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HomeMy WebLinkAbout12 JUNE 1997 L: 2 AGENDA- INVESTME .i & FINANCE COMMITTEE JUNE 26, 1997 AGENDA SPECIAL MEETING INVESTMENT & FINANCE COMMITTEE THURSDAY, JUNE 26, 1997 —10:00 A.M. NORTH WING CONFERENCE ROOM ****************************************************************************** CALL TO ORDER II. ROLL CALL III. 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 giving 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 Investment &Finance Committee's discretion, these comments may be deferred until such time on the agenda, as the item is discussed. Remarks shall be limited to a maximum of five minutes unless additional time is authorized by the Chairman. IV. NEW BUSINESS B. Consideration of Proposal to Invest Bond Proceeds from the Pending Bond Issue Rec: Action: V. NEXT MEETING DATE Next regularly scheduled meeting is JJUJlllV 3177, 097 altt it it i©® Comuin IV. ADJOURNMENT } 023 cf >, o 6' L CD Q 5 U a �d r ckt d N �J) .c 'vA t 0.. " a a ...0 o a) P4 CT o, 1C U N U °,_° q C 4 P O Q ti O In 0 QH - E U zi A-. 0 U 44:Et) tu °� -rs _ c. 'o c� o U o y3 dp V o 0 � � O N s., .., Iff!: �c�(:)(II):1.! •—• L T ++ O c� "7:2_ dq '% .Co U O . U Q a � c. � � �> `� •', .2 °' ° .� 3 c 3 an c ''' -o i- 2 z a Q obi o ¢ '- d v a A LL' 'C 0 E k O 'U W U L. ,9 105 bap ..t i 4:1 :74 •. Q I--I CI ram.. tn • C 4 LT • el 0 ko Q • e e Q III a 111 o i U 1 X C 5 C 3 0 ^y N O N o G ^ d • cr. on T -.T L r QI' a.)W W y ,.. temed . s" et X r,_, O s o U c ct 9to `o c ^ 3a s F�—o O 0 a VJ U up a) txo en. 0 LT. = -a' 0 ,--4," a)..N4 o > •5 1) a) 0 cn 3 b •o •i72. E 5 111 U �' O. la. zz c - o meek e., a 5 a 'x o y o as to t III _ Q ca. 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Californka New York Ohio Virginia June 25, 1997 Mr. Carlos Ortega Executive Director Palm Desert Redevelopment Agency 73510 Fred Waring Dr. Palm Desert, CA 92260 Dear Carlos: We at Chambers, Dunhill, Rubin& Co. look forward to participating in the upcoming advance refunding of the Palm Desert Redevelopment Agency's 1992 Bonds. By using our proposed escrow structure, the Agency will be able to capture an additional 30%savings. The following outlines the fee structure for our proposed services: /!) Escrow Forward Suppl.Cantmot(filly-flex$blc): Our proposed tee is the standard 5 basis points as allowable under the Arbitrage Rags for contracts of this type. This fee is considered an administrative coat and therefore does not act your arbitrage yield computation,nor does the Agency pay this fee out of its own pocket -it is paid by the winning Bidder. Please have your Bond Counsel sign off as to the reasonableness of this fee. (2) Muni Option agreement: Our proposed fee for this unique investment opportunity is 10%of the upfront payment,with a guaranteed minimum payment of$300,000 to the Redevelopment Agency. For example, if the gross payment is$400,000,then CDR receives a fee of$40,000 and the Agency receives$360,000. Alternatively,if the gross payment is only S310,000,the Agency's parmcm is$300,000,while CDR's foe is only$10,000. We look forward to creating a long-lasting and profitable relationship with the Palm Desert Redevelopment Agency. Should you have any questions or continents, please feel free to call me or David Rubin. Sincerely, Tammy Obek Vice President 9777 wiisrire 8oaevoro. Suite 80C. Beverly Hills, CA 9C212 ,310) 273-9384 Fox: (310 273-7767 JUl �� 111! 1LJ'Ul klc.INIKIJ.J, WIIIJUI/ LHHc c1J UcU ULIIU .l'.Ud/VJa RICHARDS. WATSON & GERSHON ATTORNEYS AT LAW A NAoreamo AL OMSAAnON TM[RvifHTM knoll GLANN A.WATSON POEN O.Mae .MS SOUTH MOVE EME6. RIo1.l1RD NOMM N AOElMaagave MOMS.AATAAM LOS Nam aAUAORNIA e7..TMN Cev41Yq ~low L AEWgN LAS. [YAINaa o NASA&W.M Mena MOUE WNW. OAA lair EM1A.i. _� Ygna.eOUNTUONo [MINIM- wide O.MOW el mamas tem Man 0.mW INN nw+raro ovule[ OA.CLDD.AROPERM.THOROGIN W 1[®NMYI[W.00m • TWO S►YAROAOSRO=VITA Mows ISIMAI.OTMORMAW =ORAL L AISIAN! MUNK MO .NY.AM L LIMNGi OMMA K MAAAIAN B.DREWRYPORN D.WRNS RAN ARANOEOa,01LE01eMM..1A![1 emmouLLEANM •A AaMNM AIIM ' (A.q eAA•a m S OiON MOIL June 24, 1997 snow pAaymn„[ MIR e!!A[!s cMAIL Male le T.PRINORMGaWILLINA W. [Ie1.wlplE.v.eim W SRI M.5MAIOW M « QMO wale W& —^ CARD.W.LYNSN E[WNW A MMa.IvI Of ccue— MAsIi/treAM IW TRNOSwVIMCS A.SLod &A W[J*A K KRA M ER 44 50 =` ". Mama ea [,EN. W[AIA W...= . 0321485 nc WaCISSKI . A0b K NON1EOMlwT OUR RIE NUMBER *Awe we r�oN ravel H.KAUFMe+ i AM 86402-0000 1 W1Y[.OAMA OYjNANa-WIEN WAN JONN..MANNN AYe W.OIMM NANW 6 lNNE Mr. Carlos L. Ortega Executive Director Palm Desert Redevelopment Agency 73-510 Fred Waring Drive Palm Deserts California 92260 • Dear Mr. Ortega: In connection with the proposed issuance of 1997 refunding bonds to refund the Financing Authority's 1992 tax allocation revenue bonds, the Investment Committee of the City Council and Agency Board has been presented with a proposal by Chambers, Dunhill, Rubin & Co. to deposit certain investment securities (federal securities and, if an option is exercised, refunded tax-exempt bonds) in the refunding escrow. You have questioned the legality of the proposed investments. Your question regarding legality for investment breaks down into three areas of concern. The first concern is whether or not the securities proposed for deposit in the escrow are permitted investments under applicable provisions of the Government Code. Both the federal securities and the refunded tax-exempt bonds are permitted investments under the Government Code. The second concern is whether or not the securities proposed for deposit into the escrow are permitted investments under applicable provisions of the indenture which authorized the issuance and provided for the sale and redemption of the 1992 tax allocation revenue bonds. While the federal securities are a permitted investment under the indenture, the refunded tax-exempt bonds are not. Thus, to take advantage of the proposal, the Financing Authority must take steps to amend the indenture. Such an amendment must also be approved by MBIA, the insurer of the 1992 tax allocation revenue bonds. In telephone discussions with JUIJ-db-19Je lb'Ud k1LI4fWS. WHISUN LHg2 213 626 0079 P.03/04 RICHARDS.WATSON A OER"HON Mr. Carlos L. Ortega June 24 , 1997 Page 2 representatives of MSIA regarding such an amendment, we were told that approval of such an amendment by MBIA would be likely. The third concern relates to the federal tax laws regarding arbitrage. As a general rule, under the federal tax laws the yield on escrow investments, based on their arms length fair market value prices, cannot exceed the yield on the 1997 refunding bonds. Under the proposal by Chambers, Dunhill the provider of the federal securities will deposit in the escrow a principal amount of federal securities with a yield that will closely approximate (but not exceed) the yield on the 1997 refunding bonds. The yield on escrow investments which are refunded tax-exempt bonds is not subject to this restriction. The third concern would then be whether or not the price paid for the escrow consisting of federal securities was a fair market price for the federal securities and whether or not the payment of the option premium by the provider of the refunded tax-exempt bonds would be regarded as additional yield with respect to the federal securities escrow investments, and thereby adversely affect the yield on the escrow for federal tax purposes. A determination that the yield on escrow investments subject to yield restrictions exceeds the yield on the 1997 refunding bonds would cause the interest on the 1997 refunding bonds to be taxable. The combination of the flexible contract for the federal securities, subject to a right of the Financing Authority to "put" them back to the provider at their par value, coupled with the sale of a put option on the portfolio of refunded tax-exempt bonds, raises a number of issues related to the fair market value of the escrow investments. In addition, the fees charged by Chambers, Dunhill may reduce yield only to the extent the fees are "reasonable" (including the extent to which they are allocated to the federal securities rather than the refunded tax-exempt .bonds) . It has been proposed that the firm of Fulbright & Jaworski (which is acting as counsel to the underwriter in connection with the 1997 refunding bonds) provide certain opinions (as counsel to Chambers, Dunhill) to the effect that the receipt of the option premium will not adversely affect the yield restrictions on the escrow investments. Our firm, in reliance on the Fulbright & Jaworski opinion, would provide an opinion that interest on the 1997 refunding bonds is tax-exempt. The actual tax exemption of the 1997 refunding bonds would ultimately depend on, among other things, the reasonableness of (i) the chambers, Dunhill fees taken into account in determining the yield on the federal securities, (ii) the price paid by the Financing Authority for the federal securities and (iii) the price paid to the Financing Authority for those same federal securities upon exercise of the "put" by the provider of the refunded tax-exempt bonds. 1 UIJ , iILHA\Lo, WHIJAI LHU. t1S tap U'Uid F.04/04 RICHARDS,WATSON & lRSHON Mr. Carlos L. Ortega June 24, 1997 Page 3 If you have any further questions or comments regarding this matter please don't hesitate to contact me. Very •ly yours, • William L. S -z WLS:alr 0321485 TOTAL P.04 C.M. de Crinis & Co., Inc. Financial Advisors i r,r `9% Jui; LJ F5 2, 1l1 offices: June 23, 1997 Palm Springs Los Angeles Sausalito SENT VIA FACSIMILE TRANSMISSION • Paul S. Gibson Finance Director City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 Dear Paul: We understand that the City has been offered a payment of about $300,000 in -- exchange for granting to a third party the option of substituting "pre-refunded" municipal bonds for other securities in the defeasance escrow of the City's upcoming $80,000,000 refunding bond issue. This is a novel idea, but it raises a number of significant questions for which the answers are not immediately clear. As a service to the City, we have decided to alert you to some of those questions, since it does not appear that a Financial Advisor is representing the City in this transaction. The immediate questions that have occurred us are as follows: f 1. If the City can design an "efficient" defeasance escrow composed of State and Local Government Series ("SLGS") securities, any escrow composed of "open market" securities would be inherently more costly. Would that additional cost be added to the proposed $300,000 payment to the City? Who will analyze or review this? 2. If SLGS are the most efficient securities for the defeasance escrow, why would it be proposed that open market securities be used? Treasury regulations may in fact require that SLGS be used. 3, Would the proposed $300,000 payment be considered part of the defeasance 121 so. escrow for tax purposes? If so, would such a payment artificially increase the Pal s�a Canyon Dr. escrow's yield to maturity? If so, then what would be the net economic benefit to Palm Springs the Cityfor undertakingthe security-substitution transaction? N California y � U 92262 TEL 619.864.6800 4. Does the underwriter propose to treat the $300,000 payment to the City as part FEmail- AX 61e.801.6601 ' of the debt service savings to be realized by the City at the conclusion of the u'"°C e°L°'m • % • refunding bond transaction? If so, would there otherwise have been sufficient L.A.Office savings from the reduction in interest rates to justify going forward with the TEL 213.683A730 t refunding bond transaction? pA, FAX 213 683 0226 y .:I 01. SE.VAA l0 i+4�fflCe 'sIt`TEL 416.33e 6644 .