The URL can be used to link to this page

Home My WebLink About2024-09-24 FC Regular Meeting Agenda Packet FINANCE COMMITTEE CITY OF PALM DESERT MEETING AGENDA Tuesday, September 24, 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.ELECTION OF FINANCE COMMITTEE CHAIRPERSON AND VICE- CHAIRPERSON 4.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. 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 the Finance Committee for a separate discussion. RECOMMENDATION: To approve the consent calendar as presented. 5.a APPROVAL OF MINUTES 5 RECOMMENDATION: Approve the Minutes of May 28, 2024. 6.CONSENT ITEMS HELD OVER 7.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. 7.a FINANCE DIRECTOR'S REPORT FOR GENERAL FUND FINANCIAL REPORTS 9 RECOMMENDATION: Receive and file the General Fund Financial Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. 7.b CITY TREASURER'S INVESTMENT REPORTS 19 RECOMMENDATION: Receive and file the City Treasurer’s Investment Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. 7.c DESERT WILLOW GOLF RESORT FINANCIAL REPORTS 195 RECOMMENDATION: Receive and file the Desert Willow Golf Resort Financial Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. 7.d PARKVIEW OFFICE COMPLEX FINANCIAL AND VACANCY REPORTS 245 RECOMMENDATION: Receive and file the Parkview Office Complex Financial and Vacancy Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. 8.INFORMATIONAL REPORTS & COMMENTS 8.a FINANCE COMMITTEE MEMBERS 8.b CITY STAFF 8.b.1 SALES TAX UPDATE 263 RECOMMENDATION: Receive and file the Sales Tax update. Finance Committee Meeting September 24, 2024 2 8.c ATTENDANCE REPORT 267 9.ADJOURNMENT The next Regular Meeting will be held on November 26, 2024 at 10:00 a.m. 10.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 Finance Committee Meeting September 24, 2024 3 4 Finance Committee Meeting September 24, 2024 1 FINANCE COMMITTEE CITY OF PALM DESERT REGULAR MEETING MINUTES May 28, 2024, 10:00 a.m. Present: Committee Member Carlos Garcia, Committee Member Jan Harnik, Committee Member Gretchen Heuring, Committee Member Faith Messenger, Committee Member Karina Quintanilla, Committee Member Jake Wuest, Chair Robert Leo Staff Present: Finance Director Veronica Chavez, Deputy Director of Finance Liberty Urban, Deputy Director of Finance John Ramont, Finance Supervisor James Bounds, Recording Secretary Michelle Nance Click HERE to access the meeting audio. Click HERE to access the meeting agenda packet. 1. CALL TO ORDER A Regular Meeting of the Finance Committee was called to order by Chair Leo on May 28, 2024, at 9:00 a.m. in the Administrative Conference Room, City Hall, located at 73- 510 Fred Waring Drive, Palm Desert, California. 2. ROLL CALL 3. NON-AGENDA PUBLIC COMMENTS None. 4. CONSENT CALENDAR Motion by: Committee Member Messenger Seconded by: Committee Member Wuest To approve the consent calendar as presented. Motion Carried (5 to 0) 4.a APPROVAL OF MINUTES Approve the Minutes of March 26, 2024. 5. CONSENT ITEMS HELD OVER 6. ACTION CALENDAR * Committee Member Quintanilla arrived at this part of the meeting. 5 Finance Committee Meeting September 24, 2024 2 6.a FINANCE DIRECTOR'S REPORT FOR GENERAL FUND FINANCIAL REPORTS Director of Finance Chavez presented the Finance Director's Reports for March and April 2024 and answered member inquiries. Motion by: Committee Member Wuest Seconded by: Committee Member Garcia Receive and file the General Fund Financial Reports for the months ending March 31, 2024, and April 30, 2024. Motion Carried (6 to 0) 6.b PARKVIEW OFFICE COMPLEX FINANCIAL AND VACANCY REPORTS Deputy Director of Finance Urban presented the Parkview Office Complex Reports for March and April 2024, Vacancy Report for April 2024 and answered member inquiries. Motion by: Committee Member Wuest Seconded by: Committee Member Garcia Receive and file the Parkview Office Complex Financials for months ending March 31, 2024, and April 30, 2024, and the Vacancy Report for month ending April 30, 2024. Motion Carried (6 to 0) 6.c DESERT WILLOW GOLF RESORT FINANCIAL REPORTS Assistant General Manager of Desert Willow, Ryan Szydlowski, presented the Desert Willow Golf Resort Financial Reports for March and April 2024 and answered member inquiries. Motion by: Committee Member Garcia Seconded by: Committee Member Messenger Receive and file the Desert Willow Golf Resort Financial Reports for the months ending March 31, 2024, and April 30, 2024. Motion Carried (6 to 0) 6.d CITY TREASURER'S INVESTMENT REPORTS Finance Supervisor Bounds presented the City Treasurer's Reports for March and April 2024 and answered member inquiries. Motion by: Committee Member Wuest Seconded by: Committee Member Garcia Receive and file the City Treasurer’s Investment Reports for the months ending March 31, 2024, and April 30, 2024. Motion Carried (6 to 0) 6 Finance Committee Meeting September 24, 2024 3 7. INFORMATIONAL REPORTS & COMMENTS 7.a FINANCE COMMITTEE MEMBERS In response to inquiries, Staff provided updates and offered to follow up on the following items: • Sales tax report by geographical area; • State Budget for Fiscal Year 2024-2025; • El Paseo Business Improvement District Funds; • El Paseo Courtesy Cart usage; • Transportation for residents in North Palm Desert to school and shopping; • Surveys provided by the City for residents; and • Sales tax initiative. With the consensus of the Committee, Chair Leo requested to have a discussion of the Investment Policy on the next agenda. 7.b CITY STAFF 7.b.1 City Budget Update Director of Finance Chavez provided an update on the City's Budget for Fiscal Year 2024-2025, potential sales tax initiative and answered member inquiries. 7.b.2 Summer Recess With consensus of the Committee the July Regular Meeting will be canceled. The next Regular Meeting will be held on September 24, 2024 7.c ATTENDANCE REPORT Report provided; no action taken on this item. 8. ADJOURNMENT The Finance Committee adjourned at 11:10 a.m. _________________________ Michelle Nance, Deputy Clerk I Recording Secretary _________________________ Veronica Chavez, Finance Director Secretary _________________________ DATE APPROVED BY FINANCE COMMITTEE 7 Finance Committee Meeting September 24, 2024 8 Finance Committee Meeting September 24, 2024 Page 1 of 1 FINANCE COMMITTEE CITY OF PALM DESERT STAFF REPORT MEETING DATE: September 24, 2024 PREPARED BY: Skky Garcia, Management Analyst SUBJECT: FINANCE DIRECTOR'S REPORT FOR GENERAL FUND FINANCIAL REPORTS RECOMMENDATION: Receive and file the General Fund Financial Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. BACKGROUND/ANALYSIS: City staff will provide an update on the General Fund Financial Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. ATTACHMENTS: 1. General Fund Financial Reports for the months ending May 31, 2024 2. General Fund Financial Reports for the months ending June 30, 2024 3. General Fund Financial Reports for the months ending July 31, 2024 4. General Fund Financial Reports for the months ending August 31, 2024 9 Finance Committee Meeting September 24, 2024 10 Finance Committee Meeting September 24, 2024 Monthly Financial Report May 2024 CITY OF PALM DESERT OVERVIEW This report summarizes the City’s financial performance for the month ending May 31st, 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 11 Finance Committee Meeting September 24, 2024 Monthly Financial Report May 2024 CITY OF PALM DESERT Page 2 Timing of expenditures vary throughout the fiscal year. General Government costs include General Services and annual retirement contributions. Admin Costs include insurance and internal department costs. Police Services include Community Safety and Homelessness Services. 