, epidemics or
quarantine restrictions. For purposes of this section, “orders of governmental authorities,” includes
ordinances, emergency proclamations and orders, rules to protect the public health, welfare and
safety, and other actions of a public agency applicable to the services and Agreement.
Should a Force Majeure Event occur, the non-performing Party shall, within a reasonable time of
being prevented from performing, give written notice to the other Party describing the
circumstances preventing continued performance and the efforts being made to resume
performance of this Agreement. Force Majeure Events and/or delays, regardless of the Party
responsible for the delay, shall not entitle Consultant to any additional compensation.
Notwithstanding the foregoing in this section, the City may still terminate this Agreement in
accordance with the termination provisions of this Agreement.
3.2.10 Laws and Regulations; Employee/Labor Certification. Consultant shall
keep itself fully informed of and in compliance with all local, state and federal laws, rules and
regulations in any manner affecting the performance of the Project or the Services, and shall give
all notices required by law. Consultant shall be liable for all violations of such laws and regulations
Item 1I-5Page 97
Contract No. ____________
in connection with the Services and this Agreement. All violations of such laws and regulations
shall be grounds for the City to terminate the Agreement for cause.
3.2.10.1 Employment Eligibility; Consultant. Consultant
certifies that it fully complies with all requirements and restrictions of state and federal law
respecting the employment of undocumented aliens, including, but not limited to, the Immigration
Reform and Control Act of 1986, as may be amended from time to time and shall require all
subconsultants and sub-subconsultants to comply with the same. Consultant certifies that it has
not committed a violation of any such law within the five (5) years immediately preceding the date
of execution of this Agreement, and shall not violate any such law at any time during the term of
the Agreement.
3.2.10.2 Equal Opportunity Employment. Consultant represents that
it is an equal opportunity employer and it shall not discriminate against any subconsultant,
employee or applicant for employment because of race, religion, color, national origin, handicap,
ancestry, sex or age. Such non-discrimination shall include, but not be limited to, all activities
related to initial employment, upgrading, demotion, transfer, recruitment or recruitment
advertising, layoff or termination. Consultant shall also comply with all relevant provisions of City's
Minority Business Enterprise program, Affirmative Action Plan or other related programs or
guidelines currently in effect or hereinafter enacted.
3.2.10.3 Safety. Consultant shall execute and maintain its work so
as to avoid injury or damage to any person or property. In carrying out its Services, the Consultant
shall at all times be in compliance with all applicable local, state and federal laws, rules and
regulations, and shall exercise all necessary precautions for the safety of employees appropriate
to the nature of the work and the conditions under which the work is to be performed.
3.2.11 Insurance.
3.2.11.1 Minimum Requirements. Without limiting Consultant’s
indemnification of City, and prior to commencement of the Services, Consultant shall maintain at
its own expense during the term of this Agreement, policies of insurance of the type and amounts
described below and in a form that is satisfactory to City.
(A) General Liability Insurance. Consultant shall maintain
commercial general liability insurance with coverage at least as broad as Insurance Services
Office form CG 00 01, in an amount not less than $1,000,000 per occurrence, $2,000,000 general
aggregate, for bodily injury, personal injury, and property damage. The policy must include
contractual liability that has not been amended.
(B) Automobile Liability Insurance. Consultant shall maintain
automobile insurance at least as broad as Insurance Services Office form CA 00 01 covering
bodily injury and property damage for all activities of the Consultant arising out of or in connection
with Work to be performed under this Agreement, including coverage for any owned, hired, non-
owned or rented vehicles, in an amount not less than $1,000,000 combined single limit for each
accident. The City’s Risk Manger may modify this requirement if it is determined that Consultant
will not be utilizing a vehicle in the performance of his/her duties under this Agreement.
(C) Professional Liability (Errors & Omissions) Insurance.
Consultant shall maintain professional liability insurance that covers the Services to be performed
in connection with this Agreement, in the minimum amount of $1,000,000 per claim and in the
aggregate. Any policy inception date, continuity date, or retroactive date must be before the
Item 1I-6Page 98
Contract No. ____________
effective date of this Agreement and Consultant agrees to maintain continuous coverage through
a period no less than three years after completion of the Services required by this Agreement.
(D) Workers’ Compensation Insurance. Consultant shall
maintain Workers’ Compensation Insurance (Statutory Limits) and Employer’s Liability Insurance
(with limits of at least $1,000,000). Consultant shall submit to City, along with the certificate of
insurance, a Waiver of Subrogation endorsement in favor of the City, its officers, agents,
employees, volunteers and representatives.
(E) Umbrella or Excess Liability Insurance. Consultant may opt
to utilize umbrella or excess liability insurance in meeting insurance requirements. In such
circumstances, Consultant shall maintain an umbrella or excess liability insurance policy with
limits that will provide bodily injury, personal injury and property damage liability coverage at least
as broad as the primary coverages set forth above, including commercial general liability and
employer’s liability. Such policy or policies shall include the following terms and conditions:
(1) Concurrency of effective dates with primary policies; and
(2) Policies shall “follow form” to the underlying primary
policies.
(3) Insureds under primary policies shall also be insureds
under the umbrella or excess policies.
(F) Fidelity Coverage. Consultant shall provide evidence of
fidelity coverage on a blanket fidelity bond or other acceptable form. Limits shall be no less than
$1,000,000 per occurrence.
(G) Cyber Liability Insurance. Consultant shall maintain Cyber
Liability insurance with limits of $1,000,000 per occurrence/loss, which shall include the following
coverage:
(1) Liability arising from the theft, dissemination and/or use
of confidential or personally identifiable information;
including credit monitoring and regulatory fines arising
from such theft, dissemination or use of the confidential
information.
(2) Network security liability arising from the unauthorized
use of, access to, or tampering with computer systems.
(3) Electronic Media Liability arising from personal injury,
plagiarism or misappropriation of ideas, domain name
infringement or improper deep-linking or framing, and
infringement or violation of intellectual property rights.
If coverage is maintained on a claims-made basis,
Consultant shall maintain such coverage for an
additional period of three (3) years following termination
of the Agreement.
3.2.11.2 Other Provisions or Requirements.
Item 1I-7Page 99
Contract No. ____________
(A) Proof of Insurance. Consultant shall provide certificates of
insurance to City as evidence of the insurance coverage required herein, along with a waiver of
subrogation endorsement for workers’ compensation. Insurance certificates and endorsements
must be approved by City’s Risk Manager prior to commencement of performance. Current
certification of insurance shall be kept on file with City at all times during the term of this
Agreement.
(B) Duration of Coverage. Consultant shall maintain for the
duration of the Agreement insurance against claims for injuries to persons or damages to
property, which may arise from or in connection with the performance of the Services hereunder
by Consultant, his/her agents, representatives, employees or subconsultants.
(C) Primary/Non-Contributing. The General Liability and
Automobile Liability Coverage maintained by Consultant shall be primary and any insurance or
self-insurance procured or maintained by City shall not be required to contribute with it. The limits
of insurance required herein may be satisfied by a combination of primary and umbrella or excess
insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision
that such coverage shall also apply on a primary and non-contributory basis for the benefit of City
before the City’s own insurance or self-insurance shall be called upon to protect it as a named
insured.
(D) City’s Rights of Enforcement. In the event any policy of
insurance required under this Agreement does not comply with these specifications, or is
canceled and not replaced, City has the right, but not the duty, to terminate this Agreement.
(E) Acceptable Insurers. All insurance policies shall be issued
by an insurance company currently authorized by the Insurance Commissioner to transact
business of insurance or is on the List of Approved Surplus Line Insurers in the State of California,
with an assigned policyholders’ Rating of A- (or higher) and Financial Size Category Class VII (or
larger) in accordance with the latest edition of Best’s Key Rating Guide, unless otherwise
approved by the City’s Risk Manager.
(F) Waiver of Subrogation. The required General Liability,
Automobile Liability, and Workers Compensation insurance coverage maintained pursuant to this
agreement shall be endorsed to waive subrogation against the City, its elected or appointed
officers, agents, officials, employees, volunteers, and representatives or shall specifically allow
Consultant or others providing insurance evidence in compliance with these specifications to
waive their right of recovery prior to a loss.
(G) Enforcement of Contract Provisions (non estoppel).
Consultant acknowledges and agrees that any actual or alleged failure on the part of the City to
inform Consultant of non-compliance with any requirement imposes no additional obligations on
the City nor does it waive any rights hereunder.
(H) Requirements Not Limiting. Requirements of specific
coverage features or limits contained in this Section are not intended as a limitation on coverage,
limits or other requirements, or a waiver of any coverage normally provided by any insurance.
Specific reference to a given coverage feature is for purposes of clarification only as it pertains to
a given issue and is not intended by any party or insured to be all inclusive, or to the exclusion of
other coverage, or a waiver of any type. If the Consultant maintains higher limits than the
minimums shown above, the City requires and shall be entitled to coverage for the higher limits
maintained by the Consultant. Any available insurance proceeds in excess of the specified
minimum limits of insurance and coverage shall be available to the City.
Item 1I-8Page 100
Contract No. ____________
(I) Notice of Cancellation. Consultant agrees to oblige its
insurance agent or broker and insurers to provide City with a thirty (30) day notice of cancellation
(except for nonpayment for which a ten (10) day notice is required) or nonrenewal of coverage for
each required coverage. If any policy or insurer cannot provide notice of cancellation as
referenced above then the obligation to notify of cancellation will reside with the Consultant.
(J) Additional Insured Status. General liability, automobile
liability, , policies shall provide or be endorsed to provide that the City and its officers, officials,
employees, agents, volunteers and representatives shall be additional insureds with regard to
liability and defense of suits or claims arising out of the performance of the Agreement, under
such policies. This provision shall also apply to any excess/umbrella liability policies.
(K) Separation of Insureds. A severability of interests provision
must apply for all additional insureds ensuring that Consultant’s insurance shall apply separately
to each insured against whom claim is made or suit is brought, except with respect to the insurer’s
limits of liability. The policy(ies) shall not contain any cross-liability exclusions.
(L) Pass Through Clause. Consultant agrees to ensure that its
subconsultants, subcontractors, and any other party involved with the Project who is brought onto
or involved in the Project by Consultant, provide the same minimum insurance coverage and
endorsements required of Consultant, or be covered under the Consultant’s policies. Consultant
agrees to monitor and review all such coverage and assumes all responsibility for ensuring that
such coverage is provided in conformity with the requirements of this section. Consultant agrees
that upon request, all agreements with subconsultants, subcontractors, and others engaged in
the Project will be submitted to City for review.
(M) City’s Right to Revise Specifications. The City and the City’s
Risk Manager reserve the right at any time during the term of the Agreement to change the
amounts and types of insurance required by giving the Consultant ninety (90) days advance
written notice of such change. If such change results in additional cost to the Consultant, the City
and Consultant may renegotiate Consultant’s compensation. If the City reduces the insurance
requirements, the change shall go into effect immediately and require no advanced written notice.
(N) Self-Insured Retentions. Any self-insured retentions or
deductibles are the sole responsibility of the Consultant.
(O) Timely Notice of Claims. Consultant shall give City prompt
and timely notice of claims made or suits instituted that arise out of or result from Consultant’s
performance under this Agreement, and that involve or may involve coverage under any of the
required liability policies.
(P) Additional Insurance. Consultant shall also maintain, at its
own cost and expense, any additional kinds of insurance, which in its own judgment may be
necessary for its proper protection and prosecution of the Services.
3.2.12 Water Quality Management and Compliance. Consultant shall keep itself
and all subcontractors, staff, and employees fully informed of and in compliance with all local,
state and federal laws, rules and regulations that may impact, or be implicated by the performance
of the Services including, without limitation, all applicable provisions of the City’s ordinances
regulating water quality and storm water; the Federal Water Pollution Control Act (33 U.S.C.
§ 1251, et seq.); the California Porter-Cologne Water Quality Control Act (Water Code § 13000
et seq.); and any and all regulations, policies, or permits issued pursuant to any such authority.
Consultant must comply with the lawful requirements of the City, and any other municipality,
Item 1I-9Page 101
Contract No. ____________
drainage district, or other local agency with jurisdiction over the location where the Services are
to be conducted, regulating water quality and storm water discharges. Failure to comply with
laws, regulations, and ordinances listed in this Section is a violation of federal and state law.
Consultant warrants that all employees and subcontractors shall have sufficient skill and
experience to perform the work assigned to them without impacting water quality in violation of
the laws, regulations and policies of this Section.
3.3 Fees and Payments.
3.3.1 Compensation. Consultant shall receive compensation, including
authorized reimbursements, for all Services rendered under this Agreement at the rates set forth
in Exhibit "C" attached hereto and incorporated herein by reference. The total compensation shall
not exceed amounts listed in fee proposal and shall not exceed 8 basis points, without written
approval of the City Council or City Manager, as applicable.
3.3.2 Payment of Compensation. Consultant shall submit to City monthly
invoices which provide a description of the fees charged by Consultant. City shall, within 30 days
of receiving such invoice, review the invoice and pay all non-disputed and approved charges. If
the City disputes any of Consultant's fees, the City shall give written notice to Consultant within
thirty (30) days of receipt of an invoice of any disputed fees set forth therein. Consultant shall
submit its final invoice to City within thirty (30) days from the last date of provided Services or
termination of this Agreement and failure by the Consultant to submit a timely invoice may
constitute a waiver of its right to final payment. Payment shall not constitute acceptance of any
Services completed by Consultant. The making of final payment shall not constitute a waiver of
any claims by the City for any reason whatsoever.
3.3.3 Reimbursement for Expenses. Consultant shall not be reimbursed for any
expenses unless authorized in writing by City, or included in Exhibit "C" of this Agreement.
3.3.4 Extra Work. At any time during the term of this Agreement, City may
request that Consultant perform Extra Work. As used herein, "Extra Work" means any work which
is determined by City to be necessary for the proper completion of the Project, but which the
Parties did not reasonably anticipate would be necessary at the execution of this Agreement.
Consultant shall not perform, nor be compensated for, Extra Work without written authorization
from the City.
3.4 Labor Code Requirements.
3.4.1 Prevailing Wages. Consultant is aware of the requirements of California
Labor Code Section 1720, et seq., and 1770, et seq., as well as California Code of Regulations,
Title 8, Section 16000, et seq., ("Prevailing Wage Laws"), which require the payment of prevailing
wage rates and the performance of other requirements on "public works" and "maintenance"
projects. If the Services are being performed as part of an applicable "public works" or
"maintenance" project, as defined by the Prevailing Wage Laws, Consultant agrees to fully comply
with such Prevailing Wage Laws. City shall provide Consultant with a copy of the prevailing rates
of per diem wages in effect at the commencement of this Agreement. Consultant shall make
copies of the prevailing rates of per diem wages for each craft, classification or type of worker
needed to execute the Services available to interested parties upon request, and shall post copies
at the Consultant's principal place of business and at the project site. It is the intent of the parties
to effectuate the requirements of sections 1771, 1774, 1775, 1776, 1777.5, 1813, and 1815 of the
Labor Code within this Agreement, and Consultant shall therefore comply with such Labor Code
sections to the fullest extent required by law. Consultant shall defend, indemnify and hold the
City, its officials, officers, employees, agents, volunteers and representatives, free and harmless
Item 1I-10Page 102
Contract No. ____________
from any claim or liability arising out of any failure or alleged failure to comply with the Prevailing
Wage Laws.
3.4.2 Registration/DIR Compliance. If the Services are being performed on a
public works project of over $25,000 when the project is for construction, alteration, demolition,
installation, or repair work, or a public works project of over $15,000 when the project is for
maintenance work, in addition to the foregoing, then pursuant to Labor Code sections 1725.5 and
1771.1, the Consultant and all subconsultants must be registered with the Department of
Industrial Relations (“DIR”). Consultant shall maintain registration for the duration of the Project
and require the same of any subconsultants. This Project may also be subject to compliance
monitoring and enforcement by the DIR. It shall be Consultant’s sole responsibility to comply with
all applicable registration and labor compliance requirements, including the submission of payroll
records directly to the DIR. Any stop orders issued by the DIR against Consultant or any
subconsultant that affect Consultant’s performance of Services, including any delay, shall be
Consultant’s sole responsibility. Any delay arising out of or resulting from such stop orders shall
be considered Consultant caused delay and shall not be compensable by the City. Consultant
shall defend, indemnify and hold the City, its officials, officers, employees, agents, volunteers and
representatives free and harmless from any claim or liability arising out of stop orders issued by
the DIR against Consultant or any subconsultant.
3.4.3 Labor Certification. By its signature hereunder, Consultant certifies that it
is aware of the provisions of Section 3700 of the California Labor Code which require every
employer to be insured against liability for Worker's Compensation or to undertake self-insurance
in accordance with the provisions of that Code, and agrees to comply with such provisions before
commencing the performance of the Services.
3.5 Accounting Records.
3.5.1 Maintenance and Inspection. Consultant shall maintain complete and
accurate records with respect to all costs and expenses incurred under this Agreement. All such
records shall be clearly identifiable. Upon at 30 days prior written notice, Consultant shall allow a
representative of City during normal business hours to examine, audit, and make transcripts or
copies of such records and any other documents created pursuant to this Agreement. Consultant
shall allow inspection of all work, data, documents, proceedings, and activities related to the
Agreement for a period of three (3) years from the date of final payment under this Agreement.
3.6 General Provisions.
3.6.1 Termination of Agreement.
3.6.1.1 Grounds for Termination. City may, by written notice to
Consultant, terminate the whole or any part of this Agreement at any time and without cause by
giving written notice to Consultant of such termination, and specifying the effective date thereof,
at least seven (7) days before the effective date of such termination. Upon termination, Consultant
shall be compensated only for those Services which have been adequately rendered to City, and
Consultant shall be entitled to no further compensation. Consultant may not terminate this
Agreement except for cause. The rights and remedies of the City provided in this section shall
not be exclusive and are in addition to any other rights and remedies provided by law, equity or
under this Agreement.
3.6.1.2 Effect of Termination. If this Agreement is terminated as
provided herein, City may require Consultant to provide all finished or unfinished Documents and
Data and other information of any kind prepared by Consultant in connection with the performance
Item 1I-11Page 103
Contract No. ____________
of Services under this Agreement. Consultant shall be required to provide such document and
other information within fifteen (15) days of the request. Consultant shall be permitted to retain
copies of all finished or unfinished Documents and Data and information of any kind prepared by
Consultant in connection with the performance of Services under this Agreement to comply with
relevant legal and regulatory obligations, and in connection with routine internal electronic
archiving.
3.6.1.3 Early Termination. Notwithstanding any provision herein to
the contrary, if for any fiscal year of this Agreement the City Council fails to appropriate or allocate
funds for future payment under the Agreement after exercising reasonable efforts to do so, the
City may upon seven (7) days’ written notice, order work on the Project to cease. Upon
termination, Consultant shall be compensated only for those Services which have been
adequately rendered to City, and Consultant shall be entitled to no further compensation.
3.6.1.4 Additional Services. In the event this Agreement is
terminated in whole or in part as provided herein, City may procure, upon such terms and in such
manner as it may determine appropriate, services similar to those terminated.
Item 1I-12Page 104
Contract No. ____________
3.6.2 Delivery of Notices. All notices permitted or required under this Agreement
shall be given to the respective parties at the following address, or at such other address as the
respective parties may provide in writing for this purpose:
Consultant: PFM Asset Management LLC
633 W 5th Street, Suite 2560
Los Angeles, CA 90071
ATTN: Sarah Meacham, Managing Director
City: City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
ATTN: Veronica Chavez, Finance Director/City Treasurer
Such notice shall be deemed made when personally delivered or when mailed, forty-eight (48)
hours after deposit in the U.S. Mail, first class postage prepaid and addressed to the party at its
applicable address. Actual notice shall be deemed adequate notice on the date actual notice
occurred, regardless of the method of service.
3.6.3 Ownership of Materials and Confidentiality.
3.6.3.1 Documents & Data; Licensing of Intellectual Property. This
Agreement creates a nonexclusive and perpetual license for City to copy, use, modify, reuse, or
sublicense any and all copyrights, designs, and other intellectual property embodied in plans,
specifications, studies, drawings, estimates, and other documents or works of authorship fixed in
any tangible medium of expression, including but not limited to, physical drawings or data
magnetically or otherwise recorded on computer diskettes, which are prepared or caused to be
prepared by Consultant under this Agreement ("Documents & Data"). All Documents & Data shall
be and remain the property of City, and shall not be used in whole or in substantial part by
Consultant on other projects without the City’s express written permission. Within thirty (30) days
following the completion, suspension, abandonment or termination of this Agreement, Consultant
shall provide to City reproducible copies of all Documents & Data, in a form and amount required
by City. City reserves the right to select the method of document reproduction and to establish
where the reproduction will be accomplished. The reproduction expense shall be borne by City
at the actual cost of duplication. In the event of a dispute regarding the amount of compensation
to which the Consultant is entitled under the termination provisions of this Agreement, Consultant
shall provide all Documents & Data to City upon payment of the undisputed amount. Consultant
shall have no right to retain or fail to provide to City any such documents pending resolution of
the dispute. In addition, Consultant shall retain copies of all Documents & Data on file for a
minimum of six (6) years following completion of the Project, and shall make copies available to
City upon the payment of actual reasonable duplication costs. Before destroying the Documents
& Data following this retention period, Consultant shall make a reasonable effort to notify City and
provide City with the opportunity to obtain the documents.
3.6.3.2 Subconsultants. Consultant shall require all subconsultants
to agree in writing that City is granted a nonexclusive and perpetual license for any Documents &
Data the subconsultant prepares under this Agreement. Consultant represents and warrants that
Consultant has the legal right to license any and all Documents & Data. Consultant makes no
such representation and warranty in regard to Documents & Data which were prepared by
professionals other than Consultant or its subconsultants, or those provided to Consultant by the
City.
Item 1I-13Page 105
Contract No. ____________
3.6.3.3 Right to Use. City shall not be limited in any way in its use
or reuse of the Documents and Data or any part of them at any time for purposes of this Project
or another project, provided that any such use not within the purposes intended by this Agreement
or on a project other than this Project without employing the services of Consultant shall be at
City’s sole risk. If City uses or reuses the Documents & Data on any project other than this Project,
it shall remove the Consultant’s seal from the Documents & Data and indemnify and hold harmless
Consultant and its officers, directors, agents and employees from claims arising out of the
negligent use or re-use of the Documents & Data on such other project. Consultant shall be
responsible and liable for its Documents & Data, pursuant to the terms of this Agreement, only
with respect to the condition of the Documents & Data at the time they are provided to the City
upon completion, suspension, abandonment or termination. Consultant shall not be responsible
or liable for any revisions to the Documents & Data made by any party other than Consultant, a
party for whom the Consultant is legally responsible or liable, or anyone approved by the
Consultant.
3.6.3.4 Indemnification – Documents and Data. Consultant shall
defend, indemnify and hold the City, its directors, officials, officers, employees, volunteers, agents
and representatives free and harmless, pursuant to the indemnification provisions of this
Agreement, for any alleged infringement of any patent, copyright, trade secret, trade name,
trademark, or any other proprietary right of any person or entity in consequence of the use on the
Project by City of the Documents & Data, including any method, process, product, or concept
specified or depicted.
3.6.3.5 Confidentiality. All ideas, memoranda, specifications, plans,
procedures, drawings, descriptions, computer program data, input record data, written
information, and other Documents & Data either created by or provided to Consultant in
connection with the performance of this Agreement shall be held confidential by Consultant. Such
materials shall not, without the prior written consent of City, be used by Consultant for any
purposes other than the performance of the Services, except as may be required by law or by
regulatory or judicial process. Nor shall such materials be disclosed to any person or entity not
connected with the performance of the Services or the Project, except as may be required by law
or by regulatory or judicial process. Nothing furnished to Consultant which is otherwise known to
Consultant or is generally known, or has become known, to the related industry shall be deemed
confidential. Consultant shall not use City's name or insignia, photographs of the Project, or any
publicity pertaining to the Services or the Project in any magazine, trade paper, newspaper,
television or radio production or other similar medium without the prior written consent of City.
3.6.3.6 Confidential Information. The City shall refrain from
releasing Consultant’s proprietary information ("Proprietary Information") unless the City's legal
counsel determines that the release of the Proprietary Information is required by the California
Public Records Act or other applicable state or federal law, or order of a court of competent
jurisdiction, in which case the City shall notify Consultant of its intention to release Proprietary
Information. Consultant shall have five (5) working days after receipt of the release notice to give
City written notice of Consultant's objection to the City's release of Proprietary Information.
Consultant shall indemnify, defend and hold harmless the City, and its officers, directors,
employees, agents, volunteers and representatives from and against all liability, loss, cost or
expense (including attorney’s fees) arising out of a legal action brought to compel the release of
Proprietary Information. City shall not release the Proprietary Information after receipt of an
objection notice unless either: (1) Consultant fails to fully indemnify, defend (with City's choice of
legal counsel), and hold City harmless from any legal action brought to compel such release;
and/or (2) a final and non-appealable order by a court of competent jurisdiction requires that City
release such information.
Item 1I-14Page 106
Contract No. ____________
3.6.4 Cooperation; Further Acts. The Parties shall fully cooperate with one
another, and shall take any additional acts or sign any additional documents as may be necessary,
appropriate or convenient to attain the purposes of this Agreement.
3.6.5 [Reserved]
3.6.6 Indemnification.
3.6.6.1 To the fullest extent permitted by law, Consultant shall
defend (with counsel of City’s choosing), indemnify and hold the City, its officials, officers,
employees, volunteers, agents, and representatives free and harmless from any and all claims,
demands, causes of action, costs, expenses, liability, loss, damage or injury of any kind, in law or
equity, to property or persons, including wrongful death, in any manner arising out of, pertaining
to, or incident to any wrongful acts, errors or omissions, whether intentional or negligent, of
Consultant, its officials, officers, employees, subconsultants or agents in connection with the
performance of the Consultant’s Services, the Project or this Agreement, including without
limitation the payment of all expert witness fees, attorney’s fees and other related costs and
expenses except such loss or damage caused by the sole negligence or willful misconduct of the
City. Consultant's obligation to indemnify shall survive expiration or termination of this Agreement
and shall not be restricted to insurance proceeds, if any, received by Consultant, the City, its
officials, officers, employees, agents, volunteers, or representatives.
3.6.6.2 If Consultant’s obligation to defend, indemnify, and/or hold
harmless arises out of Consultant’s performance as a “design professional” (as that term is
defined under Civil Code section 2782.8), then, and only to the extent required by Civil Code
section 2782.8, which is fully incorporated herein, Consultant’s indemnification obligation shall be
limited to claims that arise out of, pertain to, or relate to the negligence, recklessness, or willful
misconduct of the Consultant, and, upon Consultant obtaining a final adjudication by a court of
competent jurisdiction, Consultant’s liability for such claim, including the cost to defend, shall not
exceed the Consultant’s proportionate percentage of fault.
3.6.7 Entire Agreement. This Agreement contains the entire agreement of the
Parties with respect to the subject matter hereof, and supersedes all prior negotiations,
understandings or agreements.
3.6.8 Governing Law. This Agreement shall be governed by the laws of the State
of California. Venue shall be in Riverside County.
3.6.9 Time of Essence. Time is of the essence for each and every provision of
this Agreement.
3.6.10 City's Right to Employ Other Consultants. City reserves right to employ
other consultants in connection with this Project.
3.6.11 Successors and Assigns. This Agreement shall be binding on the
successors and assigns of the Parties.
3.6.12 Assignment; Subcontracting. Consultant shall not assign, sublet, or
transfer this Agreement or any rights under or interest in this Agreement without the written
consent of the City, which may be withheld for any reason. Any attempt to so assign or so transfer
without such consent shall be void and without legal effect and shall constitute grounds for
termination. Consultant shall not subcontract any portion of the Services required by this
Agreement, except as expressly stated herein, without prior written approval of City.
Item 1I-15Page 107
Contract No. ____________
Subcontracts, if any, shall contain a provision making them subject to all provisions stipulated in
this Agreement.
3.6.13 Construction; References; Captions. Since the Parties or their agents have
participated fully in the preparation of this Agreement, the language of this Agreement shall be
construed simply, according to its fair meaning, and not strictly for or against any Party. Any term
referencing time, days or period for performance shall be deemed calendar days and not work
days. All references to Consultant include all personnel, employees, agents, and subconsultants
of Consultant, except as otherwise specified in this Agreement. All references to City include its
elected officials, officers, employees, agents, volunteers and representatives except as otherwise
specified in this Agreement. The captions of the various articles and paragraphs are for
convenience and ease of reference only, and do not define, limit, augment, or describe the scope,
content, or intent of this Agreement.
3.6.14 Amendment; Modification. No supplement, modification, or amendment of
this Agreement shall be binding unless executed in writing and signed by both Parties.
3.6.15 Waiver. No waiver of any default shall constitute a waiver of any other
default or breach, whether of the same or other covenant or condition. No waiver, benefit,
privilege, or service voluntarily given or performed by a Party shall give the other Party any
contractual rights by custom, estoppel, or otherwise.
3.6.16 No Third-Party Beneficiaries. There are no intended third party
beneficiaries of any right or obligation assumed by the Parties.
3.6.17 Invalidity; Severability. If any portion of this Agreement is declared invalid,
illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions
shall continue in full force and effect.
3.6.18 Prohibited Interests. Consultant maintains and warrants that it has not
employed nor retained any company or person, other than a bona fide employee working solely
for Consultant, to solicit or secure this Agreement. Further, Consultant warrants that it has not
paid nor has it agreed to pay any company or person, other than a bona fide employee working
solely for Consultant, any fee, commission, percentage, brokerage fee, gift or other consideration
contingent upon or resulting from the award or making of this Agreement. For breach or violation
of this warranty, City shall have the right to rescind this Agreement without liability. For the term
of this Agreement, no member, officer or employee of City, during the term of his or her service
with City, shall have any direct interest in this Agreement, or obtain any present or anticipated
material benefit arising therefrom.
3.6.19 Authority to Enter Agreement. Consultant has all requisite power and
authority to conduct its business and to execute, deliver, and perform the Agreement. Each Party
warrants that the individuals who have signed this Agreement have the legal power, right, and
authority to make this Agreement and bind each respective Party.
3.6.20 Counterparts. This Agreement may be signed in counterparts, each of
which shall constitute an original.
3.6.21 Survival. All rights and obligations hereunder that by their nature are to
continue after any expiration or termination of this Agreement, including, but not limited to, the
indemnification obligations, shall survive any such expiration or termination.
[SIGNATURES ON NEXT PAGE]
Item 1I-16Page 108
Contract No. ____________
SIGNATURE PAGE TO PROFESSIONAL SERVICES AGREEMENT
BY AND BETWEEN THE CITY OF PALM DESERT
AND PFM ASSET MANAGEMENT, LLC
IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be
executed on the day and year first above written.
CITY OF PALM DESERT
By:
L. Todd Hileman
City Manager
ATTEST:
By:
Anthony Mejia, City Clerk
City Clerk
APPROVED AS TO FORM:
By:
Best Best & Krieger LLP
City Attorney
PFM Asset Management, LLC
[If Corporation, TWO SIGNATURES,
President OR Vice President AND Secretary
OR Treasurer REQUIRED]
By:
Its:
Printed Name:
[DELETE THE FOLLOWING SIGNATURE LINE
and second notary acknowledgement IF second
signature NOT REQUIRED]
By:
Its:
Printed Name:
QC: _____
Insurance:
_____
Initial Review
_____
Final Approval
Item 1I-17Page 109
Contract No. ____________
Exhibit “A”
EXHIBIT "A"
SCOPE OF SERVICES
as Listed in Proposal for Investment Management Services
Item 1I-18Page 110
Contract No. ____________
Exhibit “B”
EXHIBIT "B"
SCHEDULE OF SERVICES
as Listed in Proposal for Investment Management Services
Item 1I-20Page 111
Contract No. ____________
Exhibit “C”
EXHIBIT "C"
COMPENSATION
As Listed in the Fee Proposal
Item 1I-21Page 112
City of Palm Desert
Proposal for Investment Management and
Advisory Services
RFP 2022-REQ-152
January 6, 2023
PFM Asset
Management LLC
633 W 5th Street Suite 2560
Los Angeles, CA 90071
213.999.7203
pfmam.com For Institutional Investor or
Investment Professional Use
Only – This material is not for
inspection by, distribution to, or
quotation to the general public
NOT FDIC INSURED :
NO BANK GUARANTEE :
MAY LOSE VALUE
Item 1I-22Page 113
7 City of Palm Desert Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
The following plan assumes we receive all necessary administrative documentation and
authorizations from the City in a timely manner. We include a schedule for the first year in Appendix
C.