-i,FAX416.339894S .`t xz JMBCMDCcJeCI.NOM ,. c}? "Serving Local Government Slnce1999" 5. Would the City's decision to purchase an escrow composed of open market securities, in a situation where SLGS securities would have produced an efficient escrow, be subject to review by the Internal Revenue Service or other regulatory entity? If so, could such a review potentially have negative consequences for the City or for the tax exempt status of the refunding bonds? 6. Have any other public entities engaged in similar transactions? 7. If the City chose to go forward with the proposed transaction, what safeguards would be in place to ensure that: a. the replacement securities are, indeed, properly refunded municipal bonds, b. the cash flow provided by the replacement securities will indeed be sufficient to fulfill the cash flow requirements of the City's bonds, c. the cash flow provided by the replacement securities will be received by the City's trustee or paying agent in time to make the required payments on the City's refunded bonds, or d. any failure in the chain of events necessary to fully replace securities would not alter the tax exempt status of the City's defeasance escrow? We hope this information is useful in your evaluation of the proposed transaction. We would be happy to discuss these issues with you in greater detail at your convenience. It would be unfortunate if the City decided to undertake the transaction, only to find that the increased cost of purchasing an open market escrow outweighed the benefit of the $300,000 payment. If you would like us to review any other aspects of this proposed refunding, such as the escrow sizing assumptions, savings analysis, bond marketing plan, underwriting spread or other matters, please let me know. Given the size of this refunding and the interest cost, our services would be highly cost effective. Each basis point (1/100th of 1%) is equal to $8,000 per year in interest cost on an $80 million bond issue. In refundings, this sensitivity to interest cost is very high due to the fact that $80 million may be borrowed and $70 million invested. Sincerely, j C.M. de Crinis & Co., Inc. I Oa/ ott Curt M. de Crinis Cary A. P. el President lJ Vice Pres' ent /gi Veronica Abarca AGENDA INVESTMENT & FINANCE COMMITTEE WEDNESDAY, JUNE 18, 1997 — 11:00 A.M. NORTH WING CONFERENCE ROOM ****************************************************************************** CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES Rec: Approve the Minutes of May 21, 1997, 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 giving 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 Investment &Finance Committee's discretion, these comments may be deferred until such time on the agenda, as the item is discussed. Remarks 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 f'dr Section 4 Rec: Report of subcommittee review of United Properties.�' Action: B. Alden Capital-Kinsel. O'neal. Newcomb & De Dios Markets Rec: Status Report on refunding bonds. Action: PALM DESERT REDEVELOPMENT A CY COMBINED STATEMENT OF ACTUAL REVENUES&EXPENDITURES COMPARED TO BUDGET MAY 31,1997 RDA RDA %of (FAV)UNFAV Budget YTD Budget Actual YTD Budget Variance REVENUES 7 Tax increment' 30,589,300.00 29,327,826.00 23,644,282.82 80.62% 5,683,543.18 1 Interest 1,964,000.00 1,800,333.33 4,241,434.60 235.59% (2,441,101.27) 2 Sales of Property 0.00 0.00 4,295,726.00 100.00% (4,295,726.00) 3 Reimbursement From Other Agencies 658,000.00 603,166.67 857,089.73 142.10% (253,923.06) Other Revenue 304,000.00 278,666.67 120,781.52 43.34% 157,885.15 TOTAL REVENUES 33,515,300.00 32,009,992.67 33,159,314.67 103.59% (1,149,322.00) FAV(UNFAV) EXPENDITURES Variance Administrative Costs 733,400.00 672,283.33 604,976.68 89.99% 67,306.65 Professional Services 3,049,892.00 2,795,734.33 1,037,425.64 37.11% 1,758,308.69 Property Tax Administrative Fee 559,000.00 512,416.67 428,360.00 83.60% 84,056.67 2 Cost of Inventory Sold 0.00 0.00 3,650,000.00 100.00% (3,650,000.00) Capital Outlay Deep Canyon Rd&Hwy 111 1,232,481.00 1,122,951.00 813,623.98 72.45% 309,327.02 El Paseo/Highway 74 7,719.00 7,073.00 0.00 0.00% 7,073.00 Super Block III-Landscaping 60,000.00 54,550.00 0.00 0.00% 54,550.00 Storm Channel 292,787.00 278,709.00 306,546.59 109.99% (27,837.59) Full Cell Project 100,000.00 85,716.00 41,812.34 48.78% 43,903.66 Desert Crossing Public Improv. 90,409.00 82,874.00 45,347.49 54.72% 37,526.51 Library 309,254.00 281,186.00 5,333.54 1.90% 275,852.46 Golf Course-Project Area#1 8,001,478.00 7,274,070.00 0.00 0.00% 7,274,070.00 Cook Street Sports Complex 397,125.00 361,020.00 15,163.86 4.20% 345,856.14 Golf Course-Project Area#2 29,380,147.00 26,992,075.00 13,746,766.67 50.93% 13,245,308.33 Project Area#3 Capital Project 250,000.00 227,270.00 0.00 0.00% 227,270.00 Hovely Street Improvements 50,000.00 50,000.00 12,657.50 0.00% 37,342.50 Land Purchases 0.00 0.00 3,775,838.19 100.00% (3,775,838.19) Housing Subsidies 4 AHA Housing Subsidies 4,315,000.00 3,955,416.67 1,934,785.00 48.91% 2,020,631.67 Desert Rose Subsidies 6,966,000.00 6,385,500.00 2,115,161.46 33.12% 4,270,338.54 Decline in Value on Inventory Held For Resale 0.00 0.00 0.00 0.00% 0.00 Payments to Other Governmental Agencies 7,382,000.00 6,766,833.33 1,978,282.32 29.23% 4,788,551.01 5 Bond Issuance Costs 0.00 0.00 444,776.59 100.00% (444,776.59) 5 Bond Discount 0.00 0.00 293,575.05 100.00% (293,575.05) Interest And Fiscal Charges 10,323,000.00 9,462,750.00 9,593,248.66 101.38% (130,498.66) 6 Principal Payments 2,370,000.00 2,172,500.00 6,285,000.00 289.30% (4,112,500.00) TOTAL EXPENDITURES 75,869,692.00 69,540,928.33 47,128,681.56 67.77% 22,412,246.77 *TAX INCREMENT REVENUE ARE USED TO PAY DEBT SERVICE PAYMENTS. PALM DESERT REDEVELOPMENT AGENCY EXPLANATION OF VARIANCES 1. DUE TO THE HIRING OF AN INVESTMENT MANAGER AND NEW INVESTMENT PRACTICES. 2. UNANTICIPATED SALES OF LOTS AT DESERT ROSE. PROJECT WAS TAKEN OVER AFTER THE ANNUAL BUDGET WAS FINALIZED. 3. DUE TO THE TRANSFER OF THE AHMANSON DDIA TRUST TO COVER PARKING THAT IS NO LONGER AN OBLIGATION. 4. PAYMENTS ARE BEING HELD UNTIL AUDIT FINDINGS ARE RESOLVED. 5. UNANTICIPATED ISSUANCES OF NEW BOND FOR DESERT ROSE PROJECT. 6. UNANTICIPATED BOND CALLS FOR DESERT ROSE BONDS. 7. LOW/MOD 20% SET ASIDE HAS NOT BEEN RECORDED. City Of Palm Desert Desert Willows Golf Course Budget Vs.Actual For the Month of May 1997 May-97 May-97 $Variance %Var YID YTD $Variance %Var Revenue Budgeted Actual Current Current Budget Actual YTD YTD Golf Course Fee $227,693 $135,098 ($92,595) 59.33% $1,038,459 $877,030 ($161,429) 84.45% Cart Fee $1,960 $2,100 $140 107.14% $6,720 $5,360 ($1,360) 79.76% Pro Shop $37,880 $22,638 ($15,242) 59.76% $137,800 $104,020 ($33,780) 75.49% Range $5,700 $5,391 ($309) 94.58% $20,751 $13,720 ($7,031) 66.12% Food&Beverages $22,800 $15,574 ($7,226) 68.31% $67,951 $59,959 ($7,992) 88.24% Other Revenue $100 $0 ($100) 0.00% $300 $1,151 $851 383.67% Total $296,133 $180,801 ($115,332) 61.05% $1,271,980 $1,061,240 ($210,740) 83.43% Expenditures Salaries and Benefits $105,581 $105,866 ($285) 100.27% $369,544 $371,967 ($2,423) 100.66% Golf Course Maintenance $31,866 $39,618 ($7,752) 124.33% $86,575 $132,181 ($45,606) 152.68% Cart Expenses $9,208 $9,154 $54 99.41% $24,971 $25,684 ($713) 102.86% Pro Shop Expenses $1,490 $5,434 ($3,944) 364.70% $4,520 $13,997 ($9,477) 309.67% Pro Golf Shop Cost of Goods Sold $21,888 $15,554 $6,334 71.06% $79,680 $55,798 $23,882 70.03% Range Expenses $100 $0 $100 0.00% $350 $280 $70 80.00% Food&Bev.Expenses $1,070 $2,514 ($1,444) 234.95% $4,122 $7,260 ($3,138) 176.13% Food&Bev.Cost of Goods Sold $8,835 $7,919 $916 89.63% $26,895 $26,998 ($103) 100.38% " General&Administration Expenses $39,496 $120,212 ($80,716) 304.36% $151,334 $194,303 ($42,969) 128.39% Management Fee $12,500 $12,500 $0 100.00% $43,750 $43,750 $0 100.00% Property Taxes $0 $0 $0 0.00% $0 $0 $0 0.00% Interest Expense $0 $0 $0 0.00% $0 $0 $0 0.00% Capital Expenses $0 $0 $0 0.00% $0 $0 $0 0.00% Total $232,034 $318,771 ($86,737) 137.38% $791,741 $872,218 ($80,477) 110.16% Net Profit(Loss) $64,099 ($137,970) $480,239 $189,022 l" Month total includes depreciation expense of$77,129 that was not budgeted. 1 City Of Palm Desert Desert Willows Golf Course Month Income Statement Budgeted&Actual Fiscal Year 1996-1997 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Total Revenue Actual Actual Actual Actual Actual Actual Golf Course Fee $143,439 $371,594 $226,899 $135,098 $0 $877,030 Cart Fee $900 $200 $2,160 $2,100 $0 $5,360 Pro Shop $14,154 $30,780 $36,448 $22,638 $0 $104,020 Range $741 $876 $6,712 $5,391 $0 $13,720 Food&Beverages $7,648 $21,857 $14,880 $15,574 $0 $59,959 Other Revenue $4,165 ($3,800) $786 $0 $0 $1,151 Total $171,047 $421,507 $287,885 $180,801 $0 $1,061,240 Expenditures Salaries and Benefits $49,687 $114,644 $101,770 $105,866 $0 $371,967 Golf Course Maintenance $10,827 $34,624 $47,112 $39,618 $0 $132,181 Cart Expenses $351 $7,121 $9,058 $9,154 $0 $25,684 Pro Shop Expenses $2,091 $1,304 $5,168 $5,434 $0 $13,997 Pro Golf Shop Cost of Goods Sold $7,820 $17,107 $15,317 $15,554 $0 $55,798 Range Expenses $0 $0 $280 $0 $0 $280 Food&Bev.Expenses $912 $2,192 $1,642 $2,514 $0 $7,260 Food&Bev.Cost of Goods Sold $4,049 $7,572 $7,458 $7,919 $0 $26,998 General&Administration Expenses $9,477 $26,202 $38,412 $120,212 $0 $194,303 Management Fee $6,250 $12,500 $12,500 $12,500 $0 $43,750 Property Taxes $0 $0 $0 $0 $0 $0 Interest Expense $0 $0 $0 $0 $0 $0 Capital Expenses $0 $0 $0 $0 $0 $0 Total $91,464 $223,266 $238,717 $318,771 $0 $872,218 Net Profit(Loss) $79,583 $198,241 $49,168 ($137,970) $0 $189,022 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Total Revenue Budgeted Budgeted Budgeted Budgeted Budgeted Budgeted Golf Course Fee $132,125 $355,357 $323,284 $227,693 $114,462 $1,152,921 Cart Fee $720 $2,080 $1,960 $1,960 $1,200 $7,920 Pro Shop $15,100 $43,580 $41,240 $37,880 $25,360 $163,160 Range $2,313 $6,513 $6,225 $5,700 $3,869 $24,619 Food&Beverages $6,938 $19,538 $18,675 $22,800 $15,475 $83,426 Other Revenue $0 $100 $100 $100 $100 $400 Total $157,196 $427,167 $391,484 $296,133 $160,466 $1,432,446 Expenditures Salaries and Benefits $52,877 $106,992 $104,094 $105,581 $101,633 $471,177 Golf Course Maintenance $10,827 $18,016 $25,866 $31,866 $51,616 $138,191 Cart Expenses $351 $6,204 $9,208 $9,208 $9,208 $34,179 Pro Shop Expenses $0 $1,540 $1,490 $1,490 $1,140 $5,660 Pro Golf Shop Cost of Goods Sold $8,880 $25,008 $23,904 $21,888 $14,856 $94,536 Range Expenses $50 $100 $100 $100 $250 $600 Food&Bev.Expenses $912 $1,070 $1,070 $1,070 $3,220 $7,342 Food&Bev.Cost of Goods Sold $2,775 $7,815 $7,470 $8,835 $5,997 $32,892 General&Administration Expenses $13,364 $52,010 $46,464 $39,496 $31,997 $183,331 Management Fee $6,250 $12,500 $12,500 $12,500 $12,500 $56,250 Property Taxes $0 $0 $0 $0 $0 $0 Interest Expense $0 $0 $0 $0 $0 $0 Capital Expenses $0 $0 $0 $0 $0 $0 Total $96,286 $231,255 $232,166 $232,034 $232,417 $1,024,158 Net Profit(Loss) S60,910 $195,912 $159,318 S64,099 ($71,951) S408,288 Note:Budget figures have changed since last report. Change was due to unrecognized taxes on lease. • - - -- , P. | lIIco ,a „� 7 ▪ ce /$ ! .45 al $#kf sg8 cr §\k( / a @$ cn | CK co „ -+. § # w/0 §f05 a.k / § « e « co k� k E \ | ) / o $ k § ■ (\ \ // §}77§ \ ® aj ▪ j! K (!! ! ! • ! s , 212 !! \k7) } ore &$ , n@ $ 2422 !$ )ai [ !k K!2 { ! aQ # 5C, E!) a rt k z , - ! ! !!w ! co 1-4 Heiiiiiiiiiiiiiiiiiiiiik ,:-.