HomeMy WebLinkAbout07 JANUARY 1997 AGENDA
INVESTMENT & FINANCE COMMITTEE
WEDNESDAY, JANUARY15, 1997 -- II:OOA.M.
NORTH WING CONFERENCE ROOM
***************************************************�**************************
I. CALL TO ORDER
II. ROLL CALL
III. APPROVAL OF MINUTES
Rec: Approve the Minutes of December 10, 1996, as submitted:
Action:
IV. ORAL COMMUNICATIONS
A. Any person wishing to discuss any item not otherwise on the agenda may
address the Investment & Finance Committee at this point by ig ving his or
her name and address for the record. Remarks shall be limited to a
maximum of five minutes unless additional time is authorized by the
Chairman.
B. This is the time and place for any person who wishes to comment on non-
hearing agenda items. It should be noted that at the Inveshnent & Finance
Committee's discretion, these comments may be deferred until such time
on the agenda, as the item is discussed. Remazks shall be limited to a
maximum of five minutes unless additional time is authorized by the
Chairman.
V. OLD BUSINESS
A. Status of Public and Private Partnerships Background,Checks for
Section 4
Rec: Report by Carlos Ortega.
B. Palm Desert Water & Services District Transfer
Rec: Report by Paul Gibson.
Action:
AGENDA- INVESTMENT & FINANCE COMMITTEE JANUARY 15, 1997
**�***�***********************�***********************************************
C. Alden Capital Markets
Rec: Report by Carlos Ortega regazding options for refunding issues.
Action:
D. Request for Proposals - Banking Services
Rec: Review invitation sent to prospective institutions.
Action:
VI. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedule
Rec: Review and submit to the next City Council agenda. Review the
presentation on the investment graphs. Review the investxnent
activity during the month of December. Review status of capital
projects and cash flow projections.
Action:
B. Review Short Term Investments Maturing in January 1997
Rec: Review investrnents in 1) collateralized deposits; 2) treasury bonds
and notes; and, 3) Agencies discount notes.
Action:
C. State of California Local Agencv Investment Fund Monthly Re�ort
Rec: Informational item for the Committee to review. No action
required.
D. Mon hly Financial Repart for City Council
Rec: Report and submit to City Council.
Action:
AGENDA- INVESTMENT & FINANCE COMMITTEE JANUARY 15, 1997
*********************************************************�********************
E. Parkview Professional OfTce Buildings - 11/30/96 Financial Reports
Rec: Review of financial statements.
Action:
F. City of Palm Desert Comprehensive Annual Financial Report(CAFRj
& Palm Desert Redevelopment Agency Component Unit Financial
Report (CUFRI for FYE 6/30/96
Rec: Slide presentation on financial reports by Paul Gibson.
Action:
G. Broker/Dealer Questionnaire Responses
Rec: Update on responses received by Jean Ruth.
Action:
H. �y of Palm DeserUPalm Desert Redevelo�ment Agency Investment
Policy Annual Review
Rec: Review Investment Policy with revisions as noted.
Action:
VIL REPORTS AND REMARKS
A. Renorts and Remarks by any Committee Member
B. Items to be placed on the Next Agenda
VIIL NEXT MEETING DATE
Next regularly scheduled meeting is �c���'L�11�1Ii� ll�� Il��7/ �1C[ S1S1R�� �ti�soti��
IX. ADJOURNMENT
�T^� City of Pa1m Desert
� Council Agenda Request
MQQtI]]g Qf FEBRUARY 13, 1997
. To be considered under:
Consent Calendar_ Resolutions Ordinances New Business
Old Busincss_ Infotmational Items_ Public Hearings_ Other_
2. Item Title: (Please provide the wording that should appear as the item's title on the agenda).
� � - RECEIVE & FITF• Mi utas f th T) h ifl� 1�qF. 7 r � F'iiiailcG �,...
� � - Committee Meetin¢. ' � � �
3. FinanciaL• (Complete'ffapplicable)
(a) Account/Project# (b) Amount Requested
(c) In tlie Current Budget7 (c) Appropria6on Required7
Approved by Director of Finance:
4. Submitted by: PAUL S. GTBSON, DIRECTOR OF FINANCE/CITY TREASURER
5. Approvals: Depaztment Head City Manager
Minutes
Finance Committee
D. Alden Caoital Markets
1) Committee requested further information of Mr. Ortega on
this organization and its proposal at the November 12
meeting. Today he provided another handout. He reported
on the Agency's research to acquire funding for present and
future projects, with regard to the March 1996 refinancing
process which did not materialize due to a fluctuating
interest market affecting amount of present value savings
realized below the amount set by the Committee at that
time.
Alden Capital Markets has reevaluated this issue, as well as
someone who works for RDA, independent of the
underwriters (Kinsell, O'Neal, Newcomb & DeDios, and
Redwood Securities), who is looking over the proposal of
Alden . We have recently dealt with Redwood Securities,
and have worked with the Kinsell firm for the past 15 years;
Alden is new on the scene. All three proposals are being
analyzed to see if, in fact, there is the present value savings
to proceed with the refinancing at this time.
Current indications are that interest rates may hold through
the months of December, possibly January; no guarantee
they won't move up in February. Therefore, if decision made
to go ahead, would probably need to complete in January;
bring to Council in early January. Still in the analysis phase;
looking for present value savings of at least $2.8M. (Based
upon our own calculations, currently reflecting $2.3M.)
2) There are several outstanding bond issues with reserves.
Reserve is a requirement of the rating agencies and
insurance agencies for setting aside funds equivalent to
about one year's debt service. This is to be used in case
you cannot make the payment for a particular year (i.e.
market values went down and the Agency did not receive
the tax increment it had planned for, then we would use the
reserve fund). Over the last few years, MBIA (insurer) has
developed a new product for accessing the reserve funds,
as opposed to issuing additional debt, MBIA will provide a
surety for it and substitute the surety for the reserve, if you
want to use it.
3
`' Minute�
Finance Committee
From the information provided here, it turns out that in
Project Area No. 2 (big project going here), we have the
ability to access No. 2's reserve funds. On the second page
of the handout, you will see that in 1992 we issued $17M,
which is in the bank and ready to be used when needed on
the Desert Willow Project. In 1995, we also issued a $4.9M,
from Project Area No. 2 (part of City including the Marriott),
and the analysis shows we could access about $1.5M, net of
the surety costs, legal fees and trustee's fees. The letter
indicates if we would do this by December, which of course,
cannot be done, as Bill Strausz, our legal counsel, says that
this requires specific authorization by the Agency Board, and
this Thursday is the only meeting before next year. If we
want to do this, we would not proceed until January.
3) To the extent that we would need additional funding, here
is how we could access $1.5M.
Mr. Gibson asked if the $1.5M could be used just on Capital
Improvement Costs, or if it could be used to pay Principal
and Interest Debt? Mr. Ortega answered that the indenture
basically says that the reserve fund can be used to make
debt service payments. So we would use the reserve fund
to make the debt service payments, then this would free the
tax increment. This is exactly the substitute we're looking
for, because we are looking to enter into a transaction with a
private individual (i.e. Intrawest), we would need to use
cash, as opposed to bond proceeds.
Mr. Gibson also asked about the refunding potential, and if it
would be going back to council with the three bids in
January. Mr. Ortega answered that we would go back to
council, if the present value savings are there at that time,
would take to council to get authorization to do a refunding.
This would be a refunding of a portion of the issue done in
1992 ($100M issue). The target is somewhere around
$2.8M of present value savings, this is what we are
recommending (almost 4%).
Mr. Veazie commented that he agreed with the present
value savings concept and saving taxpayers' dollars;
however, he expressed his reservations about the concept
of tapping into the funds set aside as "reserve", even though
4
Minutes
Finance Committee
he felt that MBIA was a fine company. He felt that the
reserves were pledged to prior issues, and utilizing them for
anything other than this purpose is an abrogation of an
agreement with a bondholder of the prior issue. Mr. Veazie
further questioned what other agencies have used this
product. Mr. Ortega responded that, he, too, questioned this
fact and was provided with information on the City of Hemet,
who has recently utilized this product.
Ms. Benson asked whether this was, in essence, "borrowing
for Desert Willow", when she was under the impression that
there were adequate funds for the project, additional
borrowing would not be necessary. Mr. Ortega answered
that there is enough money for Desert Willow; however, to
the extent that we want to do projects in the downtown at the
same time (i.e. Town Center Parking Structure), we would
have a method of obtaining funds for the parking structure
proposal if needed. Mr. Ortega further stated that by
January, updated financial status will be provided.
Mr. Gibson commented that another point to note was that
the current bond issues are nontaxable. To use money for
the South Course, this has to be either a taxable bond issue,
or using tax increment. Typically, we have tried to keep the
tax increment for making debt service payments (principal &
interest). The more tax increment used for the South
Course, the less you have as excess for debt service
payments. Mr. Gibson stated that he agreed with Mr.
Ortega's proposal as a good idea to free up some initial
funds for the South Course.
Ms. Benson stated that she was still concerned about
spending for the South Course until all the money was
available to do so.
Mr. Kelly stated that we do have it, but that we're exploring
alternatives should we want to do more projects
simultaneously .
Mr. Ortega added that this was simply a way of making
available the funds in a way that they are still secure, yet
avoiding issuance of taxable debt (that is'costly to us); by
freeing up our cash which has no restrictions. We would
5
Minutes
Flnance Committee
free up some Project Area No. 1 money so that we could do
additional projects. He further edded that Desert Willow is
financed by two sources of funding: Project Area No. 2, and
Project Area No. 1. Of course he reiterated that this is
subject to our legal counsel perusing the surety and all the
legal issues, and says it is okay to go ahead, and if the
Committee deems it a viable action.
Ms. Benson asked if the Town Center had submitted
anything to the Agency. Mr. Ortega said that he had not yet
received a proposal; however, he was planning ahead
should this become an issue the Council wishes to approve,
RDA is ready to act.
NEW BUSINESS A. � and Redevelopment Agency Investment Schedule
Ms. Ruth reported that this month's report includes a Table
of Contents for each set of reports (City and RDA), due to
state's regulations regarding such reports and what
inclusions are necessary by the reporting agencies to their
governing bodies. She noted on the Redevelopment
Agency Schedule first page is the portfolio master summary
report. On the upper right-hand side is the "Yield to
Maturity° on the portfolio which has dropped a bit due to the
last, large bond issue (almost $15M) into the Fidelity
Account as the money is needed for escrow closings on
Desert Rose. All of the Fidelity Accounts are really "sweep
accounts" tied to bond issues so that when something
matures in a bond issue, the trustee automatically puts it into
the Fidelity Account. Thus the large balances, and the next
month will show a small balance when money is taken out
and invested.
However, the "Effective Rate of Return" is at 6.04%, and this
is a high amount reflecting the profit-taking done during the
month. The City Schedule reflects a similar situation, but it
did not have such dramatic transactions during the month.
Staff realizes the enormity of these reports for the
Committee and asked that should the members have any
questions, Mr. Gibson and Ms. Ruth woufd be happy to
address them. With a meeting date later in the month, staff
6
Minutes
Finance Committee
plans to be able to include the reports in the Agenda packet
distribution.
Receive and file report, provide to City Council.
g, RwviPw Short Term Investments Maturing in December
1996
There are none in December 1996. As discussed at the
11/12/96 meeting, took profit from investments in late
October, early November 1996, and there is a lot of interest
coming in, with more than enough liquidity with the LAIF
account. Ms. Ruth stated that January looks like it will have
more profitability with some issues, and she will be taking
advantage of the profit-taking if/when it occurs.
C. s+a+p �f California Local Aaency Investment Fund
Monthly Renort
Ms. Ruth noted that one account reflects a zero balance, these
� were bond proceeds which closed out October 1, 1996.
However, there is one more interest payment which will come
in January. After that payment is received, we will no longer
receive this accounYs statement. Receive and file report,
D. Monthly Financial Re�ort for Citv Council
Mr. Gibson stated that since the November books have not yet
been closed (this is normally done on the 10th of the month
[today]), the Monthly Financial Report is not available at this
time. He will provide it to City Council as soon as it is
processed.
E. Parkview Professional Office Buildings - 10137196 Financial
Renorts
Receive and file report; submit to City Council for their review
and information.
Mr. Gibson noted that a lease renewal had just been processed
for Senator Kelly. He also noted for the .Committee that the net
income total is $378,641.67 for the 10-month, period of time;
7
Minutes
Finance Committee
October's net income is $27,772.69. This rate of return can be
attributed to the fact that there is no debt service payment.
Ms. Benson asked whether this money was placed into a
separate account, for maintenance and renovation. Mr. Gibson
replied that as far as renovation of the building, this is
considered enterprise fund; therefore, it has depreciation, just
like private business would, and it has accumulated
depreciation for the cost of renovating.
Ms. Benson asked where the profits from the rental are. Mr.
Gibson replied that there are separate (from the City's) bank
accounts, checking and savings. To date a determination has
not been made as to: 1) What are proceeds to be used for?
Mr. Ortega and Mr. Gibson need to meet to discuss this issue.
2) The auditors gave Mr. Gibson a copy of Government Code
Section which states ".....the RDA can only have a rental
property for a reasonable period of time." Mr. Gibson has
asked RDA's attorney to provide an interpretation of what a
reasonable period of time is, before RDA has to relinquish it.
They can give it to the City, and this would be a way of giving it
up. Mr. Gibson estimated that by the next budget session, this
determination would be made.
Ms. Benson then asked if RDA gives it to the City, could the
proceeds go into the City's General Fund? Mr. Gibson stated
that some legal work would need to be done in order for this to
take place, but staff is now researching the possibility. Ms.
Ruth added that the bank balance in the RDA Investment
Report does reflect these accounts for this entity. Mr. Gibson
added that since there has not been a determination of usage
of these funds, no investment activity for these proceeds has
taken place until such time as Council action dictates.
Mr. Kelly asked whether the landscape and maintenance for
this area are allocated. Mr. Gibson answered that there is a
separate landscape contract for this complex, and it gets
charged directly to it; as does all other related expense.
Ms. Benson stated that maybe if these proceeds are
transferred back to the City, the funds could be used for the
library, as this is a new source of income;and City will be
looking for this.
8
Minut�s
Finance Committee
Mr. Gibson expressed that at the next Committee meeting, he
is preparing a slide presentation to address the City's financial
statements. One of the items is the Office Complex due to
some specific accounting action which was taken when the
complex was acquired from the previous owners; one of which
was to write off some of City's investment on the building
because of the difference between what they said it was
appraised at versus its value at the time City loaned the
money.
F. R�e uest for Pronosals - Banking Services
Ms. Ruth told the Committee that the City has not gone out for
an RFP-Banking Services for about 15 years, and because
there has been so much change in the banking industry, we felt
it was very important to go out and see what betteddifferent
products (i.e. Positive Pay), and/or institutions are available to
us.
It encompasses-- General Banking Services, Custodial
Services and Trustee Services. General Banking Services
means day-to-day bank accounts, wiring services, stop
payments, this type of product, which Bank of America is
currently handling for us. Custodial Services are the function of
safekeeping our investments in the trust department of a bank,
currently handled by Bank of New York. Trustee Services are
handled through First Trust. These were all formerly handled
by Bank of America, then parcels of their institution were sold
off to the various organizations, hence the reason we have
three different providers currently. Mr. Gibson stated that the
way the RFP is drafted, conceivably, we could end up with
three different entities again— Banking, Custodian and Trustee.
We wanted to have this flexibility; and, for internal control, iYs
almost better to have a separate custodian from the trustee
and bank. But it also leaves the option for an institution who
wishes to provide all three services, and if there is a monetary
advantage for a complete package, this would be taken into
consideration.
Ms. Benson questioned whether the RFP mandates the
successful bidder for General Banking mNst maintain a Palm
Desert office. Mr. Gibson and Ms. Ruth ansvuered yes; and, in
addition, noted that for Mr. Erwin's review, is language to the
9 •
Minutes
Fi�ance Committee
effect that the successful institution must keep its branch in
Palm Desert open; closing of the local branch would be a
breach of the contract. Mr. Gibson learned at a recent League
of California Cities Financial Management Seminar that several
California cities have lost the branch in their town and the
ability to make deposits within the city limits; they have to go to
a neighboring city. The bank reasons it has a center at the
grocery store; however, this limited access cannot provide the
City with the services it requires. The other services
(Custodian and Trustee) could be provided from outside the
City limits.
Ms. Ruth requested of the Committee to make careful review of
the package, and provide a thorough critique to her so that it
comes across in a manner fitting the City of Palm Desert.
Mailing is scheduled for the first week of January. If Committee
members have particular institutions they want to be included
on the mailing list, please let her know. Currently the following
have requested the package: Bank of America, Union Bank
and Wells Fargo.
Mr. Veazie questioned Ms. Ruth whether having all three
functions done by one institution would be more beneficial to
us. Mr. Gibson answered that there are some benefits of
having all three handled by one institution (i.e. less paperwork).
Ms. Ruth added that in the General Banking Services as
currently handled by Bank of America at the local branch, their
main office Government Services Department is designed
specifically to take care of government; and if there is any
problem anywhere in our dealing with Bank of America, all she
has to do is call Govemment Services Department and iYs
taken care of. So in this respect, if we had all three functions at
one bank, we would have this same service.
10
��� Minut e s
� �
.
Finance Committee
CONVENE On December 10, 1996, the Investment & Finance Committee
was called to order at 9:07 a.m. by Mr. Gibson.
ROLL CALL Dick Kelly, Jean Benson, Dave Ervvin, Carlos Ortega, Murray
Magloff, Bill Veazie, Paul Gibson, Jean Ruth, Rachelle Klassen
A s n : Ray Diaz
APPROVAL OF MINUTES Upon motion by Mr. Erwin, seconded by Mr. Magloff, Minutes
of the November 12, 1996 meeting were APPROVED as
submitted. Motion carried unanimously. Ms. Benson
abstained from the vote due to this meeting being her first
attendance as Mayor Pro-Tempore.
ORAL COMMUNICATIONS None
OLD BUSINESS A. Status of Public and Private Partnershi�s Backaround
Checks for Section 4
Mr. Ortega reported that he was leaving the Committee
meeting early in order to meet with the Park West
representatives regarding establishment of their California
corporation. He will be providing further details at the next
Committee meeting.
B. Palm Desert Water 8 Services District l�date
Mr. Gibson reported to the Committee that a meeting has
been scheduled between City Staff and Coachella Valley
Water District (CVWD) representatives December 17, 1996.
At this meeting, staff anticipates receipt of letter from CVWD
stating their acceptance of all assets and liabilities from the
former Palm Desert Water & Services District, including
transferring of land deeds, vehicle titles, etc. However, the
transfer will not occur without CVWD's letter of acceptance.
Mr. Gibson also stated that they would also be discussing
any issues that Public Works may have-- their desire to take
some of the easement where those water sheds are; CVWD
is not planning to use those two sheds. Ms. Benson asked
Minutes
Finance Comm�ttee
whether the one on San Pablo was affected. Mr. Gibson
answered, he understood they would tear that one down.
Mr. Kelly asked about the water tanks, one on San Pablo
Avenue and one on Portola Avenue, whether we would be
able to dispose of them. Mr. Gibson responded that this
was his understanding; however, the City will probably incur
charges for this.
Mr. Gibson asked Mr. Kelly and Ms. Benson if there were
any other issues they wanted addressed at the 12/17/96
meeting. Mr. Kelly asked about the location of a pump at
the corner of Portola Avenue and Fred Waring Drive, if it
could be eliminated or somehow relocated so that a right-
turn lane could be constructed at this intersection. Mr.
Gibson took note of these items and will address them at the
12/17/96 meeting. Mr. Gibson said he would like to have the
intentions of CVWD in writing, as well.
Ms. Benson asked whether CVWD would be keeping the
office building and the house. Mr. Gibson said that to date,
CVWD has expressed that they do not want those buildings;
City has looked at potential for low-income purposes, and
Terre LaRocca said that they we would not be able to use
them for our needs in their present state, would need
substantial investment to bring up to standard. Mr. Gibson
said, however, that the house located across the street from
the office will probably be sold, the former employee who
lived there said he was interested in it.
C. Builders Industry Association Developer Fees Reoort
Request for report viewing made at November 12 meeting.
Receive and file the report which was submitted to City '
Council at their November 14, 1996, regular meeting. City is
in compliance with the projects it has budgeted for which �
fees have been collected. Mr. Kelly noted that at the next
Council meeting, there is an item asking for appropriation of
$2M for the Soccer Field Complex, which falls under this
category.
2
RFP for BanKing Services
MAILING LIST
1/8/97
Bank of America
Mark C. Hewlett,vice President
Government Services Divtsfon
Relationship Management 1434
365014th Street, 2ntl Floor
RiVerside, CA 92501
(909) 781-1489
Bank of America (copY)
Palm Desert Office
73-820 EI Paseo Ave.
Palm Desert, CA 92260
1619) 340-1867
BNY WeStern TrUSt COmpany
M2ri2 AIIiSOn, Manager
700 South Flower Street, Suite 200
LOS AngeleS, CA 90017
(2131630-6328
Chemlcal TrUst COmpany Of CalifOfnla
Nancy J. Mancuso,Vice Presitlent
101 C211f0Y11i2 St�2@t, SUit@ 2725
San Francisco, CA 94111-5830
(415) 954-9542
Eldorado Bank
73301 Higtlw2Y 111
Palm Desert, CA 92260
(619) 34a1861
First Trust California
Kurt R. Peterson, Sr.Vice Presitlent & Regional Manager
One California Street, Suite 400
san Francisco, CA 94111
1415) 273-4565
FIr5tB211k NA
Davitl Tschopp
73000 HighW2y 11'I
P21m D@S2f't, CA 92260
(619) 341-7000
Palm DeSert NatiOnal Bank
73-745 EI P2S80 AV2.
P21m D252t't, CA 92260
(619) 340-1145
State Street Bank and 7rust Company of California, NA
J2r11112nn MII12ftll,Vice President
725 South Figueroa Street, Suite 3100
Los AngeleS, CA 90017
(213) 362-7313
U.S. Trust Company of California
StU2r't M.Welss,vice President
515 SOuth Flower Street, Suite 2700
Los Angeles, CA 90071-2291
(213) 861•5084
Union Bank of California
Donna Hotlgson,Vice PresitlenVManager
Covernment Services
350 Californ(a Street, 11th Floor
San FranciSCO, CA 94104
(8001833-4758
Union Bank of California lcop1�
Palm Desert OfffCe
73-785 EI Paseo Ave.
P81t71 D2S@ft, CA 92260
(619) 341-1570
Wells Fargo Bank
Richard Babbe,Vice Presitlent
5000 BfrCh Street, Sulte 10000
Newport Beach, CA 92660
(714) 253-4300
Wells Fargo Bank ccopyl
74-105 EI P2S@0 Av@.
Palm DeSert, CA 92260
City of Palm Desert
Month-end Investment Report
D2C2mb2P 31, 1996
TABLE OF CONTENTS
INVESTMENT INFORMATION FOR ENTIRE PORTFOLIO
Portfolio Master Summary �
Investment Portfolio Detail - Investments 2
Investment Portfolio Detafl • Cash 5
Portfolto Master Investment Activity by TYpe 6
Investment ActivitY Summary 9
Distribution of Investments by rype �0
Interest Earnings Summary 11
Investment Portfolio ComplianCe Checkiist 34
INVESTMENT INFORMATION BY FUND/BONb
Assessment District 83-1 12
1995 Refunding Bond 84-1•R 14
Assessment District 87-1 15
Itldiell Rfd9e 91-1 S2P18S A ��
111di211 Rldg@ 91-1 S@rfe5 B 19
Sierr2 NOV2 92-1 21
Big HOFI1 94-1 23
Sunterl"dce 94-2 25
Merano 943 2�
95 ReV211U2 83-1, 84•1-R, 87-1 29
City General Fund 31
City Loan to RDA 33
O1/OB/1997 City of Pelm Deeazt ^ � - 1
PORTFOLIO MASTEA BUHIAhAY CITY
D&CBFIDBR 31� 1996 ���N'
AVEPAQE '--YIBLD TO MATURITY'--
PBRCBPT OF AVEAAQE DAYB 10 360 365
INVE87MENT8 HOOR VALUS PORTFOLIO TffiiM MAT[7AITY BQlIIVALBNT BQUIVALENf
_'____'___"__"______"____'__'__"'___"____'______'__"'___'"____'___'_'___"_______"____'____"___'___"'__'_________'_______'_
P19elSty Treaeuzy Pool.......................; 5�420,099.00 6.97 1 1 5.051 5.121
Local Agency Inveatment Punde................i 12,092,198.62 15.56 1 1 5.524 5.601
Cov�eroisl Paper - Diecount..................� 2,669,163.20 3.18 83 12 5.417 5.692
Federal Agency Iaeues - Coupon...............; 11,171,503.26 14.37 1,120 906 6.039 6.122
Tieaeury 88Cuiltiae - Coupon.................= 27,576�693.26 35.68 704 653 5.966 6.046
City Loan to ADA.............................; 19,000,000.00 24.44 2,192 1,662 5.662 5.538
'"'_""'_"_""""_""_'__"""__"""'_"'_"'_"__"___"_"___'__'___
TOTAL IIN88�[iTe end AVBPAGBB.............; 77,729�657.16 100.009 950 693 5.7028 5.7826
CABH
Yaeebook/Chxkicu� - No Yieltl Totale..........$ 6�766�022.24 1.903 1.929
(not included in yleld calculetione)
Accrue�l Intereet ai Purcheee.................= 69,269.28
___'_'_"'___""""_"""'"""'_.._""_""____"'_"_"""_""""""'
TOTAL CABA and PURCHA88 INT�tE9T.............§ 6.813�291.52
TOTAL CABH and IRVSBTMENTs.................; 82�562r968.66
MONTH EFIDING FI9CAL
TOTAL SARNIR08 DSC�IBEA 31 YSAR 10 DATE
Currant Yeer S 396,997.23 y 2,607,272.20
AVBMOS DAILY BALANCE = 78�223�897.76 ; 83,179�606.59
&PFBCTIVE AATE OP RSlUAN 5.98i 5.764
The invectment portfolio of the Clty of Palm Dacert compliee with ite Inveetment
Eaul 8. Oibeon PolScy mA the Celifornin Gwex'[imBnt Cofle eectione partaining to the inveetment
Treaeurer oY local sgeztcy funde. Yending eny futuie ectiona by tt�e Clty Council ox any
unfoseceen cetaotrop�y the City haa an aAequete caeE flw to meat ite
expendltuze IBquli'emeRtO foL thB next s3X �nthe. The montlrend merket valuee
p�g were o6tainad from Piret Truet and IDC Detafaed pricing aervice.
O1/OB/1997 City oL Palm Deeert � - a
INVfiBTMENT POATFOLIO DETAILB - INVE8ITffiiTe CITY
DECePIDBA 31� 1996 ���'
INV88TMENT AVSAAG& PUACHABE BTATBD __' yq}� _'_ MATURITY DAYS
NUFIDSR I88USA HALANC6 DATE BOOR VALO& FACB VALVE MAAABT �'N.US N#PE 360 365 DATE TO MAT
"____"""______"_'_'_'_'__________"_"_'_'"____'_""_"_'_"'_"___""_'___'_'__"__'__'___'_'_"_____"__'_'___'_____'____'
PID&LITY TR6A8UAY POOL
12006 PSdelity Inetitutioml Caah 52.00 52.00 52.00 5.170 5.099 5.170 1
12005 Fidelity Inatitutlonal Caah 50.00 50.00 50.00 5.170 5.099 5.170 1
12006 R Fidelity Iaetitutional Caeh 246,853.00 T66,853.00 246,853.00 5.120 5.050 5.120 1
12007 Pitlelity Inetitutioml Caeh 19,636.00 19,636.00 19�636.00 5.120 5.050 5.120 1
12009 I Pldelity Inatitutional Caeh 33�992.00 33�992.00 33,992.00 5.140 5.070 5.160 1
12010 A FSdelity Inetitutional Caeh 126�977.00 126�977.00 126,977.00 5.1A0 5.070 5.160 1
12011 FSAelity Inetitutional Cash 18.00 18.00 18.00 5.160 5.070 5.1C0 1
12012 I Plflellty Inatitutloml Caeh 388,6fi6.00 388�666.00 388,666.00 5.120 5.050 5.120 1
12013 A Fidelity Inetitutionel Caeh 125,977.00 125,977.00 125,977.00 5.120 5.050 5.120 1
12015 FStlelity Inetltutioml Caeh 634.00 636.00 636.00 5.120 5.050 5.120 1
12016 I Fidelity Inetitutional Cae� 765,180.00 765,180.00 765,180.00 5.120 5.050 5.120 1
12018 A Fidelity Insiitutioml Caeh 721,613.00 721,613.00 721,613.00 5.120 5.050 5.120 1
12019 Fidelity Inetitutional Caeh 99.00 99.00 99.00 5.120 5.050 5.120 1
12020 I Fitlelity Inetltutionel Caeh 6,973.00 6,973.00 6�973.00 5.120 5.050 5.120 1
12021 FSdellty Inetitutioml Caeh 263.00 243.00 363.00 5.160 5.089 5.160 1
12022 R PSdelity Inetltutional Caeh 1,280,422.00 1,280,522.00 1,280,522.00 5.120 5.050 5.120 1
12023 PSdellty Inetitutional Caeh 21�585.00 21,585.00 21,585.00 5.120 5.050 5.120 1
1202d Pidelity Inetitutional Caeh 1�401.00 1,601.00 1,601.00 5.120 5.050 5.120 1
12025 R Fidelity Inetitutional Cneh 697,127.00 497,127.00 697,127.00 5.120 5.050 5.120 1
12027 R Fidelity Inetitutianal Caeh 65,667.00 65,667.00 65,667.00 5.160 5.070 5.160 1
12028 R FSdelSty Inetltutioml Caeh 167,059.00 167�059.00 167,059.00 5.120 5.050 5.120 1
12031 FSflellty Inetituiional Caeh 12,306.00 12,106.00 12,306.00 5.170 5.099 5.170 1
12032 Fidelity Inetltutiannl Caeh 32.00 32.00 32.00 5.160 5.070 5.140 1
12033 Fidelity Inetitutlonal Caeh 81.00 81.00 81.00 5.160 5.070 5.140 1
12034 PSAelSty Inetltutioml Caeh 194.00 196.00 196.00 5.160 5.070 5.1d0 1
12035 FSdellty Inetitutlonal Caeh �96.00 796.00 796.00 5.120 5.050 5.120 1
12036 F1Eality Inetltutioml Cash 362.00 342.00 342.00 5.120 5.050 5.120 1
12037 Pidelity Inetitutioml Cae� 19.00 19.00 19.00 5.120 5.050 5.120 1
12039 FiCelity Ineiltutlonal Caeh 120.00 120.00 120.00 5.120 5.050 5.120 1
12062 I FiCelity InetltutloMl Ceeh 706�355.00 706�355.00 706�345.00 5.120 5.050 5.120 1
12063 Fitlelity Inetltutional Cae� 50,804.00 50�804.00 50,804.00 5.120 5.050 5.120 1
12063 A Fidelity Inetitutionel Ceeh 168,136.00 168,126.00 16e,126.00 5.120 5.050 5.120 1
12064 Fldelity Inetltutloml Caeh 0.00 0.00 0.00 5.120 5.050 5.120 1
12065 FSflellty Inetitutlonal Caeh 181.00 181.00 181.00 5.120 5.050 5.120 1
12046 Fidelity Inotltutlonal Ceeh 30�823.00 30�823.00 30�823.00 5.160 5.089 5.160 1
'_"_""""'_" "'""""""" """"'""" "'____""_"' "__" _"___ '_""
BUHTbTALB and AV�iA088 6,125,786.74 5,420,099.00 5,420,099.00
5,620,099.00 5.051 5.121 1
MANA6SD POOL ACCWNTB
12060 Pacific Horizoa Treneury Pu 0.00 0.00 0.00 6.900 6.833 4.900 1
12061 Paciflc Hatizon Treaeuxy Fu 0.00 0.00 0.00 6.800 6.736 6.800 1
_"_"""______' _"'_______"' "_'_'__""" '______"""' ""'_ "_"_ '_""
SUHTOTALB enQ AVEPAGB9 16�832.90 0.00 0.00
0.00 0.000 0.000 0
li
O1/OB/1997 � Clty Of PalID Deeert PM ' 3
SNV881T�Nf POATFOLIO DHTAILB - ItN89'aASNTB CITY
D8C8MBSR 31� 1996 �'��
INV88TMENL AV&AAG& PUACHABE 8TAT6D "_ y'B1 _" MATURITY DAYB
NUDIDBR I9SUSR BALANC& DATE BOOR VALUS PACB VALUB MAA1�T VALU% AAT& 360 365 DATE TO MAT
IqCAL AGHNCY IINS3TDffi7T FUtID3
12000 Local Agency Inveetment Pun 12,�92,198.62 12,092,198.62 12�092,198.62 5.601 5.526 5.601 1
AVEAAGES 12,672�843.58 �
COtM1ERCIAL PAPEA - DISCOUNT
20001 OotMm Funding Co�eccial P 10/22/96 2�669�163.20 2,500,000.00 2,672,500.00 5.350 5.617 5.693 O1/13/97 12
AVffiiA0S8 2�669�163.20
FBDSRAL AGBNCY I88UH8 - COVP�i
10003 I Federal 8oma Loan eenk 12/12/95 1,000,000.82 1,000,000.00 1,000,000.00 5.420 5.397 5.a72 OS/02/97 1
I6005 I PaCezal Home Loen Hank 12/12/95 1,021,002.59 1,000,000.00 1,000,625.00 6.285 5.608 5.686 07/28/00 1,304
16006 Pedaral H�e Lomm Be¢k 11/01/96 1,998,791.67 2,000�000.00 2,003,125.00 7.250 7.263 7.364 11/O1/O1 1,765
16007 Federal H�e Loan Bmmk 10/26/96 3,986,380.69 6,000,000.00 3,988,750.00 5.820 6.019 6.102 11/02/98 670
16001 I Federal National Mortgage A 12/12/95 1,001,959.84 1,000,000.00 1,000,000.00 5.650 5.386 5.661 10/20/97 292
16002 I Pederal Netional Mortgege A 12/12/95 1�066,991.73 1�000�000.00 1,056,375.00 8.650 5.877 5.958 07/12/99 922
14006 I Pederal National Mortgege A 12/12/95 1,098,376.12 1,000,000.00 1,082,812.50 9.050 5.620 5.699 04/10/00 1,195
_"_""""_"_' "'___"""" "____"""__ """_____'_' '_____ "__" ""__
BUHTOTALB end AVSNAG88 11,173,712.01 11,171,503.26 11,129,687.50
11,000,000.00 . 6.039 6.122 906
FEDSPAL AOffi7CY I88UE8 - DIBCOONT �
AVSPAGBS 152,752.56
TREASURY SBCURITIEB - COUPOF
16001 Vnited etatee Txeaeury 10/27/96 1�999,788.01 2,000�000.00 2,003�125.00 6.750 6.720 6.818 02/28/97 58
16006 United States Treaeury 12/12/95 385,911.56 384,000.00 385�721.88 6.B15 5.235 5.308 02/28/97 58
16005 [lnited etatee Treaeury 12/12/95 292,226.50 291,000.00 291,272.81 6.000 5.266 5.319 OB/31/97 242
16006 A United Stetee Treaeury 12/12/95 688,035.70 686,000.00 483,395.00 5.875 5.261 5.316 08/15/98 591
16007 I United etatee Treaeury 12/12/95 1�025�867.27 1,000,000.00 1,OOB,750.00 6.375 5.338 5.613 O1/15/00 1,109
16008 R Unitetl States Treaeury 12/12/95 672,638.83 645,000.00 665,998.44 8.000 5.279 5.352 OB/15/99 956
16009 I UniteC Stetee Tieaeury 12/12/95 1�030�855.26 1�000�000.00 1�023�637.50 7.875 5.212 5.286 06/1S/98 669
16010 I United Statee Treaeuxy 12/12/95 1,029,051.06 1,000,000.00 1,020,000.00 7.125 5.272 5.365 SO/1S/98 652
16034 United Statee TLeaeury OS/31/96 1,998,687.81 2,000,000.00 2�001,250.00 6.000 5.967 6.050 05/31/98 515
16035 United Statae Txeaeury OS/31/96 1,976,672.27 2,000,000.00 1,981,250.00 5.125 6.061 6.125 03/31/98 454
16036 Uniled Statae Treasury O6/26/96 2,979,065.07 3,000,000.00 2,996�250.00 5.875 6.252 6.338 OB/15/98 591
16037 Unitetl Statee Treaaury O6/26/96 2,933�050.16 3,000,000.00 2,957,812.50 5.125 6.316 6.602 il/30/98 698
16038 United 3tatee Traaeury O6/26/96 1,986,862.67 2,000,000.00 1,990,0OO.OD 5.375 6.052 6.136 11/30/97 333
16039 United 8tatee Tleeeuxy O6/26/96 1,999,673.61 2�000,000.00 2,001�875.00 fi.000 5.950 6.033 08/31/97 262
16042 Unitad 8tatea Treeeury 09/13/96 1�9'/7�431.40 2�000�000.00 1�981�250.00 5.125 6.068 6.152 07/28/9B 623
16063 Unitetl etatee Treaeury 09/13/96 2,005,196.51 2,000,000.00 2,005,625.00 6.500 5.593 5.670 04/30/97 119
1606a I United etatee Treaeury 09/13/96 1,003,166.63 1,000,000.00 1,002,812.50 6.875 5.468 5.563 03/31/97 89
16065 UnSted 8tatae Treaeusy 09/OS/96 1�992,806.96 2,000�000.00 2,005�625.00 6.125 6.270 6.358 08/31/9B 607
BUBTOTALB and AV�tA088 28,037,307.99 27�576�693.26 27�605,650.63
27,605�000.00 5.966 6.046 053
✓
O1/OB/1997 Clty of Palm Deeext � P!1 - 6
INVSeTMENT POATPOLIO DSfAILB - INVE9aA&iT8 CITY
DSC&!ID&R 31, 1996 ACCRUAL
INVH9TFffiNT AVSAA08 PUACHABE BTATSD '-' Y1M "- MATURITY DAY8
[NlIDER I88V8A BALANC& DATB HOOR VALUS PACS VALVB MAA1�T VffiVS PATB 360 365 DATB 1D MAT
CITY LOAN TD RDA �
12001 Aedevelopment Agancy-Loan 07/O1/95 19�000�000.00 19�000�000.00 19�000�000.00 5.538 5.462 5.538 0�/OS/O1 1�662
AVIItAG&B 19�000,000.00
"______________'_"""""""'______"""'_"""""_'_"""""'_"""""___"_"_""""_'
TOTAL INVS8IUffi7T8 end AVG. S 77,729,657.14 77,719�935.55
77,668,398.99 77�617�297.62 5.702i S.7B26 693
I
Minutes
Finance Committee
REPORTS AND REMARKS A. Any Committee Members' Re�orts and Remarks
Review Meeting Date - Paul Gibson
With a new Mayor and Mayor Pro-Tempore (Dick Kelly and
Jean Benson, respectively) serving, Committee needs to
establish a mutually convenient meeting time for all the
members. In the interest of time for closing the monthly books
and preparing the reports for the Committee to have in
advance of the meeting, it was hoped that a day in the third
week of the month could be selected. After thorough
discussion, Committee unanimously approved the next
meeting, and all subsequent until further notice, for the third
Wednesday of the month at 11:00 a.m. in the North Wing
Conference Room. Therefore, the next Committee meeting will
be held Wednesday, January 15, 1997, 11:00 a.m. At this
meeting we will plan to serve a light lunch of sandwiches and
salads.
Welcome Jean Benson!
Mr. Veazie and the rest of the Committee extended their
welcome to Ms. Benson, this being her first Committee meeting
since becoming Mayor Pro-Tempore at the November 14, 1996
City Council Meeting.
McCallum Theater- Bill Veazie
Mr. Veazie commented that he had seen a recent news article
regarding the McCallum Theater and its projected deficits. He
was surprised to learn there were only 1,100 seats in the
facility, when he thought there were 3,000. He also wondered
whether an audit report was available for perusal. Ms. Benson
answered that the Washburn report would probably answer
most of Mr. Veazie's questions. Staff provided Mr. Veazie with
a copy of a report from Washburn Theatrical Management.
NEXT MEETING DATE The next Investment & Finance Committee will be held
Wednesday, January 15, 1997 at 11:00 a.m.
ADJOURNMENT The Investment & Finance Committee adjourned at 10:13 a.m. on
a motion by Mr. Magloff and seconded by Mr. Veazie.
Re�peFtfully_su , �
� � � � ' � �
;, .,. c
RACH LLE D. KLASSEN, R CORDING SECRETARY
11
01/OB/1997 � City of Palm Deeert � PM - 5
INVE91bffiiT PORTPOLIO DBTAILB - CABH CITY
D&CEPIDBR 31, 1996 ACCRUAL
INV881R�ffiAT AVBAAGB PURCHABS BTATSD '-' Y'IIA --' I4ATURIIY DAYB
NUPIDER I89U&A HALANCC ppTg HdOR VALVE FACB VALUE MARRSP VALVE RATB 360 365 DATB TO MAT
PAe8HO0R/C�CRIH6 ACCOUNTB
13000 eenk of Amarica - Checking 168�377.36 0.000 0.000 0.000
13002 Hank of America - 8evinge 6,575,628.30 2.000 1.973 2.000
"_"""""' _""'__""'_ """ """
eVeTOTALB md AVSliAO88 575�498.'/7 4�746,022.24 1.903 1.929
Accsued Intareet at Purchaee 69,269.28
""'"""""""""""'"""""""_""""""""""""""'_"'_"_""'
TOPAL CABH ; 6,813,291.52
TdfAL CABH anE INVSBTt�NPB S 78,223,897.76 82�562�918.66
e.��e�as�v���..�..�...���..""""'�""'�"�"'.�"""�"""""""�"""'�'�"�""""'�'�"'
s
O1/OB/1997 City of Palm Deeart PM - 6 -
yORTFOLIO MABTEA INV&8TAffiNT AGTNITY BY TYPB CITY
D&CSlID&R 1� 1996 - D8C&EIDER 31� 1996 ACCRUAL
8TA'l� TAANBACTION PURC9A8S9 8ALB8/MATURITISB
TYPH IPV58TI�Nf i1 288UER AATS DATB OA DSP08IT9 OA WITHDAAqALB HALAPCB
__""___'__'__"'_____'_______'__"_"'_"""_"_'_"_'_"___"_'______"'___'____"'____'__"__'_____"____"_______'_'_'_'_____
FIDSLITY TASASURY POOL (MontRly Summary) �
12004 PSCelity Inetitutionel Ceeh 5.170
12005 Fitlellty Inetltutlonal Cee� 5.170 1.00
12006 A Fidelity Inetltutional Caeh 5.120 1�620.00
12007 PiEelity inotltutional Cae� 5.120 31.00
12009 I Fidelity Inetitutianal Caeh 5.1d0 139.00
12010 R £idellty Inetitutional Caeh 5.160 356.00
12011 PSdalSty InetStutional Cae� 5.160
12012 I Pldelity Inetltutional Caeh 5.120 1,545.00
12013 A Pldellty Inetltutional Caeh 5.120 501.00
12015 Fidality Inutitutionnl Cach 5.120 3.00
12016 I Fidelity Inetitutional Caeh 5.120 2,962.00
12018 R Pidelity Inetitutioml Caeh 5.120 600�872.00 ,
12019 Fidelity inetitutional Caeh 5.120
12020 I Fldelity Inatitutioml Caeh 5.120 28.00
12021 Fidallty Inetitutional Caeh 5.160 1.00
12022 A Pidelity Inetitutionel Caeh 5.120 516,208.00
12023 Pitlelity inetitutional Caeh 5.120 86.00
12024 Fidelity Inetitutional Caeh 5.120 6.00
12025 R Fidelity Inetitutioml Caeh 5.120 610�311.00
12027 R Fidelity Inetitutional Ceah 5.140 269.00
12028 R FiAelity Inntitutlonal Cae� 5.120 664.00
12031 Fidelity Inetitutianal Caeh 5.170 49.00
12032 Pidelitp Inetitutianal Caeh S.1d0
12033 Pidallty Inetitutional Caeh 5.160 1.00
12034 Pidelity Inetitutioml Caeh 5.160 1.00
12D35 Fidelity Inetitutional Caeh 5.1]0 3.00
12036 Fidelity Inotitutional CAoh 5.120 1.00
12037 Fitlelity Inetitutional Caeh 5.120
12039 PSAelity Inetltutional Ces� 5.120 1.00
12042 I Pidelity Inatitutional Caeh 5.120 2,807.00
12003 Fidelity Inetitutloml Caeb 5.120 202.00
12063 R Fidelity Inetitutionel Caeh 5.120 668.00
12066 FSEelSty Inetitutiaml Caeh 5.120
12065 Pidellty Snetltutlanal Caeh 5.120
12066 Pidellty Inetitutional Caeh 5.160 122.00
eUBTOTALB md ffi7DIBG BALANC& 1,337,456.00 0.00 5,620�099.00
MANT(i8D POOL ACCOUNPS (Monthly 9u�niyj
12060 pecific 9orizon Treaeury Pund 6.900 656.00
12061 Peciflc 9oriaon Treasury PunQ 6.800 16,738.00
SUHTOTALB end SNDIHG BALANC6 0.00 17�396.00 0.00
�
OS/08/1997 City of Palm Ueeert PM - 7
YORTPOLIO MABT&A INV&BTMBPT AGTIVITY BY TYPB CITY
� DEC6FID&R 1� 1996 - DSC&t�ER 31� 1996 ACCRUAL
STATBD TAANBACTION PUACBA8E9 BALSB/MhTOAITIEB
TYP& IIN&ST[�ffiNT M I88USA AATS MTE OA DSP08IT8 OA WIT�AAWALB BALANCH
"___'_'____________________'_"""""'_"'__'__'__'_"__'__'__'_'_'____'__________"__'__'__"'_'_"___"'____"_____'_________
7ACAL AGSNCY INV&34MENT FUI109 (Montllly 8u�eiyJ
12000 Local Agency Inveetment Pund 5.601 1�000�000.00 12�092,198.62
PA88HOOR/CH6CRING ACCOUNTB (Monthlp Su�ry)
13000 Bank of America - Checking 0.000 306,660.92
13002 HanK of Amerlca - 9evinqe 2.000 6,925,000.00 3,175,000.00
SUBTOTALb anA ffiiDIHG BALANCE 7,271,660.92 3�175�000.00 0.00
CABH WIT9 TRU8T8H -FIPBT TRUST (Monihly 8��ary)
24001 Caeh with Truatee 0.000
24002 Caeh wiN Truatea 0.000
26�03 Cae� wlth TrvetAe 0.000
26006 Cm� With Truetea 0.000
26005 Caeh w1tt� Trvetea 0.000
26006 Cneh w1tG Truetee 0.000
26007 Caeh vlth Truetee 0.000
26008 Caeh wlth Txuetee 0.000
4d009 Caeh wSth Truetee 0.001
26010 Cash wlth Truetee 0.000
SllBTOTALe and IIiDIliG HALANCB 0.00 0.00 0.00
COIMffiiCIAL PAPBR - DIBCOU[iT
Z�669�163.20
PSDBAAL AGSNCY I88VS8 - COUP�i
11,171,503.26
PSDBRAL AGIIICY S88U68 - DISCWPT
15006 A Fedaral Mortqage Diecount aote 4.330 12/13/1996 390,610.78 0.00
TRSABURY 88CURITI89 - COUPON
1&031 A Vnited 8tatee Tceaeury 6.375 12/17/1996 696�249.53
16032 A Unitetl Btatee Treeeury 6.375 12/17/1996 396,999.62
eUBTOTALe mA aNDINO BALANCS 0.00 893,269.15 27,576,693.26
�
O1/08/1997 Clty of Pelm Deeert PM - 8
PORTFOLIO M1f8T8R INV881T161Pf ACENITY HY TYPE CITY
DECePID&R 1, 1996 - DSCHMBBR 31, 1996 ACCAUN,
BTATSO TAAN9ACTION PUACBASEB 8ALE8/MATUAITI88
TYPS IIN&ST!ffiNT N I88U8A AATS DAT& OA DEP08IT8 OA WIT�AAWALB eALANCB
_""""""_"'____"_"_"__"""""""'_""""_""""""'_""'_""'_""""""""""""""""_"""""""_'
CIRY LOAN 1U ADA
19�000�000.00
""""""""""'____'_""_""""'_"_'_"_"'_'_"__'________'__'
'�'u9 8�609�096.92 5�480�Z53.93 77�729�657.�4
'�""""""'�""""'..��.....e.�.�...�...�..��""'.�..�.e��."""
._._..... . _— �
O1/08/1997 ~ PM - 9
City of Palm Deeert CITY
INVSS'II�NT ACTIVITY BUMMARY ACCRUAL
D8Cffi�IBSA 1995 through D&Cffi�IBER 19% .
YIffi.D TO IMTUAITY MANT.O&D N[A1HBR OF NUDIDSR OP AVSPA6E
MONT6 NUMHSA OP 70TAL 360 365 POOL 88CVRITI&6 8&CURITS88 AV6RAf� MY8 TO
EtiD YBAli BECURITI88 INV88TSD S4UIV BQUIV AATB PUAC8A88D MATUABD/80LD T6PM MATUAITY
___'_"""_'__'_____"_'_'___"__"____'_______'___'____"'_"'___'____'___"'_____'___'_____'____'__________'___'
December 95 68 71�636,895.18 5.688 5.768 5.602 18 4 905 752
January 96 66 84,686,612.25 5.662 5.720 5.162 2 6 766 618
PebruaLy 96 67 75,923,193.33 5.624 5.702 5.135 4 11 826 669
March 96 69 75,962,211.51 5.598 5.676 5.076 1 3 827 656
Apxil 96 78 75,277,800.04 5.553 5.630 5.171 1 2 B35 642
Mey 96 83 78,569,729.59 5.5'/S 5.668 5.175 7 3 853 663
June 96 87 86�019�131.72 5.665 5.766 5.177 5 1 858 670
July 96 87 86�789�752.15 5.688 5.767 5.138 1 1 870 658
Auguet 96 79 81�992�276.25 5.665 5.726 5.096 0 6 871 657
9eptember 96 83 80�806,935.19 5.709 5.789 5.160 5 3 916 683
October 96 03 79,561,918.06 5.689 5.768 4.122 2 2 92B 708
Nw�bar 96 80 78�701,280.76 5.718 5.798 5.122 1 5 959 726
December 96 77 77,729,fi57.16 5.702 5.782 5.121 0 3 950 693
""___'__'"""""""""""_""""'_"""""""""_"""'_""""'_""'_"'_""""'
AV8AAG88 � 77 S 79,361,016.86 5.658i 5.732! 5.172t 6 6 876 676
."""""'�""""""'�'..."'�.�""""""�"""""""""""""""""".......e.aa�e
�1
O1/08/1997 � ^ PM - 10
City of Palm Deeert CITY
DI6TAIHUTION OF INV881T1GNT8 8Y TYPE ACCI2UAL
D&Cffi�iBSA 1995 through,DSCffiUBBR 1996
MONTH "'_"'_"__'__'_""_""""""_"'_""""' TYP88 OP INV887Tffi1T8 """""_"""""_"'_"'_'_"_"_"""""
SND YSAA HCD 8m LA1 LA2 LAS PA1 PA2 MTN BAC CPI CON PAC PAD TRC TRD PID1 MC1
_____"'_'_'_"_"__'_'____'__'""__"_"____"_""__'_____'______"'_""'__'_"____"_________'__'__"_"'__'___________"___"'_
December 95 16.1 5.9 0.0 5.7 7.3 0.8 33.3 3.5 0.9 26.5
January 96 13.6 4.9 0.0 20.1 6.2 0.6 28.2 3.0 0.8 22.5
Pebruery 96 13.2 6.0 0.0 26.3 6.9 0.7 18.9 3.0 0.9 25.0
March 96 13.2 7.6 0.0 25.1 6.9 0.7 18.9 2.0 0.5 25.0
Aprll 96 13.3 7.2 0.0 26.9 7.0 0.7 19.1 2.0 0.5 25.2
May 96 9.6 5.2 0.0 25.3 6.7 3.8 22.7 2.0 0.5 24.2
June 96 2.9 4.6 0.0 20.8 6.1 9.2 32.2 1.8 0.5 22.1
July 96 d.6 0.0 19.6 6.2 12.3 32.7 1.8 0.5 22.6
AuguBt 96 7.9 0.0 20.5 6.6 9.7 31.6 0.3 0.5 23.2
September 96 5.0 0.0 19.8 6.6 6.2 60.7 0.3 23.5
October 96 3.4 0.0 20.2 3.1 11.5 1.2 36.3 0.3 23.9
Pwemher 96 5.2 0.0 16.6 3.1 16.2 0.5 36.2 26.1
Decambar 96 7.0 15.6 3.2 16.4 35.5 24.4
"""'_""'_"""'_""""'_""'_"""""""""""'""""""__"""""'_"""'"'_""""""'"'_"""_"'
AVBRAGBB 6.38 5.78 0.0! 20.1t 0.76 8.2i 3.4$ 29.7i 1.5! 0.4i 26.Ot
e..�..�...�..��..��..��.e��v.�:....:....m.e:...�.....�m....s.m:...:.s....:�.....:..s�...�...��.��..��..��..�:..�a:..=m
HCO - Certificatee of Depoelt - Benk 8CD - CBitlflcatoe af Depoeit - 8 6 L
LAS - PSdelity Treaeury Pool LA2 - Managed Pool Accounte
LAS - Local Aqency Inveetment Pu¢de PA1 - PeeeCook/C�ecking Accounte
PAZ - Caeh With Truetae -FSret Truat MLN - Medium TBsm NoteB
HAC - Bankare Mcepiance9 CpI - Cwmpeicial Paper - Inteieat BeasSng
COM - Co�em181 Pepar - DSecount FAC - Pedelel Agency IBeuBB - Coupon
FAD - F8Q8I81 AgBnCy Ie6ue6 - DSBCount TRC - Tne89uLy BeCuilt188 - Coupon
TAD - Treeeury 8acuritlee - Dlecount !ID1 - Tseaeuty 8ecurltlee - T-Hllle
MC1 - city LDen to ADA
��
O1/OB/1997 � PM - 11
Clty of Palm De6Brt CITY
INTBREBT 6APNINGB 9UI�4AARY ACCAUAL
DECBlID�t 31� 1996
MDNf6 BIiDIBO FI9CAL
DSC6MB8R 31, 1996 YEAA 10 DATB
CD/Coupon/Dlecount inveetmente:
Intereet Collected � 189�750.13 S 1�206,969.51
PLUB Accrued Intereet at End of Period 2,629,020.87 2,629,020.87
L888 Accrued Intereet et HeginnSng of Perlad ( 2�316�380.23) ( 1�781�128.00j
'_'_""""'__"' _'__'____"""_'_
Interaet Sarned during Period i 304,390.77 1,852,862.38
�.......��....�e.. �....�..as...�..��
ADJUeTED by Pzemiume an9 Diecounte -3,825.69 -20,088.26
ADJU8T8D hy Capital Gnine or Loeeoe 16,870.85 33,698.53
"_"""'__"'_" _'_____..___'_'_"'
6arninga during Perlad 317,435.93 1 1,866,272.65
........""""" '......�......��..
