HomeMy WebLinkAbout2024-03-26 FC Regular Meeting Agenda Packet
FINANCE COMMITTEE
CITY OF PALM DESERT
MEETING AGENDA
Tuesday, March 26, 2024
10:00 a.m.
Administrative Conference Room, City Hall
73-510 Fred Waring Drive
Palm Desert, CA 92260
Pursuant to Assembly Bill 2449, this meeting will be conducted as a hybrid meeting and there will be
in-person access to this location.
To participate via Zoom, use the following link: https://palmdesert.zoom.us/j/86292070396 or
call (213) 338-8477, Zoom Meeting ID: 862 9207 0396
•
Written public comment may also be submitted to cityclerk@palmdesert.gov. E-mails
received by 4:00 p.m. the day 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.
•
Pages
1.CALL TO ORDER
2.ROLL CALL
3.NONAGENDA PUBLIC COMMENTS
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. Speakers may
utilize one of the three options listed on the first page of the agenda. Because
the Brown Act does not allow the Finance 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.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
the Finance Committee for a separate discussion.
RECOMMENDATION:
To approve the consent calendar as presented.
4.a APPROVAL OF MINUTES 5
RECOMMENDATION:
Approve the Minutes of January 22, 2024.
5.CONSENT ITEMS HELD OVER
6.ACTION CALENDAR
The public may comment on individual Action Items within the three-minute time
limit. Speakers may utilize one of the three options listed on the first page of the
agenda.
6.a FINANCE DIRECTOR'S REPORT FOR GENERAL FUND FINANCIAL
REPORTS
9
RECOMMENDATION:
Receive and file the General Fund Financial Reports for the months ending
January 31, 2024 and February 29, 2024.
6.b PARKVIEW OFFICE COMPLEX FINANCIAL AND VACANCY REPORTS 15
RECOMMENDATION:
Receive and file the Parkview Office Complex Financial Reports for
the months ending January 31, 2024 and February 29, 2024.
1.
Receive and file the Parkview Office Complex Vacancy Report for
the month ending February 29, 2024.
2.
6.c DESERT WILLOW GOLF RESORT FINANCIAL REPORTS 27
RECOMMENDATION:
Receive and file the Desert Willow Golf Resort Financial Reports for the
months ending January 31, 2024, and February 29, 2024.
6.d CITY TREASURER'S INVESTMENT REPORTS 53
RECOMMENDATION:
Receive and file the City Treasurer’s Investment Reports for the months
ending January 31, 2024, and February 29, 2024.
7.INFORMATIONAL REPORTS & COMMENTS
7.a FINANCE COMMITTEE MEMBERS
7.b CITY STAFF
7.c ATTENDANCE REPORT 117
8.ADJOURNMENT
The next Regular Meeting will be held on May 28, 2024 at 10:00 a.m.
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9.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
Office of the City Clerk, Palm Desert Civic Center, 73-510 Fred Waring Drive,
Palm Desert. Staff reports for all agenda items considered in open session, 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.palmdesert.gov.
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.
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/ Michelle Nance
Deputy Clerk I
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Finance Committee Meeting
City of Palm Desert Page 1
FINANCE COMMITTEE
CITY OF PALM DESERT, CALIFORNIA
MINUTES
Click HERE to review the meeting audio.
Click HERE to access the meeting agenda packet.
1. CALL TO ORDER
A Special Meeting of the Finance Committee was called to order by Chair Leo on
Monday, January 22, 2024, at 3:00 p.m., in the Administrative Conference Room, City Hall,
located at 73-510 Fred Waring Drive, Palm Desert, California.
2. ROLL CALL
Present: Committee Members Carlos Garcia*, Jan Harnik, Gretchen Heuring, Faith
Messenger, Karina Quintanilla, Jake Wuest and Chair Robert Leo.
*Vice Chair Garcia participated via Zoom in accordance with Brown Act
requirements.
Absent: None.
Liaisons: Derek White and Anthony Hernandez of Desert Willow Golf Resort.
City Staff
Present: Liberty Urban, Deputy Director of Finance; James Bounds, Finance Supervisor,
and Michelle Nance, Recording Secretary.
3. NON-AGENDA PUBLIC COMMENT:
None.
4. CONSENT CALENDAR:
A. APPROVAL OF MINUTES
MOTION BY COMMITTEE MEMBER HARNIK, SECOND BY COMMITTEE MEMBER
WUEST, CARRIED 6-0-1(WITH COMMITTEE MEMBER HARNIK ABSTAINING), to
approve the Finance Committee Regular Meeting minutes of November 28, 2023.
Monday
January 22, 2024
3:00 p.m.
Special Meeting
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Finance Committee Meeting
Finance Committee Minutes January 22, 2024
City of Palm Desert Page 2
ALL ACTIONS ARE DRAFT, PENDING APPROVAL OF THE MINUTES
5. ACTION CALENDAR
A. FINANCE DIRECTOR’S REPORTS
Finance Deputy Director Urban presented the General Fund Financial Report for months
ending November 30, 2023, and December 31, 2023, and responded to Committee
Member inquiries.