10. SCOPE OF SERVICES
10.1 Scope of Work
1. Manage the City’s investment portfolio pursuant to the City’s Investment policy.
We believe we will also add value to the City’s portfolio by creating operational efficiencies that may be
difficult to achieve at a local government level. In our role with the City, we will take on the responsibility
for many of the time-consuming, day-to-day activities related to managing a portfolio, including
competitively shopping transactions, coordinating trade settlement with the broker and custodian,
reconciling investment activity, monitoring credit quality, and preparing investment reports.
PFMAM utilizes Bloomberg Asset and Investment Manager (“Bloomberg AIM”) to house, monitor, and
automate compliance. All trades are staged and processed through Bloomberg AIM, which applies all
aspects of each client’s investment policy guidelines and limits to pending trades and verifies compliance
on a pre-trade basis. Post-trade compliance is also checked after every trade. Lastly, every one of our
managed portfolios is run through an end-of-day compliance check.
2. Assist the City with cash flow/maturity analysis.
PFMAM will use its proprietary cash flow model to review the City’s historical cash flow data. We will
provide recommendations regarding how to best minimize excess cash while ensuring you have funds
for unexpected expenditures. We will work with City staff to develop a dynamic portfolio structure that
allows for adequate liquidity to meet the City’s cash flow requirements, while seeking to maximize
interest earnings by utilizing longer-term investments.
In addition to recommendations driven by cash flow needs, PFMAM also regularly develops
recommendations based on market conditions. We will regularly review the City’s investment holdings
for opportunities. Economic conditions and changes in interest rates, among other factors, are all
considered when we advise you. For example, when the Federal Reserve (“Fed”) makes a specific
Item 1I-31
EXHIBIT "A" and "B"
SCOPE OF SERVICES and SCHEDULE OF SERVICES
Page 114
8 City of Palm Desert Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
statement or changes policy, the dynamics of the short-term markets can be affected, and subsequently
reflected in our portfolio decisions. We notify clients of our current views on the market through monthly
commentaries and other educational pieces, such as our recent pieces on the opportunities presented
by investing in supranationals and why clients might want to consider asset-backed securities (“ABS”) in
the current market. We include both pieces in Appendix D.
3. Provide assistance in developing and implementing an investment strategy that will maintain or
enhance portfolio quality and performance within the parameters of the City’s Investment Policy
and cash flow needs.
We will work with the City to review and potentially enhance investment procedures and portfolio
documentation. We will detail how we will work with the City to develop and execute an investment
strategy consistent with the City’s stated investment policy objectives and parameters, applicable laws
and our understanding of the City’s cash flow needs throughout this scope of services.
Once a strategy is determined together with the City, our engagement team will implement and monitor
the customized investment strategy for the portfolio—any recommended amendments to the City’s
Investment Policy required to implement this strategy will be made to the City. Our investment process
involves a combination of committee-driven strategic decisions and daily review and implementation by
the assigned portfolio management team. Our Fixed Income Investment Committee (“Investment
Committee”) establishes key investment strategy parameters, such as duration and sector allocation
targets, while the portfolio manager makes day-to-day decisions that incorporate the City’s objectives,
constraints and optimal portfolio structure.
To further shape how the portfolio strategy is developed and implemented, relationship managers like
Sarah and Richard will coordinate with our portfolio strategists and the portfolio manager. This approach
allows us to provide more customized recommendations to our clients, such as cash flow considerations.
4. Provide credit analysis of investment instruments in the portfolio, and evaluate market risk and
develop strategies that minimize its impact on the portfolio.
Should there be any significant market events that impact portfolio security or performance, we will
immediately notify the City. We recently provided our clients with an update concerning the latest Fed
interest rate increase and regularly provide our clients with a written monthly market update and special
reports. In addition, we host a monthly California Market Update webinar.
We believe a strong credit process, including issuer monitoring, is more important than ever as markets
increasingly face global events such as the pandemic and military conflicts. Our clients benefit from the
combined resources of U.S. Bancorp Asset Management, Inc. ("USBAM") and PFMAM’s credit analyst
teams, further enhancing our time-tested credit process.
With PFMAM as its investment advisor, the City’s corporate issuers would be monitored by the Credit
Research Group, which represents the combined resources of USBAM’s and PFMAM’s credit analyst
teams. We monitor issuers in and out of our Approved Issuer universe on a continual basis in order to
identify potential downgrades before they occur. If a downgrade below the level required to purchase
were to occur for a security in the City’s portfolio, we would (1) notify the City, (2) fully assess the
issuer’s credit situation and (3) recommend a course of action based on the City’s circumstances.
Item 1I-32Page 115
9 City of Palm Desert Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
We seek to control market risk primarily through careful management of portfolio duration, both on an
absolute basis, and relative to any established benchmark. Although longer duration portfolios have
typically generated greater returns over time, they also expose the portfolio to greater short-term
volatility. We establish duration limits and targets for each portfolio based on each client’s return
objectives and risk tolerance, and we manage each portfolio within the established limits.
5. Continually monitor market conditions and circumstances and report on any recommended
changes to policies, strategies, and specific positions.
PFMAM meticulously monitors market sectors, which helps us to quickly identify new investment
opportunities and adapt investment strategies as market conditions change over time. We will
communicate our market and economic research and analysis to the City through monthly
commentaries, quarterly reports and periodic whitepapers, or special reports.
PFMAM typically takes a proactive approach to portfolio management. In other words, our portfolio
managers typically do not hold all securities to maturity. Market opportunities may arise whereby a
security could be sold, and another purchased, which enhances the return of the portfolio and helps
ensure ongoing consistency with the City’s investment strategy. As the City’s investment advisor, we
would demonstrate the benefits and considerations to an active management approach and work with
the City to determine if this approach is suitable.
Investment decisions are monitored at the portfolio level through a series of daily and weekly reports
used by the portfolio management team to assess portfolio duration, sector allocation, maturity structure,
and performance. Performance is compared to comparable market benchmarks and dissected to
determine the source of relative performance differences.
At the individual security level, all risk characteristics are monitored regularly, triggering re-evaluation if
necessary. In particular, we have monitoring systems in place to immediately identify important news
that might affect an issuer, as well as any rating agency actions, such as upgrades, downgrades, credit
watch, or changes to ratings outlooks. In fact, our credit review process seeks to identify potential rating
changes before they occur. Individual holdings are also regularly assessed from both a yield and
performance perspective. All holdings within a sector are evaluated against the universe of investments
in that sector to identify individual securities with the best value.
6. Perform broker/dealer due diligence and maintain relations with the broker/dealer community.
We are not a broker/dealer or bank, and we carry no inventory of securities. Rather, we competitively
shop every transaction to seek to obtain best execution for our clients. For every security we buy and
sell, we solicit bids from a minimum of three to five broker/dealers (when available) from our approved
broker universe. Our current broker/dealer list encompasses more than 60 different names. We will
solicit bids for different types of securities from different brokers whom we know to trade efficiently,
provide good pricing, and/or good execution on that specific security type. This depth of broker/dealer
relationships allows us to provide cost savings to our clients because no one broker/dealer can offer an
optimal price all the time.
Item 1I-33Page 116
10 City of Palm Desert Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
PFMAM maintains an approved broker/dealer list (approximately 60 in total). We only add broker/dealers
to this list that we have reviewed, approved, and regularly monitor (i.e., primary dealers who regularly
report to the New York Federal Reserve Bank or approved regional or secondary market dealers that
qualify under the SEC Rule 15C3-1). We have established policies and procedures to evaluate and
monitor firms’ creditworthiness and their ability to perform the duties necessary for efficient trade
execution. Our Credit Risk Management Committee assesses many important factors, including market
presence, capitalization, company history, profitability and management, product availability, trade
execution, timeliness of information, quality of service and personnel, and special circumstances such as
qualified minority/women-owned business enterprise (“M/WBE”) firms.
By delegating the broker/dealer review and monitoring function to PFMAM, the City would benefit from
our firm’s extensive due diligence, long-term relationships in the brokerage community, economies of
scale, and access to investment offerings at the most available competitive prices. As the City’s
investment advisor, we would be responsible for overseeing compliance for broker/dealer selection. We
will conduct formal semi-annual reviews of all approved broker/dealers to help ensure counterparties
continue to meet our safety, service, and competitive pricing standards. We will use our knowledge of
broker strengths and weaknesses to select what we believe to be the optimal list of brokers for each
security type and situation. Through our well-informed competitive bidding process, we will work
diligently, seeking to obtain optimal prices for the City on every trade.
7. Place all orders for the purchase and sale of securities, communicate settlement information to
the City’s staff and coordinate security settlement. All trades to be approved by City staff.
Execute all approved trades through competitive bidding processes when possible.
PFMAM meticulously monitors market sectors, which helps us to quickly identify new investment
opportunities and adapt investment strategies as market conditions change over time. We will
communicate our market and economic research and analysis to the City through monthly
commentaries, quarterly reports and periodic whitepapers, or special reports.
For each buy/sell transaction, our portfolio management team will:
▸Identify and execute trade opportunities, including performing investment research and analysis of
macroeconomic environment, evaluating sectors and issues for relative value, and identifying
specific issues that fit the strategy, including competitively shopping from at least three qualified
brokers for the security.
▸Once approved by the City, execute the trade through a competitive process, including coordinating
trade settlement and transmitting trade information to both the client and custodian, confirming
custodial receipt.
▸Provide the client with a copy of the trade confirmation from our team and broker confirmation.
▸Enter the trade into our accounting and reporting system.
All clients receive trade confirmations the same day, and broker confirms may be sent independently.
Item 1I-34Page 117
11 City of Palm Desert Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
8. Ensure the portfolio is in compliance with applicable laws and the City’s Investment Policy
including ordinances and resolutions relating to the investment of public funds.
PFMAM has made substantial investments in our compliance practices—both staffing and technology—
to help ensure we adhere to clients’ investment policies and state regulations such as Code.
The City’s policy and any other written guidelines will be coded in Bloomberg AIM, an automated policy
compliance and trade execution system. Compliance personnel are integral to the input and
implementation of all client policy limits into Bloomberg AIM, and provide an independent review of all
rules and documentation before trading can commence. In addition to the initial setup in Bloomberg AIM,
the other components of PFMAM’s multi-layered compliance oversight and daily practices are described
below.
▸Culture of Compliance. The PFMAM trading desk also follows a detailed protocol on the
execution, confirmation, and settlement of client transactions. These procedures include numerous
checks and balances and are designed to minimize and catch any trade errors or failed trades,
whether caused by PFMAM, the broker counterparty, or the custody bank. There is also separation
of duties between trading and accounting/reporting/reconciliation.
▸Automated Compliance Monitoring of Trade Activity. All of our trades are entered through
Bloomberg AIM. Bloomberg AIM helps ensure compliance between a client’s investment policy and
a pending trade in a real-time environment. Bloomberg AIM also allows our portfolio managers and
traders to monitor allocations more easily among individual sectors and issuers within the guidelines
set forth by investment policies.
▸Post-Trade Review. At the end of each day, Bloomberg AIM is used to conduct a full compliance
check on all portfolios. Any exceptions are reported to the Compliance Group for resolution.
▸Transparency. Lastly, PFMAM maintains a culture of transparency in our reporting and
communication with clients. In addition to a variety of periodic portfolio and performance reports,
clients also have access to their portfolios on a daily basis through our secure online client portal so
that they can review their current holdings and transactions at all times.
Bloomberg AIM
We utilize Bloomberg AIM to house, monitor, and automate investment policy compliance. During the
account onboarding process, every client’s investment policy is reviewed and investment restrictions of
any applicable bond resolution, are entered into Bloomberg AIM and independently verified by PFMAM’s
Compliance Group. All trades are processed through Bloomberg AIM, which applies client investment
policy guidelines and limits to pending trades, and verifies compliance. Compliance is also verified on a
post-trade basis after trade execution. At the end of each day, every one of our firm’s managed portfolio
is run through an additional compliance check. All exceptions are reported to and addressed by
PFMAM’s Compliance Group. In addition, post-trade compliance is also confirmed by the following
procedures:
▸Portfolio managers and traders review daily holdings reports for each portfolio.
Item 1I-35Page 118
12 City of Palm Desert Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
▸All trading activity is regularly reviewed by the CIO.
▸Monthly and quarterly client reports can be used to affirm compliance with client guidelines.
Investment mandates are monitored through weekly internal portfolio reports that show detailed
holdings, sector allocations, and key performance drivers, such as duration.
▸Performance of all accounts is calculated and reviewed weekly relative to market benchmarks;
attribution trends are noted and analyzed.
9. Attend Finance Committee or City Council meetings as necessary.
Sarah and/or Richard will attend Finance Committee or City Council meetings as necessary. At these
meetings, we are happy to provide training on a wide range of investment topics, should the Finance
Committee or City Council request it.
10. Provide the City with investment reports that shall include, but not be limited to the following:
a. Monthly statements with all the information required by the California Government Code and
Governmental Accounting Standards Board (GASB). These reports must include, but not
limited to detailed portfolio holdings including purchase price, accrued interest, amortized
cost, market and book values, purchase date, maturity date, next upcoming potential call
date, assigned security ratings by a nationally recognized statistical rating organization
(NRSRA), principal and interest payments, effective earnings rate, yield to maturity, days to
maturity, and portfolio summary statistics. These reports are required to be completed no
later than the 10th of the month for the immediately preceding month for presentation to the
City Council at their next available meeting.
b. Quarterly investment reports including a description of market conditions, investment
strategies employed, performance, and suggested changes to investment strategy. The
performance numbers shall be presented as required by the CFA Institute’s Global
Investment Performance Standards (GIPS).
c. Annual portfolio performance reports, based on the City’s fiscal year, including, but not
limited to local and national economy, the City’s portfolio holdings, performance objectives,
and policy compliance.
Our comprehensive reports are designed to support our public sector clients’ needs and therefore
contain all information needed for state reporting standards and required by the City. This includes
incorporating Generally Accepted Accounting Principles (“GAAP”) and Governmental Accounting
Standards Board (“GASB”) standards. Our month-end statements are available online by the third
business day of the new month and our monthly market commentaries provide a wealth of
information on relevant market and interest rate information. We find that these pieces work as
excellent exhibits for monthly Council submissions.
Our quarterly reports include a description of market conditions, investment strategies employed,
performance, and suggested changes to investment strategy. Our performance will be presented as
required by the CFA Institute’s GIPS®.
Our year-end quarterly report will include details on the local and national economy, the City’s
portfolio holdings, performance objectives, and policy compliance.
Item 1I-36Page 119
13 City of Palm Desert Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
11. Annually, or more often, if necessary, review the City’s Investment Policy and provide
recommended changes as needed per California Government Code or to incorporate best
practices as provided by relevant statewide and national organizations. The City’s Investment
Policy will be submitted to the Finance Committee and the City Council for approval on an annual
basis.
PFMAM has been helping California public agencies with crafting and updating their investment policies
for more than 30 years. We know and understand all applicable sections of Code that regulate the
investment by California local governments. Each client’s policy receives a comprehensive review at the
inception of the relationship, as well as annually thereafter. Investment policies updated by PFMAM are
designed to enable clients to meet their objectives of safety and liquidity, while providing enough
flexibility to meet performance objectives.
In our policy recommendations, we incorporate the best practices of GFOA, CMTA, and the APT US&C,
as well as PFMAM’s deep industry knowledge and experience. We closely monitor changes to Code that
may affect our clients, and communicate these changes through formal memos or as a part of our
investment policy review process.
PFMAM team members can work with the City Finance Committee and City Council to help ensure their
understanding of the City’s Investment Policy and any recommended revisions. Sarah and Richard are
available to attend Finance Committee and City Council meetings to discuss updates to the Investment
Policy along with any new best practices throughout the industry.
12. Serve as a general resource to the City’s staff for information, advice, and training regarding
fixed-income investments. Communicate as necessary with City staff to understand the City’s
investment operations.
We will serve as a resource to the City’s staff for information, advice, and training regarding fixed-income
investments. We will communicate regularly with City staff to understand the City’s investment
operations.
The City should consider the proposed engagement team as an extension of its staff. Our engagement
team members will be available in a timely manner in person, by phone, or by email to provide the City
consultation and advice.
One of our roles is to make sure that the City’s finance staff is always informed about the state of the
portfolio, as well as ongoing market events. City staff will have access to all members of the engagement
team as needed. Sarah Meacham and Richard Babbe will be the City’s main points of contact, and
their duties include:
▸Communicating investment strategies to the City;
▸Monitoring changes in the City’s objectives and cash flow needs;
▸Making sure that portfolio strategy continues to meet the City’s goals; and
▸Providing timely market updates on both a formal and ad hoc basis.
Item 1I-37Page 120
14 City of Palm Desert Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
We also encourage frequent dialogue with our portfolio managers, strategists, and relationship
managers because it will help us work in partnership with the City to develop and implement an
investment strategy that best meets the City’s specific needs. Our relationship managers, analytical and
accounting staff will also be available to answer any questions. All of our clients have online access to
month-to-date transactions, a daily listing of portfolio holdings and same day availability of online
electronic trade confirmations to keep them apprised of current investment activity.
All of our meetings with the City will generally include a component of training on various topics related
to management of the funds. We are also able to implement more formalized training during our
quarterly review meetings by allocating a portion of our materials and time to address different
investment topics of interest to City staff.
We also will design specific training presentations covering various topics at client request. The
members of the City’s engagement team will have regular contact with the City, and are available as a
general resource to provide advice and training on a wide variety of investment topics. These
professionals can provide the City with a deep understanding of market events and our trading
strategies. Examples of topics for our training sessions can include:
▸Formulating a duration, yield curve, and sector strategy.
▸Cash flow analysis.
▸Cash management techniques.
▸Active portfolio management.
▸Writing investment policies.
▸Understanding and analyzing callable securities.
▸Managing credit and duration risk.
▸Investment strategies for bond proceeds.
▸Arbitrage rebate regulations.
▸Selecting and using performance benchmarks.
Item 1I-38Page 121
2 City of Palm Desert Fee Proposal for Investment Management and Advisory Services | RFP 2022-REQ-152
4.2 Fee Proposal
Please provide a lump-sum, not-to-exceed fee proposal for the scope of Services. The fee proposal
shall include hourly rates for all personnel for “Additional Work” (as such term is defined in the
proposed Agreement attached herein).
As a discretionary manager and fiduciary, we charge an asset-based fee for our services, as we believe a flat
fee schedule does not reflect the best value to our clients. We propose the fees as shown in the table below.
We believe this offers the City a high-value investment program at a competitive price.
Assets Under Management Annual Fee
First $50 million 8 basis points (0.08%)
Next $50 million 6 basis points (0.06%)
Next $200 million 4 basis points (0.04%)
Assets over $300 million 3 basis points (0.03%)
We have a minimum annual fee of $25,000.
Fees are charged monthly in arrears based on the daily net AUM on an amortized cost basis, including
accrued interest, for the month. The fee schedule does not apply to assets held in any LGIP that PFMAM
administers, such as CAMP®.
We will fix the proposed fee schedule for three years. We would like to retain the option to negotiate a fee
adjustment, in line with Consumer Price Index, after the third year.
PFMAM acknowledges that we may not be the low-cost provider. We understand that fee differences among
advisors are not insignificant to public sector investors like the City. However, we believe in full cost recovery.
We are a high-value provider, striving to produce enhanced earnings, superior performance, and excellent
client service.
Item 1I-370
EXHIBIT "C" COMPENSATION
Page 122
Page 1 of 2
CITY OF PALM DESERT/SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY/HOUSING AUTHORITY
JOINT CONSIDERATION
STAFF REPORT
MEETING DATE: March 9, 2023
PREPARED BY: Liberty Urban, CPA, Deputy Director of Finance
REQUEST: RECEIVE AND FILE THE CITY OF PALM DESERT AUDITED ANNUAL
COMPREHENSIVE FINANCIAL REPORT (ACFR) FOR THE FISCAL
YEAR ENDED JUNE 30, 2022
RECOMMENDATION:
Receive and file the audited Annual Comprehensive Financial Report (ACFR) for
the City of Palm Desert for the fiscal year ended June 30, 2022.
BACKGROUND/ANALYSIS:
Lance, Soll & Lunghard, LLP performed and completed the annual independent audit for the
fiscal year ended June 30, 2022, for the City of Palm Desert, which includes the Successor
Agency to the Palm Desert Redevelopment Agency, and Palm Desert Housing Authority, in
accordance with generally accepted auditing standards. In the auditor’s opinion, the basic
financial statements present fairly, in all material respects, the financial position of the City of
Palm Desert as of June 30, 2022, and the results of its operations and the cash flows of its
proprietary funds for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
In conducting their audit, the auditors test the City’s internal controls. Attached is the Report on
Internal Controls over Financial Reporting and on compliance and other matters based on an
audit of Financial Statements performed in accordance with Government Auditing Standards.
The ACFR was submitted for the Certificate of Achievement for Excellence in Financial
Reporting from the Government Finance Officers Association. In order to be awarded a
Certificate of Achievement, a government must publish an easily readable and efficiently
organized annual comprehensive financial report. This report must satisfy both generally
accepted accounting principles and applicable legal requirements. We believe that our current
annual comprehensive financial report continues to meet the Certificate of Achievement
Program’s requirements, as it has for the past 25 years.
Strategic Plan:
Not applicable
Commission Recommendation:
The Finance Committee will receive the Annual Comprehensive Financial Report (ACFR) at their
next scheduled meeting on March 28, 2023.
Item 1I-1Page 123
City of Palm Desert
Receive and file ACFR for fiscal year ended June 30, 2022
Page 2 of 2
FINANCIAL IMPACT:
There is no fiscal impact associated with this action.
REVIEWED BY:
Department Director: Veronica Chavez
Finance Director: Veronica Chavez
Assistant City Manager: Chris Escobedo
City Manager: Todd Hileman
ATTACHMENTS:
1. City of Palm Desert audited financial report for fiscal year ended June 30, 2022 (Annual
Comprehensive Financial Report)
2. Auditor’s letter to City Council
3. Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance
and Other Matters based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards
4. Appropriations Limit Worksheet
Item 1I-2Page 124
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CITY OF PALM DESERT
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2022
General
ASSETS:
Pooled cash and investments 117,878,830$ 21,066,962$ 12,011,258$ 38,453,177$
Receivables:
Accounts 2,602,944 - 365,410 -
Assessments - - - -
Notes 1,082,000 - - -
Interest 650,233 - - 440,485
Allowance for interest on Successor Agency (160,355) - - (414,000)
Loans 14,978 - - 5,148,813
Leases Receivable 806,697 - - -
Prepaid costs 294,436 - - -
Deposits - 14,880,428 - -
Due from other governments 5,263,261 1,230,348 1,573,105 -
Due from other funds 663,483 - - -
Advances to other funds 2,659,000 - - -
Inventories - - - -
Property held for resale - - - 61,516
Due from component unit 420,000 - - -
Restricted assets:
Cash and investments with fiscal agent - - - 4,942,703
Advances to Successor Agency 581,000 - - -
Allowance for Advances to Successor Agency (581,000) - - -
TOTAL ASSETS 132,175,507$ 37,177,738$ 13,949,773$ 48,632,694$
Liabilities, Deferred Inflows of
Resources and Fund Balances
LIABILITIES:
Accounts payable 6,921,457$ 197,970$ 1,257,634$ 9,864$
Accrued liabilities 484,994 - - -
Unearned revenues - 14,880,428 - -
Deposits payable 2,582,909 - - -
Due to other funds - - - -
Advances from other funds - - - -
TOTAL LIABILITIES 9,989,360 15,078,398 1,257,634 9,864
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenue 1,504,879 280,889 9,827 19,551
Leases 800,415 - - -
2,305,294 280,889 9,827 19,551
FUND BALANCES:
Nonspendable 4,050,414 - - -
Restricted - 21,818,451 12,682,312 48,603,279
Committed 82,741,109 - - -
Assigned 444,000 - - -
Unassigned 32,645,330 - - -
Total Fund Balances 119,880,853 21,818,451 12,682,312 48,603,279
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances 132,175,507$ 37,177,738$ 13,949,773$ 48,632,694$
Housing
Asset Fund
Prop A Fire
Tax Measure A
Special Revenue Funds
See Notes to Financial Statements.20 Item 1I-39Page 161
CITY OF PALM DESERT
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Assessments
Notes
Interest
Allowance for interest on Successor Agency
Loans
Leases Receivable
Prepaid costs
Deposits
Due from other governments
Due from other funds
Advances to other funds
Inventories
Property held for resale
Due from component unit
Restricted assets:
Cash and investments with fiscal agent
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of
Resources and Fund Balances
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
Advances from other funds
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenue
Leases
FUND BALANCES:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Special
Revenue
Funds
Capital
Projects Funds
16,366,298$ -$ 59,348,202$ 265,124,727$
88,778 - 804,412 3,861,544
- - 1,139,582 1,139,582
- - - 1,082,000
2 27,971 1,551,767 2,670,458
- - (1,495,645) (2,070,000)
- - 1,435,167 6,598,958
- - - 806,697
- - 19,591 314,027
- - 20,000 14,900,428
- - 718,040 8,784,754
- - - 663,483
- - - 2,659,000
- - 7,813 7,813
- - - 61,516
- - - 420,000
3,570,258 49,592,308 19,611 58,124,880
- - 5,419,000 6,000,000
- - (5,419,000) (6,000,000)
20,025,336$ 49,620,279$ 63,568,540$ 365,149,867$
126,773$ 976,752$ 2,061,453$ 11,551,903$
130,660 - 11,669 627,323
71,627 - 635,111 15,587,166
571,220 - 3,780 3,157,909
- 451,138 212,345 663,483
- - 1,159,000 1,159,000
900,280 1,427,890 4,083,358 32,746,784
- - 1,537,701 3,352,847
- - - 800,415
- - 1,537,701 4,153,262
- - 19,591 4,070,005
7,249,568 48,192,389 26,090,471 164,636,470
11,875,488 - 3,885,994 98,502,591
- - 28,078,039 28,522,039
- - (126,614) 32,518,716
19,125,056 48,192,389 57,947,481 328,249,821
20,025,336$ 49,620,279$ 63,568,540$ 365,149,867$
Other
Governmental
Funds
Total
Governmental
Funds
Capital
Properties
Housing
Authority
See Notes to Financial Statements.21 Item 1I-40Page 162
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6HH1RWHVWR)LQDQFLDO6WDWHPHQWV23 Item 1I-42Page 164
CITY OF PALM DESERT
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2022
General
REVENUES:
Taxes 67,555,404$ 3,483,227$ 8,914,785$ -$
Special assessments collected - - 2,130,793 -
Licenses and permits 2,276,026 - - -
Intergovernmental revenues 6,059,797 620,792 1,210,837 -
Rental income 168,172 - - -
Charges for services 2,197,579 - 2,869,233 -
Investment earnings (1,932,581) (292,440) 42,141 85,001
Fines and forfeitures 99,864 - - -
Contributions from other governments - - - -
Miscellaneous 609,366 - 514 75,353
TOTAL REVENUES 77,033,627 3,811,579 15,168,303 160,354
EXPENDITURES:
Current:
General government 19,737,905 - - -
Public safety 22,040,012 - 15,017,227 -
Parks, recreation and culture 4,750,198 - - -
Public works 6,025,962 480,908 - -
Housing and redevelopment - - - 62,951
Capital outlay 176,287 3,667,005 15,603 113,000
Debt service:
Principal retirement - - - -
Interest and fiscal charges - - - -
TOTAL EXPENDITURES 52,730,364 4,147,913 15,032,830 175,951
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 24,303,263 (336,334) 135,473 (15,597)
OTHER FINANCING SOURCES (USES):
Transfers in 3,774,873 - 4,000,000 -
Transfers out (7,744,283) - - -
Leases 135,224 - - -
Contribution to other government (1,001,688) - - -
TOTAL OTHER FINANCING
SOURCES (USES)(4,835,874) - 4,000,000 -
NET CHANGE IN FUND BALANCES 19,467,389 (336,334) 4,135,473 (15,597)
FUND BALANCES - BEGINNING OF YEAR 100,413,464 22,154,785 8,546,839 48,618,876
FUND BALANCES - END OF YEAR 119,880,853$ 21,818,451$ 12,682,312$ 48,603,279$
Measure A
Prop A Fire
Tax
Housing
Asset Fund
Special Revenue Funds
See Notes to Financial Statements.24 Item 1I-43Page 165
CITY OF PALM DESERT
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Taxes
Special assessments collected
Licenses and permits
Intergovernmental revenues
Rental income
Charges for services
Investment earnings
Fines and forfeitures
Contributions from other governments
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Public safety
Parks, recreation and culture
Public works
Housing and redevelopment
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers in
Transfers out
Leases
Contribution to other government
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
Special
Revenue
Funds
Capital
Projects
Funds
-$ -$ 4,083,775$ 84,037,191$
- - 1,276,314 3,407,107
- - 346,669 2,622,695
- - 4,408,645 12,300,071
7,893,204 - 67,649 8,129,025
- - 1,108,688 6,175,500
7,168 64,555 (376,645) (2,402,801)
- - 5,334 105,198
- - 1,974,653 1,974,653
- 2,698,181 3,957,394 7,340,808
7,900,372 2,762,736 16,852,476 123,689,447
- 2,855 6,254,855 25,995,615
- - 265,712 37,322,951
- - 2,688,209 7,438,407
- 8,370,585 2,790,350 17,667,805
7,875,085 - 294,404 8,232,440
- 1,246,096 6,893,966 12,111,957
- - 378,000 378,000
- - 157,462 157,462
7,875,085 9,619,536 19,722,958 109,304,637
25,287 (6,856,800) (2,870,482) 14,384,810
- - 3,780,529 11,555,402
(245,356) - (3,874,873) (11,864,512)
- - 2,468,060 2,603,284
- - - (1,001,688)
(245,356) - 2,373,716 1,292,486
(220,069) (6,856,800) (496,766) 15,677,296
19,345,125 55,049,189 58,444,247 312,572,525
19,125,056$ 48,192,389$ 57,947,481$ 328,249,821$
Other
Governmental
Funds
Total
Governmental
Funds
Housing
Authority
Capital
Properties
See Notes to Financial Statements.25 Item 1I-44Page 166
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6HH1RWHVWR)LQDQFLDO6WDWHPHQWV31 Item 1I-50Page 172
CITY OF PALM DESERT
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2022
Private-Purpose
Trust Fund
Custodial
Funds
Assets:
Pooled cash and investments 7,651,337$ 15,102,115$
Receivables:
Assessments 36,878,571 -
Accrued interest 163 449
Prepaid costs - 1,347,027
Due from other governments 19,214 -
Restricted assets:
Cash and investments with fiscal agents 3,004,892 25,307,544
Capital assets:
Capital assets, not being depreciated - 23,909,102
Total Assets 47,554,177 65,666,237
Liabilities:
Accounts payable 1,500 402,743
Deposits payable 36,878,571 40,000
Long-term liabilities:
Long-term debt due in one year - 19,045,000
Long-term debt due in more than one year - 163,475,440
Interest payable - 1,899,257
Total Liabilities 36,880,071 184,862,440
Deferred Inflows of Resources:
Deferred charge on refunding - 309,637
Total Deferred Inflows or Resources - 309,637
Net Position:
Restricted for dissolution of former RDA - (119,469,679)
Restricted for other purposes 10,674,106 -
Total Net Position 10,674,106$ (119,469,679)$
Successor Agency
to the Palm Desert
Redevelopment
Agency Private-
Purpose Trust Fund
See Notes to Financial Statements.32 Item 1I-51Page 173
CITY OF PALM DESERT
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2022
ADDITIONS:
Taxes 41,231,444$ 27,090,623$
Investment income (162,910) (234,123)
Contributions from City 1,004,380 -
Other - 251
TOTAL ADDITIONS 42,072,914 26,856,751
DEDUCTIONS
Housing and development - 2,273,533
Administrative expenses 1,397,034 -
Contractual services 44,760,282 -
Interest 914,927 6,880,659
Debt service expense 110,000 -
Loss on sale of capital assets - (440,108)
TOTAL DEDUCTIONS 47,182,243 8,714,084
CHANGES IN NET POSITION (5,109,329) 18,142,667
NET POSITION - BEGINNING OF YEAR (31,296,565) (137,612,346)
Restatement (Note: 21)47,080,000 -
NET POSITION - BEGINNING OF YEAR RESTATED 15,783,435 (137,612,346)
NET POSITION - END OF YEAR 10,674,106$ (119,469,679)$
Private-Purpose Trust
Fund
Successor Agency to
the Palm Desert
Redevelopment
Agency Private-
Purpose Trust Fund Custodial Funds
See Notes to Financial Statements.33 Item 1I-52Page 174
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91 Item 1I-110Page 232
CITY OF PALM DESERT
MISCELLANEOUS PLAN - AGENT MULTIPLE-EMPLOYER
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2015 2016 2017 2018
TOTAL PENSION LIABILITY
Service Cost 2,156,598$ 2,125,437$ 2,076,964$ 2,204,265$
Interest 7,991,591 8,223,320 8,327,823 8,558,529
Difference between Expected and Actual Experience - (2,378,254) (4,259,317) (1,895,482)
Changes in Assumptions - (2,091,348) - 7,367,723
Benefit Payments, Including Refunds of Employee Contributions (4,849,320) (4,597,025) (4,801,252) (5,401,531)
Net Change in Total Pension Liability 5,298,869 1,282,130 1,344,218 10,833,504
Total Pension Liability - Beginning 107,900,900 113,199,769 114,481,899 115,826,117
Total Pension Liability - Ending (a) 113,199,769$ 114,481,899$ 115,826,117$ 126,659,621$
PLAN FIDUCIARY NET POSITION
Contributions - Employer 3,320,450$ 4,065,411$ 4,257,322$ 5,303,371$
Contributions - Employee 995,504 878,171 870,981 828,467
Net Investment Income 11,290,314 1,682,498 448,184 8,800,663
Benefit Payments, Including Refunds of Employee Contributions (4,849,320) (4,597,025) (4,801,252) (5,401,531)
Administrative Expense - (87,279) (47,263) (115,573)
Net Plan to Plan Resource Movement - - - -
Other Miscellaneous Income/(Expense)- - - -
Net Change in Fiduciary Net Position 10,756,948 1,941,776 727,972 9,415,397
Plan Fiduciary Net Position - Beginning 64,851,550 75,608,498 77,550,274 78,278,246
Plan Fiduciary Net Position - Ending (b)75,608,498$ 77,550,274$ 78,278,246$ 87,693,643$
Plan Net Pension Liability/(Assets) - Ending (a) - (b) 37,591,271$ 36,931,625$ 37,547,871$ 38,965,978$
66.79%67.74%67.58%69.24%
Covered Payroll 11,110,759$ 11,448,621$ 11,342,713$ 10,684,238$
338.33%322.59%331.03%364.71%
Notes to Schedule:
Plan Fiduciary Net Position as a Percentage of the Total
Pension Liability
Plan Net Pension Liability/(Asset) as a Percentage of Covered
Payroll
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation,
therefore only eight years are shown.