Mortgage Hacketl eecuritiee:
Inteceet Collxted S 0.00 ; 0.00
PLUS ACCLued Inteieet at Snd oE PexlOd 0.00 0.00
L888 Acciuetl Inteseet at eeglnning of Period ( 0.00) ( 0.00)
""____"""__" ______'__"_"__"
Intereet 8erned during PerioA � � 0.00 � 0.00
"""'�"""�"' ..e=....��"`�""
AA7UBTBD by Premlume and DSaCountB 0.00 0.00
AA7118T&D by Capitel deine or Loeeea 0.00 0.00
_""""'_'_""' __"'_"""""'_
8arninge during Periotl 0.00 ; 0.00
Caeh/CRecking Accounte:
Intaraet Collected S 0.00 S 563,287.87
PLUB Accruetl Intereat at Hnd of Per1oC 538�02S.S7 538�025.57
LB88 Accrued Intereet at Beginning of Period ( 658,666.27) ( 540,313.89)
________'_""__" "__________'_..'__
Intereat Satned duiing Peclod = 79,561.30 f 560,999.55
"................ .......�......�w�
TOTAL Intereet 8erned during Period S 383,952.07 S 2,393,861.93
TOPAL Ajustmenta fr� Premiume and Diecounte S -3,825.69 S -Z0�088.26
TOTAL Capital oaine or Loaeea = 16�870.85 S 33�498.53
_____'___"_"'_'_ ____"_"_""_"_
TOTAL 8arninge dux�ing Periad S 396�997.23 ; 2�607�272.20
...ea.�..m........ ...a�.a.a...:...�.
( �
01/08/1997 ^ Aeeeaement Dletxlct 03-1 PM - 2
INVS874�ffiNT POATFOLIO DPPAILB - ItN68'1TffiNTS CITY
D6C&lIDER 31� 1996 ACCRUAL
INV&STMENP AV�i11G6 PUACHA96 BTATSD --- Y'd7 "' MATUAITY DAY9
NUMBSR I88UBA . HALANCH DAT& BOOR VALUB PACS VALUB MAARET VALUB AATB 360 365 DATB TO MAT
'_'_""""__'_""""'_""'_"_'_""""'__""_""""""""""_"_""""'_"""'_"__"""'_""'_""""""""_
PIDELITY 17iEA8URY POOL �
12027 R Fidellty Inetltutloml Ceeh 65�667.00 65�667.00 65�667.00 5.160 5.070 5.160 1
12036 Fidelity Inetltutioml Caeh 194.00 196.00 196.00 5.160 5.070 5.160 1
_'_'_'___________ _____________' _____"'__'___ __"_""""' "_"' "'_" "_"'
SUBTOTALB and AVffiiAG88 65�599.71 64�861.00 65,861.00
65�861.00 5.070 5.140 1
""'_"'__"__"'_""_"""_"""__""""""""__'_"__'_____'_________"___"_"'____""'_'
TOTAL IINSB'ID1StiT8 and AVG. ; 65,861.00 65,861.00
65,599.71 65,861.00 5.0708 5.160i 1
�.�.see.e..�>e.eesav�mv.�..e......�."'e'."""""""""�""'�"""""�"".......�.....'.�""�"
�/
O1/08/1997 ^ Aeeeeement Dletrict 83-1 ^ PM - ]
INV&81M&7T PORTPOLIO DBTAILB - CA88 CITY
D&C&MBER 31� 1996 ACCRUAL
IIN887TffiliT AV8RA6ffi PVRCHA88 8TAT6D -'- YYM --- MATUAITY DAYB
NUFIDER I88USA HALANCH DATS HOOR VALUH PACB VALUB MARRPP VALU& AAT& 360 365 DATS TO MAT
________'_""'_"_'_"""___"____'_'__'_'__'__'_'____'_'__"______'_"__"""""__"""""_'_"'_"'_"___'__"____________
CABH WITd TAOBT88 -FIPST TRUBT
24002 Caeh wiffi Truetee 0.77 0.000 0.000 0.000
AVBRAGES 0.77
"""'_""_"_""_"_"_""""""_"""_""_"__""""'_""""_"'__'__'__'________"_"_"'
TOTAL CA80 and INVE877�NT8 ; 65�600.68 65�861J7 �
r3
OS/08/1997 ^ 1995 Aefunding Bonde 86-1-A PM - 2
I1iv88TMBNT PottTHOLIo b�'1`AILg - ItN86TM@NT9 CITY
DHCSFIDER 31, 1996 ACCRUAL
INVEBT!ffiPT AVBN116S PURCBABB eTATBD ___ y� __' MANRIIY DAYe
NUAIDHR I88UBR HALANC@ DATB BOOA VALUS FACH VALUS MAAREP VALUE RATB 360 365 DATB TO MAT
'_"_""'_"___"_"""_"_"_"""'_"""'_'___'_'_______________"__""_'_'_"'_'_"'__"'_""""'_"__'_"""'_""""
PIDELITY 1718A8VRY POOL
12025 R Fidelity Inetiiutional Caeh 697�127.00 497�127.00 697�127.00 5.120 5.050 5.120 1
12035 Fitlelity inetltutional Caeh 796.00 796.00 796.00 5.120 5.050 5.120 1
____'_______'_'_' ""_"""_" ""'_"""__ """_"""' """ ""'_ ""_'
eVBTOTAL& and AV8NA08B 100�864.94 697�923.00 697�923.00
697�923.00 5.050 5.120 1
TA8A8URY BECURITIEB - COUPIXi
AVBRA6E8 206,895.61
"'_"""_"'__"_""""""""'"""_"""""_""_""""""_"__"_"""_""""""""
TOTAL INVBB'dfeNT9 nnd AVtl. S d97,923.00 497,923.00
305,760.56 697,923.00 5.0509 5.1204 1
a.......e............ma..m.sa....���.....��.....�......��....��........v�...m..��..��..��..��..��..��...e
1�
O1/OB/1997 � M 87-1 PM - 2
INVE8TM6NT POATFOLIO DSfAILB - SiN88'd�ffi7T8 CITY
DBCSlIDSA 31� 1996 ACCAUAL
INVE9TI�NT AV6AAG8 PUACNA88 BTATSD "' Y1M "- MATUAITY DAY6
NUlIDSR IBBUSA BALANCH DAT& e00R VALUB PACB VALUB MAFRET VALUB P]fT8 360 365 DATB TO NAT
__'___"""""_""_"'_""""""""""""_"""""""'_""_""""'_""__"""'_"'_""'_""_'_"'_"_""'_""'
FIDBLITY TAEA9URY POOL
12028 R Fidallty Inetltutlonel Caeh 167�059.00 167�059.00 167�059.00 5.120 5.050 5.130 1
12036 FiCelity Inetltutlonel Ceeh 362.00 362.00 362.00 5.120 5.050 5.120 1
""""""""' """"""" ""'"""""' ""'_'_'_'__' ______ ______ _"_"
SUBTOTALB and AVSPAGEB 166,757.45 167�601.00 167�401.00
167,601.00 5.050 5.120 1
MAlII+GSD POOL ACCOUNTS
12060 Pecific 8orizon Treaeury Pu 0.00 0.00 0.00 4.900 6.833 6.900 1
120G1 Peclfic Horizon Treeeury Pu o.00 0.00 0.00 6.800 6.736 6.800 1
"""_""__"_' "_'____'____' '___"_"""" _"'_""'_"' """ ""__ '_"_'
eUeTOTALe end AVSPA088 16�832.90 0.00 0.00
0.00 0.000 0.000 0
'_"'_"'_"""""""'_'__"'_______________'_"__"_""'_"_"__""__""""______""""""'_
TOTAL INVEeRMENTB and AVG. ; 167,d01.00 167�401.00
183�590.35 167,601.00 5.050t 5.120i 1
":s�:a=a:�::�:�"�a��asae:a..am......'e.""""""""�.e"':...:.::.:az�:::....:m""'�"'m�.Qe���a
/'
� �
O1/OB/1997 ^ AD 87-1 PM - 3
- INV&eR7�NT PORTFOLIO D8TA2L8 - CABA CITY
DECBPIDSR 31� 1996 ACCRVAL
INVE87PffiNT AV3RAGB PURCHAHS BTATBD --- Y'IIA --- lfATUAITY DAYB
NUI�IDBR I88USR HALANCS DATS HOOA VALU& FACS VALUS MAN3CET VALUB PATB 360 36S DAT6 TO MAT
_"__"'____'__'__""_""""_"'_'________'_______"__'__'__'""'_"'"_"'__"""'_"'__'_'_____"____'____'_____________"_'_
ra_aH WIT6 TRVSTSB -PIABT TAVBT �
26009 Caeh wlth Truetee 0.57 0.001 0.001 0.001
AVENA�88 0.57
____________________________________________"___""__""'"_"'_'_"____________'__"____'__'_'_______
T(1PAL CABH antl INVSBTMENTB ; 183�590.92 x67�601.57
.:se.s.:.�:..s�ez�s:.se....:.:m...=.�....:e..e:n..e....��....��....�...��..��..��..��..�...�.��..�m..ena
��
O1/08/1997 InEim ASCge 91-1 9eriee A � ^ PM - 2
INV88T[�FT PORTFOLIO DSTAILB - INV891TffiiT8 CITY
DBCEFIDSR 31, 1996 ACCRUAL
INV88TMeNT AVBAAci6 PUACPABs 6TAT8D "- Y�At -" MATUAITY DAYB
M1EIDgR I99UEA BALANCB DATB HOOA VAL[IS FAC& VALUS MAPRH'P VALUB AATE 360 365 DATS TO MAT
""__"'__"'_"'_"_"_"_'______________'_"'__"'_'_""""_'______"_"_""'_""""____'_""'_""'_"""___"'__"____'
FIDBLITY 7RffiA9URY POOL
12015 FiAellty SnetStutloMl Caeh 636.00 634.00 634.00 5.120 5.050 5.120 1
12016 I Pidellty Inetltutioml Caeh 745,180.00 745,180.00 765,180.00 5.120 5.050 5.120 1
12022 R Pidality InetStutloml Cash 1,280,522.00 1,280,522.00 1,280,522.00 5.120 5.050 5.120 1
___________"'_" """"__'___ """'___"" _"______"_"' "'___ '_"" __""
BUHTOfALe and AVffiiA0E8 1�525�806.00 2�026�336.00 2�D26�336.00
2,026,336.00 5.050 5.120 1
TRBABURY 8&CUAITI&8 - COUPON
AVBRA6E8 256,119.51
_____""""'_"___"'_'__"___"'____""""_"_______"_"'__"'_'_'_'""""_"_""'""__"_"'
TOTAL INVESa�ffiNT8 anE AVG. S Z.026,336.00 2,026,336.00
1,781,965.51 2,026,336.00 5.050t 5.1208 1
""'s�.......��v»e"""""""""""..«..ee""""""""'.e�..a."""""""""'...e"""'
/ �
O1/OB/1997 Indian Ridge 91-1 8eriea A PD7 - 7
INVB8ITffi7T PORTPOLIO DETAILB - CASH CITY
DfiCEFIDBA 31, 1996 ACCAUAL
INV881TffiiT AVEMf� PUAC9AeS 8TA7BD "- Y1M -" MATUAITY MY8
NUFIDER 288UEA HALAliC& DATS HaOR VALOE FACS VALUB MAPR6f VALUS AATB 360 365 OATE TO MAT
CASH 47IT9 TRU9TS8 -FIABT TRUBT
24004 Ceeh Wlth TiuBteB 1.37 0.000 0.000 0.000
AVffiiA0S8 1.37
"_"'_'_'___________'_'_'___"'___""_'_'_'_""'___'______'__"'""""_________'__"""_____________
TOTAL CABH anA INVE87TffiNTS f 1,781,966.88 2,026,337.37
�..�s..z..ma�..=ay."""'.�""""".......""""""""""�s...�."""e""'�.....m.se"""'m�
�
� �
OS/OB/1997 � Indlan AiCge 91-1 eeriee e PM - 2
INVSBTAffiNP POATPOLIO DSlAILB - INV681MENT8 CITY
DSC&t�BR 31, 1996 ACCRUAL
INVE87TiBMl AV6PAl� PUACHABB BTATHD '_' yqy _'_ lATUAI77 DAYB
NUPIDSR I88USR HNJfNC6 DATS HODR VALUB PACB VALUS MARRSP VALUS MT6 360 365 DATS TO Ml.T
"""""""""'_'_""'__'_"_""_"""'_"""_'_"'_"""_""""""""'__"""'__"""""""_'_"_""___"'_'__'
PIDBLITY TASABUAY FOOL
12042 I Fidelity InetitutSoml Caeh 706,355.00 706,355.00 706,355.00 5.120 5.050 5.120 1
12043 Fidelity Inetitutional Ceeh 50�806.00 SO�B06.00 50�804.00 5.120 5.050 5.120 1
12043 R Fidelity IneCltUtlonel Ceeh 168,126.00 168,126.00 168,126.00 5.120 5.050 5.120 1
12046 Fidelity Inetltutionnl Caeh 0.00 0.00 0.00 5.120 5.050 5.120 1
___"""'__""__ """_""___ """"""'_ __""__"_"' """ "__'_ "'""
SUB7Y7lAL9 antl AVSPA088 921�726.61 925�285.00 925�285.00
925,283.00 5.050 5.120 1
F6DSPAL AGSNCY I98U&8 - CVUPON
16003 I Federal Hame Lomm Bank 12/12/95 1,000�OOO.B2 1,000�000.00 1,000,000.00 5.020 5.397 5.47Y 01/02/97 1
16005 I Fedecal Home Loan Hmk 12/12/95 1,021,002.59 1�000�000.00 1�000,625.00 6.285 5.608 5.686 07/28/00 1�306
14001 I Pederal Hationel Mortgage A 12/12/95 1�001�959.86 1,000�000.00 1,000,000.00 5.650 5.386 5.661 30/20/97 292
14002 I Pederel Nationnl Mortgage A 12/12/95 1,066,991.73 1�000,000.00 1,054,375.00 8.450 5.877 5.958 07/12/99 922
16006 2 Federal Natlonal Mortgege A 12/12/95 1,098,376.12 1,000,000.00 1,082,812.50 9.050 5.620 5.699 06/10/00 1,195
"'_"""_______ "'_'_""____ _""_""""' __"'_'__""' "'_" "'_'_ _""'
SUBTOTALB enE AVSNAG&8 5�188�838.72 5�186�331.10 5�137�812.50
5�000�000.00 5.582 5.660 756
TA6ABUAY 88CURITIHB - COUPQi
16004 Unitetl 8tatea Treaeury 12/12/95 385,911.56 385,000.00 385,721.BB 6.875 5.233 5•70B 02/28/97 58
16005 Vnitsd etatee Treaeury 12/12/95 292�Z26.50 Y91�000.00 291,27Z.B1 6.000 5.266 5.319 OB/31/97 262
16006 R UniteA 8tatee Tzeaeury 12/12/95 688,025.70 484,000.00 483,395.00 5.875 5.261 5.314 08/IS/98 591
16007 I UniteE 9tatee Treaeuxy 12/12/95 1,025,867.27 1,000,000.00 1,008,750.00 6.375 5.338 5.413 O1/15/00 1�109
16008 R United Statee Treaeury 12/12/95 d72,638.83 665,000.00 665,998.66 8.000 b.279 5.352 08/15/99 956
16009 I United etatee Treaeuxy 12/12/95 1�030�855.26 1�000�000.00 1�023�637.50 7.875 5.212 5.286 04/15/98 669
16010 I United etntee Treaeury 12/12/95 1,029,051.06 1,000�000.00 1,020,000.00 7.125 5.272 5.345 30/15/98 652
16044 I United 8tatae Treaouzy 09/13/96 1�003�166.63 1,000,000.00 1,002,812.50 6.875 5.d68 5.563 03/31/97 89
""'___"""'__' ""'_"'___" __'_"'"____'_ ___"'_______' ___'_' ""__ __"'_
SUHTOfALB and AVERAGBS 5�731,083.20 5,727,700.81 5�681,388.13
5�605�000.00 5.301 5.375 561
'_____"___""_"____"___"""_'__'__"""""__""'_""'_"""_"'_"'_"'__'_"'_""""___'
TOTAL INV887MENT8 and AVG. ; 11,839,316.91 11,746,685.63
11�861�668.53 11�530�285.00 5.605\ 5.6BM 603
""'a�..a:es:::..:....a�.:........�......�:....'�."...ae:..""'....m.e."�'..�...."""�s."�"'�"'
1 I
O1/08/1997 � InAien RSCge 91-1 8erlee B PM - 3
INV&8�1&iT PqKlFOLIO DHTAILS - CA89 CITY
DSC&FIDSA 31� 1996 ACCAUAL
INVSBTM¢PT AVSAACe PVACBA9S BTATSD --- Y'dA --' MATUHITY DAYe
NUMBBR I88USA HALANCe DATS HOf)lC VALUS PACS VALUB MARRT VALVS AAT6 360 365 DATB TO MAT
'__'____'___'_"""""'_"""""__'_'__________'_""_"_"'___'__"____"___"___""""""__'_"'_'__"__"__'____'_____"
CASH WITH TAU8T88 -FIRBT TAUBT
26010 Ceeh wiffi Truetee 1.62 0.000 0.000 0.000
AVIDiAGBB 1.62
"_"""'_"_"""""""""'_"'__'____""""""'_"_"""""'"__'_'_"""_""_"""'__'___
TOTW. CA9H and INV881TffitiTe ; 11,841,649.95 11,839,318.33 �
�t-CJ
OS/OB/1997 � Bierre Nwe 92-1 ^ PM - 2
INVB6ITffiIPf POATFOLIO DETAILB - INV88RMffi7T8 CI1Y
DfiCBt�IDBR 31� 1996 ACCAUAL
ItNSBTFffiNT AVBMQ& PUACHA88 BTATSD --- Y7T7 --- MATUAITY DAY9
NUlIDBR I88USA 9ALANCB DATB BOOR VALU& FACB VALUB MARICBT VALUB AATB 360 365 DATS TO MAT
PIDBLITY TASABUAY POOL
12004 Fidelity Inetltutional Caeh 52.00 52.00 52.00 5.170 5.099 5.170 1
12005 Fidelity Inetitutioml Caeh 50.00 50.00 50.00 5.170 5.099 5.170 1
12006 R FSAelity Inetitutloml Ceeh 246,853.00 246,853.00 266,853.00 5.120 5.050 5.120 1
12007 Fidelity inetitutioml Caeh 19,636.00 19,636.00 19,636.00 5.120 5.050 5.120 1
12045 PSEe11ty InetlEutioml Cea� . 181.00 181.00 181.00 5.120 5.050 5.120 1
"""'_""""' """"""" __"_""""' '_"_'_""'_' """ "__" "'_"
BUBTOTALe md AV�IA088 265,171.29 266,770.00 266,770.00
266,770.00 � S.OSO 5.120 1
_'_____"""""_"""'_""'_"""_""""""""""""""'_"'_""""_""""'__""'_"
TOTAL INVE8�iT8 antl AV6. ; 266,770.00 266,770.00
265,171.29 266,770.00 5.050t 5.120t 1
'..�.""'�""'�"'�""e�"""""'.'�""..a.....a..e.""..'�'."""�"�"""""""'.�..a"""
� �
O1/08/1997 eierre Nove 92-1 PM - 3
INV881MENT POATPOLIO DBTAIL9 - CA99 CI1Y
DBCP.DIDSR 31� 1996 ACCAUAL
INVE9TMENT AVSAA08 PURCBA88 eTATBD "' Y1M "' MATURIIY DAYB
NUDIDBA I88USA BALANCB DATE BOOR VALUB FACB VALU6 MANRET VALUS AATS 360 365 DATH To MAT
CASH 41ITH TRUeT88 -FIReT 7RUeT
24008 Caeh with Truetee 2.86 0.000 0.000 0.000
AVEAA088 2.86
"""""'_"""_"__""'_""""'__""_""""'_'_"'____'__"_________"___"__________"_"""
TOTAL CABH antl INV&B'ft�PTB i 265�176.13 266,772.86
Z�
OS/08/1997 Hig 6orn 96-1 PM - 2
INV991T16Nf POATPOLIO DSTAILB - INV88'II�ffiIT8 CITY
D&C�iBBR 31� 1996 ACCRUAL
IPVSS7TffiNT AV8PAG8 PUAC9AS& 8TAT8D "' Y7M "' MATUAITY DAYS
NUFIDffit IBBUEA BALANCB DATB HWA VALUB FACH VALUB MAPAST VALUB MT6 360 365 DATB TO !AT
_"'_'___""""_"""_""""""'_"""'_"""""_"'_"""""'_'_""_"""""""""""""'_'_"""'_"_"_""'
PID&LITY TASA8URY POOL
12018 R P1de11ty Inotltutlonal Caeh 721�413.00 721�613.00 721�613.00 5.120 5.OS0 S.1S0 1
12019 FSdelity Inetltutloml Ceeh � 99.00 99.00 99.00 5.120 5.050 5.120 1
12020 I Fidelity InetStutioml Caeh 6�973.00 6�973.00 6,973.00 5.120 5.050 5.IZ0 1
12021 PSCelity Inetltutlonal Cash 263.00 2C3.00 263.00 5.160 5.089 5.160 1
"_"__""""_' "'_""'_"" """"""" _""""""' '_"" "__" """
SUBT07'ALS end AVERAG&8 360,759.29 728�728.00 728,728.00
728�728.00 5.050 5.120 1
P&DEAAL A�SNCY I88U&6 - DIBCOUNT
AVSAAGSB 152�752.56
_.""""""""""""""""__'_"_"""""""'_"""""_""W_��..�..�..�.._..�......"""'_""'
TOTAL INVS4S}ffi7T3 and AV6. ; 728�728.00 728,728.00
49J�511.85 728�728.00 5.0508 5.120i 1
""'�"'�""""""'��"��""'.��""""""�"""�"""""""'�"""�"'�"'��..e:..nee�a:s=�e
ti3
OS/08/1997 Big Horn 94-1 PM - 3
INVE84TffiVT PORlF'OLIO DETAILB - CA6H CITY
DBCBMBER 31� 1996 ACCAUAL
INVEBTAffit7T AVSFIIGB PURCHA9B BTATSD "- Y'II�t --- MAIVAITY DAYB
11UMBSA I88U8R BALANC6 DAT& HOOR VALUB PACS VALUB MARRbT VALUS AATS 360 365 DATS TO MAT
"____"'__'____'____"__""'_'__________'__'_""_""'_'__"_"'___'_"_______'_'___'_"_______'________'_"___"_'__'__'__"'_
CA6H WIT9 TAUeTS& -FIRBT TRUBT
26007 Caeh wlth Truetee 1.30 0.000 0.000 0.000
AVEIiA0S8 1.10
___'___"'__'___'_'__"_'__"'__'__"__"_""__""__""""""_'__"""""___"'_'__'_'_____""__
TdPAL CA69 md INV8874�1P19 ; 493�512.95 728�7Z9.10
ma..�..a�.��"""""""...."'�""""........................"""'�....."""�""'.�.ve�..��..
� �
OS/OB/1997 Sunterraca 96-2 PM - 2
INVSeTMENT PORTPOLIO DHTAILB - INV&8'IDffi1T8 CI1Y
DSCePIDBA 31� 1996 ACCAUAL
INVEBTI�NT AV8AA8& PUACHABE 8TAT8D "' Y'dd "' MATUhTTY DAY$
NUGIDBR I93UEA HALANCS DA1B BOOA VALUE FAC& VALU& MARRBT VALU& AAT5 360 365 DAT& TO MAT
"'_____________"""""'__'___"_"""___'_____________'_'_'_"'_'_'__'__'_"'__"__________"_""""""""'____""'__'_'
FIDBLITY TASASURY POOL
12009 I Fidelity Inetitutional Caeh 33,992.00 33,992.00 33,992.00 5.160 5.070 5.160 1
12030 R Fidelity Inetitutlonal Caeh 126,977.00 126,977.00 126,977.00 5.140 5.070 5.160 1
12032 Fidellty Inetltutlonal Caeh 32.00 32.00 32.00 5.160 5.070 5.160 1
12033 FidelSty InetStutlonal Caeh 81.00 81.00 81.00 5.140 5.070 5.160 1
"'__""___"____ _'___'"'_""_ "_"'_'_""' '_""'_______ '__"' _""' ______
9UeTOTAL& and AVffitA6E8 � 160,603.96 161�082.00 161,OB2.00
161,082.00 5.070 5.140 1
'_'_""""""'_""_"""""""""_""_'_____'_""_""_""'_""_""_""'_"__"""_""
TdPAL INV58TlI&7T8 end AVO. ; 161,082.00 161,082.00
160,603.94 161,082.00 5.070R 5.1604 1
.Qma.a...ea�..�.�a�.:..«..................��....ee...e��a.em.�a�.ez...........�..��..��..ea..�amea_�s.a
✓
Z�
O1/08/1997 eunterrece 96-2 � PM - 3
INVEB'd�ffi7T POIYfF'OLIO DSTAILB - CABH CITY
DBC&MBER 31, 1996 ACCRUAL
INV881MEI7f AV&AAGB PURCBAS& 8TAT6D -" Y1M "- MATURITY DAYB
NUDIDaR S88USR HALANCS DAT6 BOOR VALU& PACS VALUS MAAREf VALUE RAT6 360 364 DATS TO !AT
CASH VlIT9 TAUST68 -FIRBT TIq18T
24006 Caeh with Truetee 1.77 0.000 0.000 0.000
AVBAAGHS 1.77
""""'_"__"""""""'_""_"""_""""""""""""_"""""""""""'_"_"_""""
TOTAL CA89 anE IPVSeTTffiNTS = 160,605.71 161�083.77
2�
O1/08/1997 Merano 96-3 PM - 2
INVESTI�ffiNT PORTFOLIO D&TAILB - II1VS81MSNT8 CIT1f
DBCEFIDER 31� 1996 ACCAUAL
INV88TMENT AV&M(i8 PURCHABE BTAT&D '-' Y'dA --' MATURITY DAYB
N@ID8R I88VSA HALANC6 DATB BOOR VALUS FACS VALUS MAAR6T VALUB AATB 360 365 OATS TO MAT
'_"_"'_"'_'____"'_'_________________"_""""__""_________'__"__'___"_'___'_'___"___"_"""_'_""'_'_'______"_'_'___
FIDELITY TRSABUAY POOL
12011 Fidelity Inetitutional Cae� 18.00 18.00 18.00 5.140 5.070 5.160 1
12012 I Fidelity Inetitutloml Caah 388�666.00 388,666.00 388,664.00 5.120 5.050 5.120 1
12013 A Fidelity Inetltutlonal Caeh 125�97'/.00 125�977.00 125�977.00 5.120 5.050 5.120 1
12031 Fldelity Inetitutlonal Ceeh 12,106.00 12,106.00 12,106.00 5.170 5.099 5.170 1
12037 F1AelSty Inetltutlonal Caeh 19.00 19.00 19.00 5.120 5.050 5.120 1
'___'___'____'___ '___""'____' '_'_"""__" _'_"'_'_""_ "'_'_ "____ """
SUBTOTALB and AVEfiAGEB 524,756.58 526�784.00 526,786.00
526,786.00 5.051 5.121 1
_"""__'_"""""'_""""""__""'__"""""'_""'_"""""""""""_"_""_""'_"
TOTAL INV&BRA�fB antl AVti. S 526,786.00 526,784.00
52d,756.58 526,786.00 5.OSli 5.1219 1
2 ?
O1/08/1997 Masano 96-3 � - 3
INV88TTffi7T PORTPOLIO D&TAILB - CABH �=TY
DBCFdIDBA 31� 1996 ���
INV887T�[iT AV&AAf� PURC6A88 BTATSD "' yy41 '__ MATqRITY DAYB
NWIDBR I88USR BAL7�[iC8 DATB B00H VALUS PACB VALUB MARICeT VffiU& AATB 360 365 DAT& TO MAT
""""""_""__""'_"_""'_"_"_"_"""'_""""__"_"""__"_'_"""'_"__""_"'_""_"""_"'_"_""___"'_'_
CA80 WITB TAU8TB8 -PIABT TAUBT
2E005 Cash with Truetae 2.72 0.000 0.000 0.000
AVSEtAG88 2.72
"_'_____"_""__'______'_'__"______'_""'__'____""'____"""""""""""'__'__-'______"_'_____
TOTAL CAeH md INV88TMENT8 ; 524�759.30 526�786.72
'�:':"�"'�v..�=...."'.aa..:..e""�n�..:..�"'.��.....�""'�....."e�'.�..»""'�"..:."�'.�:....
2�
O1/OB/1997 95 A8V BND: 83-1� 84-1-R� 87-1 � - 3
INVEeII�ffiiT POATPOLIo DSTAIL9 - CABH CITY
D8C8I�IDSA 31� 1996 ��U�
INV88TME[7f AV&MGS PURCHN88 6TATSD __' yy� "' MATURITY DAYe
NUEIDER I88U8A HALANCE DATE EWOUIC VNN& FACE VALUE MAAAET VALUS AAT& 360 365 OA7B TO M71T
"______"""""_""'__""""""_'__"""""'___""_'_"'___"'_"_"""""'_""'__""""_""'__""_"""'_"""
CABH Y7IT9 TRUeT68 -PIRBT TAUBT
26003 Cmh wlth TiuBtea 2.90 0.000 0.000 0.000
AV�tA6S8 2.90
_"_'_______""'__"'__"'_________"__"__'_"__"""_'______""_____'_""____'___"'_'_'__'_"__"
TUPAL CABH and INV887T�IPfB S 53,723.86 53,931.90
.e...n..��..a»..��.......a..��......:::e�..�.....:::a.......:..a:..................�..:..��e..::......�
�D
O1/08/1997 � Clty O�naral Pund ^ PF1 - 2
INV&8Tl18NT PORTFOLIO DEPAILB - INVEBSfffiIT8 CITY
DSCfit�BR 31, 1996 ACCAUN�
IIN687TffiNP AVBAAaS PVACHABE 8TAT8D "' Y1T7 --' NA111RITY DAYS
PUFIDER I88U8R HALANC6 DAT6 HOOIC VALUE PACH VALUS MAAI�T VALUS AAT& 360 365 MTE TO MAT
"'_""'_""_"'_"'_"""""'_'__"""'__"""_"""""""_'_"""'_""""""""""'___'__""""""""'____'_'
7ACAL AG&NCY IINEB'Affi7T PUND9
12000 Lxal AgenCy Inv88tIDBnt Fun 12�092�198.42 12�092,198.42 1Z�092�198.42 5.601 5.526 5.6D1 1
AV&PAG88 12�672,863.58 �
COMffitCIAL PAPER - DSBCOUNT
20001 Gotham Funding Co�arcial P 10/22/96 2,669,163.20 2,500,000.00 2,672,500.00 5.350 5.617 S.C92 O1/13/97 12
AVSAA088 2�469�163.20
P&DEAAL A0ffi7CY I86U88 - C011P011
16006 pedaral Hwa Loan 8ank 11/OS/96 1,998,791.67 2,000,000.00 2,003,1Z5.00 7.250 7.263 7.36d 11/O1/O1 1,765
16007 Pedarel H�e Lom Hmk 10/26/96 3,986,380.69 4,000,000.00 3,988,750.00 S.B20 6.019 6.102 11/02/98 670
"_"""""____ """"""" """"""'_ "'_""""_' ""_' """ _"'_'
SUeTOTALe end AVSAA088 5�986,873.29 5�985�172.16 5,991,875.00
6�000�000.00 6.434 6.536 1�036
7REASURY BBCUAITIS9 - COUPON
16001 United 9tatee Treaeury 10/27/96 1,999,788.01 2,000,000.00 2,003,125.00 6.750 6.726 6.818 02/28/97 58
16036 UniteA Stetee Treaeury OS/31/96 1,998,687.81 2,000,000.00 2,001�250.00 6.000 5.967 6.050 05/31/98 515
16035 United 9tatee Treeeury 05/31/96 1,976,672.27 2,000,000.00 1,981,250.00 5.125 6.061 fi.125 03/31/98 656
16036 flnited Stetae Treaeury O6/26/96 2,979,045.07 3,000,000.00 2,996,250.00 5.875 6.252 6.338 OB/15/98 591
16037 Unitetl Statee Treaeut�y O6/26/96 2�933�050.16 3�000�000.00 2,957,812.50 5.125 6.316 6.602 11/30/98 698
16038 United Btatea Tseasury 06/26/96 1�986�84Z.67 2�000�000.00 1�990�000.00 5.375 6.052 6.136 I1/30/97 333
16039 United 8tatae Tiaaeury 06/26/96 1,999�473.61 2�000�000.00 2�001�875.00 6.000 5.950 6.033 OB/31/97 262
16042 United 8tatee Treaeury 09/13/96 1,977,431.60 2,000,000.00 1,981,250.00 5.125 6.068 6.152 02/28/98 623
16043 Un1L8G SteteB TTeacury 09/17/96 2�005�196.51 2�000�000.00 2�005�625.00 6•500 5.593 5.670 06/30/97 119
16045 United 6tatee Treeeury 09/05/96 1,992,806.96 2,000,000.00 2,005,625.00 6.125 6.270 6.358 08/31/98 607
"'_""""'_'"' "_____"""" __"'_______'_ ""'__'__'___ ""__ _""' """
BUHTOTALB and AVSPAGEB 21,865,209.68 21,868,992.d5 21,924,062.50
27,000,000.00 6.137 6.242 425
_'__"'_""'__""'_______"_'_""""_'______'_""_"_""____""'_""""____'_'_""'___""'
TOTAL INVS87Tffi7T8 and AVG. = 62,395�526.23 62,680,635.92
62,972,089.75 4II,592,198.42 5.962k 6.065t 366
aae�a...s"'�"""e....mas.."'.�""""."""""'�""'�""""""""""'�'�"'�"""""""'
�/ (
Ol/08/1997 CSty oaneral Fund PA1 - 7
INV88T!ffiiT POAT£OLIO D8T11IL8 - CABH CITY
DECElIDBR 31, 1996 ACCRUAL
INV881't�@NT AV�i11GB PUACHA88 8TAT6D '-- Y7M "' MATURITY DAYB
NUMBBA IBSU&A HALANC6 DATB HOOR VALUB PACB VALUB MARREP VALUB AATB 360 365 DAT6 TO MAT
"_'_""""""""_"'____'_"""__""_""""___"___"'__"__""_""'________"__""___"""______""""'__""_____
PA88HOOR/CHBQCING ACCOUNTB
13000 Bank of Amerlce - Checking 168,371.36 0.000 0.000 0.000
13002 Benk of A�rSca - eavings 6,575,6Y8.30 2.000 1.973 2.000
______"""'_ _"""""___ '__"' ""_'
BUeTOTAL9 and AVHIiA0B8 575�682.19 d�766�005.66 1.903 1.929
Accrued Intereet at Purchaee 69�269.28
""""""'_"_"____.._-_________"'__'_""__"_'_'______""'__"""'_'___'__'_
TaTAL CASH ; 6.813.276.96
s.aee."m""""""'�"..��..�.��""'.�""""""""""""""""'......""""""�....."'�'
TOTAL CABH and I6V68T!ffiNTS S 63,567,571.96 47,208,801.17
""'��"�"'��..��a�m....""�""��""�'......m"'.'�""'��'.......�a'.""�"'...:...a:..����a.u:x
� �
O1/OB/1997 CITY LOAN TO RDA PM - 2
INVB8TM6IiT POATP�IO DBTAILB - INV&8II181iT8 CITY
D8C8lIDSR 31, 1996 nCCHUAL
INV88T[�IIT AVHFAG@ PURC9A9S BTATBD ___ y.ad _'_ MATORITY DAYB
NUMBHR I98U8R BALANCB DATB e00R VALUS PACH VALUS MAN1�T VALUB AATB 360 365 �AT6 TO MAT
"_""""'_'_""'_"'_"""""'__"__'__""'_""""'_""_"""'_""____""""'___"""'_"'_"____""'_"_"'_'_"_'
CITY LOAli TO ADA
12001 Aedevalopmant Agency-Loan 07/O1/95 19�000�000.00 19�000�000.00 19�000�000.00 4.538 5.662 5.538 07/O1/01 1,662
AVffitA6S8 19�000�000.00
"_"_"___'______'_____'__'___'___""""""'_'_"_____"__________'_'_"""'_____"__'_________"
TOTAL INV887TffiiT8 anC AV6. ; 19,000,000.00 19,000,000.00
19�000�000.00 19,000,000.00 6.462t 5.538t 1�642
....................e...."'."'.`�'..............."""""............."'............................
{ �
�
� � � � � �
� � �
� a � a a
� � � � � � � � � � �
Z Z Z Z
s
�G Ww Ww WNµI Ww Ww WW WNy� Ww W ; ; ; � > � > � > � >
.3 Y > > > Y ) Y Y > Y Y > } } > > >
3
� � } � } � } � � � } � T � T � r � r � } � Y � � � Y � }
y Q J Q J a J a J Q J Q J a �I Q J a J Q J Q J Q J Q � Q J
� ; � ; S ; � ; S NS ; S ; S � 8 � 8 � S � 8 ; 8 ; 8 � S
w
o ; �� .� �€
V �� E� �� � � c�
a � � E E �.4 � �� � � E a �gu E
� $ � S g � .�� � � � �E� � � � y �°�`
�o� � ��j a�.s � � _� E� � � � � Y_�`g��gQ�p �
.��i$ "'� '� ��,�`o �i,C� �;�2i�
.�
��
g a� 3$�� ,� � ��' � ��.�
� Qa �
w �� $��8 - � �
N E E E Y g� �E � � S �� E 6 � E s E
� � 8 E S � ��� �` -� '" ���� S � 8 R�� g
� � � � ���
�� � � �
� ��� Z �$� ��
?� �y m W LL (� 2 — Z �
� � � � � � � � �� � � � � � �
� � � � � � � �
� � � � � g �
� �:;E��C= � � � � � � � � � � LL �
�.'.- r � a . � � �a�. U`
� � 41 y � � � a,pO a � � � LL � ��
� ; 0 �
m � �
� � � � � � �
-- --- -_ _
�-
� � � n �
s ':a
s
a
� ;
�
� : � Wq ."O T TI Q �1 'O
! � � j� Do�i 3 �4 � 43 � n � � m 3
��� �i- < � cc c m � 3 .� � �
i < o n w� � � 1D y � 9; -p'
a
� .j 01 � p � mOO�� y � � '� p
; � �" � s � > > m « � �
$ . � a� a n � y � c
� � �
.'' �� .. ,' ± � w � o : O 'On a
ib p
.2 %� V b
� i. � � O p o _'
�R n ,�F"� O L q � y �
I ¢ —
! ' j �
� Y 9 0
I 9 �� �
Y �
$ � 1 �� '� N M M W fN fq �q N
� � � s���� § . yl .K m� O�D (O NWpq(y �N IJ A Q
� � � �z ti � O(Jl� fT � O �D A Oi � N V(� Np� 41
. . n �•.���� � X� � O N QI 8dl�A pp � N W f0 f0 A fA O
y � i ,��,, j J010 000 NOQ� 41 W AfJ O �
g i ,v $ �109a $ $ $ �� , oN $ $ $ �
, �
N (p
�^ ; M q. � � l0 N �N N N N
� 8
�� R f� �' p� 8W(q �q Otp�y
(D f O (O O W � f O N O �
�� � n N(��(� V 0p00p f�J Opf�J (�.� m pOtpOOp �
. .�. : i X� ' NNA OSOT O � O N 000 �
n
� q�� � M
� � N A � N L L O V yV N
o •� N 1p0 W (q(q{p fJ Ol V Op Op Ap pN Op A
S � N Wp Wq Op Op Op N O N � �
� � O�D W N OOOm OJD 11i00000
8 'd' � `" $ 'b' �
ae s r '€ a a� A z�
i �� �
$ �,-.._ 3 m O
m� D
Palm Desert Redevelopment Agency
MOf1th-2fid 111v85ttT12tlt R2p01"t
�ecember a�, 1996
TABLE OF CONTENTS
INVESTMENT INFORMATION FOR ENTIRE PORTFOLIO
P01'tf0110 MeSt2P SutY11118ry 1
II1veStm211t POPtf0110 D2t211 - If1V@StfT1211tS 2
Investment Portfolio Detail - Cash 5
Portfolio Master Investment Activity by Type 6
Investment Activity Summary 9
Distributfon of Investments by Type 10
Interest Earnings Summary 11
Investment Portfolio Complfance Checkl(st 32
INVESTMENT INFORMATION BY FUND/BOND
$100 MiIli011 BOnd 12
S17.5 Million Bond 14
S24 Million Bontl 16
S4 MfUf011 BOr1d 18
Low-Mod Set Aside Refunding 20
1996 D2S2I't ROS@ S21'12S A 22
1996 Desert Rose Series B 23
1996 D2SeYt ROSe ESCI'OW 24
Blythe County Court Administration Center 25
D@Se1't R058 27
Palm Desert Office Complex 29
Self Help 30
Retlevelopment Agency General 31
O1/OB/1997 � PD Redevelopment Agency P7�1 - 1
PORTFOLIO MA8T8R BUDIIMAY 1mA
DSCBMBER 31� 1996 ACCRUAL
AVBAAI� -'-YIBLD 10 MATUAITY---
PERCBNT OP AVBAAGE DAYB TO 360 365
INV88'IIM1ffiiT8 HOOR VALUB PORTFOLSO TSHM MhTUAITY EQVIVALBNT HQUIVALSNT
________________"_"'__""___"__'_'_"""_'____"_'____'__'___'_""'__"_"'"___'_'____"'_'______"_____"'__"_'_'____"'___'
Pldellty Tieaeury Pool...........•...........; 31�884�332.00 34.16 1 1 5.055 5.125
Local Agency Invaetment Funde................5 9,036,136.85 9.68 1 1 5.524 5.601
Co�ercial Paper - Uiecount..................; 1�869�067.64 2.00 109 19 5.455 5.530
Pederal Agency Ieeuee - Couport...............{ 6�411,539.61 6.73 1,028 711 6.080 6.165
Federal Agency Ieeuee - Dlecount.............E 10,6A9,353.86 11.61 96 29 5.295 5.368
Treaeury Securitiee - Coupon.................5 35,200,970.43 37.71 562 271 5.734 5.813
Treaenry 8ecuritiee - T-Hill.................; 288,684.12 0.31 213 72 5.389 5.666
""'_'_"""_""""""____"_"""""_'___"'_""_"'______"_'_'_"'_
TOTu INVE81TIIt[iTa and AvsAAcspB.............5 93,360,066.51 500.00# 267 160 5.661i 5.517i
CASH
Paeebook/Checking - No Yield lbtale..........; 466�096.12 0.163 0.165
(not incluAed in yleld calculatlone)
Accrued Interaet at Purchaee.................5 220,038.00
"""""_____""""_""_______""_'___"_'_____"""_'"'______"""'
TOTAL CABH md PURC8A58 IMLBREST.............; 684�134.12
TOTAL CASH and INVESTltE1PP8.................5 94.024.198.63
�....��....:sa��:...a....�a.:.as���...s..�.....a.=.......��..°=aa-s�:�...:e:.=
MONT9 &NDI100 FIBCAL
TOT7y g,j�ppl�7pg D8C811BEA 31 YEAA 10 DAT&
Current Year S 552,697.03 ; 2,827,800.]8
AVSPAGS DAILY BALANCH S 99,427,766.86 3 95�304�324.23
HFFECTIV% AATE OF RSlURP 6.548 5.89i
The inveatment portfolio of the P.D. Aetlavalopmani Agency compliee with ite
Peul e. aibeon Inveetment Policy and the Californla Oovernmant Code eectlom partnining to the
Treasurer SnveeUnent of local egency funde. Pending eny futura ectiane by the aoverning
Hoard of the Agency or any unforeeeen cataetrophy, the Redevelo�ent Agency hae
adequate ceeh flw to maet ite expenditure raquStemente for the next eix montha.
DATP Market veluee are fxom Piret Truet 6 IDC Datafeed prieing service.
O1/OB/1997 � PD Aedavalopment Agency PM - 2
IIN88TMEI7L PORTPOLIO UHTAILB - INVSBTMENTB ADA
DBCBMBER 31, 1996 ACCRUAL
INVSSTT�BIiT AVSRA(3H PURCBA88 BTATED --' Y1M '-' MATOAITY UAY9
NUMBHR I88UER HALANCa DATE HaoR VALUB PAC& VALU& MARIQ�.T VALUB AATE 360 365 DATB TO MAT
FIDBLITY TR6A8URY POOL
11002 I Pidelity Inetitutionnl Caeh 1�629�000.00 1,629,000.00 1,629,000.00 5.120 5.050 5.120 1
11003 R Pidellty Inetltutionnl Caeh 83�288.00 83�288.00 83�288.00 5.120 5.050 5.120 1
13006 8 PSdellty Inetitutionp; Caq� 1�013�932.00 1�013�932.00 1�013�932.00 5.120 5.050 5.120 1
13005 I Fidelity Inatitutional Cneh 159,179.00 159,179.00 159,179.00 5.120 5.050 5.120 1
11006 R PSdellty Inetitutional Cae� 16,304.00 16,30A.00 16,304.00 5.120 5.050 5.120 1
11008 R Pidallty Inetitutioml Cash 1,157,843.00 1,157,863.00 1,157,863.00 5.140 5.070 5.160 1
11009 I Pidality Inetitutioml Cae� 3,527,568.00 3,527,568.00 3,527,568.00 5.120 5.050 5.120 1
11010 I Pidellty Inetitutioml Caeh 765,266.00 765,266.00 765,266.00 5.120 5.050 5.120 1
11011 R FSEelity Inetitutioml Caeh 3,134,627.00 3,136,627.00 3,136,627.00 5.360 5.OB9 5.360 1
11012 B FStlelity Inetltutloml Ceah 2,053,185.00 2,053,185.00 2,053,185.00 5.120 5.050 5.120 1
11018 Fidelity Inetitutlonal Caeh 896.00 896.00 896.00 5.120 S.O50 5.120 1
11019 Fidelity Inetitutloml Cash 61�334.00 41�336.00 41�336.00 5.120 5.050 5.120 1
11020 Fidelity Inetitutionel Caeh 1.00 1.00 1.00 5.160 5.089 5.160 � 1
11021 Fldelity Inatltutioml Caeh 63,878.00 63,878.00 63,878.00 5.120 5.050 5.120 1
11022 Fidelity Inetitutional Caeh 332.00 332.00 332.00 5.120 5.050 5.120 1
11023 FSAellty Inetltutlonal Caeh 0.00 0.00 0.00 5.140 5.070 5.140 1
11025 Pidelity Inetitutioml Cae� 28,025.00 28,025.00 28,025.00 5.120 5.050 5.120 1
11026 Fidelity Inetitutionel Caeh 0.00 0.00 0.00 5.140 5.070 5.160 1
11027 8 Fidellty InetitutiOnal Cae11 223�999.00 223�999.00 223�999.00 5.120 5.050 5.120 1
13028 Pldelity Inetitutioml Caeh 101.00 101.00 �101.00 5.160 5.070 5.140 1
13029 Pldality Inetitutional Caeh 659.00 659.00 659.00 5.120 5.050 5.120 1
11030 R Pidelity Inetitutlonal Caeh 366,293.00 366,293.00 36C,293.00 5.120 5.050 5.120 1 .
11031 Fidelity Inetitutional Caeh 20,913.00 20,913.00 20,913.00 5.120 5.050 5.120 1
11032 Fidelity Inetitutional Caeh 1.00 1.00 1.00 5.120 5.050 5.120 1
11034 8 Pidellty InetituLional Caeh 2,149.00 2,149.00 2,149.00 4.690 4.626 6.690 1
13035 Fldelity Inatitutional Cneh 8.00 8.00 8.00 6.900 6.833 4.900 1
11036 Pidelity InetSiutional Caeh 3�962.00 3�962.00 3�962.00 6.690 � 6.626 6.690 1
11037 FiCelity Inetltutloml Caeh 0.00 0.00 0.00 5.160 5.089 5.1fi0 . 1
13038 P19elSty Snetitutionai Caeh 226,000.00 226,000.00 226,000.00 5.130 5.060 5.130 1
11039 R Fldellty Inetitutional Caeh 36,202.00 36,202.00 36,202.00 5.130 5.060 5.130 1
11040 Pldelity Institutionnl Caeh 441.00 441.00 641.00 5.180 5.109 5.180 1
13061 I Fidelity Inetitutinnal Canh 1,667,660.00 1,467,660.00 1,467,640.00 5.130 5.060 5.130 1
11062 Fidelity Inetitutional Cash 14�083.00 16�083.00 16,083.00 5.130 5.060 5.130 1
11043 FSdelity Inetitutloml Caeh 180.00 180.00 180.00 5.160 5.089 5.160 1
11066 PSdellty Inetltutloml Caeh 2,561.00 2,561.00 2,561.00 5.160 5.089 5.160 1
11045 Pidelity Inetitutioml Caeh 12�461�534.00 12�661�536.00 12,641,534.00 5.120 5.050 5.120 1
� 11046 Pidelity Inetitutioml Caeh 3,700.00 3,700.00 3,700.00 5.120 5.050 5.120 1
11067 Pidelity Inatitutional Caeh 92,902.00 92,902.00 92,902.00 5.120 5.050 5.120 1
13048 Pidellty Inetitutional Caeh 63,006.00 G3,006.00 63,006.00 5.120 5.050 5.120 1
11069 PSdelity Inetitutional Caeh 679,768.00 C79,768.00 679�768.00 5.120 5.050 5.120 1
11050 Fidality Inetitutional cae� 12,802.00 12,802.00 12,802.00 5.120 5.050 5.120 1
11051 Fldelity InetStutSanal Cach 29,901.00 29,901.00 29�901.00 5.120 5.050 5.120 1
11052 Fidelity InetitutSonal Caeh 2�784�929.00 2�784�929.00 2�786�929.00 5.120 5.050 5.120 1
""""_____'_" ____"_"_"" _"""""'_' """'_""_' """ '"____ "'_'_
9UBTOTAL3 and AVIItAGEe 32,390,097.16 31,886,332.00 31�884�332.00
31�886�332.00 5.055 5.125 1
Z
O1/08/1997 � PD ReCevelOpmant AganCy PM - 3
TNVLS'frffiNT� HOR1'FOLTO bh`i'ATL6 - TNVE97Mg[i1'9 RDA
D&CBPIDSA 31� 1996 ACCAUN.
INVESTMENT AVSRAG& PUACHA9E BTATSD '-- Y1T1 -" MATURITY DAYS
[iUDIDB[t ISBUSR BALANCE DATS HOOR VALUE FACS VALUB MARRET VALUB RATB 360 365 DATS TO MAT
_"""""'_'_'__"'_""_"'_"""""""""'_""""_'_"""'_""'_""""""""""'"__"""_"_"""""""'_""
LOCAL AGSNCY INV58T1M1S[iT FUNDS
21000 Lxal Agency Inveetment Pun 9,036�136.85 9,036�136.85 9,036�136.85 5.601 5.526 5.601 1
21001 Lmal Agency Inveetment Fun 0.00 0.00 0.00 5.587 5.510 5.587 1
__'_____"_'_____ ____'________' ______'___'_'_ __"_'"""'_' "'_" """ ""'_
BUHT(7PAL8 and AVSFtA0H8 10�939�362.66 9�036�136.85 9�036�136.85
9�036,136.85 5.526 5.601 1
COMAffiiCIAL PAPER ' DISCOONT
24001 2 American Hrand Co�marcial P 10/03/96 1,676,953.75 1,500,000.00 1,477,500.00 5.370 5.656 5.530 01/14/97 13
26002 I General &lectric Credit Cor 10/03/96 392,093.89 400,000.00 393,860.00 5.350 5.458 5.534 02/13/97 63
""'_'_"_"'_" "_""__'_"' """"""" _""__""__' "'__' """ '_____
BUBTOTALB and AV8FAG88 2,634,848.93 1,869,Od7.64 1,871,340.00
1,900,000.00 5.455 5.530 19
FSDEAAL A6&fiCY ISSU88 - COUPON
15008 A FeGeral Perm CreC1t 09/13/96 498,629.48 500,000.00 502,031.25 6.125 6.312 6.600 07/09/98 556
15005 S Pederal Home Loan Hank O6/16/95 2�119�626.12 2�115�000.00 2�122�270.31 6.105 5.855 5.937 12/01/97 334
15009 R Petleial Home Loen HMk 10/03/96 798�198.96 800�000.00 801�250.00 6.625 6.480 6.570 OB/20/O1 1�692
15010 R Fetleral Home Loan Mortgage 10/22/96 995�285.05 1,000,000.00 993,637.50 5.800 6.123 6.208 03/19/99 807
'__'_""_'______ ______________ ______________ ______________ ______ ______ ______
SUBTOTALS antl AVENAGE9 4�430�759.09 6�411�539.61 4�418�989.06
6,615,000.00 6.080 6.165 711
PBDEPAL AGBNCY I88U88 - DIBCOUNT
16006 I Petleral Parm Credit 09/17/96 982�750.00 1,000,000.00 998�399.96 5.400 5.495 5.571 01/10/97 9
16007 I Pedesel H�e Loan Benk 10/03/96 389,792.00 C00,000.00 396,880.00 5.280 5.618 5.496 03/26/97 86
16011 8 PeQeral 6�e Lom Benk 11/14/96 3,967,768.89 4,000,000.00 3,994�600.02 5.180 5.222 5.295 O1/09/97 8
16009 I Fedeial Home Loen Mortqage 30/03/96 388�660.22 600�000.00 393�719.97 5.270 5.406 S.C81 04/15/97 306
16010 I Federal National Mortgage A SO/23/96 4,920,602.75 5,000,000.00 4,968,499.76 5.210 5.290 5.368 02/10/97 40
_________________ _______'___'__ ______________ ___'_'_"'___' '_"" """ ______
eUHTGfAL3 eRd AVERAGES 10,669,353.86 10,649,353.86 10,749,899.71
30�800�000.00 5.295 5.368 29
RR6AeURY SSCURITIHB - COUPON
17007 I Unitee 3tatae Trancury 07/O1/96 999,958.31 1,000,000.00 1�000�312.50 6.000 5.921 6.003 11/30/97 333
17010 A Unitee 8tatee Treaeury 07/01/94 699,050.11 692,000.00 703,677.50 6.750 6.165 6.251 OS/31/99 880
17012 I Unitea 8tatee Treaeury 07/O1/95 1,302,904.97 1�300�000.00 1�306�468.75 6.375 S.B07 5.887 O6/30/97 180
17013 A Unitee 8tatee Treaeuxy 07/O1/95 108,090.87 104,000.00 108,615.00 7.750 6.098 6.182 11/30/99 1,063
17015 E Unitee 8tatee Treaeury 07/OS/95 231,530.86 231,000.00 231,072.19 6.000 5.665 5.726 11/30/97 333
17030 R Unitae 8tatea Treaeury 03/02/95 269,597.13 250,000.00 250,859.38 6.375 6.636 6.728 O6/30/97 180
17065 % Unitea Statea Treeeux�y 07/O1/95 5�394�767.17 5,390,000.00 5,605,159.38 6.875 6.390 6.678 03/31/97 89
17065 A Unitee Statee Treaeury OS/17/96 992,767.07 1,000,000.00 1�002�187.50 6.250 6.359 6.667 Od/30/O1 1�580
17066 R Unitee 8tatee Treaeury OS/17/96 397�106.83 400�000.00 600�875.00 6.250 6.359 6.447 04/30/O1 1�580
17068 2 Unitee 9tatee Treaeuxy OS/20/96 4,997,768.60 5,000,000.00 5,000,000.00 5.625 5.636 5.716 O6/30/97 180
3
O1/OB/1997 PD Redevalopment Agency PM - d
INV88TMEIPf POATFOLIO �BTAILB - ItNE87MENT8 RDA
DECBMB&R 31, 1996 ACCAUAL
IIN881TffiNT AV&PAGB PVRCHA98 BTATSD -" Y1T] '-- MATUAITY DAYS
NUFIDER ISSUfiR HALANCE DATS BOOR VALUB FACS VALUS MARRHT VALUE PATB 360 365 DATB TO MAT
'__"__'_"__"_____'_'_'__'___'_'__'_'_____"_'_"'___"__"'_"___""_______"___'________'_"___'___'___'__"___'___"_'__'___
TABA3UAY eECURITIEB - COUPON
17069 Unitee 8tatee Tieaeury 05/24/96 2,003,168.11 2,000,000.00 2,006,375.00 6.125 5.905 5.987 03/31/98 d56
17070 UnStec 8tatee Traasury OS/26/96 2,006,829.18 2,000,000.00 2,005�000.00 6.625 5.510 5.586 03/31/97 89
17071 Unitae 8tatee Treaeury 05/24/96 1�000�532.98 1�000�000.00 1�000�625.00 5.875 5.691 5.770 07/31/97 211
17072 Unitea 9tatas Treaeury OS/26/96 999,397.77 1,000,000.00 999�375.00 5.750 5.749 5.828 09/30/97 272
17073 Unitea Statee Treaeury OS/26/96 1�001�571.80 1�000�000.00 1�001�250.00 7.500 5.422 5.497 O1/31/97 30
17076 Unitee 9tatee TLeaauLy 05/30/96 801,280.76 800,000.00 801�250.00 6.125 5.640 5.718 05/31/97 150
17077 Uniteo Stetae Treaeury OS/30/96 989,999.74 1,000,000.00 990,000.00 5.000 5.900 5.982 OS/31/98 395
17078 R Unitee Statee Treaeury 10/03/96 999,698.83 1,000,000.00 997,812.50 5.625 5.580 5.658 10/31/97 303
17079 8 Unitee Stetee Treaeury 11/16/96 5,011,621.10 5,000,000.00 6,996,875.00 5.750 5.366 5.420 09/30/97 272
17080 8 Unitae Statea Treaeury 11/16/96 5,015,388.26 5,000,000.00 5,007,812.50 6.125 5.278 5.351 05/31/97 150
""""_'_'_'_" '__""_"'____ _'_'__"___"' """'_""" _""' ""__ """
SUeTOTALB and AV8A71088 37�650�854.53 35�200�970.03 35,211�602.20
35,167,000.00 5.734 5.813 271
TR871BURY BBCOAITI89 - T-HILL
18020 Unitee States Treaeury OB/13/96 218,520.71 226,000.00 223,074.86 5.180 5.310 5.384 O1/30/97 29
18021 Unitee Btatee Tzeaeury OB/13/96 70,163.41 76,000.00 71,866.60 5.610 5.637 5.715 07/26/97 206
"'"""""""_ '_"_"_'_""' ___"_'_""" ""_""'_"' """ """ ""_'
90HTOfALB and AVERAOSB 288,686.12 288�686.12 294�921.46
298�000.00 5.389 5.666 72
_'_'_"'_""'_""_""'_"""'__'_""""""""'_"""'__"_""""'_"""""_"""_'_"'_
TOfAL INVSBII�ffiVTe and AVO. E 93,360�064.51 93�467�221.28
98�963�960.35 93�500�668.85 5.6615 5.5176 140
"�"""�""""""'�"'."e""�"...��.�""`�'..a.e::....:z.aseasee..a..:"�""""'��"'a..a:a�me
1
O1/OB/1997 ^ PD Aetlevelopment Agency PM - 5
INVE8'A16NT PORTPOLIO DBTAILS - CA9H ADA
DECEPIDBit 31� 1996 ACCAUAL
2NVEeTMENT AVSRAGB PURCBAHB STATSD '-' Y1M "' MATOAIIY DAYB
NUMB%R I88USR HALANCS DAT& HOOR VALUH PACS VALUB MMRET VALUS RATS 360 365 DA7B TO MAT
_____""'___"___________'__'____"_'_____"__"""_'_____"""'_"_"""_'_""""__"'_"'_"""'_"""'_"_'__""""_'_'
PA88HOOR/CH[iCRIBO
25000 Be¢k of Amarica-Checking 615,170.96 O.D00 0.000 0.000
25001 Bank of Amarica-8avinge 20�Od8.31 2.000 1.973 2.000
25003 PIAST INT�YSTAT6 eANR 0.00 3.290 3.265 3.290
25005 PIAST INT8R9TAT8 HANR 9�067.12 6.025 3.970 6.025
25006 FIA9T INT8fi8TAT8 HANR -6.00 0.000 0.000 0.000
25002 B of A - SelL Help Checking 19�818.05 0.000 0.000 0.000
"'_""""" """'_""" "_"' '_""
&UBTOTALB and AVSPAG68 663,806.69 664,096.12 0.163 0.165
Accrued Intaraet at Purchaee 220,038.00
""""""""""""""""""""""""""""""""""""""""""""'
TUPAL CABH = 686,134.12
TOTAL CASH and SNVBSTAffiNTB ; 99,627,766.86 94�026�198.63
....e..�:..s.a.:�:az�:::.a::�:�.......�......:�.:::....a.s..........:...:......�a..e�..�.....�o.......