MOTION BY COMMITTEE MEMBER WUEST, SECOND BY COMMITTEE MEMBER
GARCIA, CARRIED 7-0, to receive and file the General Fund Financial Report for months
ending November 30, 2023, and December 31, 2023.
B. PARKVIEW OFFICE COMPLEX FINANCIAL REPORTS
Finance Deputy Director Urban presented the Parkview Office Complex Financial Report
for months ending November 30, 2023, and December 31, 2023; and the Parkview Office
Complex Vacancy Report for the month ending December 31, 2023, and responded to
Committee Member inquiries.
MOTION BY COMMITTEE MEMBER MESSENGER, SECOND BY COMMITTEE
MEMBER GARCIA, CARRIED 7-0, to receive and file the Parkview Office Complex
Financial Report for months ending November 30, 2023, and December 31, 2023; and
the Parkview Office Complex Vacancy Report for the month ending December 31, 2023.
C. DESERT WILLOW GOLF RESORT FINANCIAL REPORTS
Desert Willow Golf Resort General Manager White presented the Desert Willow Golf
Resort Financial Reports for months ending November 30, 2023, and December 31,
2023, and responded to Committee Member inquiries.
MOTION BY COMMITTEE MEMBER HARNIK, SECOND BY COMMITTEE MEMBER
WUEST, CARRIED 7-0, to receive and file the Desert Willow Financial Report for months
ending November 30, 2023, and December 31, 2023.
D. CITY TREASURER’S INVESTMENT REPORTS
Finance Supervisor Bounds presented the City Treasurer’s Reports for months ending
November 30, 2023, and December 31, 2023, and responded to Committee Member
inquiries.
MOTION BY COMMITTEE MEMBER HARNIK, SECOND BY COMMITTEE MEMBER
QUINTANILLA, CARRIED 7-0, to receive and file the City Treasurer’s Investment Report
for months ending November 30, 2023, and December 31, 2023.
Page 6 of 117
Finance Committee Meeting
Finance Committee Minutes January 22, 2024
City of Palm Desert Page 3
ALL ACTIONS ARE DRAFT, PENDING APPROVAL OF THE MINUTES
E. INDEPENDENT ACCOUNTANTS’ REPORT ON AGREED-UPON PROCEDURES
PERFORMED ON THE MEASURE A TRANSPORTATION FUND FOR THE FISCAL
YEAR ENDED JUNE 30, 2023
MOTION BY COMMITTEE MEMBER HARNIK, SECOND BY COMMITTEE MEMBER
WUEST, CARRIED 7-0, to 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, 2023
F. REPORT ON THE AWARD OF CONTRACT TO LANCE, SOLL & LUNGHARD, LLP
(LSL, CPAS) TO PERFORM PROFESSIONAL AUDITING SERVICES FOR THE
FISCAL YEARS ENDING JUNE 30, 2024, THROUGH 2026
MOTION BY COMMITTEE MEMBER WUEST, SECOND BY COMMITTEE MEMBER
MESSENGER, CARRIED 7-0, to recommend award of contract to Lance, Soll &
Lunghard, LLP (LSL CPAs) to perform professional auditing services for the fiscal years
ending June 30, 2024 through 2026 in the amount of $89,082 for the first year, $91,755
for the second year and $94,507 for the third year.
6. INFORMATIONAL REPORTS & COMMENTS
A. FINANCE COMMITTEE MEMBERS
Committee Member Harnik, with support of the Committee, requested page numbers be
added to the agenda coversheet.
B. CITY STAFF
Recording Secretary Nance advised that future meetings will be held in the Administrative
Conference Room.
C. ATTENDANCE REPORT – Report was provided as supplemental material; no action
taken on this item.
7. ADJOURNMENT - The Finance Committee adjourned at 3:36 p.m.
Respectfully submitted,
Michelle Nance, Deputy Clerk I
Recording Secretary
ATTEST:
Liberty Urban, Deputy Director of Finance
Staff Liaison
APPROVED BY THE FINANCE COMMITTEE: __/__/2024
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FINANCE COMMITTEE
CITY OF PALM DESERT
STAFF REPORT
MEETING DATE: March 26, 2024
PREPARED BY: Veronica Chavez, Director of Finance
REQUEST: FINANCE DIRECTOR'S REPORT FOR GENERAL FUND FINANCIAL
REPORTS
RECOMMENDATION:
Receive and file the General Fund Financial Reports for the months ending January 31, 2024
and February 29, 2024.
BACKGROUND/ANALYSIS:
City staff will provide an update on the General Fund Financial Reports for the months ending
January 31, 2024 and February 29, 2024.
ATTACHMENTS:
1. General Fund Financial Report for the month ending January 31, 2024
2. General Fund Financial Report for the month ending February 29, 2024.
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Monthly Financial Report
January 2024
CITY OF PALM DESERT
OVERVIEW
This report summarizes the City’s
financial performance for the
month ending January 31, 2024.