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after the
June 30, 2019 valuation date. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden
Handshakes).
Changes of Assumptions: None in 2019 or 2020. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS
Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was
reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from
7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense.) In 2014, amounts reported
were based on the 7.5 percent discount rate.
See Notes to Required Supplementary Information.92 Item 1I-111Page 233
2019 2020 2021 2022
2,196,462$ 1,973,971$ 2,086,683$ 2,042,043$
8,797,867 9,261,660 9,645,145 10,005,168
(594,882) 1,762,387 533,373 116,967
(1,148,708) - - -
(5,934,338) (6,383,377) (6,540,485) (7,041,890)
3,316,401 6,614,641 5,724,716 5,122,288
126,659,621 129,976,022 136,590,663 142,315,379
129,976,022$ 136,590,663$ 142,315,379$ 147,437,667$
5,407,412$ 5,963,737$ 4,521,813$ 4,729,858$
812,447 791,794 805,528 745,959
7,555,653 6,322,815 5,102,524 24,010,711
(5,934,338) (6,383,377) (6,540,485) (7,041,890)
(136,651) (67,893) (143,465) (105,400)
(222) - - -
(259,502) 222 - -
7,444,799 6,627,298 3,745,915 22,339,238
87,693,643 95,138,442 101,765,740 105,511,655
95,138,442$ 101,765,740$ 105,511,655$ 127,850,893$
34,837,580$ 34,824,923$ 36,803,724$ 19,586,774$
73.20% 74.50% 74.14%86.72%
10,751,687$ 9,807,088$ 11,392,639$ 10,353,849$
324.02% 355.10% 323.05%189.17%
See Notes to Required Supplementary Information.93 Item 1I-112Page 234
CITY OF PALM DESERT
MISCELLANEOUS PLAN - AGENT MULTIPLE-EMPLOYER
SCHEDULE OF PLAN CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2015 2016 2017 2018
Actuarially Determined Contribution 3,393,171$ 3,585,082$ 3,550,127$ 4,219,764$
Contribution in Relation to the Actuarially Determined Contribution (4,065,411) (4,257,322) (5,303,371) (5,396,908)
Contribution Deficiency (Excess)(672,240)$ (672,240)$ (1,753,244)$ (1,177,144)$
Covered Payroll 11,448,621$ 11,342,713$ 10,684,238$ 10,751,687$
Contributions as a Percentage of Covered Payroll 35.51%37.53% 49.64%50.20%
Note to Schedule:
Valuation Date:
Methods and assumptions used to determine contribution rates:
Actuarial cost method
Amortization method/period
Asset valuation method
Inflation
Salary increases
Payroll growth
Investment rate of return
Retirement age
Mortality
7.25% net of pension investment and administrative expenses, including inflation.
The probabilities of retirement are based on the 2017 CalPERS Experience Study
for the period from 1997 to 2015.
The probabilities of retirement are based on the 2017 CalPERS Experience Study
for the period from 1997 to 2015. Pre-retirement and post-retirement mortality rates
include 15 years of projected mortality improvement using the 90% scale MP 2016
published by the Society of Actuaries.
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation,
therefore only eight years are shown.
June 30, 2019
2.875%
Varies by entry age and service
2.625%
Market value
Level percentage of payroll, closed
Entry age normal
See Notes to Required Supplementary Information.94 Item 1I-113Page 235
2019 2020 2021 2022
4,225,204$ 4,736,668$ 4,936,652$ 4,123,142$
(5,963,737) (4,521,813) (4,729,797) (4,123,142)
(1,738,533)$ 214,855$ 206,855$ -$
9,807,088$ 11,392,639$ 10,353,849$ 10,386,791$
60.81% 39.69% 45.68%39.70%
See Notes to Required Supplementary Information.95 Item 1I-114Page 236
CITY OF PALM DESERT
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY/(ASSET) AND RELATED RATIOS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2018 2019 2020 2021 2022
Total OPEB Liability
Service cost 346,417$ 357,675$ 369,299$ 366,971$ 378,897$
Interest on the total OPEB liability 1,144,106 1,199,747 1,256,431 1,117,500 1,161,531
Differences between expected and actual experience - - (4,066,457) - -
Changes in assumptions - - 2,552,767 - 1,053,761
Changes in benefit terms - - - - (910,834)
Benefit payments (653,187) (696,845) (756,759) (752,486) (819,968)
Net change in total OPEB liability 837,336 860,577 (644,719) 731,985 863,387
Total OPEB liability - beginning 16,980,271 17,817,607 18,678,184 18,033,465 18,765,450
Total OPEB liability - ending (a)17,817,607$ 18,678,184$ 18,033,465$ 18,765,450$ 19,628,837$
Plan Fiduciary Net Position
Contribution - employer 1,255,960$ 1,381,501$ 2,408,260$ 1,280,453$ 1,140,548$
Net investment income 902,331 843,319 1,226,966 977,487 3,878,532
Benefit payments (653,187) (696,845) (756,759) (752,486) (819,968)
Administrative expense (6,541) (7,371) (3,515) (9,045) (7,193)
Other Expenses - (18,115) - - -
Net change in plan fiduciary net position 1,498,563 1,502,489 2,874,952 1,496,409 4,191,919
Plan fiduciary net position - beginning 12,198,460 13,697,023 15,199,512 18,074,464 19,570,873
Plan fiduciary net position - ending (b) 13,697,023 15,199,512 18,074,464 19,570,873 23,762,792
Net OPEB Liability/(Asset) - ending (a) - (b)4,120,584$ 3,478,672$ (40,999)$ (805,423)$ (4,133,955)$
Plan fiduciary net position as a percentage of the total OPEB liability/(asset)76.87%81.38%100.23%104.29%121.06%
Covered-Employee payroll 10,584,400$ 10,749,431$ 10,546,052$ 11,382,103$ 10,881,697$
Net OPEB liability/(asset) as a percentage of covered-employee payroll 38.93% 32.36% -0.39% -7.08% -37.99%
(1)Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be
displayed up to 10 years as information becomes available.
See Notes to Required Supplementary Information.96 Item 1I-115Page 237
CITY OF PALM DESERT
SCHEDULE OF PLAN CONTRIBUTIONS - OPEB
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
2018 2019 2020 2021 2022
520,620$ 455,021$ 348,915$ 320,508$ 994,088$
(1,217,465) (2,211,778) (1,280,453) (1,140,548) (994,088)
(696,845)$ (1,756,757)$ (931,538)$ (820,040)$ 994,088$
10,741,786$ 10,546,052$ 11,382,103$ 10,881,697$ 11,208,147$
11.33%20.97%11.25%10.48%8.87%
Notes to Schedule:
Methods and assumptions used to determine contributions:
Actuarial Cost Method
Amortization Valuation Method/Period
Asset Valuation Method Market value of assets
Inflation 2.75%
Payroll Growth
Investment Rate of Return 6.20% per annum
Healthcare cost-trend rates
Retirement Age
Mortality
(1)Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be
displayed up to 10 years as information becomes available.
Entry Age Normal
Level percent of payroll over a closed rolling 30-year
6.5%; Medical plan premiums and claims costs by age are stepping down by 0.5% each year to 5%.
3.25% per annum, in aggregate
Tier 1 employees - 2.50% @55 and Tier 2 employees - 2.00% @62 The probabilities of Retirement are based on the 2017 CalPERS
Experience Study for the period of 1997 to 2015.
Mortality rates used were those published by CalPERS, adjusted to back out 20 years of Scale BB to central year 2008, then projected
using the MacLeod Watts Scale 2017 applied generationally.
Actuarially Determined Contribution
Contribution in Relation to the Actuarially Determined Contributions
Contribution Deficiency (Excess)
Covered-Employee payroll
Contributions as a percentage of covered-employee payroll
See Notes to Required Supplementary Information.97 Item 1I-116Page 238
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 100,413,464$ 100,413,464$ 100,413,464$ -$
Resources (Inflows):
Taxes
Property taxes 7,032,255 7,032,255 7,006,251 (26,004)
Property transfer tax 566,468 566,468 1,197,951 631,483
Property tax in lieu 4,612,960 4,612,960 4,698,158 85,198
Timeshare mitigation fee 1,467,905 1,467,905 1,555,137 87,232
Sales tax 19,879,000 23,029,000 26,193,390 3,164,390
Business license tax 1,038,273 1,038,273 1,326,920 288,647
Job valuation fees 13,700 13,700 44,032 30,332
Transient occupancy tax 10,337,678 14,037,678 22,098,939 8,061,261
Franchises 3,000,000 3,000,000 3,334,555 334,555
Penalties and interest on taxes 20,000 20,000 100,071 80,071
Total Taxes 47,968,239 54,818,239 67,555,404 12,737,165
Licenses and Permits
Building permits 843,550 1,243,550 2,063,969 820,419
Grading permits 40,000 40,000 15,345 (24,655)
Encroachment permits 40,000 160,000 166,789 6,789
Miscellaneous permits 500 500 1,790 1,290
Business regulatory permits 20,000 20,000 26,683 6,683
Golf cart permits 1,500 1,500 1,450 (50)
Valet parking permits 550 550 - (550)
Total Licenses and Permits 946,100 1,466,100 2,276,026 809,926
Intergovernmental
State mandate cost - - 65,287 65,287
Motor vehicle in-lieu fees 24,000 24,000 62,259 38,259
Monthly parking bail 10,000 10,000 6,243 (3,757)
Reimbursement RDA costs 711,665 711,665 273,156 (438,509)
Other reimbursements 626,500 626,500 5,652,852 5,026,352
Total Intergovernmental 1,372,165 1,372,165 6,059,797 4,687,632
Rental income 59,000 59,000 168,172 109,172
Charges for Services
Subdivision fees 250,000 350,000 562,119 212,119
Zoning fees 40,000 40,000 56,951 16,951
Plan check fees 180,100 430,100 616,576 186,476
Sale of maps and publications 7,500 7,500 7,774 274
Microfilm fees 2,000 2,000 233 (1,767)
Vehicle impact fee 600,000 600,000 644,455 44,455
Other fees 123,000 123,000 309,471 186,471
Total Charges for Services 1,202,600 1,552,600 2,197,579 644,979
Investment Earnings
Interest income 375,000 375,000 (2,114,133) (2,489,133)
Interest on notes receivable 200,000 200,000 181,552 (18,448)
Total investment Earnings 575,000 575,000 (1,932,581) (2,507,581)
Fines and Forfeitures
Vehicle code fines 35,000 35,000 26,682 (8,318)
Municipal court fines 25,000 25,000 1,265 (23,735)
VICR fees 75,000 75,000 71,917 (3,083)
Total Fines and Forfeitures 135,000 135,000 99,864 (35,136)
Miscellaneous
Code compliance 100,000 130,000 268,090 138,090
Certificate of compliance fee 500 500 375 (125)
Nuisance abatement tax 20,000 20,000 23,586 3,586
Abandoned vehicle abatement 38,000 38,000 59,247 21,247
Other revenue 157,000 157,000 258,068 101,068
Total Miscellaneous 315,500 345,500 609,366 263,866
Transfers in 2,932,500 2,932,500 3,774,873 842,373
Financed purchases - - 135,224 135,224
Amounts Available for Appropriations 155,919,568 163,669,568 181,357,188 17,687,620
See Notes to Required Supplementary Information.98 Item 1I-117Page 239
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Charges to Appropriation (Outflow):
General Government
City Council 301,064 301,064 261,272 39,792
City Clerk 1,031,110 1,031,110 873,468 157,642
Legislative Advocacy 38,500 38,500 36,225 2,275
Elections 500 500 46,709 (46,209)
City Attorney 295,473 295,473 282,063 13,410
Legal Special Services 301,875 301,875 359,411 (57,536)
City Manager 1,028,920 1,028,920 974,500 54,420
Community Services - - 47 (47)
Finance 2,121,700 2,121,700 1,893,639 228,061
Independent Audit 90,000 90,000 65,757 24,243
Human Resources 606,620 850,572 985,449 (134,877)
General Services 5,534,109 5,184,109 4,141,674 1,042,435
Information Technology 1,661,810 1,860,244 2,044,494 (184,250)
Unemployment Insurance 10,000 10,000 384 9,616
Insurance 926,000 926,000 655,010 270,990
Contributions to other Agencies 608,450 621,618 572,480 49,138
Community Promotions 1,115,500 1,115,500 1,216,272 (100,772)
Marketing 1,585,465 1,777,585 1,454,419 323,166
Visitors Information Center 12,930 12,930 134,495 (121,565)
Economic Development Center 1,001,400 1,265,361 1,083,826 181,535
Planning & Community Development 3,036,800 3,189,739 2,656,311 533,428
Total General Government 21,308,226 22,022,800 19,737,905 2,284,895
Public Safety
Police Services 20,000,359 20,000,359 19,323,938 676,421
Animal Regulation 341,000 341,000 305,581 35,419
Traffic Safety 402,850 514,899 364,983 149,916
Building and Safety 1,399,750 1,849,750 1,751,817 97,933
Community Safety 426,300 426,300 293,693 132,607
Total Public Safety 22,570,259 23,132,308 22,040,012 1,092,296
Parks, Recreation and Culture
Civic Center Park 1,318,900 1,318,900 1,481,177 (162,277)
Park Maintenance 1,091,200 1,091,200 981,169 110,031
Landscaping Service 2,080,025 2,080,025 2,287,852 (207,827)
Civic Center Park - Improvement 100,000 100,000 - 100,000
Total Parks, Recreation and Culture 4,590,125 4,590,125 4,750,198 (160,073)
Public Works
Administration 2,376,550 2,658,875 2,265,476 393,399
Street Maintenance 2,314,725 2,314,725 2,421,966 (107,241)
Curb & Gutter 25,000 25,000 10,020 14,980
Parking Lot 50,000 50,000 - 50,000
Corporate Yard 122,500 122,500 121,316 1,184
Auto Fleet / Equipment 240,000 240,000 309,240 (69,240)
Public Bldg - Opr/Maint.585,325 685,325 742,653 (57,328)
Portola Community Center 151,400 151,400 155,291 (3,891)
Total Public Works 5,865,500 6,247,825 6,025,962 221,863
Capital outlay 60,000 158,800 176,287 (17,487)
Transfers out 8,110,435 9,200,435 7,744,283 1,456,152
Contribution to other government - - 1,001,688 (1,001,688)
Total Charges to Appropriations 62,504,545 65,352,293 61,476,335 3,875,958
Budgetary Fund Balance, June 30 93,415,023$ 98,317,275$ 119,880,853$ 21,563,578$
See Notes to Required Supplementary Information.99 Item 1I-118Page 240
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
MEASURE A
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 22,154,785$ 22,154,785$ 22,154,785$ -$
Resources (Inflows):
Taxes 2,415,000 2,415,000 3,483,227 1,068,227
Intergovernmental 500,000 500,000 620,792 120,792
Investment earnings 100,000 100,000 (292,440) (392,440)
Amounts Available for Appropriations 25,169,785 25,169,785 25,966,364 796,579
Charges to Appropriation (Outflow):
Public works 3,880,000 4,702,432 480,908 4,221,524
Capital outlay 2,500,000 28,097,747 3,667,005 24,430,742
Total Charges to Appropriations 6,380,000 32,800,179 4,147,913 28,652,266
Budgetary Fund Balance, June 30 18,789,785$ (7,630,394)$ 21,818,451$ 29,448,845$
See Notes to Required Supplementary Information 100 Item 1I-119Page 241
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
PROP A FIRE TAX
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 8,546,839$ 8,546,839$ 8,546,839$ -$
Resources (Inflows):
Taxes 6,519,410 6,519,410 8,914,785 2,395,375
Assessments 2,400,000 2,400,000 2,130,793 (269,207)
Intergovernmental 1,100,000 1,100,000 1,210,837 110,837
Charges for services 2,300,000 2,300,000 2,869,233 569,233
Investment earnings 15,000 15,000 42,141 27,141
Miscellaneous 10,000 10,000 514 (9,486)
Transfers in 4,000,000 4,000,000 4,000,000 -
Amounts Available for Appropriations 24,891,249 24,891,249 27,715,142 2,823,893
Charges to Appropriation (Outflow):
Public safety 16,286,500 16,295,365 15,017,227 1,278,138
Capital outlay 1,213,000 1,213,000 15,603 1,197,397
Total Charges to Appropriations 17,499,500 17,508,365 15,032,830 2,475,535
Budgetary Fund Balance, June 30 7,391,749$ 7,382,884$ 12,682,312$ 5,299,428$
See Notes to Required Supplementary Information.101 Item 1I-120Page 242
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
HOUSING ASSET FUND
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 48,618,876$ 48,618,876$ 48,618,876$ -$
Resources (Inflows):
Investment earnings 98,000 98,000 85,001 (12,999)
Miscellaneous - - 75,353 75,353
Amounts Available for Appropriations 48,716,876 48,716,876 48,779,230 62,354
Charges to Appropriation (Outflow):
Housing and redevelopment 423,650 6,453,650 62,951 6,390,699
Capital outlay 300,000 300,000 113,000 187,000
Total Charges to Appropriations 723,650 6,753,650 175,951 6,577,699
Budgetary Fund Balance, June 30 47,993,226$ 41,963,226$ 48,603,279$ 6,640,053$
See Notes to Required Supplementary Information.102 Item 1I-121Page 243
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
HOUSING AUTHORITY
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 19,345,125$ 19,345,125$ 19,345,125$ -$
Resources (Inflows):
Rental income 7,250,001 7,250,001 7,893,204 643,203
Investment earnings 50,000 50,000 7,168 (42,832)
Amounts Available for Appropriations 26,645,126 26,645,126 27,245,497 600,371
Charges to Appropriation (Outflow):
Housing and redevelopment 9,579,868 10,091,033 7,875,085 2,215,948
Transfers out 284,100 284,100 245,356 38,744
Total Charges to Appropriations 9,863,968 10,375,133 8,120,441 2,254,692
Budgetary Fund Balance, June 30 16,781,158$ 16,269,993$ 19,125,056$ 2,855,063$
See Notes to Required Supplementary Information.103 Item 1I-122Page 244
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104 Item 1I-123Page 245
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105 Item 1I-124Page 246
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments 28,486,996$ 30,765,713$ 95,493$ 59,348,202$
Receivables:
Accounts 804,412 - - 804,412
Assessments 5,874 - 1,133,708 1,139,582
Loans 1,435,167 - - 1,435,167
Interest 236,626 1,315,141 - 1,551,767
Allowance for interest on Successor Agency (180,504) (1,315,141) - (1,495,645)
Prepaid costs 2,843 16,748 - 19,591
Deposits - 20,000 - 20,000
Due from other governments 713,827 - 4,213 718,040
Inventories 7,813 - - 7,813
Restricted assets:
Cash and investments with fiscal agents 19,611 - - 19,611
Advances to Successor Agency 654,000 4,765,000 - 5,419,000
Allowance for Advances to Successor Agency (654,000) (4,765,000) - (5,419,000)
TOTAL ASSETS 31,532,665$ 30,802,461$ 1,233,414$ 63,568,540$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable 1,204,759$ 856,694$ -$ 2,061,453$
Accrued liabilities 11,669 - - 11,669
Unearned revenues 383,838 251,273 - 635,111
Deposits payable 3,780 - - 3,780
Due to other funds 212,345 - - 212,345
Advances from other funds 1,159,000 - - 1,159,000
TOTAL LIABILITIES 2,975,391 1,107,967 - 4,083,358
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues 239,203 164,790 1,133,708 1,537,701
Total Deferred Inflows of Resources 239,203 164,790 1,133,708 1,537,701
FUND BALANCES:
Nonspendable:
Prepaid costs 2,843 16,748 - 19,591
Restricted for:
Public safety 1,958,136 - - 1,958,136
Capital Projects - 190,103 - 190,103
Debt service - - 99,706 99,706
Street related purposes 7,701,044 - - 7,701,044
Low income housing 3,547,149 - - 3,547,149
Public facilities 3,834,842 - - 3,834,842
Special programs 7,514,677 1,244,814 - 8,759,491
Committed to:
Aquatic center 1,994,308 - - 1,994,308
Energy loan program 1,891,686 - - 1,891,686
Assigned to:
Capital projects - 9,325,981 - 9,325,981
Property acquisition - 420,387 - 420,387
Public facilities - 15,555,370 - 15,555,370
Special programs - 664,555 - 664,555
Street related purposes - 2,111,746 - 2,111,746
Unassigned (126,614) - - (126,614)
TOTAL FUND BALANCES 28,318,071 29,529,704 99,706 57,947,481
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES 31,532,665$ 30,802,461$ 1,233,414$ 63,568,540$
Total Other
Governmental
Funds
Debt Service
Fund
Capital
Projects
Funds
Special
Revenue
Funds
106 Item 1I-125Page 247
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Taxes 4,083,775$ -$ -$ 4,083,775$
Special assessments collected 1,133,632 - 142,682 1,276,314
Licenses and permits - 346,669 - 346,669
Intergovernmental revenues 4,337,693 70,952 - 4,408,645
Charges for services 1,108,688 - - 1,108,688
Investment earnings 8,550 (383,234) (1,961) (376,645)
Rental income - 67,649 - 67,649
Fines and forfeitures 5,334 - - 5,334
Contributions - 1,974,653 - 1,974,653
Miscellaneous 1,380,000 2,577,394 - 3,957,394
TOTAL REVENUES 12,057,672 4,654,083 140,721 16,852,476
EXPENDITURES:
Current:
General government 875,825 5,363,551 15,479 6,254,855
Public safety 265,712 - - 265,712
Parks, recreation and culture 2,053,385 634,824 - 2,688,209
Public works 2,768,748 21,602 - 2,790,350
Housing and redevelopment 294,404 - - 294,404
Capital outlay 2,769,796 4,124,170 - 6,893,966
Debt service:
Principal retirement 330,000 - 48,000 378,000
Interest and fiscal charges 100,665 - 56,797 157,462
TOTAL EXPENDITURES 9,458,535 10,144,147 120,276 19,722,958
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 2,599,137 (5,490,064) 20,445 (2,870,482)
OTHER FINANCING SOURCES (USES)
Transfers in 1,760,529 2,020,000 - 3,780,529
Transfers out (3,673,806) (201,067) - (3,874,873)
Finance purchases - 2,468,060 - 2,468,060
TOTAL OTHER FINANCING
SOURCES (USES)(1,913,277) 4,286,993 - 2,373,716
NET CHANGE IN FUND BALANCES 685,860 (1,203,071) 20,445 (496,766)
FUND BALANCES - BEGINNING OF YEAR 27,632,211 30,732,775 79,261 58,444,247
FUND BALANCES - END OF YEAR 28,318,071$ 29,529,704$ 99,706$ 57,947,481$
Total Other
Governmental
Funds
Special
Revenue
Funds
Capital
Projects
Funds
Debt Service
Fund
107 Item 1I-126Page 248
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108 Item 1I-127Page 249
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109 Item 1I-128Page 250
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments 2,717$ 5,133,262$ 3,551,206$ -$
Receivables:
Accounts - - - -
Assessments - - - -
Loans - - - -
Interest - - - -
Allowance for interest on Successor Agency - - - -
Prepaid costs - - - -
Due from other governments 221 307,170 - 183,081
Inventories - - - -
Restricted assets:
Cash and investments with fiscal agents - - - -
Advances to Successor Agency - - - -
Allowance for Advances to Successor Agency - - - -
TOTAL ASSETS 2,938$ 5,440,432$ 3,551,206$ 183,081$
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable -$ 271,264$ 4,057$ 85,575$
Accrued liabilities - - - -
Unearned revenues - - - -
Deposits payable - - - -
Due to other funds - - - 41,039
Advances from other funds - - - -
TOTAL LIABILITIES - 271,264 4,057 126,614
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues - - - 183,081
Total Deferred Inflows of Resources - - - 183,081
FUND BALANCES:
Nonspendable:
Prepaid costs - - - -
Restricted for:
Public safety - - - -
Street related purposes 2,938 5,169,168 - -
Low income housing - - 3,547,149 -
Public facilities - - - -
Special programs - - - -
Committed to:
Aquatic center - - - -
Energy loan program - - - -
Unassigned - - - (126,614)
TOTAL FUND BALANCES 2,938 5,169,168 3,547,149 (126,614)
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES 2,938$ 5,440,432$ 3,551,206$ 183,081$
Traffic Safety Gas Tax
Housing
Mitigation Fee
Community
Development
Block Grant
110 Item 1I-129Page 251
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Assessments
Loans
Interest
Allowance for interest on Successor Agency
Prepaid costs
Due from other governments
Inventories
Restricted assets:
Cash and investments with fiscal agents
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
Advances from other funds
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues
Total Deferred Inflows of Resources
FUND BALANCES:
Nonspendable:
Prepaid costs
Restricted for:
Public safety
Street related purposes
Low income housing
Public facilities
Special programs
Committed to:
Aquatic center
Energy loan program
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES
(CONTINUED)
673,863$ 321,664$ 1,452,361$ 740,537$
- - - -
- - - -
- - - -
- - 180,504 -
- - (180,504) -
- - - -
- - 23,486 -
- - - -
- - - -
- - 654,000 -
- - (654,000) -
673,863$ 321,664$ 1,475,847$ 740,537$
-$ 12,397$ 23,499$ -$
- - - -
- 293,220 - -
- - - -
- - - -
- - - -
- 305,617 23,499 -
- - - -
- - - -
- - - -
- 16,047 - -
- - - 740,537
- - - -
673,863 - 1,452,348 -
- - - -
- - - -
- - - -
- - -
673,863 16,047 1,452,348 740,537
673,863$ 321,664$ 1,475,847$ 740,537$
Child Care
Program
Public Safety
Police Grants
New
Construction
Tax
Planned
Drainage
111 Item 1I-130Page 252
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Assessments
Loans
Interest
Allowance for interest on Successor Agency
Prepaid costs
Due from other governments
Inventories
Restricted assets:
Cash and investments with fiscal agents
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
Advances from other funds
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues
Total Deferred Inflows of Resources
FUND BALANCES:
Nonspendable:
Prepaid costs
Restricted for:
Public safety
Street related purposes
Low income housing
Public facilities
Special programs
Committed to:
Aquatic center
Energy loan program
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES
1,708,631$ 438,750$ 1,368,086$ 3,008,475$
- - - 55,337
- - - -
- - - -
- - - -
- - - -
- - - 200
- - - -
- - - -
- - - -
- - - -
- - - -
1,708,631$ 438,750$ 1,368,086$ 3,064,012$
-$ -$ -$ 45,448$
- - - -
- - - 90,618
- - - -
- - - -
- - - -
- - - 136,066
- - - -
- - - -
- - - 200
- - 1,368,086 -
- 438,750 - -
- - - -
1,708,631 - - -
- - - 2,927,746
- - - -
- - - -
- - - -
1,708,631 438,750 1,368,086 2,927,946
1,708,631$ 438,750$ 1,368,086$ 3,064,012$
Parks and
Recreational
Facilities Traffic Signals
Fire Facilities
Restoration Recycling
112 Item 1I-131Page 253
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Assessments
Loans
Interest
Allowance for interest on Successor Agency
Prepaid costs
Due from other governments
Inventories
Restricted assets:
Cash and investments with fiscal agents
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
Advances from other funds
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues
Total Deferred Inflows of Resources
FUND BALANCES:
Nonspendable:
Prepaid costs
Restricted for:
Public safety
Street related purposes
Low income housing
Public facilities
Special programs
Committed to:
Aquatic center
Energy loan program
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES
(CONTINUED)
1,609,645$ 46,939$ 2,176,389$ 288,475$
- - 447,889 289,308
5,874 - - -
1,435,167 - - -
56,122 - - -
- - - -
- 691 1,952 -
- - - -
- - 7,813 -
- - 19,611 -
- - - -
- - - -
3,106,808$ 47,630$ 2,653,654$ 577,783$
-$ 32,794$ 657,394$ -$
- - - -
- - - -
- - - 3,780
- - - -
1,159,000 - - -
1,159,000 32,794 657,394 3,780
56,122 - - -
56,122 - - -
- 691 1,952 -
- - - 574,003
- - - -
- - - -
- - - -
- 14,145 - -
- - 1,994,308 -
1,891,686 - - -
- - - -
1,891,686 14,836 1,996,260 574,003
3,106,808$ 47,630$ 2,653,654$ 577,783$
Energy
Independence
Loan
Air Quality
Management
Aquatic
Center
Cannabis
Compliance
113 Item 1I-132Page 254
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER SPECIAL REVENUE FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments
Receivables:
Accounts
Assessments
Loans
Interest
Allowance for interest on Successor Agency
Prepaid costs
Due from other governments
Inventories
Restricted assets:
Cash and investments with fiscal agents
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
LIABILITIES:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other funds
Advances from other funds
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues
Total Deferred Inflows of Resources
FUND BALANCES:
Nonspendable:
Prepaid costs
Restricted for:
Public safety
Street related purposes
Low income housing
Public facilities
Special programs
Committed to:
Aquatic center
Energy loan program
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES
70,103$ 4,534,224$ 1,361,669$ -$ 28,486,996$
11,878 - - - 804,412
- - - - 5,874
- - - - 1,435,167
- - - - 236,626
- - - - (180,504)
- - - - 2,843
- 28,563 - 171,306 713,827
- - - - 7,813
- - - - 19,611
- - - - 654,000
- - - - (654,000)
81,981$ 4,562,787$ 1,361,669$ 171,306$ 31,532,665$
10,496$ 61,486$ 349$ -$ 1,204,759$
- - 11,669 - 11,669
- - - - 383,838
- - - - 3,780
- - - 171,306 212,345
- - - - 1,159,000
10,496 61,486 12,018 171,306 2,975,391
- - - - 239,203
- - - - 239,203
- - - - 2,843
- - - - 1,958,136
- - 1,349,651 - 7,701,044
- - - - 3,547,149
- - - - 3,834,842
71,485 4,501,301 - - 7,514,677
- - - - 1,994,308
- - - - 1,891,686
- - - - (126,614)
71,485 4,501,301 1,349,651 - 28,318,071
81,981$ 4,562,787$ 1,361,669$ 171,306$ 31,532,665$
El Paseo
Assessment
District
Landscape
and Lighting
Districts Nos.