5
OS/08/1997 ^ PD Aedevelopment Agency ` PM - 6
POATPOLIO MA8T6R INV&6Tt�NT ACTIVITY HY TYPB ADA
DBCFPIDER 1� 1996 - D&CEPIDSR 31� 1996 ACCRUAL
BTATED TAANBACTION PURC9A8S9 8AL88/IMTURITI88
TYPB INV&STl�Nf p I88USR PATB DATB OR D8P09IT9 OR WIT�RAWALe BALANCE
FIDELITY TRSABUAY POOL (Monthly' 9u�Z}')
13002 I FSEellty Inetltutloml Cee� 5.120 34�876.00
11003 R FSAelity Inetitutional Cae� 5.120
11006 8 Fidelity Inetitutional Caeh 5.120 184�015.00
11005 I PSdellty Inetitutionel Cne� 5.120 633.00
11006 R F1Qellty Inetltutlonal Caen 5.120 4,079.00
11008 A Fidelity Inetitutional Caeh 5.160 178,191.00
11009 I Fidelity Inetltutlonal Caeh 5.120 160�283.00
11010 I FStlelity Inetltutionel Cneh 5.120 3,327,737.00
11011 A Pitlelity Inetitutional cae� 5.160 1,106,021.00
11012 E Pidelity Snetitutianal Caeh 5.120 S,SSO�d36.00
11018 FSdellty InetStutlonal Caeh 5.120 680,330.00
11019 PSdality Inetitutionel Caeh 5.120 135.00
11020 PSdelity InetltutSonel Caeh 5.160
11021 P19e11ty Inetltutlonal Caeh 5.120 176.00
13022 PSdality Inetitutlonal Caeh 5.120 2.00
13023 Fidelity Inatitutioml Caeh 5.160
11025 Pldelity Inetltutional Caeh 4.120 111.00
13026 FSdellty Inetitutioml CaeR 5.160
11027 & Fidelity Inetitutionel Caeh 5.120 72,096.00
11028 FSdelity Inetitutional Caeh 5.140 1.00
11029 Fitlelity Inetitutional Caeh 5.120 2.00
11030 R Pldellty Inetitutionel Caeh 5.120 315,162.00
13031 Pldellty Inetltutlonal Caeh 5.120 83.00
11032 Fidelity Institutioml Caeh 5.120
13034 8 Fidelity Institutional Ceeh 4.690
11035 Fidelity Inetltutional Caeh 4.900
11036 Plaelity Inetltutional Caeh 6.690
11037 Pitlelity Inetitutional Cae� 5.160
13038 Pidality InetStutSonal Caeh 5.130
11039 A PSAe11ty Inetltutional Caeh 5.130
11060 Fidelity Tnetitutional Caeh 5.180 1.00
11061 I Pldellty Inetitutlonal Caeh 5.130
11042 Fidelity Inetltutional Caeh 5.130
11043 Pidelity Inetit�tloml Caeh 5.160
11066 FSdelity Inetitutioml Caeh 5.160
11045 Fidelity Inatitutional Caeh 5.120
11066 Fidelity Inetitutioml Caeh 5.120
11047 Fidelity Inetitutioml Caeh 5.120
11048 Fidelity Inetitutional Caeh 5.120
11069 Fidelity Inetitutlanal Caeh 5.120
11050 PSdellty SnetSiutlanal Caeh 5.120
I3051 Pldelity Inetltutlonal Caeh 5.120
l�
O1/08/1997 PD Aetlevelapment Agency ' PM - 7
PORTFOLIO MABTSR INVS87T181Pf ACENITY HY TYPfi RbA
DECSMBfiR 1� 1996 - DBCEt�EIY 31, 1996 ACCRUAL
9TAT8D TAANBACTIOIP PUACHA9B8 8ALE8/MATI7AITI89
TYPB INV88Tt�ffiNP Y I69USR AATB DATB OA D8P082T8 OA WITEIDAAWALB HAiJfNCE
_'_""_"'_"__"'__""'_'__'_'_"________"_"_____'___'____""__"______"'_"______"__'_____"_'__'___'____'__"""_______
11052 FStlelity Inetitutionel Cae� 5.120
SUBTOTALB entl BNDIPG BALANC6 3,645�861.00 3,968�685.00 31�884�332.00
IACAL A(iHNCY INV887MffiiT FUND8 (MontrtlY eu�ery)
21000 Local Agency Inveatment Fund 5.601 1�000�000.00 2�500�000.00
21001 Local Agency Inveetment Funtl 5.587
8usam�xL9 ana 8[mxec aALANCg 1,000,000.00 2,500,000.00 9,036,176.85
PAeSB00R/C�CRING (lfonthly 9u�ryJ
25000 Hank of Amarlca-C�ecking 0.000
25001 Hank of America-Savinga 2.000
25003 FIRBT INT8R8TAT8 HANR 3.290
25005 FIRST INIBR8TAT8 HANA 4.025
25006 FIRST INTPR9TAT8 HANR 0.000
25002 H of A - 8elf 9elp Checking 0.000 762.37
SUHTOTAL9 md BNDINO HALANCB 762.37 0.00 0.00
G89 WITH TAUSTSB -PIABT TAUBT (Monthly 8unmary)
26000 Ceeh with Truatea 0.000
26001 Caeh with Truetee 0.000
26002 Caeh wiffi Trvetea 0.000
26003 Cash with Truetee 0.000
26006 Caeh wlth Truetee 0.000
26005 Caeh with Truetee 0.000
26006 Caeh with Truetee 0.000
26007 Caeh with Truatee 0.000 �
BUBTOTALB and 8[iDIN6 BALANCB 0.00 0.00 0.00
COIMIBRCIAL PAPBA - DISCOUNT
24000 I Dupont Co�erclal Paper 5.203 12/17/1996 1,683,760.00 1,869,Od7.66
FEDEHAS. A68NCY I88UE8 - COUPON
4�611�539.61
7
O1/08/1997 PD Aedavelopment Agency � PM - 8
POATFOLIO MABTBR INV88TAffiNT ACfIVITY HY TYPB ADA
DEC8PID8R 1� 1996 - DECEPIDER 31� 1996 ACCRUAL
BTATSD TAANBACTIOli P17ACHA8S8 BALSB/MATIfAITIHB
TYPF INVSSTDffiNT f I88VEA AATB DATE OA DSP08IT8 OA WITHDAAWALB HALAMCB
F8D8RAL AGENCY I88U88 - DISCOUNT
10,669,353.86
TR&ABURY BECUAITIEB - CUUPON
17062 R Unitea Statae Treeeury 6.375 12/17/1996 168�726.83
17063 R Unitee 8tatee Treaeury 6.375 12/17/1996 595�499.42
17064a A Unitee 8tatee Treeeury 6.375 12/17/1996 248,360.68
17066� A Unitee etatae Treeeury 6.375 12/17/1996 3,725,630.27
SUBTOTALB and ffi7DING HALANCB 0.00 0,737,995.20 35,200,970.63
TREASURY SSCURITIEB - T-HILL
288,686.12
"________________"'_'_"""""_"'_'_"""__"__""'__"'_""'_"
SOTALB 6�466�623.37 12�690�220.20 93�340�064.51
a�:.:..��:.::..::.a..��.a.s_�:.:���a.�..::.ze..�s.e....�.�s..�e...�...za
O
O1/OB/1997 PM - 9
PD Aedevaloponent Agency NM
INVEBTI�NT ACTIVITY BUMMAAY ACCRrmT.
DSC&ABBR 1995 through D&CEMHEA 1996
YSSLD 10 MATURITY MANAf�D NUt�&R OP NUlIDBA OF AV8PA68
MONT9 NU[�SA OF 10'fAL 360 365 POOL BECURITI88 BBCUAITIBB AV8AA0& DAYS TO
8[iD Y6AA BSCURITISB INVBBTID E4UN BQUIV AAT& PURC9A8&D MATUABD/80LD T&PM MATUAITY
"'"'___'_"'__"'____'____""____________'__'_""'_"___'__"_"__"""""__"____"'___"__'______'___'_"""
Decamber 95 87 96,669,896.71 5.762 5.862 5.615 0 2 404 228
Januaxy 96 85 95�928�939.76 5.655 5.733 5.146 0 2 605 211
February 96 80 93�156,182.09 5.581 5.658 5.096 0 11 389 204
Merch 96 79 92,861,108.88 5.526 5.603 5.095 0 3 380 190
Aprll 96 83 90,208,295.31 5.520 5.597 5.159 0 6 389 183
May 96 94 100,720,776.03 5.649 5.728 5.158 16 7 525 336
J�ne 96 97 89,105,637.01 5.665 5.7dd 5.066 1 3 590 356
July 96 99 91�052,066.60 5.650 5.729 5.081 0 3 573 325
Auguet 96 97 93�122�526.58 5.632 5.711 5.079 2 7 569 298
8eptember 96 96 88,629,260.09 5.659 5.738 5.077 2 5 579 298
October 96 101 305,026,728.69 5.565 5.642 5.123 30 5 689 266
Nwamber 96 97 101�591�889.11 5.685 5.561 5.124 3 9 330 219
Dec�bez 96 92 93,360,066.51 5.641 5.517 5.125 0 6 267 Sd0
"""_"'_""'__'___'_________________"'__'_"""___""""""""_"""""""""""""_
AVSRAG68 91 { 94�705�C89.80 5.6009 5•677$ 5.1508 3 5 451 250
1
O1/OB/1997 ^ PM - 10
PD Aedevelopment Agency ADA
DI9TRIBVLION OF INVE9'II�ffi]T9 HY TYPS ACCRUAL
DHCffiAHBR 1995 through DECE[�8R 1996
MpNqg """""_"__' ""__""_'_"""_ TYP88 OF INV&ST[�ffiNTS ""'_'_'___"_"""_"_"""_____"_"'_""_
8[iD YBAR 8CD SW LA1 LA2 LAS PA1 PA2 PA3 FSN BAC CPI COM PAC FM TAC TAD AID1
'_"'_'___"___""_""""_'_""___"_____'_"__"""'_______'_'_"'__'__'_"'__'_"____""__""__"___'____""'_"_'_'______
Dec�Eer 95 17.1 0.0 26.7 2.2 15.3 38.1 2.7
January 96 19.5 22.5 2.2 15.6 37.7 2.7
Fabruery 96 33.5 20.2 2.3 5.3 37.9 0.9
March 96 43.1 17.4 2.3 37.3 0.9
April 96 61.0 18.0 2.6 37.8 0.9
May 96 10.1 23.7 2.1 58.6 0.8 6.9
Juna 96 11.6 13.7 2•6 0.6 65.5 0.9 5.5
July 96 16.5 13.1 2.3 0.5 63.2 0.9 5.4
Auguet 96 21.7 13.5 2.3 0.5 61.3 0.5 0.3
September 96 18.6 12.8 3.0 1.1 63.9 0.5 0.3
October 96 26.1 10.5 3.2 4.2 6.7 68.5 O.0 0.3
Nw�ber 96 31.9 10.4 3.3 4.3 10.5 39.3 0.3
December 96 34.2 9.7 2.0 4.7 11.6 37.7 0.3
___________""__"_""'_""'_'_'______'"_'__"""'__'______'_'_'_""'_"______""_"'__"_'___""_"'__'___""
AV&PAGGS 26.78 O.Ok 16.2i 0.7t 2.81 5.2t 68.28 0.9t 1.3i
..................e...:.�.......................e...e...............�Fv.�ses.....�m..arz�:�..��..e�...�a=a:..�...:�e�
BCD - Certlficatee oE Depocit - eank eCD - Certiflcatee of Depoeit - S G L
LAS - Pidelity Treaeury Pool LA2 - Henegad Pool Accovnte
LAS - Lxal Agency Inveetment Punde PA1 - Paeebook/Checking
PA2 - Caeh with Truetee -Firat Truet . PA3 - Checking/8elf gelp Hweing Loene
MTN - Medlum Term Notee HAC - Bankara Acceptancee
CPI - Co�arclal Papac - Intezeet Heering COM - Comuercial Paper - Diacount
FAC - Pedeiel Agency Ieeuee - Coupon PA17 - Fedesnl Agency Ieeuee - Diecount
TRC - TieaBury 8ecurlt188 - Coupon TAD - Tree9ury 8ecurltiee - DSBCount
AID1 - Treaeury eecuritles - T-H111
rb
O1/OB/1997 � ^ PM - 11
PD Redevelo�ent Agency 1417�
INIBREST EAANINO6 eUMMARY ���
DSC8MB8R 31, 1996
MDNTH &NDIHO FIBCAL
DECeI�IDBA 31, 1996 YSAR TO DATS
CD/Coupon/Dlecount Inveetmante:
Intereet CollxteA S B1,d21.61 S 1�835�338.60
PLUS Accrued Intereet at 8nd of Period 961,683.76 941,683.76
L888 ACCiued Inteieet at Heglnning o£ Peiiod ( 741�488.01) ( 897�765.30)
__""'_"'_'_"" "_"""'_""'_'
Inisreet Eerned during Periotl y 281,617.36 1,879,257.26
....n:a.:e>....... ..�...��e..ma...a.
, ADJUBTED by Yremiume and DSecounte -7,465.00 -25�617.82
ADJUSTBD by Capltal Gaine or Loeeee 85,293.86 125,866.09
"""_____'"'_'_' ____.._.."_""""
8arninge during Perlotl 359,665.82 .5 1,979,685.53
Mortgege Bncked 8ecuritlee:
Intereet Collected ; 0.00 i 0.00
PLUS Accruetl Intezeet at Snd of Pailod 0.00 0.00
LE88 Accrued Iniezeet at Beglnning af Yaziod ( 0.00) ( 0.00)
_"_________'_"" _____'"_""_""_
Sntereet Earned Eusing PerSad ; 0.00 D.00
ADJUBTSD by Premiume anC Diecounte 0.00 0.00
ADJUST&D by Capitel Oaine or Loeeee 0.00 0.00
_""""'_"'_'_' _'_"_""__"""
8arninge Curing Per1oQ 0.00 ; o.00
.::ase:..........a ..e�....�.mQ�::e..
Cash/Checking Aecounte:
Intereet Collected S 15.33 5 589,969.36
PLUB Accrued inTsreet at 8nd of Period 528,903.07 528,903.07
L888 Accrued Intereat at Heginning of Parlod ( 335,867.19J ( 270,537.78)
"'__'___""""' """_""'__""_
Intareet 8arned durSng Period { 193�051.21 ; 868,316.65
TOTAL Interest Earned during Period { 676,668.57 f 2,727,571.91
TOTAL Ajuetmente fr� Premlume anfl Diecounte ; -7,665.40 f -25,617.82
TOPAL Cepltel Daine or Loeeee ; 85�293.86 f 125�866.09
""""""""" ""'_""""""
TOTAL 8erninge during Period S 552,497.03 S 2,827,800.18
.��me:es...::...�� e:a.......��..�...
� �
OS/08/1997 PDA 5100 Million Hond ^ PM - 2
INVESTMEIiT PORTPOLIO DSfAILe - INVE9a4ENT9 RDA
OECEt�BR 31, 1996 ACCAUAL
INVE3TDffiNT PURCFIA88 BTATSD "' Y1M "' MATURITY DAYS
NUMBHR I88USR DATE BOOR VALVS PACS VALUB MARIQ.T VALUB AAT& 360 365 DATE TO MAT
_______'__'__"_____________"'_"""'_"___'_________""___'_'__"""'_"__"__"_"_______'__________"""'__'__""___'_'____
FIDBLITY TAE1f8UAY POOL
11010 I Fidallty Inatitutional Cneh 765,266.00 765�266.00 765�266.00 5.120 5.050 5.120 1
11011 A Pidelity Inetitutional Cae� 3,136,627.00 3,136,627.00 3,134,627.00 5.160 5.089 5.160 1
13012 8 Fidelity Inaiitutional Caeh 2�053�185.00 2�053�185.00 2�053�385.00 5.120 5.050 5.120 1
13018 Fidelity Inatitutional Caeh 896.00 89fi.00 896.00 5.120 5.050 5.120 1
11037 Fidelity Inetitutlonal Caeh 0.00 0.00 0.00 5.160 5.089 5.160 1
_"'_"""_" """'_"_"_ ____'__"""' '_"'_ ____" """
SUBTOT7S8 and AVEI7AG89 5,953,976.00 5,953;974.00
5�953�974.00 5.071 5.141 1
P&D&AAL AOffiiCY ISSU&8 - COUPON
15030 A Pederal Home Loan Mortgage SO/22/96 995,285.05 1,000,000.00 993,437.50 5.800 6.123 6.208 03/19/99 807
TREABURY BHCURITIHB - COUPON
17030 R Unitea Stetea Treaaucy 03/02/95 269,597.13 250,000.00 250,859.38 6.375 6.636 6.728 O6/30/97 180
17065 & Unitee etatee Treaeuxy 07/01/95 5,396,767.17 5,390,000.00 5,605,159.38 6.875 6.390 6.478 03/31/97 89
17065 R Vnitsa 8tntae Treasury 05/17/96 992�767.07 1�000,000.00 1,002�187.50 6.250 6.359 6.467 06/30/O1 1,580
17068 I Unitee 8tetee Treaeury 05/20/96 6,997�7{8.60 5,000,000.00 5,000,000.00 5.625 5.636 5.714 O6/30/97 180
""""'___'_ ___'__'_""_' _""""""' __"" _""' ___"'
SUBTOPALe and AV6RAGE8 11�636�859.97 11�658�206.26
11,660,000.00 6.068 6.153 257
""""""""""'__'_____"""""_""__'________'_"""_"'_""'_______
TOTAL INV&eaa+NTB and AVG. = SB,S86�119.02 18,605�617.76
18�593�974.00 5.752t 5.832t 205
..m.�.e.as.e..am.e....a�....��....ee.m.e..=a..am..��..�e....e....e�..�..�..s.:.:..�
I �--
OS/08/1997 ADA E100 MSllion Bonfl � PM - 3
INVB87MEHT POATFOLIO DSTAIL9 - CA6H ADA
DBCEDIDBA 31� 1996 ACCRUAL
IIN88TI�NP PURCHABS BTATSD '-' Y'IId "' MATIIRIIY DAY9
� NIIAIDER I88UEA DATB HOOR VALUB PACS VALUE MARRET VALUB PAT& 360 365 DATS TO MAT
CA99 NITH TAUST68 -FIRST TAUBT
26000 Caeh with Truetee 1.80 0.000 0.000 0.000
ACciued Intereet ei PurC�aee 8,174.52
� '_"____'__""'_"'__"_"""""'_""""""____"__"""_""_"""_""
TOfAL CASH S 8�176.32
TOTAL CA99 and INV88'14�BNT8 ; 18,592,295.3d
�.....��.....�v...esa.....sea......e....��..��.........:=.�eaa�..�..��..��...:a:.�s�
� �
OS/08/1997 � ADA j17.5 Millioa Hond ^ EM - 2
INVS9ITffi1Pf P�iTPOLIO DBTAILB - INV881M6NT8 ADA
DECBlIDER 31, 1996 ACCAUAL
IPV&81TffiNT PUAC6A66 BTAT&D "' Y'II1 -" IMIVAITY UAYB
M1t�IIt IBBUBR DATB HWR VALUS PACB VALUB MAAxBT VALUS AATB 360 365 DATE To MAT
___________________________'_'_____""_'_"___""'_"'_'_""___________________'_'_'__'__'_"""__'________________'__""'_"
FIDBLITY TREMURY POOL
13008 R Fidality InstStutloAaJ. CAeh 1�157�843.00 1�157�843.00 1�157�863.00 5.160 5.070 5.160 1
11009 I FiAelity Inetltutional Caeh - 3,527,568.00 3,527,568.00 3,521,568.00 5.120 5.050 5.120 1
11021 Fidelity Inetitutlonel Caeh 63,878.00 A3,878.00 43,878.00 5.120 5.050 5.120 1
11022 Pidelity Iaetltutioml Caeh 332.00� 332.00 332.00 5.120 5.050 5.120 1
11023 Pidallty Inetltutloml Cech 0.00 0.00 0.00 5.160 5.070 5.160 1
""""_"'_' "'_""""" _"""""'_' """ _"_" '"""'
8U8TOTALB and AVffiU088 4,729�621.00 4,729,621.00
6�729�631.00 5.055 5.125 1
TASABURY 88CURITIHB - COUPIXi
17066 R Unitee Statee Treasury OS/17/96 397,106.83 400,000.00 600,B75.00 6.230 6.359 6.467 06/30/OS 1,580
"""__"'_'_'_"""""_'__""""""""""""_""'__"""_""'_""'
TOTAL INV881T�iTe and AV6. ; 5�176,727.83 5�130�696.00
5�129�621.00 5.1569 5.227t 123
�""""'...�......�......s"""'�""�""""'....:......"�""""�""....:::
� _4
OS/08/1997 RDA :17.5 Million Boad PM - 3
INVE87MENT PdRTFOLIO DBTAILB - G8H A17A
DSCElIDEA 31� 1996 ACCAUAL
INV88TAIIiNf PUACHA88 BTATED -'- YD1 --' MATfIRITY DAYB
NUlIDER I88USA DATB BOOA VALU& FACE VALUB MAA1�T VALUB AAT6 360 365 DAT& TO MAT
""'_""""_"""""""""""""""""_"'_""'_""""""""""""""""'__"""""'_"""""""""""_
reaH WITH TAUSTBH -FIA9T TAUeT
26005 Cae� with Truetee 3.36 0.000 0.000 0.000
Accived Intexeat at Purcheee 1�154.89
. ""'_""_'_""""_""""""""_'_'___'__'____"""""'_'_""'_"""'
TOTAL CABH = 1,158.23
..........................:....:...�.....'........�'..��..��..................w....-.
TOTAL CABH antl I[iVS81TffiPT9 S 5,127,886.06
::_.�s_�:.an....�mz::s..a..e..za.az:e�.s..a..e..:e..sn:.n�..��..��..�.��..e�....��sa
/ ;�
OS/08/1997 ^ ADA ;26 Million Bond PM - 2
IEN881TffiNT PORTFOLIO DEPASLS - IPVE9T[�ffiNT8 ADA
DSCEhIDBR 31� 1996 ACCAUAL
INVEBTMENT PURCHASS STATSD '-- Y9A "- MATIJRITY DAYB
NUPIDHR I98U8A DATE BOOR VALUS PAC& VAlUB MAAIQ�.T VALU6 AATB 360 365 DAT& TO MAT
___""_"___"'_"'_'_'____'_"____'__"'_'_"'"""'_____'__'______'_"__"__"___"'____"__'______'___"'_"'___'__________"'
FIDSLITY TREABURY PODL
13002 I Fidelity Inetitutional Caeh 1�629�000.00 1�649�000.00 1�629�000.00 5.120 5.050 5.120 I
11003 A Fidelity Inetitutional Caeh 83�288.00 83�288.00 83�288.00 5.120 5.050 5.120 1
11004 S Fidelity Inetltutlonal Caoh 1�013�932.00 1�013�932.00 1�013�932.00 5.120 S.OSo 5.120 1
11019 Fidelity Inetitutioml Caeh 61,336.00 61�334.00 61�336.00 5.120 5.050 5.120 1
13020 Pidellty Inetltutional Caeh 1.00 1.00 1.00 5.160 5.089 5.160 1
13029 Pidelity Inetitutional Caeh 659.00 659.00 fi59.00 5.120 5.050 5.120 1
9UHR'Olffi9 and AVSAAG88 2�768�216.00 2�768�214.00
2,768,214.00 5.050 5.120 1
P8D8RAL AOENCY I88U88 - DIBCOUNf
16006 I Federal Parm CrediS 09/17/96 982�750.00 1,000,000.00 998�399.96 5.000 5.095 S.S71 O1/10/97 9
16011 B Federal Home Loen Hank 11/16/96 3�967�768.89 C,000,000.00 3,996,600.02 5.180 5.Y22 5.295 O1/09/97 8
16010 I Federal Nationel lbrtgage A SO/23/96 6,920,602.75 5,000,000.00 6,968�699.76 5.230 5.296 5.368 02/30/97 ao
""_"""_'_ """""_"' "_"_'____'_' """ '_"_' __'__'
eUeTOTALB and AVERA6S8 9�870�921.66 9,961,299.76
10�000,000.00 5.285 5.359 24
TREA9URY BSCURTTIHB - NUPQi
17007 I Unites etatee Tseaeuxy 07/OS/96 999,958.31 1,000,000.00 1,000,312.50 6.000 5.921 6.003 11/30/97 333
17030 R Unitee Statee Treasury 07/O1/96 699,050.11 692,000.00 703�677.50 6.750 6.165 6.251 OS/31/99 880
17076 Unitea Statee Treaeury OS/30/96 801,280.76 800,000.00 801,250.00 6.125 5.640 5.718 OS/31/97 150
17079 & Unitae Statee Treaeury 11/16/96 5,011,621.10 5,000,000.00 6,996,875.00 5.750 5.346 5.620 09/30/97 272
17080 E Unitee Statee Treaeury 11/14/96 5�015�388.26 5�000�000.00 5�007�812.50 6.125 5.278 5.351 OS/31/97 150
____"""_"_ '_"'_"""" """"""_' '_"" __"" _"_"
BUBTOTALB and AVERAG88 12�527r298.52 12�509,927.50
12,692,000.00 5.629 5.506 254
_"""'_"""'_______"""""'___'_'_""""""________""'__'_"_""'__
TOTAL IPV88�iT8 anA AW. ; 25,166,636.16 25,239,641.26
25�260�216.00 5.3319 5.605t 136
.........e.a.s:s:x:a.asasaysaesa:s=............:a.x..aeeas:s...........n..:cssa::m..
'P
O1/OB/1997 ADA ;26 Mi111on Hond PM - 3
INVE31M8NT POATPOLIO DBTAILB - CA9H ADA
D&CSPID�t 31� 1996 ACCAUAL
INVBBTt�NT PUACHAB& 8TAT8D "' Y7Tt "' MATUAI7Y DAYB
NUlIDBR Ie6USR DATE HOOR VALVS PACE VALUB MAAS�T VALUH AATB 360 365 DATB TO MAT
_"__'_""""_"_'_'____'_"'_______________""____'____"__"___'__"'____'_'__"___'_'_________'_'_'___'__"______'___'______
CA9H WITH TRU8T88 -FIRBT TAUBT
26002 Caeh with Trvetae 3.72 0.000 0.000 0.000
Accruetl Intereet at Puicheee 175,279.60
TOTAL CASH { 175�283.32
TOTAL CABH and INVSSTt�NYB S Z5,361,717.68
���:.......""""""""""""""'�""""""..�..�...��_.e�""'.�""""'
I ��
OS/OB/1997 ^ RDA S4 Million Hond ^ Pb1 - 2
INVSBTl16ML POATPOLIO DSTAILB - IqV88'II18NT8 AI)A
DSCEPIDBR 31� 1996 ACCAUAL
INV88THENT PURCBABB BTATSD ___ y�p.� '_' MATUAITY MY8
NVPIDSR I88Uffit DATE BOOR VALUS FACB VALUS MARIQ�.T VALUS AATS 360 365 DATB TO MAT
_____'____"'__"'_"____'_'__""_"_'_____'__"_"'_"_'_"""'_"'__"""__'___'_'___'__'_"'_'_""""___'____________"'_"__
FIDBLITY TASAfiUAY POOL
11005 I Fidelity Inetitutianal Caeh 159�179.00 159�179.00 159�179.00 5.120 5.050 5.120 1
11006 A Fidality Inetitutional Caeh 16,306.00 16,306.00 16,304.00 5.120 5.050 5.120 1
11025 PSEe11ty Inetltutloml Caeh 28�025.00 28�Ox5.00 28�025.00 5.120 5.050 5.120 1
11026 Pidelity Inetitutional Cae� 0.00 0.00 0.00 5.160 5.070 5.160 1
11027 & P19elity Inatitutional Caeh 223,999.00 223,999.00 223,999.00 5.120 5.050 5.120 1
13028 Fidelity Inetitutional Caeh 101.00 101.00 301.00 5.160 5.070 5.140 1
'""""'""" """"_""' ""'""""'"' _"_" """ _"_'"
SUBIC7TALS and AVHRAGas 627,608.00 627,608.00
627,608.00 5.050 5.120 1
FEDSAAL A08NCY I89UE8 - GOUPOti
15005 & Pederel H�e Loan Bank O6/16/95 2�119.426.12 2�115�000.00 2�123�270.31 6.105 5.855 5.937 12/O1/97 334
TASA3URY 98CURITIEB - COUPOIi
17012 I Unitee Btatee Treaeury 07/O1/95 1�302�906.97 1,300�000.00 1�306�468.75 6.375 5.807 5.887 O6/30/97 180
17013 A Unitee 9tatee Treasury 07/O1/95 108,090.87 106,000.00 108,615.00 7.750 6.098 6.18Z 11/30/99 1,063
17015 H .Unitee Statee Treaeury 07/�1/95 231�530.86 331,000.00 231�072.19 6.000 5.665 5.726 11/30/97 333
____'___""" """"""__ ____"_""'_' "_'__ """ _'__"
9UeTOTALB and AV8f1A089 1�642�526.70 1�644�155.94
1�635�000.00 5.803 5.884 260
____""""'_"""""""""_"'_'_"""""'_'_"""""_"_"_"'_""_'_
TOTAL INV&eTt�ffiIiTs aM AVc. S 6,189,560.82 4,194,036.25
6�177�608.00 5.753i 5.8324 271
....��.....�a....�n.:.....�..........����..�.....aa..a�..��..��..�m..::e�e�..��....
�
/ 7
01/08/1997 ^ gpA ;6 Milllon HonE ' �� PM - 3
IIN88'1ff8NT PORTFOLIO DBTAILS - CASH I�A
DEC8DID8A 31� 1996 ACCAUAL
INV8914�ffiPT PUAC9A88 8TAT6D '-' Y1M -'- MAIVRITY DAY9
NUlIDBR I88U8A DATS B003C VALU6 FACB VALUB M11AIC8T VALUB AATE 360 365 DATB TO MAT
__'__"_'__'__'_'_"___'_'___"_'_________"___'_____"_'__'___"_____'__""""__""____"_____'_______'_'_'___'___'_'______"'
GSH V7ITH TAVeTBE -PIRBT TAUBT
26003 Caeh with Truetee 3.07 � 0.000 0.000 0.000
"__"""""""_""""""'__"""""""""'_"'___________'_'_"_""_""
TOTAL CABH md INV&BTMBNTB j 4.189�563.89
.:..:a......:z:.ma:a:a:a:vs=asa::cax:neamascsase:axsames.as..w.wwwnwn�.e�..se.vaa�z
� �
O1/OB/1997 Low Motl Set-aeitle Refunding PM - 2
INV88TPffiNT PORTFOLIO DBTAILB - INVB87T�NT8 ADA
DECEMBER 31� 1996 ACCRUAL
INV&82TffiNT PUACHASS BTATBD "' Y'dA _" MATUAITY DAYB
NUDIDBA I88UBA DATS BOOR VALUB PACB VALUB MRAAEl VALUB RATS 360 365 DATB TO MAT
FIDBLITY TREASURY POOL
11030 R Pidelity Inetitutional Caeh 366,293.00 366,293.00 366,293.00 5.120 5.050 5.120 1
13031 Fidelity Inetitutlonal Caeh 20�913.00 20�913.00 20�913.00 5.120 5.050 5.120 1
11032 Fldelity institutional Cae� 1.00 1.00 1.00 5.120 5.050 5.120 1
11060 PSdellty Inatitutioml Caeh 641.00 441.00 641.00 5.180 5.109 5.180 1
"""_"""' ""'_""_"' """"""" _'_"' _""' '_""
SVHTVPAL9 and AVffiiTGH9 385,648.00 385,6C8.00
385,668.00 5.050 5.120 1
""_'_"""""'_"""'__"""'_""""_""""""""_"_"___'_'____"_
7C7fAL INVBST!ffi7T8 and AVG. S 385,668.00 385,648.00
385,6d8.00 5.0508 5.1208 1
.�.....�......�............e�....ma....�a....�...�...a�.a��.�as.va��.aa..a�..s�....
Z U
OS/OB/1997 Lw Mod 9et-aeide Refmding PM - 3
INVEBTl1BH'P PO]YfPOLIO DBTAILB - G89 ADA
D8C8FID8[t 31� 1996 ACCRUAL
INVESTMENT PllRCF7A98 BTATBD '-- Y'IIi -'- MATOAITY DAYS
NUPIDBR S88UBR DATS BOOR VALUB PACB VALUS MARAET VALUS RATS 360 365 DATS TO MAT
_""_____________'____'___'__'_____'_"""""___"""______"'_"'_'__"____"""'_'_'_""_'_____"___'___'_'_'____'_""___
CA80 WITH TAV8TE8 -PIABT TAVBT
26004 Caeh with Truetee 1.65 0.000 0.000 0.000
____""_"""""""""""'_""'_"__""_'_""'_"""'_"""_""""""'
TOTAL CASH end INVSSTMRNTS S 385�6C9.65
..��....��............�:.:...:m:e�::.:..:::s...:s...��..�...�...��.�::ae:.:�a�::�=.
21
O1/OB/1997 1996 Deeext Aoee Serlee A � PM - 2
INV881T16NT PORITOLIO D&TAIL6 - INV681S78[iT9 AOA
DBCEPIDER 31, 1996 ACCRUAL
INV88S7�ffi1Pf PUAC9A8H 9TAT&D "' y'M "' MhTOAITY DAYB
NUlIDER I88USA DATB BOOA VALUE FACS VALVE MAA1�T VALUS AAT& 360 365 DATB TO MAT
'__"""______'_"__'__"""'___""""""__"""""'_"""_""""_'_""""'_"_'_____'_____"_"'__"___'_________""__
FID&lITY TABABUAY POOL
S1D46 Fidelity Inetltutionel Caeh 3,700.00 3,700.00 3,700.00 5.120 5.050 5.120 1
11047 Fitlelity Inetitutionel Ceah 92,902.00 , 92,902.00 92,902.00 5.120 5.050 5.120 1
11048 Fidelity Inetliutloml Ceeh 43�006.00 63�006.00 63�006.00 5.120 5.050 5.120 1
""______"__ _'_'__"'__"" _"""__""_ __"" ""'_ """
SU81VlAL8 end AVSIiAG88 139�608.00 139�608.00
139�608.00 5.050 5.120 1
TAEhBURY BBCUAITIH3 - COUpON
17078 R Unitee etatee Tteeeury 10/03/96 999,698.83 1,000,000.00 997,812.50 5.625 5.580 5.658 10/31/97 303
""_""""""""""""_'_"'__'______________'_"'_"_"""""""_""
TOTAL INV&8�NT8 and AV¢. = 1,139,306.83 1,137,620.50
1,139,608.00 5.5156 5.592i 266
aa..a�:a.�a.aasa..:.as.a.e.m:::.:a:�:�:a=.ea�.:=.as...a..�a..��..��..�a..�a..am�a�=
Z 2-
O1/OB/1997 ^ 1996 Deeert Aoee Serlee e ^ PM - 2
ItNF81TiB1iT PORTPOLIO DSfAILB - INVEeA18tiTe ADA
DSCElIDBR 31� 1996 ACCAUAL
INVS8ITffiNT PllRCEiA9E BTATBD __' yqp� _'_ MAIVAITY OAYB
NWIDBA IBBU&R DATB HOOA VALUB PACS VALUS MAAREl VALUE PATB 360 365 DATB TO MAT
_____"_"_____'_____'___"_""'__"____'___________'______'_'_____""""_"__"__"__""""_"'_"'_'__'_""_"'_"_""_"
PIDELITY 1718ASURY POOL
11049 Pldelity Inetitutlonel Ceeh 679,768.00 479,748.00 479,748.00 5.120 5.050 5.120 1
11050 pidelity Inatitutioml Caeh 12,802.00 12,802.00 12,802.00 5.120 5.050 5.120 1
11051 PSdalSty Inetltutional Cas� 29�901.00 29�901.00 29�901.00 5.120 5.050 5.120 1
11052 PSdality Inetitutional Caeh 2,786,929.00 2,786,929.00 2,786,929.00 5.120 5.050 5.120 1
"_'_'_'__"" __'_""""" ""__'"_""' """ ""'_ '__"'
eUBTOTALB and AVffitAG88 3�307�380.00 3�307�380.00
3��07�380.00 5.050 5.120 1
COIMS[iCIAL PAPBR - DSBCOUliT
26001 I AmasScan Hzand Co�ercial P 10/03/96 1�476�953.75 1�500�000.00 1�677�500.00 5.370 5.45{ 5.530 O1/14/97 13
26002 I Genazal 8lectrlc Credit Cor 10/03/96 392,093.89 600,000.00 393,860.00 5.350 5.658 5.534 02/13/97 63
'__"""""' """"'_"" "_"_'_""_' '_"" """ ""__
BUBTOTALS end AVBRAGB9 1,869,047.66 1,871,360.00
1,900�000.00 5.655 5.530 19
PEDSPAL Aq8NCY IB8UB8 - COVPON
15009 A Federal H�e Lom Bertk 30/03/96 798,198.96 800,000.00 801,250.00 6.425 6.68� 6.570 08/20/O1 1,692
FEDSNAL AOSIPCY ISSU88 - DISCWNT
16007 I Pedaral Hwe Loan Bank 30/03/96 389,792.00 400,000.00 396,880.00 5.280 5.618 5.496 03/26/97 B6
16009 I Federal Home Loen Mortgage 10/03/96 388,640.22 400,000.00 393,719.97 5.270 5.606 5.681 06/15/97 304
"'__""'_"' "_""'_'_"' '_"_""""' "'_'_ """ "__"
9UHTOTALB anfl AVERAa88 778�432.22 788�599.97
800�000.00 5.612 3.487 96
__""'_""_"""""""'_"""""""___"""__"__""""'_""_'_""'
TdPAL INVEBaffiiT8 nnd AVO. 5 6,753,058.82 fi,768�569.97
6�807�380.00 5.373i 5.4C78 217
"""'��""��""""�""��""`v"""""`.'.""�a..ee.vaa.e:a�a=�`z��:::as...
Z �j
O1/OB/1997 1996 Deaert Roee 8ecxow Acet. PM - 2
INVB9TM6NT POATFOLIO DBTAIL9 - IpVE9'aAENT9 RDA
DSC8MB8R 31� 1996 ACCRVAL
INVS&T7ffi1Pl PVACHA88 BTATED --- Y1M --- MATURIIY DAYB
NUEIDER I88USR DATB BOOR VALUE PAC& VALVS MAA1�T VALUB PATE 360 365 DATE TO MAT
""__""'_"_""_"_"""""_"""""'_'_"""""""'_""__""""_"_""""""""""_""_"""""""_""'_'
FIDBLITY TAS7�8URY POOL
11065 Fidelity Inetitutional Caeh 12�441�534.00 12�661�536.00 12,461,534.00 4.120 5.050 5.120 1
'_"""_""'_""_""""""""""_'_""""'_""""""_______"_'"_"
TOTAL INV&8AffiiT9 antl AVG. ; 12,441,536.00 12,661,536.00
12�441�534.00 5.050t 5.120! 1
...�:ve...ev""'.`.""�e".'�.�"'�""".�""�"e"""'s�..e�..ea.vesa.:.ees�m
Z'�
01/oe/1997 alythe county court Admin ctr Pnf - 2
INVBBTMENT POATFOLIO DETAILB - INVEBRASNTB ADA
DSCSI�IDBR 31� 1996 ACCRUAL
INV88TME[7T PURCBAHB BTATSD _" y�AI "' M7\TUAITY MY8
NUDIDBR I88USR DATS HOOR VALVH PAC6 VALUS MPPRET VALUE AATB 360 365 DATB TO MAT
'_________"___"_""'_"__'__"'__'__"'____'_______"_'____'_'_'__"__'_'___'____'__'______'_'____'_'____"___'__'_____"_"'_'
FIDSLITY TAEASUAY POOL
11038 PSflelity Inetltutioml Caeh 226,000.00 226,000.00 226,000.00 5.130 5.060 5.130 1
11039 R PStlellty Inetitutioml CaeR 36,202.00 36,202.00 36,202.00 5.130 5.060 5.130 1
11041 S Fitlelity Inetitutioml Ceeh 1,447,660.00 1,467,660.00 1,667,640.00 5.130 5.060 5.130 1
13042 Fitlelity Iaetltutloml Cae� 14,083.00 14,083.00 14,083.00 5.130 5.060 5.130 1
11044 Fitlellty Inetitutional Cash 2,561.00 2,561.00 2,561.00 5.160 5.089 5.160 1
""__""_"' "___""'_"_ '_"""'__"' '_"" "__'_ ""'_
eUBTOTALB and AVffiiAG88 1�724�466.00 1�726�066.00
1,724�C66.00 5.060 5.130 1
P&DSPAL AOffiiCY I89U88 - COUP�
15008 R Fefleial Perm Cradit 09/13/96 698�629.68 500�000.00 502�031.25 6.125 6.312 6.600 07/09/98 556
TA6A8UAY 86CUAITISB - T-BILL
18020 Unitea Btetae Treaeury OB/13/96 218�520.71 226�000.00 223�076.86 5.180 5.310 5.380 O1/30/97 29
18021 Onitee Btatee Treeeuxy 08/13/96 70,163.61 76,000.00 71,866.60 5.610 5.637 5.715 07/24/97 204
_""_"""" """_""_" ""'_"""_' '__"' _""' ______
BUBTOTAL6 and AVSRAGBe 288�686.12 296�921.66
298,000.00 5.389 5.666 72
"""""""""""""""'__'_____'__"'_'""_"'__"'___"_"_'_""_""_
TOTAL IINBBR9.+NT8 and AV6. ; 2�511�779.60 3,521�618.71
2,522,466.00 5.346i 5.621t 119
"""""�""'�""""""'�""""""""'��..."""""""""""""""'
2y/
O1/OB/1997 Blytha County Court Admin Ctr ' PM - 3
INV88'Rffi7T POA'PFOLIO DBTAILB - CABH ADA
DHCElIDSR 31� 1996 ACCRUAL
lqVEBTME1Pl PURCFIp86 eTAT&0 '-' YSM '"' MATURITY DAYB
NUPIDSR I88U8R DATE BOOR VALUB FACB VALUS MAARET VALUB AATB 360 365 DAT& TO MAT
_______""""__"_"'_'_"'_"_""""'_"'_____'____""_""'_"_"_"_""'_""""""""_"__"__"""'_"""__"___"
CA89 NITH TAU3TS8 -PIRST TRUST
26007 Caeh with Truetea 2.06 0.000 0.000 0.000
Accrve9 Intereet at Purcheee 5,64C.64
_""'_"""'__""_"_""""__"""""""_""'___"__"""""""'__"
RriPN. C118H S 5�446.48
..:.m�........:..a�.....�...:.�.se....:.....::..:.s..�..�..��..��..e:.....��:�s...
TOTAL CASH anE INV88ThffilPPB 3 2,517,226.08
.�:.ne............e.....v...e..e.............<..............�...�...��..�..��..��a
Z.
OS/08/1997 ADA Deeert Roee eond Iesue �� PM - 2
INV691TIGNP PORT[+OLIO 0%TAILB - I[N83RM6NT8 ADA
D%CBEID&R 31, 1996 ACCRl1Ai.
INVBBTMENT pURCHA88 STATBD -" Y1T1 "' MATUAI7Y DAYB
NUPIDSti I88UBR DATE HOOR VALUB PACB VALUB MARREP VALUB PATS 360 365 DATS TO MAT
""""'__'____'_"__'____'_"_______'__'_'___"__""__"____'___"__"____'____"_'__"_"""'_""""""""""'_'_'______
FIDBLITY TR8A8URY POOL
11034 8 Fidelity Inetitutianal Caeh 2�169.00 2�169.00 2,149.00 6.690 4.626 6.690 1
11035 Fidelity Inetitutional Caeh 8.00 8.00 8.00 6.900 6.833 6.900 1
11036 Fidelity Inetitutioml Caeh 3�9{2.00 3�962.00 3�942.00 4.690 4.626 4.690 1
11043 PSdelity Inetitutlonal Caeh 180.00 180.00 180.00 5.160 5.089 5.160 1
'__"""""' """"""" """'_""_' """ "'_" """
8U8TO�LALB and AVSRAa&8 6�279.00 6�279.00
6,279.00 6.639 6.704 1
__""'_"""__"_"__""_""_"_""_"'__'_""""""""'_""'_"""_'
TOTAL INVSB�ffi�T8 and AVG. = 6,279.00 6,279.00
6,279.00 6.639H 6.7049 1
....�m...".""'.».......e""`e"""""""'.�".�"""�"�"""�..e�....a.
2.�}
OS/OB/1997 ADA Daeert Aoae Bond Iaeue PM - 3
INVE9RTffiiT PORlPOLIO DBTAILe - CASH �A
DBCEDIDHti 31� 1996 ACCAUAL
INV88TI�NT PURCBA88 BTATED __' y'dd "' MATORITY DAY9
��gR =ggpgg DATB BOOR VALUB FACE VALU& MAP1�T VALUB PAT5 360 365 DATB 7V MAT
___"_______'____"'___"____"____"__'_"__'"____'__'_"_'_'____"___'_____'____"'__"__"'_"'___"____"______"'__'__"'_'__'
PA88BOWC/CFBCRIHO
25003 FIRBT IMI'S�bTATB BANR 0.00 3.290 3.265 3.290
25005 FIAST INT6fl8TATE eANR 9�067.12 . 6.025 3.970 6.025
25006 FIABT IPT6R8TAT8 SANR -6.00 0.000 0.000 0.000
___"_""'__' "'___ "'___'
BUBTOTALB MG AV6FA088 9�043.17 3.972 4.027
_""_""""'__"_""_'__""""__""""'__"_""'___"'_'____'_"_"___"_'
TOTAL CASH and I11V&BTMEHfB ; 15.322.17
.osam�..ovaoao.ozv000sa�ww..�a....��......��......��..e'.`��..�a..em..�m.a
Z )f
O1/OB/1997 Palm Deeert Offlce Camplex PM - 3
INVSSSTffi7T PORfPOLIO DBTAIL9 - CABH RDA
DSCSlIDBit 31� 1996 ACCAUAL
INV86TME[iT PURCBA88 BTAT&D "_ y.y� '__ MATUAITY DAYB
NUPID&R S9SU6R DATE BOOR VALUB FACE VALUE MAARBT VALUS AATE 360 365 DATE TO MAT
"""_'______'________'______"___"_"'_"_"'_'__"_'_'______"_'___"___'____'____'___'_'_""_"'__""___'___'__.____'_'_""
PA86HOOR/C�CRIPG
25000 Henk of Americe-Checking 615,170.96 0.000 0.000 0.000
25001 emk of Americe-9avinge 20�068.31 2.000 1.973 2.000
""_""""' _'_'_' ""'_
BUBTOTALB and AVSFIAG88 635,219.27 0.091 0.092
""""_'__"_'__"__'_"_'_'_'""""'_'_____""__'__"""___'____'_____"""_
TOTAL CABH qpd INIBg'fM6lPf3 � 635�219.21
..��....��....��..........:.:a=...e�.....�....a...�:...a..s�..��.e�...:.:.:......��
���
O1/08/1997 9elf Help Checking P!1 - 3
INV88'uAENT POATFbLIO DBTAIL9 - G8A RDA
DBCEPIDBA 31� 1996 ACCAVAL
INV8814�NP PVACBABE BTATBD ___ y� _" MATUAITY DAY9
NUEIDER I88U&A DATB BOOR VALUE FACB VALUE MAARSl VALUS RATS 360 365 DATB TO MAT
______'_________________"""""__""_""_"""'_"_"'_"""""""_"""'_'__"""""_"""""""""'_"_""""'
PA9SBOOA/C�CRIB�
25002 H of A - 9elf Help Checking 19,818.05 0.000 0.000 0.000
_________""""""_"""_"_'_______"'_'_"_"""_'_'____"_""""""'___'
TOTAL CABH antl INV&eTMEPT9 f 19�818.05
e:..:am.:.e:.:..........�.....e.e:m.em��::<=e:.a:..:...........�...���=��.a�..��....
��
O1/OB/1997 ~ Aedavelopmant Agency - Genesal PM - 2
INV&BTt�NT POATPOLIO DBTAILB - INVE87fffiiT9 ADA
DSCEt�BR 31, 1996 ACCRIIAL
INV88TI�MP PUACHA88 BTATBD -" Y7M -'- MATUHITY DAYS
NUhIDSR I8808R DAT& HOOR VALU6 PACB VALUS MAARbT VALUB AATE 360 365 DAT& TO MAT
______________________'___"""_'_'_'_'___'__'_"""______"""""_'_'______'__"__'_____"_'__'_______"_'"_____'_____"_"_'
LOCAL AGSNCY INVSB'AffiiT FUNDB
21000 Local A9ancy Tnvaetment Pun 9,036�136.85 9,036,136.85 9,036�136.85 5.601 5.SZ0 5.601 1
21001 Lmal Agancy Inveatmant Pun 0.00 0.00 0.00 S.SB7 5.510 5.587 1
_"___"______ ""_'_'__'___ "'______'_"_ '_"__ ___"_ "'___
3UBT(7fTS,8 Md AVSRAG&8 9�036�136.85 9�03fi�136.85
9�036,136.85 5.524 5.601 1 .
TR&1SUAY 6&CURITI86 - COUPO[i
17069 Unitae Statae Treaeury 05/26/96 2,003,168.11 2,000,000.00 2,006,375.00 6.125 5.905 5.987 03/31/98 456
17070 Unitae 8tatee Treaeury 05/26/96 2,004�829.18 2,000,000.00 2�005,000.00 6.625 5.510 5.586 03/31/97 89
17071 Unitea 8tatee Tseaeury 05/36/96 1,000,532.98 1,000,000.00 1,000,625.00 5.875 5.691 5.770 07/31/97 211
17072 Unitee 8tates Treaeuxy 05/24/96 999,397.77 1,000,000.00 999,375.00 5.750 5.749 5.828 09/30/97 272
17073 Unitee 8tatee Treeeusy 05/2d/96 1,001�571.80 1�000�000.00 1�001�250.00 7.500 5.422 5.699 OS/31/97 30
17077 Unites Statea Treaeury 05/30/96 989,999.14 1,000,000.00 990,000.00 5.000 5.900 5.982 01/31/98 395
_""_'_""'_ ___""_"_"' ""'_______" ""__ ____" ______
eUeTUfAL9 and AVBFU�EB 7,999,479.58 8,000,625.00
8�000�000.00 5.698 5.777 269
TOTAL INVE97M8NT6 and AVR. = 17,035�616.63 17�036�761.85
17�036�136.85 5.6068 5.686i 117
.:...�....��..m:s::�....�.....��..:�:s:...ee...�...�..zas:a�����.��..aaa��s..��....