Financial analysis for this report is
provided for the General Fund
REVENUES TO DATE
EXPLAINED
The first half of every fiscal year presents a
negative cash flow picture as our primary
revenue sources ramp up for the year for the
following reasons:
Property Tax is received in January/June.
Sales Tax is generally highest in Q4 and Q1.
Transient Occupancy Tax is also at its peak
in Q4 and Q1, as those times are considered
“season” for the desert. CY YTD Actual
reflects a slight decrease compared to PY
Actual and CY Budget. This is on trend with
current economic forecasts.
Budgets are approved as an annual total, so
for the purpose of this report YTD Budget is
calculated by percentage of PY YTD Actual.
General Govt costs include costs associated
with disaster/emergency expenditures
related to Tropical Storm Hillary.
Expenditure variances may result from
timing differences in billing.
GENERAL FUND SUMMARY
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Monthly Financial Report
January 2024
CITY OF PALM DESERT
Page 2
Timing of expenditures vary
throughout the fiscal year.
General Government costs
include insurance, internal
departments costs,
homelessness services, audit
and contributions.
EXPENDITURES TO DATE
GENERAL FUND EXPENDITURES
This summary report is
derived from detailed
financial information
generated by the City’s
Finance Department. If
you have questions or
would like additional
information on this report,
please contact the
Finance Department via
email at
vchavez@palmdesert.gov
YEAR OVER YEAR COMPARISON
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Finance Committee Meeting
Monthly Financial Report
February 2024
CITY OF PALM DESERT
OVERVIEW
This report summarizes the City’s
financial performance for the
month ending February 29, 2024.
Financial analysis for this report is
provided for the General Fund
REVENUES TO DATE
EXPLAINED
The first half of every fiscal year presents a
negative cash flow picture as our primary
revenue sources ramp up for the year for the
following reasons:
Property Tax is received in January/June.
Sales Tax is generally highest in Q4 and Q1.
Transient Occupancy Tax is also at its peak
in Q4 and Q1, as those times are considered
“season” for the desert. CY YTD Actual
reflects a slight decrease compared to PY
Actual and CY Budget. This is on trend with
current economic forecasts.
Budgets are approved as an annual total, so
for the purpose of this report YTD Budget is
calculated by percentage of PY YTD Actual.
General Govt costs include costs associated
with disaster/emergency expenditures
related to Tropical Storm Hillary.
Expenditure variances may result from
timing differences in billing.
GENERAL FUND SUMMARY
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Finance Committee Meeting
Monthly Financial Report
February 2024
CITY OF PALM DESERT
Page 2
Timing of expenditures vary
throughout the fiscal year.
General Government costs
include insurance, internal
departments costs,
homelessness services, audit
and contributions.
EXPENDITURES TO DATE
GENERAL FUND EXPENDITURES
This summary report is
derived from detailed
financial information
generated by the City’s
Finance Department. If
you have questions or
would like additional
information on this report,
please contact the
Finance Department via
email at
vchavez@palmdesert.gov
YEAR OVER YEAR COMPARISON
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Finance Committee Meeting
Page 1 of 1
FINANCE COMMITTEE
CITY OF PALM DESERT
STAFF REPORT
MEETING DATE: March 26, 2024
PREPARED BY: Arlene Arellano, Accountant
REQUEST: PARKVIEW OFFICE COMPLEX FINANCIAL AND VACANCY REPORTS
RECOMMENDATION:
1. Receive and file the Parkview Office Complex Financial Reports for the months ending
January 31, 2024 and February 29, 2024.
2. Receive and file the Parkview Office Complex Vacancy Report for the month ending
February 29, 2024.
BACKGROUND/ANALYSIS:
City staff will provide an update on the Parkview Office Complex Financial and Vacancy Reports
for the months ending January 31, 2024, and February 29, 2024.