-, - g - (1;414:111.1 re H re A a c rn G e y 0th ! i DPI WI ,• ta �/ w 1 d ti F. s:1 a.. < C O E. it u d `< 'd a p G ,b o 0 m 7 O v w N � t • ss . wx e_ °". c m 0 J N fA N V O e � t`I c p` N W i-, V a fT .. a 1Mt :C N M N •n' Ll La 00 in I•Q CO O it 00 fro y 44ggggg = � � � � u � fo : \p N I-I0 yy ro ° C gg 7, w - in 1-0 w ' fffi N fT 'O "I v1 .~-+ C am", I,'f: 4 : WR Ch $ EL. COg fR. C. i.r RW 171 o ~ a �O a 00 �" "`a - — - -. iw:: - - ice' is a fecc: Nwon a N 2 rP 0 r ,l'iri a' .ii:Minigialliiiiiiiiiiiiilical Iv o K O r) tr1 FIT (n � - Fes: 4 m •* N \ - a w 0 pe ai 4 0 AGENDA- INVESTMENT & FINANCE COMMITTEE MAY 21, 1997 ****************************************************************************** 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 investment activity during the month of May. Review status of capital projects and cash flow projections. Action: B. Review Short Term Investments Maturing.in June 1997 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds and notes; and, 3) Agencies discount notes. Action: C. State of California Local Agency Investment Fund Monthly Report Rec: Informational item for the Committee to review. No action required. D. Monthly Financial Report for City Council Rec: Report and submit to City Council. Action: , E. Parkview Professional Office Buildings - Financial Itenorts Rec: Review of 5/31/97 financial statements. Action: AGENDA-INVESTMENT & FINANCE COMMITTEE MAY 21, 1997 F. Desert Willow Golf Resort Financial Information for May Rec: Review and submit to City Council. Action: VII. REPORTS AND REMARKS A. Reports and Remarks by any Committee Member B. Items to be placed on the Next Agenda VIII. NEXT MEETING DATE Next regularly scheduled meeting is Jjuuly 1 7, 1997 Eft 1110 m 1, IX. ADJOURNMENT r__ ' t 1Vlinut e s "91/ • Si , Finance Committee CONVENE On May 21, 1997, the Investment & Finance Committee was called to order at 11:05 a.m. by Mr. Gibson. ROLL CALL Dave Erwin, Murray Magloff, Bill Veazie, Paul Gibson, Jean Ruth, John Wohlmuth, Dennis Coleman, Agnes Flor, Veronica Abarca. APPROVAL OF MINUTES Upon motion by Mr. Magloff and seconded by Mr. Veazie, Minutes of the April 9, 1997 meeting were APPROVED as submitted. The motion was carried unanimously. ORAL COMMUNICATION Council Members, Richard Kelly and Jean Benson not attending meeting. Both are out of town representing the City at the International Conference of Shopping Centers (ICSC) in Las Vegas. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks for Section 4. Mr. Wohlmuth stated that after being away for two weeks he found out that the background checks had been completed regarding the hotel units in section four for United Properties Limited, United Properties, Inc. and Infra North and should be in office by the end of this week. The next step is to review the background checks and submit recommendation to Council meanwhile remaining confidentiality to the private companies. B. Alden Capital - Kinsel. O'neal. Newcomb & De Dios Markets Mr. Coleman reported that the RDA would like to do a partial refunding of the 1992 bond issue, approximately $75 - $80 million in order to have money/debt savings. The bonds are being considered for refunding for two reasons. First, to save money in terms of debt savings. The second Minutes Finance Committee reason is because from 1992 to 1995 bonds were issued imparity which basically means that insurance coverage for • debt service bonds needs to be at�115% of the debt service, so for every $100 of debt service there needs to be 115% of coverage. In 1995 RDA issued escrow bonds, which were a larger size bond in anticipation of the revenue flow growing to meet the debt service of the funds in escrow. The amount of money in escrow currently is $15 million, of that $14.3 million is the projects which are outstanding, the rest being distributed to the reserve fund to give the additional coverage for debt service. The anticipated growth has not been met. Like many cities and major government agencies, we are experiencing the effects of property tax appeals. Most RDA's in the state are losing revenues. We have not been losing, but our revenue is slow. By doing the refunding we have an opportunity to restructure debt service and lower the maximum annual debt service. The bonds issued in 1992 are not on a semi annual payment basis like most bonds, therefore allowing for a fluctuating annual debt service rate between $7.3 million and $7.9 million compared to a steady 7.6 million. The 1995 bond issue was set up as a term bond such that if the required costs were not met they could be called at par with no premium, then debt service would be met. The problem being that in the year 2007 the principle jumps to $380,000, combined the maximum annual debt service is about $9.7 million. By doing the bond issue we are able to lower the debt service since we are restructuring the third bond issue to work with what is left with the other two, such that they can be leveled off. Afterrevisiting the numbers, RDA finds that they can level the debt service to $9.2 million which still raises the level of coverage from $104 million to $113 million. RDA would like to extend the term from a two to a five year period to attain the 115% coverage. The present value savings will drop dramatically, however we will still have future value savings. If we keep the 115% coverage, we will get $14 million released for upcoming projects. If we keep it at term we will not have as much money, so that is the reason for going after this bond issue. The preliminary documents will be reviewed by Council, as the Financing Authority, to permit proceeding with the bond issue. 2 Minutes Finance Committee The RDA has entered into stipulation with the Western • Center of Law and the California Rural Legal Association in regards to project area number two. This stipulation necessitates the RDA to provide housing for low to moderate income individuals, previously scheduled for completion by 1995. We have not yet met that schedule. In order to proceed with the bond issue these two agencies will need to be contacted. Carlos Ortega, Executive Director and Terry LaRocha Housing Programs Coordinator have met with the legal counsel (Bill Straus of Richard, Waton and Grushan) for the RDA in this matter who previously met with Johnathan Grayworth, attorney for the Western Center, Eileen McCarthy, representing the CRLA who went over the numbers and where the RDA currently is in relation to the stipulation. RDA has drafted final terms and hope to achieve completion of the requirements. There have been added conditions to the original documents including moving the completion date to 2003 and adjusting the low/moderate income rate. The Western Center will review next Friday and hope to have the bond issuance on the agenda in June to take it to Council and then have it judged on in court to proceed. RDA is confident this action will be received positively. RDA hopes to be pricing bonds in mid-June and will close toward the end of June. Mr. Veazie thanked Mr. Coleman for his in depth explanation of the necessity to reissue bonds. He reiterated that in order to reduce cash flow, the debt must be extended on bonds. Mr. Magloff questioned as to how the City would be impacted by the bond re-issuance. Mr. Gibson stated that the City would not be impacted by this transaction since the RDA receives 95% of the property tax. Mr. Coleman stated that project areas are still increasing their revenue, however . years before they were much higher. Mr. Coleman then reviewed the various projects throughout the City which the • RDA has been able to improve. RDA currently has approximately $170 million in debt. Without debt on the books, the RDA is unable to receive property tax allocations. Future debt is difficult to project. 3 Minutes Finance Committee Mr. Veazie stated that RDA was created for a very good cause and have really benefitted the City. • NEW BUSINESS A. City and Redevelopment Agency Investment Schedule Ms. Ruth informed the Committee that both RDA and City charts indicate an unrealized loss, that are the result of interest rates rising which made everything the City is holding of lesser value (market value to book value) and has been noted on the charts. All instruments which do show a loss will be held until maturity or until the market changes to become profitable. There will not be an actual loss to the City/RDA. From March to April the loss has decreased. Receive and file Report. B. Review Short Term Investments Maturing in June 1997 The only investments maturing in June are with the RDA and are tied to reserve funds with various bonds and will have to be adjusted based on requirements of the bonds and their projects. Receive and file Report. C. State of California Local Agency Investment Fund Monthly Resort Mr. Gibson noted that the report is enclosed in Committee's agenda package. Mr. Magloff asked for the total balance in LAIF. Mr. Gibson responded that the City has $15.8 million and RDA has $10.5 million. Mr. Magloff then asked if the City could draw from that account daily and at what interest rate. Ms. Ruth replied that • yes LAIF is the "pot to draw from" for immediate cash, at a 5.6% rate. Mr. Gibson reminded the committee that there would be a sweep account with Union Bank Services which would pay at a higher rate than the current banking services. Receive and file report. • 4 Minutes Finance Committee D. Monthly Financial Report for City Council • Mr. Gibson stated that revenues afire up over budget. Mr. Wohlmuth asked what the $2.7 million appropriation for Public Works was from. Mr. Gibson stated that it was a carryover from last fiscal year for the management of the 1-10 Interchange. Mr. Gibson reminded the committee that Mr. Kelly had requested that staff separate the original budget and the appropriations which have occurred since then so we could show a balanced budget prior to appropriations. The RDA also have the adjustments regarding original budget and appropriations. Mr. Coleman stated that when they originally reviewed the statements, the interest had inadvertently been double counted. Receive and file Report E. Parkview Professional Office Buildings - 3/31/97 Financial Reports Mr. Gibson stated that in this statement the overall cash shows a decrease because the RDA is prohibited from transferring cash to the City, only assets. We have received an extended lease from Golf Dimensions. The State of California have notified management that they would like to add gated parking spaces for security purposes, which would not affect the City. Receive and file Report. F. Audit Services Mr. Gibson reported that after much consideration as well as interviews, the Audit Committee selected Oscar G. Armijo/Diehl, Evans & Co. A joint venture to conduct the annual audit for FY 1996/1997 which could potentially be extended up to 5 years. The City will be assigned a new audit team to conduct the auditing. City Council approved the selection at the May 8, 1997 meeting. • Minutes Finance Committee Report received and file. 0_, Assessment District Formation l Ms. Flor, Finance Operations Manager, informed the Committee that staff will be requesting Century Homes to deliver more information to the City regarding their request to form an assessment district, including a ratio of lien to value of home for analysis and review by the City. Mr. Magloff questioned the review of the ratio and what the percentage of lien to value would be. Mr. Gibson stated that one has not been implemented but would be established with this new consideration for formation. Ms. Flor stated that Counsel has provided staff with the current City policy, however staff would like to incorporate the proposed policy, fine tune the current policy and provide it to Council in the near future for approval. Receive and file Report. iL McCallum Theatre Financial Statements Mr. Gibson informed the committee the financial statements for the McCallum Theatre for April 30, 1997 were in the packet and show a net loss up through March of$366,000. Mr. Magloff wanted to know if the McCallum Theatre was complying with the regulations of keeping proper records. Mr. Gibson stated that they have made modifications based on the audit recommendations on their books. Theatre expenses are considerably higher then revenues, which requires more contributions to the theatre. Mr. Gibson stated that he would . ask Jean Benson to bring more information to the upcoming meeting in June. Mr. Veazie stated that the theatre needed to control costs which seem out of line. Mr. Gibson reminded Mr. Veazie that the report conducted for the McCallum Theatre allowed for five years for improvement. 