1 - 17
Affordable
Housing Fund
Permanent
Local Housing
Allocation
Grant
Total Other
Special Revenue
Funds
114 Item 1I-133Page 255
7KLVSDJHLQWHQWLRQDOO\OHIWEODQN
115 Item 1I-134Page 256
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Taxes -$ -$ 27,247$ -$
Special assessments collected - - - -
Intergovernmental revenues - 2,324,252 - 42,492
Charges for services - - - -
Investment earnings (87) 28,930 (36,942) 108
Fines and forfeitures 5,334 - - -
Miscellaneous - - 30,000 -
TOTAL REVENUES 5,247 2,353,182 20,305 42,600
EXPENDITURES:
Current:
General government - - - 225,573
Public safety - - - -
Parks, recreation and culture - - - -
Public works - 2,053,709 - -
Housing and redevelopment - - 49,048 -
Capital outlay - - - -
Debt service:
Principal retirement - - - -
Interest and fiscal charges - - - -
TOTAL EXPENDITURES - 2,053,709 49,048 225,573
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 5,247 299,473 (28,743) (182,973)
OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out (2,500) - - -
TOTAL OTHER FINANCING
SOURCES (USES) (2,500) - - -
NET CHANGE IN FUND BALANCES 2,747 299,473 (28,743) (182,973)
FUND BALANCES - BEGINNING OF YEAR 191 4,869,695 3,575,892 56,359
FUND BALANCES - END OF YEAR 2,938$ 5,169,168$ 3,547,149$ (126,614)$
Traffic Safety Gas Tax
Housing
Mitigation
Fee
Community
Development
Block Grant
116 Item 1I-135Page 257
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Taxes
Special assessments collected
Intergovernmental revenues
Charges for services
Investment earnings
Fines and forfeitures
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Public safety
Parks, recreation and culture
Public works
Housing and redevelopment
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
(CONTINUED)
32,945$ -$ 326,092$ 43,295$
- - - -
- 53,024 1,681,840 -
- - - -
(8,321) 1,297 (33,771) (10,432)
- - - -
- - - -
24,624 54,321 1,974,161 32,863
- - - -
- 53,024 - -
- - - -
- - - -
- - - -
900,000 - 1,600,466 -
- - - -
- - - -
900,000 53,024 1,600,466 -
(875,376) 1,297 373,695 32,863
- - - -
- - - -
- - - -
(875,376) 1,297 373,695 32,863
1,549,239 14,750 1,078,653 707,674
673,863$ 16,047$ 1,452,348$ 740,537$
Public
Safety Police
Grants
New
Construction
Tax
Planned
Drainage
Child Care
Program
117 Item 1I-136Page 258
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Taxes
Special assessments collected
Intergovernmental revenues
Charges for services
Investment earnings
Fines and forfeitures
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Public safety
Parks, recreation and culture
Public works
Housing and redevelopment
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
133,411$ 8,400$ 125,925$ -$
- - - -
- - - 13,428
- - - 441,458
(23,845) (6,141) (19,227) (42,512)
- - - -
- - - -
109,566 2,259 106,698 412,374
- - - 344,161
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - 344,161
109,566 2,259 106,698 68,213
- - - -
- - - -
- - - -
109,566 2,259 106,698 68,213
1,599,065 436,491 1,261,388 2,859,733
1,708,631$ 438,750$ 1,368,086$ 2,927,946$
Parks and
Recreational
Facilities
Traffic
Signals
Fire
Facilities
Restoration Recycling
118 Item 1I-137Page 259
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Taxes
Special assessments collected
Intergovernmental revenues
Charges for services
Investment earnings
Fines and forfeitures
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Public safety
Parks, recreation and culture
Public works
Housing and redevelopment
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
(CONTINUED)
-$ -$ -$ 3,386,460$
- - - -
- 51,351 - -
- - 667,230 -
130,009 (723) 8,077 -
- - - -
- - - -
130,009 50,628 675,307 3,386,460
4,904 61,670 - -
- - - 212,688
- - 2,053,385 -
- - - -
- - - -
- 1,222 267,759 -
330,000 - - -
100,665 - - -
435,569 62,892 2,321,144 212,688
(305,560) (12,264) (1,645,837) 3,173,772
- - 1,400,500 -
- - - (3,500,000)
- - 1,400,500 (3,500,000)
(305,560) (12,264) (245,337) (326,228)
2,197,246 27,100 2,241,597 900,231
1,891,686$ 14,836$ 1,996,260$ 574,003$
Air Quality
Management
Aquatic
Center
Cannabis
Compliance
Energy
Independence
Loan
119 Item 1I-138Page 260
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Taxes
Special assessments collected
Intergovernmental revenues
Charges for services
Investment earnings
Fines and forfeitures
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Public safety
Parks, recreation and culture
Public works
Housing and redevelopment
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
-$ -$ -$ -$ 4,083,775$
248,485 885,147 - - 1,133,632
- - - 171,306 4,337,693
- - - - 1,108,688
337 21,793 - - 8,550
- - - - 5,334
- - 1,350,000 - 1,380,000
248,822 906,940 1,350,000 171,306 12,057,672
239,517 - - - 875,825
- - - - 265,712
- - - - 2,053,385
- 715,039 - - 2,768,748
- - 245,356 - 294,404
- - 349 - 2,769,796
- - - - 330,000
- - - - 100,665
239,517 715,039 245,705 - 9,458,535
9,305 191,901 1,104,295 171,306 2,427,831
- 114,673 245,356 - 1,760,529
- - - (171,306) (3,502,500)
- 114,673 245,356 (171,306) (1,741,971)
9,305 306,574 1,349,651 - 685,860
62,180 4,194,727 - - 27,632,211
71,485$ 4,501,301$ 1,349,651$ -$ 28,318,071$
Total Other
Special Revenue
Funds
El Paseo
Assessment
District
Landscape
and Lighting
Districts Nos.
1 - 17
Affordable
Housing Fund
Permanent
Local Housing
Allocation
Grant
120 Item 1I-139Page 261
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
TRAFFIC SAFETY
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 191$ 191$ 191$ -$
Resources (Inflows):
Investment earnings - - (87) (87)
Fines and forfeitures 2,500 2,500 5,334 2,834
Amounts Available for Appropriations 2,691 2,691 5,438 2,747
Charges to Appropriation (Outflow):
Transfers out 2,500 2,500 2,500 -
Total Charges to Appropriations 2,500 2,500 2,500 -
Budgetary Fund Balance, June 30 191$ 191$ 2,938$ 2,747$
121 Item 1I-140Page 262
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
GAS TAX
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 4,869,695$ 4,869,695$ 4,869,695$ -$
Resources (Inflows):
Intergovernmental 2,392,339 2,392,339 2,324,252 (68,087)
Investment earnings 20,000 20,000 28,930 8,930
Amounts Available for Appropriations 7,282,034 7,282,034 7,222,877 (59,157)
Charges to Appropriation (Outflow):
Public works 4,550,000 4,815,238 2,053,709 2,761,529
Total Charges to Appropriations 4,550,000 4,815,238 2,053,709 2,761,529
Budgetary Fund Balance, June 30 2,732,034$ 2,466,796$ 5,169,168$ 2,702,372$
122 Item 1I-141Page 263
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
HOUSING MITIGATION FEE
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 3,575,892$ 3,575,892$ 3,575,892$ -$
Resources (Inflows):
Taxes 68,600 68,600 27,247 (41,353)
Investment earnings 15,000 15,000 (36,942) (51,942)
Miscellaneous - - 30,000 30,000
Amounts Available for Appropriations 3,659,492 3,659,492 3,596,197 (63,295)
Charges to Appropriation (Outflow):
Housing and redevelopment 550,000 550,000 49,048 500,952
Total Charges to Appropriations 550,000 550,000 49,048 500,952
Budgetary Fund Balance, June 30 3,109,492$ 3,109,492$ 3,547,149$ 437,657$
123 Item 1I-142Page 264
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 56,359$ 56,359$ 56,359$ -$
Resources (Inflows):
Intergovernmental 418,663 418,663 42,492 (376,171)
Investment earnings 100 100 108 8
Amounts Available for Appropriations 475,122 475,122 98,959 (376,163)
Charges to Appropriation (Outflow):
General government 418,663 629,763 225,573 404,190
Total Charges to Appropriations 418,663 629,763 225,573 404,190
Budgetary Fund Balance, June 30 56,459$ (154,641)$ (126,614)$ 28,027$
124 Item 1I-143Page 265
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
CHILD CARE PROGRAM
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,549,239$ 1,549,239$ 1,549,239$ -$
Resources (Inflows):
Taxes 56,800 56,800 32,945 (23,855)
Investment earnings 9,000 9,000 (8,321) (17,321)
Amounts Available for Appropriations 1,615,039 1,615,039 1,573,863 (41,176)
Charges to Appropriation (Outflow):
Capital outlay - 1,584,000 900,000 684,000
Total Charges to Appropriations - 1,584,000 900,000 684,000
Budgetary Fund Balance, June 30 1,615,039$ 31,039$ 673,863$ 642,824$
125 Item 1I-144Page 266
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
PUBLIC SAFETY POLICE GRANTS
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 14,750$ 14,750$ 14,750$ -$
Resources (Inflows):
Intergovernmental 200,000 200,000 53,024 (146,976)
Investment earnings 500 500 1,297 797
Amounts Available for Appropriations 215,250 215,250 69,071 (146,179)
Charges to Appropriation (Outflow):
Public safety 112,000 112,000 53,024 58,976
Capital outlay 88,000 88,000 - 88,000
Total Charges to Appropriations 200,000 200,000 53,024 146,976
Budgetary Fund Balance, June 30 15,250$ 15,250$ 16,047$ 797$
126 Item 1I-145Page 267
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
NEW CONSTRUCTION TAX
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,078,653$ 1,078,653$ 1,078,653$ -$
Resources (Inflows):
Taxes 307,400 307,400 326,092 18,692
Intergovernmental 2,092,000 2,092,000 1,681,840 (410,160)
Investment earnings 3,000 3,000 (33,771) (36,771)
Amounts Available for Appropriations 3,481,053 3,481,053 3,052,814 (428,239)
Charges to Appropriation (Outflow):
Capital outlay - 4,312,549 1,600,466 2,712,083
Total Charges to Appropriations - 4,312,549 1,600,466 2,712,083
Budgetary Fund Balance, June 30 3,481,053$ (831,496)$ 1,452,348$ 2,283,844$
127 Item 1I-146Page 268
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
PLANNED DRAINAGE
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 707,674$ 707,674$ 707,674$ -$
Resources (Inflows):
Taxes 60,000 60,000 43,295 (16,705)
Investment earnings 3,000 3,000 (10,432) (13,432)
Amounts Available for Appropriations 770,674 770,674 740,537 (30,137)
Charges to Appropriation (Outflow):
Public works - 36,101 - 36,101
Capital outlay - 13,000 - 13,000
Total Charges to Appropriations - 49,101 - 49,101
Budgetary Fund Balance, June 30 770,674$ 721,573$ 740,537$ 18,964$
128 Item 1I-147Page 269
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
PARKS AND RECREATIONAL FACILITIES
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,599,065$ 1,599,065$ 1,599,065$ -$
Resources (Inflows):
Taxes 25,000 25,000 133,411 108,411
Investment earnings 3,000 3,000 (23,845) (26,845)
Amounts Available for Appropriations 1,627,065 1,627,065 1,708,631 81,566
Charges to Appropriation (Outflow):
Capital outlay 250,000 1,303,333 - 1,303,333
Total Charges to Appropriations 250,000 1,303,333 - 1,303,333
Budgetary Fund Balance, June 30 1,377,065$ 323,732$ 1,708,631$ 1,384,899$
129 Item 1I-148Page 270
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
TRAFFIC SIGNALS
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 436,491$ 436,491$ 436,491$ -$
Resources (Inflows):
Taxes 25,000 25,000 8,400 (16,600)
Investment earnings 500 500 (6,141) (6,641)
Amounts Available for Appropriations 461,991 461,991 438,750 (23,241)
Charges to Appropriation (Outflow):
Capital outlay 75,000 231,925 - 231,925
Total Charges to Appropriations 75,000 231,925 - 231,925
Budgetary Fund Balance, June 30 386,991$ 230,066$ 438,750$ 208,684$
130 Item 1I-149Page 271
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
FIRE FACILITIES RESTORATION
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,261,388$ 1,261,388$ 1,261,388$ -$
Resources (Inflows):
Taxes 39,400 39,400 125,925 86,525
Investment earnings 7,000 7,000 (19,227) (26,227)
Amounts Available for Appropriations 1,307,788 1,307,788 1,368,086 60,298
Charges to Appropriation (Outflow):
Capital outlay - 1,223,471 - 1,223,471
Total Charges to Appropriations - 1,223,471 - 1,223,471
Budgetary Fund Balance, June 30 1,307,788$ 84,317$ 1,368,086$ 1,283,769$
131 Item 1I-150Page 272
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
RECYCLING
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 2,859,733$ 2,859,733$ 2,859,733$ -$
Resources (Inflows):
Intergovernmental - - 13,428 13,428
Charges for services 275,000 275,000 441,458 166,458
Investment earnings 7,000 7,000 (42,512) (49,512)
Amounts Available for Appropriations 3,141,733 3,141,733 3,272,107 130,374
Charges to Appropriation (Outflow):
General government 370,000 633,005 344,161 288,844
Public works - 27,692 - 27,692
Total Charges to Appropriations 370,000 660,697 344,161 316,536
Budgetary Fund Balance, June 30 2,771,733$ 2,481,036$ 2,927,946$ 446,910$
132 Item 1I-151Page 273
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
ENERGY INDEPENDENCE LOAN
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 2,197,246$ 2,197,246$ 2,197,246$ -$
Resources (Inflows):
Investment earnings 357,000 357,000 130,009 (226,991)
Amounts Available for Appropriations 2,554,246 2,554,246 2,327,255 (226,991)
Charges to Appropriation (Outflow):
General government 15,000 15,000 4,904 10,096
Debt service:
Principal retirement 184,000 184,000 330,000 (146,000)
Interest and fiscal charges 121,840 121,840 100,665 21,175
Total Charges to Appropriations 320,840 320,840 435,569 (114,729)
Budgetary Fund Balance, June 30 2,233,406$ 2,233,406$ 1,891,686$ (341,720)$
133 Item 1I-152Page 274
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY MANAGEMENT
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 27,100$ 27,100$ 27,100$ -$
Resources (Inflows):
Intergovernmental 73,400 73,400 51,351 (22,049)
Investment earnings 50 50 (723) (773)
Amounts Available for Appropriations 100,550 100,550 77,728 (22,822)
Charges to Appropriation (Outflow):
General government 63,100 63,100 61,670 1,430
Total Charges to Appropriations 63,100 83,100 62,892 20,208
Budgetary Fund Balance, June 30 37,450$ 17,450$ 14,836$ (2,614)$
134 Item 1I-153Page 275
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
AQUATIC CENTER
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 2,241,597$ 2,241,597$ 2,241,597$ -$
Resources (Inflows):
Charges for services 875,000 875,000 667,230 (207,770)
Investment earnings 3,000 3,000 8,077 5,077
Transfers in 1,400,500 1,400,500 1,400,500 -
Amounts Available for Appropriations 4,520,097 4,520,097 4,317,404 (202,693)
Charges to Appropriation (Outflow):
Parks, recreation and culture 2,093,500 2,093,500 2,053,385 40,115
Capital outlay 185,000 425,276 267,759 157,517
Total Charges to Appropriations 2,278,500 2,518,776 2,321,144 197,632
Budgetary Fund Balance, June 30 2,241,597$ 2,001,321$ 1,996,260$ (5,061)$
135 Item 1I-154Page 276
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
CANNABIS COMPLIANCE
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 900,231$ 900,231$ 900,231$ -$
Resources (Inflows):
Taxes 2,804,800 2,804,800 3,386,460 581,660
Amounts Available for Appropriations 3,705,031 3,705,031 4,286,691 581,660
Charges to Appropriation (Outflow):
Public safety 50,000 50,000 212,688 (162,688)
Transfers out 2,500,000 2,500,000 3,500,000 (1,000,000)
Total Charges to Appropriations 2,550,000 2,550,000 3,712,688 (1,162,688)
Budgetary Fund Balance, June 30 1,155,031$ 1,155,031$ 574,003$ (581,028)$
136 Item 1I-155Page 277
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
EL PASEO ASSESSMENT DISTRICT
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 62,180$ 62,180$ 62,180$ -$
Resources (Inflows):
Assessments 250,000 250,000 248,485 (1,515)
Investment earnings - - 337 337
Amounts Available for Appropriations 312,180 312,180 311,002 (1,178)
Charges to Appropriation (Outflow):
General government 250,000 250,000 239,517 10,483
Total Charges to Appropriations 250,000 250,000 239,517 10,483
Budgetary Fund Balance, June 30 62,180$ 62,180$ 71,485$ 9,305$
137 Item 1I-156Page 278
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
LANDSCAPE AND LIGHTING DISTRICTS NOS 1 -17
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 4,194,727$ 4,194,727$ 4,194,727$ -$
Resources (Inflows):
Assessments 895,475 895,475 885,147 (10,328)
Investment earnings 7,000 7,000 21,793 14,793
Transfers in 110,000 110,000 114,673 4,673
Amounts Available for Appropriations 5,207,202 5,207,202 5,216,340 9,138
Charges to Appropriation (Outflow):
Public works 1,058,059 1,058,059 715,039 343,020
Total Charges to Appropriations 1,058,059 1,058,059 715,039 343,020
Budgetary Fund Balance, June 30 4,149,143$ 4,149,143$ 4,501,301$ 352,158$
138 Item 1I-157Page 279
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
AFFORDABLE HOUSING FUND
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (Inflows):
Miscellaneous - - 1,350,000 1,350,000
Transfers in 284,100 284,100 245,356 (38,744)
Amounts Available for Appropriations 284,100 284,100 1,595,356 1,311,256
Charges to Appropriation (Outflow):
Housing and redevelopment 273,100 273,100 245,356 27,744
Capital outlay 1,000 1,000 349 651
Transfers out 10,000 10,000 - 10,000
Total Charges to Appropriations 284,100 284,100 245,705 38,395
Budgetary Fund Balance, June 30 -$ -$ 1,349,651$ 1,349,651$
139 Item 1I-158Page 280
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140 Item 1I-159Page 281
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141 Item 1I-160Page 282
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER CAPITAL PROJECTS FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments 10,635,997$ 2,022,971$ 1,766,965$ 10,619$
Receivables:
Interest - - - 1,315,141
Allowance for interest on Successor Agency - - - (1,315,141)
Prepaid costs - - 16,621 -
Deposits - - 20,000 -
Advances to Successor Agency - - - 4,765,000
Allowance for Advances to Successor Agency - - - (4,765,000)
TOTAL ASSETS 10,635,997$ 2,022,971$ 1,803,586$ 10,619$
LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND FUND BALANCES:
LIABILITIES:
Accounts payable 638,356$ 18,910$ 15,543$ 923$
Unearned revenues 251,273 - - -
TOTAL LIABILITIES 889,629 18,910 15,543 923
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues - - - -
TOTAL DEFERRED INFLOWS OF RESOURCES - - - -
FUND BALANCES:
Nonspendable:
Prepaid costs - - 16,621 -
Restricted for:
Capital Projects - - - -
Special programs - - - -
Assigned to:
Capital projects 9,325,981 - - -
Property acquisition 420,387 - - -
Public facilities - - 1,771,422 9,696
Special programs - - - -
Street related purposes - 2,004,061 - -
TOTAL FUND BALANCES 9,746,368 2,004,061 1,788,043 9,696
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES 10,635,997$ 2,022,971$ 1,803,586$ 10,619$
Capital
Projects
Reserve
Drainage
Facilities
Economic
Development
Parks and
Recreational
Facilities
142 Item 1I-161Page 283
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER CAPITAL PROJECTS FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments
Receivables:
Interest
Allowance for interest on Successor Agency
Prepaid costs
Deposits
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND FUND BALANCES:
LIABILITIES:
Accounts payable
Unearned revenues
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues
TOTAL DEFERRED INFLOWS OF RESOURCES
FUND BALANCES:
Nonspendable:
Prepaid costs
Restricted for:
Capital Projects
Special programs
Assigned to:
Capital projects
Property acquisition
Public facilities
Special programs
Street related purposes
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES
(CONTINUED)
1,415,038$ 107,685$ 11,316,798$ 2,634,982$
- - - -
- - - -
127 - - -
- - - -
- - - -
- - - -
1,415,165$ 107,685$ 11,316,798$ 2,634,982$
5,434$ -$ 92,812$ 84,716$
- - - -
5,434 - 92,812 84,716
164,790 - - -
164,790 - - -
127 - - -
- - - -
1,244,814 - - -
- - - -
- - - -
- - 11,223,986 2,550,266
- - - -
- 107,685 - -
1,244,941 107,685 11,223,986 2,550,266
1,415,165$ 107,685$ 11,316,798$ 2,634,982$
Art in Public
Places Signalization Capital Golf Buildings
143 Item 1I-162Page 284
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER CAPITAL PROJECTS FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments
Receivables:
Interest
Allowance for interest on Successor Agency
Prepaid costs
Deposits
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND FUND BALANCES:
LIABILITIES:
Accounts payable
Unearned revenues
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues
TOTAL DEFERRED INFLOWS OF RESOURCES
FUND BALANCES:
Nonspendable:
Prepaid costs
Restricted for:
Capital Projects
Special programs
Assigned to:
Capital projects
Property acquisition
Public facilities
Special programs
Street related purposes
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES
664,555$ 188,794$ 618$ 21$
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
664,555$ 188,794$ 618$ 21$
-$ -$ -$ -$
- - - -
- - - -
- - - -
- - - -
- - - -
- 188,794 618 21
- - - -
- - - -
- - - -
- - - -
664,555 - - -
- - - -
664,555 188,794 618 21
664,555$ 188,794$ 618$ 21$
Library
Assessment
District No. 94-
3 Merano
Silver Spur
Ranch
Highlands
Undergrounding
144 Item 1I-163Page 285
CITY OF PALM DESERT
COMBINING BALANCE SHEET
OTHER CAPITAL PROJECTS FUNDS
JUNE 30, 2022
ASSETS:
Pooled cash and investments
Receivables:
Interest
Allowance for interest on Successor Agency
Prepaid costs
Deposits
Advances to Successor Agency
Allowance for Advances to Successor Agency
TOTAL ASSETS
LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND FUND BALANCES:
LIABILITIES:
Accounts payable
Unearned revenues
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues
TOTAL DEFERRED INFLOWS OF RESOURCES
FUND BALANCES:
Nonspendable:
Prepaid costs
Restricted for:
Capital Projects
Special programs
Assigned to:
Capital projects
Property acquisition
Public facilities
Special programs
Street related purposes
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES
-$ 670$ -$ 30,765,713$
- - - 1,315,141
- - (1,315,141)
- - - 16,748
- - - 20,000
- - - 4,765,000
- - - (4,765,000)
-$ 670$ -$ 30,802,461$
-$ -$ -$ 856,694$
- - - 251,273
- - - 1,107,967
- - - 164,790
- - - 164,790
- - - 16,748
- 670 - 190,103
- - - 1,244,814
- - - 9,325,981
- - - 420,387
- - - 15,555,370
- - - 664,555
- - - 2,111,746
- 670 - 29,529,704
-$ 670$ -$ 30,802,461$
CFD
University
Special
Assessment
District University Park
Assessment
29
Total Other
Capital Projects
Funds
145 Item 1I-164Page 286
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Licenses and permits -$ -$ -$ -$
Intergovernmental revenues - - 70,952 -
Investment earnings (131,845) (28,330) (41,775) (437)
Rental income - - 67,649 -
Miscellaneous - - 9,063 -
TOTAL REVENUES (131,845) (28,330) 105,889 (437)
EXPENDITURES:
Current:
General government 400,000 - 3,047,499 -
Parks, recreation and culture 75,820 - - -
Public works - 18,910 - -
Capital outlay 1,683,407 - - 14,268
TOTAL EXPENDITURES 2,159,227 18,910 3,047,499 14,268
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (2,291,072) (47,240) (2,941,610) (14,705)
OTHER FINANCING SOURCES (USES)
Transfers in 1,090,000 - 830,000 -
Transfers out (100,000) - - -
Capital leases - - 2,468,060 -
TOTAL OTHER FINANCING
SOURCES (USES) 990,000 - 3,298,060 -
NET CHANGE IN FUND BALANCES (1,301,072) (47,240) 356,450 (14,705)
FUND BALANCES - BEGINNING OF YEAR 11,047,440 2,051,301 1,431,593 24,401
FUND BALANCES - END OF YEAR 9,746,368$ 2,004,061$ 1,788,043$ 9,696$
Economic
Development
Parks and
Recreational
Facilities
Capital
Projects
Reserve
Drainage
Facilities
146 Item 1I-165Page 287
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Licenses and permits
Intergovernmental revenues
Investment earnings
Rental income
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Parks, recreation and culture
Public works
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Capital leases
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
(CONTINUED)
346,669$ -$ -$ -$
- - - -
(20,926) (1,508) (104,523) (37,085)
- - - -
80,000 - 2,488,331 -
405,743 (1,508) 2,383,808 (37,085)
- - - -
94,439 - 464,565 -
- - - -
105,780 - - 345,989
200,219 - 464,565 345,989
205,524 (1,508) 1,919,243 (383,074)
- - - 100,000
(101,067) - - -
- - - -
(101,067) - - 100,000
104,457 (1,508) 1,919,243 (283,074)
1,140,484 109,193 9,304,743 2,833,340
1,244,941$ 107,685$ 11,223,986$ 2,550,266$
Art in Public
Places Signalization Capital Golf Buildings
147 Item 1I-166Page 288
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Licenses and permits
Intergovernmental revenues
Investment earnings
Rental income
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Parks, recreation and culture
Public works
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Capital leases
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
-$ -$ -$ -$
- - - -
(9,306) - - -
- - - -
- - - -
(9,306) - - -
- - - -
- - - -
- - - -
- - - -
- - - -
(9,306) - - -
- - - -
- - - -
- - - -
- - - -
(9,306) - - -
673,861 188,794 618 21
664,555$ 188,794$ 618$ 21$
Library
Assessment
District No. 94-
3 Merano
Silver Spur
Ranch
Highlands
Undergrounding
148 Item 1I-167Page 289
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30, 2022
REVENUES:
Licenses and permits
Intergovernmental revenues
Investment earnings
Rental income
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Parks, recreation and culture
Public works
Capital outlay
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Capital leases
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCES
FUND BALANCES - BEGINNING OF YEAR
FUND BALANCES - END OF YEAR
-$ -$ -$ 346,669$
- - - 70,952
(7,572) - 73 (383,234)
- - 67,649
- - - 2,577,394
(7,572) - 1,974,726 4,654,083
1,916,052 - - 5,363,551
- - - 634,824
2,692 - - 21,602
- - 1,974,726 4,124,170
1,918,744 - 1,974,726 10,144,147
(1,926,316) - - (5,490,064)
- - - 2,020,000
- - - (201,067)
- - - 2,468,060
- - - 4,286,993
(1,926,316) - - (1,203,071)
1,926,316 670 - 30,732,775
-$ 670$ -$ 29,529,704$
Total Other
Capital Projects
Fund
University
Park
CFD
University
Special
Assessment
District
Assessment
29
149 Item 1I-168Page 290
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
CAPITAL PROPERTIES
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 55,049,189$ 55,049,189$ 55,049,189$ -$
Resources (Inflows):
Investment earnings 20,000 20,000 64,555 44,555
Miscellaneous - - 2,698,181 2,698,181
Amounts Available for Appropriations 55,069,189 55,069,189 57,811,925 2,742,736
Charges to Appropriation (Outflow):
General government 20,000,000 20,000,000 2,855 19,997,145
Parks and recreation 550,000 550,000 - 550,000
Public works 250,000 9,485,539 8,370,585 1,114,954
Capital outlay 1,400,000 2,541,403 1,246,096 1,295,307
Total Charges to Appropriations 22,200,000 32,576,942 9,619,536 22,957,406
Budgetary Fund Balance, June 30 32,869,189$ 22,492,247$ 48,192,389$ 25,700,142$
150 Item 1I-169Page 291
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
CAPITAL PROJECTS RESERVE
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 11,047,440$ 11,047,440$ 11,047,440$ -$
Resources (Inflows):
Investment earnings 10,000 10,000 (131,845) (141,845)
Transfers in - 640,000 1,090,000 450,000
Amounts Available for Appropriations 11,057,440 11,697,440 12,005,595 308,155
Charges to Appropriation (Outflow):
General government 400,000 400,000 400,000 -
Public safety - 68,152 - 68,152
Parks, recreation and culture 129,000 134,035 75,820 58,215
Public works 100,000 100,000 - 100,000
Capital outlay 1,600,000 2,635,000 1,683,407 951,593
Transfers out - - 100,000 (100,000)
Total Charges to Appropriations 2,229,000 3,337,187 2,259,227 1,077,960
Budgetary Fund Balance, June 30 8,828,440$ 8,360,253$ 9,746,368$ 1,386,115$
151 Item 1I-170Page 292
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
DRAINAGE FACILITIES
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 2,051,301$ 2,051,301$ 2,051,301$ -$
Resources (Inflows):
Investment earnings 5,000 5,000 (28,330) (33,330)
Amounts Available for Appropriations 2,056,301 2,056,301 2,022,971 (33,330)
Charges to Appropriation (Outflow):
Public works 105,000 1,012,926 18,910 994,016
Total Charges to Appropriations 105,000 1,012,926 18,910 994,016
Budgetary Fund Balance, June 30 1,951,301$ 1,043,375$ 2,004,061$ 960,686$
152 Item 1I-171Page 293
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
ECONOMIC DEVELOPMENT
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,431,593$ 1,431,593$ 1,431,593$ -$
Resources (Inflows):
Rental income 62,968 62,968 67,649 4,681
Intergovernmental 35,000 35,000 70,952 35,952
Investment earnings 1,000 1,000 (41,775) (42,775)
Miscellaneous - - 9,063 9,063
Transfers in 830,000 830,000 830,000 -
Capital leases - - 2,468,060 2,468,060
Amounts Available for Appropriations 2,360,561 2,360,561 4,835,542 2,474,981
Charges to Appropriation (Outflow):