ATTACHMENTS:
1. Parkview Office Complex Financial Report for the month ending January 31, 2024
2. Parkview Office Complex Financial Report for the month ending February 29, 2024
3. Parkview Office Complex Vacancy Report for the month ending February 29, 2024
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Parkview Office Complex
Statement of Activities
Month Ended January 31,2024
January-24 January-24 $% %YTD YTD $% %
Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget
73-710 Fred Waring Dr. - Two (2) Story Building 2,521$ (29,854)$ (32,375)$ -1284.31%-1184.31%17,646$ (9,716)$ (27,362)$ -155%-55%
73-720 Fred Waring Dr. - One (1) Story Building 3,188$ 15,342$ 12,154$ 381.31%481.31%22,313$ 150,703$ 128,390$ 575%675%
Combined Summary of Net Income 5,708$ (14,513)$ (20,221)$ -354.23%-254.23%39,958$ 140,987$ 101,029$ 252.84%352.84%
Summary of Net Income
$(35,000)
$(30,000)
$(25,000)
$(20,000)
$(15,000)
$(10,000)
$(5,000)
$-
$5,000
$10,000
$15,000
$20,000
Budget Actual
January Net Income
73-720 Fred Waring Dr. - One (1)
Story Building
73-710 Fred Waring Dr. - Two (2)
Story Building
$(20,000)
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
Budget Actual
YTD Net Income
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Parkview Office Complex
Statement of Activities
Month Ended January 31,2024
January-24 January-24 $% %YTD YTD $% %
Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget
Revenues*
Rental 38,750$ 18,208$ (20,542)$ -53%47%271,250$ 143,125$ (128,125)$ -47%53%
Total Revenues 38,750$ 18,208$ (20,542)$ -53%47%271,250$ 143,125$ (128,125)$ -47%53%
Expenses**
Tenant Improvements 6,717$ -$ (6,717)$ -100%0%47,017$ -$ (47,017)$ -100%0%
Repairs & Maintenance- Building 1,550$ 6,902$ 5,352$ 345%445%10,850$ 13,670$ 2,820$ 26%126%
Repairs & Maintenance- Streets 1,033$ 188$ (845)$ -82%18%7,233$ 940$ (6,293)$ -87%13%
Repairs & Maintenance- Other Equip 1,033$ -$ (1,033)$ -100%0%7,233$ -$ (7,233)$ -100%0%
Utilities-Gas/Electric 7,059$ 5,433$ (1,625)$ -23%77%49,411$ 43,528$ (5,883)$ -12%88%
444 CAM Janitorial Services 13,740$ 29,645$ 15,905$ 116%216%96,180$ 71,571$ (24,609)$ -26%74%
444 CAM Landscaping Services 2,642$ 4,000$ 1,358$ 51%151%18,492$ 14,000$ (4,492)$ -24%76%
444 CAM Alarm 315$ 432$ 117$ 37%137%2,205$ 1,296$ (909)$ -41%59%
444CAM Pest Control 171$ 165$ (6)$ -3%0%1,194$ 413$ (781)$ -65%35%
444 CAM Utilities-Waste Disposal 820$ 483$ (337)$ -41%59%5,740$ 3,379$ (2,361)$ -41%59%
444 CAM Utilities-Water 400$ 193$ (207)$ -52%48%2,800$ 1,127$ (1,673)$ -60%40%
444 CAM Utilities-Telephone 750$ 621$ (129)$ -17%83%5,250$ 2,917$ (2,333)$ -44%56%
Total Expenses 36,229$ 48,063$ 11,834$ 33%133%253,604$ 152,841$ (100,763)$ -40%60%
Operating Income 2,521$ (29,854)$ (32,375)$ -1284%-1184%17,646$ (9,716)$ (27,362)$ -155%-55%
Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0%
Net Income 2,521$ (29,854)$ (32,375)$ -1284%-1184%17,646$ (9,716)$ (27,362)$ -155.06%281.62%
*Revenues do not include interest income, which is allocated at fiscal year-end.
**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 budet savings
in other CAM line items.
Note: This schedule does not include rents received into this enterprise fund for the Sheriff Substation or Henderson Building.
73-710 Fred Waring Drive- Two (2) Story Building
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Parkview Office Complex
Statement of Activities
Month Ended January 31,2024
January-24 January-24 $% %YTD YTD $% %
Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget
Revenues*
Rental 23,750$ 36,984$ 13,234$ 56%156%166,250$ 221,565$ 55,315$ 33%133%
Total Revenues 23,750$ 36,984$ 13,234$ 56%156%166,250$ 221,565$ 55,315$ 33%133%
Expenses**
Tenant Improvements 4,117$ -$ (4,117)$ -100%0%28,817$ -$ (28,817)$ -100%0%
Repairs & Maintenance- Building 950$ 497$ (453)$ -48%52%6,650$ 3,340$ (3,310)$ -50%50%
Repairs & Maintenance- Streets 633$ -$ (633)$ -100%0%4,433$ -$ (4,433)$ -100%0%
Repairs & Maintenance- Other Equip 633$ -$ (633)$ -100%0%4,433$ -$ (4,433)$ -100%0%
Utilities-Gas/Electric 5,894$ 1,429$ (4,465)$ -76%24%41,256$ 17,968$ (23,287)$ -56%44%
555 CAM Janitorial Services 6,000$ 17,954$ 11,954$ 199%299%42,000$ 41,893$ (107)$ 0%100%
555 CAM Landscaping Services 300$ 600$ 300$ 100%200%2,100$ 2,100$ -$ 0%100%
555 CAM Alarm 315$ 507$ 192$ 61%161%2,205$ 1,869$ (336)$ -15%85%
555 CAM Pest Control 171$ 176$ 6$ 3%0%1,194$ 528$ (666)$ -56%44%
555 CAM Utilities-Waste Disposal 400$ 351$ (49)$ -12%88%2,800$ 2,456$ (344)$ -12%88%
555 CAM Utilities-Water 400$ 73$ (327)$ -82%18%2,800$ 428$ (2,372)$ -85%15%
555 CAM Utilities-Telephone 750$ 56$ (694)$ -93%7%5,250$ 280$ (4,970)$ -95%5%
Total Expenses 20,563$ 21,642$ 1,080$ 5%105%143,938$ 70,862$ (73,075)$ -51%49%
Operating Income 3,188$ 15,342$ 12,154$ 381%481%22,313$ 150,703$ 128,390$ 575%675%
Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0%
Net Income 3,188$ 15,342$ 12,154$ 381%126%22,313$ 150,703$ 128,390$ 575%675%
*Revenues do not include interest income, which is allocated at fiscal year-end.