� �
� � � Q s �
� � � � � �� � � � � �
� � � _ � � � � � � �
N W {N� n! yy� M y N tl1 Ny� Nyl� M w
PS t/1 W N tq N tp Ny� fq (yq! fq � W Ny� Ny1 N W � � > y Y } Y y Y Y > > Y
.� Y } Y Y Y Y } Y } Y T > T s �
U '
� � � Y � Y � � � } i } i Y � r � Y � � � ; � Y � Y � Y
f~I_I Q J Q � Q � Q J Q � Q J Q J Q -� Q J < � < J < J < J < J
� ; 8 � S yS � g ; 8 � 8 ; S ; S ; 8 � 8 hS ; S � S ; S
U
� @w �° n � �r
o� os ��e �-o rd
� � g �„' �� � e
� � - �n €
E r m 4 � �
� � g € .�$ .�%`—,� � �� a « � � ����aea
�� � � �.s � '� E L � �
� `-� - � �
� � � ��� � �
�L y� y EII � o
� � ��� � �r
W � ���gm � � � �� � �
� ��
�� j E E E "�'�. �Eg�� � �8 N �� E � E E E
� g g �g p� �p� � � � g � g �� g
N Sq�e� ��II� � � �� � ��
Z .�C �@ � O�$� � q�
a £ � �
.� — q
� � � � � � � � � � � � � � A
�� N �
�� �` � � � � � � � � � ,
N ,��,��{{cpp �q � g �
LL
F � r ,�yp g�g � � � � 'O �pp �U�g
~ � � � Q U � � � �y� C � "�'
�E LL $`
y � Q 1q �y �
ya[ LL
_ � 7 7 � V Z � � � � 2 Cq �
d d �$ $ C g
� � � � � s �
._— .— _ _- --
- — _ _ _� I
� ,. �
m
:I
� a �
m a < Y
o I• • �
� , j
0
.
_
,
,
, __ ��
$ a Q
eaF
.. � o ueVlaiow ' � '.
_ 6 y i
'�, ��. ,. s�e�sau � I. ���.
� eaRswt � �'
� I � � , a' , . ° �
.. eaR E ol t ,
I I 6
� r
m . m m
I o N
4' � SleaFi0ll 3 d � � �
F ` C mq
✓ � �� � �ir '��.� 6 � � ��
� �� :w�aw r a t 'a8 � E , Q !
Q � ZL a19 p'-� � � �. '. �.
� �� nx E„ � , a �.
SVluow n+1 � ,.. Y � m II
, Q . ,, . � 9 0l f . ., '� .
� � SE,oli _ ' � �
o �
� ' , � �. :w�ow � �, ��. . . ��
. � , z a�� o . °' ,.. - .
5 �
uluow 6 �
,.:. t ueV15z>l . �.
��T�
. d� ° o 0 0 ° Sv . m . ..
�o n a n ry � .. � .. � a
D�d1oYe o . .
O I A
W I i
� :
¢
t- O e m
z � �
t
W � � �
��m � .. .. . . .. . �.
O a `v . m 'a —`��_� ' ,. � b .
�W E �
�� swiIIIW — ---
U
H � �
� � �
0 0 0 0 0
� W C� o 0 0 0. v�i.
W > '9 �. m. i.
WZ w e n n v
p �. _ . _. . —': _ ..�--.-_ -. . . __- -
�
R� �I
_... . .... .. .
�
00000in �noo o�r � �
000000gmoom � rn i ..
O � O O � tn O 1�'l O O � V N . �
t9('1 M3 fA O i9 10 fH tH C'1 (7 (D '
O I� <O O (V O N I Ij
W Q O � ^ N umD � �� II �
� � �M � (9�� �� .
t v �
U
W O O O V) V � t0 ("l OO N N r N �.. �� . m .
� OOOeDtO �DOJ V tT s .
� O N O (O I� O1 10 O O V C t0 � N I O
- tA(O Yi` V (O N 1� W N (g tO N I F .
M cn oin � m io .
o io oi� ao � r ��.. s
a � omv� g N �N � - j �, d �.
uf «n
U � �W`W�rW�W b�9 � ', �
d Q�
� �
@ � ,
�p SO O N V tD 10 aD O N V N
OO W t0 Nm NO MOIN LL �. a
m o �+io �on �ooivoa �oor
rn w�owM �o min m wm m rn � c ��
c� � mMo � ty o .
� �ro M v�i V�o�i � eD vi� n � m >
� c+� o �n � Mm
a M www� n � g �o � u =� ° .
� vi H3 W � � �o . �.
� fA tA O '�.
� o $„ � �� a . m I
Z � @
r
N LL b
C C � I 0.
� O
O � �
N O.d � d V ❑ C � u¢o . �. �i
p v a
6 p Z'a rv >. >, a p '�p'
E � N � �- C C � yVj N N Q
(.� 1/1 N � � Ol m(J � m J N N —
p � V�- � � QQ r � m O1 - .
� qT� � NJJO � Jr' � ¢a ��DS . `S'
U �
La N
'� e _
m `m s � m e � I � E
O d U LLQ O N W W d N Q N N E ry F
G, H U LL O J U LL LL H H F R] C) � U y." ,
u 6 I
I
o`
u
r
, I _ _�_'__'-� e_ e m '�.�.
e " e
III e r r h � II!
�..____" __. _—.... _- _ _... ,'�.
City of Palm Desert
R,D,A. Agenda Request
Meeting of FEBRUARY 13, 1997
1, To be considered under: N�,g�ineu_
pIdinances_
gesolutions_ p�her_
Consent Calendar_ Informational Items_ Public HearinBs_
Old Businws,_.
2. Item Tifle: (Pleasa Pm���WOL�g��O�d appeaz
as the item's tifle on the agenda).
BECEIVE & FIL11/30/96view Professional Office Buildin s Financial Statements or
month ending
g: Finaricial: (Complete if aPPlicable)
�y) Amount Ra(uene�
(a) Account/Project# ��� Appropriation Re�lwTed?
(�) In the Cuaent BudgetT
P.pproved bY
DirectorofFinance: PAUL S. GIBSON DIRECTOR OF FINANCE/CITY TREASURER
q, Submitted by: Ex�tive Directol
g Approvals: Depaztmentxead —_ _
--__-__�—_—___—'----------
--_-----
OSCAR G. A IJO
O!'` A Certified Public Accountant
tJA
74-133 EL PASEO, SUITE 8 • PALM DESERT, CALIFORNIA 92260 • (619)773-4078 � FAX(619)773-4079
7anuary 13, 1997
Palm DeseR Office Complex
Paim Desert, California
I have compiled the accompanying balance sheet of Palm Desert Office Complex, as of November 30,
1996, and the related income statement and statement of cash flows for the eleven months then ended,
in accordance with statements on standazds for accounting and review services issued by the American
Insdtute of Certified Public Accountants.
A compilation is limitefl to presenting in the form of finaacial statements information that is the
representation of managemeat. I have not audited or reviewed the accompanying financial statement�
and, accordingly, do not express an opinion or any other form of assurance on them.
Management has elected to omit substantially all of ihe disclosures required by generaily accepted
accounting principles. If the omitted disciosures were included ia the finaacial statement�, they might
influence the user's conclusions about the organization's financial position,results of operations and cash
flows. Accordingly, these financial statements aze not designed for those who aze not informed about
such mattecs.
Sincerely,
�
Oscaz G. Armijo
Certified Public Accountant
MEMBER MFAIBER
Callfornia Sottety oj Ame.ican/rutlturo oj
' Gerttfted Pubttc Accourttana � CertifieJ Pubfic Acmuntants ,
Palm Desert Office Complex
Salance Sheet
November 30, 1996
Assets
Current Assets
Cash in Bank-Reserve Account $ 27, 072.42
Cash in Bank 398,839. 08
Cash in Bank -Security Deposit 20, 048.31
Total Current Assets $ 445, 959.81
Fixed Assets
Building 444 2, 585, 000. 00
Accumulated Depreciation (66, 282. 00)
Building 555 1, 085, 000.00
Accumulatad Depreciation (27,819. 60)
Building Improvements-Bldq 444 82,420. 02
Accumulated Depreciation (2,289.45)
Total Fixed Assets 3 , 656,028.97
Total Assets $ 4, 101,988.78
See Accountants� Compilation Report
Palm Desert Office Complex
Balance Sheet
November 30, 1996
Liabilities and Equity
Current Liabilities
Security Deposit Payable $ 19, 900. 00
Deferred Revenue 700. 00
Total Current Liabilities $ 20, 600. 00
Long Term Liabilities
Equity
Equity 3 , 670, 000. 00
Retained Earnings 19, 968.83
Current Income (Loss) 391,419.95
Total Equity 4, 081, 388.78
Total Liabilities & Equity $ 4, 101,988.78
See Accountants' Compilation Report
Palm Desert Office Complex
Income Statement
For the Period Ended November 30, 1996
1 Month Ended 11 Months Ended
Nov. 30, 1996 Pct Nov. 30, 1996 Pct
Revenue
Rent Receipts $ 55, 089.45 99. 34 $ 755,450. 39 99. 67
Other Income 0.00 0. 00 263 .49 0.03
Interest Income-Security 18.06 0. 03 361.33 0.05
Interes� Income-General 346.78 0. 63 1,882 .76 0.25
Total Revenue 55,454.29 100. 00 757,957.97 100.00
Operating Expenses
Commissions 2, 434. 08 4.39 2,434 . 08 0.32
Insurance 0. 00 0.00 6, 052 . 08 0.80
Office Expense 0. 00 0. 00 354. 38 0. 05
Office Maintenance 0.00 0. 00 1,099. 00 0.14
Repairs & Maintenance-Di 76.89 0.14 5,303 .54 0.70
Repairs & Maintenance-Bu 24, 123 .03 43.50 46,201.52 6. 10
Repairs & Maintenance-Ja 2,875. 00 5. 18 34,549 .55 4.56
Landscaping 500. 00 0.90 10,316.29 1.36
Professional Services 0. 00 0.00 79, 387.22 10.47
Repairs and Maintenance 76. 00 0. 14 1,845. 92 0.24
Property Taxes 0. 00 0.00 39,568 . 11 5.22
Telephone 0.00 0. 00 2,460.28 0.32
Security 0. 00 0.00 990. 00 0. 13
Utilities 4, 291.32 7.74 47,426.80 6.26
Total Expenses 34,376.32 61.99 277,988.77 36.67
Operating Income 21,077. 97 38 . 01 479, 969 .20 63.32
Depreciation Expense 8,299.69 14 .97 88 , 549 . 25 11. 68
Total Other Income (8 ,299.69) ( 14.97) (88 , 549. 25) ( 11. 68)
Net Income (Loss) $ 12 ,778.28 23.04 $ 391,419.95 51.64
See Accountants' Compilation Report
Palm Desert Office Complex
Statement of Cash Flows
For the Period Ended November 30, 1996
Increase (Decrease) in Cash or Cash Equivalents
1 Month Ended 11 Months Ended
Nov. 30, 1996 Nov. 30, 1996
Cash Flow from Operating Activities
Net Income (Loss) S 12,778.28 $ 391,419.95
Adjustments to Reconcile Cash Flow
Depreciation 8,299. 69 88,549 .25
Decrease (Increase) in Current Assets
Receivable From Escrow 0. 00 34,862 . 05
Increase (Decrease) in Current Liabilities
Escrow Reserve 0. 00 (154, 130.55)
Security Deposit Payable (3,812 .50) 19,900. 00
Deferred Revenue ( 700. 00) (1,400. 00)
Total Adjustments 3 ,787. 19 (12,219.25)
Cash Provided (Used) by Operations 16, 665.47 379,200.70
Cash Flow From Investing Activities
Sales (Purchases) of Assets
Accumulated Depreciation 0.00 (82,420.02)
Cash Provided (Used) by Investing 0. 00 (82,420. 02)
Cash Flow From Financing Activities
Cash (Used) or provided by:
Retained Earninqs 0. 00 ( 4,951. 42)
Cash Provided (Used) by Financing 0.00 ( 4 ,951.42)
Net Increase (Decrease) in Cash 16,565.47 291,829.26
Cash at Beginning of Period 429,394. 34 154, 130.55
Cash at End of Period $ 445,959.81 $ 445, 959.81
See Accountants' Compilation Report
PALM DESERT OFFICE COMPLEX
FINANCIAL STATEMENTS
NOVEMBER 30, 1996
• cr;
-"
�_ -- —
�� -
� �
-- c� �
�, m
-a
.--_ o -.
�, r
� - -
�__ a ��
-� r-
y—. '
o r-i r-i
F_� � a
C] ~ -+
1/13/97 Palm Desert Office Complex Company: : PDB
12:53 Regular Trial Balance Paqe: 1
1 Month Ended 11 Months Ended
Account � Type Description Nov. 30, 1996 Nov. 30, 1996
--------- ---- ------------------------------ --------------- ---------------
102 A Cash in Bank-Reserve Account 2,719.47 27,072.42
110 A Cash in Bank 17, 640.44 398,839.08
112 A Cash in Bank -Security Deposit -3,794.44 20,048.31
151 A Building 444 0.00 2,585, 000. 00
152 A Accumulated Dapreciation -5,523 .50 -66,282.00
153 A Building 555 0. 00 1, 085, 000. 00
154 A Accumulated Depreciation -2, 318.30 -27,819. 60
157 A Building Improvements-Bldg 444 0.00 82,420.02
158 A Accumulated Depreciation -457.89 -2,289.45
203 L Security Deposit Payable 3,812.50 -19,900.00
211 L Deferred Revenue 700.00 -700.00
280 L Equity 0.00 -3, 670, 000. 00
281 L Retained Earninqs 0.00 -19,968.83
301 R Rent Receipts -55, 089.45 -755,450.39
302 R Other Income 0.00 -263 .49
303 R Interest Income-Security Dpsts -18.06 -361.33
304 R Interest Income-General Chckng -346.78 -1,882.76
630 E Commissions 2,434.08 2,434.08
650 E Depreciation 0.00 7,841.80
680 E Insurance 0.00 6,052.08
710 E Office Expense 0.00 354 .38
711 E Office Maintenance 0.00 1,099.00
712 E Repairs & Maintenance-Disposal 76.89 5,303:54
713 E Repairs & Maintenance-Building 24, 123.03 46,201.52
714 E Repairs & Maintenance-Janitor 2,875. 00 34,549.55
715 E Landscaping 500.00 10,316.29
723 E Professional Services 0.00 79,387.22
730 E Repairs and Maintenance 76.00 1,845.92
756 E Property Taxes 0.00 39,568. 11
760 E Telephone 0.00 2,460.28
765 E Sacurity 0.00 990.00
775 E Utilities 4,291.32 47,426.80
812 E Depreciation Expense 8,299. 69 80,707.45
--------------- ---------------
Account Balances 0. 00 0. 00
Current Profit 12,778.28 Y-T-D Profit 391,419.95
1/13/97 Palm Desert Office Complex Company: PDE
12:53 General Ledger - Period Ending 11/30/96 Page: ]
Date Mt Ref � Account Description Current Year-To-Date
-------- -- ------ --------- -------------------- ------------- -------------
Beqinning Balance 102 Cash in Bank-Reserve Account 24,352.95*
il/30/96 11 JE4 102 Rent Reserves 2,719.47
Ending Balances = 2,719.47* 27,072.42*-
Beginninq Balance 110 Cash in Bank 381,198. 64*
11/30/96 11 JE2 110 Cash 54,389.45
11/30/96 11 JE3 110 Cash-General 346.75
il/30/96 11 JE4 110 Cash -2,719.47
il/30/96 11 CD11 110 Cash Disbursements -34,376.32
Ending Balances = 1�, 640.44* 398, 839. 08*�
Beginning Balance 112 Cash in Bank -Security Daposit 23,842.75*
11/30/96 il JE2 112 Security Deposit- -3,812 .50
Cash
11/30/96 il JE3 112 Cash-Security 18. 06
Deposits
Ending Balances = -3,794.44* 20,048.31*�
Beginning Balance 151 Buildinq 444 2,585,000. 00*
Endinq Balances = 0. 00* 2,585,000. 00*�
Beginning Balance 152 Accumulated Depreciation -50,�58.50*
11/30/96 11 JE1 152 Accumulated -5,523 .50
Depreciation
Ending Balances = -5, 523.50* -66,282.00*�
Beginning Balance 153 Building 555 1, 085,000. 00*
Ending Balances = 0. 00* 1, os5,000. 00*+
Beginninq Balance 154 Accumulated Depreciation -25,501.30*
il/30/96 11 JE1 154 Accumulated -2, 318.30
Depreciation
Ending Balances = -2, 318.30* -27,819. 60**
Beginning Balance 157 Buildinq Improvements-Bldg 444 82,420.02*
Ending Balances = 0. 00* 82,420.02**
Beginninq Balance 158 Accumulatad Depreciation -i,s31.56*
11/30/96 11 JE1 158 Accumulated -457.89
Depreciation
. Ending Balances = -457.89* -2 ,289.45**
Beginning Balance 203 Security Deposit Payable -23,712 .50*
il/30/96 11 JE2 203 Security Deposit 3,812.50
Payable
Ending Balances = 3 , 512.50* -19,900. 00**
Beginning Balance 211 Deferred Revenue -1,400.00*
11/30/96 11 JE2 211 Deferred Revenue 700.00
1/13/97 Palm Desert Office Complex Company: PDI
12:53 General Ledger - Period Ending 11/30/96 Page: .
Date Mt Ref � Account Description Current Year-To-Date
-------- -- ------ --------- -------------------- ------------- -------------
Endinq Balances = 700.00* -700. 00*�
Beginning Balance 280 Equity -3, 670, 000.00*
Endiag Balances = 0.00* -3 , 670,000. 00*
Beginning Balance 281 Retained Earnings -19,968.83*
Endinq Balances = 0.00* -19,968.83*
Beginning Balance 301 Rent Receipts -700,360.94*
11/30/96 11 JE2 301 Rent Revenue -55, 089.45
Ending Balances = -55, 089.45* -755,450.39*
Beginning Balance 302 Other Zncome -263 .49*
Endinq Balances = 0.00* -263.49*
Beginninq Balance 303 Interest Income-Security Dpsts -343 .27*
11/30/96 li JE3 303 Interast Income- -18.06
Security Deposit
�nding Balances = -18. 06* -361.33*�
Beginninq Balance 304 Interest Income-General Chckng -1,535.98*
11/30/96 11 JE3 304 Interest Income- -346.78
General
Ending Balances = -346.78* -1,882.76*
Beginninq Balance 630 Commissions 0.00*
11/1/96 11 1172 630 CB Cnmmercial 2,434. 08
Ending Balances = 2,434.08* 2,434. 08*�
Beginninq Balance 650 Depreciation 7,841.80*
Endinq Halances = 0. 00* 7,841.80*+
Beginning Balance 680 Insurance 6,052.08*
Ending Balances = 0. 00* 6,052.08*f
Beginning Balance 710 Office Expense 354.38*
Ending Balances = 0.00* 354.38**
Beginning Balance 711 Office Maintenance 1, 099.00*
Ending Balances = 0. 00* 1, 099.00**
Beginning Balance 712 Repairs & Maintenance-Disposal 5,226. 65*
11/20/96 11 1184 712 Waste Manaqement of 76.89
the Desert
Ending Balances = 76.89* 5,303.54**
Beginning Balance 713 Repairs & Maintenance-Building 22,078.49*
11/1/96 il 1173 713 Wall Construction 20,302.20
11/1/96 11 1174 �13 Wall Construction 2,255. 80
1/13/97 Palm Desart Office Complex Company: PDE
12:53 General Ledqer - Period Ending 11/30/96 Page: 3
Date Mt Ref # Account Description Current Year-To-Date
-------- -- ------ --------- -------------------- ------------- -------------
il/1/96 il 1175 713 Wall Construction 600. 00
11/1/96 li 1176 713 Paragon Desiqns 126.98
li/20/96 il 1180 713 Bradley Electrical 133.76
Inc.
ll/20/96 il 1185 713 Desert Building 140. 00
Services
11/20/96 il 1186 713 The Lock Shop Inc. 344 . 16
11/20/96 11 1187 713 AZ-Tech 220.13
Endinq Balances = 24, 123. 03* 46,201.52*+
Beginninq Balance 714 Repairs & Maintenance-Janitor 31,674.55*
11/20/96 il 1178 714 Desert Buildinq 2,875.00
Services
Ending Balances = 2,875.00* 34,549.55*t
Seginninq Balance 715 Landscapinq 9,816.29*
li/20/96 li 1181 715 Sir Michaels 500.00
Landscapinq
Ending Balances = 500. 00* 10,316.29**
Beginninq Balance 723 Professional Services 79,387.22*
Ending Balances = 0.00* 79,387.22*}
Beginning Balance 730 Repairs and Maintenance 1,769.92*
11/20/96 11 1179 730 Dewey Pest Control 76.00
Ending Balances = 76. 00* 1,845.92**
Beqinning Balance 756 Property Taxes 39,568. 11*
Ending Balances = 0.00* 39,568.11**
Beginninq Balance 760 Telephone 2,460.28*
Ending Balances = 0.00* 2,460.28**
Beginning Balance 765 Security 990. 00*
Endinq Balances = 0.00* 990. 00**
Beqinninq Balance 775 Utilities 43,135.48*
11/20/96 11 1177 775 Southern CA Sdison 3,290. 16
11/20/96 11 1182 775 CV Water District 96. 01
11/20/96 il 1183 775 Southern CA Sdison 905.15
Endinq Balances = 4,291. 32* 47,426.8o**
Beginning Balance 812 Depreciation Expense 72,407. 76*
li/30/96 11 JE1 812 Accumulated 8,299. 69
Depreciation
Ending Balances = 8,299. 69* 80,707.45**
1/13/97 Palm Desert Office Complex Company: PDB
12:53 General Ledger - Period Ending il/30/96 Page: 4
Date Mt Ref # Account Description Current Year-To-Date
-------- -- ------ --------- -------------------- ------------- -------------
General Ledger is in balance 0. 00*�
32 Transactions
Current Profit 12,778.28 Y-T-D Profit 391,419.95
.,
..--- _ -
�.
i//i�59
Palm Desert Office Complac
Hank ReconciliaHon for Account 14961-01948
For Month Ending November 1996
Beginaing Balance 9QS,SSIS9
Add:
Caeh Heceipfs 54,389.45
Interest 346.78 �
Less:
Ca�h Dlsbnrsemeab 34,37632
Service CLarge -
Ending Balance 4Z5,91150
Balance Per Bank ' �131.409.31
Depo�ib in Tran�it _
Le�r.
Onbtanding Checks 5,497.81
Ending Balance 475,91150
Onbtanding Check List
Check Nnmber Payee Amoant
1099 Get Alermed Securily 55.00
1174 Well Construction 2,255.80
1178 Desert Building Service 2,875.00
1179 Dewey Pest Control 76.00
1182 CV Water District %.Ol
1185 1)esert Building Services 140.00
TotelOutstending 5,497.81
Prepared by Oscar G.Armijo, CPA 1/10/97 Page 1
. ��i�,��_
Palm Deeert Office Complex
Bank ReconciliaHon for Acconnt 14963-01947
For Month Ending November 1996
Beginntng Balance zi.842.75
Add:
Caeh Receipts -
Intenet 18.06
Less:
Gsh Dbbntsementn 3,81250
Seivice Chatge -
Ending Balance 20,048.31
Balance Per Bank 20.048.31
Depwits in Taansit -
Leee:
Ontetaadit�g Checke -
Ending Balance 211,09831
.
Prepared by Oscar G. Armijo, CPA 1/10/97 Page 1
STATE OF CALIFORNIA MATT FONG, Treasuier
OFFICEOFTHETREASURER GITY �F I'ALM 1FS�RI
SACRAMENTO
f INf,N�E DLPART1.1EtIT -�,
'97 JflN 2 P�l 2 50
LOCAL AGENCY INVESTMENT FUND
P.O. BOX 942809
Date: 11/30/96 SACRAMENTO, CA 94209-0001
Page: O1 NOVSMBER, 1996 STATEMENT
ACCOUNT NUMBER: 98-33-621
CITY OF PALM DBS�RT
ATTN: CITY TREASURER
73510 FRED WARING DRIVE
PALM DESERT CA 92260
EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT BALANCE
--------- ----------- ---- ------ ------ --------------- ---------------
BEGINNING BALANCE - REG $16,092,198.42
11/O1/96 10/30/96 RW 716 ATT -$2,000,000.00 $14,092,198.42
11/08/96 11/OS/96 RW 71'l JER -$500,000 .00 $13,592, 198.42
11/26/96 11/26/96 RW 718 JEIt -$500,000 .00 $13,092, 198.42
---------------
ENDING BALANCE - REG $13,092, 198.42
---------------
GRAND TOTAL $13,092, 198.42
SUMMARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
---------- ----------------- ---------------------
REG 3 $0.00 -$3,000,000.00
CC: BARBARA WRIGHT
JEAN RUTH
INVESTMENT & FINANCE COMMITTEE
S7ATE OF CAUFORNIA MATi FONG, Treesurer
OFFICE OF THE TREASURER -
SACRAMENTO E'.ITY IF �ALM IE:;FRT -A
FINAN�E QE"ART��IEN7
LOCAL AGENCY INVESTMENT E'�I�flN 8 A�1 11 33
P.O. BOX 942809
Date: 11/30/96 SACRAMENTO, CA 94209-0001
Page: O1 NOVEMBER, 1996 STATEMENT
ACCOUNT NUMBER: 65-33-015
PALM DESERT REDEVELOPMENT AGENCY
ATTN: PAUL GIBSON, TREASURER
73-510 FRfiD WARING DRIVE
PALM DESERT CA 92260
EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION
DATE DATE TYPE NO CALLER AMOUNT BALANCE
--------- ----------- ---- ------ ------ --------------- ---------------
BEGINNING BALANCE - REG $9,536,136. 85
11/26/96 11/26/96 RW 713 JER -$500,000 .00 $9,036, 136. 85
---------------
ENDING BALANCE - REG $9,036,136.85
---------------
GRAND TOTAL $9,036, 136 .85
---------------
---------------
SUMMARY
TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT
---------- ----------------- --------------------
REG 1 $0.00 -$500,000.00
RECEIVED
CC BARBARA WRIGHT
INVESTMENT & FINANCE COMMITTEE ,1AN 0 7 1997
PALM DESERT
REDEVELOPMENTAGENCY
PG LED MONEY INVESTMENT ACC•..JNT
SUMMAR�' OFINVESTMENTDATA g�TY IF I'ALM BE�ERT
fINANGE DEI"ARTIdEtIT
A COMPARISON OF NOVEMBER 1996 WITH NOVEMBER 1995
(DollarsinT6ousands) '97 JRN 2 Pf� 2 50
`N10VEMSER 1996 ' NOVEMBER1995 �° GHANGE <
AverageDailyPortfolio $27,088,172 $25,110,356 +$1,977,816
Accrued Eamings $124,662 $119,483 +$5,179
Effective Yield 5.599 5.805 -.206
Average Life--Month End(in days) 231 252 -21
Total Security Transactions
�o�� $18,487,457 $15,631,542 +$Z,g55,915
Nutnber 426 380 +46
, Total Time Deposit Transactions
Amount $149,500 $99,000 +$50,500
Number 22 16 +6
AverageWorkdayInvestmentActivity $1,035,387 $827,923 +$207,464
Prescribed Demand Account Balances
For Services $123,758 $145,489 -$21,731
For Uncollected Funds $150,566 $162,304 -$11,438
LOCAL AGENCY INVESTMENT FUND*
SUMMARY OF ACTIVITY
NOVEMBER 1996
BEGINNING BALA,NCE DEPOSITS WITHDRAWALS MONTH END BALANCE
$10,026,226,968.96 $825,569,000.00 $986,561,922.78 $9,865,234,046.18
'Local Agency Inveshnent Fund Invested Through Pooled Money Investrnent Account
eirr eF rAi_!a a� :;i:rtT
FINANCE GEPART�,�['N7
State of California JAN 2 p� 2 �
Pooled Money Investment Account
Market Valuation
11/30/96
Description Carrying Cost Plus Estimated
Accrued Interest Purch. Market Value Accrued Interest
United States Treasu :
Bills $ 2,044,382,442.34 $ 2,118,832,000.00 NA
Stri s $ 265,357,780.00 $ 313,381,800.00 NA
Notes $ 5,063,732,201.79 $ 5,041,685,360.00 $ 65,775,774.86
Federal A enc :
Bonds $ 841,854,710.56 $ 840,220,107.90 $ 12,653,236.25
Floaters $ 419,954,031.02 $ 420,314,650.00 $ 3,094,907.90
MBS $ 161,481,762.84 $ 160,364,644.07 $ 953,799.40
NA $ 12,159,860.60 $ 12,180,722.25 $ 275,966.71
GNMA $ 3,757,629.76 $ 4,243,533.12 $ 35,967.01
SBA $ 156,640,699.12 $ 158,249,821.22 $ 1,575,572.01
FHLMC PC $ 32,357,016.68 $ 34,868,319.45 $ 519,679.94
Discount Notes $ 497,127,631.96 $ 503,603,450.00 NA
Bankers Acce tances $ 293,007,075.&4 $ 293,040,764.90 NA
Cor orate:
Bonds $ 1,460,701,5�16.11 $ 1,463,532,152.30 $ 24,744,346.62
Floaters $ 504,490,229.77 $ 504,861,655.00 $ 5,397,953.70
CDs $ 5,944,071,641.29 $ 5,984,187,439.57 $ 13,792,530.56
Bank Notes $ 535,000,000.00 $ 542,617,989.28 $ 4,733,750.00
Re urchase A reements $ 90,000,000.00 $ 90,000,000.00 NA
Time De osits $ 350,795,000.00 $ 350,795,000.00 NA
AB 55 & GF Loans $ 2,029,977,644.00 $ 2,029,977,644.00 NA
Commercial Pa er $ 6,810,154,202.46 $ 6,812,476,631.65 NA
Reverse Re urchase $ 245,500,000.00 $ 245,500,000.00 $ 966,65625
TOTAL $ 27,271,503,106.14 $ 27,433,933,684.69 $ 132,586,828.70
Estimated Market Value Including Accrued Interest $ 27,566,520,513.39
NOTE: Repurchase Agreements,Time Deposits,AB 55 & General Fund loans, and
Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
Certificates of Deposit(CDs), Bank Notes (BNs), and Commercial Paper(CPs)less
than 90 days are carried at portfolio book value (carrying cost). Interest accrued
from the date of purchase on CDs and BNs under 90 days is not included.
o �
� �
� � �
� � �
w � $
.�
� � �
� � �
� � � �
�, � � � .� w
� '� � ° � �
� � � � °� �
p � � �, "� «. � a�i .�
- � � � �
� � � � e
� �'g`' '� � W z �o � � �
� � 6 *� +N p � - "
> O
� o � •y p�
RiR p �'i � y U
}� � �w Y � a�i o �
. � �y �i � E"i •fl � �p ^
t�!'� * � y� ,� p a� ec
��.i t ��:i � �E : �1 �" * � � � • y
11 a 4 4l i7 � � � p O *o \ o 0 o O O a+ �
'�7�" � � �' 4�` Q � � p+: O o � e o 0 o e � 'c+
�4 �D � �+r� U5 �„� ::.�!` � \ N ,� O� c� O� ti O � F
a ?� ,,,� � u3 aD ,,,� :Rs Ct �: c� o0 00 0o ao v� � �
;., �:. .. .. '.
a �
V o W
C � .�
'."y ':C '7�7 :"."� """t "� "� "� "�,� W '. ... �a ��r � U
� � � � � wG � � � � � � T. � � /-� i� �, ;.d
+� �
� � '�N 1'�-� O�Q � .'� I'� a�+ N o�o M � � N l� .yF, N
*�' r� +a; ac � � �ri !�z r�h': � c� v, c� ,o a, e� a � �
� � 4wS �nl � Q G � r � ky: Q�' '" M 7 �' fV `� cMd
� �
O� y�'� :; A � �
H ; ; �� ��:: �y N �
� � �
� u n' �
..i �r .r a.. r � � bq
� � � � � � � � � ;� � ca �' '� � � �' — � � `�
p �;
0
A n�, � ^�'V�' � � S+h �f'! Q � �: F n O N � N M M .V N
� Yr` �y f�W Q M�'� C Q : ' � M M Vl hi � p V
� ti CL o
� ' � n
� W � � � �" � � � � %" � � +�: d � � � � � � �" a v
A C C1 W 05 t� C7 Q 47t �. M l� 00 � O� � �D ++ �
�. � 'S7 d:i Sr�' r•i gR +�i C+1 ?f7 Yh 'O �O V vi .--� vi
a� C �y z� i`^ [� R�k C� �O !^1 t� �� 7 M �-• vi V t� M � aQ"i r�n
W U ,�, w � � OQ '4' !U i"Y wW M+M �W +wt �,. Pa h vi lh � m N ^" k „v'
•V O O a.l N y (�
� C 4' N !A ' i�i': a/ +�+ a
� � F�i �Q : �: W d �
~ LL U �°'.. .� [� �'i' °� ^ � "
Y A a rn � �,�,i � a c A � �o
Z �y U � q �. " ' y� ,? °' � a °
-o o j� ^m" � fi'� � tn � � � � � w �v Pa
h
O o � � � „ � �3 �, F� v '�r .� o � Q i"a « � w
,�,e.,,,,,� � � °o c °' � � � .�, ^ s""+ "� n� � � � G W d
� a � : '° �" � � � '� w � � d � " � �, E Z 8
� � � q� � :� � � ,, � � . �,� w �
�,: � a F ..dw fw 4 alY 7 a�'i p O � 'R .
� ,�� , �'¢'�/ i+ � � � � � � �I W U� '� Mr� :� a � a a V a d �
���y�" • �C. =� N b � : �.�`.t''�, d [.�y A �
� y � � � �� N 0 �
O L � � p�
� .
F-� W v� A " _ __E!: W F FT"
CITY OF PALM DF.SERT, CALIFORMA
FINANCIAL STATEMENIS
WITH REPORT ON AiJDIT
BY IlNDEPENDflV'T
CERTIF'IED PUBLIC ACCOUNTANIS
JUNE 30, 1996 �
� � CITY OF PALM DESERT
TABLE OF CONTENTS
June 30, 1996
Page
Number
Independent Audiwrs' Report 1
General Purpose Financial Statemenu:
Combined Balance Sheet - All Fund Types and Account Groups 2 - 3
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - All Governmental Fund Types 4 - 5
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual - General and Special Revenue
Fund Types 6 - 7
Statement of Revenues, Expenses a� Changes in Retained
Earnings - Enurprise Find g
Statement of Cash Flows - Enurprise Fund 9
Nous to Financial Stauments 10 - 49 ,,i
�
Supplementa( Information: ^
Statement of Revenues - Budget and Actual - Ge�ral Fund 50
Staument of Expenditures - Budget and Actual - Ge�ral Fund 51 I
'�
Combining Balance Sheet - All Special Revemu Funds 52 - 57
Combining Statement of Revenues, Expenditures and Changes in
Fund Bala�es - All Special Revenue Funds 58 - 63
Combining Bala�e Sheet - All Debt Service Fuads 64 - 67
Combining Staument of Revernus, Expenditures and Changes in
Fund Balances - All Debt Service Funds 68 - 71
Combining Balance Sheet - All Capitat Projxt Funds 72 - 76
Combining Statement of Revenues, Ezpenditures and Changes in
Fund Balances - All Capital Project Funds 7? - 81
Comburing Statement of Changes in Assets and Liabilities -
Ail Agency Funds 82
L�i.��Z�, C�vaas � Com�i.any
CERfIF1ED PUBLIC ACCOUNTANTS
(�sca¢ �. o�¢mi�o
CERTIFIED PUBLIC ACCOUNTANT
'���pN KAPMAN, SUITE Z00 8 J0111t VC11lY18 74733 EL PASEO. SUITE 8
CALIFORNIA 927157542 PALM DESEFiT,CALIFORNIA 92260
If1�'N75�.�7p0 (619)773�4078
� INDEPENDENT AUDITORS' REPORT
I
City Council
City of Pelm Desert I
Palm Desen, California �
�
We have audi[ed the general purpose financial statements of the City of Palm DeseR, Califomia as of and for {
the year ended June 30, 1996, as listed in the table of contents. These financial statements aze the
responsibility of the Ciry's management. Our nsponsibiliry is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standazds. Those standazds require �
that we plan and perform the audit to obtain reasonable assurance about whether the general pu�pose financial I
sratements aze free of material misstatement. An audit i�ludes examining, on a test basis, evidence supporting j
the amounts and disclosures in the financial statements. An audit also includes assessing the accounting I
ptinciples used and significant estimazes made by management, as vuell as evaluating the overall general
purpose financial statemrnt presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the general purpose financial statements refernd to above present fairly, in all material
mspects, the financial position of the City of Palm Desert as of Ju� 30, 1996, and the results of iu operuioav
and the cash flows of ics proprietary fund rype for the year then ended in conformity with generally accepted
accounting principles.
As discussed in Nou 16 to the financial statements, the Ciry has implemeneed Governmenc Accounting
Standards Board Statement No. 22, "Accounting for Tazpayer-Assessed '['ax Revenues in Governmentai
Funds". C
Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken
as a whole. The supplemental infomiation listed in the table of conterns is presented for purposes of additional '
analysis and is not a required part of the general purpose financial statements of the City of Palm Desert. The
infor►nation has been subjected to the auditing procedures applicd in the audit of the grneral purpose financial
statements and, in our opinion, is fairly stated in all mazerial respects in relation to the genecal purpou
financial statemenu taken as a whole. , ���
� � ����� � 4����
Sep[ember 24. 1 96 (ezcept for the information in Nou 18A, as to wluch the date is October 3, 1996).
-1-
I
Proprieury Fiduciary � Totals
Fund Typ� Fund Type Account Groups (Memorandum Only)
Cxneral General
Fixed Long—Term
Enterprise Agercy Aaaets Debt 1996 1995
E 298.890 S 1.260,982 E — S — S 71,699,176 f 76,108,008
— 2,897.015 — — 88.3J8,356 83.510238
— — — — ]4,334,656 15,800,658
— — — — 5.446.443 3.147.831
_ — — — 42.290,575 33.172.870
_ — — — 10,950.000 —
— — — — 19,000.000 19.000,000
— — — — 275,296 639.361
— — — — 500,298 57.795
3.fi80159 — 101.257.398 — 104,937.657 87.992.536
— — — 57,487,476 57.081,476 633892/5
— — — 166.900285 166,900285 137.911209
S 3,979,149 S 4.157.997 S 101.257.398 E 224,387.761 E 582.160,520 S 520.'l59.'ISl
E — S 176.260 S — S — S 6,781.194 S 2.955,605
— — — — 154,175 807,700
— — — — 5.446.443 3.147.871
25,600 1.084,722 — — 10,572.190 11.745.629
1.499 — — — 42292,074 33.769253
— 2.89'7.015 — — 2.897,015 2.410.327
— — — 224,387.761 221.387,761 201.300.454
27.099 4.157.997 — 224.J87.761 292.530,852 256,136.799
3.670.000 — — — 3,670.000 — i
— — 101.257.398 — 101257,398 87,992,536 ��',
282.050 — — — 282.050 — �
_ _ — — 75.1'14.4')I 81.103.689
_ — — — 108.645.7C6 95.526.727
3.952.050 — ]01.257398 — 289,629.668 264.622,952
S 3.979.149 E 4.157.997 E 101.257.398 S 224.387,761 S 582,160.520 E 520.759.751
_;_
��
�' CITY OF PALM AESERT V
COMBINED STATEMENT OF REVENUES,EXPEND[TURES AND
CHANGES IN FUND BALANCES—ALL GOVERNMENTAL FUND"CYPES
For the year ended lune 30, 1996
, (With comparative totals for the year ended June 30, 1995)
Special
REVENUES: Genecal Revenue
Taxes S 17.569,058 S 4.244•624
Special assessments collected � — 438•549
Licenses and permits 809,693 —
Intergovernmental revenues 3,17"7.260 4,049.664
Charges �'or services 539.398 —
Fines and forfeitures 55,470 28.028
Use of money and proporty 1.583.596 946.180
Recovery of inves[ment loss — —
Sale of inventory — 1,031,764
Other revenues 112,064 2,991
TOTAI.REVENUES 23,846.539 10,741,800
EXPENDITURES:
Current:
Genoral governmeatal—departmeatal 6,679.393 —
Generalgoveramental—eoadepartmental 409.020 6,405,023
Public safety 6,861.919 798.918
Pubiic works 4,527.291 382,075
Parks, recreation and culture 1.190.679 —
Bad debt expense — —
Loss on investment(Note 1S) — —
Cost ofinventory sold — 803.000
Decline in value of inventory held for resale — 3,347,000
Capital outlay — 7.214,939
Educational RevenueAugmentation Fuad — —
Payment toother agencies — —
Debt service:
Bond discount — —
Hond issue costs — —
Interest and 6scal chatges — 178,731
Prinoipal retirement � — —
Repayment of advances — —
TOTAL EXPENDITURES 19.668.302 19.132.686
EXCESS OF REVENUES OVER(UNDER)EXPENDITURES 4,178,237 (8.390,886�
OTHER FINANCING SOURCES(USESk
Operating transfers in 678,676 12.225,376
Operating transfers out (49.745) (1,769,870)
Advance from other fuads — —
Proceeds from bonds (Note 6) — 15.100,000
Payment to refund escrow agent — (6.755,1001
TOTAL OTHER FINANCING SOURCES(USES) 628.928 18.800.406
EXCESS OF REVENUES AND OTHER FINANCING
� SOURCES OVER(UNDER) EXPENDITURES AND
OTHER FINANCING USES 4,807,165 10,409.520
FUND BALANCES—BEGINNING OF YEAR(NOTE 16) 20,806,384 16,227,924
RESIDUAL EQUI7'Y TRANSFER OUT(NOTE 17) — —
FUND BALANCES—END OF YEAR S 25.613.549 S 26.637.444
See independent auditors' report and notes to fiaancial statements.
—4—
i
;
Debt Capital Totals (Memorandum Only)
Ser�_ Project 1996 1995
g Z3,q3g.g75 5 — S 45.253.057 S 43,903,819
3,611.437 — 4,049,986 � 3.605.307 �
— 212,394 1.022,087 1,006,064 .
— 6,700.010 13.926,934 8.626,030
_ — 539,398 534,354
_ — 83.498 78,272
2,668.744 4,821,145 10,019,665 6,016.484
_ — — 547,176
_ — 1,031,764 —
689.868 135.646 940,569 703,839
30,409.424 11.869,195 76,866,958 65,021.345
— 1.800,600 8,479,993 8.621.141
374,722 — 7.191.765 4.77'7,722
_ — 7,660,837 8,498,700
_ — 4,909.366 2,513,937
' _ — 1,190.679 1,334,452
2.229.000 — 2.229.000 —
3.627.780 — 3,627.780 —
_ — 803,000 —
_ — 3,347,000 —
— 21.229.700 28.444,639 27,655,049
_ — — 781,872
6,386,052 — 6,386,052 6,502.102
397.788 — 397,788 578,945
461,209 — 461.209 969,097
12,377,481 — 12.556,212 10,963,015
2.785.000 — 2,785.000 2.808,980
_ — — 334.000
28.639,032 23.030.300 90,470.320 76,339,012
1.770,392 (11,161.105) (13.603.362) (11,317,667)
16.812,763 2.906,850 32.623,665 18.314,503
(27,984,502) (2.819.545) (32.623,665) (18.314,503)
_ _ — 8,000,000
16,681.312 9.548,688 41,330,000 38,392,000
(9.511,7341 — (16.266,834) —
(4,002.161) 9.635.993 _, 25.063.166 46,392.000
(2,231,769) (1,525.112) 11.459.804 35,074,333
63,389.245 76,206,863 176,630,416 141.556,083
(3,670,000) — (3.670.000) —
S 57.487.476 S 74.681.751 S 184.420.220 S 176.630.416
—5—
- �
�+ CITY OF PALM DESERT �✓
COMBINED STATEMENT OF REVfiNUES,EXPENDITURES AND
CHANGES IN FUND BALANCES—BUDGET AND ACTUAL
GENERAI.AND SPECIAL REVENUE FUND TYPES
For the year ended Iune 30, 1996
General Fund
Variance
Favorable
Budget pctual (Unfavorable)
REVENUES:
Taxes S 16,556,800 S 17.569.058 S 1,012.258
Special assessments collected — — —
Licenses and permits 485,900 809,693 323.793
Intergovernmental revenues 1,690.310 3,177,260 1,486,950
Charges for services 385,500 539.398 153,898
Fines and forfeitures 36,000 55.470 19.470
Use of money and property 1.057,500 1.583.596 526,096
Sale ofinventory — — —
Other revenues 5,000 112.064 107,064
TOTAL REVENUES 20.217,010 23,846.539 3,629,529
EXPENDITURES:
Current:
General governmental—departmental 7,681,192 6,679.393 1,001.799
Geaeral goveramental—aondepartmental 439,103 409,020 30.083
Public safety 8,348,200 6,861.919 1,486.281
Public works 7.542,219 4.527.291 3,014,928
Parks, recreation and culture 1,397,686 1.190,679 207,007
Cost of inventory sold — — —
Decline in value ofinventory held for resale — — —
Capital outlay — — —
Debt service:
Interest and fiscal charges — — —
Principal retirement — — —
TOTAL EXPENDITURES 25,408,400 19,668.302 5,740,098
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (5.191,390) 4.178,237 9,369,627
OTHER FINANCING SOURCES(USESk
Operating transfers in 520,000 678,676 158.676
Operating transfers out — (49,748) (49,748)
Proceeds from bonds — — —
Payment to refund escrow agent — — —
TOTAI. OTHER FINANCING SOURCES(USES) 520,000 628,928 108,928
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER(UNDER)
EXPENDITURES AND OTHER FINANCING USES (4,671,390) 4,807,165 9,478,555
FUNDBALANCES—BEGINNINGOFYEAR 20,806,384 20.806.384 —
FUND BALANCES—END OF YEAR . S 16,134,994 S 25,613,549 S 9.478.555
See independent auditors' report and notes to financial statements.
_6_
� _
Special Revenue Funds Totals
— Variance Variance
Favorable . Favorable
Budget _ Actual (Unfavorable) Budget_ Actual (Unfavorable)
S 3.013.000 5 4,244,624 S 1,231,624 S 19,569,800 S 21,813,682 S 2.243.882
aas.s2� ass.sa9 (io.2�s� aaa,az� ass.sa9 �io,z�s�
_ — — 485,900 809,693 323,793
2.523.559 4,049,664 1,525.805 4,214,169 7,226,924 3,012.755
_ — — 385.500 539,398 153.898
10,000 28.028 18,028 46,000 83.498 37,498
358.000 946,180 588,180 1,415,500 2,529,776 1.114.276
— 1.031,764 1.031,764 — 1.031,764 1.031,764
300.000 2.991 (297.009) 305,000 115.055 (189,945)
6,653.686 10,741.800 4,088.114 26,870,696 34.588.339 7.717,643
_ — — 7,681,192 6,679,393 1,001,799
6,064,052 6,408.023 (343,971) 6,503.155 6,817,043 (313,888)
1.792,600 798.918 993,682 10,140.800 7.660,837 2.479,963
451,896 382.075 69.821 7,994,115 4,909,366 3,084,749
_ _ — 1.397,686 1.190,679 207.007
— so3.000 (803,000� — sos.000 �sos,000�
— 3,347,000 (3.347.000) — 3,347,000 (3,347,000)
I 8,294,031 7,214,939 11.079.09 2 18,294,031 7.214,939 11.079.09 2
454,000 178.731 275,269 454,000 178,731 275.269
280,000 — 280,000 280,000 — 280,000
27,336,579 19.132.686 8,203,893 52,744,979 38,800,988 13.943,991
(20,682,893) (8.390.886) 12.292.007 (25,874,283) 4.212,649 21,661,634
5.080,000 12,225,376 7.145.376 5,600,000 12,904,052 7.304,052
(820,000) (1,769,870) (949,870) (820,000) (1,819.618) (999,618)
— 15,100.000 15,100,000 — 15,100.000 15.100.000
— (6,755,100) (6,755.100) — (6,755.100) (6,755.100)
4,260,000 18.800,406 14.540.406 4,780,000 19,429.334 14.649,334
(16,422.893) 10,409.520 26.832.413 (21,094,283) 15.216,685 36.310,968
16.227.924 16.227.924 — 37,034.308 37.034.308 —
E (194.969) S 26,637,444 S 26,832.413 S 15,940.025 S 52.250.993 S 36.310.968
_�_
� „`, CITY OF PALM DESERT �+ �
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
ENTERPRISE FUND
I
, For the year ended June 30, 1996
OPERATING REVENUES:
Rental income 5 490J72
OPERATING EXPENSES:
Administrative 45.528
Insurance Z.32Z
Repairs and mainunance 36,816
Telephone 1,706
Trash disposal 3.521
Property taxes 46,163
Utilities 18.493
Depreciation 54,893
TOTAL OPERATING EXPENSES 209,442
OPERATING INCOME 281.330
NONOPERATING REVENUES(EXPENSES):
Iuterest income 720
NET INCOME 282,050
RETAINED EARNINGS AT BEGINNING OF YEAR —
RETAINED EARNINGS AT END OF YEAR S 282.050
See independent auditors' repott and notes m financial stauments.
—8—
r _ _
GENERAL PURPOSE FINANQAL STATEMEN'ls
'
�r �
CITY OF PALM I�ESERT
COMBINED BALANCE SHEET—ALL FUNDTYPES AND ACCOUNT GROUPS
June 30, 1996
(With comparative totals for June 30, 1995)
Governmental Fund Types
Special Debt Capiul
ASSETS AND OTHEA DEBTTS Genenl Revenue Servia Prqect
ASSE'CS
Cash and investmen[s(Notes II and 2) S 19182.508 f 11.252.603 S 19.940.876 5 19.663.61 S
Cash with fiscal agent(Notts 2 and 7) — 1.110,763 41.290.366 43,040212
Receivables(Note 3) 3,104.030 3.6'72.730 142.368 7.415.528
Due from other funda(Note 4) 12.084 — 5,433.959 —
Assessments reaivable(Note 14) — — 42.290,5'75 —
Invenmry held br resak(Notea ILand 6D) — 10.950.000 — —
Advarces toother funds(Notes 4 and 6B) 5,581.000 654,000 — 12,765.000
Depoaits 298 — — 275.000
Prepaid expemes 493.867 — fi,090 341
Fixed assets(Pmprietary fund is ne[of
of ucumulated depraiationof f50.893)(Note 5) — — — —
� OTHER DEBITS:
� Amoun[available in deb[serv're fuod�(Nae 9) — — — —
Amount tobe provided for paymentaf long—term debt — — — —
'fOTAI.ASSEI'S AND O'IHER DEBICS S 28.474,187 S 27.640.096 S 109.104236 S 83.159.696
LIABILCCIES,EQUITY AND OTHER CREDTI'S
LIABILITIES:
Accounta psyable E 2.721.327 f 990,168 S 56.718 E 2.836,721
Accrued liabilitiu 139,311 — — 11.864
Due toother funds(Note 4) — 12,484 32.599 5.401.360
Depails pry�ble(Nole 8) . — — 9,236,868 225.000
Deferred revenue(Note 14) — — Q,290,575 —
De(crred�ompensationpayable(Note'� — — — —
Geneul bng—term debt(Note 6) — — — —
2'OTAL LIABIISC[ES 2.860.638 1,002,652 51.616.760 8.177.915
EQUITY AND O'IHER CREDITS:
Contributed capital(Nae 1'n — — — —
Invmtment in gemnl fiad as�eU — — — —
Retained eirnin`s:
Unreserved — — — —
Fund balances:
Reaerved(Note 12) 10,435.568 20242,636 16.115.742 28.980,528
Unreserved—detignated(Note12) 15.177.981 6.394.808 41.371J34 45,701223
TOTAL EQUIIY AND OTHER CREDITS 25.613.519 26.63'7.�H 57,{87,476 74,661,751
TOTAL L[ABILITIES.EQUI'1'Y
ANDO7}IERCREDCCS E 28.474,187 -f 27.640.096 f ]09.104236 E 83.159.696
See independent auditors' report and notes to financial statements.
—Z—
CITY OF PALM DESERT
STATEMENT OF CASH FLOWS
ENTERPRISE FUND
For the year ended June 30. 1996
CASH FLOWS FROM OPERATINGACTIVITIES:
Operating income S 281,330
Adjustments to reconcile operatiag income to net
cash provided by operating activities:
Depreciation 54,893
Changes in operating assets and liabilities:
Increase in deposit 27.099
Total adjustments 81,992
NET CASH PROVIDED BY OPERATINGACTIVTl'IES 363,322
CASH FLOWS USED BY CAPITAL AND
RELATED FINANCING ACTIVTTIES:
Acquisition ofcapital assets (65,152)
ti
CASA FLOWS FROM INVESTING ACTIVITIES: �
Interest income 720
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR — �
CASH AND CASH EQUIVALENTS AT END OF YEAR S 298,890
Noncash items included contribution of capital assets in the amount of 53,670,000.
See independent auditors' report and notes to financial stauments.
-9-
�► _ _.
NOrI'ES TO FINANQAL STATEMENTS
T ^ CITY OF PALM DESERT
NOTES 'P0 FINANCIAL STATEMENTS
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
A: Description of the RepoRing Entiry:
The financial statements of the Ciry of Palm Desert includes the Financial activities of
the City, the Palm Desert Redevelopment Agency and the Palm Desert Financing
Authoriry.
The City of Palm Desert was incorporated on Nwember 26, 1973 as a General Law
City. The City operates under a Council-Manager form of government and provides
the following services: public safery (police and fire), }righweys and streets, sanitation,
public unpnovements, community development (planning, building and zoning) and
general administrative services. The Palm Desert Redevelopment Agency (the Agency)
was established October 24, 1974, pursuant to California Health and Safery Code
Section 33000 entided "Community Redevelopment Law". The purpose of the Agency
is to prepaze and e�cute plans for the improvement, rehabilitation and redevelopment
of blighted areas within the limits of the City. The Palm Desert Financing Authority
(the Authority) was formed on January 26, 1989. The purpose of the Authority is to
issue debt and loan the proceeds to the Agency and the City.
The criteria used in determining the scope of the reporting endty are based on the
prrnisions of Governmental Accounting Standards Boazd Statement 14. The City of
Palm Desert is the primary government unit. Component units are those entities wirich
are financially accountable to the primary gwernment, either because the City appoinu
a voting majority of the component uniYs board, or because rhe component unit will
pmvide a financial benefit or unpose a financial burden on the City. The City has
accounted for the Agency and Authority as "blended" component uniu. Despite being
legally separate, these entities are so intertwined with the City that they are, in
substance, part of the City's operations. Accordingly, the balances and uansactions
of these component units are reported within the funds of the City. Accounts for the
Agency are reported in separate funds in the Special Revenue, Debt Service and Capital
Pmject Fund Types. The Authority transactions are reported in separate Debt Service
funds.
See independent auditors' report.
-ia
-- ��
� CITY OF PALM DESERT `�d
NOrI'ES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGI�iIFICANT ACCOUNTING POLICIES (CONTINUED):
B. Fund Accounting:
The accounts of the Ciry are otganized on the basis of funds and account gmups, each
of which is considered a sepazate accounting entity. The operations of each fund are
accounted for with a sepazate set of self-balancing accounts that comprise iu assets,
liabilities, fund equiry, revenues and expenditures or expenses, as appropriate.
Government resources are allocated to and accounted for in individual funds based
upon the purposes for which they are co be spent a� the means by which spending
activides are controlled. 1'he City maintains the following fund rypes.
Governmental Fund Types:
General Fund - The General Fund is the general openting fiuui of the City. It is used
to account for all financial resources except those required to be accounted for in
another fund.
S�eciai Revenue Funds - Special Revenue Funds are used to account forthe proceeds
oF specific revenue resources (other than major capital pmjects) that are legally
restricted to expenditures for specified purposes.
Debt Service Funds - Debt Service Funds are used to account for ffie accumulation of
resources for, and the payment of, general long-term obligation principal, interest and
related costs.
C�a ital Project Funds - Capital Project Funds are used to account for financial
resources to be used for the acquisition or construction of major capital facilities.
Proprietary Fund Type:
Enterorise Fund - The Enterprise Fund is used to maintain accountability of assets,
liabilities, revenues and expenses related to a commercial building owned by the
Agency.
Fiduciary Fnnd Type:
A�+encv Funds - Agency Funds are used to account for assets held by the City in an
agency capacity for individuals, private oiganizations, other governments and/or other
funds. Agency Funds are custodial in nature (assecs equal liabilities) and do not
imroive measurement of results of operations.