General government 1,265,575 1,340,575 3,047,499 (1,706,924)
Total Charges to Appropriations 1,265,575 1,340,575 3,047,499 (1,706,924)
Budgetary Fund Balance, June 30 1,094,986$ 1,019,986$ 1,788,043$ 768,057$
153 Item 1I-172Page 294
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
PARKS AND RECREATIONAL FACILITIES
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 24,401$ 24,401$ 24,401$ -$
Resources (Inflows):
Investment earnings 100 100 (437) (537)
Amounts Available for Appropriations 24,501 24,501 23,964 (537)
Charges to Appropriation (Outflow):
Capital outlay 20,000 21,378 14,268 7,110
Total Charges to Appropriations 20,000 21,378 14,268 7,110
Budgetary Fund Balance, June 30 4,501$ 3,123$ 9,696$ 6,573$
154 Item 1I-173Page 295
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
ART IN PUBLIC PLACES
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,140,484$ 1,140,484$ 1,140,484$ -$
Resources (Inflows):
Licenses and permits 103,700 103,700 346,669 242,969
Investment earnings 5,000 5,000 (20,926) (25,926)
Miscellaneous - - 80,000 80,000
Amounts Available for Appropriations 1,249,184 1,249,184 1,546,227 297,043
Charges to Appropriation (Outflow):
Parks, recreation and culture 123,270 123,270 94,439 28,831
Capital outlay 290,000 489,235 105,780 383,455
Transfers out 120,000 120,000 101,067 18,933
Total Charges to Appropriations 533,270 732,505 301,286 431,219
Budgetary Fund Balance, June 30 715,914$ 516,679$ 1,244,941$ 728,262$
155 Item 1I-174Page 296
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
SIGNALIZATION
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 109,193$ 109,193$ 109,193$ -$
Resources (Inflows):
Investment earnings 100 100 (1,508) (1,608)
Amounts Available for Appropriations 109,293 109,293 107,685 (1,608)
Budgetary Fund Balance, June 30 109,293$ 109,293$ 107,685$ (1,608)$
156 Item 1I-175Page 297
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
CAPITAL GOLF
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 9,304,743$ 9,304,743$ 9,304,743$ -$
Resources (Inflows):
Investment earnings 30,000 30,000 (104,523) (134,523)
Miscellaneous 2,472,369 2,472,369 2,488,331 15,962
Amounts Available for Appropriations 11,807,112 11,807,112 11,688,551 (118,561)
Charges to Appropriation (Outflow):
Parks, recreation and culture 1,259,000 1,259,000 464,565 794,435
Total Charges to Appropriations 1,259,000 1,259,000 464,565 794,435
Budgetary Fund Balance, June 30 10,548,112$ 10,548,112$ 11,223,986$ 675,874$
157 Item 1I-176Page 298
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
BUILDINGS
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 2,833,340$ 2,833,340$ 2,833,340$ -$
Resources (Inflows):
Investment earnings 20,000 20,000 (37,085) (57,085)
Transfers in - - 100,000 100,000
Amounts Available for Appropriations 2,853,340 2,853,340 2,896,255 42,915
Charges to Appropriation (Outflow):
Parks, recreation and culture 700,000 700,000 - 700,000
Capital outlay 1,623,820 1,931,685 345,989 1,585,696
Total Charges to Appropriations 2,323,820 2,631,685 345,989 2,285,696
Budgetary Fund Balance, June 30 529,520$ 221,655$ 2,550,266$ 2,328,611$
158 Item 1I-177Page 299
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&LW\+LJKODQGV8QGHUJURXQGLQJ)XQG±7KLVIXQGLVXVHGWRDFFRXQWIRUWKHUHVRXUFHVDQGSD\PHQWIRUGHEW
UHODWHGWR+LJKODQGV8QGHUJURXQGLQJ
159 Item 1I-178Page 300
CITY OF PALM DESERT
BALANCE SHEET
OTHER DEBT SERVICE FUND
JUNE 30, 2022
ASSETS:
Pooled cash and investments 95,493$ 95,493$
Receivables:
Assessments 1,133,708 1,133,708
Due from other governments 4,213 4,213
TOTAL ASSETS 1,233,414$ 1,233,414$
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenues 1,133,708$ 1,133,708$
TOTAL DEFERRED INFLOWS OF RESOURCES 1,133,708 1,133,708
FUND BALANCES:
Restricted for:
Debt service 99,706 99,706
TOTAL FUND BALANCES 99,706 99,706
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES 1,233,414$ 1,233,414$
City Highland
Undergrounding
Total Other Debt
Service Fund
160 Item 1I-179Page 301
CITY OF PALM DESERT
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER DEBT SERVICE FUND
YEAR ENDED JUNE 30, 2022
Total Other
Debt Service
Fund
REVENUES:
Special assessments collected 142,682$ 142,682$
Investment earnings (1,961) (1,961)
TOTAL REVENUES 140,721 140,721
EXPENDITURES:
Current:
General government 15,479 15,479
Debt service:
Principal retirement 48,000 48,000
Interest and fiscal charges 56,797 56,797
TOTAL EXPENDITURES 120,276 120,276
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 20,445 20,445
NET CHANGE IN FUND BALANCES 20,445 20,445
FUND BALANCES - BEGINNING OF YEAR 79,261 79,261
FUND BALANCES - END OF YEAR 99,706$ 99,706$
City
Highlands
Undergrounding
161 Item 1I-180Page 302
CITY OF PALM DESERT
BUDGETARY COMPARISON SCHEDULE
CITY HIGHLAND UNDERGROUNDING
YEAR ENDED JUNE 30, 2022
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 79,261$ 79,261$ 79,261$ -$
Resources (Inflows):
Assessments 118,311 118,311 142,682 24,371
Investment earnings 2,000 2,000 (1,961) (3,961)
Amounts Available for Appropriations 199,572 199,572 219,982 20,410
Charges to Appropriation (Outflow):
General government 14,000 14,000 15,479 (1,479)
Debt service:
Principal retirement 48,000 48,000 48,000 -
Interest and fiscal charges 56,798 56,798 56,797 1
Total Charges to Appropriations 118,798 118,798 120,276 (1,478)
Budgetary Fund Balance, June 30 80,774$ 80,774$ 99,706$ 18,932$
162 Item 1I-181Page 303
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163 Item 1I-182Page 304
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,17(51$/6(59,&()81'6
-81(
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$66(76
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167 Item 1I-186Page 308
CITY OF PALM DESERT
ALL CUSTODIAL FUNDS
JUNE 30, 2022
Totals
Assets:
Pooled cash and investments 2,883,350$ 4,767,987$ 7,651,337$
Receivables:
Assessments - 36,878,571 36,878,571
Accrued interest - 163 163
Due from other governments - 19,214 19,214
Restricted assets:
Cash and investments with fiscal agents - 3,004,892 3,004,892
Total Assets 2,883,350 44,670,827 47,554,177
Liabilities:
Accounts payable - 1,500 1,500
Deposits payable - 36,878,571 36,878,571
Total Liabilities - 36,880,071 36,880,071
Net Position:
Restricted for other purposes 2,883,350 7,790,756 10,674,106
Total Net Position 2,883,350$ 7,790,756$ 10,674,106$
COMBINING STATEMENT OF NET POSITION
Retiree Service
Stipend Fund
Special
Assessment
Funds
168 Item 1I-187Page 309
CITY OF PALM DESERT
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
ALL CUSTODIAL FUNDS
YEAR ENDED JUNE 30, 2022
ADDITIONS:
Intergovernmental -$ 41,231,444$ 41,231,444$
Investment income (26,555) (136,355) (162,910)
Contributions from City 1,001,688 2,692 1,004,380
TOTAL ADDITIONS 975,133 41,097,781 42,072,914
DEDUCTIONS
Administrative expenses 7,600 1,389,434 1,397,034
Contractual services 994,088 43,766,194 44,760,282
Interest - 914,927 914,927
Debt service expense - 110,000 110,000
TOTAL DEDUCTIONS 1,001,688 46,180,555 47,182,243
CHANGES IN NET POSITION (26,555) (5,082,774) (5,109,329)
NET POSITION - BEGINNING OF YEAR 2,909,905 (34,206,470) (31,296,565)
Restatement (Note: 21)- 47,080,000 47,080,000
NET POSITION - BEGINNING OF YEAR RESTATED 2,909,905 12,873,530 15,783,435
NET POSITION - END OF YEAR 2,883,350$ 7,790,756$ 10,674,106$
Retiree Service
Stipend Fund
Special
Assessment
Funds
Total Custodial
Funds
169 Item 1I-188Page 310
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171 Item 1I-190Page 312
7KLVSDJHLQWHQWLRQDOO\OHIWEODQN
172 Item 1I-191Page 313
City of Palm Desert
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Governmental Activities 2022 2021 2020 2019 2018
Net Investment in capital assets 422,400,639$ 421,568,819$ 424,163,964$ 429,729,549$ 438,184,070$
Restricted 164,636,470 197,082,889 196,858,726 200,536,233 197,349,364
Unrestricted 146,766,766 92,557,050 86,017,220 90,057,306 83,054,707
Total Governmental Activities Net Position 733,803,875 711,208,758 707,039,910 720,323,088 718,588,141
Net Investment in capital assets 67,327,809 67,981,326 68,394,059 69,070,734 69,111,797
Unrestricted 10,495,570 8,069,182 6,672,261 6,590,251 5,609,843
Total Business-type Activities Net Position 77,823,379 76,050,508 75,066,320 75,660,985 74,721,640
Primary Government
Net Investment in capital assets 489,728,448 489,550,145 492,558,023 498,800,283 507,295,867
Restricted 164,636,470 197,082,889 196,858,726 200,536,233 197,349,364
Unrestricted 157,262,336 100,626,232 92,689,481 96,647,557 88,664,550
Total Primary Government Net Position 811,627,254$ 787,259,266$ 782,106,230$ 795,984,073$ 793,309,781$
Governmental Activities 2017 2016 2015 2014 2013
Net Investment in capital assets 449,037,170$ 459,644,720$ 473,722,694$ 466,246,732$ 465,756,172$
Restricted 197,824,604 193,298,431 135,900,520 140,460,575 132,741,798
Unrestricted 87,091,894 78,812,066 71,530,456 105,537,785 103,603,715
Total Governmental Activities Net Position 733,953,668 731,755,217 (3) 681,153,670 (2) 712,245,092 702,101,685
Business-Type Activities
Net Investment in capital assets 69,829,772 70,202,487 71,129,743 72,009,184 72,892,200
Unrestricted 4,829,456 4,479,575 4,302,958 3,920,382 3,682,061
Total Business-type Activities Net Position 74,659,228 74,682,062 75,432,701 75,929,566 76,574,261
Primary Government
Net Investment in capital assets 518,866,942 529,847,207 544,852,437 538,255,916 538,648,372
Restricted 197,824,604 193,298,431 135,900,520 140,460,575 132,741,798
Unrestricted 91,921,350 83,291,641 75,833,414 109,458,167 107,285,776
Total Primary Government Net Position 808,612,896$ 806,437,279$ 756,586,371$ 788,174,658$ 778,675,946$
(1) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
(2) The implementation of GASB Statement No. 68 and Statement No. 71 resulted in a prior year restatement decrease of $37.73 million in the
governmental activities net positons.
(3) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined total of
$72,138,669 of capital bond proceeds transferred from the Successor Agency.
173 Item 1I-192Page 314
City of Palm Desert
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Governmental Activities:
General government 24,738,040$ 25,610,212$ 24,297,715$ 23,252,576$ 18,467,097$
Public safety 37,396,780 34,280,941 37,286,860 37,195,732 36,543,050
Housing & Redevelopment 9,626,399 10,496,579 8,802,290 9,067,858 9,605,756
Parks, recreation and culture 8,880,984 7,969,386 7,651,094 8,284,914 8,240,115
Public works 22,071,598 24,979,279 28,270,798 14,836,332 18,358,907
Contributions to property owners 2,692 - - - -
Interest on long term debt 148,079 176,259 203,183 231,228 259,250
Total Governmental activities Expenses 102,864,572 103,512,656 106,511,940 92,868,640 91,474,175
Business-Type Activities:
Desert Willow Golf Course 9,910,813 8,960,991 8,603,243 8,700,514 8,763,220
Office Complex - Parkview 951,353 872,212 856,196 874,753 930,815
Total Business-Type Activities 10,862,166 9,833,203 9,459,439 9,575,267 9,694,035
Total primary government expenses 113,726,738$ 113,345,859$ 115,971,379$ 102,443,907$ 101,168,210$
Program Revenues
Governmental Activities
Charges for services
General government 2,901,226$ 2,437,840$ 2,343,116$ 2,645,724$ 2,388,260$
Housing & Redevelopment 8,060,726 7,455,959 8,446,585 8,180,354 7,551,760
Public safety 17,506,658 18,828,021 16,429,810 14,503,741 10,801,436
Parks, recreation and culture 675,307 325,485 532,543 829,557 821,824
Public works 3,075,351 2,443,299 2,386,635 2,762,045 2,685,831
Operating grants & contributions 20,328,308 10,617,579 10,416,281 10,426,397 8,555,881
Capital grants & contributions 4,828,197 16,836,560 3,661,487 4,016,193 2,442,621
Total Governmental Activities Program Revenues 57,375,773 58,944,743 44,216,457 43,364,011 35,247,613
Business-Type Activities
Charges for Service:
Desert Willow Golf Course 11,068,847 9,171,607 7,099,985 8,743,654 8,432,273
Office Complex - Parkview 1,340,680 1,291,020 1,311,140 1,298,066 1,250,456
Capital grants & contributions 187,083 220,198 183,556 504,217 167,670
Total Business-type activities program revenue 12,596,610 10,682,825 8,594,681 10,545,937 9,850,399
Total Primary Government program revenue 69,972,383$ 69,627,568$ 52,811,138$ 53,909,948$ 45,098,012$
Net (Expense) / Revenue
Governmental activities (45,488,799)$ (44,567,913)$ (62,295,483)$ (49,504,629)$ (56,226,562)$
Business-type activities 1,734,444 849,622 (864,758) 970,670 156,364
Total Primary Government Net Expense (43,754,355)$ (43,718,291)$ (63,160,241)$ (48,533,959)$ (56,070,198)$
General Revenues & Other Changes in Net Position
Governmental Activities:
Taxes: (Combined/Net Pass-through)66,204,764$ 47,221,069$ 45,210,477$ 53,894,917$ 50,150,650$
Investment Earnings (1,971,646) 301,330 2,366,204 3,170,693 1,901,536
Gain(loss) on sales of capital assets - - 80,490 7,452 17,274
Miscellaneous 3,850,798 1,214,362 1,355,134 1,396,514 1,573,106
Special Item (3)- - - (7,530,000) -
Transfers In / (Out) - - - 300,000 300,000
Gain on Transfer to Successor Agency/ Extraordinary Gain (2)- - - - -
Total Governmental activities Net Revenues 68,083,916 48,736,761 49,012,305 51,239,576 53,942,566
Business-Type Activities:
Investment Earnings (99,994) 20,283 159,115 181,310 74,873
Gain(loss) on sales of capital assets - - - 87,365 131,175
Miscellaneous 138,421 114,283 110,978 - -
Transfers Out - - - (300,000) (300,000)
Total Business-type activities 38,427 134,566 270,093 (31,325) (93,952)
Total primary government 68,122,343$ 48,871,327$ 49,282,398$ 51,208,251$ 53,848,614$
Change in Net Position
Governmental Activities: 22,595,117$ 4,168,848$ (13,283,178)$ 1,734,947$ (2,283,996)$
Business-Type Activities:1,772,871 984,188 (594,665) 939,345 62,412
Total primary government 24,367,988$ 5,153,036$ (13,877,843)$ 2,674,292$ (2,221,584)$
(1) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
(2) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined total of
$72,138,669 of capital bond proceeds transferred from the Successor Agency.
(3) City established an allowance for advances owed by the Successor Agency.
Expenses 20182019202020212022
174 Item 1I-193Page 315
City of Palm Desert
Changes in Net Position
Continued
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Governmental Activities:
General government 15,708,054$ 14,836,881$ 16,337,393$ 19,194,343$ 16,375,295$
Public safety 34,943,220 34,009,984 32,077,635 29,339,106 28,614,153
Housing & Redevelopment 10,954,630 8,162,859 11,666,724 7,852,611 6,944,033
Parks, recreation and culture 9,850,200 9,223,126 8,598,242 8,327,402 8,752,623
Public works 14,892,145 47,044,197 19,144,213 21,123,197 16,316,237
Interest on long term debt 271,603 289,000 294,258 237,053 253,381
Total Governmental Activities Expenses 86,619,852 113,566,047 88,118,465 86,073,712 77,255,722
Business-Type Activities:
Desert Willow Golf Course 8,243,515 8,165,183 8,433,267 8,452,001 8,655,754
Office Complex - Parkview 893,125 1,005,918 934,296 922,341 984,811
Total Business-Type Activities 9,136,640 9,171,101 9,367,563 9,374,342 9,640,565
Total primary government expenses 95,756,492$ 122,737,148$ 97,486,028$ 95,448,054$ 86,896,287$
Program Revenues
Governmental Activities
Charges for services
General government 2,095,648$ 2,185,123$ 2,088,393$ 2,152,280$ 1,833,823$
Housing & Redevelopment 6,861,450 7,029,595 7,971,265 6,851,603 5,308,858
Public safety 10,603,708 10,606,464 9,987,891 10,239,886 11,147,297
Parks, recreation and culture 793,527 772,801 772,728 729,076 898,222
Public works 2,327,521 2,186,153 1,832,241 2,180,877 768,775
Operating grants & contributions 7,931,900 9,496,520 7,512,894 9,745,609 5,876,028
Capital grants & contributions 7,710,355 10,839,715 19,297,015 21,086,051 7,733,439
Total Governmental Activities Program Revenues 38,324,109 43,116,371 49,462,427 52,985,382 33,566,442
Business-Type Activities
Charges for Service:
Desert Willow Golf Course 7,497,664 7,240,866 7,894,676 7,804,904 7,494,819
Office Complex - Parkview 1,284,462 1,280,230 1,306,042 1,254,521 1,215,860
Capital grants & contributions 605,186 111,942 47,768 94,076 660,685
Total Business-type activities program revenue 9,387,312 8,633,038 9,248,486 9,153,501 9,371,364
Total Primary Government program revenue 47,711,421$ 51,749,409$ 58,710,913$ 62,138,883$ 42,937,806$
Net (Expense) / Revenue
Governmental Activities (48,295,743)$ (70,449,676)$ (38,656,038)$ (33,088,330)$ (43,689,280)$
Business-type activities 250,672 (538,063) (119,077) (220,841) (269,201)
Total Primary Government Net Expense (48,045,071)$ (70,987,739)$ (38,775,115)$ (33,309,171)$ (43,958,481)$
General Revenues & Other Changes in Net Position
Governmental Activities:
Taxes: (Combined/Net Pass-through)47,628,454$ 44,747,151$ 41,931,997$ 39,952,738$ 38,742,060$
Investment Earnings 1,041,232 2,074,934 494,452 358,674 318,996
Gain(loss) on sales of assets 2,145 24,292 11,720 488,319 -
Miscellaneous 1,522,363 1,828,677 1,726,007 1,994,506 3,894,203
Special Item (3)- - - - -
Transfers In / (Out) 300,000 237,500 437,500 437,500 437,500
Gain on Transfer to Successor Agency/Extraordinary Gain (2) - 72,138,669 - - -
Total Governmental Activities Net Revenues 50,494,194 121,051,223 44,601,676 43,231,737 43,392,759
Business-Type Activities:
Investment Earnings 26,494 24,924 11,774 13,646 3,512
Transfers Out (300,000) (237,500) (437,500) (437,500) (437,500)
Total Business-type activities (273,506) (212,576) (377,788) (423,854) (433,988)
Total primary government 50,220,688$ 120,838,647$ 44,223,888$ 42,807,883$ 42,958,771$
Change in Net Position
Governmental Activities: 2,198,451$ 50,601,547$ 5,945,638$ 10,143,407$ (296,521)$
Business-Type Activities:(22,834) (750,639) (496,865) (644,695) (703,189)
Total primary government 2,175,617$ 49,850,908$ 5,448,773$ 9,498,712$ (999,710)$
(1) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
(2) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined total of
$72,138,669 of capital bond proceeds transferred from the Successor Agency.
(3) City established an allowance for advances owed by the Successor Agency.
Expenses 20132014201520162017
175 Item 1I-194Page 316
7KLVSDJHLQWHQWLRQDOO\OHIWEODQN
176 Item 1I-195Page 317
City of Palm Desert
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
General Fund:2022 2021 2020 2019 2018
Nonspendable 4,050,414$ 4,178,180$ 7,196,092$ 10,559,396$ 10,509,094$
Committed 82,741,109 73,856,851 66,012,415 63,197,223 59,666,638
Assigned 18,238,107 16,696,825 16,196,564 15,964,130 15,492,508
Unassigned 32,645,330 5,681,608 3,473,480 3,322,321 4,702,308
Total General Fund 137,674,960 100,413,464 92,878,551 93,043,070 90,370,548
All other Governmental Funds:
Nonspendable 19,591 18,427 15,705 193,189 1,726
Restricted 164,636,470 168,368,520 168,806,454 175,780,733 169,549,126
Committed 15,761,482 16,312,379 16,275,373 16,247,652 16,751,821
Assigned 28,078,039 27,459,735 27,133,815 21,238,271 23,258,063
Unassigned (126,614) - - - -
Total all other Governmental Funds 208,368,968$ 212,159,061$ 212,231,347$ 213,459,845$ 209,560,736$
General Fund:2017 2016 2015 2014 2013
Nonspendable 9,067,979$ 9,528,630$ 10,312,261$ 7,745,320$ 7,678,250$
Assigned 658,817 991,853 1,771,278 4,425,423 3,224,761
Unassigned 74,259,748 71,842,172 67,727,130 66,203,203 65,311,919
Total General Fund 83,986,544 82,362,655 79,810,669 78,373,946 76,214,930
All other Governmental Funds:
Nonspendable 1,276 3,052 348 6,713 (2) 49,319,200
Restricted 171,044,474 165,411,544 (3) 106,261,212 114,194,435 (2) 76,725,388
Committed 16,771,055 16,873,834 16,952,887 21,644,068 15,649,703
Assigned 23,250,337 24,172,531 24,429,824 14,144,969
Total all other Governmental Funds 211,067,142$ 182,288,430$ 147,386,978$ 160,275,040$ 155,839,260$
(1) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
(2) Advances to the Successor Agency reclassified from Nonspendable to Restricted for Special Revenue Funds.
(3) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined
total of $72,138,669 of capital bond proceeds transferred from the Successor Agency.
177 Item 1I-196Page 318
City of Palm Desert
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Revenues:2022 2021 2020 2019 2018
Taxes 84,037,191$ 65,209,322$ 59,635,918$ 67,102,185$ 61,906,859$
Special assessments collected 3,407,107 3,381,657 3,481,924 3,948,157 3,445,246
Licenses & permits 2,622,695 1,504,694 1,268,965 1,416,829 1,326,049
Intergovernmental revenues 12,300,071 20,136,679 6,401,926 6,194,152 5,682,704
Rental income 8,129,025 7,320,419 7,071,648 6,899,916 6,675,632
Charges for services 6,175,500 4,889,634 5,272,577 5,223,285 2,894,821
Investment Earnings (2,402,801) 1,298,728 10,311,159 7,166,097 3,626,892
Fines & forfeitures 105,198 147,671 127,801 273,434 162,370
Miscellaneous 7,340,808 3,776,838 4,741,905 2,892,940 2,886,542
Contributions from other government 1,974,653 - - - -
Total Revenues 123,689,447 107,665,642 98,313,823 101,116,995 88,607,115
Expenditures:
General government 24,079,563 23,478,543 21,468,512 24,269,546 19,281,102
Housing & redevelopment 8,232,440 8,839,559 7,090,941 7,504,119 8,522,801
Public safety 37,322,951 34,035,102 37,021,952 36,901,283 36,247,656
Parks, recreation & culture 7,439,687 6,073,015 5,902,166 6,497,391 6,467,713
Public works 17,667,805 18,533,419 21,994,806 8,728,354 12,183,852
Capital outlay 12,110,677 7,840,438 5,117,968 3,396,511 915,422
Debt service:
Principal retirement 2,294,052 174,000 225,000 587,000 150,000
Interest and fiscal charges 157,462 184,529 210,292 244,050 260,971
Total Expenditures 109,304,637 99,158,605 99,031,637 88,128,254 84,029,517
Excess(deficiency of Revenues
over(under) expenditures 14,384,810 8,507,037 (717,814) 12,988,741 4,577,598
Other financing sources (uses)
Transfers in 11,555,402 10,186,341 10,702,762 5,319,448 6,613,352
Transfers out (11,864,512) (11,230,751) (11,377,965) (5,736,558) (6,313,352)
Special Item (3)- - - (6,000,000) -
Extraordinary Gain / (Loss) (2)- - - - -
Leases 2,603,284 - - - -
Contribution to other government (1,001,688) - - - -
Total Other financing sources (uses)1,292,486 (1,044,410) (675,203) (6,417,110) 300,000
Net Change In Fund Balance 15,677,296$ 7,462,627$ (1,393,017)$ 6,571,631$ 4,877,598$
Revenues:2017 2016 2015 2014 2013
Taxes 59,466,545$ 56,735,503$ 52,571,369$ 50,464,511$ 50,768,200$
Special assessments collected 3,318,114 3,296,705 3,058,766 3,486,220 3,654,337
Licenses & permits 1,678,709 2,057,843 1,757,250 2,262,907 1,586,796
Intergovernmental revenues 7,249,515 15,429,238 18,981,304 7,380,744 5,097,892
Rental income 6,439,458 5,896,480 5,660,762 5,626,850 5,367,630
Charges for services 2,356,363 2,082,843 1,819,464 2,165,020 898,222
Investment Earnings 2,086,224 1,837,319 1,242,662 864,853 373,012
Fines & forfeitures 135,276 295,269 224,612 231,768 242,568
Miscellaneous 2,594,433 2,317,499 2,377,923 3,539,552 9,028,698
Contributions from other government 3,550,991 - 9,168 10,749,218 -
Contributions from property owners - 7,868 - 420,590 -
Total Revenues 88,875,628 89,956,567 87,703,280 87,192,233 77,017,355
Expenditures:
General government 16,887,293 15,783,955 15,467,746 17,070,816 14,028,252
Housing & redevelopment 9,239,680 6,438,849 9,349,021 6,650,178 5,650,666
Public safety 34,674,418 33,750,347 31,819,214 29,139,735 28,299,876
Parks, recreation & culture 7,157,821 6,831,534 6,236,717 5,802,941 6,162,449
Public works 8,794,894 11,031,584 13,082,388 12,741,764 9,819,591
Contributions to property owners - 19,584,487 49 2,350,187 -
Capital outlay 2,169,035 7,071,738 19,339,987 6,273,822 2,788,676
Debt service:
Principal retirement 237,000 257,000 4,944,000 674,000 318,000
Interest and fiscal charges 277,814 296,336 240,219 242,495 255,239
Total Expenditures 79,437,955 101,045,830 100,479,341 80,945,938 67,322,749
Excess(deficiency of Revenues
over(under) expenditures 9,437,673 (11,089,263) (12,776,061) 6,246,295 9,694,606
Other financing sources (uses)
Transfers in 9,406,888 6,030,706 6,132,859 4,861,551 11,274,539
Transfers out (12,218,428) (6,075,206) (6,971,359) (5,424,051) (11,010,550)
Special Item (3)- - - - -
Extraordinary Gain / (Loss) (2)- 72,138,669 - - -
Sale of property - 225,000 2,163,222 911,001 -
Total Other financing sources (uses)(2,811,540) 72,319,169 1,324,722 348,501 263,989
Net Change In Fund Balance 6,626,133$ 61,229,906$ (11,451,339)$ 6,594,796$ 9,958,595$
0.7% 0.6%1.2%0.9%
(1) On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
For more information on the dissolution of the RDA please see Note 16 and 17.
(2) The City's Capital Properties Capital Project Fund received $65,566,963 and the Housing Asset Fund received $6,571,706 for a combined
total of $72,138,669 of capital bond proceeds transferred from the Successor Agency.
(3) City established an allowance for advances owed by the Successor Agency.
Debt service as a percentage of noncapital expenditures
Debt service as a percentage of noncapital expenditures
6.4%
0.5%1.0%0.5%0.4%2.5%
178 Item 1I-197Page 319
City of Palm Desert
Graphs - Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(1) Combined Other is a combination of rental income, investment earnings, and charges for services.
(2) Miscellaneous Other is a combination of fines and forfeitures, miscellaneous, contributions from other governments, and contributions from property owners.
(3) Debt Expenditures is a combination of interest/fiscal charges and principal retirement .
(4) Public works is a combination of public works and contributions to property owners.
Note: Graphs excludes Other financing sources and uses.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016FY 2015FY 2014FY 2013Total Revenues
Combined other (1)
Miscellaneous other (2)
Intergovernmental revenues
Licenses & permits
Taxes & Special Assessments
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016FY 2015FY 2014FY 2013Total Expenditures
Parks, recreation & culture
Debt Expenditures (3)
Capital outlay
Public works (4)
Public safety
Housing & Redevelopment
General Government
179 Item 1I-198Page 320
City of Palm Desert
Supplemental - Historical General Fund Revenues
(including Transfers In)
Last Ten Fiscal Years
FY 2022 2021 2020 2019 2018
Revenue Type:
Sales Tax 26,193,390$ 21,156,220$ 18,445,806$ 21,434,387$ 18,627,704$
Transient Occupancy Tax 22,098,939 10,760,455 11,681,583 17,250,843 17,019,034
Property Tax (3)11,703,419 11,193,276 11,101,584 11,074,207 10,777,998
Investment Earnings (1,867,595) 284,744 4,181,814 2,672,643 1,237,562
Transfer In 3,774,873 3,515,966 2,472,976 937,202 1,610,830
Franchises 3,334,555 3,066,989 3,025,984 3,078,855 3,097,521
State Subventions (1) (3)127,546 38,945 60,593 82,722 38,876
Building & Grading Permits 2,079,314 1,195,893 953,176 1,064,071 1,048,973
Reimbursements (4)530,474 1,229,484 1,375,770 1,468,351 1,388,654
Business License Tax 1,326,920 962,940 1,038,137 1,216,712 1,154,275
Timeshare Mitigation Fee 1,555,137 1,501,625 1,467,905 1,678,375 1,543,762
Plan Check Fees 616,576 480,881 468,180 619,763 691,096
Property Transfer Tax 1,197,951 1,027,833 566,468 727,978 664,822
Other Revenues (2)8,337,209 8,072,509 3,130,862 2,352,803 1,951,122
Total General Revenue 81,008,709$ 64,487,760$ 59,970,838$ 65,658,912$ 60,852,229$
FY 2017 2016 2015 2014 2013
Revenue Type:
Sales Tax 18,505,449$ 18,994,779$ 17,565,134$ 17,258,958$ 16,764,808$
Transient Occupancy Tax 15,054,259 11,252,997 10,799,680 9,855,509 9,188,981
Property Tax (3)10,157,813 10,461,595 9,710,990 9,041,428 9,529,018
Investment Earnings 644,341 725,015 416,656 405,456 126,206
Transfer In 1,472,852 1,390,258 2,179,472 1,373,786 2,127,655
Franchises 3,146,702 3,095,873 3,102,431 3,007,215 2,892,805
State Subventions (1) (3)23,101 59,317 155,049 22,089 26,691
Building & Grading Permits 1,247,390 1,216,115 1,279,706 1,695,303 1,206,935
Reimbursements (4)1,407,811 1,589,511 1,604,707 1,809,323 1,868,804
Business License Tax 1,118,183 1,269,082 1,160,207 1,169,316 1,149,551
Timeshare Mitigation Fee 1,467,028 1,500,683 1,483,158 1,333,586 1,292,859
Plan Check Fees 431,115 592,818 505,370 662,893 500,698
Property Transfer Tax 690,975 491,060 558,965 530,556 520,393
Other Revenues (2)2,185,703 2,189,063 1,713,758 1,932,009 1,961,314
Total General Revenue 57,552,722$ 54,828,166$ 52,235,283$ 50,097,427$ 49,156,718$
(1) State Subventions is any combination of motor vehicle, off-highway in-lieu, and subventions from state.