**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 budet savings
in other CAM line items.
Note: This schedule does not include rents received into this enterprise fund for the Sheriff Substation or Henderson Building.
73-720 Fred Waring Drive- One (1) Story Building
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Parkview Office Complex
Statement of Activities
Month Ended February 29,2024
February-24 February-24 $% %YTD YTD $% %
Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget
73-710 Fred Waring Dr. - Two (2) Story Building 2,521$ 6,235$ 3,714$ 147.33%247.33%20,167$ (3,481)$ (23,648)$ -117%-17%
73-720 Fred Waring Dr. - One (1) Story Building 3,188$ 31,510$ 28,323$ 888.56%988.56%25,500$ 182,213$ 156,713$ 615%715%
Combined Summary of Net Income 5,708$ 37,745$ 32,037$ 561.23%661.23%45,667$ 178,732$ 133,065$ 291.38%391.38%
Summary of Net Income
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
Budget Actual
February Net Income
73-720 Fred Waring Dr. - One (1)
Story Building
73-710 Fred Waring Dr. - Two (2)
Story Building
$(50,000)
$-
$50,000
$100,000
$150,000
$200,000
Budget Actual
YTD Net Income
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Statement of Activities
Month Ended February 29,2024
February-24 February-24 $% %YTD YTD $% %
Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget
Revenues*
Rental 38,750$ 23,130$ (15,620)$ -40%60%310,000$ 166,255$ (143,745)$ -46%54%
Total Revenues 38,750$ 23,130$ (15,620)$ -40%60%310,000$ 166,255$ (143,745)$ -46%54%
Expenses**
Tenant Improvements 6,717$ -$ (6,717)$ -100%0%53,733$ -$ (53,733)$ -100%0%
Repairs & Maintenance- Building 1,550$ 8,177$ 6,627$ 428%528%12,400$ 21,847$ 9,447$ 76%176%
Repairs & Maintenance- Streets 1,033$ 188$ (845)$ -82%18%8,267$ 1,128$ (7,139)$ -86%14%
Repairs & Maintenance- Other Equip 1,033$ -$ (1,033)$ -100%0%8,267$ -$ (8,267)$ -100%0%
Utilities-Gas/Electric 7,059$ 6,530$ (529)$ -7%93%56,469$ 50,058$ (6,411)$ -11%89%
444 CAM Janitorial Services 13,740$ 150$ (13,590)$ -99%1%109,920$ 71,721$ (38,199)$ -35%65%
444 CAM Landscaping Services 2,642$ -$ (2,642)$ -100%0%21,133$ 14,000$ (7,133)$ -34%66%
444 CAM Alarm 315$ -$ (315)$ -100%0%2,520$ 1,296$ (1,224)$ -49%51%
444CAM Pest Control 171$ 83$ (88)$ -52%0%1,364$ 495$ (869)$ -64%36%
444 CAM Utilities-Waste Disposal 820$ 483$ (337)$ -41%59%6,560$ 3,862$ (2,698)$ -41%59%
444 CAM Utilities-Water 400$ 184$ (216)$ -54%46%3,200$ 1,310$ (1,890)$ -59%41%
444 CAM Utilities-Telephone 750$ 1,101$ 351$ 47%147%6,000$ 4,018$ (1,982)$ -33%67%
Total Expenses 36,229$ 16,895$ (19,334)$ -53%47%289,833$ 169,736$ (120,098)$ -41%59%
Operating Income 2,521$ 6,235$ 3,714$ 147%247%20,167$ (3,481)$ (23,648)$ -117%-17%
Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0%
Net Income 2,521$ 6,235$ 3,714$ 147%247%20,167$ (3,481)$ (23,648)$ -117.26%679.32%
*Revenues do not include interest income, which is allocated at fiscal year-end.
**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 budet savings
in other CAM line items.
Note: This schedule does not include rents received into this enterprise fund for the Sheriff Substation or Henderson Building.