6 Minutes Finance Committee Mr. Veazie questioned the high costs. Mr. Gibson responded that unfortunately the bulk of the cost is due to the cost of the performers, which is dictated by the market and not anything they can control other than selection of performers. Mr. Magloff questioned what the City of Palm Desert has given to the theatre. Mr. Gibson stated that $300,000 has been given to the theatre, in addition to a $550,000 ten year loan which is not secured. Receive and file Report. I. Desert Willow Golf Resort Financial Information for April. Mr. Gibson stated that the financial statements for Desert Willows for April 30, 1997 were included in the packet. Noting that during the summer months revenues will go down while expenditures will increase. Receive and file Report. NEXT MEETING DATE The next Investment & Finance Committee meeting will be held Wednesday, June 18, 1997 at 11:00 a.m. ADJOURNMENT The Investment & Finance Committee adjourned at 12:13 p.m. on a motion by Mr. Magloff and seconded by Mr. Veazie. Respectfully submitted, VERONICA ABARCA RECORDING SECRETARY • 06/11/1997 City of Palm Desert PM - 1 PORTFOLIO MASTER SUMMARY CITY MAY 31, 1997 ACCRUAL AVERAGE ---YIELD TO MATuuRITY--- PERCENT OF AVERAGE DAYS TO 360 365 INVESTMENTS 800R VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT Fidelity Treasury Pool $ 4,690,851.00 5.53 1 5.237 5.310 Local Agency Investment Funds $ 19,997,483.26 23.56 1 1 5.484 5.560 Federal Agency Issues - Coupon $ 15,026,554.16 17.70 1,124 870 6.170 6.255 Treasury Securities - Coupon $ 26,166,096.63 30.83 753 432 5.993 6.076 City Loan to RDA $ 19,000,000.00 22.38 2,192 1,491 5.462 5.538 TOTAL INVESTMENTSand AVERAGES $ 84,880,987.05 100.00% 922 621 5.744% 5.823% CASE Passbook/Checking - No Yield Totals $ 2,509,903.01 1.415 1.434 (not included in yield calculations) Accrued Interest at Purchase $ 16,449.81 TOTAL CASK and PURCHASE INTEREST $ 2,526,352.82 TOTAL CASE and INVESTMENTS - $ 87,407,339.87 MONTE ENDING FISCAL TOTAL EARNINGS MAY 31 YEAR TO DATE Current Year 3 423,704.11 i 4,386,273.21 AVERAGE DAILY BALANCE $ 90,192,240.66 $ 83,523,999.08 EFFECTIVE RATE OF RETURN 5.53% 5.72% The investment portfolio of the City of Palm Desert complies with its Investment Paul S. Gibson Policy and the California Government Code sections pertaining to the investment Treasurer of local agency funds. Pending any future actions by the City Council or any unforeseen catastrophy the City has an adequate cash flow to meet its expenditure requirements for the next six months. The month-end market values DATE were obtained from First Trust and IDC Datafead pricing service. 1 06/11/1997 City of Palm Desert PM - 2 INVESTMENT POR2T0LIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- ITN --- MATURITY DAYS NUMBER ISSUER BALANCE DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 12004 Fidelity Institutional Cash 0.00 0.00 0.00 5.220 5.148 5.220 1 12005 Fidelity Institutional Cash 51.00 51.00 51.00 5.220 5.148 5.220 1 12006 R Fidelity Institutional Cash 239,824.00 239,824.00 239,824.0C 5.310 5.227 5.310 1 12007 Fidelity Institutional Cash 11,266.00 11,266.00 11,265.00 5.310 5.227 5.310 1 12009 I Fidelity Institutional Cash 34,698.00 34,698.00 34,698.00 5.310 5.227 5.310 1 12010 R Fidelity Institutional Cash 129,788.00 129,788.00 129,788.00 5.310 5.237 5.310 1 12011 Fidelity Institutional Cash -- 0.00 0.00 0.00 5.140 5.070 5.140 1 12012 I Fidelity Institutional Cash 396,492.00 396,492.00 396,492.00 5.310 5.237 5.310 1 12013 R Fidelity Institutional Cash 129,470.00 129,470.00 129,470.00 5.310 5.227 5.310 1 12015 Fidelity Institutional Cash 347.00 347.00 347.00 5.310 5.237 5.310 1 12016 I Fidelity Institutional Cash 721,202.00 721,202.00 721,202.00 5.310 5.237 5.310 1 12018 R Fidelity Institutional Cash 711,275.00 711,275.00 711,275.00 5.310 5.227 5.310 1 12019 Fidelity Institutional Cash 24,217.00 24,217.00 24,217.00 5.310 5.237 5.310 1 12020 I Fidelity Institutional Cash 7,113.00 7,113.00 7,113.00 5.310 5.237 5.310 1 12021 Fidelity Institutional Cash 19.00 19.00 19.00 5.220 5.148 5.220 1 12022 R Fidelity Institutional Cash 3,940.00 3,940.00 3,940.00 5.310 5.237 5.310 1 12023 Fidelity Institutional Cash -0.00 0.00 0.00 5.310 5.237 5.310 1 12024 Fidelity Institutional Cash 4.00 4.00 4.00 5.210 5.139 5.210 1 12025 R Fidelity Institutional Cash 460,523.00 460,523.00 460,523.00 5.310 5.237 5.310 1 12027 R Fidelity Institutional Cash 62,265.00 62,265.00 62,265.00 5.310 5.237 5.310 1 12028 R Fidelity Institutional Cash 158,387.00 158,387.00 158,387.00 5.310 5.237 5.310 1 12031 Fidelity Institutional Cash 46.00 46.00 46.00 5.310 5.237 5.310 1 12032 Fidelity Institutional Cash 0.00 0.00 0.00 5.310 5.237 5.310 1 12033 Fidelity Institutional Cash 0.00 0.00 0.00 5.210 5.139 5.210 1 12034 Fidelity Institutional Cash 8.00 8.00 8.00 5.220 5.148 5.220 1 12035 Fidelity Institutional Cash 110.00 110.00 110.00 5.310 5.237 5.310 1 12036 Fidelity Institutional Cash 40.00 40.00 40.00 5.310 5.237 5.310 1 12037 Fidelity Institutional Cash 29.00 29.00 29.00 5.220 5.148 5.220 1 12039 Fidelity Institutional Cash 0.00 0.00 0.00 5.220 5.148 5.220 1 12042 I Fidelity Institutional Cash 1,249,555.00 1,249,555.00 1,249,555.00 5.310 5.237 5.310 1 12043 Fidelity Institutional Cash 82,119.00 82,119.00 82,119.00 5.310 5.237 5.310 1 12043 R Fidelity Institutional Cash 164,526.00 164,526.00 164,526.00 5.310 5.237 5.310 1 12044 Fidelity Institutional Cash 0.00 0.00 0.00 5.150 5.079 5.150 1 12045 Fidelity Institutional Cash 186.00 186.00 186.00 5.310 5.237 5.310 1 12046 Fidelity Institutional Cash 31,444.00 31,444.00 31,444.00 5.310 5.237 5.310 1 12049 Fidelity Institutional Cash 71,907.00 71,907.00 71,907.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 4,690,836.03 4,690,851.00 4,690,851.00 4,690,851.00 5.237 5.310 1 MANAGED POOL ACCOUNTS 12040 Pacific Horizon Treasury Fu 0.00 0.00 0.00 4.900 4.833 4.900 1 12041 Pacific Horizon Treasury Fu 0.00 0.00 0.00 4.800 4.734 4.800 1 SUBTOTALS and AVERAGES 0.00 0.00 0.00 0.00 0.000 0.000 0 2 06/11/1997 City of Palm Desert PN - 3 INVESTl03NT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT LorAL AGENCY INVESTMENT FUNDS 12000 Local Agency Investment Fun 19,997,483.26 19,997,483.26 19,997,483.26 5.560 5.4E4 5.560 1 AVERAGES 18,470,386.49 COM4ERCIAL PAPER - DISCOUNT AVERAGES 2,255,702.32 FEDERAL AGENCY ISSUES - COUPON 14010 Federal Farm Credit Bank 02/25/97 2,000,763.89 2,000,000.00 1,988,750.00 6.510 6.473 6.563 02/07/00 961 14005 I Federal Home Loan Hank 12/12/95 1,018,554.73 1,000,000.00 991,875.00 6.285 5.608 5.686 07/28/00 1,153 14007 Federal Home Loan Bank 10/24/96 3,989,471.15 4,000,000.00 3,973,750.00 5.820 6.019 6.102 11/02/98 519 14011 Federal Home Loan Bank 03/26/97 1,800,000.00 1,800,000.00 1,797,642.00 6.31C 6.310 6.398 03/26/99 663 14008 R FED HOME LOAN MORTGAGE CORP 01/09/97 499,053.82 500,000.00 496,875.00 6.855 6.920 7.026 01/09/02 1,683 14009 FED HOME LOAN MORTGAGE CORD 01/09/97 1,958,600.56 2,000,000.00 1,987,500.00 6.855 6.920 7.026 01/09/02 1,683 14001 I Federal National Mortgage A 12/12/95 1,000,942.62 1,000,000.00 1,000,625.00 5.650 5.3E5 5.461 10/20/97 141 14002 I Federal National Mortgage A 12/12/95 1,054,290.57 1,000,000.00 1,040,937.50 8.450 5.877 5.958 07/12/99 771 14004 1 Federal National Mortgage A 12/12/95 1,085,860.08 1,000,000.00 1,066,562.50 9.050 5.620 5.699 04/10/00 1,044 14012 Federal National Mortgage A 03/21/97 578,936.74 580,000.00 579,275.00 6.240 6.350 6.438 03/19/99 656 SUBTOTALS and AVERAGES 15,028,352.36 15,026,554.16 14,923,792.00 14,880,000.00 6.170 6.255 870 TREASURY SECURITIES - COUPON 16005 United States Treasury 12/12/95 291,461.20 291,000.00 291,181.86 6.000 5.246 5.319 08/31/97 91 16006 R United States Treasury 12/12/95 486,997.13 484,000.00 482,487.50 5.875 5.241 5.314 08/15/98 440 16007 I United states Treasury 12/12/95 1,022,327.94 1,000,000.00 1,001,250.00 6.375 5.338 5.413 01/15/00 958 16008 R United States Treasury 12/12/95 468,273.28 445,000.00 660,435.94 8.000 5.279 5.352 08/15/99 805 16009 I United States Treasury 12/12/95 1,020,921.05 1,000,000.00 1,017,187.50 7.875 5.212 5.284 04/15/98 318 16010 I United States Treasury 12/12/95 1,022,322.98 1,000,000.00 1,013,750.00 7.125 5.272 5.345 10/15/98 501 16034 United States Treasury 05/31/96 1,999,072.55 2,000,000.00 1,998,750.00 6.000 5.967 6.050 05/31/98 364 16035 United States Treasury 05/31/96 1,984,431.05 2,000,000.00 1,986,250.00 5.125 6.041 6.125 03/31/98 303 16036 United States Treasury 06/26/96 2,984,399.04 3,000,000.00 2,990,625.00 5.875 6.252 6.338 08/15/98 440 16037 United States Treasury 06/26/96 2,947,533.56 3,000,000.00 2,954,062.50 5.125 6.314 6.402 11/30/98 547 16038 United States Treasury 06/26/96 1,992,808.91 2,000,000.00 1,994,375.00 5.375 6.052 6.136 11/30/97 182 16039 United States Treasury 06/26/96 1,999,802.06 2,000,000.00 2,001,250.00 6.000 5.950 6.033 08/31/97 91 16042 United States Treasury 09/13/96 1,985,487.80 2,000,000.00 1,986,075.00 5.125 6.068 6.152 02/28/98 272 16045 United States Treasury 09/05/96 1,994,594.83 2,000,000.00 2,000,000.00 6.125 6.270 6.358 08/31/98 456 16046 United States Treasury 03/21/97 1,961,476.29 2,000,000.00 1,958,750.00 5.000 6.124 6.209 02/15/99 624 16047 united States Treasury 05/01/97 2,004,188.96 2,000,000.00 2,003,750.00 6.375 6.171 6.257 04/30/95 698 SUBTOTALS and AVERAGES 26,163,496.30 26,166,098.63 26,140,980.32 26,220,000.00 5.993 6.076 432 3 06/11/1997 City of Palm Desert PM - 4 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- YTM -__ MATURITY DAYS NUMBER ISSUER BALANCE DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CITY LOAN TO RDA 12001 Redevelopment Agency-Loan 07/01/95 19,000,000.00 19,000,000.00 19,000,003.0C 5.536 5.462 5.538 07/01/01 1,491 AVERAGES 19,000,000.00 TOTAL INVESTMENTS and AVG. $ 64,860,987.05 64,753,106.58 85,606,773.50 64,766,334.26 5.744% 5.823% 621 4 06/11/1997 City of Palm Desert PM - 5 IEVESTMENT POW:POLIO DETAILS - CASH CITY MAY 31, 1997 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- T24 --- MATUR_^-Y DAYS NUMBER ISSUER BALANCE DATE BCOP. VALUE PACE VALUE MAIOtET VALUE RATE 360 365 DATE TO MAT PASSBODE/CRECEINO ACCOUNTS 13030 Bank of America - Checking 709,887.74 0.000 0.000 0.000 13002 Hank of America - Savings 1,800,000.00 2.000 :.973 2.000 SUBTOTALS and AVERAGES 4,583,467.16 2,509,903.01 1.415 1.434 Accrued Interest at Purchase 16,449.81 TOTAL CASH $ 2,526,352.82 TOTAL CASH and INVESTMENTS $ 90,192,240.66 87,407,339.87 5 06/11/1997 City of Palm Desert PM - 6 PORTFOLIO MASTER INVESTMENT ACPWITY HY TYPE CITY MAY 1, 1997 - MAY 31, 1997 ACCRUAL STATED TRANSACTION PURCHASES SALES/MATURITIES TYPE INVESTMENT 4 ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE FIDELITY TREASURY POOL (Monthly Summary) 12004 Fidelity