See independent auditois' report.
-11-
I ^ CITY OF PALM DESERT
N�I'ES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGIJIFICANT ACCOUNTING POLICIES (CONTINUED):
A. Fund Accounting (Continued):
Account Groups:
Account groups are used to establish control and accountability for the City's general
fixed assets and gemeral long-term debt. The following are the Ciry's .qccount Groups.
General Fixed Asset Account Groun - Fixed assets of the City other than those
accounted for in the Proprietary Fund Type aze accounted for in the General Fixed
Asset Account Gmup.
General I.one-Term Debt Account Group - Long-term liabilities, including the ;
long-term portion of vested compensated absences expected to be financed by '
governa►ental funds, are accounted for in the General Long Term Debt Account Group. }
C. Basis of Accounting:
Governmentai fund types are accounted for using the modified accrual basis of j
accounting. Generally, revenues are recognized when they become "susceptible to '
accrual", that is, measurable and available to finance expendinues of the current �
period. Revenues wluch are susceptible to accrual inciude pmperty taxes and special
assessments that are levied for and due for the fiscal yeaz and collected within 60 days
after year-end. Licenses, permits, fi�s, forfeiu, charges for services and
miscellaneous revenues are recorded as governmental fund type revenues when received
in cash because they are not ge�rally measurable until actually received. In ;
accordance with Gwetnment Accounting Standatds Board (GASB) Statement No. 22,
revenue from taxpayer assessed taxes, such as sales taxes, are recognized in the "
accounting period in which they became both measurable and available to finance ^.
expendittues of the fiscal period as discussed below. Grant funds and reimbursements 3
of expenses under conu�actual agceements are ieported in governmental fund types and 1
are cecorded as a receivable when earned rather than when susceptible to accnial. ;
Ge�rally, this occurs when authorized expenditures are made under the grant program `,
or contractual agreement. Expenditures are recognized when the fund liability is i
incurred, if ineasurable, except for uncnatured interest on general long-tcrm debt, which �
is recognized when due. i
i
II
See independent auditors' report. �II
I
,
-12-
�
v�.r CITY OF PALM DESERTr+
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
C. Basis of Accounting (Continued):
The accrual basis of accounting is follo�ed by the proprietary fund. Revenues are
recognized when they are eamed and expenses are recognized when the liability is
incurred. In accordance with GASB Statement No. 20, for Proprietary Fund
accounting, the City applies all applicable GASB pronouncements as well as the
following pmnouncements issued on or before November 30, 1989, unless those
pronouncements conflict with or contradict GASB Pronouncements: Financial
Accounting Standazds Board Statements and Interpretauons, Accounting Principles
Boazd Opinions, and Accounting Research Bulletins of the Commit�e on Accounting
Procedures.
Agency fund types are accounted for on the modified accrual basis of accounting.
Agency type funds are purely custodial in nature (assets equal liabilities) and thus do
not imolve measurement of results of operadons.
D. Measurement Focus:
All go�rnmental funds and the expendable ttust fund are accounted for on a spending
or "financial flow" measurement focus. This means that generally only current assets
and current liabilities are included on their balance sheets, with the exception that the
noncurrent portion of long-term ieceivables due to governmental funds are reported on
their balance sheets, offset by fund balance reserve accounts. Statements of revenue,
expenditures and changes in fund bala�es for governmental funds generally present
increases (revenues and other financing sources) and decreases (expenditures and other
financing uses) in net cucrent assets.
The proprjetazy fund is accounted for on a cost of services or "capital maintenance"
measurement focus. This means that all assets and liabilities (whether current or
noncurrent) associated with the activity are included on the balance sheets. Their
reported fund equity pcesents total net assets. Proprietary fund operating statements
present increascs (reveirues) a� decreases (expenses) in total net assets.
See independent auditors' report.
-13-
T— ^ CITY OF PALM DESERT ^
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIGNIFICANT AICCOUNTING POLICIES (CONTINUED): i
E. Fixed Assets: I
General fixed assets are not capitalized in the fund used to acquire or construct them.
Instead, capital acquisition and construction costs are reported as expenditures in
governmental fund types, and the related assets are reported in the Generai Fixed
Assets Account Group. All purchased fixed assets are valued at cost where historical
records are available and at an estimated historical cost where no 6istorical records
exist. Donated fized assets are valued at their estimated fair muket value on the date
received. Genenl fixed assets acquired by capital lease are recorded as expenditures
and other financing sources in the acquiring governmental fund. These obligations are
then reflected in the general fixed asscts and long-term debt account groups. Public
domain ("infrastructure") general fued assets consisting of roads, bridges, curbs and
gutters, streets and sidewdlks, drainage systems and lighting systems are not
capitalized, as these assets are immovable and of value only to the government. Assets
in the Genenl Fixed Assets Account Group are not depreciated.
Fixed assets purchased by proprietary fund type is capitalized at historical cost, while
contributed assets are recorded at fair market value on the date donated. Depreciation
is charged to operadons using a straight-line method, based on the average useful life
of the asset. The estimated useful life of the building is 40 yeazs.
F. Budget and Budgetary Accounting:
The City uses the follawing procedures in establishing the budgetary data reported in
the financial statements:
1. Before the beginning of the fiscal year the City Manager submits to the City
Council a proposed budget for the year commencing the following July 1.
2. Public heazings are conducted to obtain taxpayer comments.
3. The budget is subsequently adopted through passage of a resolution.
4. Original appropriations are mod�ed by supplementary appropriations and
transfers among budget categories. The City Council approves all significant
changes. Annual appropriation amounts lapse at year end.
See independent auditors' report.
-14-
CITY OF PALM DESERT �
`.r �
NO�l'ES 'P� FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
1. SUMMARY OF SIG1vIFICANT ACCOUNTING POLICIES (CONTINUED):
F. Budget and Budgetary Accounting (Continued):
5. Encumbrances and continuing appropriations are rebudgeted as of July 1 by
Council action.
6. Formal budgetary integration is employed as a management control device during
the year for the Ge�ral, Special Revenue and Capital Project Funds. Formal
budgetary integration is not emplcryed for Debt Service Funds because effecrive
budgetary control is alternatively achieved through debt indenture provisions.
7. Budgets for General and Special Revenue Funds are adopted on a basis consistent
with ge�raily accepted accounting principles. Budgetary data for Capital Project
Funds is not presented herein, as such data is long-term in nature.
G. Appropriations Limit:
Under Article XIIIB of the California Constitution (the Gann Spending Limitation
Initiauve), the City is restricted as to ffie amount of annual appropriations from the
proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess
must either be refunded to the State Controller or returned to the ta�cpayers through
revised tax rates, revised fee schedules or other refund arrangements. For the fiscal
yeaz ended June 30, 1996, proceeds of t�es did not exceed appropriations.
H. Encumbrances:
Encumbrance accounting, under which punchase o�ers, contracts and other
commitments for the expenditure of monies are recorded in order to reserve that portion
of the applicable appropriadon, is employed as an extension of formal budgetary
integiation in the Governmental Fund Types. Encumbrances outstanding at yeaz-end
are reported as reservations of fund balances since they do not constitute expenditures
or liabilities.
See independent auditors' report.
-15-
^ CITY OF PALM DESERT
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
� June 30, 1996
� 1. SUMMARY OF SIGI�IIFICANT ACCOUNTTNG POLICIES (CONTINUED):
I. Invesunents:
Investments are stated at cost, except that imestments cecorded in the Deferred
Compensation Plan reported at market value. If market values decline below cost, no
loss is recorded if such declines are considered tempordry. The City's policy is to hold
investments until maturity, or until market value exceeds costs. However, if the
liquidity needs of the City were to require that imestments be sold at a loss subsequent
to year end, the decline in value would be recorded as a loss at year end.
The City considers all highly liquid investments with a maturity of thtee months or less
when purchased and all funds held in its commingled pool that are available to it and
have the ge�ral chatacteristics of demand deposit accounts to be cash equivalents for
purposes of the statement of cash flows.
J. Employee Compensated Absences:
It is the governmenYs policy to permit employees to accumulate earned but unused
vacation and sick leave (compensated absences). Vacation pay and sick leave which
is expected to be liquidated with expendable available resources is reported as an
expenditure and liabiliry of ihe goveramental fund that will pay it. Compensated
absences in the amount of $915,761 which are not expected to be liquidated with
expendable available financial resources are reported in the General L.ong Term Debt
Account Group.
K. Comparative Data:
Comparative total data for the prior year have been presented in the accompanying
financial statements in order to provide an understanding of changes in the City's
financial position and operations. However, comparative (i.e., presentation of prior
year totals by fund type) data have not been presented in each of the statements since
their inclusion would make the statements unduly complex and difficult to iead.
L. Inventory Held for Resale:
T'he Agency punchased housing units wiUrin the Agency's pmject azea. The cost of
agency pmperties held for resale are capitalized in the Redevelopment Agency Special
Revenue Fund as im�entory, at the lower of acquisition cost or �t realizable value.
At June 30, 1996, the cost of the irnentory was $14,608,321, with an allowance for
decline in value of irnentory held for iesale in the amount of $3,118,321, for a net
atnount of $10,950,000.
See independent auditocs' ieport.
-16-
I
�. CITY OF PALM DESERT �r
rlprl'ES TO FINANCIAL STATEMENTS
(CONTINUED)
June 3Q 1996
1. SUMMARY OF SIGAiIFIGAIVT ACCOUNTING POLICIES (CONTINUED):
M. Total Columns on Combined Statements:
Totai columns on the Combined Statements are captioned "Totals Memorendum Only"
w indicate that they are presented only to facilitate financial analysis. Data in these
columns is not comparable to a consolidation. Interfund eluninations have not been
made in the aggregarion of this data.
N. Property Tax Calendar:
Property taxes are assessed and collected each fiscal yeaz according to the following
property tax calendar:
Lien date March 1
I.evy date July 1 to Ju� 30
Due date November 1 - lst installment, March 1 - 2nd installment
Delinquent date December 10 - lst installment, April 10 - 2nd installment
Under California law, property taxes are assessed and collected by the counties up to
1% of assessed value, plus other increases appraved by the voters. The properry taxes
go into a pool, and are then allocated to the cities based on complex formulas
prescribed by state statutes.
2. CASH AND INVESTMENTS:
The Ciry of Palm Desert maintains a cash and imestment pool that is available for use for
all funds. Each fund rype's posidon in the pool is reported on the combined balance sheet
as cash and imesunents.
The City has�adopted an imestment policy which authorizes it to invest in the following
investments:
A. United States Treasury Bills, Bonds and Notes
B. Obligations issued by United Staus Gwernment Agencies such as, but not limited to,
the Gavernment Nationai Mortgage Association (GNMA), the Federal Farm Credit
Bank (FFCB), the F�ederal Home Loan Bank (FHLB), the Federal National Mortgage
Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), the
Student Loan Marketing Association (SLMA) and the 'Ibnnessee Valley Authority
(TVA).
See independent auditors' report.
-17-
� CITY OF PALM DESERT
NOrI'ES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
2. CASH AND INVESTMENTS (CONTINUED):
C. Bankers acceptances
D. Commecoial paper
E. Medium term notes
F. Local Agency Imestment Fund
G. "Shares of beneficial interest" issued by di�rsified management companies which
invest only in d'uect obligations in United States Treasury Bills, Notes and Bonds, and
repurchase agreements with a weighttd average of 60 days or less.
Classification of Deposits and Imestments by Credit Risk:
Gwernmental Accounting Standards Board Statement 3 requires that deposits and
imestments be classified into thiee categories of credit risk. Theses categories are as
follows:
DEPOSITS:
Category 1 - Deposits which are insured by ffie FDIC.
Category 2 - Deposits which are collateralized. The Califoraia Gwernment Code requires
California banks and savings and loan associations to secure a Ciry's deposits
by pledging government securities with a value of 110� of the deposits.
California law also allows financial insritutions to secure City deposits by
pledging first trust deed mortgage notes having a value of 150% of a City's
total deposits. The City Treasurer may waive the collateral cequirement for
deposits which are fully insured up to $100,000 by the FDIC. The collateral
for deposits in federal and state chartered banks is held in safekeeping by an
authorized Agent of Depository recognized by the State of California
Department of Banking. The collateral for deposits with savings and loan
associations is generally held in safekeeping by the Federal Home Loan Bank
in San Francisco, California as a third-party trustee. These securities are
physically held in an undivided pool for all California public agency
depositors. Under Government Code Section 53655, the placement of
securities by a bank or savings and loan association with an "Agent of
Depository" has the effect of perfecting the security interest in the name of
the local governmental agency. Accordingly, all collateral held by California
Agenu of Depository are considered to be heid for, and in the name of, the
local govemmental agency.
Category 3 - Deposits which are uninc�r�d or uncollateralized.
See independent auditors' report.
_lg_
''
CITY OF PALM DESERT
� �
NOrI'ES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
2. CASH AND INVESTMENTS (CONTINUED):
Classification of Deposits and Investments by Credit Risk (Continued):
INVESTMENTS:
Category 1 - Imestments which are insured by the Securities Investors Pmtection
Corporation (SIPC), or imestments which are held in defuutive (i.e.
physicai) form by the Ciry or the City's agent in the City's name, or
investments acquired through the federal reserve book-entry system where
the financial institution or broker/dealer associated with the putchases is
separate from the custodiat safekeeping agent on the same imestments and
where the imestments are cecorded on the books and records of the financiai
institution or broker/dealer in the name of the City.
Category 2 - Imestments which are un�n��*Pd, whem the investments are acqu'ued through
a financial institution's imesiment or uading deparm�►ent, but are held in the
same financial institution's trust department and are recorded in the City's
name in the trust deparomenYs systems and records.
Category 3 - Investments which are uninsured, 1) where the imestments are acquired
through a financial institution's irnestment department but are held for
custodial purposes in the same financial institution's safekeeping department,
or 2) where the investments are acquired through a financial institution's
trust department, and held for custodial safekeeping by the same trust
depamnent, or 3) where the imestments are acquired through, and held for
safekeeping by, the same broker/dealer or 4) where imestments are not held
in the City's name in the systems and records of the financial institution or
bmker/dealer.
See independent auditots' report.
-19-
CITY OF PALM DESERT
N0�1'ES 'PD FINANCIAL STATEMENTS
� (CONTINUED)
June 30, 1996
2. CASH AND INVESTMENTS (CONTINUED):
Deposits and imestments were categoriud as follows at June 30, 1996
Catecory Bank Cazrying
Deposits: 1 2 3 Balances Amount
Demand
accounts $ 100.000 $2,855,736 $ - $ 2,955,736 $ 1,033,446
Certificates
of deposit 100.000 2.400.000 - 2.500.000 2.500.000
$ 200.000 5 2 5 7 6 $ - $ 5.455.736 3.533.446
Not Requited
Category to be Contractual/
Investments: 1 2 3 Cate oy�riud Market Value
U.S. Treasury
Nous $ 29,616,455 $ - S - S - 29,616,455 $ 29,685,512
U.S. Treasury
Notes -
secured
strips 1,003,938 - - - 1,003,938 1,125,140
FHLMC 2,466,842 - - - 2,466,842 2,466,842
FNMA 4,931,800 - - - 4,931,800 4,931,800
Held by
fiscal agent
U.S.
Govemment
Securities 71,530,876 - - - 71,530,876 71,627,792
Mutual Funds - - - 13,910,468 13,910,468 13,910,468
Deferred
compensation - - - 2,897,015 2,897,015 2,897,015
California Local
ABen�Y
Invesanent
Fund 30.145.392 30.145392 30.145392
$ 109.549.911 - S - S 46.952.875 156.502.786 �156.789.961
Petty cash 1.600
'DD�fAL CARRYING AMOUNT(BOOK BALANCES) $160.037.832
Cash and irnescments aze reported in the accompanying
combined balance sheet as follows:
Cash and irnestrnents $ 71,699,476
Cash with fiscal agents 88338356
$160.037.832
See independent auditocs' report.
-20.
7
� CITY OF PALM DESERT�,
N�1'ES TO FINANCIAL STATEMENTS
(CONTINUED)
�
June 30, 1996
2. CASH AND INVESTMENTS (CONTINUED):
Investments Not Subject to Categorization:
Invesunents in the California Local Agency Imestrnent Fund (LAIF) are not categorized,
as GASB 3 dces not require categorization of investment pools managed by another
grnemment. Also, investments of the Deferred Compensation Plan are not categorized,
because the underlying assets of these fi�s consist primarily of guaranteed investment
contracts (GICs) issued by insurance companies annuity contracts or open-ended mutual
', funds. All such imestments are not required to be categorized under incerpretive
� guidelines issued by the GASB.
Locai Agency Imestment Fund (LAIF):
The LAIF is a special fund of the California State Treasury through which local
governmenu may pool investments. Fach city may imest up to $20,000,000 each in the
Fund for the city and redevelopment agency and may also imest without limitation in
�' special bond proceeds accounts. At June 30, 1996, the total market value of LAIF was
$26,851,615,144. The City's pmportionate share of that value is $30,224,659.
; Investments in LAIF are highly liquid, as deposits can be converted to cash within
i twenty-four hours without loss of interest. Included in LAIF's investment portfolio are
' certain derivative securities or similaz products such as structured notes totalling
� $1,100,720,000 and asset-backed securities totalling $313,945,000. LAIF's, and the
City's, exposure to credit, market or legal risk is not available.
3. RECEIVABLES:
a
Receivables consisted of the following at June 30, 1996:
- Special Debt Capital
General Revenue Service Pmject
Fund Funds Fun Funds Totals
i
Accounts $ 6H6,379 $ 711,041 $ - $ 102,021 $ 1,499,441
. Interest 486,334 1,569 24,617 829,360 1,341,880
Other
Gwemment Agencies 1,866,317 1,391,755 117,751 6,484,147 9,859,970
. ��s 65.000 1.568365 - 1.633.365
104 030 72 730 14 368 7 415 52 14 334 6 6
See independent auditocs' report.
21
— CITY OF PALM DESERT '
NOTES 'PD FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
�
f
4. INTERFUND RECEIVABLE5 AND PAYABLES:
Interfund receivables and payables at June 30, 1996 were as follows:
Due From Due To
Fund Other Funds Other Funds
General Fund $ 12,484 $ -
Special Revenue Funds:
Communiry Development 11,828
Landscape and Lighting
District #8 - 656
Debt Service Funds:
Assessment District 83-1 1,066 - !
Assessment District 84-1 - Refunding 7,484 -
Assessment District 87-1 2,722 -
CFD Indian Ridge (1992) 21,327 -
Redevelopment 5,401,360 -
CFD Indian Ridge- 1995 - 21,327 j
Financing Authority - City - 11,272 �
Capital Projects Fund: �
Redevelopment Agency - 5.401360 ;{
$ 5.446.443 $ 5.446.443 i
,
Advances To Advances Fmm
Other Funds Other Funds
General $ 5,581,000 $ - �
Special Revenue Fund:
New constiuction tax 654,000 -
Capital Ptoject Funds:
Capital Pmject Reserve 8,000,000 -
Park and Recreation Facilities 4,765,000 -
e
General L.ong Term Debt �
Account Group (see Note 6B) - 19.000.000 '
$ 19.000.000 $ 19.000.000 j
See independent auditois' report. `
I
iI
-22- f
r,�,,. CITY OF PALM DESERI� �
NQrI'ES 'P� FINANCIAL STATEMENI'S
(CONTINUED)
June 30, 1996
5. FIXED ASSE1'S:
A summary of changes in Fixed Assets at June 30, 1996 is as follows:
General Fixed Assets
Balance at Balance at
June 30. 1995 Additions Deletions June 30. 1996
Land $ 52,679,569 $ 3,843,818 $ 777 $ 56,522,610
Building 15,387,106 8,469,183 - 23,856,289
Improvements 12,006,46'7 584,081 - 12,590,548
Equipment 3,087,742 332,988 277,122 3,143,608
Construction in
progress 4.831.652 5.159.212 4.846.521 5.144343
Total � 87.992.536 $ 18.389.282 $ 5_�12�0 $ 10�2g�
Enterprise Fund
Balance at Balance at
� June 30. 1995 Additions Deletions June 30. 1996
Building $ - $ 3,670,000 $ - $ 3,670,000
Improvements - 65152 - 65.152
Total - 3,735,152 - 3,735,152
I.ess accumulated
depreciation - (54.8931 - (54.893)
- $ - $ 3.680.259 $ - $ 3.680.259
See independent auditois' report.
;
i
I -23-
^ CITY OF PALM DESERT
NOR'ES TO FINANCIAL STATEMENTS
j (CONTINUED)
I June 30, 1996
(. GENERAL LONG TERM DEST:
The changes in the General I,ong Term Debt for the year ended June 30, 1996 were as
follows:
Balance at Balance at
Julv 1. 1995 Additions Pavments June 30. 1996
Compensated
absences $ 548,454 $ 67,307 $ - $ 915,761
Advances from
other funds 19,000,000 - - 19,000,000
Tax Allocation Bonds 147,630,000 6,305,000 8,120,000 145,815,000
1994 MultiFamily
Housing Revenue Bonds - 15,100,000 - 15,100,000
Special Assessment
Bonds 33.822.000 19.925.000 10.190.000 43.557.000
Total $ 201300.454 S 41.397.307 $ 18310.000 S 224.357.761
A. Compensated Absences Payable:
There is no fixed payment schedule to pay the governmental fund rypes' ouutanding
liability for compensated absences eazned at June 30, 1996 of $915,761.
B. Advances From Other Funds: '
The Redevelopment Agency has received advances from the City which have been
recorded as an "Other Financing Souizes" in the Agency's Capital Project Funds.
Since payment by the Agency back to the City will be made from tax increment
revern►es in future years, the debt from the Agency to the Ciry has been classified in
the Long-Term Debt Account Group.
Below is a summary of the aciiviry for the advances from the City to the
Redevelopment Agency:
Balance Balance
Date of Rates of Amount July 1, June 30,
Issue Interest Authorized 1995 Additions Retirements 1996
12/05/S6 Vazies $6,000,000 $ 6,000,000 $ - $ - $ 6,000,000
09/23/94 Varies 5,000,000 5,000,000 - - 5,000,000
03/23/95 Vazies 8,000,000 8.000.000 - - 8.000.000
Principal Balance 19,000,000 - - 19,000,000
Acccued Interest 1.085.340 1.085.340 -
$19.000.000 1 085 340 1 0 5 340 $19.000.000
See independent auditors' report.
-24
CITY OF PALM DESERT �
`�r' `�/
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG-TERM DEBT (CONTINUED):
C. Tax Allocation Bonds:
Tax Allocation bonds are special obligations of the Agency and the Financing
Authority, (a component unit of the Agency) and are secured by an irrevocable pledge
of tax revenues and other funds as provided under the Bond Resolution. The Bonds,
and any interest thereon are not a debt of the City, the State of California or any of its
political subdivisions and neither the City, the State of California nor any of iu political
subdivisions is liable on the Bonds, nor in any event shall the Bonds, and interest
thereon be payable out of any funds or properties other than those provided under the
Bond Resolution.
1995 Series Tax Allocation Re�nue Bonds (Pmiect Area No Il
In June 1995, the Pdlm Desert Financing Authority issued $24,025,000 of Tax
Allocation Bonds, (Pmject Aiea No. 1) Series 1995. The Palm Desert Financing
Authority loaned the bond proceeds to the Palm Desert Redevelopment Agency to
finance certain redevelopment activities of the Agency in Project Atea No. 1. Inrerest
rates on the bonds vary from 4.0% W 5.2� per annum payable semiannually on
April 1 and October i with ptincipal maturing annually.
The future debt service requirements on the 1995 Series Tax Allocation Revenue Bonds
(Project Area No. 1) are as follows:
Year Ending
June 30. Principal Interest Total
1997 $ 160,000 $ 1,403,818 $ 1,563,818
1998 170,000 1,396,778 1,566,778
2999 180,000 1,388,873 1,568,873
2000 185,000 1,3 80,323 1,565,323
2001 195,000 1,371,350 1,566,350
Thereafter 23.135.000 21.125.665 44.260.665
$ 24.025.000 $ 28.066.807 $ 52.091.807
See independent auditors' report.
-25-
CITY OF PALM DESERT —
NOTES 'PO FINANCIAL STATEMENTS
' (CONTINUED)
I
' June 30, 1996
, 6. GENERAL LONG TERM DESf (CONTINUED):
C. Tax Allocadon Bonds (Continued):
1995 Series Tax Allocation Revenue Bonds lProject Atea No. 21
In June 1995, the Palm Desert Financing Authority issued $4,090,000 of Tax
Allocation Bonds, (Project Acea No. 2) Series 1995. The Palm Desert Financing
Authority loaned the bond proceeds to the Palm Desert Redevelopment Agency to
finance certain redevelopment activities of the Agency in Project Atea No, 2. Interest
rates on the bonds vary from 4.75% to 5.2% per annum payable semi-annually on
February 1 and August i with principal maturing annually on August 1.
The future debt service requirements on the 1995 Series Tax Allocation Revenue Bonds
(Project Aiea No. 2) are as follows:
Year Ending
Ju� 30 Principal Interest Total
1997 $ - $ 239,935 $ 239,935
1998 - 239,935 239,935
1999 - 239,935 239,935
2000 25,000 239,342 264,342
2001 30,000 238,020 268,020
Thereafter 4.035.000 3.771.435 7.806.435
$ 4.090.000 $ 4.968.602 $ 9.058.602
;
See independent auditors' report.
_2�
�
rr CITY OF PALM DESER'I�►`
NOTES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG-TERM DEBT (CONTINUED):
C. Tax Allocation Bonds (Continued):
1992 Series A Tax Allocation Revenue Bonds fProiect Aiea No 1 as Amendedl
In April 1992, the Palm Desert Financing Authority issued $100,000,000 in Palm
Desert Financing Authority 'I�x Allocaaon Revenue Bonds (Project Acea No. 1 as
Amended) 1992 Series A. The Authority loaned $42,764,702 of the $100,000,000 to
the Agency to advance refund the 1985 Tax Allocadon Bonds, 1985 Tax Allocation
Refunding Bonds and the 1989 T� Allocation Bonds. The Authority also loaned
$40,844,733 to the Redevelopment Agency to fund additional projects in the project
area. The remaining bonds are compriscd of$15,965,000 of "CurcEnt Interest Bonds",
$39,350,000 of Duuh Auction Floating Securities and $39,350,000 of Inverse Floating
Securities. Principal maturities on the Ctirrent Interest Bonds occur annually on
April 1. Interest on the Current Interest Bonds varies from 4.00% to 6.625% and is
payable semiannually on April 1 and October 1. Dutch Auction Floating Securities and
Imerse Floating Securities mature each April 1 through 2022. Interest on the Dutch
Auction Floating Securities and Imerse Floating Securities is due generally every 35
days from that date.
The future estimated debt service requiremenu on the 1992 Series A Tax Allocation
Revenue Bonds (Pmject Area No. 1 as Amended) are as follows:
Yeaz Endiag
June 30. Princinal Interest Total
1997 $ 1,580,000 $ 5,777,751 $ 7,357,751
1998 1,670,000 6,170,479 7,840,479
1999 1,760,000 5;595,557 7,355,557
2000 1,860,000 5,974,935 7,834,935
2001 1,975,000 5,385,743 7,360,743
Thereafter 85.820.000 71.670.610 157.490.610
$ 94.665.000 $100.575.075 $195.240.075
See independent auditors' report.
_27_
— CITY OF PALM DESERT
N�I'ES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG TERM DEBT (CONTINUED):
I
C. Tax Allocation Bonds (Continued):
i
1992 Series A Tax Allocation Revenue Bonds (Pmject Acea 21
i
In August 1992, the Palm Desert Financing Authority issued $17,505,000 of Tax
Allocation Bonds, (Project Atea No. 2) 1992 Series A. The Authority loaned the bond
j proceeds to the Agency to finance certain redevelopment acdvities of the Agency in
Project Atea No. 2. Interest rates on the bonds vary from 2.7% to 6.125% per annum
payable semiannually on Febtuary 1 and August 1 with principal maturing annually on
August 1 from 1993 to 2002.
The future debt service requirements on the 1992 Series A 'I'ax Allocation Revenue
Bonds (Project Area No. 2) are as follows:
Yeaz Ending
June 30. Princival Interest Total
1997 $ 280>000 $ 992,462 $ 1,272,462 �
1998 290,000 979,988 1,269,988
1999 300,000 966,337 1,266,337
2000 315,000 951,338 1,266,338
2001 335,000 934,753 1,269,753
Thereafter 15.210.000 12.406.538 27.616.538
$ 16.730.000 $ 17.231.416 $ 33.961.416
See independent auditors' report.
' -28-
CITY OF PALM DESERT �
� �
N�fES TO FINANCIAL STATEMENTS
(CONTINUED)
7une 30, 1996
6. GENERAL LONG-TERM DF.BT (CONTINUED):
C. Tax Allocation Bonds (Continued):
1995 Series A - Tax Allocadon Revenue Refunding Bonds
In August 1995, the Pdlm Desert Financing Authority issued $6,305,000 in Tax
Allocation Revenue Refunding Bonds 1995 Series A. The proceeds from the tax
allocation bonds were loaned to the Agency to provide funds to refund in advance
$6,430,000 of the 1988 Tax Allocation Bonds. The advance refunding resulted in an
economic gain of $907,760 (difference between the present value of the annual debt
service payments between the old debt and new debt) and a decrease in aggregatc debt
service payments of $1,441,052.
Interest rates on the Bonds vary from 3.80� to 5.55% with interest payable
semi-annually on March 1 and September 1 with pri�ipal man,n� annually on
September 1. Debt service requirements to maturity are as follows:
Yeaz Ending
June 30. Principal Inurest__ Total
1997 $ 350,000 $ 300,208 $ 650,208
1998 385,000 285,858 670,858
1999 400,000 269,758 669,758
2000 420,000 252,223 672,223
2001 435,000 233,300 668,300
Thereafter 4.315.000 977.971 5.292.971
$ 6.305.000 � 2319.318 $ 8.624318
See independent auditors' report.
29
CITY OF PALM DESERT ~
N�1'FS TO FINANCIAL STATEMENTS
(CONTINUED)
� June 30, 1996
i
I 6. GENERAL LONG-TERM DEBT (CONTINUED):
' C. Tax Allocation Bonds (Continued):
Below is a summary of the changes in Tax Allocauon Bonds/Housing Revenue Bonds:
� Balance at Batance at
Julv 1. 1995 Additions Pavmena June 30. 1996
1995 Tdx Allocadon
Bonds (Pmject Area
No.l) S 24,025.00o a - a - a 24,025.000
1995 Tax Allacadon
' Bonds (Project Area
' No.2) 4,090,000 - - 4,090,000
1992 Tax Allocadon
Bonds (Pmjec[Aroa
No.l as Amended) 96,090,000 • 1,425,000 94,665,000
1992 Tu Allocation
Bonds (Project Area
No.2) 16,995,000 - 265,000 16,730,000
1988 Tax Allocadon
BoMs 6,430,000 - 6,430,000 -
1995 Refunding Tax
Allocadon Bonds 6305.000 6305.000
S 147.630.000 3 6.305.000 S 8.120.000 E 145.815.000
D. 1994 Multifamily Housing Revemie Bonds:
In August ,1994, the Palm Desert Redeuelopment Age�y issued $15,100,000 in
Vaziable Rate Demand 1994 Multifamily Housing Revenue Bonds (Bonds). The
Agency issued the bonds to finance a loan to Civic Center Barrio Housing Corporation
(Corporation), a California Non-Pnofit Public Benefit Corporation. Putsvant to a
financing agreement between the Agency and the Corporation dated August 1, 1994,
the Agency loaned funds to provide permanent fmancing for 161 newly constructed
residences and related improvemenu in the City of Palm Desert to be owned by the
Corporation and sold or leased, with an option to pu�hase, to low and moderate
income persons and families.
At the time of the issuance of the Bonds, it was anticipated that approximately one-half
of the residences wvuld be sold within 24 months from the issuance of the bonds and
that the proceeds of the sales would be used to redeem the Bonds. It was also
anticipated that all homes wuuld be sold within 6 years and that all the Bonds wvuld
be redeemed.
See independent auditots' ceport.
' -sa
_. r
"r` CITY OF PALM DESERT �+'
N�fES 'P� FINANCIAL STRTEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG TERM DEBT (CONTINUED):
D. 1994 Multifamily Housing Revenue Bonds (Continued):
The Bonds are secured by a letter of credit which expu+es six yeazs from the date of the
issuance of the Bonds with up to two one-year eztensions exercisable by the borrower
at the credit bank's sole and absolute discredon.
The Bonds are issued in denominations of$100,000 or any integral multiple thereof for
Bonds bearing interest at the variabie rate and in denominations of $5,000 or any
integral multiple thereof for Bonds on wluch the interest is converted to a fixed rate.
The Bonds mature on August 1, 2000 and are subject to prior redemption.
Interest on the variable rate Bonds is payable on the second 'hiesday of each month
commencing September 13, 1994 and February 1 and August 1 of each year on the
Bonds which convert to a fixed rate.
In April 1996, the Agency acquired ffie assets (the 161 homes) and assumed liabiliry
for the $15,100,000 1994 Multifamily Housing Revenue Bonds as the project was not
being administered properly.
E. Special Assessment Bonds Payable:
The City has Special Assessment Bonds Payable issued under the 1911 and 1915
Special Improvement Acu and the 1982 MellaRoos Community Facilities Act (1982
Bonds). The City has no liability to 1911 Act bondholders until assessments have been
collected from the properry owner. Such liability is then recorded in the Agency
Funds. Therefore, the 1911 Bonds are not tecorded as liabilities in the accompanying
financial statemenu.
The City also 6as no liability to the 1915 Act bondholders or the bondholders of bonds
issued under the 1982 Me1lo-Roos Community Facilities Act until assessments are
collected on the tax rolls. However, tbe City may take certain actions to assume
secondary liabiliry for all or part of 1915 Act Bonds and the 1982 bonds until such time
as foteclosure proceeding are consummated. Assessments collected on the 1915 Act
Bonds and the 1982 Bonds will be recorded as liabilities in Debt Service Fuads
pursuant to the Govemmental ticcounting Standards Board Statement relating to
Accounting and Financial Reporting for Special Assessments.
Speciai assessment bonds payable, as described below, are recorded in the General
Long-Term Debt Account Group, as the City is obligated as a secondary source of
funds for repayment in the event of default by the assessed properry owners.
See independent auditors' report.
-31-
� CITY OF PALM DESERT
N�I'ES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
I 6. GENERAL LONG TERM DEBT (CONTINUED):
i E. Special Assessment Bonds Payable (Continued):
i
! Assessment District No. 92 - 1
�
' The bonds were issued in an original amount of $2,298,980 in December, 1992 to
! finance the acquisition of water, sewer and street improvements associated with the
Sierranova residential development. The bonds are secured by unpaid assessments on
certain parcels within Assesstment District No. 92 - 1 which was created by the City
specifically to finance the Project. Under the 1915 Act, annual instailmenu of the
i unpaid assessments su�cient to meet scheduled debt service on the bonds are to be
included on the regular county tax bills for ihe assessed pazcels against which there are
� unpaid assessments. Interest rates on the bonds vary from 4.70% to 7.60% with
� interest payable semiannually on Mazch 2 and September 2 of each year with principal �
maturing annually on September 2. Debt service requirements to maturity are as �
�
follows:
Yeaz Ending ��
June 30. Principal Interest Total '
1997 $ 75,000 $ 155,506 $ 230,506 �,
1998 80,000 150,950 230,950 i
1999 85,000 145,915 230,915
2000 90,000 140,400 230,400
2001 95,000 134,385 229,385
Thereafter 1.760.000 913.686 2.673.686 i
$ 2.185.000 $ 1.640.842 $ 3.825.842 �
Communitv Facilities District No. 91-1 (1992 Bondsl �
�
The Bonds were issued in an original amount of $11,870,000 in July, 1992 pursuant
to the Mello-Roos Communiry Facilities Act of 1982, as amended, to finance the
acquisition, construction and installation of certain public improvemenu in the District.
T'he debt service payments are payable from the proceeds of an annual special tax to
be levied on and collected from properry vrithin the District. The special tax is to be
levied according to annual rate approved by the City Council of the City of Palm I
Desert. Interest rates on the bonds vary from 5.00°lo to 7.60� with interest payable
April 1 and October 1 of each yeaz with principal maturing annually on October 1.
Debt service requirements to maturity are as follows:
See independent suditors' report.
i
-32-
/
„�, CITY OF PALM DESERT �,
NOri'ES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG TERM DEBT (CONTINUED):
E. Special Assessment Bonds Payable (Continued):
Communitv Facilities District No. 91-1 (Continuedl
Year Ending
June 30. Princioal Interest Total
1997 $ 235,000 $ 835,361 $ 1,070,361
1998 250,000 821,105 1,071,105
1999 265,000 805,323 1,070,323
2000 280,000 787,942 1,067,942
2001 295,000 768,886 1,063,886
Thereafter 10.115.000 7.810.275 17.925.275
$ 11.440.000 $ 11.828.892 $ 23.268.892
Assessment District No. 94-1
The bonds were issued in an original amount of$6,945,000 in August 1994 to finance
the design, acquisition and construction of ceRain public itnprovements for the benefit
of Assessment District No. 94-1 (Bighorn). The bonds aze secured by unpaid
assessments on parcels with the Assessment District 94-1 which wes created by the City
specifically to finance the project. Under the 1915 Act, annual assessments of the
unpaid assessments sufficient to meet the schedule debt service on the bonds are to be
included on the regulaz county tax bills for the assessed parcels for which there are
uvpaid 'assessments. Interest raus on the bonds vary from 5.20% to 7.625°k with
inrerest payable semiannually on March 2 and September 2 of each yeaz with principal
maturing annually on September 2. Debt service requiremenu to maruriry are as
follows:
Yeaz Ending
June 30. Princ' a� I Interest _ Total
1997 $ 125,000 $ 478,876 $ 603,876
1998 125,000 472,064 597,064
1999 135,000 464,485 599,485
2000 140,000 456,199 596,199
2001 150,000 447,297 597,297
Thereafter 6.000.000 5.211.782 11.211.782
$ 6.675.000 $ 7.530.703 $ 14.205.703
See independent auditors' report.
-33-
CITY OF PALM DESERT
N�fES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG-TERM DEBT (CONTTNUED):
E. Special Assessment Bonds Payable (Continued):
Assessment District No. 94-2
The bonds were issued in an original amount of $1,832,000 in December 1994 to
finance the acquisition of certain public improvements with Assessment District No.
94-2 (Sunterrace) (the District). The bonds are secured by unpaid assessments on
parcels with the District. Under the 1915 Act, annual assessments on the unpaid
assessments sufficient to meet the scheduled debt service requirements are to be
included on the regulu county tax bills for the assessed parcels for which there are
unpaid assessments. Interest rates on the bonds vary from 5.75� to 8.20� with
interest payable semiannually on March 2 and September 2 of each yeaz with principal
� maturing annually on September 2. Debt service requirements to maturity are as
� follows:
� Yeaz Ending
IJune 30. Principal Interest Total
�
1997 $ 47,000 $ 141,754 $ 188,754
: 1998 50,000 138,840 188,840
1999 55,000 135,421 190,421
2000 60,000 131,640 191,640
2001 65,000 127,555 192,555
Thereafter 1.555.000 1.046.512 2.601.512
$ 1.832.000 $ 1.721.722 $ 3.553.722
Assessment District 94-3
The bonds were issued in an original amount of $1,500,000 in May 1995 to finance
the acquisition and consuucuon of certain public improvements within Assessment
District No. 94-3 (Merano) (the District). The bonds are secured by uupaid
assessments on parcels within the District. U�er the 1915 Act, annual assessments on
the unpaid assessments sufficient to meet the scheduled debt service requirements are
to be included on the regulaz county tax bills for the assessed parcels for which there
are unpaid assessments. Interest rates on the bonds vazy from 4.70% to 6.80% with
interest payable semiannually on March 2 and September 2 with principal maturing
annually on September 2. Debt service requiremenu to maturity are as follows:
See independent auditors' report.
-34-
r
� CITY OF PALM DESERT ,�,
NOR'ES "I�D FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG-TERM DEBT (CONTINUED):
E. Special Assessment Bonds Payable (Continued):
Assessment District 94-3 (Continuedl
Year Ending
June 30. Princ� a� Interest Total
1997 $ 25,000 $ 97,626 $ 122,626
1998 30,000 97,032 127,032
1999 30,000 94,632 124,632
2000 30,000 92,945 122,945
2001 35,000 91,050 126,050
Thereafter 1.350.000 1.103.020 2.453.020
� 1.500.000 $ 1.576305 $ 3.076305
1995 Revenue Bonds
In September 1995, the Palm Desert Financing Authority issued $7,540,000 1995
Revenue Bonds. The proceeds from the revenue bonds were loaned to the Assessment
Districts to provide funds to refund in advance $900,000 Assessment District No. 83-i
Bonds, $5,575,000 in Assessment District 84-1 Refunding Bonds and $3,200,000 in
Assessment District No. 87-1 Bo�s. These bonds were issued under the 1915 tict
to provide funds for capital impr�ements in the respective assessment districts. The
advance refunding resulted in an economic gain of $612,476 (difFerence betvveen the
present value of the annual debt service paymenis between old debt and new debt) and
a decrease in aggiegate debt service payment of $4,353,724. Interest rates on the
Bonds is paid at a rate of b.0% with inurest payable semi-annually on March 2 and
September 2 with principal maturing annually on September 1. Debt Service
requirements w maturity aze as follows:
Year Ending
June 30 Princioal Interest Total
1997 $ 605,000 $ 434,250 $ 1,039,250
1998 610,000 397,800 1,007,800
1999 650,000 360,000 1,010,000
2000 680,000 320,100 1,000,100
2001 730,000 277,800 1,007,800
Thereafter 4.265.000 781.350 5.046350
$ 7.540.000 $ 2.571300 $ 10.111.300
�
See independent auditors' ieport.
-35-
— CITY OF PALM DESERT �
NUTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG TERM DEEf (CONTINUED):
E. Special Assessment Bonds Payable (Continued):
1995 Revenue Bonds Co tinued
As of June 30, 1996, the principal amount to be repaid by each assessment disuict to
pay-off the loans from the Financing Authoriry aze as follows:
Assessment District 83-1 $ 695,000
Assessment District 84-1 Refunding 4,580,000
Assessment District 87-1 1,775,000
Communit� Facilities District No. 91-1 - (1995 Bondsl
The Bonds were issued in an original amount of $12,835,000 in December, 1995
pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, W finance
the acquisition, construction and installadon of certain public improvements in the
District. The Debt service payments are payable from the proceeds of an annual
special tax to be levied on and collected from property within the District. The special
tax is to be levied according to an annual rate approved by the Ciry Council of the City
of Palm Desert. Interest rates on the bonds vary from 5.00°b to 6.95% with interest
payable April 1 and October 1 of each year with principal maturing annually on
October 1. Debt service requirements to maturiry are as follows:
Yeaz Ending
June 30 Principal Interest Total
1997 $ - $ 835,111 $ 835,111
1998 - 835,111 835,111
1999 255,000 828,736 1,083,736
2000 270,000 815,274 1,085,274
2001 280,000 800,486 1,080,486
Thereafter 11.580.000 9.833.995 21.413.995
$ 12385.000 $ 13.948.713 $ 26333.713
I
See independent auditors' report.
-36-
�
CITY OF PALIvi DESERT �, �
NOrI'ES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
6. GENERAL LONG TERM DEBT (CONTINUED):
E. Special Assessment Bonds Payable (Continued):
Below is a summary of the changes in the Assessment Bonds Payable:
B�e a� Balance at
]ulv 1. 1995 Addiaons Pavmens 7une 30. 1996
Asussment District 83-1 S 900.000 S - 3 900,000 S _
Assessment District 84-1
Refi+nding 5,575,000 - 5,575,000 -
Assessmeat District 87-1 3,200,000 - 3,200,000 -
Assessment District 92-1 2,255,000 - 70,000 2,185,000
Community Faciliues
District 91-1 (1992 Bonds) 11,660,000 - 220,000 11,440,000
Assessment District 94-1 6,900,000 - 225,000 6,675,000
Assessment District 94-2 1,832,000 - - 1,832,000
Assessment Disaic[94-3 1,500,000 - - 1,500,000
1995 Revenue Bonds - 7.540.000 - 7,540.000
Community Facilities
District 91-1 (1995 Bonds) 12385.000 12385.000
S 33.822.000 � 19.925.000 t0 190 000 S 43.557.000
7. DEFERRED COMPENSATION PLAN:
The City offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all City employees, permits
them to defer a portion of their salary until funue years. The deferred compensadon is not
available to employees until termination, retirement, death or unforeseeable emergency.
All amounu of compensation deferred under the plan, all property and rights purchased
with those amounts, and all income attributable to those amounts, property or rights are
(until paid or made available to the emplayce or other beneficiary) solely the pmperty and
rights of the City (without being iestricted to ihe provisions of benefits under the plan),
subject only to the claims of che City's ge�ral creditocs. Participants' rights under the
plan are equal to those of general creditots of the City in an amount equal to the fair
market value of the deferred account for each participant.
The City has the duty of due care that wvuld be required of an ordinary prudent investor.
The Ciry believes that it is unlikely that it will use the assets to satisfy the clauns of general
creditocs in the fuNre.
See independent auditors' report.
-37-
CITY OF PALM DESERT
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
7. DEFERRED COMPENSATION PLAN (CONTINUED):
The following is a summary of the increases and decreases of the fund for the year ended
June 30, 1996.
Fund Assets (at Mazket Value), Beginning of Year $ 2,410,327
Contributions 246,765 I
Additions - Income Changes in Mazket Value 292,486
Withdrawals and expenses (52.563)
Fund Assets (at Mazket Value), End of Year $ 2.897.015
8. DEPOSI'IS PAYABLE:
Property taxes related to the incremental increase in assessed values after the adoption of
the Redevelopment Plan are, e�rcept where otherwise pmvided by specific agreement,
allocated to the Agency. All taxes on the "frozen" assesscd valuadon of the property are
allocated to the City and other taxing agencies. The Agency has entered into various pass-
thmugh agreements with other tax agencies to allocate their tax increment cesulting from �
the increase in assessed values after the adoption of the Redevelopment Plan. At June 30,
1996, the Agency is holding $9,236,868 in trust on behalf of other taxing agencies related
to specific pass-through agreements which is included in the total deposits of$10,572,190.
See independent auditois' report.
_38_ �
/
`, CITY OF PALM DESERT �
NOTES TO FINANCIAL STpTEMENTS
(CONTINUED)
June 30, 1996
9. BOND RESERVE REQUIREMENTS:
At June 30, 1996 the fund balance reserve requirements and actual reserve balances are
presented as follows:
Reguirement Actual
1992 Series A Tax Allocation Bonds
(Project Aiea No. 1 as Amended) $ 7,841,271 $ 16,044,756
1992 Series A Tax Allocation Bonds
(Project Acea No 2) 1,278>556 1,624,198
Assessment District No. 92-1 229,898 455,154
Community Facilities District No. 91-1
(1992 gonds) 1,078,930 1,757,243
Assessment District 941 612,585 1,117,729
Assessment District 94-2 183,200 232,729
Assessment District 94-3 127,500 219,864
Communiry Facilities District No. 91-1
(1995 Bonds) 1,092,787 2,293,064
1995 Financing Authority Revernie Bonds 735,000 784,840
1995 Series Tax Allocation Bonds
(Project Area No. 1 as Amended) 1,955,525 16,821,348
1995 Series Tax Allocation Bonds
(Project Area No. 2) 343,900 2,817,115
1995 Refunding Tdx Allocation Bonds 630,500 714,893
These actual amounts are included in Fund Balance reserved or designated for Debt
Service (see Note 12).
10. DEFEASED OBLIGATIONS:
The Ciry defeased certain Redevelopment obligations by placing the proceeds of new
obligations in an irrevocable trust to provide for all fuwre debt service payments on the
old obligations, Accordingly, the trust account assets and the liabiliry for the defeased
obligations are not included in the accompanying financial stauments.
At June 30, 1996, the following obligations are considered defeased.
Amount of Defeased
Issue Debt Still Outctanding
1982 Tax Allocadon Bonds $ 3,720,000
1989 Tax Allocation 4,720,000
See independent auditors' report.
-39-
CITY OF PALM DESERT �
N�I'ES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
11. CITY EMPLUYEES' RETIREMENT PLAN:
A. Plan Description:
The Ciry of Palm Desert contributes to the California Public Employees' Retirement
System (PERS), an agent multiple-employer public employee retirement system that
acts as a common investment and administrative agent for participating public entities
within the State of Califomia.
The Ciry's paymll for employees covered by the system for the yeaz ended June 30,
1996 was $4,746,317 for miscellaneous membeis.
All full-time City employees are eligible to participate in the system. Benefiu vest
after five years of service. Miscellaneous employees who retire at or after age 60 are
entided to an annual retirement benefit payable monthly for life in an amount equal
to two percent (2 h) of their lughest annual salary for each yeaz over five (S) yeazs.
The system also pmvides death and disability benefits.
The City employees' required contribudon to the System of seven percent (7%) of
annual salary for miscellaneous members is currendy paid by the City. Additionally,
the City of Palm Desert is required to contribute the remaining amounts necessary w
fund the benefits for iu members, using the actuarial basis recommended by the PERS
actuaries and actuarial consultanu and adopted by the Board of Adminisuation.
B. Funding Status and Progress:
The amount shown below as the "pension benefit obligation" is a standardized
disclosure measure of the present value of pension be�fiu, adjusted for the effects
of projected salary increases and step-rate benefits, estimated to be payable in the
future as a result of employce service to date. The measvre is inte�ed to help users
assess the funding status of the system on a going-concern basis, assess pmgress
made in accumulating sufficient assets to pay benefits when due, and make
comparisons among employers. The measure is the actuariat present value nf credited
pmjected benefits and is independent of the funding method used to detcrmine
contributions to the System.
The pension benefit obligadon was computed as part of an actuarial valuation
performed as of June 30, 1995. Signi£cant actuarial assumptions used in the valuation
include: a) a rate of retum on the irnestment of present and future assets of 8.50%
a yeaz compounded annually, b) projected salary increases that vary by length of
service, c) an inflation nte of 4.50%, d) merit increases for salary that vary by length
of service.
See independent auditors' report.
�0-
�
� CITY OF PALM DESERT �
NOri'ES 'IiD FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
11. CITY EMPLOYEES' RETIREMENT PLAN (CONTINUED):
B. Funding Status and Progress (Continued):
Assets in excess of the pension benefit obligation applicable w the City's employees
was $3,029,212 at June 30, 1995:
PENSION BENEFIT OBLIGATION:
Retirees and beneficiaries curnndy receiving be�fits
and terminated employees not yet receiving benefits $ 2,224,355
Current employees - accumulated employee contributions
including allocated investment earniags 3,463,989
Emplvyer - financed vested 3,142,425
Employer - financed nomested 109.915
T�TAL PENSION BENEFIT OBLIGATION 8,940,684
ACTUARIAL YALUE OF ASSETS
(MARKET VALUE IS $12,723,998) 11.969.896
ASSETS IN EXCESS OF PENSION BENEFIT OBLIGATTON $ 3.029.212
CHANGES IN THE PENSION BENEFIT OBLIGATION
FROM LAST YEAR INCREASE (DECREASE) DUE 'PD:
Changes in benefit provisions $ _
Changes in acmarial assumpdons $ _
Actuariai information relating to the plan was not available from PERS for the yeaz
ended June 30, 1996.
C. Contributions Required and Contributions Made:
PERS uses the Entry Age Normal Actuarial Cost Method wluch is a pmjected benefit
cost method. That is, it takes into account those benefits that are expected to be
earned in the fumre as well as those already accmed.
See independent auditors' report.
�1-
CITY OF PALM DESERT
NOR'ES TO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
11. CITY EMPLOYEES' RETTREMENT PLAN (CONTTNUED):
C. Contributions Required and Contributions Made (Continued):
According to ttus cost method, the normal cost for an employee is the level amount
which would fund the projected benefit if it were paid annually from date of
employment until retirement. PERS uses a modification of the Entry Age Cost
Method in which the employers' total nonnal cost is expressed as a level percentage
of payroll. PERS also uses the level percentage of paymll method to amortize any
unfunded actuarial liabilities. The amortization period of the unfunded actuarial
liability ends on June 30, 2000 for prior service benefits and June 30, 2005 for other
benePits.
The significant actuarial assumptions used to compute the actuarially determined
contribution requirements are the same as those used to compute the pension benefit
obligations, as previously described.
The contribution to the System for 1995 was made in accordance with actuarially
determined �equirements computed through an actuarial valuation performed as of
June 30, 1995. The total contribution to the system of $774,523 consisted of the
employers share of $430,016 (9.1% of covered payroll), the employee portion paid
by the employer of $334,958 (7.146 of covered payroll) and employee paid
contributions of $9,549 (.2% of covered payroll).
D. Trend Information:
Trend information gives an indication of the progress made in accumulating sufficient
assets to pay be�fiu when due. 'Ibn year trend information for the City is not
published in the California Public Employees' Retirement System. Therefore, the City
has disclosed Uvs information beginning with the 1987 fiscal year, the first year this
information was made available by PERS.
See independent auditocs' �port.
-42-
CITY OF PALM DFSERT �
`•�• .�r
NOrI'ES 'IiD FINANCIAL STATEMENTS
(CONTINLTED)
June 30, 1996
11. CIT'Y EMPL�YEFS' RETIREMENT PLAN (CONTINUED):
D. Trend Information (Continued):
Unfunded
� Pension
Benefit
Obligation
Fiscal Net Unfiu�ded as a
Year Assets Pension Pension Annual Percentage
Ending Available Ben�t Percentage Benefit Cwered of Cove�ed
June 30 for Benefits Obii at�ion, Funded Obli¢ation Pavroil Pavroll
1987 $ 3,106.5 $ 2,291.1 135.6 96 $ (815.5) $ 2,254.7 36.2 96
1988 3,540.2 2,709.7 130.6 (830.5) 2,446.3 33.9
1989 4,156.2 3,221.2 129.0 (935.1) 2,794.9 33.5
1990 4,826.8 4,329.4 I11.5 (497.4) 3,305.8 15.0
1991 5,633.1 4,987.6 112.9 (645.5) 4,038.6 16.0
1992 6,777.5 6,076.3 111.5 (701.3) 4,479.2 15.7
1993 8,018.2 7,161.0 112.0 (857.3) 4,748.4 18.1
1994 10,359.0 7,444.9 139.1 (2,914.2) 4,655.9 62.6
1995 11,969.8 8,940.6 133.9 (3,0293) 4,878.4 62.1
1996 * * '� • 4,655.9 ■
* information not available
See independent auditors' report.
-43-
� CTTY OF PALM DESERT
NOI'ES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
12. RESERVES AND DESIGNATIONS OF FUND BALANCE:
Reserves segregate portions of fund balance that are not available spendable resources.
The various reserve established as of June 30, 1996 were as follows:
Special Debt Capital
General Revenue Service Project
RESERVED: Fund Funds Funds Funds
Encumbrances $ 2,641,222 $ 2,767,609 $ - $ 4,679,796
Receivables 65,000 1,568,365 - -
Advances 5,581,000 654,000 - 12,765,000
Piepaid expenses 493,568 - 6,090 341
Deposits - - - 275,000
Debt service - - 16,109,652 -
Specific projects
and pmgrams 1,654,478 - - 200,000
Continuing
appropriations - 2,435,746 - 11,060,391
Low income purposes - 1,866,916 - -
Inventory held for resale - 10.950.000 -
$10.435.568 0 242 636 16 115 742 $ 28.980.528
DESIGNATED:
Special revenue purposes $ - $ 6,394,808 $ - $ -
Debt service - - 41,371,734 -
Capital outlay - - - 45,701,223
Genenl contingencies 15.177.981 - - -
15 177 981 94 O8 $41.371.734 $ 45.701.223
Reserved for Encumbrances - These reserves represent the portion of purehase orders
awuded for which the goods or services had not yet been received at June 30, 1996.