(2) Other Revenues is any combination of miscellaneous penalties and interest, permits, grants, parking bails, fees,
sales of maps and publications, vehicle and court fines, rental income, other revenues and Federal ARPA-Covid19.
(3) The State of California reprogramed motor vehicle fees, the City now receives this as property taxes.
(4) Reimbursements is a combination of RDA costs and other reimbursements, due to dissolution in February 2012 the RDA reimbursement
is limited and applies to existing projects.
180 Item 1I-199Page 321
City of Palm Desert
Supplemental Graph - Historical General Fund Revenues
(Including Transfers In)
Last Ten Fiscal Years
(1) Combined Other is any combination of transfers, franchises, state subventions*, building and grading
permits, reimbursements, business license taxes, timeshare mitigation fees, plan check fees, property
transfer taxes. It also may include any combination of miscellaneous bails, fees, fines, grants,
incomes, penalties, permits, sales and taxes.
*State Subventions is any combination of motor vehicle, off-highway in-lieu, and
subventions from state.
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013Combined Other (1)
Interest
Property Tax
Transient Occupancy Tax
Sales Tax
181 Item 1I-200Page 322
City of Palm Desert
Supplemental - Historical General Fund Expenditures
(Including Transfers Out)
Last Ten Fiscal Years
FY 2022 2021 2020 2019 2018
Expenditure:
Public Safety (1)20,288,195$ 19,326,751$ 21,415,334$ 20,975,032$ 21,088,867$
City Administration (2)12,620,102 12,990,562 11,429,468 12,521,081 11,460,325
Public Works Administration 2,265,476 1,886,402 2,457,045 2,149,715 2,333,897
Community Promotions 1,216,272 420,424 947,370 1,249,674 1,179,305
Street Maintenance 2,421,966 2,317,468 2,212,933 2,185,648 2,020,797
Building Safety 1,751,817 1,461,477 1,661,372 1,828,083 1,579,734
Street Resurfacing - - - - 2,760
Public Works (4)1,338,520 1,165,671 1,151,447 1,250,969 1,133,007
Other Expenditures (3)18,572,299 17,384,092 18,860,388 20,826,188 13,669,533
Total Expenditures 60,474,647$ 56,952,847$ 60,135,357$ 62,986,390$ 54,468,225$
FY 2017 2016 2015 2014 2013
Expenditure:
Public Safety (1)20,424,249$ 20,151,237$ 18,784,117$ 17,306,342$ 17,002,291$
City Administration (2)8,238,228 7,971,706 7,561,255 7,413,578 7,180,519
Public Works Administration 2,637,630 2,664,871 2,645,443 2,556,967 2,528,131
Community Promotions 1,062,611 791,565 749,631 618,138 575,119
Street Maintenance 2,418,451 2,709,328 2,631,590 2,806,168 2,353,655
Building Safety 1,849,442 1,888,290 1,847,798 1,783,918 1,517,937
Street Resurfacing 25,326 1,083,919 998,463 4,466 1,179,743
Public Works (4)970,877 1,004,989 1,067,837 1,018,435 1,505,018
Other Expenditures (3)18,302,019 14,010,275 14,512,426 14,430,399 14,762,237
Total Expenditures 55,928,833$ 52,276,180$ 50,798,560$ 47,938,411$ 48,604,650$
(1) Public Safety is any combination of animal regulation, police services, community safety and traffic safety expenditures, this does not
include the cost for Fire Services. Fire Services are reported in a different fund.
(2) City Administration is any combination of community services, independent audit, City attorney, City clerk, City council,
City manager, information technology, elections, finance, general services, human resources, insurance, legal special services,
legislative advocacy and unemployment insurance expenditures.
(3) Other Expenditures is any combination of acquisitions, committees, contributions, retiree health, planning & community development,
economic development, marketing, interfund transfers, parks, recreation and culture, extraordinary loss and visitor center, capital outlay,
special item, included in the transfer out is transfer to the Fire fund for its shortfall.
(4) Public Works is a combination of curb & gutter, parking lot, auto fleet, corporate yard,
public building maintenance, Portola Community center, storm water permit.
182 Item 1I-201Page 323
City of Palm Desert
Supplemental Graph- Historical General Fund Expenditures
(Including Transfers Out)
Last Ten Fiscal Years
(1) Public Safety is any combination of animal regulation, police services, community safety and traffic safety expenditures, this does not include the cost
for Fire Services. Fire Services are reported in a different fund.
(2) City Administration is any combination of community services, independent audit, City attorney, City clerk, City council,
City manager, information technology, elections, finance, general services, human resources, insurance, legal special services,
legislative advocacy and unemployment insurance expenditures.
(3) Other Expenditures is any combination of acquisitions, committees, contributions, retiree health, planning & community development,
economic development, marketing, interfund transfers, parks, recreation and culture, extraordinary loss and visitor center, capital outlay,
special item, included in the transfer out is transfer to the Fire fund for its shortfall.
(4) Public Works is a combination of curb & gutter, parking lot, auto fleet, corporate yard,
public building maintenance, Portola Community center, storm water permit.
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013Other Expenditures Comb (3)
Public Works (4)
City Administration (2)
Public Safety (1)
183 Item 1I-202Page 324
7KLVSDJHLQWHQWLRQDOO\OHIWEODQN
184 Item 1I-203Page 325
City of Palm Desert
Supplemental Historical General Revenue and Expenditures Per Capita
Last Ten Fiscal Years
FY 2022 2021 2020 2019 2018
Total General Revenue (2)77,168,851$ 60,971,794$ 57,497,862$ 64,721,710$ 59,241,399$
Population (1)50,889 53,892 52,986 53,625 52,769
General Revenue Per Capita 1,516$ 1,131$ 1,085$ 1,207$ 1,123$
FY 2017 2016 2015 2014 2013
Total General Revenue (2)56,079,870$ 53,437,908$ 50,055,811$ 48,723,641$ 47,029,063$
Population (1)50,740 49,335 51,053 50,417 49,949
General Revenue Per Capita 1,105$ 1,083$ 980$ 966$ 942$
FY 2022 2021 2020 2019 2018
Total General Expenditures (2)52,730,364$ 49,481,094$ 51,498,878$ 57,900,932$ 49,992,388$
Population (1)50,889 53,892 52,986 53,625 52,769
General Expenditures Per
Capita 1,036$ 918$ 972$ 1,080$ 947$
FY 2017 2016 2015 2014 2013
Total General Expenditures (2)48,427,111$ 48,134,252$ 46,302,187$ 44,183,659$ 42,155,428$
Population (1)50,740 49,335 51,053 50,417 49,949
General Expenditures Per
Capita 954$ 976$ 907$ 876$ 844$
(1) Population figures are as of January start of fiscal year.
(2) Interfund Transfers In/Out, extraordinary loss (gain), and special item are not included in total.
Sources: Population figures from State Department of Finance, City of Palm Desert Finance Department
185 Item 1I-204Page 326
City of Palm Desert
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
Fiscal Year
Ended June 30
Residential
Property
Commercial
Industrial
Property
Institutional
Property Vacant Land Less: Tax
Exempt
Total Taxable
Assessed Value
Total Direct
Tax Rate
Estimated Actual
Taxable Value (1)
2022 12,816,062,846$ 2,919,685,840$ 67,899,671$ 254,623,765$ *-$ 16,974,917,677$ 1.00000 16,768,080,495$
2021 12,277,100,484 2,872,316,290 65,652,944 279,025,011 *- 16,413,235,941 1.00000 16,217,619,993
2020 11,781,804,552 2,771,257,791 63,343,035 300,879,417 *(45,437) 15,835,758,806 1.00000 15,636,583,844
2019 11,231,546,199 2,675,659,205 62,224,633 373,347,796 (326,679,322) 15,556,158,170 1.00000 15,045,226,485
2018 10,757,283,204 2,554,854,761 59,762,684 388,457,449 (313,754,093) 14,940,671,116 1.00000 14,445,331,683
2017 10,555,732,091 2,434,816,656 58,318,962 379,073,252 (306,174,550) 14,579,740,457 1.00000 14,095,158,994
2016 10,174,360,142 2,358,860,033 56,840,001 412,090,006 (312,620,004) 14,210,000,198 1.00000 13,743,682,041
2015 9,636,181,445 2,290,456,630 54,211,991 420,142,932 (298,165,952) 13,552,997,813 1.00000 13,086,962,905
2014 9,043,372,632 2,247,924,054 64,595,519 426,330,424 (297,139,386) 12,919,103,760 1.00000 12,453,921,285
2013 8,621,493,305 2,239,836,432 62,565,263 462,982,950 (300,313,265) 12,513,052,693 1.00000 12,064,845,537
(1) Estimated Actual Taxable Value = Net Taxable Value
* Per HDL there was an artifact change in the Riverside County Assessors data that occurred primarily between 2018 and 2019, new vs old system differences,
the few properties which are listed as having asssessed value and being non-taxable are either new to the roll or are newly non-taxable for 2019.
Notes: Property Taxes in Riverside County are subject to the State of California's Proposition 13, Jarvis-Gann Initiative which allows reappraisals of real property only
when there is a change in ownership or new construction takes place. Further, the proposition limits property assessment increase to no more than two(2%) percent
annually. Property is assessed at one hundred percent (100%) of its fair market value at the time of new construction or change in ownership.
The tax rate is one (1%) percent of the assessed value.
Source: Riverside County Assessor thru HDL Coren & Cone
186 Item 1I-205Page 327
City of Palm Desert
Historical Net Assessed Taxable Values Citywide
Graph - Assessed Valuation Growth
Last Ten Fiscal Years
Historical Major Additions
Annexations FY Retail Centers FY
Cook Street Area 88/89 Town Center Mall 83/84
Country Club #28 93/94 Desert Springs Marriott 86/87
Price Club/Costco 93/94 One Eleven Town Ctr 88/89
Palm Desert CC #29 94/95 Mervyn's Center 92/93
Palm Desert Greens 04/05 Desert Crossing 95/96
Suncrest 04/05 Lucky's/Albertson Deep Canyon 96/97
Remodel 111 Town Ctr (Best Buy)97/98
Gardens on El Paseo 98/99
Remodel Westfield Mall (Sears, Barnes & Noble) 04/05
Sears Automotive 04/05
Lowes Home Improvement 05/06
Walmart / Sam's Supercenters 05/06
Kohl's 07/08
Golfsmith Extreme 08/09
El Paseo Village 09/10
Best Buy & Ulta 11/12
Remodel Westfield Mall (Dick's/H&M/Restaurants) 12/13
PGA Tour Superstore 12/13
Total Wine & More 13/14
Tesla Motors 15/16
Source: Riverside County Assessor thru HDL Coren & Cone
-0.49%3.22%5.08%5.02%
2.56%2.48%4.15%3.93%3.72%3.39%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Percent Increase in Assessed Valuation
FY 2013 to FY 2022
$-
$5,000
$10,000
$15,000
$20,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Value in Millions
Net Assessed Valuation - Historical Comparison
FY 2013 to FY 2022
187 Item 1I-206Page 328
City of Palm Desert
Supplemental FY 2021 and 2020 Breakdown of Basic 1% Property Tax Rate
Not in Redevelopment Project Area
Taxing Agency FY 2022 Rate FY 2021 Rate
County General 28.177327%28.177327%
County Free Library 2.728242%2.728242%
County Structure Fire Protection 5.873086%5.873086%
City of Palm Desert (1)0.000000%0.000000%
Desert Sands Unified School District 36.221587%36.221587%
Desert Community College 7.526714%7.526714%
Riverside County Reg. Park & Open Space 0.426231%0.426231%
Riverside County Office of Education 4.094919%4.094919%
Desert Hospital 1.996808%1.996808%
Coachella Valley Public Cemetery 0.339927%0.339927%
Coachella Valley Recreation & Park 2.071624%2.071624%
Coachella Valley Mosquito & Vector Control 1.369698%1.369698%
Coachella Valley County Water 2.736607%2.736607%
Coachella Valley County Water Imp. District 80 2.972906%2.972906%
Coachella Valley County Water Storm Water Unit 3.464324%3.464324%
General Purpose Basic 1%100.000000%100.000000%
(1) City of Palm Desert is a No-Low Property Tax City and the 7% represents what the state allocates to No-Low Property
Tax Cities.
Source: County of Riverside, Property Tax Allocation Percentages, TRA 018-041.
188 Item 1I-207Page 329
City of Palm Desert
Property Tax Rates
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
Fiscal
Year
Basic
County-wide
Levy
Total
Direct Tax
Rate
Desert Sands
Unified School
District
Desert
Community
College Dist.
Coachella
Valley Water
District
Coachella
Valley Water
District I.D. 58
2022 1.00000 1.00000 0.07500 0.03950 0.11000 0.00000
2021 1.00000 1.00000 0.07390 0.03947 0.10000 0.00000
2020 1.00000 1.00000 0.07381 0.03983 0.10000 0.00000
2019 1.00000 1.00000 0.07418 0.03978 0.10000 0.00000
2018 1.00000 1.00000 0.07251 0.04030 0.10000 0.00000
2017 1.00000 1.00000 0.08599 0.02036 0.10000 0.00000
2016 1.00000 1.00000 0.10915 0.02087 0.10000 0.00000
2015 1.00000 1.00000 0.10984 0.02325 0.10000 0.00000
2014 1.00000 1.00000 0.10954 0.01995 0.10000 0.00000
2013 1.00000 1.00000 0.11156 0.01995 0.08000 0.00000
Notes:Proposition 13 limits the ability of the city to raise the property tax rate.
Source: CalMuni Statistics Inc
City Direct Overlapping Rates
189 Item 1I-208Page 330
City of Palm Desert
Principal Property Taxpayers
Current and Nine Years Ago
2022 2013
Taxpayer Taxable
Assessed Value
Percentage of Total
City Tax Assessed
Value
Taxpayer Taxable
Assessed Value
Percentage of Total
City Tax Assessed
Value
WEA Palm Desert 164,246,466$ 0.98% WEA Palm Desert LP $141,940,644 1.17%
Donald White 155,480,305 0.92% DS Hotel 138,255,385 1.14%
Gardens on El Paseo
LLC 143,883,860 0.86% Desert Crossing II 90,540,504 7.50%
WVC Rancho Mirage Inc 131,816,187 0.78%WVC Rancho Mirage
Inc 83,371,563 0.69%
PRU Desert Crossing
LLC 105,325,793 0.63%Gardens on El Paseo
LLC 80,874,024 0.67%
CC Cimarron LP 69,995,248 0.42% Sinatra & Cook Project 53,798,432 0.44%
Bighorn Golf Club 65,461,427 0.39% Elisabeth E. Stewart 53,196,833 0.44%
First American Trust 58,809,914 0.35%Monarch Sevilla
Venture 50,833,625 0.42%
Walmart /Sams 56,318,841 0.33%Walmart Real Estate
Business Trust 47,806,227 0.40%
Segovia Operations 54,615,693 0.32% Segovia Operations 46,716,000 0.39%
Total 1,005,953,734$ 5.98%Total 787,333,237$ 6.51%
Note:The estimated property tax revenue stated above is based upon net taxable values, tax ratios and base year values that impact the revenue
calculation. As a result, parcels with the same assessed value that are assigned to different tax rate areas may contribute dissimilar amounts
of total revenue to the City and Redevelopment Agency.
Source: HdL Coren & Cone thru Riverside County Assessor 17/18 and HdL Coren & Cone thru Riverside County Assessor 08/09
190 Item 1I-209Page 331
City of Palm Desert
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Year Taxes Levied Collections
Ended for the Percentage in Subsequent Percentage
June 30, Fiscal Year Amount of Levy Years (3)Amount (3)(4)of Levy
2013 5,398,524$ 4,913,780$ 91.02%484,744$ 5,398,524$ 100.00%
2014 5,623,740 5,048,787 89.78%574,953 5,623,740 100.00%
2015 5,911,501 5,523,658 93.44%387,843 5,911,501 100.00%
2016 6,212,993 5,943,252 95.66%269,741 6,212,993 100.00%
2017 6,731,899 6,022,566 89.46%182,652 6,205,218 92.18%
2018 6,729,952 6,553,297 97.38%173,642 6,726,940 99.96%
2019 6,867,405 6,640,656 96.70%207,894 6,848,550 99.73%
2020 7,202,939 6,502,032 90.27%211,602 6,713,634 93.21%
2021 7,332,966 6,391,062 87.16%256,431 6,647,493 90.65%
2022 8,203,212 7,930,195 96.67%273,017 8,203,212 100.00%
(1) City of Palm Desert is on the "Teeter Plan" with the County of Riverside. The first payment was
received in the fiscal year 1993/94.
(2) City of Palm Desert is a "No-Low Property Tax City". Proposition 13 rolled the tax rates back to 1973
which is when the City of Palm Desert incorporated and the Property Tax rates were zero.
Based on current state law the County allocates 7% of the 1% assessed values within the City less the
Redevelopment Agency tax increment. Fiscal Year 1992/93 was the first year to receive the No/Low taxes.
(3) Includes tax collections accrued as of June 30, 2022.
(4) Includes amounts receivable for tax year 2021-2022 along with prior receivables due for prior tax years.
Source: Riverside County Auditor Controller Office and City of Palm Desert
Collected within the
Fiscal Year of the Levy (1) (2)
Total Collections to Date
-191 Item 1I-210Page 332
City of Palm Desert
Supplemental Top 25 Sales Tax Generators
Graph - Historical Sales Tax Trends
June 30, 2022
Top 25 Sales Tax Generators (1)Primary Economic Category
AMER. BUILDERS & CONTRACTORS SUPP.BLDG. MATLS-WHSLE
APPLE INC SPECIALTY WHOLESALE STORES
ARCO-AM/PM MINI MARTS2 SERVICE STATIONS
ASHLEY FURNITURE HOME FURNISHINGS
BEST BUY STORES LP APPLIANCE / ELECTRONICS
CARMAX AUTO SUPERSTORES AUTOMOBILE DEALER
CONSOLIDATED ELECTRICAL DISTRIBUTORS SPECIALTY WHOLESALE STORES
COSTCO WHOLESALE COMPANY WHOLESALE GENERAL STORES
J.W. MARRIOTT DESERT SPRINGS ENTERTAINMENT
LEEDS & SON JEWELERS DEPARTMENT STORES
LOUIS VUITTON SPECIALTY WHOLESALE STORES
LOWE'S HOME CENTERS BLDG. MATLS-WHSLE
MACY'S DEPARTMENT STORES DEPARTMENT STORES
MOBIL SERVICE STATIONS2 SERVICE STATIONS
NORDSTROM RACK DEPARTMENT STORES
PGA TOUR SUPERSTORE MISCELLANEOUS RETAIL STORES
SAKS FIFTH AVENUE DEPARTMENT STORES
SAM'S CLUB WHOLESALE GENERAL STORES
SHELL SERVICE STATIONS2 SERVICE STATIONS
SIMPLOT SPECIALTY WHOLESALE STORES
SUPERIOR POOL PRODUCTS SPECIALTY WHOLESALE STORES
TARGET STORES DEPARTMENT STORES
TOMMY BAHAMA MISCELLANEOUS RETAIL STORES
TOTAL WINE & MORE SUPERMARKETS
WAL-MART SUPERCENTER DEPARTMENT STORES
(1) Listed in Alphabetical Order
(2) Carried over from prior year
Note : Current California law prohibits production of individual tax information as an effort not to infringe on proprietary
information, therefore confidential information which is protected by law is not disclosed.
* The State of California exchanged Sales Tax Revenue with Property taxes, this amount represents the portion of sales tax that were exchanged.
Source: SBOE Data, MuniServices LLC. In Lieu given to city from State ERAF Property Taxes, City of Palm Desert
5.9%2.9%1.8%
8.1%-2.57%0.66%
15.1%
-13.9%
14.7%
23.8%
$7.0
$9.0
$11.0
$13.0
$15.0
$17.0
$19.0
$21.0
$23.0
$25.0
$27.0
2013201420152016201720182019202020212022Millions
Sales and Use Tax Trends FY 2013 - 2022
Amounts
in Millions
% = % Change from Prior Year
$15.836 $16.764 $17.258 $17.564 $18.994 $18.505 $18.627 $21.434 $18.445 $21.156
-In Lieu *
192 Item 1I-211Page 333
City of Palm Desert
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Special Assessment/Total Percentage Total Debt
Fiscal Local Obligation Capital Primary of Total Personal Per
Year Bonds b,c,d Leases Government Income a,f Capita a,f
2013 8,920,000$ 1,751,083$ 10,671,083$ 0.44%223
2014 8,246,000 1,222,915 9,468,915 0.39%198
2015 3,302,000 e 1,435,046 4,737,046 0.19% 99
2016 3,045,000 929,860 3,974,860 0.16%83
2017 2,808,000 499,881 3,307,881 0.14%69
2018 2,658,000 1,493,330 4,151,330 0.17%87
2019 2,071,000 1,595,394 3,666,394 0.24%128
2020 1,846,000 1,145,011 2,991,011 0.23%105
2021 1,672,000 675,976 2,347,976 0.20%92
2022 1,294,000 - 1,294,000 0.04%25
Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
a - Personal income, population and per capita information provided by California Department of Finance,
and U.S Census Bureau and/or estimated by City Finance using 1% growth rate.
b - Special Assessment Government Activities includes Highlands Undergrounding AD No# 04-01, as of June 30, 2022 the balance was $1.082M.
c - Fiscal Year End 2009 the City issued the Energy Independence Program Limited Obligation Improvement Bonds Series 2009A (Taxable) $2.5 million to fund the
Energy Independence Loan Program. The actual Bond Issuance was for $2.015m. At June 30, 2022 the oustanding balance was $0.118M
d - The City issued $1.136 million dollars of the Energy Independence Program (AB811 Assessments) Limited Obligation Improvement Bonds (Taxable)
The special assessment collection commenced during the fiscal year 2010-2011. At June 30, 2022 the outstanding balance was $0.094M.
e - In addition the Palm Desert Financing Authority issued $5.225 million dollars of the Energy Independence Program Variable Rate Demand Lease
Revenue Bonds, Series 2009(Federally Taxable). On September 2, 2014 the bonds were called in full. As of June 30, 2017 there were no outstanding bonds.
f - Personal income and Per Capita statistic includes governmental and business type activities combined.
Governmental Activities Business Type Activities
-193 Item 1I-212Page 334
City of Palm Desert
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
General Bonded Debt Outstanding
Percentage of Actual
Special Assessment Taxable Value of Per
Bonds Property Capita
Note: There are no General Obligation Bonds from FY 2013 to FY 2022
194 Item 1I-213Page 335
City of Palm Desert
Supplemental Special Assessment Information
June 30, 2022
District Name\Description
2003 01-01
Revenue Bonds
Silver Spur Ranch
Utility
Undergrounding 5
Community Facilities
District No. 2005-1
(University Park)
Special Tax Bonds
Series 2021A6
Community
Facilities District
No. 2021-1
(University Park)
Special Tax Bonds
Series 20217
2004-2 Section 29
Assessment District
Limited Obligation
Improvement Bonds
Series 2021
Bond Issue Date 6/25/2003 7/13/2021 7/13/2021 6/23/2021
Final Maturity Date 9/2/2028 9/1/2036 9/1/2051 9/2/2037
Highest Interest Rate 5.375%4.000%4.000%5.100%
Bond Issue Amount 2,340,000$ 5,165,000$ 15,200,000$ 16,400,000$
Matured Principal 1,270,000 - - -
Called Principal 170,000 - - -
Outstanding Bonds (4)900,000 5,165,000 15,200,000 16,400,000
Original Parcels 201 66 243 859
Active Parcels 193 55 243 776
Reserve Requirement 156,959 468,400 245,000 685,000
Reserve Balance 21/22 (1)161,019 468,408 874,214 1,416,863
Principal Due 22/23 (2)110,000 250,000 245,000 685,000
Principal Levied 21/22 (3)110,000 512,610 - -
Interest Due 22/23 (2)45,206 216,805 627,163 727,940
Interest Levied 21/22 (3)50,719 262,610 - -
21/22 Delinquency Rate 0.29%0.81%0.00%0.08%
Arbitrage Installment Computation
Date: 90% Rebate Due 06/25/23 N/A N/A N/A
Arbitrage Yield Rate 4.9129%N/A N/A N/A
Continuing Disclosure Last Report
Issued:1/4/2021 02/2023 02/2023 02/2023
(1) Reserve Balances are as of 6/30/22.
(2) Outstanding bond balance at June 30, 2022.
(3) Amount represents principal and interest collected during the FY 21/22 tax roll for Debt Service Payment due in FY 22/23.
(4) Levied amounts reflect adjustments for construction funds, reserve funds, redemption funds and other adjustments.
(5) The schedule presents the information for each individual local obligation bonded district. Assessment Districts
94-3 Merano and 01-01 Silver Spur were refunded and obligated to pay Debt Service to Series 2003 Assessment Revenue Bonds
see note 16 for additional information.
Source: Willdan Financial Annual Report
(6) Community Facilities District No. 2005-1 (University Park) Special Tax Bonds 2021A were used to refund Community Faciliites District No. 2005-1 (University
Park) Special Tax Bonds Series 2006A
(6) Community Facilities District No. 2021-1 (University Park) Special Tax Bonds 2021A were used to pay and defease a pro rata portion of outstanding
Community Faciliites District No. 2005-1 (University Park) Special Tax Bonds Series 2006A
-195 Item 1I-214Page 336
City of Palm Desert
Direct and Overlapping Government Activities Debt
June 30, 2022
2021/22 Assessed Valuation:16,755,218,136$
City's Share of
OVERLAPPING TAX AND ASSESSMENT DEBT:Total Debt 6/30/22 % Applicable (1) Debt 6/30/22
Desert Community College District 510,745,000$ 18.037% 92,123,076$
Desert Sands Unified School District 389,440,000 33.878% 131,934,483
Palm Springs Unified School District 451,708,639 4.419% 18,741,391
City of Palm Desert Limited Obligation Improvement Bonds 482,000 100.000% 482,000
City of Palm Desert Community Facilities District No. 2005-1 5,165,000 100.000% 5,165,000
City of Palm Desert Community Facilities District No. 2021-1 15,200,000 100.000% 15,200,000
City of Palm Desert 1915 Act Bonds 18,382,000 100.000% 18,382,000
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 282,027,950$
DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Riverside County General Fund Obligations 720,218,351$ 5.063% 36,464,655$
Riverside County Pensions Obligations 820,060,000 5.063% 41,519,638
Desert Sands Unified School District Certificates of Participation 19,505,000 33.878% 6,607,904
City of Palm Desert - 100.000% -
TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 84,592,197$
OVERLAPPING TAX INCREMENT DEBT:(SUCCESSOR AGENCIES)488,913,028$ 0.216-100%180,235,489$
TOTAL CITY DIRECT DEBT -$
TOTAL OVERLAPPING DEBT 546,855,636$
COMBINED TOTAL DEBT 546,855,636$ (2)
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.
Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries
of the city divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.
Ratios to 2021-2022 Adjusted Assessed Valuation:
Total Overlapping Tax and Assessment Debt 1.68%
Total Direct Debt ($0)0.00%
Net Combined Total Debt 3.26%
Ratios to Redevelopment Successor Agencies Incremental Valuation (11,028,173,245)$
Total Overlapping Tax Increment Debt 1.63%
Source: California Municipal Statistics, Inc., City of Palm Desert Finance Department
196 Item 1I-215Page 337
City of Palm Desert
Legal Debt Margin Information
Last Ten Fiscal Years
Assessed Value 16,755,218,136$
Debt Limit (15% of Assessed Value) (1)2,513,282,720
Debt Applicable to Limit:
General Obligation Bonds 1,082,000 pg 41 Note6 Financial statement
Less: Amount set aside for
repayment of general obligation
debt -
Total Debt Applicable to Limit -
Legal debt margin 2,512,200,720$
2013 2014 2015 2016 2017
Debt Limit 1,811,620,824$ 1,869,699,132$ 1,963,741,235$ 2,059,815,120$ 2,059,815,120$
Total Net debt applicable to limit 1,589,000 1,526,000 1,489,000 1,451,000 1,410,000
Legal debt margin 1,810,031,824$ 1,868,173,132$ 1,962,252,235$ 2,058,364,120$ 2,058,364,120$
Total net debt applicable to the limit
as a percentage of debt limit 0.09%0.08%0.08%0.07%0.07%
2018 2019 2020 2021 2022
Debt Limit 2,114,442,742$ 2,167,115,649$ 2,256,723,736$ 2,345,639,686$ 2,432,559,897$
Total Net debt applicable to limit 1,368,000 1,310,000 1,178,000 1,130,000 1,082,000
Legal debt margin 2,113,074,742$ 2,165,805,649$ 2,255,545,736$ 2,344,509,686$ 2,431,477,897$
Total net debt applicable to the limit
as a percentage of debt limit 0.06% 0.06% 0.05% 0.05% 0.04%
(1) Section 43605 of the California Government Code.
Source: California Municipal Statistic, Inc. San Francisco
Legal Debt Margin Calculation for Fiscal Year 2022
FISCAL YEAR
FISCAL YEAR
197 Item 1I-216Page 338
City of Palm Desert
Pledged-Revenue Coverage
Last Ten Fiscal Years
Special Special
Fiscal Assessment Assessment
Year Collections a,c Principal Interest Coverage Collections Principal Interest Coverage
2013 9,524,786$ 3,786,896$ 5,255,558$ 1.0533 33,473,418$ e 16,315,000$ 17,158,418$ 1.000
2014 d 14,895,214 12,324,000 d 4,954,432 0.8621 38,444,447 e 23,650,000 14,794,447 1.000
2015 10,848,129 g 8,159,000 f 4,543,692 0.8540 32,294,255 e 18,295,000 13,999,255 1.000
2016 8,537,227 25,401,000 h 4,463,786 0.2859 34,810,024 e 18,055,000 16,755,024 1.000
2017 5,896,670 3,192,000 3,233,399 0.9177 37,535,680 e, i 16,255,000 e, i 21,280,680 1.000
2018 5,590,479 3,545,000 3,088,864 0.8427 23,428,001 e, i 14,235,000 e, i 9,193,001 1.000
2019 5,608,312 2,427,000 2,942,348 1.0445 25,986,960 e, i 17,210,000 e, i 8,776,960 1.000
2020 5,280,905 2,080,000 2,818,146 1.0781 27,833,500 e, i 19,475,000 e, i 8,358,500 1.000
2021 5,397,140 2,119,000 2,698,952 1.1202 25,215,056 e, i 17,330,000 e, i 7,885,056 1.000
2022 j, k 3,342,319 488,000 1,072,389 2.1420 25,462,250 e, i 18,115,000 e, i 7,347,250 1.000
Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
a - The City issued $2.015 million dollars of the Energy Independence Program (AB811 Assessments) Limited Obligation Improvement Bonds (Taxable)
The special assessment collection will commence during the fiscal year 2009-2010 with the first interest payment paid on March 2, 2010.
b - Tax increment bonds are backed by property tax increment based on calculation provided by the Riverside County tax assessor office.
Additional information on tax increment can be found in the notes to the financial statements.
c - The City issued $1.136 million dollars of the Energy Independence Program (AB811 Assessments) Limited Obligation Improvement Bonds (Taxable)
The special assessment collection will commence during the fiscal year 2010-2011, in addition, the Palm Desert Financing Authority issued $5.225
million dollars of the Energy Independence Program Variable Rate Demand Lease Revenue Bonds, Series 2009 (Federally Taxable). Interest is paid
monthly commencing August 2009 and Principal is paid annually on September 2. The first princiapl payment was paid on September 2, 2010
d- A portion of the $50.51 (2007) and $17.915 (2008) million CFD 2005-1 (University Park) was prepaid in the amount of $6.269 Million. The prepaid
$6.269M and $2.280 (2004-1) were called during on September 2, 2014.
e- The total amount payable for the bonded obligations is disbursed by the State of California Department of Finance to the City of Palm Desert Successor Agency.