73-710 Fred Waring Drive- Two (2) Story Building
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Parkview Office Complex
Statement of Activities
Month Ended February 29,2024
February-24 February-24 $% %YTD YTD $% %
Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget
Revenues*
Rental 23,750$ 36,984$ 13,234$ 56%156%190,000$ 258,549$ 68,549$ 36%136%
Total Revenues 23,750$ 36,984$ 13,234$ 56%156%190,000$ 258,549$ 68,549$ 36%136%
Expenses**
Tenant Improvements 4,117$ -$ (4,117)$ -100%0%32,933$ -$ (32,933)$ -100%0%
Repairs & Maintenance- Building 950$ 2,230$ 1,280$ 135%235%7,600$ 5,570$ (2,030)$ -27%73%
Repairs & Maintenance- Streets 633$ -$ (633)$ -100%0%5,067$ -$ (5,067)$ -100%0%
Repairs & Maintenance- Other Equip 633$ -$ (633)$ -100%0%5,067$ -$ (5,067)$ -100%0%
Utilities-Gas/Electric 5,894$ 2,241$ (3,653)$ -62%38%47,149$ 20,209$ (26,940)$ -57%43%
555 CAM Janitorial Services 6,000$ 226$ (5,774)$ -96%4%48,000$ 42,119$ (5,881)$ -12%88%
555 CAM Landscaping Services 300$ -$ (300)$ -100%0%2,400$ 2,100$ (300)$ -13%88%
555 CAM Alarm 315$ 154$ (161)$ -51%49%2,520$ 2,023$ (497)$ -20%80%
555 CAM Pest Control 171$ 88$ (83)$ -48%0%1,364$ 616$ (748)$ -55%45%
555 CAM Utilities-Waste Disposal 400$ 351$ (49)$ -12%88%3,200$ 2,807$ (393)$ -12%88%
555 CAM Utilities-Water 400$ 72$ (328)$ -82%18%3,200$ 499$ (2,701)$ -84%16%
555 CAM Utilities-Telephone 750$ 112$ (638)$ -85%15%6,000$ 392$ (5,608)$ -93%7%
Total Expenses 20,563$ 5,474$ (15,089)$ -73%27%164,500$ 76,336$ (88,164)$ -54%46%
Operating Income 3,188$ 31,510$ 28,323$ 889%989%25,500$ 182,213$ 156,713$ 615%715%
Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0%
Net Income 3,188$ 31,510$ 28,323$ 889%111%25,500$ 182,213$ 156,713$ 615%715%
*Revenues do not include interest income, which is allocated at fiscal year-end.
**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 budet savings
in other CAM line items.
Note: This schedule does not include rents received into this enterprise fund for the Sheriff Substation or Henderson Building.
73-720 Fred Waring Drive- One (1) Story Building
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City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
February 29,2024
Rentable Square Feet:51,464
Square Feet Occupied:34,027
% Occupied:66%
% Vacant:34%
Suite No.Tenant Square Ft.
10-101 Medium Conference Room -
10-104 Large Conference Room -
10-110 Advantec 1,250
10-113 Lift to Rise 720
10-117 Lift to Rise 1,227
10-120 State of California 1,000
10-123 Lift to Rise 758
10-126 ACT for Multiple Sclerosis 928
10-129 Congressman Ken Calvert 41st District 875
10-132 Anser Advisory 1,345
10-135 Desert Recreation District 2,560
10-138 Golden Construction 488
10-141 Small Conference Room -
10-201 State of California 890
10-212 State of California 1,117
10-220 Lift to Rise 1,240
Total Occupied Suites 14,398 sq/ft 45%
Suite No.Tenant Square Ft.
10-107 Vacant 1,750
10-205 Vacant 5,730
10-209 Vacant 3,040
10-215 Vacant 5,833
10-219 Vacant 1,084
Total Vacant Suites 17,437 sq/ft 55%
20-100 State of California 15,233
20-102 State of California 4,396
Total Occupied Suites 19,629 sq/ft 100%
Combined Vacancy Rate Summary
Occupied Suites
73-710 Fred Waring Drive- Two (2) Story Building
Occupied Suites
Vacant Suites
73-720 Fred Waring Drive- One (1) Story Building
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FINANCE COMMITTEE
CITY OF PALM DESERT
STAFF REPORT
MEETING DATE: March 26, 2024
PREPARED BY: Anthony Hernandez, Desert Willow Controller
REQUEST: DESERT WILLOW GOLF RESORT FINANCIAL REPORTS
RECOMMENDATION:
Receive and file the Desert Willow Golf Resort Financial Reports for the months ending January
31, 2024, and February 29, 2024.
BACKGROUND/ANALYSIS:
Kemper staff will provide an update on the Desert Willow Golf Resort Financial Reports for the
months ending January 31, 2024, and February 29, 2024.
ATTACHMENTS:
1. Desert Willow Golf Resort Financial Report for the month ending January 31, 2024
2. Desert Willow Golf Resort Financial Report for the month ending February 29, 2024.
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FINANCE COMMITTEE
CITY OF PALM DESERT
STAFF REPORT
MEETING DATE: March 26, 2024
PREPARED BY: James Bounds, Finance Supervisor
REQUEST: CITY TREASURER’S INVESTMENT REPORTS
RECOMMENDATION:
Receive and file the City Treasurer’s Investment Reports for the months ending January 31,
2024, and February 29, 2024.
BACKGROUND/ANALYSIS:
City staff will provide an update on the City Treasurer’s Investment Reports for the months
ending January 31, 2024, and February 29, 2024.