Although all appropriations lapse at year-end, even if encumbered, the City intends either
to honor the contracts in pmgress or W cancel them. Reserve for encumbrances are
rebudgeted on July 1, by Council action.
Reserved for Receivables - These reserves are set up to reflect the non-current portion of
receivables so that they will not be considered as current funds available.
Reserved for Advances - These reserves are set up to reflect the advances to the
Redevelopment Agency so that they will not be considered as current funds available.
See independent auditois' report.
-44-
CITY OF PALM DESERT �
v�►� r,ry
NOrI'ES 'PD FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
12. RESERVES AND DESIGNATIONS OF FUND BALANCE (CONTINUED):
Reserved for Prepaid Exnenses - These reserves reptesent contractual obligations for cash
payments made before June 30, 1996, but not recognized as an expenditure until after
July 1, 1996.
Reserved for Deposits - 'fhese ieserves aze to indicate that these funds are not available co
finance current expenditures.
Reserved for Debt Service -These reserves for Debt Service represent reserves accumulated
by the Ciry and the Redevelopment Agency that are legally restricted to the payment of
long-tcrm debt principal and interest aznounts that matutie in future years.
Reserved for Specific Proiects and ProQtan�s - These reserves represent specific pmjects
and programs for wluch the City has made a commitment tov�rards completion.
Reserved for Continuiqg Aouronriationc - These reserves aze for appropriadons for capital
pmjects which are unexpended as of June 30, 1996 and are carried fornard as continuing
appropriations w be expended in 1996-97.
Reserved for Low Income ses - Ttris reserve is for amounts set aside from tax
increment money rcceived by the Redevelopment Agency and is to be spent on projects
benefitting low income families.
Reserved for Inventory Held for Resale - This reserve is for imentory held for resale and
has been set aside to i�icate that these funds are not available to finance current
expenditures.
DesiPnated for Special Revenue Purposes - These funds aze designated for specific special
revenue purposes as restricted by law or administrative acdon.
Desisnated for Debt Service - These funds are designated for payment of principal and
interest on General Long Term Debt.
Desisnated for Capital OuUay - These funds aze designated for capital outlay for futtue
projects.
Desi¢nated for General Contingencies - These funds in the General Fund are designated for
general contingencies.
See independent auditors' report.
-45-
— CITY OF PALM DESERT —
NOTES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
13. INSURANCE PROGRAMS:
For General Liability, the City is a member of the Southern Califomia Joint Puwers
Insurance Authority (Authority) and for workers compensation, the City is a member of the
Coachella Valley Joint Pbvwers Insurance Authority (CVJPIA).
General Liabilitv
Beginning July i, 1995, the City joined the Southern California Joint Insurance Pow�rs
Authority (the Authority).
The Authority is comprised of 78 Southern California member cities and is organized under
a Joint Pbwers A.greement pursuant to the California Gwernment Code. The purpose of
the Authority is to aaange and adminisur programs of insurance for the pooling of self-
insured losses and to pucohase excess insurance coverage. Each member city has a
representadve on the Boazd of Directots with officers of the Authoriry being elected
annually by the Board Membets. Annual deposits are paid by member cities and are
adjusted retrospectively to cover costs. Each member city, including Pdlm Desert self-
insures for the first $20,000 of each loss. Participating cities then shaze in claims from
$20,000 to $500,000 per loss occurrence. Specific coverage includes comprehensive and
general automotive liability, personal injury, contractual liability, errors and omissions and
certain other coverage. Separate deposits ue collected fmm the member cities to cover
clauns between $500,000 and $10,000,000. These deposits are also subject to retrospective
adjustment.
Prior to July 1, 1995, the City was a member of the Coachella Valley Joint Powers
Insurance Authority (CVJPIA) general liability program.
The Liabilitv Progtat� consisted of a banking pool, a risk sharing pool and insurance
pushasing pooi. Coverage was provided from $125,000 to $10,000,000 per occurrence.
Tkus risk sharing pool provided coverage from $125,000 to $1,000,000 per occurrence.
The insurance purchasiag pool is e�ess coverage purchased by the authority to cover
losses from $1,000,000 to $10,000,000 per occurrence. The City has a self-insurance
retention of $125,000. Covered losses include losses resulting from any o� occurrence
because of personal injury, property damage or public officials errocs and omissions.
See independent auditocs' report.
�6-
- r
,r, CITY OF PALM DESERT �,
N�I'ES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
13. INSURANCE PROGRAMS (CONTINUED):
Workers' Compensation
The Ciry is a member of the Coachella Yalley Joint Powers Insurance Authority (CVJPIA),
a joint power authority formed under the California Code for the purpose of jointly
financing pmgrams of �nc��,�nSe. The Authority is currendy comprised of twenty-six
participating member agencies, twenty-ttu�ee cities with populations ranging fmm 1,500 to
130,000, a t�ansit agency with a fleet of sixty revenue vehicles and twv special districts.
The Workers' Comoensation Pro¢nm is a claims servicing pool, a banking pooi and an
insurance purchasing pool. As an insurance puc�hasing pool, the pmgram allows
participating members to obtain the benefits of the economies of scale in securing excess
workers' compensation coverage. Coverage is provided from $250,000 to the statutory
limit for each accident or employee. The program, as a claims servicing pool maintains
sepazate accounts for each pmgram member from which that member's losses are paid.
The workers' compensation insurance pmgram dces not provide for a uansfer of risk and
therefo�e, each member is iesponsible individually for its own losses. The pool will
advance funds to pay member losses in excess of inember funds on deposit in the manner
of a banking pool. Participant piemium deposits are subject to retrospective rating
adjustments.
14. ASSESSMENTS RECEIVABLE:
The receivabie represents future assessments to be received from property owners in
Assessment Districts 83-1, 84-1, 87-1, 92-1, 94-1, 94-2, 94-3 and Community Facilities
District (CFD) No. 91-1 to pay for long-term obligations incurred in making capital
impmvements to each Assessment District. (See Note 6E). Recognition of the revenue
from the assessments has been deferred until it becomes available. Once received, the
monies will be used w make annual debt service payments.
See independent auditocs' report.
-47-
CITY OF PALM DESERT
NOri'ES 'PD FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
15. LOSS ON INVESTMENT:
In December 1991, it wes learned that the Securities and Euhange Commission (SEC)
conducted an invesdgation of Institutional Treasury Management (ITM) and froze certain
assets administered by ITM including the Agency assets. It was subsequendy announced
that ITM had diverted funds and/or securities in client accounts to other accounts without
the client's knowledge.
The Agency records identified $4,212,144 being invested with ITM, hovwever the
invesunent could not be verified with a third parry. During fiscal 1995-96, the Agency
recorded a loss on the imestment in the amount of$3,627,780 which represents the original
investment of $4,212,144 less recoveries of $584,364 from other parties.
16. PRIOR PERIOD ADJUSTMENTS:
The Ciry made prior period adjustments which resulted in the following restatemenu of
beginning fund balance:
�S�S
Beginning Prior Period Fund Balance
Fund Balance Adjustment As Restated
Genenl Fund $ 20,175,489 $ 630,895 $ 20,806,384
Special Revenue:
Measure A 3,844,038 136,002 3,980,040
Redevelopment Agency 3,015,377 473,225 3,488,602
Debt Service
Assessment District 94-2 1,252,734 (122,049) 1,130,685
Bighom Series 3 - 122,049 122,049
Beginning fund balance in the General Fund and Measure A Special Revenue Fund was
increased by $630,895 and $136,002, respectively, to record receivables as of Ju� 30,
1995 for the collection of sales tax revenues. These adjustments were as a result of the
City's implementation of Gwernment Accounting Standazds Board Statement No. 22,
"Accounting for Taxpayer-Assessed Tax Revenues in Governmental Funds".
Beginning fund balance in the Redevelopment Agency Speciai Revenue Fund was increased
by a net amount of $473,225 to record a deposit in the amount of $639,063 and to reduce
receivables in the amount of $165,838 at June 30, 1995.
Beginning fund balance in the Assessment District 94-2 Debt Service Fund was decreased
by $122,049 and increased by $122,029 in the Bighom Series B Debt Service Fund w
coaecdy record assessments collected before June 30, 1996.
See independent auditocs' ceport.
�8-
/
,r, CITY OF PALM DESERT �,
NOTES 'PO FINANCIAL STATEMENTS
(CONTINUED)
June 30, 1996
17. CONTRIBUTED CAPITAL
During fiscal year 1995-96, the Agency Debt Service Fund received a building with a value
of $3,670,000 in coasideration for a note receivable with a basis of $5,899,000. A bad
debt expenditure of $2,229,000 was recorded in the Debt Service Fund. The transfer of
the building from the Debt Service Fund to the Building Enterprise Fund was recorded as
a residual equiry uansfer out in the Agency Debt Service Fund and as contributed capital
in the Building Enterprise Fund.
18. SUBSEQUENT EVENTS:
A. 1996 Tax Allocatioa Revernie Bonds
On October 3, 1996, the Palm Desert Redevelopment A,gency issued $10,880,000 1996
Series A (Desert Rose Project Refunding) and $8,170,000 1996 Series B bonds for the
purpose of refunding its $15,100,000 Variable Rate Demand Multifamily Housing
Revenue Bonds and finance working capital to preserve the supply of low and moderate
income housing within the City of Palm Desert and pay costs of issuance of the bonds.
B. Series 1996 - $7,010,000 L.ease Revenue Bonds
In August 1996, the Palm Desert Financing Authoriry (the Authority) issued $7,010,000
in L.ease Revenue Bonds. The procceds of the Bonds will be used to finance the
construction of a Counry Administrative Center a� related facilides upon a site located
in the City of Blythe, County of Riverside, fund a reserve account, fund appmximately
eight months of capitalized interest and pay costs of issnance of the Bonds. The
Authority will lease the site from the Counry of Riverside (the County) putsuant w a site
lease dated August 1, 1996, by and between the Authority and the County and will lease
back to the Authority the site and the facilities (toget6er "the Project") pursuant to a
Lease Agneement dated as of August 1, 1996, by and betvveen the Authority and Counry
(the "Lease"). Under the Lease, the County will pay the Tivstee Base Rental Payments
co the trustee in an amount equal to the scheduled debt service payments on the Boads.
The Aurhority will assign its right co receive the Base Rental paymenu to the trustce for
the benefit of the ovv�cs of the Bonds.
See independent auditocs' report.
�9-
SUPPLEIVIENTAL INFORMATION
CITY OF PALM DESERT
STATEMENT OF REVENUES-BUDGEf AND ACTUAL-GENERAL FUND i
i
For the year ended June 30, 1996 j
Budget Actual
Property taxes S 2,058,300 . S 1.757.609
Property transfertax � 200,000� 252,189
Timeshare mi[igation fee 200,000• 501.150
Sales tax 7,650,000' 8,133,542
Business license tax 620.000' S98,704
Job valua[ion fees 18,000' 27,649
Transieatoccupancytaz 4,601.000. 4,919.263
Franohises 1.200.000' 1,360,554
Penalties and interest on taxes 9,500' 18,398
Building permits 433,000 716.830
Grading permits 25,000 51,417
Valet parking permits 400 425
Encroachment permits 3,000 5,089
Miscellaneous permits 1.500 2,010
Business regulatory permits 23,000 33,922
Federal grants 25,000 -
Motor vehicle in-lieu �es 1,050,000 1,290,072
Offhighway in-lieu fees S00 876
Subventionsfrom state 15,000 102,667
Monthly parking bail - 11,423
Subdivision fees 70,000 97,693 I
7nning Sees 10,000 18,029
Plan check fees 290,000 359,525 i
Sale of maps and publications 2,500 44,561 �
Microfilm fees 13,000 15,690 I
Otherfees - 3,900 �.
Code compliance 10,000 8,028
Strong motion instrument fee 12,000 10,830 ��
Building inspection service 400 -
Specialinvestigation fre 1,000 122
Certificate of compliance fee 1,000 6.975
Nuisance abatement tax 10,100 29,001
ReimbursementRDAcosts 350,000 355,589
Ot6er reimbursements 215,310 1.361.675
Vehicle code fines 30,000 45,813
Municipal court fines � 6,000 9,657
Interestineome 750,000 1,264,791
Intereston advances 300,000 318,804
Rental income 7,500 19,870
Other revenue 5,000 84,096
Sale of assets - 8.101
Traasfer in 520,000 678,676
I TOTALS S 20.737,030 S 24,525.215
See independent auditors' repor[.
-SO-
Landscape Parking Lot Landscape Landscape Air City Wide Landscape
and Lighting Maintenaace and Lightiag and Lighting Quality Business and Lighting
District No.2 District District No3 Distriet No.6 Management License District No. 7
$ 6.158 S 40,638 S 8.537 S 29,548 $ 24,402 S 26,547 S 7.328
219 2.199 17 1,535 36,566 32,340 —
328 — 68 2,847 44,191 — —
� — — — — — — —
S 6,705 S 42,837 S 8.622 S 33,930 S 105.159 S 58,887 S 7,328
S 6,158 S 1,551 S 156 S 3.034 S 83.787 E — S 384
6.158 1,551 156 3,034 83,787 — 384
_ _ — — 21,372 11,685 —
547 41,286 8.466 30,896 — 47,202 6,944
I 547 41.286 8.466 30,896 21,372 58,887 6.944
S 6.705 S 42.837 S 8.622 S 33.930 S 105,159 S 58,887 S 7,328
�
�
i
i
I
I
(Continued)
�
—55—
CITY OF PALM DESERT �
� ' �
COMBINING STATEMENT OF REVENUES.EXPENDITURES AND
CHANGES IN FUND BALANCES—ALL SPECIAL REVENUE FUNDS
For the year ended June 30. 1996
• , (With comparative totals for the year ended Iune 30. 1995)
Housing
Traffic Gas Mitigation
� Safety Tax Measure A Fee
REV EN UES
Taxes a — a — a 1,069,326 S 120,368
Special assessments collected . — — — —
Incergovernmentalrevenues — 607,514 2.675,513 —
Fines and forfeitures 28.028 — — —
Use of money and property 835 15,696 214,173 20,209
Recovery of investment loss — — — —
Sale of iz�ventory — — — —
Otherrevenues — — — —
TOTAL.REVENUES 28,843 623.210 3.959,012 140.577
EXPENDITURES:
Current:
General goveramental—
nondepartmental — — — —
Public safety — — — —
Public works — — — —
Cost of inventory sold — — — —
Decline in value of inventory
held for resale — — — —
Capital outlay — — 4,649,014 —
Debt service:
Interest and fiscal charges — — — —
Principal retirement — — — —
TOTAL EXPENDITURES — 4.649,014 —
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 28.843 623,210 (690,002) 140.577
OTHER FINANCING
SOURCES(USES):
Operating transfers in — — — —
Operating transfers out (29.337) (623,210) — (912,196)
Proceeds fmm bonda — — — —
Payment to refund eacrow agent — — — —
TOTAL OTHER FINANCING
SOURCES(USES) (29.337) (623,210) — (912,196)
EXCES S OF REVENUES AND
OTHER FINANCING
SOURCES OVER(UNDER) . �
EXPENDITURES AND
OTHER FINANCING USES (494) — (690,002) (771,619)
FUND HALANCES—
BEGINNING OF YEAR 6,129 — 3,980.040 771,619
FUND BALANCES—END OF YEAR S 5.635 S — S 3.290.038 E —
See independent auditors' report.
—58—
- - i
�
,
i
,
�
j New Park and Fire
;� Community PropA Construction Planned Recreation Traffic Facilities
Development Fire Tax Tax DrainaQe Facilities Sianals Restoration
i $ — $ 1,264,212 S 453,533 5 663,453 $ 550,948 b 64,644 a —
I 361,359 — 229,69'7 100,000 — — —
i — — — — — — —
— 35.904 204,829 88,476 105.913 73,522 1,715
� — — — — — — —
+ — — — — 220 — —
i 361.359 1.300.116 888.059 851.929 657.081 138,166 1.715
I
I
I 132.076 7.529 — — — — —
( = 798.918 — — — — Y
— — — — — — — I
228,926 — 971,171 726.767 307,742 IO2,462 — j
361.002 806,447 971.171 726,767 307.742 102,462 —
I
I357 493.669 83.112) 125.162 349,339 35.704 1.715
I
I
(357) - — — — — — —
� — — — '" — — —
� — — —
(35T — — — — —
— 493,669 (83,112) 125,162 349,339 35,704 1,715
— 43,154 3.317.395 1.542,925 1,405,809 1.254.011 28.591
S — E 536.823 S 3.234.283 E 1.668.087 S 1.755.148 S 1.289.715 S 30.306
(Continued)
—59—
`+�' CITY OF PALM DESERT � �
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES—ALL SPECIAL REVENUE FUNDS
(CONTINUED)
For the year ended Iune 30, 1996
(With comparative totals for the yearended June 30, 1995)
Cook
Street Country
El Paseo Lighting Club
People Assessment Maintenance Maintenance
Mover District District District
REVENUES:
Taxes E — S — S — S —
Special assessments collected — 101,420 3,150 � 116.673
Intergovemmental revenues — — — —
Fines and forfeitures — — — —
Use of money and property 266 — — —
Recovery ofinvestmentloss — — — —
Sale of inventory — — — —
Otherrevenues 299 452
TOTAL.REVENUES 266 101,719 3,150 117.125
EXPENDITURES:
Current:
General governmental—
nondepartmental — 121,222 — � —
Pu61ic safety — — — —
Public works — — 3.424 84,092
Cost of inventory sold — — — —
Decline in value of inventory
held for resale — — — —
Capital outlay 1,500 — — —
Debt service:
Interest and fiscal charges — — — —
Principal retirement — — — —
TOTAL EXPENDITURES 1.500 121.222 3.424 84,092
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (1.234) (19.503) (274) 33.033
OTHER FINANCING
SQURCES(USES):
Operating transfers in — — — —
Operating transfers out — — — —
Proceeds from boads — — — —
Payment to refund eserow agent — — — —
TOTAL OTHER FINANCING
SOURCES(USES) — — — —
EXCESS OF REVENUES AND
OTHER FINANCING
SOURCES OVER(UNDER)
EXPENDITURES AND
OTHER FINANCING USES (1.234) (19,503) (274) 33.033
FUND BALANCES— � �
BEGINNING OF YEAR 5.344 19.801 2,205 37.591
FUND BALANCES—END OF YEAR S 4.110 S 298 S 1.931 S 70.624
See independent auditors' report.
--60—
New Park and Fire
Community PropA Construction Planned Recreation� Traffic Facilities
Development Fire Tax Tax Drainage Facilities Signals Restoration
S — S 381.439 S 2.577,940 S 1,618,087 E 1,755,148 S 1.339,546 S 30,306
— 30,503 — — — 32,539 —
� — — — — — — —
143,905 124,881 19.697 50.000 — — —
— — 634.000 — — — —
I S 143,905 S 536.823 S 3,251.637 S 1,668,087 S 1,755.148 S 1.372,085 S 30.306
�
! a isz.o�� s — a n,ssa s — a — s az.s,o a —
' 11.828 — — — — — —
143,905 — 17„354 — — 82.370 —
i
! — — 805,516 1,044,734 — 1.140,391 —
— 53G,823 2.428,767 623,353 1,755,148 149,324 30,306
— 536,823 3.234.283 1,668,087 1,755.148 1,289,713 30,306
I
I
� � S 143,905 - S 536.823 S 3.251.637 S 1,668,087� S 1,755,148 S 1,372,085 S 30.306
�
I
I
�
Ii
I � � (Continued)
i
I
—53—
CITY OF PALM DESERT �
`h/ � �
COMBINING BALANCE SHEET—ALL SPECIAL REVENUE FUNDS
(CONTINUED)
Iune 30, 1996
(With comparative totals for Iune 30, 1995)
Cook
Street Country
� El Paseo Lighting Club
People pssessment Maintenance Maintenance
Mover District District District
ASSETS
Cash and investments E 4,110 E 3,945 S 1,956 $ 70,297
Cash with fiscal agent — _ _ _
Accounts receivable — — 84 2,969
Iaterost receivable — _ _ _
Due from other
governmental agencies — — 102 3,252
Loans receivable — _ _ _
Deposits — _ _ _
Inventory held for resale — _ _ _
Advances to other funds — _ _ _
TOTALASSETS S 4,110 S 3,945 E 2,142 S 76.518
LIAHILITIES AND
FUND BALANCES
LIABILITIES:
Accounts payable 5 — S 3,64'7 E 211 S 5,894
Duetootherfunds — _ _ _
TOTAI, LIABILTI'IES — 3,647 211 5.894
FUND BALANCES:
Reserved _ _ _ _
Unreserved—designated 4,110 298 1,931 70,624
TOTAL FLJND BALANCES 4,110 298 1.931 70,624
TOTAL LIABILTTIES
AND FUND BALANCES S 4,110 S 3,945 S 2,142 S 76.518
See independent auditors' report.
—54—
i
. Landscape Parking Lot Landscape Landscape pir City Wide Landscape
� and Lighting Maintenance and Lighting and Lighting Quality Business and Lighting
District No.2 District District No.3 District No.6 Mana¢ement License District No. 7
s - s - a - a - a - s 51,540 E 6,600
16,111 114,307 4,410 40.398 - - -
- - - - 36,671 - -
- - - - 3,188 3,050 -
16.111 114.307 4,410 40,398 39,859 54,590 6,600
; - - - - 12,195 23,592 -
; 66,462 108.982 4,394 36,775 - - 6,038
- - - - 63,170 - -
66,462 108.982 4,394 36,775 75.365 23,592 6,038
(50,351) 5.325 16 3,623 (35.5061 30.998 562
49.749 - - - - - -
- - - - - (25,770) -
49,749 (25.770) -
(602) 5.325 16 3,623 (35,506) 5.228 562
1,149 35,961 8,450 27,273 56,878 53,659 6,382
S 547 S 41.286 S 8.466 S 10.896 S 21.372 S 58.887 S 6.944
(Continued)
^61-
. _ �
�/ CITY OF PALM DESERT �
� COMBINING STATEMENT OF REVENUES, EXPENDINRES AND
CHANGES IN FUND BALANCES—ALL SPECIAL REVENUE FUNDS
(CONTINUED)
For the year ended Iune 30. 1996
(With wmparative cotals for the year ended June 30, 1995)
Landscape Landscape Landscape Landscape
and Lighting and Lighting and Lighting and Lighting
Distriat No. 8 District No. 9 District No. 10 District No. 11 �
REVENUES:
Taxes S — S — S — S —
Special assessments collected 9,971 18,479 996 4,653
Intezgovernmental revenues — — — — i
Fines and forfeitures — — — — '
Use of money and property — — — —
Recovery of investment loss — — — — ;
Sale of inventory — — — — i
O[herrevenues — — — — '
TOTAI.REVENUES 9.971 18.479 996 4,653
EXPENDITURES:
Current:
General governmental—
nondepartmental — — — —
Public safety — — — —
Public works 6.092 13,410 6.652 4.126
Cost of inventory sold — — — —
Decline in value of inventory
held for resale — — — —
Capital outlay — — — — �
Debt service:
Interest and Fscal charges — — — —
Principal retitement — — — —
TOTAL E?CPENDITURES 6.092 13.410 6,652 4.126
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 3.879 5.069 (3,656) 527
OTHER FINANCING
SOURCES(USES):
Operating transfera in — — — — '
Operating transfers out — — — —
Prceeeds fmm bonds — — — — ��.
Payment to refund escrow ageat — — — — �
TOTAL OTHER FINANCING
SOURCES(USES) — — — —
EXCESS OF REVENUES AND
OTHER FINANCING
SOURCES OVER(UNDER)
EXPENDITURES AND
OTHER FINANCING USES 3,879 5,069 (5,656) 527
FUND BALANCES—
BEGINNING OF YEAR 1,393 11.024 13.073 3.732
FUND BALANCES—END OF YEAR S 5.272 S 16.093 S 7.417 S 4.259
See independent auditors' report.
—62—
i
� Landscape Landscape
and Lighting and Lighting Redevelopment Totals
Distric�• 12 District No. 26 Agency 1996 1995
� — a — a — a 4,244.624 $ 4,091,304
7,175 806 — 438,549 432,872
— 38,910 — 4,049,664 973,491
_ — — 28,028 24,802
— 5,283 173.141 946.180 686,253
_ _ — — 165,018
_ — 1.031.764 1,031.764 —
2.020 2.991 38,162
7,175 44,999 1.206,925 10.741,800 � 6,411.902
_ — 6,111.409 6,408,023 4.638.�91
_ — — 798,918 1,709,871
4,000 37.628 — 382.073 355,849
_ — 803,000 803.000 —
_ — 3,347,000 3,347.000 —
_ — 164.187 7.214,939 5.613,021
_ — 178.731 178,731 471,005
_ — — 260,000
4,000 37.628 10.604,327 19,132,686 13,048.537
3,175 7,371 (9.397.402Z (8.390,886) (6,636.635)
_ - — 12,175,627 12.225,376 6,669.933
_ — (179,000) (1.769.870) (592.460)
_ — 15,100,000 15,100.000 —
— (6,755.1001 (6.755,100) —
20,341.527 18.800,406 6,077.473
I
3,175 7,371 10,944,125 10.409,520 (559,162)
105.734 3.488.602 16.227.924 16,787,086
S 3.175 S 113.105 S 14.432.727 S 26.637.444 S 16.227.924
—63—
CITY OF PALM DESERT �
"�►' �
COMBINING BALANCE SHEET-ALL DEBT SERVICE FUNDS
June 30. 1996
(With comparative totals for ]une 30, 1995)
Assessment
Assessment District Assessment
District No. 84-1 District
No. 83-1 Refunding No.87-1
ASSETS
Cash and investments S 206.893 E 823,158 S 350,205 ��
Cash with fiscal agent — — — '��
Interestreceivable — — — I
Due from other governmental ageacies 8,291 53.462 12.492 I
Loans receivable — — — �
Due from other funds 1.066 7,484 2,722 `
Assessments receivable 586,941 4,387,892 1.667,347 I
Prepaid expenses — — — �
TOTALASSETS S 803.191 E 5.271,996 S 2.032,766
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable S 850 S 3,132 S 1,564 ��
Due to other funds — — — �
Deposits payable — — —
Deferred revenue 586.941 4,387,892 1,667.347 '�
TOTAL LIABILTTIES 587,791 4,391.024 1,668,911
FUND BALANCES:
Reserved _ _ — ��I
Unreserved—designated 215,400 880,972 363,855 1j
i
TOTAI. FUND HALANCES 215,400 880.972 363,855 �
TOTAL LIABILITIES AND FUND HALANCES S 803.191 S 5,271.996 S 2.032.766 i
�I
I
I
�
�
Scc independent auditots' report. !
—64—
�
CFD
Indian Assessment Assessment Assessment Assessment
Ridge District District District District Bighorn
(1992 Bonds) No.92-1 No. 94-1 No.94-2 No. 94-3 Series B
S 617,532 S 206,040 S 479.514 S 31,684 E. 85,054 S 198,330
1.088.343 250,168 639,153 197,080 134.802 —
226 9 448 36 588 —
29.815 — 1,243 4,623 — —
21,327 — — — — —
11,440,000 2.110,000 6,453,396 1,784,999 1,475,000 —
715 — — — 3,000 —
S 13.197.958 S 2.566,217 S 7.573,754 S 2.018.422 E 1.698.444 S 198.330
. $ — S 1,063 S 2,629 S 694 S 580 E 1,638
11,440.000 2.110,000 6,453,396 1,784,999 1.475,000 —
11,440.000 2.111,063 6,456,025 1,785,693 1.475,580 1.638
1,079,645 229.898 612.585 183,200 130.500 —
678,313 225,256 505,144 49,529 92,364 196,692
1,757,958 455,154 1,117,729 232,729 222.864 196,692
S 13.197,958 S 2.566.217 S 7.573,754 S 2,018.422 S 1,698.444 S 198.330
(Coatinued)
—65—
��r CITY OF PALM DESERT �yr �
COMBINING BALANCE SHEET—ALL DEBT SERVICE FUNDS ,
(CONTINUED) '�.
7une 30, 1996 �,
(With comparative totals for June 30. 1995) ��,
CFD
Indian City
Ridge Financiag Redevelopment
{1995 Bonds) Authority Agency
ASSETS
Cash aad investments a — a — s 14,813.784
Cash with fiscal agent 2.313.322 794.433 —
Interest receivable 1.069 1.679 —
Due from other governmental agencies — — 7,826
Loans receivabie — — —
Due from other funds — — 5,401.360
Assessments receivable 12,385,000 — —
Prepaid expenses — — 2,375
- TOTALASSETS S 14,699,391 S 796,112 S 20.225.345
LIABILITIES AND FUND BALANCES .
LIABILITIES:
Accounts payable a — a — a 44,568
Due toother funds 21,327 11.272 —
Deposits payable — — 9,236,868
Deferred revenue 12,385,000 — —
TOTAI.LIABILITIES 12,406,327 11.272 9,281,436
FUND BALANCES:
Reserved 1.092,787 735,000 2,375
Unreserved—designated 1,200.277 49,840 10.941.534
TOTAL F(JND BALANCES 2,293.064 784,840 10.943.909
TOTAI.LIABILTI'IES AND FiTND BALANCES S 14,699.391 S 796,112 S 20,225,345
�
See independent auditors' report. '
—66—
Redevelopment
Agency
Financing Totals
Authority 1996 1995
5 2,128.684 S 19,940,878 S 26,828.488
35.873.065 41,290,366 38,399,163
20,561 24,616 450,443
— 117.752 193.419
— — 5.899,000
— 5,433,959 2.851.423
— 42,290.575 33,172.870
— 6,090 5,304 �
S 38,022,310 S 109,104,236 S 107.800,110
S — S 56,718 E 74.057
— 32,599 —
— 9,236,868 10,579.574
— 42,290.575 33,757,234
— 51.616,760 44,410.865
12.049,752 16,115,742 20,358,298
25.972.558 41,371,734 43,030,947
38,022,310 57.487,476 63.389,245
S 38.022.310 E 109,104.2.96 S 107,800,110
—67—
�
"r►' CITY OF PALM DESERT �/+
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES—ALL DEBT SERVICE FUNDS '
i
For the year ended Iune 30, 1996 '
(With comparative totals for the year ended June 30, 1995)
Assessment
. Assessment Dis[rict Assessment
District No. 84-1 District
� . . No. 83-1 Refunding No. 87-1
REVENUES:
Taxes a — a — a —
Speciat assessments collected 231,578 819,669 392,538
Use of money and property 8,254 41,900 29,495
Otherrevenues — — _
TOTALREVENUES 239,832 861,569 422,033
EXPENDITURES:
Cu rren t:
General governmental—nondepartmental — — —
Bad debtexpense — _ _
Loss on investment — _ _
Educational RevenueAugmentation Fuad — — _
Payment toother agencies — — _
Bond discount — _ _
� Bond issue costs _ _ _
Interest and fiscalcharges 58,996 233,170 145,266
Principal retirement 95,000 350,000 135,000
Repayment of advances — _ _
TOTAI. EXPENDITURES 153,996 583,170 280.266
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 85.836 278.399 141,767
OTHER FINANCING SOURCES(USESk
Operating transfersin 625,530 4,392,008 1,598,183
Operating transfers out (19,808) (139,080) (50,585)
Proceeds from boads _ _ _
Payment to refund escrow agent (860,651) (5,453.095) (3,197,988)
TOTAL OTHER FINANCING SOURCES(USES) (254,929) (1,200167) (1.650.393)
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER(UNDER)
EXPENDITURES AND OTHER
FINANCING USES (169,093) (921.768) (1,508,626)
FUND BAI qNCES—HEGINNING OF YEAR 384.493 1,802,740 1,872,481
RESIDUAL EQUITY TRANSFER OUT _ _ _
FUND BALANCES—END OF YEAR S 215,400 S 880,972 S 363.855
See independent auditors' report.
—68—
� _ - --
CFD
Indian Assessment Assessment Assessment Assessment
Ridge District District District District Bighorn
(1992 Honds) No. 92-1 No. 94-1 No. 94-2 No. 94-3 Series B
a - s - s - a - a - a -
977,451 242,473 721,637 15,464 134,346 76,281
48,603 16,473 31,083 12,879 10,264 -
1,026,054 258,946 752.720 28,343 144.610 76,251
� 864,094 170,281 541,688 �154,655 88,735 1,638
220,000 70,000 225,000 - - -
1.084,094 240,281 766,688 154,655 88,738 1,638
(58.040) 18.665 (13.968) (126,312) 55,872 74,643
- - 1,012 - - -
- - - - (27.833) -
- - 1.012 - (27.833) -
(58,040) 18,665 (12.956) (126,312) 28.039 74,643
1.815.998 436,489 1.130,685 359,041 194,825 122,049
S 1.757,958 E 455.154 S 1,117.729 E 232.729 E 222.864 $ 196.692
(Continued)
-69-
�
� �' CITY OF PALM DESERT rV'
COMBINING STATEMENT OF REVENUES. EXPENDITURES AND
CHANGES IN FUND BALANCES—ALL DEBT SERVICE FUNDS '
(CONTTNUED)
For the year ended June 30, 1996
(With comparative totals for the yearended June 30, 1995) �
CFD
Indian City
Ridge Finanoing Redevelopment
(1995 Bonds) Authority Agency
REVENUES:
Tazes S — S — S 23.439,375
Special assessments collected — — —
Use of money and property 57,530 96,288 368,210
Other revenues — 246 689.622
TOTAL REVENUES 57,530 96,534 24,497,207
EXPENDINRES:
Curren t:
General governmental—nondepartmental — — 374,722
Bad debt expense — — 2.229.000
L.oss on iavestment — — 3.627.780
Educational RevenueAugmentatioa Fund — — —
Payment toather agencies — — 6,386,052 i
Bond discouat 210,776 101,894 —
$ond issue costs 103.208 146,177 — i
Interest and fiscal charges 286,794 197,376 1,315.178 �'
Principal retiremen[ — — —
Repayment of advances — — — �
TOTAL EXPENDITURES 600.778 445,447 13,932.732
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (543,248) (348,913) 10,564,475
OTHER FINANCING SOURCES(USES}
Operating transfers in — 209.475 —
Operating transfers out — (6,615,722) (15,664,423)
Proceeds from bonds 2.836,312 7,540,000 —
Paymen[ to refund escrow agent — — —
TOTAL OTHER FINANCING SOURCES(USES) 2.816.312 1.133.753 (15,664,423)
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER(UNDER)
� EXPENDITURES AND OTHER
FINANCING USES 2,293.064 784,840 (5,099,948)
FUNDBALANCES—BEGINNINGOFYEAR — — 19.713.857
RESIDUAL EQUITYTRANSFER OUT — — (3,670.000)
FUND BALANCES—END OF YEAR S 2,293.064 S 784.840 S 10,943,909
See independent auditors' report.
_�p_
� _ __-- -
Redevelopment
Agency
Financing Totals
Authotity 1996 1995
S — S 23,439,375 S 22,822,814
— 3.611,437 3,172,435
1,947,765 2,668,744 1,921,647
— 689.868 474.299 �
1.947,765 30,409,424 28,391,195
— 374,722 —
— 2,229,000 —
— 3,627.780 —
— — 781.872
— 6,386,052 6.502,102
85.118 397,788 578,945
211.824 461.209 969,097
8,319,607 12.377,481 10,492,010
1.690,000 2,785,000 2,548,980
— — 334.000
10,306,549 28,639,032 22,207,006
(8,358,784) 1.770,392 6,184,189 �
9,986,555 16.812,763 8,623,166
�s.a6�,oas� �2�,9sa.soz� �is,ssa,ios�
6.305,000 16,681,312 21.103,846
— (9,511,734) —
10.824,507 (4,002.161) 14,342.909
2.465,723 (2,231.769) 20,527,098
35,556.587 63.389,245 42.862,147
— (3,670,000) —
E 38,022,310 S 57.487.476 E 63.389.245
—71—
CITY OF PALM DESERT �
`� `�1►'
COMBINING BALANCE SHEET—ALL CAPITAL PROJECT FUNDS
June 30, 1996
(With comparative totals for June 30, 1995) �
Arts in Capital
Public Projecu
Places Reserve Streets
ASSETS
Cash and investments $ 1,031,364 S 2,564,158 S 1.422.462
Cash with fiscal agent _ — _ _
Accounts receivable — _ _
Interestreceivable — — _
Due from other govemmental agencies — — _
Advances to other funds — 5,000,000 —
Prepaid expenses and deposits — _ _
TOTAL.ASSETS S 1.031,364 S 10,564,158 S 1,422,462
LIABILITIES AND FUND BALANCES
LIABILTTIES:
Accouats payable S — S — S 7,541
Accrued liabilities — _ _
Due toother funds — _ _ -
Deposits payable — — 225,000
TOTAL LIABILITIES — — 232.541
FUND BALANCES:
Reserved 200,000 8,900.038 585,606
Unreserved—designated 831,364 1,664,120 604,315
TOTAI. FUND BALANCES 1.031,364 10.564.158 1.189.921
TOTAI. LIABILITIES
AND FUND BALANCES S 1.031,364 S 10,564,158 $ 1,422,462
See independent auditors' report.
_72_
� _ _--
Park and
Ordinance Drainage Recreation
No. 416 Facilities Facilities Signalization Buildings Museum Library
S 522,154 S 4,902,513 S 2,940,645 S 268,920 E 1,753,536 E 87,676 S SS6.588
67.087 — — _ _ _ _
— — 4,765,000 — — _ _
S 589.241 S 4,902,513 S 7,705,645 E 268,920 S 1J53.536 E 87,676 S 556.588
E — S — S 15,581 S 33,744 S — $ — $ _
— — — — — — — I
— — 15,581 33.744 — — _
343,458 19.740 5.051.409 84,308 — — _
245,783 4,882,773 2,638,655 130.868 1,753.536 87,676 556,588
589,241 4,902,513 7,690,064 235.176 1.753,536 87,676 556,588 �
S 589.241 E 4.902.313 E 7.705,645 S 268,920 S 1."753.536 S 87,676 S 556,588 i
(Continued)
—73—
r�y CITY OF PALM DESERT ,�r
COMBINING BALANCE SHEET—ALL CAPITAL PROJECT FUNDS
(CONTINUED)
June 30, 1996
(With comparative totals for June 30, 1995)
CFD
Indian
Corporation YMCA Ridge
Yard BuildinB (1992 Bonds)
ASSEfS
Cash and investments S 263,030 S 175.354 S 10346
Cash with fiscal agent — — 988.111
Accounts receivable — — —
Interestreceivable — — 4.175
Due from other governmental agencies — — —
Advaaces to other funds — — —
Prepaid expenses and deposits — — —
TOTAL ASSETS S 263,030 S 175,354 S 1,002,632
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable S — S — S —
Accrued liabilities — — —
Due to other funds — — —
Deposits payable — — —
TOTAL LIABILITIES — — —
FUND BALANCES:
Reserved — — —
Un reserved—de s ign ated 263,030 175.354 1.002,632
TOTAI. FUND HALANCES 263,030 175,354 1.002,632 I
TOTAL LIABILITIES
AND FUND BAI.ANCES S 263.030 S 175,354 S 1.002,632 �
i
I
I
See independent auditors' report.
_�q_
CFD
Assessment Assessment Assessment Assessment Indian
District Sports District District District Ridge
No. 91-1 Complex No. 94-1 No.94-2 No. 94-3 Monterey/10 (1995 Bonds)
S 1.987.172 S 597,825 a — a — a — a — a —
_ — 6.752 33.164 429,122 — 9,700,900
_ � _ g7 143 1,931 — 128.270
432.794 — — — — — —
E 2.419.966 S 597,825 5 6,839 E 33.307 S 431.053 S — S 9.829,170
S 923.001 S — S — S — S — S — a —
923.001 — — — — — —
35.887 — — —
1.461.078 597.825 6,839 33.307 431.053 — 9,829,170
1,496,965 597.823 6,839 33.307 431,053 — 9.829.170
S 2.419.966 S 597.825 S 6,839 5 33.307 S 431,053 S — S 9,829.170
(Continued)
—75—
CITY OF PALM DESERT
STATEMENT OF EXPENDITURES—BUDGEf AND ACTUAL—GENERAL FUND
For the year ended Iune 30, 1996
Budget Actual
City council S 119,310 S 109.451
City clerk 451.950 423.160
Legislative advocacy 33,800 30,978
Total elections 58.150 24,081
City attorney 144.000 145,160
Legalspecialservices 675,000 615,122
City manager 673385 612,028
Finance 600.275 510.780
107,500 39.081
Auditing 312.962 227.699
Human resources
General services 402.446 345.171
Data processing 253,493 197,597
Unemployment insurance 6,900 2.150
Insurance 497.500 533.804
Refund prior year revenue 20'778
Interfund transfers — 49.748
Police services 6,354,274 5,045.365
Animal regulation 90,000 83.010
Nuisance abaremeat 10,100 5.135
Tra�c safety 550.699 469.762
Disaster preparedness 270.407 244,142
Public works administration 3,946,732 2,237.745
Street maintenaace 1,672.479 1,357,312
Street resurfacing 870.819 406,440
Public works curb and gutter 90,600 —
Public works cross cut[er 149,000 —
Public works tie in paving 19.300 —
Public works stripping 165,800 84.692
Public wotks eorporate yard 83,067 53,068
Public works equipment 148.500 97,349
Public works building maintenance 274,830 244,862
Public works auto 2:i,592 45,388
Public works storm water permit 97,500 —
Golf cart transportation impmvement — 435
Community promoti0ns 1,941,586 1.662.037
Hautline 36,300 29.684
Art wmmittee 32.326 25.629
Building and sa&ty 929,834 899.604
Code enforcement 632,120 519,944
Economic development 3,875 —
Community development 698,314 605,059
Health aad welfare 142,886 114,903
Park maintenance 1,057,367 782.679
Civic center park 340,319 407,998
Contributions to othcr agcncics 439.103 399,998
Retiree — 9,022
TOTALS S 25,408.400 S 19.718.050
See independent auditors' report.
—51—
�
`'� CITY OF PALM DESERT +�/'
COMB[NING BALANCE SHEET—ALL SPECIAL REVENUE FUNDS
June 30, 1996
(With comparative totals for June 30. 1995)
Hou s in g
Traffic Gas Mitigation
Safety Taz Measure A Fee
ASSETS
Cash and investments S — S — S 2,539,675 E —
Cash with fiscal agent — _ _ _
Accounts receivable _ _ _ _ _
Interest receivable — _ _ _
Due from other
govemmental agencies 5,635 — 990,143 —
Loans receivable _ _ _ _
Deposits — — — —
Inventory held for resale _ _ _ _
Advances to other funds _ _ _ _
TOTALASSETS S 5.635 S — S 3,529,818 S —
LIAHILITIES AND
FUND BALANCES
LIABILITIES:
Accounts payable S — S — S 239,780 S —
Due to other funds _ _ _ _
TOTAI, LIABILITIES — — 239,750 —
FUND BALANCES:
Reserved — — 2,786.211 —
Unreserved—designated 5,635 — 503.827 —
TOTAL FUND BALANCES 5,635 — 3.290.038 —
TOTAL LIABILITIES
AND FUND BALANCES S 5,635 S — S 3,529,818 S —
See independent auditors' report.
_52_
� ^ CITY OF PALM DESERT �
COMBINING BALANCE SHEET—ALL CAPITAL PROIECT FUNDS
(CONTINUED)
June 30, 1996
(With comparative totals for June 30, 1995)
Redevelopment Totals
Agency 1996 1995
ASSETS
Cash and investments S 579,872 S 19.663,615 S 20.592,910
Cash with fiscal agent 31.882.163 43,040,212 41.948,067
Accounts receivable 34,934 102,021 95,293
Interestreceivable 694,'754 829.360 481.398
Due from other governmental agencies 6.051,353 6,484.147 4,249.801
Advances co other funds — 12,765,000 12,765,000
Prepaid expenses aad deposits 275,341 275,341 3.157
TOTALASSETS 5 39.518,417 E 83,159,696 S 80,135.626
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable S 1,856,854 S 2,836,721 E 545,442
Accrued liabilities 14,86A 14,864 10.490
Due to otherfunds 5.401,360 5,401,360 3.147.831
Deposics payable — 225,000 225,000
TOTAL LIABILITIES 7.273,078 8,477.945 3.928.763
FUND BALANCES:
Reserved 13,760,082 28,980,528 40,804,933
Unreserved—designated 18,485.257 45.701,223 35,401.930
TOTAL FUND BAI,ANCES 32.245.339 � 74,681,751 76,206,863
TOTAL LIAHILITIES
AND FUND BALANCES S 39.518.417 5 83.159.696 S 80.135.626
See independent auditors' reporL �
—76—
�
WI' CITY OF PALM DESERT V' �
COMBINING STATEMENT OF REVENUES. EXPENDITURES AND
CHANGES IN FUND BALqNCES—ALL CAPITAL PROJECT FUNDS
For the yeaz ended June 30, 1996
(With comparative totals for the year ended June 30, 1995)
� Arts in Capital .
Public Projects
Places Reserve Streets
REVENUES:
Licenses aad permits E 212,394 E _ g _
Intergovernmental revenues — 209,102 _
Use of money and property 60,184 558,799 86,155
Recovery of investment loss _
Other revenues 1.000 _ _
TOTAL REVENUES 273,578 767,901 86,155
EXPENDITURES:
Curront:
General governmental—departmental _ _
Capi[al ouUay 266,754 �77,Zgp
120,710
TOTAL EXPENDITURES 266,754 777,290 120,710
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 6,824 (9,389) (34,555)
OTHER FINANCING SOURCES(USESk
Operating transfers in _
Operating transfers out _
Advance ftom othet funds
� Proceeds from bonds
TOTAL OTHER FINANCING
SOURCES(USES) _
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER(UNDER) EXPENDITURES
AND OTHER FINANCING USES 6.824 (9,389) (34,555)
FUND BALANCES—BEGINNING OF YEAR 1,024.540 10,573,547 1,224,476
FUND BALANCES—END OF YEAR S 1,031.364 S 10.564,158 S 1,189,921
See independent auditors' report.
_��_
� _ _
Park and
Ozdinance Drainage Recreation �
No. 416 Facilities Facilities Signalization Buiidings Museum Library
s — s — a — s — s — a — s —
29.979 — — — — — —
30.741 277.394 417,298 16.502 — — —
60,720 277,394 417,298 16,502 — — —
41.431 — 32.330 71.024 — — —
41.431 — 32.330 71,024 — — —
19,289 277,394 384.968 (54,522) — — —
19.289 277.394 384.968 (54.522) — — —
569.952 4,625.119 7.305,096 289,698 1,753,536 87,676 556,588
S 589.241 S 4,902.513 S 7.690,064 S 235.176 S 1,753.536 S 87.676 S 556,588
(Continued)
_78_
�
� CITY OF PALM DESERT ,�; �
COMBINING STATEMENT OF REVENUES.EXPENDITURES AND
CHANGES IN FUND BALANCES—ALL CAPITAL PR07ECT FUNDS
(CONTINUED)
For the year ended Iune 30, 1996
(With comparative totals for the year ended Juae 30, 1995)
CFD
India❑
Corporation YMCA Ridge
Yard Buildiag (1992 Bonds)
REVENUES:
Licenses and permits a — a — s —
Intergovemmeatal revenues — — _ _
Use of money and property — — 186,781
Recovery of investment loss — _ _
Other revenues — _ _
TOTAL REVENUES — — 186.781
EXPENDITURES:
Curren t:
General governmental—departmental — — _
Capital outlay — — 3,100,335
TOTAI. EXPENDITURES — — 3,100,335
EXCES S OF REVENUES OVER
(UNDER) EXPENDITURES — — (2,913,554)
OTHER FINANCING SOURCES(USESx
Operating transfers in — _ _
Operating traasfers out — _ _
Advanoe ftom other funds — _ _
� Proceeds from bonds _ _ _
TOTAL OTHER FINANCING
SOURCES(USES) _ _ _
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER(UNDER) EXPENDITURES
AND OTHER FINANCING USES — — (2,913,554) �
FUNDBALANCES—HEGINNINGOFYEAR 263,030 175,354 3,916,186
FUND BALANCES—END OF YEAR S 263,030 S 175,334 E 1.002.632
See independent auditors' report.
_�g_
T -
CFD
Assessment Assessment Assessment Assessment Indian
District Sports District District District Ridge
No. 91-1 Complex No.94-1 No.94-2 No. 94-3 Monterey/SO (1995 Bonds)
s — s — a — a — a — a — s —
3.720.333 — � — — — 3.632 —
— — — 2.848 39.684 — 281.818
3,720,333 — — 2.848 39.684 3.632 281,818
— — 891 142 — — 1,336
3,067,289 — 4,249 — 352,425 3.632 —
3.067,289 — 5,140 142 352,425 3,632 1,336
653.044 — (5,140) 2.706 (312.741) — 280.482
— — — — 27.832 — —
— — �1.012) — — — —
— — — — — — 9,548.688
— — (1.012) — 27.832 — 9,548.688
653,044 — (6,152) 2.706 (284,909) — 9,829,170
843,921 597,825 12.991 30.601 715,962 — —
S 1.496,965 5 597,825 E 6,839 S 33,307 S 431,053 S — S 9.829,170
(Continued)
—80—
. T
r✓ CITY OF PALM DESERT `�
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—qLL CAPITAL PROIECT FUNDS
For the year eaded June 30, 1996 '��.
� (With comparative totals for the year ended June 30, 1995) � ���.
Redevelopment Totals II
Agcncy 1996 1995
REVENUES: i
Licenses and permits S — S 212.394 S 230.269
In[ergovernmental revenues 2.736,964 6,700.010 5,987,529
Use of money and property 2,862.941 4.821.145 1.747.085
Recovery of investment loss — — 307,071
Other revenues 134,646 135.646 107,176 �
TOTAL,REVENUES 5.734,551 11.869.195 8,379.130
EXPENDITURES: '
Current:
Generalgovernmental—departmental 1J98,231 1,800,600 1.496.616 ��.
Capital outlay 13,392,231 21.229,700 22,042,028 �I,
TOTAL EXPENDITURES 15.190,462 23,030,300 23,538,644 I
EXCESS OF REVENUES OVER '
(UNDER) EXPENDITURES (9,455.911) (11,161,105) (15,159,514)
OTHER FINANCING SOURCES(USES}
Operating traasfers in 2.879,018 2,906,850 2,165,733
Operating transfers out (2,818.533) (2,819.545) (2,285,686) '
Advance from other fuads — — 8,000,000 I
Prceeeds from bonds — 9,548,688 17,288,154 �
i
TOTAL OTHER FINANCING i
SOURCES(USES) 60,485 9,635.993 25.168,201 �
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER(UNDER) EXPENDITURES
AND OTHER FINANCING USES (9,395,426) (1,525.112) 10.008,687
FUNDHALANCES—BEGINNINGOFYEAR 41,640,765 '76,206,863 66,198,176
FUND BALANCES—END OF YEAR S 32,245.339 S 74,681J51 S 76,206.863 �
i
See independent auditors' report.
_gl_ �
� _
CITY OF PALM DESERT
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
� June 30, 1996
Balance Balance
July 1, 7une 30,
1995 Additions Deletions 1996
AGENCY FUND
ASSETS:
Cash and investments E 930.763 S 1.268,127 S 947,232 S 1,251.658
Cash with fiscal agent 2.410,327 539,251 52,563 2.897.015
TOTAL.ASSETS S 3.341.090 S 1,807.378 S 999,795 S 4,148,673
LIABILITIES:
Accounts payable S — E 176,260 E — S 176.260
Deposits payable 930,763 1.091,867 947.232 1.075.398
Deferred compensation payable 2,410,327 539,251 52.563 2.897,015
TOTAL LIABILTI'IES S 3.341,090 S 1,807.378 S 999.795 S 4,148,673
TREASURERS 1991 BOND ACT
ASSETS:
Cash and investments 5 9392 S 555 S 623 S 9,324
LIABILITIES:
Deposits payable S 9,392 S 555 E 623 S 9,324
TOTALS
ASSETS:
Cash and investments S 940,155 S 1.268,682 S 947,855 S 1.260.982
Cash with fiscal agent 2.410.327 539.251 52.563 2,897.015
TOTAI.ASSETS E 3.350,482 S 1,807.933 S 1.000.418 S 4,157.997
LIABILITIES:
Aacounts payable S — S 176,260 S — S 176.260
Deposits payable 940,155 1.092.422 947,855 1.084.722
Deferredcompensation payable 2,410,327 539.251 52,563 2.897.015
TOTAL LIABILTI'IES E 3.350,482 S 1.807.933 S 1.000,418 S 4.157.997
See independent auditors' report.
_82_
�
�
PALM DESERT RIDEVELOPMENT 9GENCY
CObIPONENT IR�1IT FINANCIAL STATEMENIS
WITH REPORT ON ALTDIT
BY INDEPENDIIVT
CERTIF'IED PUBLIC ACCOUNTAN'IS
JLJNE 30, 1996
i
:
i
�I
I
Pr�L.M DESERT REDEVELOPMENT AI,�NCY
TABLE OF CONTEN'IS
June 30, 1996
Page
Number
Independent Auditors' Report 1
General Purpose Financiai Statements:
Combined Balance Sheet - All Fund Types and Account Groups 2 - 3
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Gwernmental Fund Types 4 - 5
Statement of Revenues, Expenses and Changes
in Retained Earnings - Enterprise Fund 6
Statement of Cash Flows - Enterprise Fund �
Notes to Financial Statements g ' 28
Supplemental Informadon:
Combining Balance Sheet - All Debt Service Funds 29 - 30
Combining Statement of Revenues, Ezpenditures and Changes
in Fund Balances - All Debt Service Funds 31 - 32
Combining Batance Sheet - All Capital Projects Funds 33 - 34
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - All Capital Projects Fu�ls 35 - 36
Independent Auditors' Compliance Report 37
L�i.e�Z�, �vans � �om�.any
CERTIFIED PUBLIG AGCOUNTANTS
C�sca2 �. �z,mi.�o
CERTIFIED PUBLIC ACCAUNTANT
78401 VON KARMAN,SUITE 200 . 8 �0111t VlOWfE 74733 EL PASEO, SUITE B
IRVINE,CALIFORNIA 927157542 PALM DESERT, CALIFORNIA 92260
�na1�s�amo INDEPENDENT AUDITC)RS' REPORT �sis�rraame
Agency Members
Palm D.esert Redevelopment Agency
Falm Desert, Califomia
We have audited the general purpose financial statements of the Palm Desert Redevelopment Agency
(a component unit of the City of Palm DeseR), as of and for the year ended June 30, 1996 as listed
in the table of contents. These financial statemenu are the iesponsibility of the Agency's
management. Our responsibility is to expitss an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing standards a� Gwernment
Auditing Standards. Those standards require that we plan a� perform ihe audit to obtain reasonable
assurance about whether the general putpose financial statements are free of material misstatement.
An audit includes exam;nin�, on a ust basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting pri�ipies used and significaat
estimates made by management, as well as evaluating the overall general purpose financial statement
presentation. We believe that our audit pmvides a reasonable basis for our opinion.
In our opinion, the general purpose financial staumenu referred w above present fairly, in all
material respects, the financial position of the Palm Desert Redevelopment Agency as of Ju� 30,
1996, and the results of its operadons and cash flows for its proprietary fund type for the year rhen
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements
taken as a whole. The financial statements lisud in the table of conunu as supplementar�
information are presenced for purposes of additional analysis a�are not a required part of the ge�ral
purpose financial statemenu of the Palm Desert Redevelopment Age�y. The information has been
subjected to the auditing procedures applied in the audit of the ge�ral purpose financial statements
and, in our opinion, is fairly stated in all material respects in relation W the general purpose financial
statemenu taken as a whole.