The annual collection equal the annual obligations.
f The City called the $5.225 Million Energy Independence Program Variable Rate Demand Lease Revenue Bonds, Series 2009 (Federally Taxable) in
full on September 2, 2014 in the amount of $4.485 Million. The Energy Fund used the remaining $5.225 Bond Funds in the amount of $2.155 Million
in addition to the $2.5 Million loan from the City General Fund as proceeds to call the bonds.
g The City of Palm Desert loaned the Energy Fund $2.5 Million to call the $5.225 Million Energy Independence Program Lease Revenue Bonds,
Series 2009 (Federally Taxable). The $2.5 Million is included as Special Assessment Collections.
h- During the Fiscal Year 2015-16 the Communities Facilities District 2005-1 (University Park Series, Special Tax Bonds Series 2006A and Series 2007
defeased $20.885M of the original issued $67.715M.
i- During the Fiscal Year 2016-17 the Successor Agency issued four series of bonds (1) the Tax Allocation Refunding Bonds, 2017 Series A ($52.39M),
(ii) Taxable Tax Allocation Refunding Bonds, 2017 Series B ($140.130M), Tax allocation Refunding Bonds, 2017 Series H-A ($7.365M), and
(iv) Taxable Tax Allocation Refunding Bonds, 2017 H-B ($45.815M). See Note 18 Tax Allocation Bonds. The 2017 Refunding Bonds refunded all of the
tax allocation revenue bonds; with the exception of the Project Area No. 1 2007A Bonds, and the Project Area No. 2 2003 Bonds.
Tax Increment b
Debt ServiceDebt Service
Special Assessment Bonds
-198 Item 1I-217Page 339
City of Palm Desert
Demographic and Economic Statistics
Last Ten Calendar Years
Calendar Percentage Per Capita City Riverside Percentage County
Year City Increase Personal Personal Unemployment County Increase Unemployment
End Population (Decrease)Income CY a Income CY Rate b Population (Decrease) Rate b
2022 50,889 -5.57%3,004,769,944$ 59,046$ 4.10%2,435,525 -0.77%4.00%
2021 53,892 1.71%2,960,364,477 54,931 7.40%2,454,453 0.50%8.00%
2020 52,986 -1.19%2,916,615,248 55,045 17.20%2,442,304 0.09% 14.70%
2019 53,625 1.62%2,873,512,560 53,585 4.90%2,440,124 1.00%4.40%
2018 52,769 4.00%2,831,046,858 53,650 5.00%2,415,955 1.31%4.80%
2017 50,740 2.85%2,789,208,727 54,971 4.00%2,384,783 1.57%5.70%
2016 49,335 -3.37%2,747,988,894 55,701 4.20%2,347,828 1.71%6.70%
2015 51,053 1.26% 2,707,378,221 53,031 4.60%2,308,441 1.25%6.50%
2014 50,417 0.94% 2,667,367,705 52,906 4.90%2,279,967 1.10%8.40%
2013 49,949 0.97% 2,627,948,478 52,613 6.00%2,255,059 1.23% 10.20%
a - Personal Income estimated based on average growth rate of previous four years. The growth rate factor used was 1.5%. Income data will be
updated once the actual data is available.
b - Unemployment rate for fiscal year 21/22 is based on annual information from State of California Employment Development Department
Labor Market Information Division (not seasonally adjusted)
Sources: State Department of Finance, State Employment Development Department
199 Item 1I-218Page 340
City of Palm Desert
Principal Employers
Current and Nine Years Ago
Employer Employees Rank
Percentage of
Total City
Employment
Employer Employees Rank
Percentage of
Total City
Employment
JW Marriot-Desert Springs
Resort & DS Villas 2,304 1 8.86%
JW Marriot-Desert Springs
Resort & DS Villas 2,304 1 8.41%
Universal Protection Services 1,500 2 5.77%
Universal Protection Services 1,500 2 5.47%
Securitas-Security Service
USA 700 3 2.69%
Securitas-Security Service USA 700 3 2.55%
Avida Caregivers 550 4 2.12%
Sunshine Landscape 500 4 1.82%
Organization of Legal Pro's 501 5 1.93%
Macy's 301 5 1.10%
Sunshine Landscape 500 6 1.92%
Bighorn Golf Club 250 6 0.91%
Costco Wholesale 250 7 0.96%
Costco 250 7 0.91%
Bighorn Golf Club 250 8 0.96%
Desert ARC 250 8 0.91%
Yellow Cab of Desert 160 9 0.62%
Westin-Desert Willow 248 9 0.91%
Whole Foods Market 150 10 0.58%
Time Warner Cable 236 10 0.86%
Sources: CA Employment Development Department - Federal and State Government not included
* Data based on prior years numbers, at the time of preparation data was not available.
2022*2013
200 Item 1I-219Page 341
City of Palm Desert
Supplemental Miscellaneous Statistics
June 30, 2022
City/ Municipal Government
Form of Government:Council - City Manager/Charter City
Date of Incorporation:November 26, 1973
Number of Employees:108 Full-time Employees
Size of City:26.96 Square Miles
Geographic Location:Located 117 miles east of Los Angeles and 515 miles
south of San Francisco.
Streets:170 paved street miles
Number of Business Licenses:6,210 active business licenses
Number of Hotels & Rooms: 19 hotels, 2,822 rooms
CONTRACT SERVICES:
Police Department Contract with Riverside County Sheriff - 61 sworn positions plus 19 support staff
(rounded to nearest FTE)
Fire Department Contract with Riverside County/State Fire 49 positions plus 12 Fire Prevention staff
Animal Control Riverside County Animal Services
Water & Sewer Coachella Valley Water District
Trash Collection Burrtec - Waste Management
Electric Southern California Edison
Gas Southern California Gas
Telephone Verizon
Airport Palm Springs International Airport
Public Education
Elementary School (grades K - 5) 4
Middle School (grades 6 - 8)1
High School (grades 9 - 12)1
Community College - College of the Desert 1
CSUSB - Palm Desert Campus 1
UCR - Palm Desert Graduate Center 1
Insurance Coverage
General Liability Coverage Calif. Joint Powers Insurance Authority $50 Million/Event
(Excludes Earthquake & Flood)Excess Coverage: from $2 Million up to $50 Million limit
Special Events Calif. Joint Powers Insurance Authority $1 Million
Worker's Compensation Calif. Joint Powers Insurance $10 Million
Property Insurance Calif. Joint Powers Insurance Based on Prop. Value
Health Insurance
Medical California PERS; choice of PPO, HMO, Kaiser, Blue Shield
Dental Delta Dental
Vision Vision Service Plan
Disability Insurance Disability - The Hartford Insurance Company
Life The Hartford Insurance Company
Retirement California PERS - Public Employees' Retirement System
Source: City of Palm Desert
201 Item 1I-220Page 342
City of Palm Desert
Full-time Equivalent City Government Employees by Function / Program
Last Ten Fiscal Years
Function / Program 2022 2021 2020 2019 2018 2017 2016 2015 2014
2013 a
General Government
City 35 33 33 31 31 32 32 34 34 33
Economic Dev & Housing b 12 11 11 11 10 11 13 13 13 12
Public Safety 28 30 30 28 29 29 28 26 25 24
Police & Fire (1) 141 140 174 172 179 170 163 169 173 157
Public Works 33 38 38 39 39 39 40 40 40 38
Totals 249 252 286 281 288 281 276 282 285 264
(1) The City operates as a "contract city" utilizing, primarily, agreements with other governmental entities, private firms and individuals
to provide services.
Contracted services include: Police and Fire protection through the County of Riverside, Cal-Fire, animal control, health services,
legal services and landscape maintenance.
a - As of June 2011 realignments were made due to budget cuts, retirements and layoffs, these continued to FY 2013.
b - On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency as part of the Statewide dissolution of all
City Redevelopment Agencies, which in turn created the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
Source: City of Palm Desert Financial Plan, California Department of Forestry and Fire Protection, Riverside County Sheriff's Department
202 Item 1I-221Page 343
City of Palm Desert
Operating Indicators by Function / Program
Last Ten Fiscal Years
Function / Program 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
General Government
Business License Inspections *******24 33 196
Contracted Services - Burrtec Waste (1)
Refuse Collected (tons)61,932 60,226 58,096 59,154 56,346 54,301 52,772 54,865 57,935 52,131
Recyclables Collected 22,043 20,964 21,772 27,391 28,119 26,651 23,818 24,611 26,424 24,862
Public Safety
Physical Arrests 1,198 1,066 621 758 1,654 1,620 1,284 1,946 1,348 986
Parking Violations 769 780 899 375 575 587 712 794 386 198
Traffic Violations 1,398 2,070 1,392 3,525 7,012 6,939 6,223 5,525 5,284 5,080
Emergency Responses-Fire Department 10,557 9,701 15,088 10,009 9,984 9,617 9,285 8,628 8,235 7,907
Fires Extinguished 138 104 147 93 90 68 103 88 106 104
Fire Inspections ##3,372 5,397 3,378 1,274 2,118 2,989 2,552 3,048
Building Permits Issued 5,211 3,651 3,118 3,912 3,644 4,734 4,704 4,909 5,552 4,548
Building Inspections Conducted 16,802 13,451 13,439 13,965 18,601 23,542 24,756 24,057 24,830 19,107
Public Works
Street Resurfacing (miles) (3)2.25 1.83 16.9 31.6 7.3 25.8 2.9 8 34 23
Parks, recreation & culture
Athletic Field Permits Issued 2,255 2,262 643 2,990 2,934 3,197 2,997 4,430 6,548 2,635
Amphitheater / Pavilions Permits Issued 350 244 6 119 121 106 104 283 247 128
Community Center Admissions 32,326 15,577 9,746 52,203 60,769 51,694 64,493 53,426 50,204 53,062
Aquatic Center Admissions (2)31,320 38,249 32,905 52,102 53,739 58,023 60,359 64,103 43,545 48,663
(1) The City operates as a "contract city" utilizing, primarily, agreement with other governmental entities, private firms and individuals
to provide services.
Contracted services include: Police and Fire protection through the County of Riverside, animal control, health services,
legal services and landscape maintenance.
(2) Aquatic Center operations began in June 2011, managed by the YMCA.
(3) New methods of street resurfacing have improved efficiency, therefore equaling more miles resurfaced.
(*) Per Building & Safety Department business license inspections are no longer done.
(#) City discontinued the City Fire Marshal services and contracted with the County for State mandated inspections only.
Sources: Riverside County Sheriff's Dept., California State Department of Forestry & Fire Protection,
City of Palm Desert, Coachella Valley Recreation & Park District, Burrtec Waste and The YMCA.
203 Item 1I-222Page 344
City of Palm Desert
Capital Asset Statistics by Function / Program
Last Ten Fiscal Years
Function / Program 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
General Government
Contracted Services (1)
Collection trucks 35 29 25 25 24 24 35 30 30 36
Public Safety - Police & Fire
Police Stations 1111111111
Police Sub Stations 1111111111
Patrol Units-Cars 26 26 27 29 30 29 29 29 26 28
Patrol Units-Motorcycles 7 7 7 6 9 9 11 10 10 10
Fire Stations 3333333333
Fire Trucks 1 plus 1 reserve 5 plus 2 reserve 4 plus 1 reserve 4 plus 1 Reserve 4 plus 1 Reserve 4 plus 1 Reserve 4 plus 1 Reserve 4 plus 1 Rsrvd 4 plus 1 Rsrvd 4 plus 2 Rsrvd
Ambulance 4 plus 2 reserve 4 plus 3 reserve 4 plus 3 reserve 4 plus 3 Reserve 4 plus 3 Reserve 4 plus 3 Reserve 4 plus 3 Reserve 4 plus 3 Rsrvd 4 plus 3 Rsrvd 4 plus 1 Rsrvd
Fire Prevention Pick-ups 0-2.54333333
Public Works
Streets (miles)170 170 170 170 170 170 170 170 170 170
Traffic Signals 99 99 99 99 99 99 98 98 98 98
Parks, recreation & culture
Acreage 201 201 201 201 201 201 201 201 201 201
Total Parks 13 13 13 13 13 13 13 13 13 13
Playgrounds 16 16 16 16 16 16 16 16 16 16
Baseball/softball diamonds 8888888888
Soccer/football fields 9999999999
Basketball Courts 11 11 11 11 11 11 11 11 11 11
Tennis Courts 10 10 10 10 10 10 10 10 10 10
Volleyball Courts 8888888888
Community Centers 2222222222
Skateboard Parks 2222222222
Aquatic Center 1111111111
Commercial Office Space
(Parkview Office Complex)
Leasable Space (square feet)50,322 50,322 50,322 50,322 50,322 50,322 50,322 50,322 50,322 50,322
Occupancy Rate 84%84%91%91%82%84%90%90%86%88%
Number of Tenants by Type
Government (State, local regional)7777779898
Non-Profit 4444334344
Private 3333231145
Square Footage lease by tenant
Government (State, local regional)31,607 31,607 31,607 31,607 30,907 32,287 33,127 30,907 31,921 31,321
Non-Profit 7,339 7,339 7,341 6,621 4,061 4,061 3,561 6,269 3,294 4,467
Private 3,083 3,083 6,693 7,468 6,218 6,938 8,688 8,025 8,025 8,513
Vacant 8,293 8,293 4,681 4,626 9,136 8,416 4,946 5,121 7,082 6,021
Municipal Golf Course
(Desert Willow Golf Resort)
Courses - Fire Cliff and Mountain View 2222222222
Holes 36 36 36 36 36 36 36 36 36 36
Golf Carts 172 172 172 172 172 172 172 172 172 172
Clubhouse square footage 39,000 39,000 39,000 39,000 39,000 39,000 39,000 39,000 39,000 39,000
Rounds per Course
Fire Cliff 52,415 47,695 38,057 48,646 46,620 39,424 39,366 44,845 45,841 45,645
Mountain View 47,949 49,005 35,332 43,523 43,712 39,931 40,910 42,407 43,160 38,669
Total Annual Rounds 100,364 96,700 73,389 92,169 90,332 79,355 80,276 87,252 89,001 84,314
(1) The City operates as a "contract city" utilizing, primarily, agreement with other governmental entities, private firms and individuals
to provide services.
Contracted services include: Police and Fire protection through the County of Riverside, animal control, health services,
legal services and landscape maintenance.
Sources: Riverside County Sheriff's Dept., California State Department of Forestry & Fire Protection,
City of Palm Desert, Coachella Valley Recreation & Park District, Burrtec Waste
204 Item 1I-223Page 345
Note: This section is not required by GASB No. 44, however, City believes that statistical
information is beneficial to the reader.
On February 1, 2012 the State of California dissolved the City of Palm Desert Redevelopment Agency
as part of the Statewide dissolution of all City Redevelopment Agencies, which in turn created
the Successor Agency to the Redevelopment Agency of the City of Palm Desert.
For more information on the dissolution of the RDA please see note 19 and note 20.
City of Palm Desert, California
Supplemental Redevelopment Agency Statistical Section
205 Item 1I-224Page 346
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Project Area No. 2
Project Area No. 3
Date:
1/2010
Redevelopment Agency
Project Areas IArea 1 - Original (1975)
Area 1 - Added Territory (1982)
Area 2
Area 3
Area 4
City Boundary206 Item 1I-225Page 347
City of Palm Desert
Redevelopment Agency
Tax Allocation Bond Issue Information
June 30, 2022
DESCRIPTION
$15,745,000
Tax Allocation
Revenue
Bond
Years 30
Bond Issue Date 03/26/03
Final Maturity Date 08/01/33
Highest Interest Rate 5.00%
Bond Issue Amount 15,745,000$
Outstanding Bond Amount 15,745,000
Call Premium 1 - 2.00%
Bond Insurer MBIA
Reserve Requirement (1)1,574,500
Reserve Balance (1)(1)
Principal Due 22/23 875,000
Interest Due 22/23 769,006
Arbritage Yield Rate 4.9502%
Arbritage Five Year Due Date:03/26/23
DESCRIPTION
Non-Housing
Tax Allocation
Bond (Exempt)1
Non-Housing
Tax Allocation
Bond (Taxable)2
Years 13 24
Bond Issue Date 01/31/17 01/31/17
Final Maturity Date 10/01/30 10/01/41
Highest Interest Rate 5.000%4.250%
Bond Issue Amount 52,390,000$ 140,130,000$
Outstanding Bond Amount 36,405,000 96,345,000
Call Premium 0.00%0.00%
Bond Insurer BAM BAM
Reserve Requirement (1)5,786,159 8,674,758
Reserve Balance (1)(1) (1)
Principal Due 22/23 715,000 11,675,000
Interest Due 22/23 1,820,250 3,597,525
Arbritage Yield Rate 3.659%3.659%
Arbritage Five Year Due Date:01/31/22 01/31/22
DESCRIPTION
Housing
Tax Allocation
Bond (Exempt)3
Housing
Tax Allocation
Bond (Taxable)4
Years 14 6
Bond Issue Date 01/31/17 01/31/17
Final Maturity Date 10/01/31 10/01/23
Highest Interest Rate 5.000%3.000%
Bond Issue Amount 7,365,000$ 45,815,000$
Outstanding Bond Amount 5,025,000 6,195,000
Call Premium 0.00%0.00%
Bond Insurer BAM BAM
Reserve Requirement (1)687,519 4,581,500
Reserve Balance (1)(1) (1)
Principal Due 22/23 455,000 6,015,000
Interest Due 22/23 227,519 351,263
Arbritage Yield Rate 2.907%2.907%
Arbritage Five Year Due Date:01/31/22 01/31/22
(1) A surety bond was issued by MBIA Insurance, future reserve balance's will be zero.
1 Refunded PA 1-4 tax exempt portion of bonds ($22.07M, $19M, $24.945M, $62.3M, $17.31M, $67.6M, $4.745M, $15.05M, $11.02M, $15.695M, and $19.2M)
2 Refunded PA 1-4 taxable portion of bonds ($22.07M, $19M, $24.945M, $62.3M, $17.31M, $67.6M, $4.745M, $15.05M, $11.02M, $15.695M, and $19.2M)
3 Refunded Housing tax exempt portion of bonds (12.1M and $86.155M)
4 Refunded Housing taxable portion of bonds (12.1M and $86.155M)
Source: City of Palm Desert and Successor Agency to the Palm Desert Redevelopment Agency
207 Item 1I-226Page 348
City of Palm Desert
Historical Tax Increment/
Redevelopment Property Tax Trust Fund Summary
All Project Areas
Project Area No. 1 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22
Gross Tax Increment 48,767,884 51,298,203 53,437,088 56,610,029 58,222,677 59,842,517 62,844,689 64,495,840 68,597,410 70,656,513
Less:
Housing Set-Aside*9,753,577 10,259,641 10,687,418 11,322,006 11,644,535 11,968,503 12,568,938 12,899,168 13,719,482 14,131,303
SB 2557 714,717 673,261 686,944 629,449 725,403 662,238 594,754 570,820 858,150 1,503,453
Gross Pass-Throughs 18,642,892 20,111,377 21,241,903 22,961,604 25,052,727 22,919,420 25,953,291 26,949,281 28,676,151 29,944,830
Net Tax Increment 19,656,698 20,253,925 20,820,823 21,696,970 20,800,012 24,292,356 23,727,706 24,076,571 25,343,627 25,076,927
RPTTF Amount Deposited 26,848,203 25,090,381 26,530,801 24,696,424 25,131,004 19,923,194 20,331,658 21,672,933 21,069,258 16,915,008
Project Area No. 2 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22
Gross Tax Increment 13,700,701 13,556,184 15,232,096 16,232,329 16,302,895 16,916,067 17,466,255 18,503,456 19,553,601 19,897,195
Less:
Housing Set-Aside*2,740,140 2,711,237 3,046,419 3,246,466 3,260,579 3,383,213 3,493,251 3,700,691 3,910,720 3,979,439
SB 2557 200,429 179,214 192,900 180,457 202,348 187,481 165,500 172,557 243,191 188,413
Gross Pass-Throughs 4,983,714 4,967,602 5,665,961 6,078,194 6,103,481 6,372,798 6,609,645 7,125,321 7,569,060 7,672,621
Net Tax Increment 5,776,418 5,698,132 6,326,816 6,727,213 6,736,487 6,972,575 7,146,063 7,504,887 7,830,630 8,056,722
RPTTF Amount Deposited 7,568,241 7,017,531 5,441,721 5,547,427 5,887,814 5,516,674 5,629,776 6,106,095 6,005,764 4,763,343
Project Area No. 3 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22
Gross Tax Increment 3,575,242 3,760,421 3,754,999 4,039,902 4,360,574 4,364,606 4,487,719 4,653,982 4,947,578 5,015,404
Less:
Housing Set-Aside*715,048 752,084 751,000 807,980 872,115 872,921 897,544 930,796 989,516 1,003,081
SB 2557 52,858 49,871 48,901 45,175 52,745 8,947 42,853 41,139 62,062 47,593
Gross Pass-Throughs 1,277,864 1,377,700 1,371,786 1,510,219 1,656,158 1,662,390 1,730,228 1,813,552 1,937,004 1,985,858
Net Tax Increment 1,529,472 1,580,766 1,583,312 1,676,528 1,779,556 1,820,347 1,817,094 1,868,494 1,958,996 1,978,872
RPTTF Amount Deposited 1,491,532 1,357,678 1,237,930 1,290,623 1,295,156 1,422,709 1,451,877 1,563,906 1,519,617 1,200,676
Project Area No. 4 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22
Gross Tax Increment 11,153,422 11,941,800 13,057,891 13,889,272 14,287,533 14,685,301 15,251,204 15,776,294 16,815,458 17,592,461
Less:
Housing Set-Aside*2,230,684 2,388,360 2,611,578 2,777,854 2,857,507 2,937,060 3,050,241 3,155,259 3,363,092 3,518,492
SB 2557 164,046 156,818 166,634 154,976 178,812 162,715 145,017 139,433 210,710 166,282
Gross Pass-Throughs 7,530,089 7,901,830 8,381,422 8,866,804 9,433,947 9,943,062 10,454,725 8,434,713 11,405,344 12,185,263
Net Tax Increment 1,228,603 1,494,792 1,898,257 2,089,637 1,817,267 1,642,464 1,601,222 4,046,890 1,836,312 1,722,424
RPTTF Amount Deposited 4,064,105 3,675,440 3,071,966 2,443,507 2,610,660 4,834,978 4,934,105 5,301,405 5,164,761 4,211,595
*For calculation purposes only - No requirement to deposit Housing Set Aside post Redevelopment Dissolution.
208 Item 1I-227Page 349
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209 Item 1I-228Page 350
210 Item 1I-229Page 351
1611 E. Fourth Street, Suite 200
Santa Ana, CA 92701
(714) 569-1000
203 N. Brea Blvd, Suite 203
Brea, CA 92821
(714) 672-0022
21 Waterway Avenue, Suite 30089
The Woodlands, TX 77380
(936) 828-4587
2151 River Plaza Dr., Suite 150
Sacramento, CA 95833
(916) 503-9691
24422 Avenida de la Carlota, Suite 275
Laguna Hills, CA 92653
(949) 829-8299
www.lslcpas.com
February 22, 2023
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
We have audited the financial statements of the governmental activities, the business-type activities,
the aggregate discretely presented component units, each major fund, and the aggregate remaining fund
information of the City of Palm Desert, California (the City) for the year ended June 30, 2022. Professional
standards require that we provide you with information about our responsibilities under generally accepted
auditing standards, Government Auditing Standards, and the Uniform Guidance, as well as certain
information related to the planned scope and timing of our audit. We have communicated such information
in our letter to you dated February 22, 2023. Professional standards also require that we communicate to
you the following information related to our audit.
Significant Audit Matters
Qualitative Aspects of Significant Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by the City are described in the notes to the financial statements. As described in
Note 1 to the financial statements, in the fiscal year ended June 30, 2023, the City adopted new accounting
guidance, GASB Statement No. 87, Leases. Accordingly, the cumulative effect of the accounting change
as of the beginning of the year is reported in the Governmental and Enterprise statements. All significant
transactions have been recognized in the financial statements in the proper period.
All significant transactions have been recognized in the financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s knowledge and experience about past and current events and assumptions about
future events. Certain accounting estimates are particularly sensitive because of their significance to the
financial statements and because of the possibility that future events affecting them may differ significantly
from those expected. The most sensitive estimates affecting the City’s financial statements were:
Management’s estimates of its net pension liability and net other post-employment benefits
(OPEB) liability are based on actuarial valuation specialist assumptions. We evaluated the
key factors and assumptions used to develop the net pension liability and net OPEB liability
in determining that they are reasonable in relation to the financial statements taken as a
whole.
The financial statement disclosures are neutral, consistent, and clear.
Significant or Unusual Transactions
Management is responsible for the policies and practices used to account for significant or unusual
transactions. No significant unusual transactions have occurred during fiscal year 2021-2022.
Item 1I-230Page 352
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our
audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the
audit, other than those that are trivial, and communicate them to the appropriate level of management. We
are pleased to report that no such misstatements were identified during the course of our audit.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing
matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or
the auditor’s report. We are pleased to report that no such disagreements arose during the course of our
audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated February 22, 2023.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application
of an accounting principle to the City’s financial statements or a determination of the type of auditor’s opinion
that may be expressed on those statements, our professional standards require the consulting accountant
to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were
no such consultations with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the significant events or transactions that occurred
during the year, business conditions affecting the City and business plans and strategies that may affect
the risks of material misstatements, the application of accounting principles and auditing standards, with
management each year prior to retention as the City’s auditors. However, these discussions occurred in
the normal course of our professional relationship and our responses were not a condition to our retention.
Other Matters
We applied certain limited procedures to the management’s discussion and analysis, the budgetary
comparison schedules for the general fund and major special revenues funds, and the required pension
and other post-employment benefits schedules, as listed in the Annual Comprehensive Financial Report’s
table of contents, which are required supplementary information (RSI) that supplements the basic financial
statements. Our procedures consisted of inquiries of management regarding the methods of preparing the
information and comparing the information for consistency with management’s responses to our inquiries,
the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI.
We were engaged to report on the combining statements and individual nonmajor fund statements and
schedules, which accompany the financial statements but are not RSI. With respect to this supplementary
information, we made certain inquiries of management and evaluated the form, content, and methods of
Item 1I-231Page 353
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
preparing the information to determine that the information complies with accounting principles generally
accepted in the United States of America, the method of preparing it has not changed from the prior period,
and the information is appropriate and complete in relation to our audit of the financial statements. We
compared and reconciled the supplementary information to the underlying accounting records used to
prepare the financial statements or to the financial statements themselves.
We were not engaged to report on the introductory or statistical section, which accompany the financial
statements but are not RSI. Such information has not been subjected to the auditing procedures applied in
the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any
assurance on it.
The following new Governmental Accounting Standards Board (GASB) pronouncements were effective for
fiscal year 2021-2022 audit:
GASB Statement No. 87, Leases.
GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction
Period.
GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting
for Internal Revenue Code Section 457 Deferred Compensation Plans.
The following GASB pronouncements are effective in the following fiscal years’ audits and should be
reviewed for proper implementation by management:
Fiscal year 2023
GASB Statement No. 91, Conduit Debt Obligations.
GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment
Arrangement.
GASB Statement No. 96, Subscription-Based Information Technology Arrangements.
Fiscal year 2024
GASB Statement No. 99, Omnibus 2022.
GASB Statement No. 100, Accounting Changes and Error Corrections.
Fiscal year 2025
GASB Statement No. 101, Compensated Absences.
Restriction on Use
This information is intended solely for the use of City Council and management of the City of Palm Desert
and is not intended to be, and should not be, used by anyone other than these specified parties.
Very truly yours,
Brea, California
Item 1I-232Page 354
1611 E. Fourth Street, Suite 200
Santa Ana, CA 92701
(714) 569-1000
203 N. Brea Blvd, Suite 203
Brea, CA 92821
(714) 672-0022
21 Waterway Avenue, Suite 30089
The Woodlands, TX 77380
(936) 828-4587
2151 River Plaza Dr., Suite 150
Sacramento, CA 95833
(916) 503-9691
24422 Avenida de la Carlota, Suite 275
Laguna Hills, CA 92653
(949) 829-8299
www.lslcpas.com
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
We have audited, in accordance with the auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, the business-type activities, the aggregate discretely presented component units, each major
fund, and the aggregate remaining fund information of the City of Palm Desert, California (the “City”), as of
and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively
comprise the City’s basic financial statements, and have issued our report thereon dated
February 22, 2023.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not
express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity’s
financial statements will not be prevented, or detected and corrected, on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed
no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
Item 1I-233Page 355
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control
or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Brea, California
February 22, 2023
Item 1I-234Page 356
A. 2020‐2021 APPROPRIATIONS LIMIT:144,763,120$
B.
2021‐2022 CHANGE IN PER CAPITA
PERSONAL INCOME 0.67%
C. 2021‐2022 CHANGE IN POPULATION:0.57%
D. RATIO OF CHANGE (1.0067 X 1.0573):X 1.06438391
E. 2021‐2022 APPROPRIATIONS LIMIT:154,083,536$
(144,763,120 X 1.06438391)
CITY OF PALM DESERT
2021‐2022
APPROPRIATIONS LIMIT CALCULATION
Item 1I-235Page 357
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Page 1 of 2
CITY OF PALM DESERT
STAFF REPORT
MEETING DATE: March 9, 2023
PREPARED BY: Mitchell Arbaugh, Accountant
REQUEST: RECEIVE AND FILE THE INDEPENDENT ACCOUNTANTS’ REPORT ON
AGREED-UPON PROCEDURES PERFORMED ON THE MEASURE A
TRANSPORTATION FUND FOR THE FISCAL YEAR ENDED JUNE 30,
2022
RECOMMENDATION:
Receive and file the Independent Accountants’ Report on Agreed-Upon Procedures Performed
on the Measure A Transportation Fund for the fiscal year ended June 30, 2022.
BACKGROUND/ANALYSIS:
The Measure A fund is a special revenue fund that was created to keep track of funds received
by the Riverside County Transportation Commission. In 1988, Riverside County voters
approved a half cent sales tax, known as Measure A, to fund a variety of highway improvements,
local streets and roads maintenance, commuter assistance and specialized transit projects.
Conrad LLP performed the procedures which were agreed to by the Riverside County
Transportation Commission, Riverside, California (RCTC) solely to assist RCTC with respect to
an evaluation of the City of Palm Desert’s Measure A Transportation Fund and degree of the
City’s compliance with RCTC requirements for the year ended June 30, 2022.
Staff requests that the Council receive and file the Independent Accountants’ Report on Agreed-
Upon Procedures Performed on the Measure A Transportation Fund for the fiscal year ended
June 30, 2022.
Strategic Plan:
Not Applicable
Commission Recommendation:
The Finance Committee will receive the Independent Accountants’ Report at their next
scheduled meeting on March 28, 2023.
FINANCIAL IMPACT:
There is no fiscal impact associated with this action.
REVIEWED BY:
Department Director: Veronica Chavez
Finance Director: Veronica Chavez
Item 1J-1Page 359
City of Palm Desert
Approval of Report on Procedures for Measure A Fund for Fiscal Year ended June 30, 2022
Page 2 of 2
Assistant City Manager: Chris Escobedo
City Manager: Todd Hileman
ATTACHMENTS:
1. Independent Accountants’ Report on Agreed-Upon Procedures
Item 1J-2Page 360
Item 1J-3Page 361
Item 1J-4Page 362
Item 1J-5Page 363
Item 1J-6Page 364
Item 1J-7Page 365
Item 1J-8Page 366
Item 1J-9Page 367
Item 1J-10Page 368
Item 1J-11Page 369
Item 1J-12Page 370
Page 1 of 2
CITY OF PALM DESERT/SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY/HOUSING AUTHORITY BOARD
JOINT CONSIDERATION
STAFF REPORT
MEETING DATE: March 23, 2023
PREPARED BY: Veronica Chavez, Director of Finance
REQUEST: APPROVE AMENDMENT NO. 1 TO EXTEND CONTRACT NO. C36120
FOR LANCE, SOLL & LUNGHARD, LLP, TO PERFORM PROFESSIONAL
AUDITING SERVICES FOR THE FISCAL YEAR ENDING JUNE 30, 2023
RECOMMENDATION:
1.Approve Amendment No. 1 to Contract No. C36120 with Lance Soll & Lunghard to extend
the term through June 30, 2024, for the FYE June 30, 2023 Audit Services.