Institutional Cash 5.220 12005 Fidelity Institutional Cash 5.220 12006 R Fidelity Institutional Cash 5.310 964.00 12007 Fidelity Institutional Cash 5.310 66.00 12009 I Fidelity Institutional Cash 5.310 143.00 12010 R Fidelity Institutional Cash ' 5.310 595.00 12011 Fidelity Institutional Cash 5.140 12012 I Fidelity Institutional Cash 5.310 1,594.00 12013 R Fidelity Institutional Cash 5.310 521.00 12015 Fidelity Institutional Cash 5.310 57.30 12016 I Fidelity Institutional Cash 5.310 2,899.00 12018 R Fidelity Institutional Cash 5.310 2,859.00 12019 Fidelity Institutional Cash 5.310 97.00 12020 I Fidelity Institutional Cash 5.310 29.00 12021 Fidelity Institutional Cash 5.220 12022.A Fidelity,Institutional Cash- 5.310 15.00 12023 Fidelity Institutional Cash 5.310 89.00 22,020.00 12024 Fidelity Institutional Cash 5.210 12025 R Fidelity Institutional Cash 5.310 1,851.00 12027 R Fidelity Institutional Cash 5.310 258.00 12028 R Fidelity Institutional Cash 5.310 636.00 12031 Fidelity Institutional Cash 5.310 1.00 12032 Fidelity Institutional Cash 5.310 57.00 12033 Fidelity Institutional Cash 5.210 12034 Fidelity Institutional Cash 5.220 12035 Fidelity Institutional Cash 5.310 1.00 12036 Fidelity Institutional Cash 5.310 1.00 12037 Fidelity Institutional Cash 5.220 12039 Fidelity Institutional Cash 5.220 12042 I Fidelity Institutional Cash 5.310 4,731.00 12043 Fidelity Institutional Cash 5.310 307.00 12043 A Fidelity Institutional Cash 5.310 740.00 12044 Fidelity Institutional Cash 5.150 12045 Fidelity Institutional Cash 5.310 1.30 12046 Fidelity Institutional Cash 5.310 127.00 12049 Fidelity Institutional Cash 5.310 22,220.00 SUBTOTALS and ENDING BALANCE 40,782.00 22,077.00 4,690,851.00 6 06/11/1997 city Of Palm Desert FM - 7 PORTFOLIO MASTER INVESTMENT ACTIVITY BY TYPE CITY MAY 1, 1997 - MAY 31, 1997 ACCRUAL STATED TRANSACTION PURCHASES SALES/MATURITIES TYPE INVESTMENT 4 ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE MANAGED POOL ACCOUNTS (Monthly Summery) 12040 Pacific Horizon Treasury Fund 4.900 12041 Pacific Horizon Treasury Fund 4.800 SUBTOTALS and ENDING BALANCE 0.00 0.00 0.00 LOCAL AGENCY INVESTMENT FUNDS (Monthly Summary) 12000 Local Agency Investment Fund 5.560 3,945,000.00 19,997„483.26 PASSBOOK/CHECKING ACCOUNTS (Monthly Summary) 13000 Bank of America - Checking 0.000 2,440,311.00 13002 Bank of America - Savings 2.000 11,808,663.91 11,005,288.92 SUBTOTALS and ENDING BALANCE 11,808,663.91 13,445,599.92 0.00 CASH WITH TRUSTEE -FIRST TRUST (Monthly Summary) 24001 Cash with Trustee 0.000 0.20 24002 Cash with Trustee 0.000 0.03 24003 Cash with Trustee 0.000 0.47 24004 Cash with Trustee 0.000 0.16 24005 Cash with Trustee 0.000 1.54 24006 Cash with Trustee 0.000 0.34 24007 Cash with Trustee 0.000 0.02 24008 Cash with Trustee 0.000 0.53 24009 Cash with Trustee 0.001 1.27 24010 Cash with Trustee 0.000 SUBTOTALS and ENDING BALANCE 0.55 4.01 0.00 COMMERCIAL PAPER - DISCOUNT 20004 City Holding Co. C/P 5.360 05/14/1997 4,994,788.85 05/21/1997 4,994,780.85 20005 General Electric Capital Corp 5.400 05/22/1997 4,994,750.00 05/29/1997 4,994,750.00 SUBTOTALS and ENDING BALANCE 9,989,538.85 9,989,538.85 0.00 7 06/11/1997 City of Palm Desert PM - 8 PORTFOLIO MASTER IRVESTMENT ACTIVITY BY TYPE CITY MAY 1, 1997 - MAY 3:, 1997 ACCRUAL STATED TRANSACTION PURCHASES SALES/MATUPSTIES TYPE INVESTMENT t ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE FEDERAL AGENCY ISSUES - COUPON 15,026,554.16 TREASURY SECURITIES - COUPON 16047 United States Treasury 6.375 05/01/1997 2,004,375.00 2E,166,098.63 CITY LOAN TO RDA 19,000,000.00 TOTALS 27,788,360.31 23,457,219.78 84,880,987.05 8 06/11/1997 PM - 9 city oc Palm Desert CITY INVESTMENT ACTIVITY SUMMARY ACCRUAL MAY 1996 through MAY 1997 YIELD TO MATURITY MANAGED NUMBER OF NUMBER OF AVERAGE MONTE NUMBER OP TOTAL 360 365 POOL SECURITIES SECURITIES AVERAGE DAYS TO END YEAR SECURITIES INVESTED EQUIV EQUIV RATE PURCHASED MATURED/SOLD TERM MATURITY May 96 83 78,549,729.59 5.571 5.648 5.175 7 3 853 663 June 96 87 86,019,131.72 5.665 5.744 5.177 5 1 858 670 July 96 85 84,789,527.15 5.688 5.767 5.138 1 1 870 658 August 96 81 81,992,100.25 5.647 5.725 5.115 0 4 871 657 September 96 84 80,711,229.19 5.708 5.787 5.121 5 3 917 684 October 96 84 79,561,970.04 5.690 5.769 5.150 2 2 928 708 November 96 81 78,701,281.76 5.720 5.799 5.150 1 5 959 726 December 96 78 77,728,658.14 5.712. 5.791 5.259 0 3 950 693 January 97 78 80,692,155.05 5.748 5.827 5.260 2 2 964 701 February 97 77 79,439,341.41 5.734 5.814 5.188 1 2 982 718 March 97 78 81,627,550.19 5.735 5.815 5.210 3 2 950 676 April 97 77 78,911,373.34 5.814 5.895 6.485 0 1 973 673 May 97 78 84,880,987.05 5.744 5.823 5.310 3 2 922 621 AVERAGES 81 $ 81,046,541.14 5.709% 5.785% 5.287% 2 2 923 681 9 06/11/1997 PM - 10 city of Palm Desert CITY DISTRIBUTION OF INVESTMENTS BY TYPE ACCRUAL MAY 1996 through MAY 1997 MONTH TYPES OF INVES0349NTS END YEAR BCD 8CD LA1 LA2 LA5 PA1 PA2 1115 MC CPI COM FAC FAD TRC TRD MD: MC1 May 96 9.6 5.2 0.0 25.3 6.7 3.6 22.7 2.0 0.5 24.2 June 96 2.9 4.4 0.0 20.8 6.1 9.2 32.2 1.8 0.5 22.1 July 96 4.6 0.0 19.6 6.2 12.3 32.7 1.0 0.5 22.4 August 96 7.9 0.0 20.5 6.4 9.7 31.6 0.3 0.5 23.2 September 96 4.9 0.0 19.8 6.5 4.2 40.8 0.3 23.5 October 96 3.4 0.0 20.2 3.1 11.5 1.2 36.3 0.3 23.9 November 96 5.2 0.0 16.6 3.1 14.2 0.5 36.2 24.1 December 96 7.0 15.6 3.2 14.4 35.5 24.4 January 97 7.5 19.1 15.7 34.2 23.6 February 97 9.3 16.6 16.5 31.7 23.9 March 97 6.5 19.4 18.7 32.1 23.3 April 97 5.9 20.3 19.1 30.6 24.1 May 97 5.5 23.6 17.7 30.8 22.4 AVERAGES 1.0% 5.9% 0.0% 19.8% 0.7% 12.4% 3.1% 32.9% 0.5% 0.1% 23.5% BCD - Certificates of Deposit - Bank SCD - Certificates of Deposit - S C L LA1 - Fidelity Treasury Pool LA2 - Managed Pool Accounts LA5 - Local Agency Investment Funds PA1 - Passbook/Checking Accounts PA2 - Cash with Trustee -First Trust MTN - Medium Term Notes BAC - Bankers Acceptances CPI - Commercial Paper - Interest Bearing COM - Commercial Paper - Discount PAC - Federal Agency Issues - Coupon FAD - Federal Agency Issues - Discount TRC - Treasury Securities - Coupon TRD - Treasury Securities - Discount MD1 - Treasury Securities - T-Bills MCI - City Loan to RDA 10 06/11/1997 PM - 11 City of Palm Desert CITY INTEREST EARNINGS SUMMARY ACCRUAL MAY 31, 1997 MONTE ENDING PIBCAL MAY 31, 1997 YEAR TO DATE CD/Coupon/Discount Investments: Interest Collected $ 126,861.15 $ 2,388,452.95 PLUS Accrued Interest at End of Period 2,727,955.53 2,727,955.53 LESS Accrued Interest at Beginning of Period ( 2,543,724.01) ( 1,781,128.00) Interest Earned during Period $ 311,092.67 3,335,280.46 ADJUSTED by Premiums and Discounts 1,533.71 -26,089.25 ADJUSTED by Capital Gains or Losses 0.00 34,665.20 Earnings during Period 312,626.38 $ 3,343,856.39 Mortgage Backed Securities: Interest Collected $ 0.00 $ 0.00 PLUS Accrued Interest at End of Period 0.00 0.00 LESS Accrued.Interest at-Beginning of Period ( 0.00) ( 0.00) Interest Earned during Period $ 0.00 0.0C ADJUSTED by Premiums and Discounts 0.00 0.00 ADJUSTED by Capital Gains or Losses 0.00 0.00 Earnings during Period 0.00 $ 0.00 Cash/Checking Accounts: Interest Collected $ 28,859.25 $ 1,118,592.60 PLUS Accrued Interest at End of Period 466,142.50 466,142.50 LESS Accrued Interest at Beginning of Period ( 383,924.02) ( 540,318.28) Interest Earned during Period $ 111,077.73 $ 1,044,416.82 TOTAL Interest Earned during Period $ 422,170.40 $ 4,379,697.30 TOTAL A3ustmsnte from Premiums and Discounts $ 1,533.71 $ -26,089.29 TOTAL Capital Gains or Losses $ 0.00 $ 34,665.20 TOTAL Earnings during Period $ 423,704.11 $ 4,388,273.21 11 06/11/1997 Assessment District 83-1 PM - 2 INVESTMENT PORE' OLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- rat --- MATURITY DAYS NUMBER ISSUER DATE BCCE VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POD, 12027 R Fidelity Institutional Cash 62,265.00 62,265.00 62,265.00 5.310 5.237 5.310 1 12034 Fidelity Institutional Cash 8.00 8.00 8.00 5.220 5.148 5.220 1 SUBTOTALS and AVERAGES 62,273.00 62,273.00 62,273.00 5.227 5.310 1 TOTAL INVESTMENTS and AVG. $ 62,273.00 62,273.00 62,273.00 5.237% 5.310% 1 12 06/11/1957 A meant District 83-1 PM - 3 INVESTMENT PORTFOLIO DETAILS - CASE CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- Y"-7I --- MATURITY DAYS NUMBER ISSUER DATE BCCE VALUE FACE VALUE MAREET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 24002 Cash with Trustee 0.49 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS 4 62,273.49 13 06/11/1997 1995 Refunding Bonds 84-1-R PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARI= VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 12025 R Fidelity Institutional Cash 460,523.00 460,523.00 460,523.0C 5.310 5.237 5.310 1 12035 Fidelity Institutional Cash 110.00 110.00 110.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 460,633.00 460,633.0C 460,633.00 5.237 5.310 1 TOTAL INVESTMENTS and AVG. $ 460,633.00 460,633.00 460,633.00 5.23711 5.310% 1 14 06/_1/1997 1995 Refunding Bonds 66-1-R PM - 3 IPVESTMSPT POATFOLIO DETAILS - CASE CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE ROOK VALUE PACE VALUE MARKET VALUE PATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 24001 Cash with Trustee 0.69 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS S 460,633.69 15 06/11/1997 AD 87-1 PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOCK VALUE PACE VALUE MARKET VALUE RATE 360 365 CATE TO MAT FIDELITY TREASURY POOL 12028 R Fidelity Institutional Cash 158,387.00 150,387.00 158,387.00 5.310 5.237 5.310 1 12036 Fidelity Institutional Cash 40.00 40.00 40.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 158,427.00 158,427.00 158,427.00 5.237 5.310 I MANAGED POOL ACCOUNTS 12040 Pacific Horizon Treasury Fu 0.00 0.00 0.00 4.900 4.833 4.900 1 12041 Pacific Horizon Treasury Fu 0.00 0.00 0.00 4.800 4.734 4.800 1 SUBTOTALS and AVERAGES 0.00 0.00 0.00 0.000 0.000 0 TOTAL INVESTMENTS and AVG. $ 158,427.00 158,427.00 158,427.00 5.237% 5.310% 1 16 06/11/1997 AD 87-1 PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 24009 Cash with Trustee 1.00 0.001 0.001 0.001 TOTAL CASE and INVESTMENTS S 158,428.00 17 06/11/1997 Indian Ridge 91-1 Series A PM - 2 INVE61I4ENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 12015 Fidelity Institutional Cash 347.00 347.00 347.0C 5.310 5.237 5.310 1 12016 I Fidelity Institutional Cash 721,202.00 721,202.00 721,202.00 5.31C 5.237 5.310 1 12022 R Fidelity Institutional Cash 3,940.00 3,940.00 3,940.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 725,489.00 725,489.00 725,489.00 5.237 5.310 1 FEDERAL AGENCY ISSUES - COUPON 14008 R FED Baas LOAN MORTGAGE CORP 01/09/97 499,053.82 500,000.00 496,875.00 6.855 6.930 7.026 01/09/02 1,683 14012 Federal National Mortgage A 03/21/97 578,936.74 580,000.00 579,275.0C 6.240 6.350 6.438 03/19/99 656 SUBTOTALS and AVERAGES 1,077,990.56 1,076,150.00 1,080,000.00 6.618 6.710 1,131 TOTAL INVESTMENTS and AVG. $ 1,803,479.56 1,801,639.00 1,805,489.00. 6.063% 6.147% 677 18 ... . .... .. ... .._. . . . . 