� ,
�- �� �� ��� ���
,
September ?4, 1996 (except for the information in Note 14a, as to which the dau is October 3,
1996).
-1-
T -- -
GENERAI• PURPOSE FINANCIAL STATEMENTS
7
�t ALM DESERT REDEVELOPMENT AGEM�Y
COMBINED BALANCE SHEET—ALL FUNDTYPESANDACCOUNT GROUPS
June 30, 1996
Governmental Fund Types
Special Debt Capital
Revenue Service Projects
ASSETS AND OTHER DEBITS
ASSETS:
Cash and investments (Notes 3 and 11) E 640,400 $ 16,942,468 S 579,872
Cash with fiscal agent(Notes 3 and 11) 1,110J63 35,873,065 31.882,163
Accounts receivable 569,926 — 3q,q;q
Interest receivable 1,569 20.561 694,754
Due from other govemmental agencies — 7.826 6.051,353
Due from other funds 5,401,360
� Loans receivable Note 4
� ) 1,568.365 — _
Prepaid expenses and deposits — 2.375 275,341
Inventory held for resale (Notes lg and 7c) 10,950,000 — _
Fixed assets (Note 5) _ _ _
OTHER DEBITS:
Amount available in debt service funds _ _ _
Amouat to be provided for payment of long—term debt — _ _
TOTAL ASSETS AND OTI-IER DEBITS $ 14.841.023 S 58.247,655 S 39,518,417
LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITIES:
Accounts payable E 408,296 $ 44,568 S 1,856,854
Accrued liabi]itus — — 14,864
Deposits payable _ _
Deferred revenue
Due toother funds — — 5,401,360
Amounts due undez pass—through agreements(Note 6) — 9,236,568 _
General long—term debt(Notes 7 and 14) _ _ _
TOTAL LIABILITIES 408,296 9,281,436 7,273,0"78
EQUITY AND OTkIER CREDITS:
Investment in general fixed assets _ _ .
Contributed capital(Note 12) _ _ _
Retained earniags:
Unreserved _ _
Fund balances (Note 10):
Rese rve d � 14,432,727 12,051,947 13,760,082
Uareserved—designated — 36.914,272 18,485.257
TOTAL EQUITY AND OTHER CREDITS 14,432,727 48,966,219 32,245,339
TOTAL LIABILITIES, EQUITY
AND OI'HER CREDITS S 14.841,024 S 58,247,655 E 39,518,417
See independent auditors' report and notes to financial sta[ements.
—Z—
T - - ;
Proprietary
Fund Type Account Groups Totals (Memorandum Only)
General General
Fixed Long—Term
Enterprise Assets Debt Iune 30, 1996 June 30. 1995
a 298 S90 a _ a — a 18,461.630 S 26.488,899
_ _ — 68.865.991 72.920.794 ,
_ _ — 604,860 —
_ _ — 716,884 903,264
_ _ — 6.059.179 3.700,919
_ _ — 5,401.360 2,851.423
_ _ — 1.568,365 7,720,601
_ _ _ — 277.716 3.15'7
_ _ — 10,950.000 —
3,680.259 77.666.089 — 81,346,348 65,252,523
_ — 48,966.219 48,966,219 55.270,444
_ — 130,948,781 130,948,781 111,359.556
S 3.979.149 S 77.666,089 E 179.915.000 S 374.167,333 S 346.4�1,580
I
a — a — s — a 2.309,718 S 637.927 I
_ _ — 14,864 9,183
25,600 — — 25,600 —
1.499 — — 1.499 584,364
_ _ — 5,401,360 2,851,423
_ _ — 9,236,868 10.579,574
_ — 179.915.000 179,915,000 166,630,000
27,099 — 179,915,000 196.904.909 151.292,471
— 77,666,089 — 77,666,089 65.252.523
3,670,000 — — 3.670,000 —
282.050 — — 282.050 —
_ _ — 40,244,756 43,445.486
_ _ — 55,399.529 56,481,100
3,952,050 77,666,089 — 177.262.424 165,179.109
S 3.979.149 S 77.666.089 S 179.915.000 S 374,167.333 S 346,471,580
—3—
- -- _
_1�
�LM DESERT REDEVELOPMENT AGET��
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES—ALL GOVERNMENTAL FUNDTYPES
For the year ended June 30, 1996
Special Debt Capital
Revenue Service Projects
REVENUES:
Tax increment S — S 23,439,375 S —
Use of money and property 173,141 2.315,975 2,862,941
Saleofproperty 1.031.764 — _
Reimbursement from other agencies 912.196 461,827 2,736,964
Otherrevenues 2.020 227,795 134,646
TOTAI.REVENUES 2,119.121 26,444,972 5.734,551
EXPENDITURES:
Administrative costs 273.208 — 836,114
Professionalservices 64,127 — 962,117
Planning,survey and design — _ _
Property tax administrative fee — — 37q,7z2 _
� Loss on investment(Note 11) — 3,627,780 —
Bad debt(Note 12) — 2,229,000
. Cost ofinventory sold 803,000 — _
Capital outlay 164,187 — 9,828,412
Land purchases — — 3,563,819
Housing subsidies 5,774,074 — _
Decline in value on inventory held for resale 3,347,000 — _
Educational revenue augmentation fund — _ _
Payment to other governmental agencies — 6,386.052 —
Debt service (Note '7)
Bondissuancecosts — 211,824 —
Bond discount — 85,118 —
Interest and fiscal charges 178,731 9,634,785 —
Principal payments — 1,690,000 —
� TOTAI, EXPENDITURES 10,604.327 24,239,281 15,190,462
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (8,485.2061 2,205,691 (9,455.911)
OTHER FINANCING SOURCES(USESk
Operating transfers in 11,263,431 9,986.555 2,8'79,018
Opera[ing traasfers out (179,000) (21,131,471) (2,818,533)
Advaace from City _ _ _
Proceeds from bonds(Note 7) 15,100,000 6,305,000 —
Payment to refund escrow agent(Note 7) (6,755.100) — _
TOTAL OTfiER FINANCING SOURCES(USES) 19.429,331 (4,839,91� 60,485
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER(UNDER) EXPENDITURES AND
� OTHER FINANCING USES 10,944;125 (2,634.225) (9.395,426)
FUND BALANCES—BEGINNING OF YEAR(NOTE 13) 3.488,602 55,270,444 41.640,765
RESIDUAL EQUITY TRANSFER OVT(NOTE 12) (3,670,000)
FUND BALANCES—END OF YEAR S 14.432.727 S 48.966.219 S 32.245.339
See independrnt auditors' report aad notes to financial statements.
—4—
T - -
(Memorandum Only)
June 30, June 30,
1996 1995
S 23.439.375 S 22.822.814
5,352.057 2.592.437
1.031J64 — .
4,110,987 4,154.518
� 364,461 9,113
34,298,644 29,578,882
1.109.322 ysu zi9 954,242 szW 4GL
1.026,244 690,271
— 650,163
374.722 —
3.627,780 . —
2.229,000 . —
803.000. —
9,992.599• 10,593,691
3,563,819 • 3,742,206
5,774,074• 4,145.131
3,347,000� —
— 781.872
6,386,052• 6,502.102
211,824 613,623
85,118 351,438
9,813.516 8,731,990
1,690,000 2.214.000
50,034.070 39,970,729
(15.735.426) (10,391.847)
24,129.004 17.265.841
�za,i29.00a� �i�.2es.sai�
— s,000,000
zi,aos.oao zs.us,000
(6,755,100) —
14,649.900 36.115,000
(1,085.526) 25,723,153
100,399,811 74,676.638
(3,670.000) — �
S 95.644.285 5 100.399.811
—5—
_ l�
�LM DESERT REDEVELOPMENT AGEI�lCS'
STATEMENT OF REVENUES.EXPENSES AND
CHANGES IN RETAINED EARNINGS—ENTERPRISE FUND
For the yearended 7une 30, 1996
OPERATING REVENUES:
Rental income S 490,'772
OPERATING EXPENSES:
Adm ini s t ra tive 45.528
Insurance 2�3Z2
Repairs and maiatenance 36,816
Telephone 1,706
Trash disposal 3.521
Property taxes 46.163
Utilities 18,493
Depreciation 54,893
TOTAL OPERATINGEXPENSES 209,442
OPERATING INCOME 281.330
NONOPERATING REVENUES(EXPENSES):
Interestincome �Z�
NET INCOME 282,050
RETAINED EARNINGS AT BEGINNING OF YEAR _
RETAINED EARNINGS AT END OF YEAR 5 282,050
See iadependeat auditors' report and notes to financial statements.
—6—
P��M DESERT REDEVELOPMENT AGENG
� STATEMENT OF CASH FLOWS
ENTERPRISE FUND
For the year ended June 30, 1996
CASH FLOWS FROM OPERATINGACTIVITTES: g Zg1.330
Operating income
Adjus[ments to reconcile operating income to net
cash provided by operating activities: 54,893
Depreciation
Changes in operating assets and liabilities: z�,099
Increase in deposit
Total adjustments 81.992
NET CASH PROVIDED BY OPERATING ACTNTTIES 363.322
CASH FLOWS USED BY CAPITAL AND
RELATED FINANCINGACTIVITIES: 65,153
Acquisition ofcapital assets
CASH FLOWS FROM INVESTINGACTNTTIES: ,�ZO
Interest income
CASH AND CASH EQUNALENTS AT BEGINNING OF YEAR —
CASH AND CASI-I EQUIVALENTS AT END OF YEAR a 298'S89
Noncash items included contribution of capital assets in the amount of 53,670.000.
See independenl auditors' repor[ and notes to financial statements.
—�—
i
�
�
NOrI'FS TO FINANQAL STATEMENTS
�I
I
I
� PA., : DESERT REDEVELOPMENT AGL '1'
N�fES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
1. SLTMMARY OF SIGIQIFICANT F�COUNTING POLICIES (CONTINUED):
d. Budgetary Accounting:
The Agency uses the folloa+ing procedures in establishing its budgetary data:
1) Before the beginning of the fiscal yeaz, the Fa�ecudve Director submits to the
Board of. Directors a proposed budget for the yeaz commenciztg the following
July 1.
2) Public hearings are conducted to obtain taxpayer commenu.
3) The Budget is subsequendy adopted through passage of a resolution. �
4) Original appropriations are modified by supplementary appropriadons and transfers �
among budget categories. The Board appraves all significant changes. Annual i
appropriations lapse at year end.
5) Encumbrances and Contimiing Appropriations are rebudgeted as of July i by
Board action.
6) Formal budgetary integration is employed as a management control device during
the year for the Special Revenue and Capital Pmject Funds. Formal budgetary
integntion is not employed for Debt Service Funds because effective budgetary
control is alternatively aclueved through debt indennue pravisions.
7) Budgets are adopted on a basis consistent with generally accepted accounting
principles.
e. Encumbrances:
Encumbrance accounting, under which purchase orders, conuacts and other
commitments for the expendinue of monies are recorded in order to reserve that
portion of ihe applicable appropriation, is employed as an extension of formal
budgetary integration. Encumbrances ouutanding at year-end are reported as
reservations of fund balances since they are commitments, but do not constitute
expenditures or liabilities.
See independent auditors' report.
-ia
--- -�7
pA�LM DESERT REDEVELOPMENT AC`�CY
NOrI'ES 1'O FINANCIAL STATEMENTS
(Continued)
June 30, 1996
1. SUMMARY OF SIGDIIFICANT ACCOUNTING POLICIES (CON'1'INUED):
f. Investments:
Invesiments are stated at cost. No loss is recorded when market values decline below
cost as such declines are considered tempocary. The Agency intends to either hold the
imestments until maturity, or until market values equal or e�cceed cost. However, if
the liquidity needs of the Agency were to re9aire that investments be sold at a loss
subsequent to year end, the decline in value would be recorded as a loss at year end.
T'he Agency considers all highly liquid investments with a maturiry of Uuee monihs
or less when purchased and all funds held in its commingied pool that are available
to it and have the general characteristics of demand deposi[ accounts to be cash
equivalents for purpose of the staument of cash flows.
g. Imentory Held for Resale:
Imentory held for resale is capitalized in the Special Revenue Fund at the lower of
acquisition cost or net realizable value. As of 7une 30, 1996> the cost of inventory
held for resale was $14,608,321, with an allowance for decline in value in the amount
of $3,118,321, for a net aznount of $10,950,000.
h, pmperry Tax Calendar:
Property taxes are assessed and collected each fiscal year according to the foilowing
ProPert�' tax calendar:
Lien Date March 1
Levy Date July 1 to June 30
Due Date November 1 - lst Installment
March 1 - 2nd Installment
Delinquent Datc December 10 - lst Installment
April 10 - 2nd Installment
Under California law, property caxes are assessed and collected by the counties up w
1% of assessed value, pius other i�reases approved by the voters. The property taxes
go into a pool, and aze then allocated to the agencies based on complex formulas
prescribed by the state statutes.
See independent auditors' report.
-11-
�ALM DESERT REDEVELOPMENT At7ENCY
NO�TES TO FINANCIAL STATEMENTS
June 30, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
a. Description of Funds and Account Groups:
The Agency utilizes fund accounting. Its accounts are organized on the basis of funds
and account groups, each of which is considered a separate accounting entity. The
opentions of each fund are accounted for with a sepazate set of seif-balancing
accounts that comprises its assets, liabiliaes, fund equiry, revenues and expenditures
or expenses, as appropriate. Gwernment iesources are allocated and accounted for
in individual funds based upon the purposes for wirich they are to be spent and the
means by which spending activities are controlled. The various funds and account
gmups are classi£ed for reporting purposes as follows:
Governmental Fund Types:
S�ecial Revenue Fund - Used to account for the proceeds of specific revenue sources
or to finance specified activities as required by law or administrative regulation. The
Special Revenue Fund consists solely of the Low and Moderate Income Housing Fund.
Debt Service Funds - Used to account for the payment of interest and principal on
long-term obligations.
Cavital Projects Funds - Used to account for financial resources used for the
acquisition or construction of redevelopment projects.
Proprietary FY�nd Type:
Entemrise Fund - Used to maintain accountability of assets, liabilities, revenues and
expenses related to a commencial building owned by the Agency.
Account Groups:
The Ge�ral Fixed Asset Account Gmun - Used to maintain control and cost
information on capital assets owned by the Agency, not accounted for in the Building
Enterprise Fund. General fixed assets are recorded as ezpenditures in the Capital
Projects Fund at the time of purchase or construction. These assets are capitalized at
cost. No depreciation is provided on general fixed assets.
The General I.one Term Debt Account Groun - Used to account for the Agency's
liability for long-term indebtedness.
See independent auditors' report.
-8-
-- .,�
PA�IGf DESERT REDEVELOPMENT A(3f�P4CY
DIpR'ES 'PO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
1. SUMMARY OF SIGIQIFICANT ACCOUNTING POLICIES (CONTINUED):
b. Basis of Accounting:
Basis of accounting refers to when revenues and expenditures are recognized in the
accounts and reported in the fmancial siatements. All govemmental funds are
accounted for using the mod�ed accrual basis of accounting. Revenues are
recognized when they become measurable and available as net current assets.
Expenditures generally are recognized when the related fund liability is incurred. An
exception to this ge�ral rule is principal and interest on general long-term debt, which
are recognized when due.
The accrual basis of accounting is followed by the proprietary fund. Revenues are
recognized when they are earned and expenses are tecognized when the liability is
incurred.
c. Measurement Focus:
All grnemmental funds are accounted for on a spending or "financial flav"
measurement focus. This means that only current assets and current liabilities are
generally included on their balance sheets. Their reported fund balances (net current
assets) are considered a measure of "available spendable resources". Gwemmental
fund operating statements present increases (revenues and other financing sources) and
decreases (expenditures and other £u�ancing uses) in net current assets.
Noncurrent portions of long-term receivables due to governmental funds are reported
on their balance sheets, in spite of their spending measurement focus. Special
reporting treatments are used to indicate, however, that they should not be considere�
"available spendable resources", since they do not represent net current assets.
Noncuaent portions of long-term receivables are offset by fund balance reserve
accounts.
The proprietary fund is accounted for on a cost of services or "capital maintenance"
measurement focus. This means that all assets and liabilities (whether current or
noncurrent) associated with the activity are included on the balance sheet. Its reported
fund equity represents total net assets. Proprietary fund operating statements presents
increases (revenues) and decreases (expenses) in total net assets.
See independent auditocs' report.
-9-
PALM DESERT REDEVELOPMENT A�ENCY
� N�I'ES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
1. SUMMARY OF SIGIJIFICANT ACCOUNTING POLICIES (CONTINUED):
i. Relationship to the City of Palm Desert:
The Palm Desert Redevelopment Agency is an integral part of t6e reporting entity of
the City of Palm Desert, California. The funds and account groups of the Agency
have been included within the scope of the general purpose fu�ancial statements of the
City because the City Council of the City of Palm Desert exercises oversight
responsibility over the operations of the Age�y. Only the funds and account groups
of the Agency are included herein and these financial statements, therefore, do not
purport to represent the financial posirion or results of operadons of the Ciry of Palm
Desert.
j. Compazative Data:
Compazative total data for the prior year have been pcesented in the accompanying
financial statements in order to provide an understanding of changes in the Agency's
financial position and operations. Hawever, comparative (i.e., presentation of prior
year totals by fund type) data have not been presented in each of the statements since
their inclusion would make the statements unduly complex and difficult to read.
k. Total Columas on Combined Statements:
Total columns on the combined statemenu are captioned "Memotandum Only" to
indicate that they are presented only to facilitate financial analysis. Data in these
columns is not comparable to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
2. ORGANIZATION AND TAX INCREMENT FINANCING:
The Agency is a sepazate governmental entity as prescribed in the California Community
Redevelopment law and as set forth in the Health and Safery Code of the Srate of
California. The Agency consists of Project Ama 1, Project Atea 2, Project Aiea 3 and
Pmject Area 4.
In addition, the Agency a� the City of Palm Desert (the City) have established the Palm
Desert Financing Authority as a joint pauuer of authority betvvecn the Agency and the City
for purposes of financing and funding capital impmvements. Transactions related to the
joint power for the Agency are recorded in a debt service fund.
Agency expenses include capital imprwement projects and operating costs which include
required staff support and consultant services.
See independent auditors' report.
-12-
_ . �
PA� DESERT REDEVELOPMENT A�l�'�iCY
NOrI'ES TO FINANCIAL STATEM$NTS
(Continued)
June 30, 1996
2. ORGANIZATION AND TAX INCREMENT FINANCING (CONTINUED):
The Agency's primary source of revenue comes from property taxes, referred to in the
accompanying financial statements as "tax increment revenue". The assessed valuation of
all property within each project area was deternnined on the date of adoption of the Project
Area. Except for certain amounts provided by specific agreement (see Note 6), properry
taxes related to the incremental increase in assessed values after the adoption of the Project
Aiea have been allocated to che Agency, while all property taxes on the "frozen" assessed
valuation as of the adoption date have been allocated to the City and other districts.
3. CASH AND INVESTMENTS:
Cash and investments reported in the accompanyinS financial statemenu consisted of the
following:
Cash and imestments pooled with the City $ 18,461,630
Cash and imestmenu with fiscal agent 68.865.991
� 87.i327.6,21
The Agency's funds are pooled with the City of Palm Desert cash and imestments in order
to generate optimum interest income. The information required by GASB Statement No.3
related to authorized imestments, credit risk, etc. is available in the annual report of the
City.
4. LOANS RECENABLE:
Soecial Revenue Fund
Loans receivable include the followiug:
a) A $1,189,400 loan neceivable from Portola Palms Mobilehome Park Acquisition
Association, Inc. (the Associadon). A loan of $1,701,500 was made to the
Association to allow it to punchase the fust trust deed note securing the proPerty from
Ring Financial, Inc. The Redevelopment Agency's loan is secured by a first nvst
deed and as of Ju� 30 1996 $512,100 has been iepaid to the Redevelopment Agency
from the sale of individual lots by the Association. The cemaining balance will be
repaid as the Association sells other lots in the mobile home pazk.
b) The Agency has loaned $212,830 in below market loans, secured by deeds of trust,
to eligible low income households. Monthly payments of interest and principal are
due over a period of 30 years unless the homes are sold, in which case the entire loan
balance is due and payable.
See independent auditors' report.
-13-
:� ,M DESERT REDEVELOPMENT P. ^ ;NCY
, NOrI'ES TO FINANCIAI, STATEMENTS
�, (Continued)
June 30, 1996
4. LOANS RECEIVABLE (CONTINUED):
c) T'he Agency has $16,398 in home impmvement loans. Paymenu of interest and
principal aze due monthly on these loans.
d) The Agency has a loan receivable which is secured by a deed of trust on the Pbrtola
Palms Mobilehome Park property in the aznount of $149,737. The balance on this
loan will be paid when the Association has sold all the lou ip the mobile park home.
Other L.oans:
The Agency has issued loans for several other projects, all of which are secured by a deed
of trust. A valuation allowance equal to the loan balance has been recogaized where there
is a significant possibility that these loans either become uncoAectible or forgiven by the
Agency at a futum date if all the terms of the loans have been met. Detailed informadon
for these loans is as follows:
Loan Balance Interost Maturity
Proiect Name Outstandin¢ Rarc Date Secured Bv SoecialProvisions ofLoan
� Self-Help Housing
Pmgram S 429,000 7.25% 30 yrs. Deed of Trust L.oan balance and inreces[
or 2024 due upon maauiry,w�paid
balance of loan or inrerest
will beaz an inrcmst rate
of 12%.
Home Improvement
Loans 20,095 N/A N/A Deed of Trust Lnan is payabk upon charge
ot transfer of dUe,
refinancing or upon the
death of the borrower.
Portola Palms
Mobilehome Park 490,775 5.00% 15 years Deed of Ttust Loan balance and inoercsc
Crom date due upm maa�city.If deb»r
of loan is not in default with the
wte, deed of hust, loan
agreement or roshictive
coveaant,t6en the Agency
will Corgive 2`�,per annum
of the interest.
Desert Rose 114,137 3.00% Year 2026 Deed of Trust Loan aill be forgiven at
maturiry unless the deb[or
is in violarion of t6e unit
cegulamry agceemen[or ihe
" deed of�ust.
See independent auditors' report.
-14-
__ _
7�
PAI�,DESERT REDEVELOPMENT AGE�
NOrTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
5. FIXED ASSETS:
A summary of changes in Fixed Assets for the year ended June 30, 1996 is as follows:
General Fixed Assets
Beginning Ending
Balance Additions Deletions Balance
Iand $43,833,301 $ 3,563,819 $ 777 $4'7,396,343
Buildings and
impmvements 16,820,221 8,455,279 - 25,275,000
Equipment 8,079 12,486 - 20,565
Work-in-Pmgress 4.590.922 5.044379 4.661.620 4.973.681
$65.252.523 $17.075.963 $ 4.662.397 $77.666.089
Certain land has been included in the ge�ral fixed assets account group until a
determination is made on the use of the land.
EnterQrise Fund
Beginning Ending
Balance Addirions Deletions Balance
Building $ - $ 3,670,000 $ - $3,670,000
Impmvemenu - 65.152 - 65.152
Total - 3,735,152 - 3,735,152
I.ess accumulated
deprecisuon - (54.8931 - (54.893)
$ - $ 3.680.259 $ - 3 680 259
Fixed assets purchased by the Enterprise Fund are capitalized at cost, wlille contributed
assets are recorded at fair market value on the date donated. Depreciation is charged to
operations using a straight-line method, based on the useful life of the asset. The
estunated useful life of the building and impmvements is 40 years.
See independent auditois' report.
-15-
F. M DESERT REDEVELOPMENT Ai.^_1CY
NQI'ES TO FINANCIAL STATEMENTS
� (Continued) �
June 30, 1996
(. AMOUNTS DUE UNDER PASS-THROUGH AGREEMENTS:
Property taxes related to the incremental increase in assessed values after the adoption of
the Redevelopment Plan are, except where otherwise provided by specific agreement,
allocated to the Agency. The Agency has entered into various pass-through agreements
with other agencies to allocate its tax increment revenue. At June 30, 1996, the Agency
is holding $9,236,868 in trust on behalf of other agencies and entities related to specific
pass-chrough agreements detailed as follonvs:
Balance Balance
at July 1, at June 30,
Entiry 1995 Additions Pavments 1996
Riverside Counry -
Capital Imprwement $ 7,645,479 S 3,203,197 $ 5,462,802 $ 5,385,874 *
Riverside Counry - Schools 111,220 70,939 170,265 11,894
Riverside County - Library 428,401 237,854 - 666,255 "
Riverside County - Fire 179,927 348,957 162,500 366,384
Coachella valley Mosquito
Abatement District 104,227 101,470 104,227 101,470
Coachella Valley Water
District 180,661 132,439 - 313,100
Desert Community College
District 100,258 115,311 73,522 142,047 '
Desert Sands Unified
School District 1,090,585 601,724 157,421 1,534,888 *
Coachella Valley Recreation
and Park District 35,661 40,680 35,661 40,680
Coachella Valley
Resources Disuict 2,601 582 - 3,183
Palm Springs Unified
School District 5,072 432 - 5,504
County Juvenile Health
Dis[rict 312,133 442,691 505,253 249,571
Ahmanson Trust 383349 32 669 - 416.018
$ 10.579.574 $ 5.328.945 6 671 651 $ 9.236.868
* T'he Redevelopment Agency has used bond proceeds for the construction of capital
impmvements which benefit these entity's. These entities have agreements with the
Redevelopment Agency will allow it to use a portion of these amounu to offset debt
service costs.
See independent auditors' report.
-16-
7
PA�;DESERT REDEVELOPMENT AGT�,."Y
NOrt'ES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
7. GENERAL LONG TERM DESf:
T'he changes in the Generai Long Term for the yeaz ended June 30, 1996 were as follows:
Balance at Balance at
July 1, June 30,
1995 Additions Deletions 1996
Advances from City $ 19,000,000 $ - $ - $ 19,000,000
Tax Allocation Bonds 147,630,000 6,305,000 8,120,000 145,815,000
1994 Multifamily
Housing Revenue
Bonds - 15.100.000 - 15.100.000
$166.630.000 21 40 000 8 120 000 $179.915.000
a. Advances from Ciry:
The Redevelopment Agency has received advances from the City which have been
recorded as an "Other Financing Sources" in the Agency's Capital Project Funds. Since
payment by the Agency back to the Ciry will be made from t� increment revenues in
future years, the debt from the Agency to the City has been classified in the Long Term
Debt account group.
Below is a summary of the activity for the advances from the City to the Redevelopment
Agency:
Date of Rates of tlmount Beginning Ending
Issue Interest Authorized Balance Additions Payments Balance
12/OS/86 Varies $6,000,000 $ 6,000,000 $ - $ - $ 6,000,000
09/23/93 Yaries 5,000,000 5,000,000 - - 5,000,000
03/23/95 Vazies 8,000,000 8.000.000 - - 8.000.000
Principal Balance 19,000,000 - - 19,000,000
Accrued Interest 1.085340 1.085.340
$19.000.000 1 08 0 340 $19.000.000
See independent auditors' report.
-17-
PO-r.M DESERT' REDEVELOPMENT Af'-�NCY
NOrI'ES 'PO FINANCIAL STATEMENTS
(Continued)
I! June 30, 1996
7. GENERAL LONG-TERM DEBT (CONTINUED):
b. Tax Allocation Bonds:
Tax allocation bonds are special obligations of the Agency and the Palm Desert
Financing Authority (a component unit of the Agency), and are secured by an
irrevocable pledge of tax revenues and other funds as provided under the Bond
Resolution. The Bonds, and any interest thereon are not a debt of the City, the State
of Califoraia or any of its political subdivisions and neither the Ciry, the State of
California nor any of iu political subdivisions is liable on the Bonds, nor in any event
shall the Bonds, and interest thereon be payable out of any funds or properties other
than those pmvided under the Bond Resolution.
1995 Series Tax Allocation Revenue Bonds (Proiect Area No. 11
In June 1995, the Palm Desert Financing Authority issued $24,025,000 of Tax
Allocation Bonds, (Project Acea No. 1) Series 1995. The Palm Desert Financing
Authority loaned the bond proceeds to the Palm Desert Redevelopment Agency w
finance certain redevelopment activides of the Agency in Project Aiea No.l. Interest
rates on the bonds vary from 4.0°!o to 5.2°Io per annum payable semiannually on April 1
and October 1 with principal maturing annually.
The future debt service requirements on the 1995 Series Tax Allocation Revenue Bonds
(Project Aiea No. 1) are as follows:
Year Ending
June 30. Principal Interest Total
1997 $ 160,000 $ 1,403,818 $ 1,563,818
1998 170,000 1,396,778 1,566,77 8
1999 180,000 1,3 88,873 1,568,873
2000 185,000 1,3 80,323 1,565,323
2001 195,000 1,371,350 1,566,3 50
Thereafter 23.135.000 21.125.665 44.260.665
$ 24.025.000 $ 28.066.807 $ 52.091.807
See independent auditocs' report.
-18-
- __ 1'
,r,.LM DESERT REDEVELOPMENT�;ENCY
NOR'ES TO FINANCIAL STATEMENTS
(Continued)
7une 30, 1996
7. GENERAL LONG-TERM DEBT (CONTINUED):
b. Tax Allocation Bonds (Continued):
1995 Series Tax Allocation Revenue Bonds (Proiect Aiea No. 2)
In June 1995, The Palm Desert Financing Authority issued $4,090,000 of Tax
Allocation Bonds, (Project Area No. 2) Series 1995. The Palm Desert Financing
Authoriry loaned the bond procceds to the Palm Desert Redevelopment Agency to
finance certain redevelopment activities of the Agency in Project Aiea No. 2. Interest
rates on the bonds vary from 4.75% to 5.24b per annum payable semiannually on
February 1 and August 1 with principal maturing annually on August 1.
The future debt service iequirements on the 1995 Series Taz Allocation Revenues Bonds
(Project Area No. 2) are as follows:
Year Ending
June 30. Principal Interest Total
1997 $ - $ 239,935 $ 239,935
1998 - 239,935 239,935
1999 - 239,935 239,935
2000 25,000 239,342 264,342
2001 30,000 238,020 268,020
Thereafter 4.035.000 3.771.435 7.806.435
$ 4.090.000 $ 4.968.602 $ 9.058.602
See independent auditors' report.
-19-
PALM DESERT REDEVELOPMENT '�ENCY
NOrfES 'PO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
7. GENERAL LONG-TERM DF.BT (CONTINUED):
b. Tax Allocation Bonds (Continued):
1992 Series A Tax Allocation Revenue Bonds (Proiect Area No 1 as Amendedl
In April 1992, the Palm Desert Financing Authority issued $100,000,000 in Palm
Desert Financing Authority Tax Allocation Revenue Bonds (Pmject Area No. 1 as
Amended) 1992 Series A. The Authoriry loaned $42,764,702 of the $100,000,000 to
the Agency to advance refund the 1985 Tax Allocation Bonds, 1985 Tex Allocation
Refunding $onds and the 1989 Tax Allocation Bonds. The Authority also loaned
$40,844,733 to the Redevelopment Agency to fund additional projects in the project
area. The remaining bonds are comprised of$15,965,000 of "Ctirrent Intcrest" Bonds,
$39,350,000 of Dutch Auction Floating Securities and $39,350,000 of Imerse Fioating
Securities. Principal maturides of the C�rrent Interest Bonds occur annually on April
I
1. Interest on the Current Interest Bonds varies from 4.00% to 6.625% and is payable
i semi-annually on April 1 a� Ocwber 1. The Dutch Aucdon Floating Securides and
Inverse Floating Securities mature each April 1 through 2022. Interest on tt►e Dutch
i Auction Floating Securities and Imerse Floating Securides is due generally every 35
days from that date.
The future estimated debt service requiremenu on the 1992 Series A Tax Allocation
Revenue Bonds (Project Area No. 1 as Amended) are as follows:
Year Ending
June 30. Princ'� Interest Total
1997 $ 1,580,000 $ 5,777,751 $ 7,357,751
1998 1,670,000 6,170,479 7,840,479
1999 1,760,000 5,595,557 7,355,557
2000 1,860,000 5,974,935 7,834,935
2001 1,975,000 5,385,743 7,360,743
Thereafter 85.820.000 71.670.610 157.490.610
$ 94.665.000 $100.575.075 $195.240.075
See independent auditois' report.
! -Za
I
_ _ I
P M DESERT REDEVELOPMENT Ar""NCY
�r' „r+
NOR'ES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
7. GENERAL LONG-TERM DEBT (CONTINUED):
b. Ta�c Allocation Bonds (Continued):
1992 Series A Tax Allocation Revenue Bonds (Proiect Atea No. 21
In August 1992, the Palm Desert Financing Authority issued $17,505,000 of Tax
Allocation Bonds, (Project Atea No. 2) 1992 Series A. T'he Authority loaned the bond
proceeds to the Agency to finance certain redevetopment activities of the Agency in
Project Area No. 2. Intcrest rates on the bonds vary from 2.7% to 6.125% per annum
payable semiannually on February 1 and August 1 with principal maturing annually on
August 1 from 1993 to 2002.
The future debt service requuements on the 1992 Series A Tax Allocation Revernie
Bonds (Project Acea No. 2) are as follows:
Year Ending .
June 30. Princinal Interest Total
1997 $ 280,000 $ 992>462 $ 1,272,462
1998 290,000 979,988 1,269,988
1999 300,000 966,337 1,266,337
2000 315,000 951,338 1,266,338
2001 335,000 934,753 1,269,753
Thereafter 15.210.000 12.406.538 27.616.538
I $ 16.730.000 $ 17.231.416 $ 33.961.416
1
See independent auditois' report.
-21-
T� .M DESERT REDEVELOPMENT A 'NCY
NOrI'ES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
7. GENERAL LONG-TERM DEBT (CONTINUED):
b. Tax Allocation Bonds (Continued):
1995 Series A - Tax Allocation Revenue Refundine Bonds
In August 1995, the Palm Desert Financing Authority issued $6,305,000 in Ta�c
Allocation Revenue Refunding Bonds 1995 Series A. The proceeds fmm the tax
allocation bonds were loaned to the Agency to provide funds to refut�d in advance
$6,430,000 of the 1988 Tax Allocarion Bonds. 'I't�e advance refunding resulted in an
economic gain of $907,760 (difference between the present value of the annual debt
service payments between the old debt and new debt) and a decrease in aggregate debt
service payments of $1,441,052.
Interest rates on the Bonds vary ftom 3.80% to 5.55% with interest payable
semi-annualiy on Mazch 1 and September 1 with principal maturing annually on
September 1. Debt service requirements to maturity are as follows:
Year Ending
June 30. Principal Interest Total
1997 $ 350,000 $ 300,208 $ 650,208
1998 385,000 285,858 670,858
1999 400,000 269,758 669,758
2000 420,000 252,223 672,223
2001 435,000 233,300 668,300
Thereafter 4.315.000 977.971 5.292.971
'i $ 6.305.000 $ 2.319318 $ 8.624318
�I
i
�I
ISee independent auditors' report.
-22-
T
P�,�I DESERT REDEVELOPMENT �CY
NOrI'ES 'In FINANCIAL STATEMENTS
(Continued)
June 30, 1996
7. GENERAL LONG TERM DEBT (CONTINUED)
b. Tax Allocation Bonds (Continued):
Below is a summary of the changes in tax allocation bonds:
Balance a[ Balance at
Julv 1. 1995 Additions Pavments June 30. 1996
1995 Tu Allocation
Bonds (Project Acea
No.l) S 24,025,000 S - S - S 24,025,000
1995 Tax Allocadon
Bonds (Pmject Area
No.2) 4.090.000 - - 4.090.000
1992 T�ax Allocation
Bonds (Projoct Area
No.l as Amended) 96,090,000 - 1.425,000 94.665,000
1992 Tax Allocadon
Bonds (Project Area
No.2) 16,995,000 - 265,000 16,'730,000
1988 Tu Allocadon
Bonds 6,430,000 - 6,430,000 -
1995 Refunding Tu
Allocation Bonds 6.305.000 6305,000
S 14'1.630.000 E 6.305.000 S 8.120.000 S 145.815.000
c. 1994 Multifamily Housing Revem►e Bonds:
In August 1994, the Palm Desert Redevelopment Agency issued $15,100,000 in
Variable Rate Demand 1994 Multifamily Housing Revenue Bonds (Bonds). The
Agency issued the bonds to finance a loan to Civic Center Bazrio Housing Corporadon
(Corporation), a California Non-Profit Public Benefit Corporadon. Puisuant to a
I financing agreement betwcen the Agency and the Corporetion dated August 1, 1994,
the Agency loaned funds to provide permanent financing for 161 newly constructed
residences and related improvemenu in the City of Palm Desert to be owned by the
Corpontion and sold or leased, with an option to pu�hase, to low and modecate
income persons and families.
At the time of the issuance of the Bonds, it was anticipated that appmximately one-half
of the residences would be sold within 24 months from the issvance of the bonds and
that the proceeds of the sales wvuld be used to redeem the Bonds. It was also
anticipated that all homes would be sold within 6 years and that all the Bonds would
be redeemed.
See independent auditors' report.
-23-
�
^.LM DESERT REDEVELOPMENT �..�ENCY
NOTES 'P� FINANCIAL STATEMENTS
(Continued)
June 30, 1996
7. GENERAL LONG-TERM DEBT (CONTINUED):
r. 1994 Multifamily Housing Itevenue Bonds (Continued):
The Bonds are secured by a letter of credit w}uch expires six years from the date of the
issuance of the Bonds with up to two one-yeaz extensions exercisable by the borrower
at the credit bank's sole and absolute discretion.
The Bonds are issued in denominations of$100,000 or any integral multiple thereof for
Bonds bearing interest at the variable rate, and in denominations of $5,000 or any
integral multiple thereof for Bonds on which the interest is converted to a fixed rate.
The Bonds mature on August 1, 2000, and are subject to prior redemption.
Interest on the variable rate Bonds is payable on the second �esday of each month
coaunencing September 13, 1994. Interest is payable February 1 and August 1 of each
year on the Bonds, which convert to a fixed rate.
In April 1996, the Agency acquired the assets (the 161 homes) and assumed liability
for the $I5,100,000 1994 Multifamily Housing Revenue Bonds as the project was not
being administered properly.
8. BOND RESERVE REQUIREMENTS:
At June 30, 1996 the reserve balance requiremenu and actual balances vuere as follows:
Issue Reguirement Actuat
i 1992 Series A 1�x Allocation Bonds
' (Project A.rea No. i as Amended) $ 7,841,271 $ 16,044,756
' 1992 Series A Tax Allocation Boads
(Project Acea No. 2) $ 1,278,556 $ 1,624,198
1995 Series 'Iaz Allocation Bonds
', (Pmject Atea No. 1 as Amended) $ 1,955,525 $ 16,821,348
1995 Series Tax Allocation Bonds
(Project Aiea No. 2) $ 343,900 $ 2,817,115
I 1995 Refunding Tax Allocation Bonds $ 630,500 $ 714,893
These actual amounts are included in the Fund Balance reserved or designated for Debt
j Service (see Note 10).
i
See independent auditors' report.
-24-
PAJ.M DESERT REDEVELOPMENT AGENCY ,
v�r y�,
NOQ'ES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
9. DEFEASED OBLIGATIONS:
The Agency defeased certain Redevelopment obligations by placing the pmceeds of new
obligations in an irrevocable trust to provide for all futuce debt service payments on the
old obligations. Accordingly, the trust account assets and the liability for the defeased
obligations are not included in the accompanying financial statements.
The amounts of defeased debts still outstandiag at June 30, 1996 were as follows:
Defeased
Amount
Issue Out�tandin¢
1982 Ta�r Allceation Bonds $ 3,720,000
1989 Tax Allocation $ 4,720,000
10. RESERVES AND DESTGNATTONS OF FUND BALANCE:
Special Debt Capital
Revenue Service Projects
Reserves Fund Fund Fund
Continuing appropriations $ - $ - $ 9,127,723
Encumbrances 47,446 - 4,357,018
Loans receivable 1,568,365 - -
Piepaid expenses - 2,375 341
Deposits - _ Z75�ppp
Debt service - 12,049,5'l2 -
Low income purposes 1,866,916 - -
Inventory held for resale 10.950.000
� 14.432.727 $ 12.051.947 $ 13.760.082
Desi¢nations
Debt service $ - $ 36,914,272 $ -
Capital outlay - 18.485.257
$ - $ 36.914.272 $ 18.485.257
See independent auditors' report.
-25-
�.LM DESERT REDEVELOPIvIENT . ,ENCY
NOrI'ES 1'0 FINANCIAL STATEMENTS
(Continued)
June 30, 1996
10. RESERVES AND DESIGNATIONS OF FUND BALANCE:
Reserved for Continuin¢ Appmnriations - This reserve is for appropriations for capital
projects which are unexpected as of June 30, 1996 and are carried forward as continuing
appropriations to be expended in 1996-97.
Reserved for Encumbnnces - These reserves represent the portion of pu�hase orders
awarded for which the goods or services had not yet been received at June 30, 1996.
Although all appropriations lapse at year-end, even if encumbered, the City intends either
to honor the contracts in progress or to cancel them. Reserve for encumbrances are
rebudgeted on July i, by Board action.
Reserved for Receivables - This reserve is set up to reflect the non-current portion
receivables so that they will not be considered as curmnt funds available.
Reserved for Prenaid Ex�enses - This reserve nprese�s contracted obligations for cash
payments made before June 30, 1996, but not recognized as an expenditure until after
July 1, 1996.
Reserved for Deoosits - This reserve is W indicate that these funds are not available w
finance current expenditures.
Reserved for Debt Service - These reserves for Debt Service iepresent reserves
accumulated by the Agency that are legally restricted to the payment of long-term debt
principal and interest amounts that matute in future years.
Reserved for I.�v Income Purposes - This reserve is for amounts set aside from rax
increment money received by the Agency and is to be spent on pmjects benefitting low
income fanvlies.
Reserved for Inventory Held for Resale - This reserve for inventory held for resale has
been set aside to indicate that they will not be considered as current funds available.
Designated for Debt Service - These funds are designated for payment of principal and
interest on General Long-Term Debt.
Desienated for Canital Outlav - These funds are designed for capital ouday for future
pmjects.
See independent auditors' report.
-26-
r
PP�4 DESERT REDEVELOPMENT AG''TCY
w✓
N�I'ES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1996
11. LOSS ON INVESTMENT:
In December 1991, it was learned that the Securities and Exchange Commission(SEC) was
conducting an imestigation of the Institutional Treasury Management (ITM) and had frozen
certain assets administered by ITM including Agency assets. It was subsequentiy
announced that ITM had diverted funds and/or securities in the client accounts to other
accounts without the clients' knrnvledge.
The Agency records identified $4,212,144 being invested with ITM, however the
investtnent could not be verified with a third party. For the year ended June 30, 1996, the
Agency recorded a loss on the imestment in the amount of $3,627,780, which represents
the original investment of $4,212,144 less recoveries of $5&4,364 from other parties.
12. CONTRffiUTED CAPTTAL:
During fiscal year 1995-96, the Debt Service Fund mxived a building with a value of
$3,670,000 in consideration for a note receivable with a cost basis of$5,899,000. A bad
debt expenditure of $2,229,000 was recorded in the Debt Service Fund. The uansfer of
the building from the Debt Service Fund to the Building Enterprise Fund was recorded as
a residual equity uansfer out in the Debt Service Fund and as contributed capital in the
Building Enterprise Fund.
13. RESTATEMENT OF BEGINNING FUND BALANCE:
Fund balance in the Special Revenue Fund wds restated as follows:
Fund Balance - June 30, 1995 $ 3,015,377
Reduce loans receivable to record uncollectible
amounu as of June 30, 1995 (165,838)
Increase in deposits for amounu incorrecUy
expended in prior years 639.063
Fund Balance - June 30, 1996 as restated $ 3.488.602
See independent auditocs' report.
-27-
F".M DESERT REDEVELOPMENT A�'NCY
NOti'ES TO FINANCIAL STATEMENTS
(Continued) I
�
June 3Q 1996 '
14. SUBSEQUENT EVENTS:
a. 1996 Tax Allocation Revenue Bonds
On October 3, 1996, the Palm Desert Redevelopment Agency issued $10,880,000 1996
Series A (Desert Rose Pmject Refunding) and $8,170,000 1996 Series B bonds for the
purpose of refunding its $15,100,000 Variable Rate Demand Multifamily Housing
Revenue Bonds and finance wvrking capital to preserve the supply of low and moderate
income housing within the City of Palm Desert and pay costs of issuance of the bonds.
b. Series 1996 - $7,010,000 Lease Revenue Bonds
In August 1996, the Palm Desert Financing Authority (the Authority) issued $7,010,000
in Lease Reveirue Bonds. 'fhe proceeds of the Bonds will be used to Finance the
construction of a Counry Adminisuative Center and related facilities upon a site located
in the City of Blythe, County of Riverside, fund a teserve account, fund approximately
eight months of capitalized interest and pay costs of issuance of the Bonds. The
Authority will lease the site from the County of Riverside (the County) pursuant to a
site lease dated August 1, 1996, by and between the Authority and the County and will
lease back to the Authoriry the site and the facilities (together "the Project") pursuant
to a I.ease Agreement dated as of August 1, 1996, by and between the Authority and
County (the "Lease"). Under the Lease, the County will pay the Trustee Base Rental
Payments to the trustee in an amount equal to the scheduled debt service payments on
the Bonds. The Authoriry will assign iu right w neceive the Base Itental paymenu to
the trustee for the benefit of the owners of the Bonds.
See independent auditors' report.
_Zg_
_ _ __ --
I `
,'
I
�
��
� SUPPLEMENTAL INFORMATION
�
i
I!
�
I
�
�
i
�
i
�
I;i
I
I
I
�
i
i
i
�
I
T
�MILM DESERT REDEVELOPMENT AGEN�/
COMBINING BALANCE SHEET--ALL DEHT SERVICE FUNDS
June 30, 1996
Project Projec[ Project Project
Area 1 Area 2 Area 3 Area 4
ASSETS
Cash and investments S 11.541,234 S 944,440 S 1,119,076 S 1,209,034 i
Cash with fival agent — — — —
Interest receivable — — — —
Due from other governmental agencies 3.387 306 799 3,334 ',
Due fmm other funds 4,518,052 883,308 — — '�
Loans receivable — — — — ��,
Prepaid expenses and deposi[s 2.375 — — — '�,
TOTALASSETS S 16,065,048 S 1.828,054 S 1,119,875 E 1.212.368 �i
i
LIABILITIES AND FUND BALANCES �
LIABILITIES: I
Accounts payable S 44,568 S — S — S — �
Deferred revenue — — — — !
Amounts due under �
pass—through agreements 7.507.232 293,318 532.490 903.628 ;
i
TOTAI.LIABILTTIES 7.551,800 293.518 532.490 903,628
FUND BALANCES: I
Reserved: � �
Prepaid expenses 2.375 — — — �
Loan roceivable — — — — �
Debt service — — — — I
Unreserved: '��.
Designated for debt service 5.510,873 1,534,536 587,385 308,740 '
TOTAL FLTND BALANCES 8.513,248 1,534,536 587,385 308,740 j
�
TOTAL LIABILITIES �
AND FUND BAL.ANCES S 16,065,048 S 1,828,054 S 1.119,875 S 1,212.368 I
i
�
�
i
i
I,
i
i
—29—
T -
Financing Totals
Authority 1996 1995 �
S 2.128.684 S 16.942.468 S 22.039.498 '
35.873.065 35,873,065 35.265.445
20.561 20,561 440.535 -
— 7.826 —
— 5,401,360 2,851,423
— � — 5,899,000
— 2,375 —
S 38,022,310 S 58.247,655 S 66,495,901
S — S 44,568 S 61,519
— — 584,364
— 9.236.868 10,579,574
— 9.281.436 11,225,457
— 2.375 —
— — i,899,000
12,049,5 72 12,049,572 11.419.25 2
25.972,738 36,914.272 37.952,192
38,022.310 48,966,219 55.270,444
5 38.022,310 E 58,247.655 E 66,495.901
_;p_
� r
^OLM DESERT REDEVELOPMENT AGEN�Y
� r
COMBINING STATEMENT OF REVENUES.EXPENDITURES AND
CHANGES IN FUND BALANCES—ALL DEBT SERVICE FUNDS
For the year ended June 30. 1996
Project Project Project Projec[
Area 1 Area 2 Area 3 prea 4
REVENUES:
Taxiacrement S 16,539,718 S 5.113,949 S 550.528 S 1,235,180
Use of money and property 204,421 106,258 26.816 30,715 �
Reimbursement from other agencies 461,827 — — _ �.
Otherrevenues ZZ7,79g _ _ _ '�
I
TOTAL,REVENUES 1'7,433,761 5,220,207 577.344 1,265,895
EXPENDITURES:
Property tax admiaistrative fee 292,481 60,171 7.856 14,214
Loss on investment 3,627,780 — — _
Bad debt 2,229,000 — — _ �.
Educational revenue augmentation fund — — - — _ �
Payment to other governmental agencies 4,058,586 1,586,471 76,976 664,019
Bondissuancecosts — — _ _ '�.
Bond discouat — _ _ _ �.
Interest and fiscal charges 160,017 1,155,161 — — '��
Principal payments — — — —
TOTAL EXPENDITURES 10.367,864 2,801,803 84,832 678.233 �
EXCES S OF REVENUES OVER �
(UNDER) EXPENDITURES 7,065,897 2,418,404 492,512 587.662 ;
OTHER FINANCING SOURCES(USES} i
Operating transfers in — _ _ _
Operating transfers out (12,805,501) (2,441,295) (110,106) (307,521) �
Proceeds from bonds — _ _ _ '�,
TOTAL OTHER FINANCING I
SOURCES(USES) _.(12,805.501) (2,441.295) 11( 0.106) (307,521) I
EXCESS OF REVENUES AND I
OTHER FINANCING SOURCES i
OVER(UNDER) EXPENDITURES
AND OTHER FINANCING USES (5,739.604) (22,891) 382,406 280,141
FUND BALANCES—HEGINNING OF YEAR 17,922,852 1,557.427 204,979 28,599 �
RESIDUAL EQUIT'Y TRANSFER OUT (3,670,000) —
FUND BALANCES—END OF YEAR E 8.513.248 E 1.534.536 S 587,385 S 308.740 i
—31— I.
II
I
T
Financing Totals �
Authority 1996 1995
S — S 23,439,375 S 22.822.814
1.947,765 2,315.975 1,628,383
— 461,827 —
— 227,795 461,799
1,947,765 26,444,972 24,912.996
�
— 374.722 —
— 3,627.780 —
— 2,229,000 —
— — 781.872
— 6.386.052 6.502.102
211,824 211.824 613.623
85,118 55,118 351.438
8.319,607 9,634.785 8.260,985 -
1,690,000 1,690,000 1,954,000
10,306,549 24.239,281 18.464,020
(8.358,784) 2,205,691 6,448,976
9,986,555 9.956,555 8,547,692
(5.467,048) �zi,iai.a�i� �is.3s6,aai�
6,305,000 6,305,000 I8.850,555
10,824,507 (4,839,916) 12,061,406
2,465,723 (2,634.225) 18,510.382
35,556,587 55,270,444 36,760,062
— (3,670.000) —
S 38,022,310 S 48,966,219 S 55.270,444 .
_g2_
T
r"LM DESERT REDEVELOPMENT qGEN""
� �
COMBINING BqLANCE SHEET—ALL CAPITAL PROJECTS FUNDS
7une 30, 1996
Project Project Project Project
Area 1 Area 2 Area 3 Aroa 4 �
ASSETS '
Cash and investments S — E 411,773 S 84,437 S 83.662 I��
Cash with fiscal agent 26.880,022 5,002.141 — —
Accounts receivable 34,156 778 — —
Interest receivable 575,060 119,694 — — i
Due from other governmental ageacies 6,OS1,353 — — _
Deposits — 275,000 — — I
Prepaid ezpenses 341 — — _
TOTALASSETS S 33,540,932 S 5,809,386 S 84,437 5 83.662
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accouats payable S 70,947 S 1,768,930 S 6,977 S 10,000
Accrued liabilities 14,864 — — —
Due toother funds 4.518,052 883,308 — —
TOTAI.LIABILTTIES 4,603,863 2,652,238 6,977 10,000
FUND BALANCES:
Reserved:
Deposits — 275,000 — _
Prepaid expeases 341 — _ _
Continuing appropriations 9,1Z7,723 _ _ _
Encumbrances 1,431.847 2,882,148 23,023 20.000
Unreserved:
Designatedforcapitaloutlay 16,377,158 — 54,437 53,662
TOTAI. FUND HALANCES 28,937,069 . 3,157,145 77,460 73,662
TOTAL LIABILII'IES
AND FUND BAI,ANCES S 33,540,932 S 5.809,386 S 84.437 E 83,662
—;;—
T _
Totals
1996 1995
S 579,8'I2 5 3,702.513
31,882,163 36,872,668
34,934 —
694.754 459,248
6.051,353 3.700,919
275,000 —
341 3,157
S 39,518,417 E 44,738,505
S 1,856,854 S 237.134
14,864 9,183
5.401,360 2,851.429
7.2�3.078 3.09'7.740
275,000 —
341 3,157
9,127,723 ; 21.974,708
4,357,018 1.264,351
18,485,257 18,398,549
32,245,339 41,640,765
S 39,518.417 S 44.738,505
—34—
T
P' T.M DESERT REDEVELOPMENT AGEN�'"
'�' 'yr I
COMBINING STATEMENT OF REVENUES,EXPENDINRES AND
CHANGES IN FUND BALANCES—ALL CAPITAL PROJECTS FUNDS
i
Frn [he year ended Iune 30, 1996
Projeot Project Project Projec[
Area 1 Atea 2 Area 3 Area 4
REVENUES:
Use of money and property S 2,509,498 S� 340,673 S 7.805 S 4.965
Reimbursement from other agencies 2,736,964 — . — —
Other revenues 134.646 — — —
TOTAL REVENUES 5,381.108 340.673 7,805 4,965
EXPENDITURES:
Administrative costs 619,542 158,708 16,248 41,616
Professional services 660,901 284,239 6.977 10,000
Plaaning,survey and design _ _ _ _
Capital outlay 5,504,726 4,323.686 — —
Land purchases — 3,563,819 — —
TOTAL EXPENDITURES 6,785,169 8,330.452 23,225 51,616
EXCESS OF REVENUES
(UNDER) EXPENDITURES (1,404,061) (7,989,779) 1( 5•420) 4( 6•651)
OTHER FINANCING SOURCES(USESk
Operating transfers in — 2,818,533 — 60,485
Operating transfers out (2,818,533) — _ _
Advance fzom City — _ _ _
Proceeds from bonds _ _ _ _
TOTAL OTHER FINANCING
SOURCES(USES) (2,818,533) 2,818,533 — 60.485
EXCESS OF REVENUES AND
OTIiER FINANCING SOURCES
OVER(UNDER) EXPENDITURES
AND OTHER FINANCING USES (4,222,594) (5,171.246) (15.420) 13,834
FUNDBAL.ANCES—BEGINNINGOFYEAR 33.159,663 8,328,394 92,580 59,828
FUND BALANCES—END OF YEAR $ 28,937,069 S 3,157,148 S 77,460 S 73.662
—35—
T ^_ __
�
�
�
�,
Totals
1996 1995
S 2.862,941 S 788,773
2,736,964 3.692.719
134,646 1,113
5.734.551 4,482,605
536,114 637,881
962,117 690.271 !�
— 650.163
9.828.412 6.764.342 '�,
3,563.819 3.742.206
15.190,46 2 12,484,863
(9,455.911) (8,002.258)
2,879,018 2.118,470
�z.ais.sss� (1.929.000) �I
— s,000,000
— 9,264,445
60.485 17,453,915
(9,395.426) 9,451,657
41,640,763 32.189,308 .