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 12 Finance Committee Meeting September 24, 2024 Monthly Financial Report June 2024 CITY OF PALM DESERT OVERVIEW This report summarizes the City’s financial performance for the month ending June 30th, 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 13 Finance Committee Meeting September 24, 2024 Monthly Financial Report June 2024 CITY OF PALM DESERT Page 2 Timing of expenditures vary throughout the fiscal year. General Government costs include General Services and annual retirement contributions. Admin Costs include insurance and internal department costs. Police Services include Community Safety and Homelessness Services. *A true up for Fire will occur in October 2024. 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 14 Finance Committee Meeting September 24, 2024 Monthly Financial Report July 2024 CITY OF PALM DESERT OVERVIEW This report summarizes the City’s financial performance for the month ending July 31st, 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 15 Finance Committee Meeting September 24, 2024 Monthly Financial Report July 2024 CITY OF PALM DESERT Page 2 Timing of expenditures vary throughout the fiscal year. General Government costs include General Services and annual retirement contributions. Admin Costs include insurance and internal department costs. Police Services include Community Safety and Homelessness Services. 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 16 Finance Committee Meeting September 24, 2024 Monthly Financial Report August 2024 CITY OF PALM DESERT OVERVIEW This report summarizes the City’s financial performance for the month ending August 31st, 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 * August TOT reflects collections for month of July. 17 Finance Committee Meeting September 24, 2024 Monthly Financial Report August 2024 CITY OF PALM DESERT Page 2 Timing of expenditures vary throughout the fiscal year. General Government costs include General Services and annual retirement contributions. Admin Costs include insurance and internal department costs. Police Services include Community Safety and Homelessness Services. 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 18 Finance Committee Meeting September 24, 2024 Page 1 of 1 FINANCE COMMITTEE CITY OF PALM DESERT STAFF REPORT MEETING DATE: September 24, 2024 PREPARED BY: James Bounds, Finance Supervisor SUBJECT: CITY TREASURER’S INVESTMENT REPORTS RECOMMENDATION: Receive and file the City Treasurer’s Investment Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. BACKGROUND/ANALYSIS: City staff will provide an update on the City Treasurer’s Investment Re ports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. ATTACHMENTS: 1. City Treasurer’s Investment Reports for the months ending May 31, 2024, to June 30, 2024. 2. City Treasurer’s Investment Reports for the months ending July 31, 2024, to August 31, 2024 19 Finance Committee Meeting September 24, 2024 20 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 21 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 22 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 23 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 24 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 25 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 26 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 27 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 28 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 29 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 30 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 31 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 32 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 33 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 34 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 35 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 36 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 37 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 38 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 39 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 40 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 41 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 42 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 43 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 44 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 45 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 46 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 47 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 48 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 49 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 50 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 51 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 52 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 53 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 June 06, 2024 LAIF Home PMIA Average Monthly Yields CITY OF PALM DESERT CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT, CA 92260-2578 Account Number: May 2024 Statement Tran Type Definitions Account Summary Total Deposit:0.00 Beginning Balance:929,939.49 Total Withdrawal:0.00 Ending Balance:929,939.49 6/6/24, 8 07 AM LAIF Regular Monthly Statement https //laifms treasurer ca gov/RegularStatement aspx 1/1 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 54 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 55 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 56 Finance Committee Meeting September 24, 2024 For the Month Ending June 30, 2024 Account Statement Important Disclosures Important Disclosures 365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed. Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called. Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month. YTM at Cost The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis. YTM at Market The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis. Managed Account A portfolio of investments managed discretely by PFMAM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian. Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place. Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFMAM within 60 days of receipt. If you have other concerns or questions regarding your account, or to request an updated copy of PFMAM's current disclosure statement, please contact a member of your client management team at PFMAM Service Operations at the address below. PFM Asset Management LLC Attn: Service Operations 213 Market Street Harrisburg, PA 17101 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management LLC ("PFMAM") is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. PFMAM maintains a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below. Proxy Voting PFMAM does not normally receive proxies to vote on behalf of its clients. However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFMAM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below. Questions About an Account PFMAM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFMAM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFMAM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFMAM statement should be reconciled and differences resolved. Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference. Account Control PFMAM does not have the authority to withdraw funds from or deposit funds to the custodian outside the scope of services provided by PFMAM. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions. Market Value Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv or Bloomberg. For certain short-term investments or where prices are not available from generally recognized sources the securities are priced using a yield-based matrix system to arrive at an estimated market value. Prices that fall between data points are interpolated. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement. Amortized Cost The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis. Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFMAM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities. Financial Situation In order to better serve you, PFMAM should be promptly notified of any material change in your investment objective or financial situation. Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented. Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFMAM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Actual settlement values, accrued interest, and amortized cost amounts may vary for securities subject to an adjustable interest rate or subject to principal paydowns. Any changes to the values shown may be reflected within the next monthly statement’s beginning values. Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed. Shares of some local government investment programs and TERM funds are marketed through representatives of PFMAM's affiliate, PFM Fund Distributors, Inc. which is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Hotline at 1-800-289-9999 or at the FINRA website address https://www.finra.org/investors/investor-contacts. A brochure describing the FINRA Regulation Public Disclosure Program is also available from FINRA upon request. Key Terms and Definitions Dividends on local government investment program funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date. Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 57 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 58 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 59 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 60 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 61 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 62 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 63 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 64 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 65 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 66 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 67 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 68 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 69 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 70 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 71 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 72 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 73 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 74 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 75 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 76 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 77 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 78 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 79 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 80 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 81 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 82 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 83 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 84 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 85 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 86 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 87 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 88 Finance Committee Meeting September 24, 2024 MALIA M. COHEN California State Controller LOCAL AGENCY INVESTMENT FUND REMITTANCE ADVICE Agency Name CITY OF PALM DESERT Account Number As of 07/15/2024, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 06/30/2024. Earnings Ratio .00012419067099490 Interest Rate 4.55% Dollar Day Total $84,486,855.81 Quarter End Principal Balance $929,939.49 Quarterly Interest Earned $10,492.48 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 89 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 90 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 91 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 92 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 93 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 June 06, 2024 LAIF Home PMIA Average Monthly Yields PALM DESERT HOUSING AUTHORITY CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT, CA 92260-2578 Account Number: May 2024 Statement Tran Type Definitions Account Summary Total Deposit:0.00 Beginning Balance:1,028,002.38 Total Withdrawal:0.00 Ending Balance:1,028,002.38 6/6/24, 8 09 AM LAIF Regular Monthly Statement https //laifms treasurer ca gov/RegularStatement aspx 1/1 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 94 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 95 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 96 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 97 Finance Committee Meeting September 24, 2024 MALIA M. COHEN California State Controller LOCAL AGENCY INVESTMENT FUND REMITTANCE ADVICE Agency Name PALM DESERT HOUSING AUTHORITY Account Number As of 07/15/2024, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 06/30/2024. Earnings Ratio .00012419067099490 Interest Rate 4.55% Dollar Day Total $93,396,066.96 Quarter End Principal Balance $1,028,002.38 Quarterly Interest Earned $11,598.92 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 98 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 99 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 100 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 101 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 June 06, 2024 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: May 2024 Statement Tran Type Definitions Account Summary Total Deposit:0.00 Beginning Balance:785.25 Total Withdrawal:0.00 Ending Balance:785.25 6/6/24, 8 08 AM LAIF Regular Monthly Statement https //laifms treasurer ca gov/RegularStatement aspx 1/1 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 102 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 103 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 