06/11/1997 Indian Ridge 91-1 Series A PM - 3 INVESTMENT PORTFOLIO DETAILS - CABS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOWL VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CASH KITH TRUSTEE -FIRST TRUST 2600E Cash with Trustee 2.30 0.000 0.000 0.000 Accrued Interest at Purchase 201.07 TOTAL CASE 8 203.37 TOTAL CASE and INVESTMENTS 8 1,803,682.93 19 06/11/1997 Indian Ridge 91-1 Series B PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- TOM --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 12042 I Fidelity Institutional Cash 1,249,555.00 1,249,555.00 1,249,555.00 5.310 5.237 5.310 1 12043 Fidelity Institutional Cash 82,119.00 82,119.00 82,119.00 5.310 5.237 5.310 1 12043 R Fidelity Institutional Cash 164,526.00 164,526.00 164,526.00 5.310 5.237 5.310 1 12044 Fidelity Institutional,Cash 0.00 0.00 0.00 5.150 5.079 5.150 1 SUBTOTALS and AVERAGES 1,496,200.00 1,496,200.00 1,496,200.00 5.237 5.310 1 FEDERAL AGENCY ISSUES - COUPON 14005 I Federal Home Loan Bank 12/12/95 1,018,554.73 1,000,000.00 991,875.00 6.285 5.608 5.686 07/28/00 1,153 14011 Federal Home Loan Bank 03/26/97 1,800,000.00 1,800,000.00 1,797,642.00 6.310 6.310 6.398 03/26/95 663 14001 I Federal National Mortgage A 12/12/95 1,000,942.62 1,000,000.00 1,000,625.00 5.650 5.3E5 5.461 10/20/97 141 14002 I Federal National Mortgage A 12/12/95 1,054,290.57 1,000,000.00 1,040,937.50 8.450 5.877 5.956 07/12/99 771 14004 I Federal National Mortgage A 12/12/95 1,085,860.08 1,000,000.00 1,066,562.50 9.050 5.620 5.699 04/10/00 1,044 SUBTOTALS and AVERAGES 5,959,648.00 5,897,642.00 5,800,000.00 5.832 5.914 748 TREASURY SECURITIES - COUPON 16005 United States Treasury 12/12/95 291,461.20 291,000.00 291,181.88 6.000 5.246 5.319 08/31/97 91 16006 R United States Treasury 12/12/95 486,997.13 484,000.00 482,487.50 5.875 5.241 5.314 08/15/98 440 16007 I United states Treasury 12/12/95 1,022,327.94 1,000,000.00 1,001,250.00 6.375 5.338 5.413 01/15/00 958 16008 R United States Treasury 12/12/95 468,273.28 445,000.00 460,435.94 8.000 5.279 5.352 08/15/99 805 16009 I United States Treasury 12/12/95 1,020,921.05 1,000,000.00 1,017,187.50 7.875 5.212 5.284 04/15/98 318 16010 1 United States Treasury 12/12/95 1,022,322.98 1,000,000.00 1,013,750.00 7.125 5.272 5.345 10/15/98 501 SUBTOTALS and AVERAGES 4,312,303.58 4,266,292.82 4,220,000.00 5.269 5.342 564 TOTAL INVESTMENTS and AVG. S 11,768,151.58 11,660,134.82 11,516,200.00 5.5506 5.6271 586 20 06/11/1997 Indian Ridge 91-1 Series B PM - 3 INVESTMENT PORPPOLIO DETAILS - CASH CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YIN --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 24010 Cash with Trustee 1.82 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS S 11,768,153.40 21 06/11/1997 Sierra NOVA 92-1 PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE HOOK VALUE FACE VALUE MAmT VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 12004 Fidelity Institutional Cash 0.00 0.00 0.00 5.220 5.148 5.220 1 12005 Fidelity Institutional Cash 51.00 51.00 51.00 5.22C 5.148 5.220 1 12006 R Fidelity Institutional Cash 239,824.00 239,824.00 239,824.00 5.310 5.237 5.310 1 12007 Fidelity Institutional Cash 11,266.00 11,266.00 11,266.00 5.310 5.237 5.310 1 12045 Fidelity Institutional Cash 186.00 186.00 186.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 251,327.00 251,327.00 251,327.00 5.237 5.310 1 TOTAL INVESTMENTS and AVG. $ 251,327.00 251,327.00 251,327.00 5.237% 5.310% 1 22 06/11/1997 Slsrra Nova 92-1 PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- Y'dt --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARR6T VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 2400E Cas0 with Trustee 1.53 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS $ 251,328.53 aaaaaaaaaaaaaaaaVvaaaaaNaavaaaaaa.Raaaassacaasaaaaaaa uvsavausvvasvvasvasaysssss 23 06/11/1997 Big Born 94-1 PM - 2 INVESTMNMT PORTFOLIO DETAILS - INV88TMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED ___ Y ___ MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 12018 R Fidelity Institutional Cash 711,275.00 711,275.00 711,275.00 5.310 5.237 5.310 1 12019 Fidelity Institutional Cash 24,217.00 24,217.00 24,217.00 5.310 5.237 5.310 1 12020 I Fidelity Institutional Cash 7,113.00 7,113.00 7,113.00 5.310 5.237 5.310 1 12021 Fidelity Institutional Cash 19.00 19.00 19.00 5.220 5.148 5.220 1 SUBTOTALS and AVERAGES 742,624.00 742,624.00 742,624.00 5.227 5.310 1 TOTAL INVESTMENTS and AVG. $ 742,624.00 742,624.00 742,624.00 5.237% 5.310% 1 • 24 06/11/1997 Big Horn 94-1 PM - 3 INVESTdffiFT PORTFOLIO DETAILS - CASH CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MAT VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 24007 Cash with Trustee 2.37 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS $ 742,626.37 25 06/11/1997 Sunterraes 94-2 PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESt€NT PURCHASE STATED --- YTM --_ MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE HAREM VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 12009 I Fidelity Institutional Cash 34,698.00 34,698.00 34,698.00 5.310 5.237 5.310 1 12010 R Fidelity Institutional Cash 129,788.00 129,788.00 129,788.00 5.310 5.237 5.310 1 12032 Fidelity Institutional Cash 0.00 0.00 0.00 5.310 5.237 5.310 1 12033 Fidelity Institutional Cash 0.00 D.00 0.00 5.210 5.139 5.210 1 SUBTOTALS end AVERAGES 164,486.00 164,486.00 164,486.00 5.227 5.310 1 TOTAL INVESTMENTS and AVG. $ 164,486.00 164,486.00 164,486.00 5.227% 5.3104 1 26 06/11/1997 Sun4isace 94-2 PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- ITN --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE HAMLET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 24006 Cash with Trustee 1.33 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS S 164,487.33 27 06/11/1997 Marano 94-3 PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YIT4 --- MATURITY DAYS NUMBER ISSUER DATE POOR VALUE FACE VALUE MAREEF VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 12011 Fidelity Institutional Cash 0.00 0.00 0.00 5.140 5.070 5.140 1 12012 I Fidelity Institutional Cash 396,492.00 396,492.00 396,492.00 5.310 5.237 5.310 1 12013 R Fidelity Institutional Cash 129,470.00 129,470.00 129,470.00 5.310 5.237 5.310 1 12031 Fidelity Institutional Cash 46.00 46.00 45.00 5.310 5.237 5.310 1 12037 Fidelity Institutional Cash 29.00 29.00 29.00 5.220 5.148 5.220 1 SUBTOTALS and AVERAGES 526,037.00 526,037.00 526,037.00 5.237 5.310 1 TOTAL INVESTMENTS and AVG. $ 526,037.00 526,037.00 526,037.00 5.237% 5.310% 1 28 06/11/1997 Marano 94-3 PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- Y' --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE FACE VALUE NABEET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 24005 Cash with Trustee 1.48 0.000 0.000 0.000 TOTAL CASE and INVESTMENTS S 526,038.48 29 06/11/1997 95 REV END: 83-1, 84-1-R, 87-1 PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- 'ECM --- MATURITY DAYS NUMBER ISSUER DATE BOO( VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY ?COL 12023 Fidelity Institutional Cash 0.00 0.00 0.00 5.310 5.237 5.310 1 12024 Fidelity Institutional Cash 4.00 4.00 4.00 5.210 5.139 5.210 1 12039 Fidelity Institutional Cash 0.00 0.00 0.0C 5.220 5.148 5.220 1 12046 Fidelity Institutional Cash 31,444.00 31,444.00 31,444.00 5.310 5.237 5.310 1 12049 Fidelity Institutional Cash 71,907.00 71,907.00 71,907.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 103,355.00 103,355.00 103,355.00 5.227 5.310 1 TOTAL INVESTMENTS and AVG. $ 103,355.00 103,355.00 103,355.00 5.237% 5.310% 1 • 30 06/11/1997 95 REV BND: 83-1, 84-1-R, 87-1 FM - 3 INVESTMENT FOATTOLIO DETAILS - CASH CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARIST VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 24003 Cash with Trustee 2.26 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS $ 103,357.26 31 06/11/1997 City General Fund PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMONTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- ITN --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT LOCAL AGENCY INVESTMENT FUNDS 12000 Local Agency Investment Fun 19,997,483.26 19,997,483.26 19,997,483.26 5.560 5.484 5.560 1 FEDERAL AGENCY ISSUES - COUPON 14010 Federal Farm Credit Bank 02/25/97 2,000,763.89 2,000,000.00 1,988,750.00 6.510 6.473 6.563 02/07/0C 981 14007 Federal Home Loan Bank 10/24/96 3,989,471.15 4,000,000.00 3,973,750.00 5.820 6.019 6.102 11/02/98 519 14009 FED HOME LOAN MORTGAGE CORP 01/09/97 1,996,680.56 2,000,000.00 1,987,500.00 6.655 6.930 7.026 01/09/02 1,683 SUBTOTALS and AVERAGES 7,988,915.60 7,950,000.00 8,000,000.00 6.360 6.449 926 TREASURY SECURITIES - COUPON 16034 United States Treasury 05/31/96 1,999,072.55 2,000,000.00 1,998,750.00 6.000 5.967 6.050 05/31/98 364 16035 United States Treasury 05/31/96 1,984,431.05 2,000,000.00 1,986,250.00 5.125 6.041 6.125 03/31/98 303 16036 United States Treasury 06/26/96 2,984,399.04 3,000,000.00 2,990,625.00 5.875 6.252 6.338 08/15/98 440 16037 United States Treasury 06/26/96 2,947,533.56 3,000,000.00 2,954,062.50 5.125 6.314 6.402 11/30/98 547 16038 United States Treasury 06/26/96 1,992,808.91 2,000,000.00 1,994,375.00 5.375 6.052 6.136 11/30/97 182 16039 United States Treasury - 06/26/96_ 1,999,802.06 2,000,000.00 2,001,250.00 6.000 5.950 6.033 08/31/97 91 16042 United States Treasury 09/13/96 1,985,487.80 2,000,000.00 1,986,875.00 5.125 6.068 6.152 02/28/98 272 16045 United States Treasury 09/05/96 1,994,594.83 2,000,000.00 2,000,000.00 6.125 6.270 6.358 08/31/98 456 16046 United States Treasury 03/21/97 1,961,476.29 2,000,000.00 1,956,750.00 5.000 6.124 6.209 02/15/99 624 16047 United States Treasury 05/01/97 2,004,188.96 2,000,000.00 2,003,750.00 6.375 6.171 6.257 04/30/99 698 SUBTOTALS and AVERAGES 21,853,795.05 21,874,687.50 22,000,000.00 6.135 6.221 406 . TOTAL INVESTMENTS and AVG. 4 49,840,193.91 49,822,170.76 49,997,483.26 5.910% 5.992% 327 32 06/11/1997 City General Fund PM - 3 INVESTMENT PORTFOLIO DETAILS - CASE CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- Y^Sd --- MATURITY DAYS NUMBER ISSUER DATE BOOS VALUE FACE VALUE MARKET VALUE PATE 360 365 DATE TO MAT PASSBOOK/CHECKING ACCOUNTS 13000 Bank of America - Checking 709,887.74 0.000 0.000 0.000 13002 Bank of America - Savings 1,800,000.00 2.000 1.973 2.000 SUBTOTALS and AVERAGES 2,509,887.74 1.415 1.434 Accrued Interest at Purchase 16,248.74 TOTAL CASH $ 2,526,136.48 TOTAL CASH and INVESTMENTS i 52,366,330.39 3:, 06/11/1997 CITY LOAN TO RDA PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTct ___ MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CITY LOAN TO RDA 12001 Redevelopment A0e00y-Loan 07/01/95 19,000,000.00 19,000,000.00 19,000,000.00 5.538 5.462 5.530 07/01/01 1,491 TOTAL INVESTMENTS and AVG. $ 19,000,000.00 19,000,000.00 19,000,000.00 5.462% 5.538% 1,491 5¢ all c a F II I § g § I c I I W N M M W 12 M W 2 LT W W W W W W Y , W > W T i ) Y T Y Y Y > V Y > > Y Y Y > > , Y , N p� Q pJ < U < pSO < < U < AS < AS < pJ < AL) < J < J < J < p�o �y Nd N6 Mx N6 N & U N6 ~N � N6 U W S a~US U N6 Uorw padof at5 Z _ _ E_ n 0 an I . 41 1p i 1VC i gra i s 2 2 hi sin IId1 II i LI z Luz b 3$ z So E E g E ` �Eg4 la r= '1 n R I E E . i 2 E 8 a6 z d g iti8 . € ,:,A bk ft h an it -0: - - - - 5 4 i : 1 . 1 1r 1 ill t, a . 2,1I 3 { , , Itu ! H 2 eglb E 7 .5 ir r oz. a l i 35 1 1e w D 1 s r ,-,'' r-s, - N�oa V 'i Ear ® l u r c " m V — o o e aY e o z O o aE E„ LQ g �- _ oEs a h m P. o of - ' ', z E n A m ammmimmommi e , o e , , - s m OliMMUMNIII zr o a w m aMa l a woimw. 1-0 I miNNINIMONII m e Lil a ° SS a m e N e w m ,_ 0 0 0 z o w > w zuo�ww oe e w> inz La E a ii w z« axwvrmzw;�r. amimassir rn o O m 0 m o o M _ 0 0 o m o 0 o r v � N o pmp 0 - 0 O rN a co NO < � 1N N ud� �m O NU O tv OMO am c, i`4e 4�lu "UY tit . n a NOO wa Q FC icoWw F m 4.3 CI w n CO m c tHp�Yt "P j 4 U m .� LL o Yw i �' o (0 0 o ova ( om r rnNwMc, o2 N _ n 2 �' 4 t~ ,. .. pf N N CO O m 0 m W N OE CO V OI (0 M Ol ID in in C) m U) O r m fA 01 a ' vF4 ' M N r W m W N In y " 5 > >` W 69 t9 tq m O D m E m I O 2 q. a WVpOvDrtO O c -O # rr!$- 2 D m o m o N cn o w 0 w a fF r M N O O N r M m I- _ p.. yf proo 042 oMva- nr»( • OI m V r of r a N N m rn o r a a m inw inw tv» 69 6 vI3 `,`�'+', a y -m . as $ y t. a o, v a" Ef w- b p C O ? 