5 32.245.339 S 41.640,765
—36—
�
1�. i.e�Z�, �vans �r �om�.aat�
CERTIFIED PUBLIC ACCOUNTANTS
�sca¢ �. o�zml�o
CE1iTIFIED PUBLIC ACCOUNTANT
18401 VON KARMAN,SUITE 200 a Joint venture 74133 EL PASEO.SUITE 8
�RVINE, CALIFORNIA 927157542 .
(714)757-77W PALM DESERT, CALIFORNIA 92260
(619)773-4R78
September 24, 1996
INDEPENDENT AUDTPDRS' COMPLIANCE REPORT
Agency Members
Palm Desert Redevelopment Agency
Palm Desert, California
We have audited the financial stauments of the Palm Desert Redevelopment Agency (a component
unit of the Ciry of Palm Desert), as of and for the yeaz ended Ju� 30, 1996, and have issued our
opinion thereon dated September 24, 1996. We coffiucted our audit in accordance with generally
accepted auditing standards a� Government Auditing Standards. Those standards require that we
plan and perform the audit to obtain reasonable assura�e about whether the financial sta[ements are
free of material misstatemenu.
Compliance with laws and regulations applicable to the Palm Desert Redevelopment Agency is the
responsibility of the Palm Desert Redevelopment Agency's management. As part of obtaining
reasonable assurance about whether the financial statements are free pf material misstatement, we
performed tests of compliance with provisions of laws and rsguladons contained in the Guidelines For
Comnliance Audits of California Redevelopment .��e*+�;P� issued by the State Controller's Office,
Division of I.ocal Governmental Fiscal Affairs.
The tesult of our tests indicted that, with respect W the items tested, the Palm Desert Redevelopment
Agency complied, in all material respects, with the provisions ceferred W in the preceding pazagiaph.
With respect w items not tested, nothing came to out attention tUat caused us to believe that [he Palm
Desert Redevelopment Agency had not complied, in all material respects, with those provisions.
This report is intended for the information of the Palm Desert Redevelopment Agency, and the Stau
Controller's O�ce. However, this report is a matter of public record and iu distribution is not
limited.
� '-� �, � ^^� C°Y"a°°'.�• �°�°�
-37-.
Broker/Dealer Questionnaire
Mailing List
12/96
A.C. Edwards
R. Willfam Chaffin, Vice President
11939 R8nCh0 Bern2rd0 R02d
SUIte 203
San Diego, Ca 92128
Amhet'St Securities Group Inc.
Allen J. Levey, Sr. Vfce President
121 SOUth P21111 C811y011 DI'., SUIt2 209
Palm Springs, CA 92262
canteua & co.
Ken Edleman, Pixed Income Sales
11200 Westheimer, Suite 519
Houston, TX 77042
Fund Services Associates, Inc.
Lester wood III, Managing Director
11835 W. Olympic Blvd., Suite 205
Los Angeles, CA 900064
Piper Jaffray
scott Carter
444 South Flower, Suite 1725
Los Angeles, CA 90071
MerCill LynCh
R011 M@t'aZ, Sr. Financial Consultant
74-800 HIghW2y 111
Indian Wells, CA 92210
Union Bank of California
Mr. Leslie Wells, VC@ PP8SId211t
445 s. Figueroa Street, ��tn Floor
Los Angeles, Ca 90071
zion Bank, Capftal Markets
Sheila-Jean Criese, CPA
One South Main Street
Kennecott Building, sulte �3ao
S21t L2k@ Clty, Uteh 84111
[TEXT OF COVER LETTER FOR BROKER/DEALER QUESTIONNAIRE]
Thank you for yow interest in becoming a qualified broker/dealer for the City of Palm
Desert/Palm Desert Redevelopment agency.
Along with this letter you will Snd a copy of the Investment Policy for the City/Agency and our
`Broker/Dealer Questionnaire and Certification" form. Please read the Imestmeirt Policy and
completely fill out the questionnaire and certification. If your firm is a primary dealer retum the
questionnaire along with an sudited financial statement, and a copy of the U4 form for the broker
or brokers who will be trading with us. If your fum is a secondary Snancial institution, please
submit all of the above plus proof of National Association of Securiries Dealers certificarion,
trading resolution and proof of state registration.
The documents submitted will be reviewed, the firm will checked for adequate capitalization,
appropriate services for the city's needs and the recommendation of other govemment agencies.
Then the appGcation will be submitted to the Finance and Investment Committee for approval.
If you have any questions, please give me a caq at(619) 346-0611 extension 320, or call 7ean
Ruth at extension 383.
Sincerely,
Paul S. Gibson
Finance Director/Treasurer
enclosure
City of Palm Desert
Palm Desert Redevelopment Agency
BROKER DEALER QUESTIONNAIltE AND CERTIFTCATION
PLEASE NOTE: Completion of this quesrionnaire and certification does not guarantee that the
appGcant will be approved to do business with the City of Palm Desert or the Palm Desert
Redevelopment Agency. It is merely the first step in the selection process.
1. Name of Firm
2. Address
3. Telephone Local,� 1 National Headquarterss �
4. Primary representative: Manager:
Name Name
Title Title
Telephone� 1 Telephone L_)
5. Are you a recognized primary dealer in Govemment Securities? [ ]yes [ ]no
ff yes, how long has your fum been a primary dealerT
(Y�)
6. What was your fum's total volume in U.S. Government treasury and agency securities trading
last year?
Fum-wide $
Yow office$
Number of transactions from your off ce
7. Which of the following insttuments are offered regularly by your trading desk7
[ ] T-bills [ ] Banker's Acceptances
[ ] T-notes/bonds ( ] Commercial Paper
[ ] Mutual Funds [ ] Medium Term Notes
[ ] Agencies (specify) [ ] CertiScate of Deposits
City of Palm Desert/Palm Desert Redevelopment Agency
Broker Dealer Questionaire and Certification 12/20/96
Page 2
Name of Firm:
8. Identify all personnel who will be trading with or quoting levels to the City.
Name Tide #of years in #of years Telephone
Institudonal Sales with Firm
9. Which of the above personnel have read the City's investment policy?
10. Please identify your most closely compareble govemmental local agency clients in our
geographical area.
Entity Contact Person Telephone Client since
11. Are you a Broker [ }or a Dealer[ ]?
12. What makes you the best broker/dealer for the City of Palm Desert/Palm Desert
Redevelopment Agency7 Why should we want to deal with you?
(You may use an additional sheet of paper if necessary.)
13. Describe the capital line and uading limits of the office that would conduct business with the
City of Palm DesertJPalm Desert Redevelopment Agency.
14. Have any of yow public sector clients ever sustained a loss on a securities transaction arising
&om a misunderstanding or misrepresentation of the risk characteristic of a particular instrumern7
Ifyes, please explain.
City of Palm Desert/Palm Desert Redevelopment Agency
Broker Dealer Questionaire and Certification 12/20/96
Page 3
Name of Firm:
15. Has any publio-sector client ever ciaimed in writing that your firm was responsible for
investment losses?If yes, please expisin.
16. Has your firm, or local office, ever been subject to a regulatory or state/federal agency
investigarion for alleged improper, fraudulent, disreputable or unfair activiries related to the sale
of securities? If yes, please explain.
17. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy
guidelines? Include certificated documemation of your currern capital adequacy as measured by
the Federal Reserve Standatds.
18. Does your firm participate in the S.I.P.C. insurance program or any other insurance programs
that will cover a municipality which invests in the investments listed in question 7 using D.V.P.
settlement? If yes, please explain coverage.
19. How many and what percentage of your transactions failed last month/.last year?
20. What portfolio information do you require from yow cliems?
21. Please provide certified Snancial statements regarding your fum's capitalization.
22. Please provide samples of research reports that yow firm regularly supplies to public sector
clients.
23. What trade documentation will the City receive? (transaction informatioq confirmations,
statemems, etc.)Please provide examples of each.
24. What training information will you provide to our employees?
City of Palm DesertlPalm Desert Redevelopment Agency
Broker Dealer Questionaire and CertiScadon 12/20/96
Page 4
Name of Firm:
CERTIF�CAT�ON
I hereby certify that I 6ave personally read t6e City of Palm Desert/Palm Deaert
Redevelopment Agency Investment Policy and the Califoraia Govemment Codes
pertaining to the investments of the City of Palm Desert/Palm Desert Redevelopment
Agency, and have implemented reasouable procedures and a system of controls designed to
preclude imprudent investment activities ariaing out of t6e traneactiona conducted between
our firm and t6e City of Palm Desert/Palm Desert Redevelopment Agency. All ssles
personnel will be routinety informed of the City of Palm Desert/Palm Desert
Redevelopment Agency investment objcetives, strategies and riak constraints whenever we
are so advised. We pledge to ezercise due diligence in informing the City Tresanrer and
Investment Manager of all foreaeeable risks assceiates with financial tranaactions
conducted by our firm. I attest to the accuracy of our responses to your questionnaire.
Signed
Title
Firm
Date
This certification must be countersigned by t6e Company presideut or the senior person in
the govemment securities operations section.
Signed
TiUe
Firm
Date
CITY OF PALM DESERT/PALM DESERT REDEVELOPMENT AGENCY
Statement of Investment Policy
INTRODUCTION
The policy and practices of the City of Palm Desert and the Palm Desert Redevelopment Agency are
based upon state law, city ordinances, prudent money management and the "prudent person"
standards. The primary goals of this policy are to invest public funds to:
1. Meet the daily cash flow needs of the City and the Redevelopment Agency.
2. Comply with all laws of the State of California regarding the investment of public
funds.
3. Achieve a reasonable rate of return while minimizing the potential for capital losses
arising from market changes or issuer default.
SCOPE
The investment policy applies to all funds under the con�ol of the Finance Director/City Treasurer
of the City of Palm Desert and the Palm Desert Redevelopment Agency, including but not limited to
the general revenues of the City/Agency, enterprise fund revenues,proceeds of bond sales and debt
service revenues, trust funds in the custody of the Finance Director/Treasurer and any other funds
under his control. These funds are accounted for in the comprehensive annual financial reports of the
City of Palm Desert and the Palm Desert Redevelopment Agency.
INVESTMENT OBJECTIVES
A. Safe of Princival
Safety of principal is the City/Agency's foremost objective of the investment program.
Investments shall be undertaken in a manner that seeks to enswe that capital losses resulting
from institution default,broker-dealer default,or the erosion of mazket value are avoided. The
City/Agency shall seek to preserve principal by mitigating the two types of risk: credit risk
and mazket risk.
1. Credit risk,defined as the risk of loss due to failure of the issuer of a security, shall be
mitigated by investing in only the highest quality sacurities (see authorized
investments)and by diversifying the investment portfolio so that the failure of any one
issuer would not unduly hazm the City/Agency's cash flow.
2. Mazket risk,defined as the risk of mazket value fluctuations due to overall changes in
the general level of interest rates,shall be mitigated by structuring the portfolio so that
1
�.r ..�
securities mature at the same rime that major cash outflows occur, this eliminating the
need to sell securities prior to maturity; and by prohibiting the taking of short
positions,that is, selling securities that the City/Agency does not own. It is explicitly
recognized,however, that in a diversified portfolio, occasional measured losses may
occur, and must be considered within the context of overall inveshnent return.
B. Liguiditv
Liquidity is the second most important objective of the investment program. The investment
portfolio shall remain sufficiently liquid to enable the CitylAgency to meet all operating
requirements. At all times, at least 50%of the total portfolio shall be invested for periods of
three years or less; at least 30%of the total portfolio shall be invested for rivo yeazs ox less;
at least 20% of the total portfolio shall be invested for one yeaz or less. At no time will a
security in the portfolio mature in more than five years except bond reserve funds, bond
escrow funds and any funds approved by the Finance Committee or City Council to be
appropriate for a longer period.
C. Yield
The City/Agency portfolio shall be invested to attain a mazket average rate of retum through
economic cycles, as long as it does not diminish the objectives of Safety and Liquidity. The
market rate of retum is defined as the average retum on the one-yeaz U.S. Treasury Bill.
Whenever possible and in a manner consistent with the objectives of safety of principal and
liquidity, a yield higher than the mazket rate of retum shall be sought.
AUTHORITY TO INVEST FUNDS
The City Council and Redevelopment Agency Board have appointed the City Finance Director as City
Treasurer responsible for undertaking investment transactions on behalf of the City/Agency. Unless
specifically designated by the City Council and Agency Boazd, the only officials authorized to
undertake investment transactions on behalf of the City/Agency are the Director of Finance/Treasurer
and his/her designee. T'he Finance Director/Treasurer and Investment Manager will observe, review
and react to the changing conditions that affect the investment portfolio. They will meet on a regular
basis to discuss curtent mazket conditions, future trends and how each of these affects the investment
portfolio and the City/Agency. The Finance Director/Treasurer and Investment Manager shall
establish a system of controls to ensure compliance with the City/Agency's inveshnent policy.
INVESTMENT/FINAN['F ['nmr�ri E
The City utilizes a Finance Committee, composed of the Mayor,Mayor Pro-Tempore, City Manager,
Redevelopment Agency Execurive Director, Finance Director, Investment Manager, City Attomey
and Cirizen(s) appointed by the City Council, to insure stability and constant information flow as it
relates to investment and other finance activities. They will meet monthly to discuss issues relating
to the City/Agency's investment portfolio. Items may include the suitability of current investment
policies and procedures, current and proposed strategies, investment transactions since the last
meeting as well as other topics affecting the sources and uses of funds in the portfolio.
1 st Draft of Rev: Ol/97 2
,-, ,-.
INTERN�i.CONTROL
'The Finance Director, is responsible for ensuring compliance with the City/Agency investment
policies as well as establishing intemal controls designed to prevent losses due to fraud, employee
error,misrepresenting by third parties,or unanricipated changes in financial markets. A written policy
on the specific intemal controls will be reviewed by the Finance Committee.
ETHICS AND CONFLICTS OF INTEREST
Officer and employees involved in the investment process shall refrain from personal business activity
that could conflict with proper execution of the investment program, or which could impair their
ability to make unpartial investment decisions. Employees and investment officers shall disclose any
material financial interests in financial insritutions that conduct business within this jurisdiction, and
they shall further disclose any lazge personal financiaVinvestment positions that could be related to
the performance of the City/Agency's portfolio. Employees and officers shall subordinate their
personal investment transactions to those of the City/Agency,particulatly with regard to the timing
ofpurchases and sales, and shall avoid transactions that might impair public confidence in the City's
ability to govem effectively.
EVALUATION OF INVESTMENT OFFICER ACTIONS
The actions of City/Agency inveshnent officers in the performance of their duties as managers of
public funds shall be evaluated using the following"prudent person" standazd applied in the context
of managing the overall portfolio:
Investments shall be made with judgment and care, under circumstances then
prevailing, which persons of prudence, discretion, and intelligence exercise in the
professional management of their business affairs, not for speculation, but for
investment, considering the probable safety of their capital as well as the probable
income to be derived.
City/Agency investment officers acting in accordance with written policies and the"prudent person"
standard and exercising due diligence shall be relieved of personal responsibility for an individual
security's credit risk or mazket price changes,pmvided that substantial deviations from expectations
aze reported by the Treasurer to City Manager and the Finance Committee within three days of
discovery. Mutually agreeable remedial acrion will be taken by the Treasurer and reported to the next
Finance Committee meeting.
AiJTHOR2ED FINANCIAi DE�I.ERS AND INSTITUTIONS
The City/Agency shall iransact business only with banks and savings and loans, and with investment
securities dealers which/who comply with Schedule III(Policy Criteria for Selecting Bmker/Dealers)
attached. The Finance Director/Treasurer will maintain a list of financial institutions authorized to
pmvide investment services. He will also maintain a list of appmved security brokers/dealers selected
lst Dnft of Rev: Ol/97 3
rr .I
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
POLICY CRITERIA FOR ENTERING INTO A DIVERSIFIED MANAGEMENT COMPANY
SCHEDiJLE II
December 7, 1995
1. The firm must meet all requirements set forth in the Califoma Government Code Sections
53601 and 53635.
2. The firm must provide in writing a statement on the fund's letterhead that the fund meets the
statutory requirements of Califomia law (i.e., Sections 53601 and 53635 of the California
Govemment Code).
3. The fund must provide evidenc�that it has been registered with SEC and has "AAA"ratings
from Standard&Poor's and Moody's.
4. The fund's investments shall be lunited to direct obligations in U.S. Treasury bills,bonds or
notes and repurchase agreements, to the extent allowed by law, and shall maintain weighted
average maturities within their portfolio of less than 60 days.
5. The fund must pmvide us copies of their portfolio reports and newsletters and shall provide,
at least month-end, a complete listing of securities within the fund's portfolio.
6. The fund shall provide us a current prospectus before our participation in the fund.
7. The fund cannot engage in hedging strategies, WI purchases, options, future, reverse-
repurchase agreements, or security lending.
8. The fund must maintain daily, a principal per share value of$1.00 per shaze.
9. The fund shall provide information on who serves as their custodial bank.
10. The fund shall provide us at least annual financial statements on the fund's financial condition
and performance.
11. The fund shall pmvide us wire instructions for the purchase and redemption of shazes and
must be able to distribute interest eamings to us on a monthly basis.
12. Unless the fund is more than five yeazs old, the City/Agency is to be given its performance
history since the inception of the fund.
lst Draft ofRev: Ol/97 Schedule II
13. The City/Agency is also to be given the date the fund was established, the total assets
currently under management,the recent 12 months' history as to either the growth or decline
in assets under management,and whether or not the fund is assessing 12B-1 management fees.
It would also be beneficial if the fund could provide us performance histories on competitor
funds, should they be available.
lst Draft ofRev: Ol/97 Schedule II
r• �r
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
POLICY CRITERIA FOR SELECTING BROKER/DEALERS
SCHEDULE III
December 7, 1995
1. All primary financial institutions and broker/dealers who desire to become qualified bidders
for investinent transactions must supply an audited financial statement, and U4 Form for the
broker,completed bmker/dealer questionnaire(made a part of this Schedule) and certification
of having read the City/Agency's inveshnent policy. All secondary financial institutions and
broker/dealers who desire to become qualified bidders for investment transactions must supply
an audited financial statement, proof of National Association of Securities Dealers
certification, trading resolution, proof of state registration, completed broker/dealer
questionnaire (made a part of this Schedule), U4 Form for the broker and certification of
having read the City/Agency's investment policy.
2. The net capital position of the firm shall be in excess of$100 million.
3. The Finance Director/Treasurer's intent is to enter into a long-term relationship. Therefore,
the integrity of the firm and the personnel assigned to our account is of primary importance.
4. The firm must state in writing its willingness to be bound by the City/Agency's written
Investment Policy Guidelines.
5. The firm must provide an active secondary market for the securities it sells.
6. The firm must specify the types of securities it specializes in and will be made available for
our account.
7. It is important that the firm pmvide related services that will enhance the account relarionship
which could include:
a) An active secondary market for its securities.
b) Intemal credit reseazch analysis on commercial paper,banker's acceptances and other
securities it offers for sale.
c) Be willing to trade securities on our portfolio.
d) Be capable of providing mazket analysis, economic projections,newsletters.
e) Provide mazket education on new investment products, security spread relationships,
graphs, etc.
8. The firm must be willing to provide us annual financial statements.
9. If requested,the firm must be willing to provide us a list of local government clients or other
references, particulazly those client relationships established within the State of California.
1 st Draft of Rev: Ol/97 Schedule III
10. The City/Agency is prohibited from the establishment of a broker/dealer account for the
purpose of holding the City/Agency's secutities. All securities must be subject to delivery at
the City/Agency's custodial bank.
11. Without exception, all transactions are to be conducted on a"delivery vs. paymenY'basis.
12. The broker/dealer shall be headquartered or have a branch office in California. Except for the
above, the City/Agency will not conduct security transactions with any firm located out of
state. •
13. The broker/dealer must have been in operation for more than 5 yeazs, and must have net
capital in excess of$100 million.
14. No business relationship shall be established with firms engaging in the sale of"exotic"
products. Exotic meaning "unusually high yields,"no ready secondary mazket, "high price
volatility" on the security.
15. The firm must be registered with the State of Califomia's regulatory agency.
16. No broker/dealer or security firm shall be selected who has,within any consecutive 48-month
period,made a political contribution in an amount exceeding the limitations contained in Rule
G-37 of the Municipal Securities Rulemaking Boazd,to the local treasurer or any member of
the City Council or the Redevelopment Agency goveming boazd or to any candidate for these
offices.
lst Draft of Rev: Ol/97 Schedule III
rr .r
[TEXT OF COVER LETTER FOR BROKER/DEALER QUESTIONNAIRE]
Thank you for your interest in becoming a qualified broker/dealer for the City of Palm
Desert/Palm Desert Redevelopment agency.
Along with this letter you will find a copy of the Investment Policy for the City/Agency and our
`Broker/Dealer Questionnaire and Certification" form. Please read the Investment Policy and
completely fill out the questionnaire and certification. If yow firm is a primary dealer return the
questionnaire along with an audited financial statement, and a copy of the U4 form for the broker
or brokers who will be trading with us. If your fum is a secondary Snancial institution, please
submit all of the above plus proof of National Associarion of Securities Dealers certification,
trading resolution and proof of state registration.
The documents submitted will be reviewed, the Srm will checked for adequate capitalizadon,
appropriate services for the city's ne.eds and the recommendation of other govemment agencies.
Then the application wiil be submitted to the Finance and Investment Committee for approval.
If you have any questions, please give me a call at(619) 346-0611 extension 320, or call Jean
Ruth at extension 383.
Sincerely,
Paul S. Gibson
Finance Director/Treasurer
enclosure
Rev: O1/97 Schedule III
City of Palm DesertlPalm Desert Redevelopment Agency
Broker Dealer Questionaire and Certification 12/20/96
Page 2
Name of Firm:
8. Identify all personnel who will be uading with or quoting levels to the City.
Name Title #of years in #of years Telephone
Institutional Sales with Firm
9. Which of the above personnel have read the City's investment policy?
10. Please identify your most closely comparable govemmental local agency clierns in our
geographicalarea.
Entity Contact Person Telephone CGent since
11. Are you a Broker [ ] or a Dealer [ ]?
12. What makes you the best broker/dealer for the City of Palm Desert/Palm Desert
Redevelopment Agency? Why should we want to deal with you?
(You may use an additional sheet of paper if necessary.)
13. Describe the capital line and trading Gmits of the office that would conduct business with the
City of Palm Desert/Palm Desert Redevelopment Agency.
14. Have any of your public sector clients ever sustained a loss on a securities transaction arising
from a misunderstanding or misrepresentation of the risk characterisdc of a particular instrument?
If yes, please explain.
Rev: O1/97 Schedule III
�.. ..�
City of Palm Desert
Palm Desert Redevelopment Agency
BROKER DEALER QUESTIONNAIRE AND CERTIFICATION
PLEASE NOTE: Completion of this questionnaire and certification does not guarantee that the
applicant will be approved to do business with the City of Palm Desert or the Palm Desert
Redevelopment Agency. It is merely the Srst step in the selection process.
1. Name of Fum
2. Address
3. Telephone Local ( ) National Headquarters� )
4. Primary representative: Manager:
Name Name
Title Title
Telephone( ) Telephone� 1
5. Are you a recognized primary dealer in Government Securities? [ ]yes [ ]no
If yes, how long has your firm been a primary dealer�
(years)
6. What was your firm's total volume in U.S. Govemment treasury and agency securities trading
last year?
Firm-wide $
Your office $
Number of transactions from your o�ce
7. Which of the foqowing instruments are offered regularly by your trading desk?
[ ] T-bilis [ ] Banker's Acceptances
[ ] T-notes/bonds [ ] Commercial Paper
[ ] Mutual Funds [ ] Medium Term Notes
[ ] Agencies (specify) [ ] Certificate of Deposits
Rev: O1/97 Schedule III
City of Palm Desert/Palm Desert Redevelopment Agency
Broker Dealer Questionaire and Certification 12/20/96
Page 4
Name of Firm:
CERTIFICATION
I hereby certify that I have perooaally read the City of Palm Desert/Palm Desert
Redevelopment Agency Investment Policy and the California Government Codes
pertaining to t6e investments of the City of Palm DeserdPalm Desert Redevelopment
Agency,and have implemented reasonable procedures aad a system of controls designed to
preclude imprudent investment activities arising out of the transactions conducted between
our firm and the City of Palm Desert/Palm Desert Redevelopment Agency. All sales
personnel will be routinely informed of the City of Palm DeserdPalm Desert
Redevelopment Agency investment objectives, strategies and risk coostraints whenever we
are so advised. We pledge to e:ercise due diligence in informing t6e City Treasurer and
Investment Manager of all foreseeable risks associates with financial transactions
conducted by our firm. I attest to the accuracy of our responses to your questionnaire.
Signed
Title
Firm
Date
This certificatinn must be countersigned by the Compsny president or the senior person in
the government securities operations aeMion.
Signed
TiUe
Firm
Date
Rev: O1/97 Schedule III
nr .�
City of Palm Desert/Palm Desert Redevelopment Agency
Broker Dealer Questionaire and Certification 12/20/96
Page 3
Name of Firm:
15. Has any public-sector client ever claimed in writing that your firm was responsible for
investment losses? If yes, please explain.
16. Has your firm, or local office, ever been subject to a regulatory or state/federal agency
investigation for alleged improper, fraudulent, disreputable or unfair activities related to the sale
of securities? If yes, please explain.
17. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy
guidelines? Include certificated documentation of your current capital adequacy as measured by
the Federal Reserve Standards.
18. Does your firm participate in the S.I.P.C. insurance program or any other insurance programs
that will cover a municipality which invests in the investments listed in quesrion 7 using D.V.P.
settlement? If yes, please explain coverage.
19. How many and what percentage of your transactions failed last month/last year?
20. What portfolio information do you require from yow clients?
21. Please provide certified financial statements regarding your firm's capitalization.
22. Please provide samples of research reports that your&rm regularly supplies to public sector
clients.
23. What trade documentation will the City receive? (transaction information, confirmations,
statements, etc.) Please provide examples of each.
24. What training information will you provide to our employees?
Rev: O1/97 Schedule III
CITY OF PALM DESERT
PALM DESERT REDEVELOPMENT AGENCY
FIRMS AUTHORIZED TD CONDUCT INVESTMENT TRANSACTIONS
SCHEDULEIV
December 7, 1995
The City/Agency is authorized to conduct investment security transactions with the following
investment firms and broker/dealers,many of which aze designated by the Federal Reserve Bank as
primary govemment dealers. Security uansactions with finns, other than those appearing on this list,
aze prohibited.
A. Firms designated by the Federal Reserve Bank as Primary Govemment Dealers
Bank of America NT & SA
Chase Securities, Inc.
Chemical Securities, Inc.
Citicorp Securities Markets, Inc.
Dean Witter Reynolds, Inc.
Merrill Lynch Government Securities, Inc.
Paine Webber, Inc.
Prudential Bache Securities,Inc,.
Lehman Govemment Securities, Inc.
Smith Bamey, Inc.
B. Other authorized firms:
Union Bank of Califomia
The Bank of New York
Great Westem Bank
Home Savings of America
Downey Savings
Glendale Federal Bank
Wells Fargo Bank
lst Draft of Rev: Ol/97 Schedule N
`•r r„o
�
e
� y W W j
� —
Q � � C N $ e- �L 7
� Q N C � u
o p a � iI c d. ,
�. � � c E o� •- 8
Wa Q c � pi c a Q rn
a�7i d7 C
Uv cb0 •�
W
� � � � �
� O � m N
} f �i f �2 �
U
W v� � � � $ � a �
ap c � a d .. � v�i o c
~' U � � c > > � � o o � x o
z
�i 3 � � °$ n � w� � � � �i 8i 8i
p�. � � � 4 ° v W � � n `o � .E .� .� .p .p
li � � > > 'brCi � � o r$ 'S � v�i c � � Z, � 8 � � � �
> � W Z 2 Z` � Q �� S � SU � � � � $ � Q Q Q Q
w � _ � � z �� �� o o� `- $.rs � ��'.a�ez z° z z
� ��` � �' � `�' w� `� w � � � � � �� � �
N � m a LL � m � � � '� � `o
O �{ � �
� � :t
¢ � ' o c a°oo o d
m y
Z � z 210 o ao � a ° �
a � a � o Zs' wc � i � m
w � U E �� a o W � = a �
(p r LL � Yc � �O ll � � �
oa' � Z $' d+' Q o � � � � � �
� � a� � � c `08«' � €
a � r � � � W � .�i � �'
p E � � � 3 c
z ' � � � �
U � �
� `o
n
� �
Z � m
9 $ � @ y� E
� � � � �i .d i6 2 �' �
c
� �
I W Z c LL � d � T � Q � Ta
o m d €
� � `° � f'�� m �c' � o c+ � v � � � �
vai H m d � �`rn � c V � $ V � � ` $ �
H Z E 3'i Q �i �, � � d € o � n '� �
G � d J C7 y �
W � � ; � � a Q F o o K �
� � � ° � � � ¢ � � ° E � � � m �'i
W � �- U' �' � Y E o �
ZON y O a�
_ U' 7 � f K m � � � V f � Z a�' � �
GLOSSARY
AGENCIES: Federal agency securities. DELNERY VERSUS PAYMENT: There
are two methods of delivery of securities:
ASKED: The price at which securities aze delivery versus payment and delivery versus
offered. (The price at which a firm will sell a receipt. Dalivery versus payment is delivery of
security to an investor.) securities with an exchange of money for the
securities. Delivery versus receipt is delivery
BANKERS' ACCEPTANCE (BA): A draft of securities with an exchange of a signed
or bill or exchange accepted by a bank or trust receipt for fhe securities.
company. The accepting institution guarantees
payment of the bill, as well as the issuer. DISCO[JNT:The difference between the wst
price of a security and its maturity when
BASIS POINT: One one-hundredth of a quoted at lower than face value. A security
percent (i.e., 0.01%). selling below original offering price shortly
after sale also is considered to be at a discount.
BID: The price offered by a buyer of
securities. (When you aze selling securities, DISCOUNT SECURITIES: Non-interest
you ask for a bid.) bearing money mazket instruments that are
issued at a discount and redeemed at maturity
BROKER: A broker brings buyers and sellers for full face value(e.g., U.S. Treasury Bills).
together for a commission. He does not take a
position. DIVERSIFICATION: Dividing investment
funds among a variety of securities offering
CERTIFICATE OF DEPOSIT(CD):A time , independent returns.
deposit with a specific maturity evidenced by
a certificate. Lazge-denomination CD's are FEDERAI,CREDIT AGENCIES:Agencies
typically negotiable. of the Federal govemment set up to supply
credit to various classes of institutions (e. g.
COLLATERAL: Securities, evidence of S&L's, Small business firms, students,
deposit or other property which a borrower fatmers, farm cooperatives, and exporters).
pledges to secure repayment of a loan. Also
refers to securities pledged by a bank to secure FEDERAL DEPOSIT INSURANCE
deposits of public monies. CORPORATION(FDIC): A Federal agency
that insures bank deposits, currently up to
COUPON: a) The annua] rate of interest that $100,000 per deposit.
a bond's issuer promises to pay the bondholder
on the bond's face value. b) A certificate FEDERAL FUNDS RATE: The rate of
attached to a bond evidencing interest due on interest at which Fed funds aze traded. This
a payment date. rate is currently pegged by the Federal Reserve
through open-mazket operations.
DEALER: A dealer, as opposed to a broker,
acts as a principal in all transactions, buying FEDERAL HOME LOAN BANKS
and selling for his own account. (FHLB): The institutions that regulate and
lend to savings and loan associations. The
DEBENTURE: A bond secured only by the Federal Home Loan Banks play a role
general credit of the issuer. analogous to that played by the Federal
1 st Draft of Rev: 01197 Glossary
rr rr
Reserve Banks vis-a-vis member commercial banks,savings and loan associations, and other
banks. institutions. Security holder is protected by
full faith and credit of the U.S. Govemment.
FEDERAI. NATIONAL MORTGAGE Ginnie Mae securities aze backed by the FHA,
ASSOCIATION (FNMA): FNMA, like VA or FMHM mortgages. The term "pass-
GNMA was chartered under the Federal throughs" is often used to describe Ginnie
National Mortgage Association Act in 1938. Maes.
F'NMA is a Pederal cotporation working under
the auspices of the Depariment of Housing and LIQUIDITY: A liquid asset is one that can be
Urban Development (HLTD). It is the lazgest converted easily and rapidly into cash without
single provider of residential mortgage funds a substantial loss of value. In the money
in the United States. Fannie Mae, as the market, a security is said to be liquid if the
corporation is called, is a private stockholder- spread between bid and asked prices is narrow
owned corporation. The cotporation's and reasonable size can be done at those
purchases include a variety of adjustable quotes.
mortgages and second loans, in addition to
fixed-rate mortgages. FNMA's securities are LOCAL GOVERNMENT INVESTMENT
also highly liquid and aze widely accepted. POOL (LGIP): The aggregate of all funds
FNMA assumes and guarantees that all from political subdivisions that aze placed in
security holders will receive timely payment of the custody of the State Treasurer for
principal and interest. investment and reinveshnent.
FEDERAL OPEN MARKET MARKET VALUE: The price at which a
COMMITTEE (FOMC): Consists of seven security is trading and could presumably be
members of the Federal Reserve Board and purchased or sold.
five of the twelve Federal Reserve Bank
Presidents. The President of the New York MARKETREPURCHASEAGI2EEMENT:
Federal Reserve Bank is a permanent member, A written contract covering all future
while the other presidents serve on a rotating transactions between the parties to repurchase-
basis. The Committee periodically meets to reverse repurchase agteements that establish
set Federal Reserve guidelines regazding each party's rights in the transactions. A
purchases and sales of Govemment Securities master agreement will often specify, among
in the open market as a means of influencing other things, the right of the buyer-lender to
the volume of bank credit and money. liquidate the underlying securities in the event
of default by the seller-borrower.
FEDERAL RESERVE SYSTEM: The
central bank of the United States created by MATURII'1': The date upon which the
Congress and consisting of a seven-member principal or stated value of an investment
Board of Govemors in Washington, D.C.; 12 becomes due and payable.
regional banks and about 5,700 commercial
banks aze members of the system. OFFER: The price asked by a seller of
securities. (When you are buying securities,
G O V E R N M E N T N A T I O N A L you ask for an offer.) See"Asked" and "Bid".
MORTGAGE ASSOCIATION (GNMA or
Ginnie Mae): Securities influencing the OPEN MARKET OPERATIONS:
volunne of bank credit guaranteed by GNMA Purchases and sales of govemment and certain
and issued by mortgage bankers, commercial other securiries in the open mazket by the New
lst Draft of Rev: O1/97 Glossary
0
CITY OF PALM DESERT
and
PALM DESERT REDEVELOPMENT AGENCY
STATFMF.NT OF INVESTMENT PDLICY
ADOPTED BY RESOLUTION: January 11, 1996
1 st Draft of Rev: Ol/97
. _ _
rr r.r
CITY OF PALM DESERT/PALM DESERT REDEVELOPMENT AGENCY
Statement of Investment Policy
TABLE OF CO �_ NT
�
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Scope . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Investment Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
A. Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
B. Liquidiry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
C. Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
AuthoritytoInvest Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
InvestmentlFinanceCommittee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
InternalControl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Et6ics and ConflictofInterest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Evaluation of Investment Officer Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Authorized Financial Dealers & Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
AuthorizedInvestments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Investment Pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Safekeeping of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
MaximumMaturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
BondProceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Reporting Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Investment Policy Adoption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Investment Policy Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Policy Statement on Collateralized Time Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule I
Policy Criteria for Entering Into a Money Market Fund . . . . . . . . . . . . . . . . . . . . Schedule II
Policy Criteria for Selectiag Broker/Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule III
Firms AutLorized to Conduct Investment Transactions . . . . . . . . . . . . . . . . . . . . Schedule IV
Chart of Aut6orized Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule V
Glossary
York Federal Reserve Bank as directed by the the agreement aze structured to compensate
FOMC in order to influence the volume of him for this. Dealers use RP extensively to
money and credit in the economy. Purchases finance their positions. Exception: When the
inj ect reserves into the bank system and Fed is said to be doing RP,it is lending money,
stimulate growth of money and credit: Sales that is, increasing bank reserves.
have the opposite effect. Open market
operations are the Federal Reserve's most SAFEKEEPING: A service to customers
important and most flexible monetary policy rendered by banks for a fee whereby securities
tool. and valuables of all types and descriptions are
held in the bank's vaults for protection.
PORTFOLIO: Collection of securiites held
by an investor. SECONDARY MARKET: A mazket made
for the purchase and sale of outstanding issues
PRIMARY DEALER: A group of following the initial distribution.
government securities dealers who submit
daily reports of mazket activity and positions SECURITIES & EXCHANGE
and monthly financial statements to the COMMISSION:Agency created by Congress
Federal Reserva Bank of New York and aze to protect investors in securities transactions
subject to its informal oversight. Primary by administering securities legislation.
dealers include Securities and Exchange
Commission (SEC)-registered securities SEC RULE 15C3-1: See "Uniform Net
broker/dealers, banks and a few unregulated Capital Rule".
firms.
TREASURY BILLS: A non-interest bearing
PRUDENT PERSON RULE: An investment discount security issued by the U.S. Treasury
standard. In some states, the law requires that to finance the national debt. Most bills aze
a fiduciary, such as a trustee, may invest issued to mature in three months, six months,
money only in a list of securities selected by or one yeaz.
the custody state—the so-called "legallisY'. In
other states,the trustee may invest in a security TREASURY BOND: Long-term U.S.
if it is one which would be bought by a prudent Treasury securities having initial maturities of
person of discretion and intelligence who is more than 10 yeazs.
seeking a reasonable income and preservation
of capital. TREASURY NOTES: Intermediate-term
coupon bearing U.S. Treasury securities
RATE OF RETURN:The yield obtainable on having initial maturities of from one yeaz to
a security based on its purchase price or its ten years.
current mazket price. This may be the
amortized yield to maturity; on a bond, the UNIFORM NET CAPITAL RULE:
current income retum. Securities and Exchange Commission
requirement that member firms as well as
REPURCHASE AGREEMENT (RP or nonmember broker/dealers in securities
REPO): A holder of securities sells these maintain a maximum ratio of indebtedness to
securities to an investor with an agreement to liquid capital of 15 to 1; also called net capital
repurchase them at a fixed date. The security rule and net capital ratio. Indebtedness covers
"buyer" in effect lends the"seller"money for all money owed to a firm, including mazgin
the period of the agreement, and the terms of loans and commitments to purchase securities,
lst Draft ofRev: Ol/97 Glossary
ti.+ „o
one reason new public issues aze spread among
members of underwriting syndicates. Liquid
capital includes cash and assets easily
converted into cash.
YIELD: The rate of annual income return on •
an investment, expressed as a percentage. (a)
INCOME YIELD is obtained by dividing the
current dollaz income by the current market
price for the security. (b) NET YIELD or
YIELD TO MATURITI' is the current
income yield minus any premium above paz or
plus any discount from par in purchase price,
with the adjustment spread over the period
from the date of purchase to the date of
maturity of the bond.
lst Draft of Rev: Ol/97 Glossary
.- . ^ -`�.iiy^�;. -' / ,,,/
_JI�-
��� I N T E R
��t�� MEMO
��
0 F F I C E � _.
- �
.� 1
To: Honorable Mayor c - �
City Council Members ^�' o �:
From: Paul S. Gibson, Director of Finance "' `—
� � .�
Subject: AmendmenttolnvestmentPolicv � F f;
Date: August 22, 1996 '—' •.
N ` �
C.J'1
-i -�
RFCOMMENDATION:
Staff/Investment Committee recommend approval of an amendment to the current City of Palm
Desert/Palm Desert Redevelopment Agency Investment Policy allowing the limit of the current
normal operating portfolio percentage investment in mutval funds be increased from the present
Fifteen Percent (15%)to Twenty Percent(20%); and remove the lnnit on bond proceeds
investment in mutual funds effecuve immediately per Califomia Government Code Sections
53601 and 53605. This aznendment would remain in effect undl annual investment policy
review in January 1997,then subject to the recommendations of the review.
BACKGROiIND:
At its monthly meeting on August 14, 1996,the City of Palm Desert Investment Committee
discussed the recent announcement of the California Govemment Code changes to Sections
53601 and 53605 which state that there is a 20% limit of normal portfolio operating capital
available to investrnent in mutual funds and no azbitrary limit mandated for bond proceeds
investment in mutual funds.
As the Ciry/RDA wishes their policy to wmply with the Califomia Government Code, and since
the City/RDA issues new bonds frequently, it would be very beneficial to our entities to have this
availability of all bond proceeds for investment in mutual funds allowing us maximum retum.
Respectfully submitted, Reviewed and concur,
�LlfJ!����„`_--
Paul S. Gibson �ITY COUNCIL ACTI�on A. iaz
Director of Finance/City Treasuret`D�ROVED v City���Er
. -,.�T"::';r.:,,
OTHSR
PSG:JER:rdk = -�-->r.�G ui�Ti: �
��s � �� il /� f'• n �c l _
.... i(T.
, ., i�l�f�il��.
. � ... Ytir r.Ii� �
... . ...� '�n•F+ i ,_
. . :a•. .... ._ifiv Cl�r:c ' e np<:
_.c:
MTA � � `�
�Y °F ( ?.I_�� �'. . ;R'
U.J�C ;?,�JCE Df-PART�!E'�7
MunicipalTreasurcrs' Asaociation ..� JUI` �3 ��� U ln
o(lhc Uniled States and Canada � �
June 6, 1996
Paul S. Gibson
Director of Finance/City'IYeasurer
City of Palm Desert
73-510 NYed Waring Drive
Palm Desert. CA 92260
Dear Mr. Gibson:
The Municipal Treasurers' AssociaUon is pleased to present the City of Palm
Desert with the Association's Certification of Excellence Award.
Members of the Associatton's Investment Policy Certification Committee
congratulate the City of Palm Desert for its success in developing an outstanding
written investment policy which meets the criteria set forth by the Associatlon's
Investment Policy Certification Program.
Our review of your investment policy is limited to the documentation submitted.
The Certification of Excellence is not a guazantee against loss due to economic
and mazket conditions or human behavior.
The Association's Investment Policy Certification Committee Chairman, Rod Rich,
will be presenting all recipients with the CertificaUon of Excellence Award at the
Association's 1996 Annual Conference in Mobile, Alabama. The awards will be
presented during the Awards Luncheon on Wednesday, August 7. We hope that
you will be able to attend this luncheon, however, if your schedule does not
permit you to attend, please call me at (202) 833-1017.
The City of Paim Desert is to be commended for enhancing its flscal responsibility
in the management of fiscal funds.
Since ely, ,
St cey L. rane
Executive Director
1229 Nineteenth Street, N.W.
Washington, D.C. 20036
�202) 833-1017
Fax �202� 833-0375
� cirr cr r;,i_�e ��:,rnT
F;;:',���C DEPARTI•1ENT
O
Mu�c�r�. �as��s, �ssoc�T�oN '96 SEP 30 Pf� 2 19
PressRelease uN�reo srnres & CNNPDA
September. 1996
MTA US8cC Certifies the Written Investment Policy of
Palm Desert, Cal{fornia
On June 4, the written investment policy of Palm Desert, California was certified by the
Municipal'I7easurers' Association of the United States and Canada (MTA US&C). The
City was formally recognized for this achievement on August 7 during the Assoctation's
31st Annual Conference In P.4obile, Ala��*na.
Approximately 150 entiUes have had their policies certiIIed by the Association since the
Program was developed in the spring of 1990. Palm Desert is one of 38 jurisdictions in
the State of California to be awarded MTA US&C's certification for written investmenl
policies.
The Association's Investrnent Policy CertiRcation Program was instituted in an effort to
assist state and local governments interested in drafting or improving upon an extsting
investrnent policy. As part of the Program, the Association has created a "Model"
investrnent policy. The Model includes sample language and rationale for those 16
sections the AssociaUon deems as critical elements to be addressed in a written policy.
The following are some of the elements included in the Model: liquidity; selection and
revlew of suitable investrnent instruments; internal controls; reporting; portfolio
diversificaUon; custody and safekeeping: selection of investment institution criteria;
ethics; and conflicts of interest.
Those entiUes who have had their written investment policies certified in 1995-96
include: Cottonwood, Arizon0. Peoria, Arizona; Yuma, Artzona; Anaheirr4 Califomia;
Barstou�, California;Chino, California;E1DoradolrrigationDistrict. Calfomia;Healdsburg,
Caiijomia; Inglewood, Calz;jomia; Lodi, Caltfomia; Los Angeles County Melropolitan
TYansportatinn Authortty, Califomta;Mtssion Viejo, Califomia; Orange County. California;
YaUn Deser[, CaliJomia; Palos Verdes Es[ates, CaliJbmia: Redondo Beach. Califomia:
Riuerside, CaUfomia; Vista, Califomia; Douer, Delaware; Orlando, Florida St. Petersburg,
Florida; Boise, Idaho; Carol Stream, IUirwis; Peoria, Illinois; Mount Vemon, lowa; Orleans
parish School Board, Louisiana: Brandon Township. Michigan; Otsego, Michigan; Salem
Township,Michigan;Minneapolis-SaintPaulMetropolitanAirports Commission.Minnesota;
Van Wert, Ohio; Norman, OklnFwma; PhtLadelphia, Pennsytvania: Greer, South Carolina:
C►uittannoy0. Tennessee;Beaumont. Texas:Denton,Texas;�Euless, Texas:Houston. Te�cas;
HuntsviUe. Texas; La Marque. Texas; Tarrartt County, Texas; Texas Water Developmeni
Board; Clark County. Washington; Kent, Washington; and Tacoma �'ashington.
For informallon on the Investrnent Pollcy CertiticaUon Program, or to obtain a copy of the
appllcaUon and Model Investment Policy, call or write Deborah Reuter at the Municipal
TYeasurers' AssociaUon of the United States and Canada.
1229 Nineteenth Street, N.W.Washington, DC 20036 PHONE 202-833-1017 FAX 202•833-0375
!� cc: Jean Ruth
dLl.. Y N ,� �`.._ � g J U.-�. p W �: .+ . Y V y.� ... . . u � ✓ y V.. . V1 W.:: Y�[tl�' i� � N.__._ .... . ..
!� � ve `0 .ii � r �IE�o � � '3oFT�' ~ym-.�'�e ��-" m �C�� � oC� � �°.'yFcyL3ec �'F" V "E,�„ ay+E . .
O.. ot � mm � � oea�° mmG- � ry f�.�
iGwCJ � 3 ca9�.`'�r�o ca'G o2 vuUsa, v, m °: EU� coay yz� ,g: oP. �
'a Gc� y w �E�.N+ C�G ep�ry R y'G„y N C..�'. Y.' .i..^. m'C vi 'O C N
L N�p � �C 4 W..�-..,� �p �0 y •-� U C�.O._..5.. Wyy . � N Y ' C'F. y � C... ��
����C7y�OU�� � N W y C L N � L Yi 4�i �y C Cl �.C 4� !�/1 O ^ C a O T��� y M = N
;N .CN=00 L� \ 6w N eE � 71N a�(�... C..r1C y i. L� ,•: O C a�'+ � m ul N 00 ,� WZ
O� ,,,, ,� � ,J, 1l0 �O y � � C N N 4 W L y Vl G� 4 7 tC y•� �(�"'^ L 4�i �l0� C Q C
I� r3o�w.�ro3 `� � .61. va °�' vA "v `o� °Ji �e�p�"o `°sm'ise � � pp°' uo, owme�ro .. On
.rJ' w F WmN N�.. yry L �'OryW tOw yy� yo��p = V� G
��eg�f ��`d "7 O O W A.�. ,��p 6�1�> E tl0 d 4 pdp Y.i p� W� V H O�+"+M . � L 7 L ��..a �'.�i N C '�Q�, �
>. �.�VC 'O �t'. W ;� LypACdpp. Cy Na+ BZ�. Wt ��O LW F g � �
`� �mr`A `y�4a�i �ai °uya�iuy.+ °'�oaidC 6'icvJ �vZy'B A� �o .,� " ��^ >'iad �o �"'w
i 0.�5 4,r � � C N �i+ N 7 � C N y W""'y w W� m W� O� u � �... dY.'�� - C � U
' A�k�S3;v�'� � °1 ��o p w'° ? `° ai � ° r. �.°� o�w v.�.. •� e 3 :9 ,�d.�:.L'" 0 3^
jm °'.mc��'(� d� O m3aa�+�pGppf�OL� cz�� � o� cw `c0c�^ ■� � � `�'ao��ryqe T� S.
� ��� N� L q . O d � � V� A� p G r�ltdi � In �a+G tp....� y l0� 4 �
l ��.eo ��$ � � .o�„ �:Om� O � � p.7JVyL � w � �i $, �°'.�gyr= y �v �V
� �� �a. �o. wW\ � dm�0.�. � o �� mFr::�'v � "�c� ��^'� � 3 �A1 T. a�ima> S.�c�'� e�r ��.
�g o �'a'� E //� '60�.++.�.� x ,�e c A `m Brn ro u�uU 0��.�,���F �' u a y x e`�o m eaF" � �
I.8 �4w y� Pi u E.. �. ai a� u aUU m...
\// M
Q '�y+�O�O'g b; ■i W C U > O C G U O A EO G S � N � G.0
�F,� y 3.._A. g� ' . o � �C.y Bv�� u ..� '.� C"�'fmu � � C"i � �j.�+
rY �4.i o m o °� V/ L^ c �J °r' °"' '°'S', d `° = E:� E w^ `° � a o' T
a�.� �� o� '/�� � _ � _� ° �Lo � d��° �dyw ��� �;
en'� v `'�t-' S S i a o :�,c� �q's � `° /� � e°�a��E ° a �p�,n � >.>
��ay �l� p C �n yN.'= GUO �+ ,v V �ywiny � y ❑ Ct0
8�,'�90_ 0 ^ . � �� �. �� �.o-, � A\ �E:'�� >� � � o...
� �.5 E E �L � w dm ds .�'�a� a• \Y ym emm 'u��us �'�.e
�� ae m e m m �.'-
:O w � u"i7� a N d A, O g �. d 2'^ ` O O M1' O v� T.�'O 0 m N�C+.' N
B O o� m dL° yo a�" ^ ... v a.� cmac� oyo
�p01 c�v� c a ad cE.. �y]1 E �r �/yy'� 3�� �y y y A w V
.� aG �q > L�> � N j ON Or�l'iLtO � y� NO � qL^'L^� NaW�r.�'+ wyT�Y a
,� �i� o.�� � j � a_�i p� o 'd g"+.� �a��iF� � m w E��Fi�F�p,' d�" y.o � C
.� V] '� � .. N . Nr�G'iL7 T: Y.� �� m � �G y�
' „ o:�>> d o � ��p xvdd 3 ' 'g Q >�oa „' �mF ..� oa�
N C�,C Ca� O
� � ooCC 3� 3 � � w y w � m..., a�m oo /� v A �fZ w u.� a o o' 'u
�u o � � �L i1�
F �.B °g' 'Jn^ � ^ 3 ` °-�i'K c � m a.d�.o.sd..e � .d. a"i v� � �a
a a L m �•- m., �
y `3 N � ! �+ NO iy ��^ ' y Uy 'yb0
� .BE,.. G4 � ��� d 3a ��� E _ �ar vo o•� �
`o � � 8
> .5 e a N v� o �'o .o x c e a a; >
r Q '� �'"=CK � � � y �y °' c:°o A1 °��o� ° � a�i�O.'�c
'y a�� G� O Y. G�r .�tmcEy .� �..:gmm V� vao =c � �o
$ `° � o w d �� a�m'- d'N o � �i'o 0 0 °' °' �° � � a" d
� �o�',.S � a �/ �"��.� d—QcomM '°9: �E" ° 3 � �' .a�,°�°m ..�. v�iym �7
mcd m ie 'r � acc m �n m m " dv • � � v' �wu
= o.-, 00,�' som ¢ o'-� cco o � uF' y3a � tt '°o a�a
> >« $' � rm�, c � E � � c
� `� c„o aOcmy� ,� d'mo� E =� v= tO � E i.�N �= c,y�'-
� OM.�"»? `�c � yO OCyj� WNVNIOC � E '�"�q�� G a °irn �y °°a�iy �
�[���„ �ovo i ~ OY =cm2mwo u °u moda � O Ooa yyyi� o �
V C� u� U � � O E C> >a0 u�i U N € t�. a..L y�� N � � N U .�C. C �A N N
'�a � ��rSic /� � Om=inm�M�m3o �ao' a"i� �"-° ^� � e o� � .h. d�$ `d;
�o `�ia �Yi ry \V C����i- �a 5 a'o ' w m�� E S o. � o o y o
A+ w u m mv..: ■� eo...(� ma
���9 a� E� � �° g `��� w o 3 a"i i O18i�c mv,� > .
�/� �a y w N L. �.T+ >� � �y y p
� `�I'�a. Ec, VI 5 ��oa � ,yy��.�. � � ao � �tL Ec
�a.��i $ a dp '�.�gmy o m�q y a•- �
��WmF" c Cag:n2S r w >yYU� � ,CC„' `� G� gi.�
F t^�p yg+ �y
O Cw. � •.: W p,N C " �y� �Fn�
>'O w.� O O U � �� 'O L d
'p..npC � �� � (y�� �I . d NCy � I � ` L � OI�� V) L'
a� � v B �` da �'.�u °n �ro.o,°'
' a- sE � a � • m� m•- ,ca� o � 5 m
� ��Jp�� /w Z y�'��� �+... m t LEOU �.'C.. � Fp �ud .�.V7„"',. .�r, �
`°W.`'a��'`� �` V� � w� d� tOyd� a1°i �m�'��� a�L �PGm � ; e `w v
..5a+�7 � �WQi m Ci'.� aor� ja� o � o.. 4m p[ W��'9 �m�i... C�oo
�,,W�Uv 'o� � � (` '!,�'�Coca�•�z'�°oBT` Er�i� � °�' wc � � � � $.a�uoc.� 2 `r��.. '"djmoo
: CO�jr� C 4� � C `L�.$ � � OC �'�.�yM �tlC� EpN ��rnA SN AC �~ F � N Svqry
A �, m F v;., vs o.�'e w � e + yv g.� s8i' iA
`yc�"v �.3 �+ � w .�7. �3 my . P. y... uucAyr.. �„ umi ��y 5v� a��.Juvim25
�„�= mc� ��5 W � o Qzd �� �vg�� a`,s �$� � aE+ ym�aL � oo a� GyA�Oax,Cv�
; Bw.,'�Cs� � � � r ^�� wl.�wF7`oaoP�. n.:cu � �:+° mO � Em � � � a5.cw `,9E� ��F �
m�^ W � O C a C C C O'O 'y I.�w.+ y � O U 7 G
y, o� yo W G1 c� mom � m� m � m�.:"o `° c rY� «? >.�
.c� �� � � 6 o a.S "�" m o a = o � �,� O m' '3 en ; '°c;
� � 7 (tl M
�.3 c u � !0 3 � � �'� tO.d,o a='x"'� fa O � Z` � y o �'"
N�.�. O O �C I �.N'O O y�.. y� L h0� N•" � � ` � �C p0 N � y�i.a '
3om^� ..� 3 V cc. aco y �?-c„`'„ u, i yy3a� - . �+ a °1 Cpt°�o
m '' cw > '� � t�l �V � E�o'oy` aiu .°1. .N `o LL O Ta a� � Go� � a�i `��
_ m va_U � a....�- .avoo_. �-B 4] 3 w � uiom � wto � ,�, ''
� Uun'yd �O Uiaa� � 3 ^a. om .i y \ Y �O � ainw.'3 i `t.: C y v � �y
�� c a�:� ❑ . � �-._ y m 6 'O�O .,... C N C o �n
y..� yve C .] � � � v� t ,nveeoo � U L. C cow - m LL G)Y ,n � � � oa�
o c .. � o�o � .Z .0�[s. - o m u �;m'o m m ., m _ � I.L -. ,� �' -�� � n o ,_. ..