ATTACHMENTS:
1. City Treasurer’s Investment Reports for the month ending January 31, 2024
2. City Treasurer’s Investment Reports for the month ending February 29, 2024
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Monthly Investment Summary Report
January 2024
_________________________________________________________________________________
CITY OF PALM DESERT
Y I E L D P E R F O R M A N C E
The City’s current benchmark, 5-year
T-Bills, aligns with the current 0-5
years investment strategy. The City’s
performance of 4.82% is doing better
than the 5-year T-Bill benchmark
which was at 3.91%.
A C T I V I T Y
Investment transactions were
executed in accordance with the
California State Government Code,
the City’s Investment Policy, and all
bond indentures.
Key Highlights:
• 5.5 million withdrawn from
CAMP to meet policy
requirements.
• 5 million in Corporates
matured and reinvested in
US Treasury
• Asset Class Money Market
Funds have been added.
These funds include the
sweep account for the main
checking account and funds
pending reinvestment.
O V E R V I E W
This report summarizes the City’s
investment activities and Staff analysis
for the month ending January 31, 2024.
I N V E S T M E N T S U M M A R Y
$ Millions
Beginning Ending
Book Value Purchase s &Redemptions &Book Value % of
Asset Class 1/1/2024 De posits Withdrawals 1/31/2024 Portfolio
Agencies 15.97$ -$ -$ 15.97$ 6.5%
Corporates 24.99 - (5.00) 19.99 8.1%
US Treasury 16.99 7.49 - 24.48 9.9%
CAMP Pool 176.04 0.81 (5.50) 171.34 69.4%
LAIF Pool 0.91 0.01 - 0.92 0.4%
County Pool 2.75 - - 2.75 1.1%
Money Market Funds 8.57 13.92 (10.88) 11.61 4.7%
Investme nts
T otal 246.21$ 22.23$ (21.38)$ 247.06$ 100%
Custodian ^65.54 0.57 - 66.11
Trustee ^2.95 - - 2.95
Cash 1.86 33.06 (29.80) 5.11
Cash & Cash
w/Fiscal Agents
T otal 70.35$ 33.63$ (29.80)$ 74.18$
T otal 316.56$ 55.86$ (51.18)$ 321.24$
^ = Restricted funds b ased upon b ond indenture term s.
4.53
4.59 4.82
4.82 4.9 4.82
3.3 3.59 3.67 3.843
3.929 4.012
4.23
4.6 4.82
4.31
3.84 3.91
5.52 5.55 5.56 5.58 5.55 5.54
3
3.5
4
4.5
5
5.5
6
1-Aug 1-Sep 1-Oct 1-Nov 1-Dec 1-Jan
Yield Performance -Total Porfolio In Percentages
City Yield LAIF Yield 5Y T-Bill CAMP
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January 2024
_________________________________________________________________________________
CITY OF PALM DESERT
C U R R E N T A S S E T A L L O C A T I O N
As noted above Money Market Funds
have been added to the Investment
Allocations.
Additionally, the Local Government
Allocation has been brought within the
Max Allocation.
M A N A G E D P O R T F O L I O M A T U R I T I E S
The managed
portfolio is
continuing to be
diversified with
41.37% of
investments
scheduled to mature
in 2-5 years. This is
bring the City more
in line with our 0-5
year investing
strategy.
Agencies,
6.46%
Corporates,
8.09%
US Treasury,
9.91%
Local Govt,
70.84%
Money
Market
Funds, 4.70%
0%25%50%75%100%
Agencies
Corporates
US Treasury
Local Govt
Money Market Funds
Investment Allocation Actual to Max
Allocation
Max Allocation Allocation
0.00%
10.00%
20.00%
30.00%
0-6M 6-12M 1-2Y 2-3Y 3-4Y 4-5Y
29.34%
21.09%
8.20%
15.11%13.36%12.90%
Investment Maturity
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Monthly Investment Summary Report
January 2024
_________________________________________________________________________________
CITY OF PALM DESERT
M O N T H L Y M A R K E T V A L U E C H A N G E S
For January there was an overall increase of 4.583% compared to the prior month.
Market Values December January $ Change
Federal Agency
17,386,214.86
15,629,622.00
(1,756,592.86) *
Corporate Note
24,601,929.00
19,678,474.00
(4,923,455.00) *
US Treasury
15,591,367.00
24,910,023.56
9,318,656.56 *
Total
57,579,510.86
60,218,119.56
2,638,608.70 4.583%
* The high dollar changes between investment types are related to PFM better diversifying our portfolio, in line with our
current portfolio, to take better advantage of high available yields.
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. US 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
Veronica Chavez (Mar 11, 2024 11:29 PDT)Mar 11, 2024
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Parameters:Query: Fund Summary
County of Riverside Treasurer-Tax CollectorFund Summary Report
Bank: oneof
Account Number: oneof 052460, 052470
Counterparty: equalto
Run Date:05-Feb-2024 12:33:23 PM User:Susan
From :
To :
As at :
01-Jan-2024
31-Jan-2024
05-Feb-2024
Balance Calculation Based On:Value Date
Total Balance ForwardAccount NameAccount Number Total Receipts Total Payments
City Of Palm Desert052460 $2,745,508.13 $0.00 $0.00 $2,745,508.13
Printed on 2/5/2024 Page 1 of 1End of Report
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RDA Successor Agency
Monthly Investment Summary Report
January 2024
_________________________________________________________________________________
CITY OF PALM DESERT
A C T I V I T Y
2nd half tax payment
received, Debt service
transferred to trustee.