2.Authorize Finance Director to negotiate other services that may be necessary during the
extended period.
3.Authorize the City Manager to approve and execute amendment and any other documents
necessary to effectuate the contract.
BACKGROUND/ANALYSIS:
On May 11, 2017 the City Council approved a five-year contract with Lance Soll & Lunghard LLP
(LSL) to serve as the City’s independent auditor. The auditor plays a critical role in evaluating
the City’s system of internal controls and overall financial management and condition. They also
assist in the preparation of the Annual Comprehensive Financial Report (ACFR), Single Audit
Report and assist with the implementation of new Governmental Accounting Standard Board
(GASB) pronouncements. LSL has audited the City for fiscal year (FY) 2016/17 through FY
2021/22, and their contract has now expired.
The Finance Department is currently concentrating on many substantial changes and
modernization efforts with a primarily new team (Approx. 85% of this exceptional team has been
hired in the last 12 months). Given the excellent service that LSL has provided to the City, and
the limited familiarity of the new team members during this critical period, staff is requesting to
enter into a one-year extension period for audit services with LSL. The extension period will
provide some conduit of historical knowledge from LSL, so the Finance team may become fully
acclimated to their roles and responsibilities, to maximize efficiencies in delivering customer
service through improved policies and processes, adopting best practices, and identifying and
implementing modern technologies.
Item 1H-1Page 371
City of Palm Desert
Amendment No. 1 to C36120 for Auditing Services
Page 2 of 2
FINANCIAL IMPACT:
The proposal for LSL states a cost of $87,847 and will be included in the 2023/24 Financial Plan.
This amount is in line with the rates included in C36120.
REVIEWED BY:
Department Director: Veronica Chavez
Finance Director: Veronica Chavez
Assistant City Manager: Chris Escobedo
City Manager: Todd Hileman
ATTACHMENTS:
1.Amendment No. 1
2.Proposal from LSL
Item 1H-2Page 372
Contract No. C36120
AMENDMENT NO. 01 TO THE PROFESSIONAL AUDITING SERVICES AGREEMENT
BETWEEN THE CITY OF PALM DESERT AND LANCE, SOLL & LUNDGHARD LLP
1.Parties and Date.
This Amendment No. 01 to the Professional Services Agreement is made and entered into as
of this 23RD day of March, 2023, by and between the City of Palm Desert (“City”) and LANCE, SOLL
& LUNGHARD, LLP, a LIMITED LIABILITY COMPANY, with its principal place of business at 203,
N. Brea Blvd., Suite 203, Brea, CA 92821 (“Consultant”). City and Consultant are sometimes
individually referred to as “Party” and collectively as “Parties.”
2. Recitals.
2.1 Agreement. The City and Consultant] have entered into an agreement entitled “Audit
Professional Services Agreement” dated May 17, 2017 (“Agreement” or “Contract”) for the purpose
of retaining the services of Consultant to provide professional services for the City’s Independent
Auditing Services.
2.2 Amendment. The City and Consultant desire to amend the Agreement to extend the
term of services. The original term has expired.
2.3 Amendment Authority. This Amendment No. 01 is authorized pursuant to Section
3.5.14 of the Agreement.
3. Terms.
3.1 Term. Section 3.1.2 of the Agreement is hereby amended in its entirety to read as
follows:
“The term of this Agreement shall be from March 23, 2023 to June 30, 2024 unless
earlier terminated as provided herein. Consultant shall complete the services within
the terms of this Agreement, and shall meet any other established schedules and
deadlines.”
3.2 Continuing Effect of Agreement. Except as amended by this Amendment No. 01, all other
provisions of the Agreement remain in full force and effect and shall govern the actions of the parties
under this Amendment No. 01. From and after the date of this Amendment No. 01, whenever the
term “Agreement” or “Contract” appears in the Agreement, it shall mean the Agreement as amended
by this Amendment No. 01.
3.3 Substitution of Key Personnel. Consultant has represented to City that certain key personnel
will perform and coordinate the Services. Should one or more of such personnel become unavailable,
Consultant may substitute other personnel of at least equal competence upon written approval of
City. In the event that City and Consultant cannot agree as to the substitution of key personnel, City
shall be entitled to terminate this Agreement for cause. The key personnel for performance of this
Agreement are as follows: Veronica Chavez, Director of Finance.
3.4 City's Representative. The City hereby designates Veronica Chavez, Director of Finance, or
his/her designee, to act as its representative in all matters pertaining to the administration and
Item 1H-3Page 373
Contract No. C36120
Page 2 of 3
Revised 11-2-20
BBK 72500.00001\32445060.1
performance of this Agreement ("City's Representative"). City's Representative shall have the power
to act on behalf of the City for review and approval of all products submitted by Consultant but not
the authority to enlarge the scope of Services or change the total compensation due to Consultant
under this Agreement. The City Manager shall be authorized to act on City's behalf and to execute
all necessary documents which enlarge the scope of services or change the Consultant's total
compensation subject to the provisions contained in Section 3.3 of this Agreement. Consultant shall
not accept direction or orders from any person other than the City Manager, City's Representative or
his/her designee.
3.5 Consultant's Representative. Consultant hereby designates Kelly Telford, CPA Partner or her
designee, to act as its representative for the performance of this Agreement ("Consultant's
Representative"). Consultant's Representative shall have full authority to represent and act on
behalf of the Consultant for all purposes under this Agreement. The Consultant's Representative
shall supervise and direct the Services, using his/her best skill and attention, and shall be
responsible for all means, methods, techniques, sequences, and procedures and for the
satisfactory coordination of all portions of the Services under this Agreement.
3.6 Adequate Consideration. The Parties hereto irrevocably stipulate and agree that they
have each received adequate and independent consideration for the performance of the obligations
they have undertaken pursuant to this Amendment No. 01.
3.7 Severability. If any portion of this Amendment No. 01 is declared invalid, illegal, or
otherwise unenforceable by a court of competent jurisdiction, the remaining provisions shall continue
in full force and effect.
3.8 Counterparts. This Amendment No. 01 may be executed in duplicate originals, each
of which is deemed to be an original, but when taken together shall constitute but one and the same
instrument.
3.9 Compensation. Consultant shall receive compensation, including authorized
reimbursements, for all Services rendered under this Agreement at the rates set forth in Exhibit "C"
attached hereto and incorporated herein by reference. The total compensation shall not exceed
eighty seven thousand eight hundred and forty seven dollars ($87,847) without written approval of
the City Council or City Manager, as applicable.
[SIGNATURES ON FOLLOWING PAGE]
Item 1H-4Page 374
Contract No. C36120
Page 3 of 3
Revised 11-2-20
BBK 72500.00001\32445060.1
SIGNATURE PAGE FOR AMENDMENT NO. 01 TO THE AUDIT PROFESSIONAL SERVICES
AGREEMENT BETWEEN THE CITY OF PALM DESERT
AND LANCE, SOLL & LUNDGHARD
IN WITNESS WHEREOF, the Parties have entered into this Amendment No. 01 to the Audit
Professional Services Agreement as of the day and year first above written.
CITY OF PALM DESERT
Approved By:
L. Todd Hileman, City Manager
Attested By:
Anthony J. Mejia, City Clerk
Approved As To Form:
By:
Robert W. Hargreaves
Best Best & Krieger LLP
City Attorney
LANCE, SOLL & LUNDGHARD, LLP
Signature
Name
Title
QC
Insurance:
__________ __________
Item 1H-5Page 375
Item 1H-6Page 376
Item 1H-7Page 377
Item 1H-8Page 378
CITY OF PALM DESERT
ADMINISTRATIVE PROCEDURES
Subject Investment Policy
Policy No. FIN - 002
Date Issued: April 11, 2019
Revised: November 19, 2020
Approved by
Resolution Nos. 2020-79, SARDA-080, FA-70,
HA-99.
(prev. 2019-15, SARDA 076, HA-91, FA-69)
Authored by Finance Department
1.0 Policy
The policy of the City of Palm Desert, the Successor Agency to the Palm
Desert Redevelopment Agency, the Palm Desert Housing Authority, the
Palm Desert Financing Authority, and the Palm Desert Recreational
Facilities Corporation (hereafter referred to collectively as the “City”) is to
invest public funds with the goals of preserving capital, meeting the City’s
daily cash needs, and achieving a market rate of return, while complying
with all federal, state, and local laws.
2.0 Scope
This investment policy will apply to all funds over which the Treasurer’s
Office has fiduciary responsibility and direct management control.
3.0 Prudence
The Treasurer’s Office follows the “Prudent Investor Standard”, which
requires treasury officers to manage the City investment portfolio with the
care, skill, prudence, and diligence that a prudent investor who is similarly
situated would use, based upon general economic conditions and the City’s
anticipated needs, in order to safeguard principal and to maintain liquidity
(Cal. Govt. Code, section 53600.3).
Treasury officers, who follow the provisions of this policy and who exercise
due diligence, will be relieved of personal responsibility for a security’s
credit risk or market price risk if they report substantial deviations from
expectations to the city manager and to the Finance Committee in a timely
manner, and if they take appropriate action to control adverse
developments.
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“Substantial deviations” is defined as either a decline of 10 percent or more
in the market value of a security due to issuer default, a credit risk
downgrade, or the sale of a security prior to maturity at 10 percent or more
below its acquisition cost.
4.0 Objectives
The City’s investment objectives, in order of priority, are:
4.0.1 Safety
Safety of principal is foremost. Investments should be made with
the aim of avoiding capital losses due to credit risk and to market
price risk. Credit risk can be mitigated by investing in high-quality
securities, diversifying investments, and pre-qualifying securities
brokers and public depositories. Market price risk can be mitigated
by matching debt maturities with anticipated cash requirements so
that a premature sale of securities will not be necessary. It is
recognized, however, that in a diversified portfolio, occasional
measured losses are inevitable and must be considered within the
context of overall investment return.
4.0.2 Liquidity
The City investment portfolio should be kept sufficiently liquid so
that all operating requirements, which might be reasonably
anticipated, can be met. The portfolio should consist largely of
relatively low-duration securities with active secondary markets. An
amount equal to the City’s annual budget must be held in cash or
invested in laddered securities that mature in less than one year.
4.0.3 Yield
Yield should be considered only after the basic requirements of
safety and liquidity have been met. The City investment portfolio
should be structured to achieve a market rate of return, without
compromising safety and liquidity. The average monthly yield of
the State of California Local Agency Investment Pool (“LAIF”) will
represent the market rate of return and will serve as the portfolio
performance benchmark.
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5.0 Delegation of Authority
The Palm Desert City Council is authorized to invest, to deposit, and to
provide for the safekeeping of the City’s funds, or to delegate those
responsibilities to a city treasurer (Cal. Govt. Code, sections 53607 and
53608). The City Council has delegated those responsibilities to the city
treasurer (Palm Desert, California, Municipal Code, section 3.08.010). The
director of finance serves ex officio as city treasurer (Palm Desert,
California, Municipal Code, section 2.16.010). The city treasurer, or their
designee, has exclusive authority to buy and sell securities on the City’s
behalf. The city treasurer must authorize all investment transactions, in
writing, prior to initiation. If the city treasurer is unavailable, then the
assistant finance director must perform that task.
6.0 Investment Procedures
The city treasurer will develop written procedures for the City’s investment
program that are consistent with the provisions of this policy. These
procedures will include safekeeping, repurchase agreements, banking
service contracts, and collateral/depository agreements. They will also
address the explicit delegation of authority to individuals who are
responsible for investment transactions. No person may engage in an
investment transaction except as provided for under the terms of this policy
and under the procedures that the city treasurer establishes.
7.0 Conflicts of Interest
Treasury officers must refrain from personal business activity that could
conflict with the proper execution of the City’s investment program, or
impair their ability to make impartial investment decisions. They must
disclose to the City Council any material financial interest in financial
institutions that do business in the City of Palm Desert.
8.0 Authorized Broker-Dealers and Financial Institutions
The City Council will review and approve the securities broker-dealers that
are authorized to do business with the City. Authorized broker-dealers are
listed in Appendix A of this policy.
Only primary government securities dealers (“primary dealers”) that
regularly report to the Federal Reserve Bank of New York will be eligible
for inclusion on the City’s authorized list.
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The only exception to the foregoing will be that the City Council may, at its
discretion, accept, review, and approve Requests for Information (“RFI”)
from secondary securities brokers that: (1) have been in existence for more
than five years; (2) have a net capital position in excess of $100 million; (3)
are licensed as brokers by the State of California; and (4) are headquartered
or have a branch office in California.
The total number of authorized broker-dealers must not exceed four. The
City will accept and review new broker-dealer applications only when there
is an immediate need to fill a vacancy on the authorized list. The
Treasurer’s Office will only accept RFIs from and transact business with the
institutional securities sales departments of broker-dealers. The
Treasurer’s Office must not transact business with an authorized broker-
dealer until all of the documentation that both parties require has been
executed and delivered.
All broker-dealers who wish to apply for inclusion on the authorized list
must, at a minimum, provide the Treasurer’s Office with a copy of the
following documents unless otherwise noted:
8.0.1 Completed “Broker-Dealer Request for Information” (signed
original only).
8.0.2 The firm’s most recent Annual Report and Securities and Exchange
Commission (“SEC”) Form 10-K or 20-F.
8.0.3 The firm’s National Association of Securities Dealers (“NASD”)
Form BD -- Uniform Application for Broker-Dealer Registration or, in
the case of an investment department within a commercial bank,
SEC Form MSD.
8.0.4 The firm’s current NASD Form BD Status Report.
8.0.5 NASD Form U-4 -- Uniform Application for Securities Industry
Registration or Transfer for each employee would who might be
trading with the City.
8.0.6 Current NASD Form U-4 Status Report on each employee who
might be trading with the City.
8.0.7 A resume from each of the firm’s employees who might be trading
with the City.
8.0.8 The firm’s delivery and wiring instructions.
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8.0.9 An executed corporate resolution that identifies employees who are
authorized to trade with the City.
8.0.10 The firm’s current investment policy.
In addition to the above documents, secondary brokers must also submit:
8.0.11 The firm’s most recent SEC Form X-17 A-5 or, in the case of an
investment department within a commercial bank, SEC
Consolidated Reports of Condition and Income for A Bank with
Domestic and Foreign Offices -- FFIEC 031.
The Treasurer’s Office will investigate all broker-dealer applicants in order
to determine if they: (1) are adequately capitalized; (2) are subject to
pending legal action (either the firm or the trader); (3) make markets in
securities that are appropriate for the City’s needs; (4) are licensed as a
broker by the State of California Department of Corporations; and (5) are a
member of the National Association of Securities Dealers. Broker-dealer
applicants will be required to provide California state or local government
references.
Any broker-dealer that has made a political contribution to any member of
or candidate for the City Council, the RDA Successor Agency – Palm Desert
Board, the Housing Authority Commission, or the Palm Desert Finance
Committee in an amount that exceeds the limits in Municipal Securities
Rulemaking Board (“MSRB”) Rule G-37, within any consecutive four-year
period following January 1, 1996, will be ineligible to transact business with
the City.
The City Council will consider the submitted documents, along with the
treasury officers’ recommendations, and decide if any new broker-dealers
should be added to the authorized list. If, in the City’s opinion, a broker-
dealers RFI is missing, incomplete, or late (submitted after the specified
deadline), contains false or misleading information, or if the broker has not
submitted all of the documents that the City requires, then the City will
automatically reject the broker-dealers RFI and that broker-dealer will not be
eligible to submit another RFI to the City for three years.
The city treasurer may terminate a broker-dealer for trade fails, trade errors,
excessive staff turnover, failure to provide notice of a significant event,
inflated pricing, adverse change in financial condition, failure to comply
with solicitation instructions, pending litigation against broker-dealer by
City, violation of City’s gift ban policy, selling inappropriate investments,
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unethical behavior, collusion on pricing, tardiness in submitting offers, yield
burning, lack of business due to a mismatch between city needs and broker-
dealer inventory, or an insufficient volume of City business to justify broker-
dealer retention.
The City Council must review and approve all commercial banks, savings
associations, federal associations (as defined by Cal. Fin. Code, section
5102), and trust companies that are authorized as public depositories of City
monies in the form of checking, savings, and money market accounts and
certificates of deposit. Authorized financial institutions are listed in
Appendix A of this policy.
The City will only deposit public monies in financial institutions that have:
8.0.12 At least $50 billion in total assets. The only exception to the
foregoing is that, under special circumstances, the City may
procure limited services from a financial institution that has at
least $5 billion in total assets. Such services may include those
that a larger financial institution does not provide, are more
expensive if a larger financial institution does provide them, or
are offered by a smaller financial institution on more flexible
terms that better suit the City’s needs. Under this exception,
deposits made will not exceed one-tenth of one percent (0.1%)
of the City investment portfolio.
8.0.13 A core capital-to-total assets ratio of at least five percent.
8.0.14 Favorable statistical ratings from a nationally recognized
statistical rating organization (“NRSRO”), as determined by the
city treasurer.
8.0.15 A federal or state charter.
8.0.16 A branch office within Riverside County.
8.0.17 A “satisfactory” overall rating in their most recent evaluation
by the appropriate federal financial supervisory agency in
terms of meeting the credit needs of California communities,
pursuant to federal law.
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The City cannot deposit funds into a financial institution if the sum of the
City’s deposits would exceed the total shareholders’ equity of the
institution.
9.0 Authorized Investments
The City Council has authorized the Treasurer’s Office to invest in the
following financial instruments under the terms and conditions stated
below (Cal. Govt. Code, section 53600, et seq.). All non-pooled securities
must mature within five years unless the City Council has approved longer
maturities for the investment of bond reserve, bond escrow, and other
funds.
No.
Type of Investment
% of Portfolio
Authorized
Other Restrictions
1.
United States Treasury
bills,
notes, bonds, or certificates
of indebtedness, or those
for
which the full faith and
credit of the United States
are pledged for the
payment of principal and
interest.
100%
Maximum maturity: 5 Years
2.
Federal Agency or United
States government-
sponsored enterprise
(“GSE”) obligations,
participations, or other
instruments, including
those that Federal Agencies
or GSEs have either issued
or fully guaranteed as to
principal and interest.
100%
Maximum maturity: 5 years
No more than 30% of the portfolio
may be invested in any single
issuer (excluding the proceeds of
tax-exempt bonds).
3.
California State and Local
25%
Maximum maturity: 5 Years
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No.
Type of Investment
% of Portfolio
Authorized
Other Restrictions
Agency debt obligations
that a state or local agency,
or a department, board,
agency, or authority of a
state or local agency has
issued as general
obligation bonds or
revenue bonds.
Rated “A” or higher by S&P or by
Moody’s.
4.
Commercial Paper (“CP”)
(Non-Pooled Fund) that
general corporations
organized and operating in
the United States with
assets exceeding $500
million issue.
25%
Maximum maturity: 270 days
Rated “A-1” by S&P or “P-1” by
Moody’s.
No more than 10% of the portfolio
may be invested in the CP and
MTNs of any single issuer.
Asset-backed CP is ineligible for
purchase.
5.
Negotiable Certificates of
Deposit (“NCD”) that a
nationally- or state-
chartered
bank, a savings
association, a federal
association, or a
state-licensed branch of a
foreign bank issue.
5%
Maximum maturity: 5 years
Long-term debt rated “AA-“
higher by S&P or by Moody’s.
6.
Time Certificates of
Deposit (“TCD”) that
qualified public
depositories issue.
5%
Maximum maturity: 1 year
TCDs exceeding the FDIC limit
must be collateralized.
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No.
Type of Investment
% of Portfolio
Authorized
Other Restrictions
TCDs must be centralized at one
location for each bank or S&L.
If TCD is uncollateralized, then no
more than 90 percent of the FDIC
limit may be invested per TCD.
Issuing public depository must
meet qualifying criteria on Pages 5
and 6 of this policy.
7.
Repurchase Agreement
(“RP”) that authorized
brokers sell.
10%
Maximum maturity: 30 days
Collateral must be United States
Treasury, Federal, Agency, or GSE
obligations.
Zero coupon and stripped coupon
instruments are not acceptable as
collateral.
Collateral must be valued at
102% of cost and adjusted weekly.
City must have first lien and
security interest in all collateral.
City’s custodian must hold
collateral.
An authorized broker must file a
Public Securities Association
(“PSA”) Master Repurchase
Agreement with the city treasurer,
and the city attorney must review
the agreement, prior to the
transaction of RP business with
that broker.
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No.
Type of Investment
% of Portfolio
Authorized
Other Restrictions
8.
Medium-Term Notes
(“MTNs”) that corporations
organized and operating in
the United States, or
depository institutions
operating in the United
States and licensed by the
United States or by any
state,
issue.
25%
Maximum maturity: 5 years
Rated “A” or higher by S&P or by
Moody’s.
No more than 10% of the portfolio
may be invested in the CP and
MTNs of any single issuer.
9.
Money Market Mutual
Funds (“MMF”) that are
registered with the SEC
under the Investment Act
of 1940.
20%
(excluding bond
proceeds)
Either rated “AAA” by S&P, “Aaa”
by Moody’s, or “AAA-V-1+” by
Fitch (2 of 3), or retains an
investment advisor registered or
exempt from registration with
SEC, with at
least 5 years of experience
managing a MMF with $500
million or more in assets.
MMF must have dollar-weighted
average maturity of 90 days or
less.
MMF must buy securities that
mature in 13 months or less.
No commission may be charged.
10.
State of California Local
Agency Investment Fund
(“LAIF”) that the State
Treasurer’s Office
manages.
Up to maximum
(currently
$75,000,000
per account)
City Council and Redevelopment
Agency approved participation in
LAIF on 12/12/81 in Resolution No.
81-161.
(Bond trustee accounts have no
deposit limit)
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Investment Policy
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No.
Type of Investment
% of Portfolio
Authorized
Other Restrictions
11.
Structured Notes in the
form of callable securities
or “STRIPS” that the
United States Treasury,
Federal Agencies, or
government-
sponsored enterprises
(“GSEs”) issue.
20%
Maximum maturity: 5 years
12.
Local Government
Investment Pools, such as
LAIF, CAMP, or California
county investment pools.
75%
(excluding bond
proceeds)
As required by law under the Cal.
Govt. Code.
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10.0 Prohibited Investments and Strategies
The purchase of inverse floaters, range notes, mortgage-derived, interest-
only strips, and securities that result in zero-interest accrual if held to
maturity are prohibited (Cal. Govt. Code, section 53601.6). The purchase of
asset-backed securities, bond mutual funds, mortgage-backed securities,
reverse-repurchase agreements, and derivative contracts (forwards, futures,
options, and swaps) are also prohibited.
Active investment strategies, such as market timing, sector rotation, or
benchmark indexing are prohibited. Securities lending, short selling, and
other hedging strategies are also prohibited.
Local government investment pools and money market mutual funds will
be exempt from the prohibitions on derivative contracts, derivative
securities, reverse repurchase agreements, securities lending, short selling,
and other hedging strategies.
11.0 Investment Pools/Mutual Funds
The Treasurer’s Office must conduct a thorough investigation of an
investment pool or mutual fund prior to purchasing its shares. The
Treasurer’s Office will develop a questionnaire that addresses the following
issues with respect to the pool or fund:
11.0.1 A description of eligible investment securities and a written
statement of investment policy and objectives.
11.0.2 A description of interest calculations, how interest is
distributed, and how gains and losses are treated.
11.0.3 A description of how the securities are safeguarded (including
the settlement process), how often they are priced, and how
often the pool or fund is audited.
11.0.4 A description of who may invest in the pool or fund, how often,
and the size of deposits and withdrawals that are allowed.
11.0.5 A schedule for receiving statements and portfolio listings.
11.0.6 Verification of whether the pool or fund uses reserves or
retained earnings.
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11.0.7 A fee schedule and when and how it is assessed.
11.0.8 The eligibility of the pool or fund for bond proceeds, and
whether the pool or fund will accept them.
12.0 Portfolio Management Strategy
The Treasurer’s Office will invest public funds using a passive strategy of
buying and holding fixed-income securities. Whenever possible, a bond
ladder will be constructed with laddered maturities that match anticipated
cash flow dates. Securities may be sold prior to maturity only to: 1)
address an actual or potential deterioration in credit quality; 2) rebalance
the portfolio; or 3) meet unanticipated financial obligations.
The Treasurer’s Office, however, may actively manage the City’s holdings
in local government investment pools that seek to maintain a constant net
asset value of $1.00 per share, in order to maximize income, so long as
there is no risk of principal loss.
13.0 Portfolio Rebalancing
If portfolio percentage constraints are violated due to a temporary
imbalance in the portfolio, then treasury officers should hold the affected
securities to maturity in order to avoid capital losses.
If no capital losses would be realized upon sale, however, then treasury
officers should consider rebalancing the portfolio after evaluating the
expected length of time that it will be imbalanced.
Portfolio percentage limits are in place in order to ensure diversification of
the City investment portfolio. A small, temporary imbalance will not
significantly impair that strategy.
14.0 Credit Downgrading
This policy sets forth minimum credit-risk criteria for each security. This
criteria applies to the initial purchase of a security. It does not
automatically force the sale of a security if the security’s credit-risk ratings
fall below policy limits.
If a security is downgraded below the minimum credit-risk criteria specified
in this policy, then treasury officers should evaluate the downgrade on a
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Investment Policy
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case-by-case basis in order to determine whether the security should be
held or sold.
The city treasurer will inform the city manager and the Finance Committee
at its next meeting of the credit downgrade and the treasury officers’
decision to hold or sell the downgraded security.
Treasury officers should review the credit standing of all securities in the
City’s investment portfolios annually, at a minimum.
15.0 Safekeeping and Custody
All securities transactions will be done on a delivery-versus-payment
(“DVP”) or a receipt-versus-payment (“RVP”) basis. A third-party bank trust
department (“Custodian”) that acts as an agent for the City, under the terms
of a custody agreement executed between both parties, will hold the
securities. The custodial bank must be one of the 20 largest commercial
banks in the world, as measured by total assets. The City’s Custodian is
listed in Appendix A of this policy.
The only exception to the foregoing will be securities purchases made with:
15.0.1 Local government investment pools.
15.0.2 Money market mutual funds.
15.0.3 Federal Reserve Banks (“Treasury Direct Program”) since the
purchased securities are not deliverable.
No securities broker or investment advisor should have access to City
monies, accounts, or investments. The city treasurer’s prior approval, in
writing, is required for any transfer of monies to or through a securities
broker. If the city treasurer is unavailable, then the assistant finance
director must authorize the transfer, in writing.
Broker trade confirmations are required for all trades. These confirmations
must be reviewed immediately upon receipt, for conformity with the terms
of the City’s trade sheets.
16.0 Collateralization
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All demand deposits and time deposits that are not insured by the Federal
Deposit Insurance Corporation (“FDIC”), the Federal Savings and Loan
Insurance Corporation (“FSLIC”), or the National Credit Union
Administration (“NCUA”) must fully collateralized in accordance with Cal.
Govt. Code, section 53652. An independent third party must hold the
collateral.
Collateralized investments and demand deposits may require substitution
of collateral. The city treasurer must approve all requests from financial
institutions for substitution of collateral that involves interchanging classes
of securities.
17.0 Bond Proceeds
The city treasurer must segregate the gross proceeds of tax-exempt bonds
from the City general pool and keep them in a separate pool. They must be
invested in accordance with the instructions in their respective bond
indentures of trust. The city’s bond trustee (“Trustee”) will hold all tax-
exempt securities in third-party safekeeping. DVP and RVP rules will apply.
The City’s Trustee is listed in Appendix A of this policy.
Under the Tax Reform Act of 1986, the City is required to perform annual
arbitrage calculations and to rebate excess earnings from the investment of
the gross proceeds of tax-exempt bonds that were sold after the effective
date of this law, to the United States Treasury. The city treasurer may
contract with qualified outside financial consultants to provide the
necessary technical expertise that is required in order to comply with this
law.
18.0 Internal Controls
The city treasurer should ensure that all investment transactions comply
with City policy. The Treasurer’s Office should establish internal controls
that are designed to prevent losses due to fraud, negligence, and third-party
misrepresentation.
Internal controls deemed most important would include avoidance of
collusion, separation of duties and administrative controls, separating
transaction authority from accounting and recordkeeping, custodial
safekeeping, clear delegation of authority, management approval and
review of investment transactions, specific limitations regarding securities
losses and remedial action, written confirmation of telephone transactions,
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Investment Policy
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documentation of investment transactions and strategies, and monitoring
of results.
The city treasurer must also establish a process of independent review by
an audit firm of the City’s investment program every three years. The audit
firm must review the program’s management in terms of compliance with
the internal controls that City policy specifies.
A Finance Committee consisting of City officials and community
representatives will be responsible for reviewing the City investment
reports, transactions, policies and procedures, and strategies on at least a
quarterly basis. The City Council will establish bylaws for the Finance
Committee.
19.0 Reporting
The city treasurer must provide the City Council with a monthly investment
report within 30 days after Finance Committee review of that report.
In accordance with the provisions of Governmental Accounting Standards
Board (“GASB”) Statement Number 40, as amended March 2003, the
monthly investment report must:
19.0.1 Organize individual securities, such as U.S. Treasuries, corporate
bonds, and commercial paper, by investment type. Dissimilar
investments, such as U.S. Treasury bills and Treasury strips,
should not be aggregated.
19.0.2 List the credit-risk ratings of at least two NRSROs for each
security, mutual fund, or investment pool. If the security, mutual
fund, or investment pool has no rating, then it should be shown as
“unrated”.
19.0.3 Disclose the amount of individual securities and corresponding
issuers that exceed five percent of net plan assets, except for
securities that the U.S. Government guarantees, money market
mutual funds, and external investment pools.
19.0.4 Use the specific identification method to reflect interest-rate risk
by investment type and amount.
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The monthly investment report must include a complete portfolio inventory
with details on issue, par value, book value, coupon/rate, original
settlement date of purchase, final maturity date, CUSIP number, average-
weighted yield, average days-to-maturity, and market value (including
source of market valuation). The report must also include a statement on
compliance or noncompliance with the City investment policy, and a
statement on whether there are sufficient funds to meet the City’s
anticipated cash requirements for the next six months.
20.0 Investment Policy Adoption
This policy will be updated, as needed, and will remain in effect until a new
policy is adopted, at least once every five years. Any proposed revisions to
the policy must first be submitted to the Finance Committee for review and
then to the City Council for review and adoption.
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Appendix A: List of Authorized Financial Institutions
The Treasurer’s Office is authorized to transact investment and depository
business with the following financial institutions.
UNITED STATES GOVERNMENT
1.Federal Reserve Bank
PRIMARY DEALERS
1.J.P. Morgan Securities LLC
2.Wells Fargo Securities LLC
SECONDARY BROKERS
1.Piper Sandler & Company
2.Stifel, Nicolaus & Company
PUBLIC DEPOSITORIES*
1.Citibank, N.A.
2. JP Morgan Chase & Co.
3.MUFG Union Bank, N.A.
CUSTODIAN
1.Union Bank Global Custody Services
TRUSTEE
1.U.S. Bank Global Corporate Trust Services
*Exceptions are limited to those financial institutions defined in section 8.0.12.
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CITY OF PALM DESERT
ATTENDANCE REPORT
Advisory Body:
Prepared By:
Year 2023 2022 2022 2022 2022 2022
Month Jan Mar May Jul Sep Nov
Date 1.24 3.22 5.24 7.26 9.27 11.22
Alexander, Karen A P P ---1 1
Garcia, Carlos P P P ---0 0
Leo, Robert P P P ---0 0
Messenger, Faith A P P ---1 1
Wuest, Jake P -----0 0
Kelly, Kathleen P
Quintanilla, Karina P
Palm Desert Municipal Code 2.34.010:
P Present
A Absent
E Excused
-No meeting
Bimonthly: Two unexcused absences from regular meetings in any twelve-month period shall
constitute an automatic resignation of members holding office on boards that meet bimonthly.
Total
Absences
Total
Unexcused
Absences
Finance Committee
Sarah Castro & Skky Garcia, Recording Secretary
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