104 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 105 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 106 Finance Committee Meeting September 24, 2024 MALIA M. COHEN California State Controller LOCAL AGENCY INVESTMENT FUND REMITTANCE ADVICE Agency Name S/A TO THE PALM DESERT Account Number As of 07/15/2024, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 06/30/2024. Earnings Ratio .00012419067099490 Interest Rate 4.55% Dollar Day Total $71,341.55 Quarter End Principal Balance $785.25 Quarterly Interest Earned $8.86 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 107 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: 1D008627-7C50-4F9E-8115-491D8CBB7C47 108 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 109 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 110 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 111 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 112 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 113 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 114 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 115 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 116 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 117 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 118 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 119 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 120 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 121 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 122 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 123 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 124 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 125 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 126 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 127 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 128 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 129 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 130 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 131 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 132 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 133 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 134 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 135 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 136 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 137 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 138 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 139 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 140 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 141 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 142 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 143 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 144 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 August 05, 2024 LAIF Home PMIA Average Monthly Yields CITY OF PALM DESERT CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT, CA 92260-2578 Account Number: July 2024 Statement Tran Type Definitions Effective Date Transaction Date Tran Type Confirm Number Web Confirm Number Authorized Caller Amount 7/15/2024 7/12/2024 QRD 1757096 N/A SYSTEM 10,492.48 Account Summary Total Deposit:10,492.48 Beginning Balance:929,939.49 Total Withdrawal:0.00 Ending Balance:940,431.97 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 145 Finance Committee Meeting September 24, 2024 Parameters:Query: Fund Summary County of Riverside Treasurer-Tax CollectorFund Summary Report Bank: oneof Account Number: oneof Counterparty: equalto Run Date:05-Sep-2024 09:31:44 AM User:Susan From : To : As at : 01-Jul-2024 31-Jul-2024 05-Sep-2024 Balance Calculation Based On:Value Date Total Balance ForwardAccount NameAccount Number Total Receipts Total Payments City Of Palm Desert052460 $2,804,388.67 $3,494.52 $0.00 $2,807,883.19 Printed on 9/5/2024 Page 1 of 1End of Report Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 146 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 147 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 148 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 149 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 150 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 151 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 152 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 153 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 154 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 155 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 156 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 157 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 158 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 159 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 160 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 161 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 162 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 163 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 164 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 165 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 166 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 167 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 168 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 169 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 170 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 171 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 172 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 173 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 174 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 175 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 176 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 September 03, 2024 LAIF Home PMIA Average Monthly Yields CITY OF PALM DESERT CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT, CA 92260-2578 Account Number: August 2024 Statement Tran Type Definitions Account Summary Total Deposit:0.00 Beginning Balance:940,431.97 Total Withdrawal:0.00 Ending Balance:940,431.97 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 177 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 178 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 179 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 180 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 181 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 August 05, 2024 LAIF Home PMIA Average Monthly Yields PALM DESERT HOUSING AUTHORITY CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT, CA 92260-2578 Account Number: July 2024 Statement Tran Type Definitions Effective Date Transaction Date Tran Type Confirm Number Web Confirm Number Authorized Caller Amount 7/15/2024 7/12/2024 QRD 1755624 N/A SYSTEM 11,598.92 Account Summary Total Deposit:11,598.92 Beginning Balance:1,028,002.38 Total Withdrawal:0.00 Ending Balance:1,039,601.30 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 182 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 183 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 184 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 September 03, 2024 LAIF Home PMIA Average Monthly