Replated payments will go
out 02/01 and 04/01.
This investment portfolio is in compliance with the provisions of California Government Code Section 53601 and the City of
Palm Desert investment policy. Pursuant to ABX126, the availability of cash to fund the Palm Desert RDA Successor Agency's
debt service is dependent upon the County of Riverside and the State of California. All balances are bank balances.
_______________________________________________
Veronica Chavez, Finance Director
O V E R V I E W
This report summarizes the RDA
Successor Agency investment activities
for the month ending January 31, 2024.
I N V E S T M E N T S U M M A R Y
Be ginning Ending
Book Value Purchase s &Re de mptions &Book Value
Asse t Class 1/1/2024 De posits Withdrawals 1/31/2024
CAMP Pool 6,140.97 28.79 - 6,169.76
LAIF Pool 769.22 7.73 - 776.95
County Pool 349.70 - - 349.70
Inv estme nts
T otal 7,259.89$ 36.52$ -$ 7,296.41$
Trustee ^15,780,923.66 14,485,878.62 (7,436,391.08) 22,830,411.20
Cas h 2,859,202.62 10,731,461.00 (7,050,371.02) 6,540,292.60
Cash & Cash
w/Fiscal Age ntys
T otal 18,640,126.28$ 25,217,339.62$ (14,486,762.10)$ 29,370,703.80$
T otal 18,647,386.17$ 25,217,376.14$ (14,486,762.10)$ 29,378,000.21$
^ = Restricted funds b ased upon b ond indenture term s.
Veronica Chavez (Mar 11, 2024 11:29 PDT)Mar 11, 2024
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Palm Desert Housing Authority
Monthly Investment Summary Report
January 2024
_________________________________________________________________________________
CITY OF PALM DESERT
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.
_______________________________________________
Veronica Chavez, Finance Director
O V E R V I E W
This report summarizes the Palm Desert
Housing Authority investment activities
for the month ending January 31, 2024.
I N V E S T M E N T S U M M A R Y
$ Millions
Be ginning Ending
Book Value Purchase s &Re de mptions &Book Value
Asse t Class 1/1/2024 De posits Withdrawals 1/31/2024
CAMP Pool 55.35 0.26 - 55.61
LAIF Pool 1.01 0.01 - 1.02
Inv e stme nts
T otal 56.36$ 0.27$ -$ 56.63$
Cas h 1.48 0.77 (0.73) 1.52
T otal 57.84$ 1.04$ (0.73)$ 58.15$
^ = Restricted funds b ased upon b ond indenture term s.
Veronica Chavez (Mar 11, 2024 11:29 PDT)Mar 11, 2024
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01-2024 Investment summary
Final Audit Report 2024-03-11
Created:2024-03-11
By:James Bounds (jbounds@palmdesert.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAmiFfAzggFYVQtZFnn3B76VuLd9SV_cGs
"01-2024 Investment summary" History
Document created by James Bounds (jbounds@palmdesert.gov)
2024-03-11 - 6:23:00 PM GMT- IP address: 64.60.5.80
Document emailed to Veronica Chavez (vchavez@palmdesert.gov) for signature
2024-03-11 - 6:24:02 PM GMT
Email viewed by Veronica Chavez (vchavez@palmdesert.gov)
2024-03-11 - 6:28:45 PM GMT- IP address: 152.39.237.199
Document e-signed by Veronica Chavez (vchavez@palmdesert.gov)
Signature Date: 2024-03-11 - 6:29:36 PM GMT - Time Source: server- IP address: 64.60.5.80
Agreement completed.
2024-03-11 - 6:29:36 PM GMT
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CITY OF PALM DESERT
ATTENDANCE REPORT
Advisory Body:
Prepared By:
Year 2023 2023 2023 2023 2023 2023 2024
Month Jan Mar May Jul Sep Nov Jan
Date 24-Jan 28-Mar 31-May N/A 26-Sep 28-Nov 22-Jan
Alexander, Karen A P A - N/A N/A N/A 3 3
Garcia, Carlos P P P - P P P 0 0
Heuring, Gretchen N/A N/A N/A - P P P 0 0
Leo, Robert P P P - P P P 0 0
Messenger, Faith E P P - P P P 2 0
Wuest, Jake P P P - E P P 0 0
Harnik, Jan*N/A N/A N/A - N/A N/A P 0 0
Kelly, Kathleen*P P P - P P N/A 0 0
Quintanilla, Karina*P P A - P P P 1 1
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
Michelle Nance
* Mayor and Mayor Pro Tem rotating positions are voting members of this Committee
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