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Emmmw �m m `m o 'a 3 o m m ry $ o `m D e S — a F LL � ULLwF1- mU' 1 ry 06/11/1997 PD Redevelopment Agency PM - 1 PORTFOLIO MASTER SUMMARY RDA MAY 31, 1997 ACCRUAL AVERAGE ---YIELD TO MATUPITY--- PERCENT OF AVERAGE DAYS TO 360 365 INVESDaRTS BOOR VALUE PORTFOLIO TERM MATURITY EQUIVALENT EQUIVALENT Fidelity Treasury Pool $ 20,388,591.00 25.94 1 1 5.236 5.309 Local Agency Investment Funds $ 13,514,223.44 17.20 1 1 5.484 5.560 Federal Agency Issues - Coupon $ 18,709,837.00 23.81 709 506 5.974 6.057 Federal Agency Issues - Discount S 2,963,010.00 3.77 81 19 5.548 5.625 Treasury Securities - Coupon $ 22,939,801.75 29.19 647 262 5.749 5.829 Treasury Securities - T-Hill $ 70,163.41 0.09 345 53 5.637 5.715 TOTAL INVESTMENTS and AVERAGES $ 78,585,626.60 100.00% 361 198 5.616% 5.694% CABE Passbook/CAecking - No Yield Totals $ 865,290.00 0.049 0.050 (not included in yield calculations) Accrued Interest at Purchase 6 28,747.27 TOTAL CASE and PURCHASE INTEREST $ 093,997.27 TOTAL CASH and INVESTMENTS $ 79,479,623.87 MONTH ENDING FISCAL TOTAL EARNINGS MAY 31 YEAR TO DATE Current Year $ 397,831.42 $ 4,870,619.39 AVERAGE DAILY BALANCE $ 83,904,444.72 $ 87,948,189.43 EFFECTIVE RATE OP RETURN 5.58% 6.03% The investment portfolio of the P.D. Redevelopment Agency complies with its Paul S. Gibson Investment Policy and the California Government Code sections pertaining tc the Treasurer investment of local agency funds. Pending any future actions by the Governing Board of the Agency or any unforeseen catastrophy, the Redevelopment Agency has adequate cash flow to meat its expenditure requirements for the neat six months. DATE Market values are from First Trust i ADC Datafeed pricing service. 1 06/11/1997 PD Redevelopment Agency PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER BALANCE DATE HOOF VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11002 I Fidelity Institutional Cash 7,728,618.00 7,728,618.00 7,728,613.00 5.310 5.237 5.310 1 11003 R Fidelity Institutional Cash 16,727.00 16,727.00 16,727.00 5.310 5.237 5.310 1 11004 E Fidelity Institutional Cash 1,183,490.00 1,183,490.00 1,183,490.00 5.310 5.237 5.310 1 11005 I Fidelity Institutional Cash 204,476.00 204,476.00 204,476.00 5.310 5.237 5.310 1 11006 R Fidelity Institutional Cash 16,631.00 16,631.00 16,631.00 5.310 5.237 5.310 1 11008 R Fidelity Institutional Cash 1,193,505.00 1,193,505.00 1,193,505.00 5.310 5.237 5.310 1 11009 I Fidelity Institutional Cash 1,732,329.00 1,732,329.00 1,732,329.00 5.310 5.237 5.310 1 11010 I Fidelity Institutional Cash 302,927.00 302,927.00 302,927.00 5.220 5.148 5.220 1 11011 R Fidelity Institutional Cash 1,747,270.00 1,747,270.00 1,747,270.00 5.310 5.237 5.310 1 11012 E Fidelity Institutional Cash 0.00 0.00 0.00 5.210 5.139 5.210 1 1101E Fidelity Institutional Cash 1,983.00 1,983.00 1,983.00 5.310 5.237 5.310 1 11019 Fidelity Institutional Cash 42,166.00 42,166.00 42,166.00 5.310 5.237 5.310 I 11020 Fidelity Institutional Cash 0.00 0.00 0.00 5.160 5.0E9 5.160 1 11021 Fidelity Institutional Cash 46,762.00 44,762.00 44,762.00 5.310 5.237 5.310 1 11022 Fidelity Institutional Cash 67.00 67.00 67.00 5.310 5.237 5.310 1 11023 Fidelity Institutional Cash 271.00 271.00 271.00 5.310 5.237 5.310 1 11025 Fidelity institutional cash 28,589.00 28,589.00 28,589.00 5.310 5.237 5.310 1 11026 Fidelity Institutional Cash 65.00 65.00 65.00 5.310 5.227 5.310 1 11027 E Fidelity Institutional Cash 228,491.00 228,491.00 228,491.00 5.310 5.237 5.310 1 11028 Fidelity Institutional Cash 16.00 16.00 16.00 5.210 5.139 5.210 1 11029 Fidelity Institutional Cash 720.00 720.00 720.00 5.310 5.237 5.310 1 11030 R Fidelity Institutional Cash 335,401.00 335,401.00 335,401.00 5.310 5.237 5.310 1 11031 Fidelity Institutional Cash 21,334.00 21,334.00 21,334.00 5.310 5.237 5.310 1 11032 Fidelity Institutional Cash 0.00 0.00 0.00 5.150 5.079 5.150 1 11034 E Fidelity Institutional Cash 0.00 0.00 0.00 4.780 4.715 4.780 1 11035 Fidelity Institutional cash 0.00 0.00 0.00 4.780 4.715 4.780 1 11036 Fidelity Institutional Cash 0.00 0.00 0.00 4.780 4.715 4.780 1 11037 Fidelity Institutional Cash 29.00 29.00 29.00 5.220 5.148 5.220 1 11038 Fidelity Institutional Cash 652.00 652.00 652.00 5.310 5.237 5.310 1 11039 R Fidelity Institutional Cash 41,647.00 41,647.00 41,647.00 5.310 5.237 5.310. 1 11040 Fidelity Institutional Cash 176.00 176.00 176.00 5.310 5.237 5.310 1 11041 I Fidelity Institutional Cash 167,622.00 167,622.00 167,622.00 5.310 5.237 5.310 1 11042 Fidelity Institutional Cash 12.00 12.00 12.00 5.260 5.188 5.260 1 11043 Fidelity Institutional Cash 0.00 0.00 0.00 4.780 4.715 4.780 1 11044 Fidelity Institutional Cash 13,571.00 13,571.00 13,571.00 5.310 5.237 5.310 1 11045 Fidelity Institutional Cash 0.00 0.00 0.00 4.780 4.715 4.780 1 11046 Fidelity Institutional Cash 3,789.00 3,789.00 3,789.00 5.310 5.237 5.310 1 11047 Fidelity Institutional Cash 123,272.00 123,272.00 123,272.00 5.310 5.237 5.310 1 11048 Fidelity Institutional Cash 0.00 0.00 0.00 5.220 5.148 5.220 1 11049 Fidelity Institutional Cash 9,336.00 9,336.00 9,336.00 5.310 5.237 5.310 1 11050 Fidelity Institutional Cash 39,048.00 39,048.00 39,048.00 5.310 5.237 5.310 1 11051 Fidelity Institutional Cash 0.00 0.00 0.00 5.220 5.148 5.220 1 11052 Fidelity Institutional Cash 2,798,258.00 2,798,258.00 2,798,258.00 5.310 5.237 5.310 1 2 06/11/1997 PD Redevelopment Agency FM - 3 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER BALANCE DATE BOOR VALUE PACE VALUE MAT VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11053 Fidelity Institutional Cash 2,267,939.00 2,267,939.00 2,267,939.00 5.310 5.227 5.310 1 11054 Fidelity Institutional Cash 93,402.00 93,402.00 93,402.00 5.310 5.227 5.310 1 SUBTOTALS and AVERAGES 20,366,156.16 20,388,591.00 20,388,591.00 20,388,591.00 5.236 5.309 1 LOCAL AGENCY INVESTMENT FUNDS 21000 Local Agency Investment Fun 13,514,223.44 13,514,223.44 13,514,223.44 5.560 5.484 5.560 1 21001 Local Agency Investment Fun 0.00 0.00 0.00 5.587 5.510 5.587 1 SUBTOTALS and AVERAGES 12,343,255.70 13,514,223.44 13,514,223.44 13,514,223.44 5.484 5.560 1 CASH WITH TRUSTEE -FIRST TRUST 26010 Cash with Trustee 0.00 0.00 0.00 0.000 0.000 0.000 1 AVERAGES 0.00 FEDERAL AGENCY ISSUES - COUPON 15008 R Federal Farm Credit 09/13/96 499,004.62 500,000.00 500,623.00 6.125 6.312 6.400 07/09/98 403 15016 Federal Farm Credit 02/24/97 1,499,389.61 1,500,000.00 1,499,389.61 5.400 5.472 5.548 12/02/97 184 15005 E Federal Rome Loan Bank 06/14/95 2,117,414.25 2,115,000.00 2,116,321.88 6.105 5.855 5.937 12/01/97 183 15009 R Federal Some Loan Bank 10/03/96 798,360.83 800,000.00 792,250.00 6.425 6.480 6.570 08/20/01 1,541 15013 Federal Home Loan Bank 04/21/97 2,000,000.00 2,000,000.00 2,006,960.00 7.000 6.998 7.095 04/21/00 1,055 15015 Federal Home Loan Bank 02/24/97 999,798.94 1,000,000.00 999,798.94 5.400 5.430 5.506 11/26/97 178 15019 Federal Home Loan Bank 02/13/97 1,000,000.00 1,000,000.00 1,000,000.00 6.040 6.040 6.124 08/13/98 438 15010 A Federal Home Loan Mortgage 10/22/96 1,000,000.00 1,000,000.00 989,687.50 5.800 6.123 6.208 03/19/9S 656 15011 A Federal Home Loan Mortgage 01/09/97 1,497,161.46 1,500,000.00 1,489,687.50 6.855 6.930 7.026 01/09/02 1,683 15012 R Federal Home Loan Mortgage 01/09/97 299,432.29 300,000.00 297,937.50 6.855 6.930 7.026 01/09/02 1,683 15014 Federal National Mortgage A 01/16/97 3,999,275.00 4,000,000.00 3,997,503.00 5.600 5.630 5.708 01/16/98 229 15018 R Federal National mortgage A 12/19/96 3,000,000.00 3,000,000.00 3,000,000.00 5.430 5.430 5.505 06/19/97 18 SUBTOTALS and AVERAGES 18,709,647.07 18,709,837.00 18,690,157.93 18,715,000.00 5.974 6.057 506 FEDERAL AGENCY ISSUES - DISCOUNT 16012 I Federal National Mortgage A 03/31/97 2,963,010.00 3,000,000.00 2,991,323.33 5.480 5.548 5.625 06/20/97 19 AVERAGES 2,963,010.00 TREASURY SECURITIES - COUPON 17007 I Unites States Treasury 07/01/94 999,977.21 1,000,000.00 1,000,625.00 6.000 5.921 6.003 11/30/97 182 17010 A Unitas States Treasury 07/01/94 697,840.37 692,000.00 697,622.50 6.750 6.165 6.251 05/31/99 729 17012 I Unites Stated Treasury 07/01/95 1,300,468.02 1,300,000.00 1,302,031.25 6.375 5.807 5.887 06/30/97 29 17013 A Unites States Treasury 07/01/95 107,509.76 104,000.00 107,250.00 7.750 6.098 6.182 11/30/99 912 3 06/:1/1997 PD Redevelopment Agency PM - 4 INVESTMENT PORTPOLIO DETAILS - INVESTMENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- YSA1 --_ MATURITY DAYS NUMBER ISSUER BALANCE DATE BORN VALUE PACE VALUE RAREST VALUE RATE 360 365 DATE TO MAT TREASURY SECURITIES - COUPON 17015 E Unites States Treasury 07/01/95 231,290.14 231,000.00 231,144.38 6.000 5.645 5.724 11/30/97 182 17030 R Unites States Treasury 03/02/95 249,935.09 250,000.00 250,390.63 6.375 6.636 6.728 06/30/97 29 17065 R Unites States Treasury 05/17/96 993,458.32 1,000,000.00 990,000.00 6.250 6.359 6.447 04/30/01 1,429 17066 R Unites States Treasury 05/17/96 397,383.33 400,000.00 396,000.00 6.250 6.359 6.447 04/30/01 1,429 17068 I Unites States Treasury 05/20/96 4,959,637.28 5,000,000.00 5,001,562.50 5.625 5.636 5.714 06/30/97. 29 17069 Unites States Treasury 05/24/96 2,002,101.05 2,000,000.00 2,003,750.00 6.125 5.905 5.987 03/31/96 303 17071 Unites States Treasury 05/24/96 1,000,151.56 1,000,000.00 1,000,937.50 5.875 5.691 5.770 07/31/97 60 17072 Unites States Treasury 05/24/96 999,732.10 1,000,000.00 1,000,312.5C 5.750 5.719 5.828 09/30/97 121 17077 Unites States Treasury 05/30/96 993,822.63 1,000,000.00 993,437.50 5.000 5.900 5.982 01/31/98 244 17078 R Unites States Treasury 10/03/96 999,848.92 1,000,000.00 999,375.00 5.625 5.560 5.658 10/31/97 152 17079 E Unites States Treasury 11/14/96 5,005,169.68 5,000,000.00 5,001,562.50 5.750 5.346 5.420 09/30/97 121 17083 Unites States Treasury 03/21/97 1,961,476.29 2,000,000.00 1,958,123.00 5.000 6.124 6.209 02/15/95 624 SUBTOTALS and AVERAGES 28,553,817.87 22,939,801.75 22,934,126.26 22,977,000.00 5.749 5.829 262 TREASURY SECURITIES - T-BILL 18021 Unites States Treasury 08/13/96 70,163.41 74,000.00 73,115.69 5.410 5.637 5.715 07/24/97 53 AVERAGES 70,163.41 TOTAL INVESTMENTS and AVG. $ 78,585,626.60 78,591,537.65 83,006,050.21 78,668,814.44 5.616h 5.694% 198 • 06/11/3997 PD Redevelopment Agency PM - 5 INVESTMENT PORTFOLIO DETAILS - CASH RDA MAY 31, 1997 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER BALANCE DATE WOE VALUE PACE VALUE MARKET VALUE BATE 360 365 DATE TO MAT PASSBOOK/CHECKING 25000 Bank of America-Checking 225,430.28 0.000 0.00E 0.000 25008 Bank of America-Checking 593,830.25 0.000 0.000 0.000 25001 Bank of America-Savings 21,453.11 2.000 1.973 2.000 25003 FIRST INTERSTATE BANK , 0.00 3.290 3.245 3.290 25005 FIRST INTERSTATE BANK 0.00 4.025 3.970 4.025 25006 FIRST INTERSTATE BANK 0.00 0.000 0.000 0.000 25002 B of A - Self Help Checking 24,513.55 0.000 0.000 0.000 SUBTOTALS and AVERAGES 898,394.51 865,250.00 0.049 0.050 Accrued Interest at Purchase 28,747.27 TOTAL CASH $ 893,997.27 TOTAL CASH and INVESTMENTS $ 83,904,444.72 - 79,479,623.87 5 06/11/1997 PD Redevelopment Agency PM - 6 PORTFOLIO MASTER INVESTMENT ACTIVITY BY TYPE RDA MAY 1, 1997 - MAY 31, 1997 ACCRUAL STATED TRANSACTION PURCHASES SALES/MATURITIES TYPE INVESTMENT i ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE FIDELITY TREASURY POOL (Monthly Summary) 11002 I Fidelity Institutional Cash 5.310 31,065.00 11003 R Fidelity Institutional Cash 5.310 67.00 11004 E Fidelity Institutional Cash 5.310 4,757.00 11005 I Fidelity Institutional Cash 5.310 822.00 11006 R Fidelity Institutional Cash 5.310 67.00 11008 R Fidelity Institutional Cash 5.310 4,794.00 11009 I Fidelity Institutional Cash 5.310 9,115.00 535,402.00 11010 I Fidelity Institutional Cash 5.220 1,962.00 11011 R Fidelity Institutional Cash 5.310 