Yields PALM DESERT HOUSING AUTHORITY CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT, CA 92260-2578 Account Number: August 2024 Statement Tran Type Definitions Account Summary Total Deposit:0.00 Beginning Balance:1,039,601.30 Total Withdrawal:0.00 Ending Balance:1,039,601.30 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 185 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 186 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 187 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 188 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 August 05, 2024 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: July 2024 Statement Tran Type Definitions Effective Date Transaction Date Tran Type Confirm Number Web Confirm Number Authorized Caller Amount 7/15/2024 7/12/2024 QRD 1756047 N/A SYSTEM 8.86 Account Summary Total Deposit:8.86 Beginning Balance:785.25 Total Withdrawal:0.00 Ending Balance:794.11 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 189 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 190 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 191 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 192 Finance Committee Meeting September 24, 2024 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 September 03, 2024 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: August 2024 Statement Tran Type Definitions Account Summary Total Deposit:0.00 Beginning Balance:794.11 Total Withdrawal:0.00 Ending Balance:794.11 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 193 Finance Committee Meeting September 24, 2024 Docusign Envelope ID: C1C10606-4605-4D6B-BED7-E9DC501E251E 194 Finance Committee Meeting September 24, 2024 Page 1 of 1 FINANCE COMMITTEE CITY OF PALM DESERT STAFF REPORT MEETING DATE: September 24, 2024 PREPARED BY: Anthony Hernandez, Desert Willow Controller SUBJECT: DESERT WILLOW GOLF RESORT FINANCIAL REPORTS RECOMMENDATION: Receive and file the Desert Willow Golf Resort Financial Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. BACKGROUND/ANALYSIS: City staff will provide an update on the Desert Willow Golf Resort Financial Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024 . ATTACHMENTS: 1. Desert Willow Golf Resort Financial Reports for the month ending May 31, 2024 2. Desert Willow Golf Resort Financial Reports for the month ending June 30, 2024 3. Desert Willow Golf Resort Financial Reports for the month ending July 31, 2024 4. Desert Willow Golf Resort Financial Reports for the month ending August 31, 2024 195 Finance Committee Meeting September 24, 2024 196 Finance Committee Meeting September 24, 2024 197 Finance Committee Meeting September 24, 2024 198 Finance Committee Meeting September 24, 2024 199 Finance Committee Meeting September 24, 2024 200 Finance Committee Meeting September 24, 2024 201 Finance Committee Meeting September 24, 2024 202 Finance Committee Meeting September 24, 2024 203 Finance Committee Meeting September 24, 2024 204 Finance Committee Meeting September 24, 2024 205 Finance Committee Meeting September 24, 2024 206 Finance Committee Meeting September 24, 2024 207 Finance Committee Meeting September 24, 2024 208 Finance Committee Meeting September 24, 2024 209 Finance Committee Meeting September 24, 2024 210 Finance Committee Meeting September 24, 2024 211 Finance Committee Meeting September 24, 2024 212 Finance Committee Meeting September 24, 2024 213 Finance Committee Meeting September 24, 2024 214 Finance Committee Meeting September 24, 2024 215 Finance Committee Meeting September 24, 2024 216 Finance Committee Meeting September 24, 2024 217 Finance Committee Meeting September 24, 2024 218 Finance Committee Meeting September 24, 2024 219 Finance Committee Meeting September 24, 2024 220 Finance Committee Meeting September 24, 2024 221 Finance Committee Meeting September 24, 2024 222 Finance Committee Meeting September 24, 2024 223 Finance Committee Meeting September 24, 2024 224 Finance Committee Meeting September 24, 2024 225 Finance Committee Meeting September 24, 2024 226 Finance Committee Meeting September 24, 2024 227 Finance Committee Meeting September 24, 2024 228 Finance Committee Meeting September 24, 2024 229 Finance Committee Meeting September 24, 2024 230 Finance Committee Meeting September 24, 2024 231 Finance Committee Meeting September 24, 2024 232 Finance Committee Meeting September 24, 2024 233 Finance Committee Meeting September 24, 2024 234 Finance Committee Meeting September 24, 2024 235 Finance Committee Meeting September 24, 2024 236 Finance Committee Meeting September 24, 2024 237 Finance Committee Meeting September 24, 2024 238 Finance Committee Meeting September 24, 2024 239 Finance Committee Meeting September 24, 2024 240 Finance Committee Meeting September 24, 2024 241 Finance Committee Meeting September 24, 2024 242 Finance Committee Meeting September 24, 2024 243 Finance Committee Meeting September 24, 2024 244 Finance Committee Meeting September 24, 2024 Page 1 of 1 FINANCE COMMITTEE CITY OF PALM DESERT STAFF REPORT MEETING DATE: September 24, 2024 PREPARED BY: Arlene Arellano, Accountant SUBJECT: PARKVIEW OFFICE COMPLEX FINANCIAL AND VACANCY REPORTS RECOMMENDATION: Receive and file the Parkview Office Complex Financial and Vacancy Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. BACKGROUND/ANALYSIS: City staff will provide an update on the Parkview Office Complex Financial and Vacancy Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. ATTACHMENTS: 1. Parkview Office Complex Financial and Vacancy Reports for the months ending May 31, 2024, June 30, 2024, July 31, 2024, and August 31, 2024. 245 Finance Committee Meeting September 24, 2024 246 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended May 31,2024 May-24 May-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget 73-710 Fred Waring Dr. - Two (2) Story Building (10,713)$ (1,679)$ 9,034$ -84.33%15.67%(117,845)$ 2,506$ 120,351$ -102%-2% 73-720 Fred Waring Dr. - One (1) Story Building 16,422$ 27,919$ 11,498$ 70.02%170.02%180,637$ 265,296$ 84,660$ 47%147% Combined Summary of Net Income 5,708$ 26,241$ 20,532$ 359.69%459.69%62,792$ 267,803$ 205,011$ 326.49%426.49% Summary of Net Income $(15,000) $(10,000) $(5,000) $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Budget Actual May Net Income 73-720 Fred Waring Dr. - One (1) Story Building 73-710 Fred Waring Dr. - Two (2) Story Building $(150,000) $(100,000) $(50,000) $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 Budget Actual YTD Net Income 247 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended May 31,2024 May-24 May-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget Revenues* Rental 25,516$ 21,737$ (3,779)$ -15%85%280,676$ 233,902$ (46,774)$ -17%83% Total Revenues 25,516$ 21,737$ (3,779)$ -15%85%280,676$ 233,902$ (46,774)$ -17%83% Expenses** Tenant Improvements [1]6,717$ -$ (6,717)$ -100%0%73,883$ -$ (73,883)$ -100%0% Repairs & Maintenance- Building 1,550$ 2,185$ 635$ 41%141%17,050$ 30,363$ 13,313$ 78%178% Repairs & Maintenance- Streets 1,033$ 188$ (845)$ -82%18%11,367$ 1,880$ (9,487)$ -83%17% Repairs & Maintenance- Other Equip 1,033$ -$ (1,033)$ -100%0%11,367$ 30$ (11,336)$ -100%0% Utilities-Gas/Electric [2]7,059$ 9,263$ 2,204$ 31%131%77,645$ 60,439$ (17,206)$ -22%78% 444 CAM Janitorial Services 13,740$ 8,889$ (4,851)$ -35%65%151,140$ 104,094$ (47,046)$ -31%69% 444 CAM Landscaping Services 2,642$ 2,000$ (642)$ -24%76%29,058$ 20,000$ (9,058)$ -31%69% 444 CAM Alarm 315$ -$ (315)$ -100%0%3,465$ 1,728$ (1,737)$ -50%50% 444CAM Pest Control [3]171$ 83$ (88)$ -52%0%1,876$ 743$ (1,133)$ -60%40% 444 CAM Utilities-Waste Disposal 820$ -$ (820)$ -100%0%9,020$ 4,828$ (4,193)$ -46%54% 444 CAM Utilities-Water 400$ 186$ (214)$ -53%47%4,400$ 1,884$ (2,516)$ -57%43% 444 CAM Utilities-Telephone 750$ 623$ (127)$ -17%83%8,250$ 5,408$ (2,842)$ -34%66% Total Expenses 36,229$ 23,416$ (12,813)$ -35%65%398,521$ 231,396$ (167,125)$ -42%58% Operating Income (10,713)$ (1,679)$ 9,034$ -84%16%(117,845)$ 2,506$ 120,351$ -102%-2% Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0% Net Income (10,713)$ (1,679)$ 9,034$ -84%16%(117,845)$ 2,506$ 120,351$ -102.13%4801.85% [1] Tenant Improvements are negotiated as part of the lease agreement - there have been no tenant improvements to date. [2] Timing Variance - bills paid as received by Public Works *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 budget savings in other CAM line items. 73-710 Fred Waring Drive- Two (2) Story Building 248 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended May 31,2024 May-24 May-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget Revenues* Rental 36,984$ 36,984$ (0)$ 0%100%406,824$ 369,501$ (37,323)$ -9%91% Total Revenues 36,984$ 36,984$ (0)$ 0%100%406,824$ 369,501$ (37,323)$ -9%91% Expenses** Tenant Improvements [1]4,117$ -$ (4,117)$ -100%0%45,283$ -$ (45,283)$ -100%0% Repairs & Maintenance- Building 950$ -$ (950)$ -100%0%10,450$ 8,622$ (1,828)$ -17%83% Repairs & Maintenance- Streets [2]633$ -$ (633)$ -100%0%6,967$ -$ (6,967)$ -100%0% Repairs & Maintenance- Other Equip [2]633$ -$ (633)$ -100%0%6,967$ -$ (6,967)$ -100%0% Utilities-Gas/Electric [3]5,894$ 2,552$ (3,341)$ -57%43%64,830$ 24,115$ (40,715)$ -63%37% 555 CAM Janitorial Services 6,000$ 5,985$ (15)$ 0%100%66,000$ 60,073$ (5,927)$ -9%91% 555 CAM Landscaping Services 300$ 300$ -$ 0%100%3,300$ 3,000$ (300)$ -9%91% 555 CAM Alarm 315$ -$ (315)$ -100%0%3,465$ 2,773$ (692)$ -20%80% 555 CAM Pest Control [3]171$ 88$ (83)$ -48%0%1,876$ 880$ (996)$ -53%47% 555 CAM Utilities-Waste Disposal 400$ -$ (400)$ -100%0%4,400$ 3,509$ (891)$ -20%80% 555 CAM Utilities-Water 400$ 72$ (328)$ -82%18%4,400$ 716$ (3,684)$ -84%16% 555 CAM Utilities-Telephone 750$ 68$ (682)$ -91%9%8,250$ 516$ (7,734)$ -94%6% Total Expenses 20,563$ 9,065$ (11,498)$ -56%44%226,188$ 104,204$ (121,983)$ -54%46% Operating Income 16,422$ 27,919$ 11,498$ 70%170%180,637$ 265,296$ 84,660$ 47%147% Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0% Net Income 16,422$ 27,919$ 11,498$ 70%243%180,637$ 265,296$ 84,660$ 47%147% [1] Tenant Improvements are negotiated as part of the lease agreement - there have been no tenant improvements to date. [2] R&M work is performed on an as-needed basis [3] Timing Variance - utility bills paid as received by Public Works *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 budget savings in other CAM line items. Note: This schedule does not include budget or rents received into this enterprise fund for the Sheriff Substation or Henderson Building. 73-720 Fred Waring Drive- One (1) Story Building 249 Finance Committee Meeting September 24, 2024 250 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended June 30,2024 June-24 June-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget 73-710 Fred Waring Dr. - Two (2) Story Building (10,713)$ (37,650)$ (26,937)$ 251.44%351.44%(128,558)$ (35,144)$ 93,414$ -73%27% 73-720 Fred Waring Dr. - One (1) Story Building 16,422$ 46,021$ 29,600$ 180.25%280.25%197,058$ 311,317$ 114,259$ 58%158% Combined Summary of Net Income 5,708$ 8,371$ 2,663$ 46.65%146.65%68,500$ 276,174$ 207,674$ 303.17%403.17% Summary of Net Income $(50,000) $(40,000) $(30,000) $(20,000) $(10,000) $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 Budget Actual June Net Income 73-720 Fred Waring Dr. - One (1) Story Building 73-710 Fred Waring Dr. - Two (2) Story Building $(200,000) $(150,000) $(100,000) $(50,000) $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Budget Actual YTD Net Income 251 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended June 30,2024 June-24 June-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget Revenues* Rental 25,516$ 42,700$ 17,184$ 67%167%306,192$ 276,602$ (29,590)$ -10%90% Total Revenues 25,516$ 42,700$ 17,184$ 67%167%306,192$ 276,602$ (29,590)$ -10%90% Expenses** Tenant Improvements [1]6,717$ -$ (6,717)$ -100%0%80,600$ -$ (80,600)$ -100%0% Repairs & Maintenance- Building [3]1,550$ 20,604$ 19,054$ 1229%1329%18,600$ 50,967$ 32,367$ 174%274% Repairs & Maintenance- Streets 1,033$ 376$ (657)$ -64%36%12,400$ 2,256$ (10,144)$ -82%18% Repairs & Maintenance- Other Equip 1,033$ -$ (1,033)$ -100%0%12,400$ 30$ (12,370)$ -100%0% Utilities-Gas/Electric [2]7,059$ 27,154$ 20,095$ 285%385%84,704$ 87,593$ 2,889$ 3%103% 444 CAM Janitorial Services [2]13,740$ 24,783$ 11,043$ 80%180%164,880$ 128,877$ (36,003)$ -22%78% 444 CAM Landscaping Services [2]2,642$ 4,000$ 1,358$ 51%151%31,700$ 24,000$ (7,700)$ -24%76% 444 CAM Alarm 315$ 346$ 31$ 10%110%3,780$ 2,074$ (1,707)$ -45%55% 444CAM Pest Control 171$ 165$ (6)$ -3%0%2,046$ 908$ (1,139)$ -56%44% 444 CAM Utilities-Waste Disposal 820$ 966$ 146$ 18%118%9,840$ 5,793$ (4,047)$ -41%59% 444 CAM Utilities-Water 400$ 379$ (21)$ -5%95%4,800$ 2,263$ (2,537)$ -53%47% 444 CAM Utilities-Telephone 750$ 1,578$ 828$ 110%210%9,000$ 6,985$ (2,015)$ -22%78% Total Expenses 36,229$ 80,350$ 44,121$ 122%222%434,750$ 311,746$ (123,004)$ -28%72% Operating Income (10,713)$ (37,650)$ (26,937)$ 251%351%(128,558)$ (35,144)$ 93,414$ -73%27% Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0% Net Income (10,713)$ (37,650)$ (26,937)$ 251%351%(128,558)$ (35,144)$ 93,414$ -72.66%-265.81% [1] Tenant Improvements are negotiated as part of the lease agreement - there have been no tenant improvements to date. [2] Timing Variance - bills paid as received by Public Works [3] $12k HVAC R&M and $3k Elevator R&M. Overage is offset by budget savings in R&M Streets and Other Equip R&M work is performed on an as-needed basis *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 budget savings in other CAM line items. 73-710 Fred Waring Drive- Two (2) Story Building 252 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended June 30,2024 June-24 June-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget Revenues* Rental 36,984$ 73,968$ 36,984$ 100%200%443,808$ 443,468$ (340)$ 0%100% Total Revenues 36,984$ 73,968$ 36,984$ 100%200%443,808$ 443,468$ (340)$ 0%100% Expenses** Tenant Improvements [1]4,117$ -$ (4,117)$ -100%0%49,400$ -$ (49,400)$ -100%0% Repairs & Maintenance- Building 950$ 3,050$ 2,100$ 221%321%11,400$ 11,672$ 272$ 2%102% Repairs & Maintenance- Streets [2]633$ 300$ (333)$ -53%47%7,600$ 300$ (7,300)$ -96%4% Repairs & Maintenance- Other Equip [2]633$ 427$ (206)$ -33%67%7,600$ 427$ (7,173)$ -94%6% Utilities-Gas/Electric [3]5,894$ 10,195$ 4,301$ 73%173%70,724$ 34,310$ (36,414)$ -51%49% 555 CAM Janitorial Services [3]6,000$ 11,969$ 5,969$ 99%199%72,000$ 72,043$ 43$ 0%100% 555 CAM Landscaping Services 300$ 300$ -$ 0%100%3,600$ 3,300$ (300)$ -8%92% 555 CAM Alarm 315$ 491$ 176$ 56%156%3,780$ 3,265$ (515)$ -14%86% 555 CAM Pest Control 171$ 176$ 6$ 3%0%2,046$ 1,056$ (990)$ -48%52% 555 CAM Utilities-Waste Disposal 400$ 702$ 302$ 75%175%4,800$ 4,210$ (590)$ -12%88% 555 CAM Utilities-Water 400$ 145$ (255)$ -64%36%4,800$ 860$ (3,940)$ -82%18% 555 CAM Utilities-Telephone 750$ 192$ (558)$ -74%26%9,000$ 708$ (8,292)$ -92%8% Total Expenses 20,563$ 27,947$ 7,384$ 36%136%246,750$ 132,151$ (114,599)$ -46%54% Operating Income 16,422$ 46,021$ 29,600$ 180%280%197,058$ 311,317$ 114,259$ 58%158% Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0% Net Income 16,422$ 46,021$ 29,600$ 180%155%197,058$ 311,317$ 114,259$ 58%158% [1] Tenant Improvements are negotiated as part of the lease agreement - there have been no tenant improvements to date. [2] R&M work is performed on an as-needed basis [3] Timing Variance - bills paid as received by Public Works *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 budget savings in other CAM line items. Note: This schedule does not include budget or rents received into this enterprise fund for the Sheriff Substation or Henderson Building. 73-720 Fred Waring Drive- One (1) Story Building 253 Finance Committee Meeting September 24, 2024 254 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended July 31,2024 July-24 July-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget 73-710 Fred Waring Dr. - Two (2) Story Building (10,713)$ 15,271$ 25,984$ -242.54%-142.54%(10,713)$ 15,271$ 25,984$ -243%-143% 73-720 Fred Waring Dr. - One (1) Story Building 16,422$ -$ (16,422)$ -100.00%0.00%16,422$ -$ (16,422)$ -100%0% Combined Summary of Net Income 5,708$ 15,271$ 9,562$ 167.52%267.52%5,708$ 15,271$ 9,562$ 167.52%267.52% Summary of Net Income $(15,000) $(10,000) $(5,000) $- $5,000 $10,000 $15,000 $20,000 Budget Actual July Net Income 73-720 Fred Waring Dr. - One (1) Story Building 73-710 Fred Waring Dr. - Two (2) Story Building $(15,000) $(10,000) $(5,000) $- $5,000 $10,000 $15,000 $20,000 Budget Actual YTD Net Income 255 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended July 31,2024 July-24 July-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget Revenues* Rental 25,516$ 15,416$ (10,100)$ -40%60%25,516$ 15,416$ (10,100)$ -40%60% Total Revenues 25,516$ 15,416$ (10,100)$ -40%60%25,516$ 15,416$ (10,100)$ -40%60% Expenses** Tenant Improvements 6,717$ -$ (6,717)$ -100%0%6,717$ -$ (6,717)$ -100%0% Repairs & Maintenance- Building 1,550$ -$ (1,550)$ -100%0%1,550$ -$ (1,550)$ -100%0% Repairs & Maintenance- Streets 1,033$ -$ (1,033)$ -100%0%1,033$ -$ (1,033)$ -100%0% Repairs & Maintenance- Other Equip 1,033$ -$ (1,033)$ -100%0%1,033$ -$ (1,033)$ -100%0% Utilities-Gas/Electric 7,059$ -$ (7,059)$ -100%0%7,059$ -$ (7,059)$ -100%0% 444 CAM Janitorial Services 13,740$ -$ (13,740)$ -100%0%13,740$ -$ (13,740)$ -100%0% 444 CAM Landscaping Services 2,642$ -$ (2,642)$ -100%0%2,642$ -$ (2,642)$ -100%0% 444 CAM Alarm 315$ -$ (315)$ -100%0%315$ -$ (315)$ -100%0% 444CAM Pest Control 171$ -$ (171)$ -100%0%171$ -$ (171)$ -100%0% 444 CAM Utilities-Waste Disposal 820$ -$ (820)$ -100%0%820$ -$ (820)$ -100%0% 444 CAM Utilities-Water 400$ -$ (400)$ -100%0%400$ -$ (400)$ -100%0% 444 CAM Utilities-Telephone 750$ 145$ (605)$ -81%19%750$ 145$ (605)$ -81%19% Total Expenses 36,229$ 145$ (36,084)$ -100%0%36,229$ 145$ (36,084)$ -100%0% Operating Income (10,713)$ 15,271$ 25,984$ -243%-143%(10,713)$ 15,271$ 25,984$ -243%-143% Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0% Net Income (10,713)$ 15,271$ 25,984$ -243%-143%(10,713)$ 15,271$ 25,984$ -242.54%170.15% *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 budget savings in other CAM line items. 73-710 Fred Waring Drive- Two (2) Story Building 256 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended July 31,2024 July-24 July-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget Revenues* Rental 36,984$ -$ (36,984)$ -100%0%36,984$ -$ (36,984)$ -100%0% Total Revenues 36,984$ -$ (36,984)$ -100%0%36,984$ -$ (36,984)$ -100%0% Expenses** Tenant Improvements 4,117$ -$ (4,117)$ -100%0%4,117$ -$ (4,117)$ -100%0% Repairs & Maintenance- Building 950$ -$ (950)$ -100%0%950$ -$ (950)$ -100%0% Repairs & Maintenance- Streets 633$ -$ (633)$ -100%0%633$ -$ (633)$ -100%0% Repairs & Maintenance- Other Equip 633$ -$ (633)$ -100%0%633$ -$ (633)$ -100%0% Utilities-Gas/Electric 5,894$ -$ (5,894)$ -100%0%5,894$ -$ (5,894)$ -100%0% 555 CAM Janitorial Services 6,000$ -$ (6,000)$ -100%0%6,000$ -$ (6,000)$ -100%0% 555 CAM Landscaping Services 300$ -$ (300)$ -100%0%300$ -$ (300)$ -100%0% 555 CAM Alarm 315$ -$ (315)$ -100%0%315$ -$ (315)$ -100%0% 555 CAM Pest Control 171$ -$ (171)$ -100%0%171$ -$ (171)$ -100%0% 555 CAM Utilities-Waste Disposal 400$ -$ (400)$ -100%0%400$ -$ (400)$ -100%0% 555 CAM Utilities-Water 400$ -$ (400)$ -100%0%400$ -$ (400)$ -100%0% 555 CAM Utilities-Telephone 750$ -$ (750)$ -100%0%750$ -$ (750)$ -100%0% Total Expenses 20,563$ -$ (20,563)$ -100%0%20,563$ -$ (20,563)$ -100%0% Operating Income 16,422$ -$ (16,422)$ -100%0%16,422$ -$ (16,422)$ -100%0% Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0% Net Income 16,422$ -$ (16,422)$ -100%0%16,422$ -$ (16,422)$ -100%0% *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 budget savings in other CAM line items. Note: This schedule does not include budget or rents received into this enterprise fund for the Sheriff Substation or Henderson Building. 73-720 Fred Waring Drive- One (1) Story Building 257 Finance Committee Meeting September 24, 2024 258 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended August 31,2024 August-24 August-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget 73-710 Fred Waring Dr. - Two (2) Story Building (10,713)$ (19,740)$ (9,027)$ 84.26%184.26%(21,426)$ (4,469)$ 16,957$ -79%21% 73-720 Fred Waring Dr. - One (1) Story Building 16,422$ 8,658$ (7,764)$ -47.28%52.72%32,843$ 8,658$ (24,185)$ -74%26% Combined Summary of Net Income 5,708$ (11,082)$ (16,790)$ -294.14%-194.14%11,417$ 4,189$ (7,228)$ -63.31%36.69% Summary of Net Income $(25,000) $(20,000) $(15,000) $(10,000) $(5,000) $- $5,000 $10,000 $15,000 $20,000 Budget Actual July Net Income 73-720 Fred Waring Dr. - One (1) Story Building 73-710 Fred Waring Dr. - Two (2) Story Building $(30,000) $(20,000) $(10,000) $- $10,000 $20,000 $30,000 $40,000 Budget Actual YTD Net Income 259 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended August 31,2024 August-24 August-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget Revenues* Rental 25,516$ 26,122$ 606$ 2%102%51,032$ 41,537$ (9,495)$ -19%81% Total Revenues 25,516$ 26,122$ 606$ 2%102%51,032$ 41,537$ (9,495)$ -19%81% Expenses** Tenant Improvements [1]6,717$ -$ (6,717)$ -100%0%13,433$ -$ (13,433)$ -100%0% Repairs & Maintenance- Building 1,550$ 1,502$ (48)$ -3%97%3,100$ 1,502$ (1,598)$ -52%48% Repairs & Maintenance- Streets 1,033$ 197$ (837)$ -81%19%2,067$ 197$ (1,870)$ -90%10% Repairs & Maintenance- Other Equip 1,033$ -$ (1,033)$ -100%0%2,067$ -$ (2,067)$ -100%0% Utilities-Gas/Electric [2]7,059$ 17,385$ 10,326$ 146%246%14,117$ 17,385$ 3,268$ 23%123% 444 CAM Janitorial Services [2]13,740$ 22,367$ 8,627$ 63%163%27,480$ 22,367$ (5,113)$ -19%81% 444 CAM Landscaping Services 2,642$ 2,000$ (642)$ -24%76%5,283$ 2,000$ (3,283)$ -62%38% 444 CAM Alarm 315$ -$ (315)$ -100%0%630$ -$ (630)$ -100%0% 444CAM Pest Control 171$ 83$ (88)$ -52%0%341$ 83$ (259)$ -76%24% 444 CAM Utilities-Waste Disposal 820$ 1,039$ 219$ 27%127%1,640$ 1,039$ (601)$ -37%63% 444 CAM Utilities-Water 400$ 185$ (215)$ -54%46%800$ 185$ (615)$ -77%23% 444 CAM Utilities-Telephone 750$ 1,105$ 355$ 47%147%1,500$ 1,250$ (250)$ -17%83% Total Expenses 36,229$ 45,861$ 9,632$ 27%127%72,458$ 46,006$ (26,452)$ -37%63% Operating Income (10,713)$ (19,740)$ (9,027)$ 84%184%(21,426)$ (4,469)$ 16,957$ -79%21% Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0% Net Income (10,713)$ (19,740)$ (9,027)$ 84%184%(21,426)$ (4,469)$ 16,957$ -79.14%-379.45% [1] Tenant Improvements are negotiated as part of the lease agreement - there have been no tenant improvements to date. [2] Timing Variance - bills paid as received by Public Works R&M work is performed on an as-needed basis *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 budget savings in other CAM line items. Note: This schedule does not include budget or rents received into this enterprise fund for the Sheriff Substation or Henderson Building. 73-710 Fred Waring Drive- Two (2) Story Building 260 Finance Committee Meeting September 24, 2024 Parkview Office Complex Statement of Activities Month Ended August 31,2024 August-24 August-24 $% %YTD YTD $% % Budget Actual Variance Variance Budget Budget Actual Variance Variance Budget Revenues* Rental 36,984$ 28,181$ (8,803)$ -24%76%73,968$ 28,181$ (45,787)$ -62%38% Total Revenues 36,984$ 28,181$ (8,803)$ -24%76%73,968$ 28,181$ (45,787)$ -62%38% Expenses** Tenant Improvements [1]4,117$ -$ (4,117)$ -100%0%8,233$ -$ (8,233)$ -100%0% Repairs & Maintenance- Building 950$ 515$ (435)$ -46%54%1,900$ 515$ (1,385)$ -73%27% Repairs & Maintenance- Streets 633$ 300$ (333)$ -53%47%1,267$ 300$ (967)$ -76%24% Repairs & Maintenance- Other Equip 633$ -$ (633)$ -100%0%1,267$ -$ (1,267)$ -100%0% Utilities-Gas/Electric 5,894$ 5,150$ (744)$ -13%87%11,787$ 5,150$ (6,637)$ -56%44% 555 CAM Janitorial Services [2]6,000$ 12,517$ 6,517$ 109%209%12,000$ 12,517$ 517$ 4%104% 555 CAM Landscaping Services [2]300$ -$ (300)$ -100%0%600$ -$ (600)$ -100%0% 555 CAM Alarm [2]315$ -$ (315)$ -100%0%630$ -$ (630)$ -100%0% 555 CAM Pest Control [2]171$ 88$ (83)$ -48%0%341$ 88$ (253)$ -74%26% 555 CAM Utilities-Waste Disposal 400$ 746$ 346$ 86%186%800$ 746$ (54)$ -7%93% 555 CAM Utilities-Water 400$ 72$ (328)$ -82%18%800$ 72$ (728)$ -91%9% 555 CAM Utilities-Telephone 750$ 136$ (614)$ -82%18%1,500$ 136$ (1,364)$ -91%9% Total Expenses 20,563$ 19,523$ (1,039)$ -5%95%41,125$ 19,523$ (21,602)$ -53%47% Operating Income 16,422$ 8,658$ (7,764)$ -47%53%32,843$ 8,658$ (24,185)$ -74%26% Equipment Replacement Reserve -$ -$ -$ 0%0%-$ -$ -$ 0%0% Net Income 16,422$ 8,658$ (7,764)$ -47%-112%32,843$ 8,658$ (24,185)$ -74%26% [1] Tenant Improvements are negotiated as part of the lease agreement - there have been no tenant improvements to date. [2] Timing Variance - bills paid as received by Public Works R&M work is performed on an as-needed basis *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 budget savings in other CAM line items. Note: This schedule does not include budget or rents received into this enterprise fund for the Sheriff Substation or Henderson Building. 73-720 Fred Waring Drive- One (1) Story Building 261 Finance Committee Meeting September 24, 2024 262 Finance Committee Meeting September 24, 2024 Page 1 of 1 FINANCE COMMITTEE CITY OF PALM DESERT STAFF REPORT MEETING DATE: September 24, 2024 PREPARED BY: Veronica Chavez, Director of Finance SUBJECT: SALES TAX UPDATE RECOMMENDATION: Receive and file the Sales Tax update. BACKGROUND/ANALYSIS: City Staff will provide an update on Sales Tax by geographical area and category. ATTACHMENTS: 1. Sales Tax Update 263 Finance Committee Meeting September 24, 2024 264 Finance Committee Meeting September 24, 2024 Geo Area Q3 (Jul - Sep)Q4 (Oct-Dec)Q1 (Jan-Mar)Q2 (Apr-Jun)Q3 (Jul - Sep)Q4 (Oct-Dec)Q1 (Jan-Mar)Q2 (Apr-Jun)Q3 (Jul - Sep)Q4 (Oct-Dec)Q1 (Jan-Mar)Q2 (Apr-Jun) Balance of the City 1,693,032 2,300,656 2,303,304 2,168,355 1,889,368 2,370,736 2,359,339 2,184,544 1,841,206 2,319,008 2,391,091 N/A Dinah Shore 686,333 930,768 834,904 831,390 738,344 919,255 795,464 775,967 707,844 919,424 772,304 N/A El Paseo 488,939 1,050,766 1,143,378 880,489 552,730 1,049,730 1,118,501 838,333 472,638 997,817 1,144,536 N/A Highway 111 984,999 1,360,065 1,341,411 1,202,158 931,821 1,299,138 1,292,671 1,106,178 869,791 1,226,370 1,272,618 N/A Town Center 520,113 778,131 545,408 559,410 473,207 748,333 535,478 540,192 457,839 739,874 585,544 N/A Total by Quarter 4,373,416 6,420,385 6,168,404 5,641,802 4,585,470 6,387,193 6,101,453 5,445,214 4,349,317 6,202,493 6,166,093 N/A FY Total 22,604,007 FY Total 22,519,329 FY Total 16,717,903 County Pool Share 3,821,894 County Pool Share 3,780,830 County Pool Share 2,695,881 FY Total 26,425,901 FY Total 26,300,159 FYTD Total 19,413,784 Category Q3 (Jul - Sep)Q4 (Oct-Dec)Q1 (Jan-Mar)Q2 (Apr-Jun)Q3 (Jul - Sep)Q4 (Oct-Dec)Q1 (Jan-Mar)Q2 (Apr-Jun)Q3 (Jul - Sep)Q4 (Oct-Dec)Q1 (Jan-Mar)Q2 (Apr-Jun) B2B 454,168 595,137 531,448 519,813 559,807 643,473 545,680 534,435 558,602 642,826 537,484 N/A Construction 426,697 468,818 492,992 494,039 474,940 472,320 456,576 477,223 452,579 456,413 427,874 N/A Food Products 871,884 1,283,839 1,429,354 1,251,470 902,468 1,371,119 1,620,229 1,329,593 904,669 1,375,905 1,629,936 N/A General Retail 2,127,797 3,416,944 3,118,388 2,784,161 2,125,959 3,361,031 2,917,510 2,566,924 1,983,028 3,184,444 2,951,372 N/A Miscellaneous 24,668 83,872 38,937 39,429 29,658 59,405 41,121 38,622 26,472 61,215 48,102 N/A Transportation 466,903 535,838 544,586 538,200 489,036 458,361 491,848 475,512 420,964 457,620 460,802 N/A Other 1,299 35,937 12,699 14,690 3,603 21,483 28,488 22,906 3,003 24,071 110,523 N/A Total by Quarter 4,373,416 6,420,385 6,168,404 5,641,802 4,585,470 6,387,193 6,101,453 5,445,214 4,349,317 6,202,493 6,166,093 N/A FY 2021-22 FY 2022-23 FY 2023-24 Sales Tax by Category FY 2021-22 FY 2022-23 FY 2023-24 City of Palm Desert Sales Tax by Geo Area 265 Finance Committee Meeting September 24, 2024 266 Finance Committee Meeting September 24, 2024 CITY OF PALM DESERT ATTENDANCE REPORT Advisory Body: Prepared By: Year 2023 2023 2023 2024 2024 2024 2024 Month Jul Sep Nov Jan Mar May July Date N/A 26-Sep 28-Nov 22-Jan 26-Mar 28-May N/A Garcia, Carlos - P P P P P - 0 0 Heuring, Gretchen - P P P P P - 0 0 Leo, Robert - P P P P P - 0 0 Messenger, Faith - P P P P P - 0 0 Wuest, Jake - E P P P P - 1 0 Harnik, Jan*N/A N/A N/A P P P - 0 0 Kelly, Kathleen* - P P N/A N/A N/A N/A 0 0 Quintanilla, Karina* - P P P P P - 0 0 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/Niamh Ortega * Mayor and Mayor Pro Tem rotating positions are voting members of this Committee 267 Finance Committee Meeting September 24, 2024