6,898.00 11012 E Fidelity Institutional Cash 5.210 11018 Fidelity Institutional Cash 5.310 480,941.00 480,528.00 11019 Fidelity Institutional Cash 5.310 169.00 11020 Fidelity Institutional Cash 5.160 11021 Fidelity Institutional Cash 5.310 180.00 11022 Fidelity Institutional Cash 5.310 11023_.. Fidelity Institutional Cash 5.310 2.00 11025 Fidelity Institutional Cash 5.310 115.00 11026 Fidelity Institutional Cash 5.310 11027 E Fidelity Institutional Cash 5.310 919.00 11028 Fidelity Institutional Cash 5.210 11029 Fidelity Institutional Cash 5.310 117.00 11030 R Fidelity Institutional Cash 5.310 1,349.00 11031 Fidelity Institutional Cash 5.310 85.00 11032 Fidelity Institutional Cash 5.150 11034 E Fidelity Institutional Cash 4.780 11035 Fidelity Institutional Cash 4.780 11036 Fidelity Institutional Cash 4.780 11037 Fidelity Institutional Cash 5.220 109,905.00 109,905.00 11038 Fidelity Institutional Cash 5.310 3.00 11039 R Fidelity Institutional Cash 5.310 182.00 182.00 11040 Fidelity Institutional Cash 5.310 1.00 11041 I Fidelity Institutional Cash 5.310 7,094.00 87,614.00 11042 Fidelity Institutional Cash 5.260 11043 Fidelity Institutional Cash 4.780 11044 Fidelity Institutional Cash 5.310 222.00 11045 Fidelity Institutional Cash 4.780 11046 Fidelity Institutional Cash 5.310 15.00 11047 Fidelity Institutional Cash 5.310 382.00 11048 Fidelity Institutional Cash 5.220 11049 Fidelity Institutional Cash 5.310 35.00 11050 Fidelity Institutional Cash 5.310 157.00 11051 Fidelity Institutional Cash 5.220 6 06/11/1997 PD Redevelopment Agency PM - 7 PORTFOLIO MASTER INVESTMENT ACTIVITY BY TYPE FDA MAY 1, 1997 - MAY 31, 1997 ACCRUAL, STATED TRANSACTION PURCHASES SALES/MATURITIES TYPE INVESTMENT 8 ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE 11052 Fidelity Institutional Cash 5.310 37,336.00 11053 Fidelity Institutional Cash 5.310 1,301,742.00 11054 Fidelity Institutional Cash 5.310 375.00 SUBTOTALS and ENDING BALANCE 2,000,873.00 1,213,631.00 20,388,591.00 LOCAL AGENCY INVESTMENT FUNDS (Monthly Summary) 21000 Local Agency Investment Fund 5.560 3,025,000.00 21001 Local Agency Investment Fund 5.587 SUBTOTALS and ENDING BALANCE 3,025,000.00 0.00 13,514,223.44 PASSBOOK/CHECKING (Monthly Summery) 25000 Bank of America-Checking 0.000 87,655.00 25008 Bank of America-Checking 0.000 123,631.41 25001 Bank of America-Savings _ 2.000 1,163.43 25003 FIRST INTERSTATE BANK 3.290 25005 FIRST INTERSTATE BANK 4.025 25006 FIRST INTERSTATE BANK 0.000 25002 B of A - Self Help Checking 0.000 1,710.75 SUBTOTALS and ENDING BALANCE 89,365.75 124,794.84 0.00 CASH RITE TRUSTEE -FIRST TRUST (Monthly Summary) 26000 Cash with Trustee 0.000 1.18 26001 Cash with Trustee 0.000 26002 Cash with Trustee 0.000 1.45 26003 Cash with Trusts 0.000 0.35 26004 Cash with Trustee 0.000 0.29 26005 Cash with Trustee 0.000 0.62 26006 Cash with Trustee 0.000 26007 Cash with Trustee 0.000 0.98 26008 Cash with Trustee 0.000 0.72 26009 Cash with Trustee 0.000 26010 Cash with Trustee 0.000 SUBTOTALS and ENDING BALANCE 2.17 3.42 0.00 7 06/11/1997 PD Redevelopment Agency PM - 8 PORTFOLIO MASTER INVESTMENT ACTIVITY BY TYPE RDA MAY 1, 1997 - MAY 31, 1997 ACCRUAL STATED TRANSACTION PURCHASES SALES/MATURITTIES TYPE INVESTMENT t ISSUER RATE DATE OR DEPOSITS OR WITHDRAWALS BALANCE FEDERAL AGENCY ISSUES - COUPON 18,709,837.00 FEDERAL AGENCY ISSUES - DISCOUNT 2,963,010.00 TREASURY SECURITIES - COUPON 17076 Unites States Treasury 6.125 06/02/1997 800,000.00 17080 E Unites States Treasury 6.125 06/02/1997 5,000,000.00 SUBTOTALS and ENDING BALANCE 0.00 5,800,000.00 22,939,801.75 TREASURY SECURITIES - T-BILL 70,163.41 TOTALS 5,115,240.92 7,138,429.26 78,585,626.60 8 06/11/1997 PM - 9 PD Redevelopment Agency RDA INVESTMENT ACTIVITY SUMMARY ACCRUAL MAY 1996 through MAY 1997 YIELD TO MATURITY MANAGED NUMBER OF NUMBER OF AVERAGE MONTH NUMBER OF TOTAL 360 365 POOL SECURITIES SECURITIES AVERAGE DAYS TO END YEAR SECURITIES INVESTED EQUIV EQUIV RATE PURCHASED MATURED/SOLD TERM MATURITY May 96 94 100,720,774.03 5.649 5.728 5.158 16 7 525 334 June 96 97 89,105,637.01 5.665 5.744 5.066 1 3 590 356 July 96 104 89,528,473.60 5.653 5.731 5.081 0 3 582 331 August 96 102 91,598,931.58 5.634 5.713 5.079 2 7 559 303 September 96 101 86,905,667.09 5.662 5.741 5.077 2 5 590 303 October 96 106 103,501,531.69 5.568 5.645 5.134 10 5 497 267 November 96 102 87,516,234.08 5.527 5.604 5.068 3 9 383 254 December 96 97 79,366,746.51 5.511 6.587 5.169 0 6 314 165 January 97 95 85,701,933.97 5.569 5.646 5.241 2 6 320 173 February 97 93 80,869,552.07 5.546 5.623 5.107 0 3 332 168 March 97 91 70,533,057.43 5.516 5.592 5.218 1 3 341 194 April 97 97 80,575,386.74 5.582 5.660 5.220 2 2 368 213 May 97 95 78,585,626.60 5.616 5.694 5.309 0 4 361 198 AVERAGES 98 $ 86,500,734.80 5.593% 5.670% 5.148% 3 5 443 251 an mmmmmm allianakanainann•Mantilian--euvuewvvvvvauuvveevv...vvoaaov....00as • 06/11/1997 PM - 10 PD Redevelopment Agency RDA DISTRIBUTION OF INVESTMENT) BY TYPE ACCRUAL MAY 1996 through MAY 1997 MONTH TYPES OF INVESTMENTS END YEAR BCD SOD LA1 LA2 LA5 PA1 PA2 PA3 MTN BAC CPI COM PAC FAD TRC TRD MD1 May 96 10.1 23.7 2.1 58.4 0.8 4.9 June 96 11.4 13.7 2.4 0.6 65.5 0.9 5.5 July 96 14.8 11.7 2.4 0.6 64.3 0.9 5.5 August 96 22.0 12.1 2.3 0.5 62.3 0.5 0.3 September 96 18.7 11.3 3.0 1.1 65.0 0.5 0.3 October 96 26.5 9.2 3.2 4.3 6.8 49.3 0.4 0.3 November 96 22.5 10.3 0.1 3.8 5.0 12.2 45.7 0.3 December 96 24.5 9.5 2.4 5.6 13.4 44.4 0.4 January 97 22.9 22.7 0.5 7.2 6.7 39.9 0.1 February 97 26.2 22.8 7.7 1.0 42.3 0.1 March 97 34.9 14.9 8.8 0.6 40.8 0.1 April 97 24.3 13.0 23.2 3.7 35.7 0.1 May 97 25.9 17.2 23.8 3.8 29.2 0.1 AVERAGES 21.9% 14.8% 0.0% 0.8% 7.5% 3.9% 49.4% 0.3% 1.4% BCD - Certificates of Deposit - Bank SCD - Certificates of Deposit - 8 6 L LA1 - Fidelity Treasury Pool LA2 - Managed Pool Accounts LA5 - Local Agency Investment Funds PA1 - Passbook/Checking PA2 - Cash with Trustee -First Trust PA3 - Checking/Self Help Housing Loans MTN - Medium Term Notes BAC - Bankers Acceptances CPI - Commercial Paper - Interest Bearing COM - Commercial Paper - Discount FAC - Federal Agency Issues - Coupon FAD - Federal Agency Issues - Discount TRC - Treasury Securities - Coupon TRD - Treasury Securities - Discount MD1 - Treasury Securities - T-Bill 10 06/11/1997 PM - 11 PD Redevelopment Agency RDA INTEREST EARNINGS SUMMARY ACCRUAL MAY 31, 1997 MONTH ENDING FISCAL MAY 31, 1997 YEAR TO DATE CD/Coupon/Discount Investments: Interest Collected $ 13,800.00 $ 3,178,686.44 PLUS Accrued Interest at End of Period 946,858.67 946,856.67 LESS Accrued Interest at Beginning of Period ( 710,972.88) ( 897,765.10) Interest Earned during Period $ 249,665.79 3,227,762.01 ADJUSTED by Premiums and Discounts -2,005.02 -57,360.76 ADJUSTED by Capital Gains or Losses 0.00 135,721.49 Earnings during Period 247,680.77 $ 3,306,142.74 Mortgage Backed Securities: Interest Collected $ 0.00 $ 0.00 PLUS Accrued Interest at End of Period 0.00 0.00 LESS Accrued Interest at Beginning of Period ( 0.00) . ( 0.00) Interest Earned during Period $ 0.00 0.00 ADJUSTED by Premiums and Discounts 0.00 0.00 ADJUSTED by Capital Gains or Loosen 0.00 0.00 Earnings during Period 0.03 $ 0.00 Cash/Checking Accounts: Interest Collected $ 87,206.42 $ 1,626,666.76 PLUS Accrued Interest at End of Period -131,600.73 -131,600.73 LESS Accrued Interest at Beginning of Period ( -194,544.96) ( -69,208.62) Interest Earned during Period $ 150,150.65 $ 1,564,476.65 TOTAL Interest Earned during Period $ 399,836.44 $ 4,792,258.66 TOTAL Ajustmants from Premiums and Discounts $ -2,005.02 $ -57,360.76 TOTAL Capital Gains or Losses $ 0.00 $ 135,721.49 TOTAL Earnings during Period $ 397,831.42 6 4,870,619.39 11 06/11/1997 RDA $100 Million Bond PM - 2 INVESTMENT PORTFOLIO DETAILS - INVE81MflT8 RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- ITN --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE FACE VALUE WRIT VALUE PATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11010 I Fidelity Institutional Cash 302,927.00 302,927.00 302,927.00 5.22C 5.148 5.220 1 11011 A Fidelity Institutional Cash 1,747,270.00 1,747,270.00 1,747,270.00 5.310 5.237 5.310 1 11012 E Fidelity Institutional Cash 0.00 0.00 0.00 5.210 5.129 5.210 1 11018 Fidelity Institutional Cash 1,983.00 1,983.00 1,983.00 5.310 5.237 5.310 1 11037 Fidelity Institutional Cash 29.00 29.00 29.00 5.220 5.148 5.220 1 SUBTOTALS and AVERAGES 2,052,209.00 2,052,209.00 2,052,209.00 5.224 5.297 1 FEDERAL AGENCY ISSUES - COUPON 15010 R Federal Home Loan Mortgage 10/22/96 1,000,000.00 1,000,000.00 989,687.50 5.800 6.123 6.208 03/19/99 656 15011 R Federal Home Loan Mortgage 01/09/97 1,497,161.46 1,500,000.00 1,489,687.50 6.855 6.930 7.026 01/09/02 1,683 15018 R Federal National Mortgage A 12/19/96 3,000,000.00 3,000,000.00 3,000,000.00 5.430 5.430 5.505 06/19/97 18 SUBTOTALS and AVERAGES 5,497,161.46 5,479,375.00 5,500,000.00 5.964 6.047 588 FEDERAL AGENCY ISSUES - DISCOUNT 16012 I Federal National Mortgage A 03/31/97 2,963,010.00 3,000,000.00 2,991,323.33 5.480 5.548 5.625 06/20/97 19 TREASURY SECURITIES - COUPON 17030 R Unites States Treasury 03/02/95 249,935.09 250,000.00 250,390.63 6.375 6.636 6.728 06/30/97 29 17065 R Unites States Treasury 05/17/96 993,458.32 1,000,000.00 990,000.00 6.250 6.359 6.447 04/30/01 1,429 17068 I Unites States Treasury 05/20/96 4,999,637.29 5,000,000.00 5,001,562.50 5.625 5.636 5.714 06/30/97 29 SUBTOTALS and AVERAGES 6,243,030.69 6,241,953.13 6,250,000.00 5.791 5.871 252 TOTAL INVESTMENTS and AVG. $ 16,755,411.15 16,764,860.46 16,802,209.00 5.735% 5.815% 290 12 06/11/1997 RDA $100 Million Bond PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --_ Y.2.1 ___ MATURIt'Y DAYS NUMBER ISSUER DATE HOOK VALUE FACE VALVE MARKET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 26000 Cash with Trustee 2.31 0.000 0.000 0.000 Accrued Interest at Purchase 905.00 TOTAL CASH S 907.31 TOTAL CASH and INVESTMENTS $ 16,756,318.46 13 06/11/1997 RDA $17.5 Million Bond PM - 2 INVEsmnrT PORTFOLIO DETAILS - INVESTMENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11008 R Fidelity Institutional Cash 1,193,505.00 1,193,505.00 1,193,505.00 5.310 5.237 5.310 1 11009 I Fidelity Institutional Cash 1,732,329.00 1,732,329.00 1,732,329.0C 5.310 5.237 5.310 1 11021 Fidelity Institutional Cash 44,762.00 44,762.00 44,762.00 5.310 5.237 5.310 1 11022 Fidelity Institutional Cash 67.00 67.00 67.00 5.310 5.237 5.310 1 11023 Fidelity Institutional Cash 271.00 271.00 271.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 2,970,934.00 2,970,934.00 2,970,934.00 5.237 5.310 1 TREASURY SECURITIES - COUPON 17066 R Unites States Treasury 05/17/96 397,383.33 400,000.00 396,000.00 6.250 6.359 6.447 04/30/01 1,429 TOTAL INVESTMENTS and AVG. $ 3,368,317.33 3,366,934.00 3,370,934.00 5.370% 5.444% 169 • 14 06/11/1997 RDA $17.5 Million Bond PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --_ y.24 ___ MATURITY DAYS NUMBER ISSUER DATE BOOS VALUE FACE VALUE MARENT VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 26005 Cash with Trustee 2.17 0.000 0.000 0.000 TOTAL CASE and INVESTMENTS $ 3,368,319.50 15 06/11/1997 RDA $24 Million Bond FM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTFENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTN. --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARE T VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11002 1 Fidelity Institutional Cash 7,728,618.00 7,728,618.00 7,728,618.00 5.310 5.237 5.310 1 11003 R Fidelity Institutional Cash 16,727.00 16,727.00 16,727.00 5.310 5.237 5.310 1 11004 E Fidelity Institutional Cash 1,183,490.00 1,183,490.00 1,183,490.00 5.310 5.227 5.310 1 11019 Fidelity Institutional Cash 42,166.00 42,166.00 42,166.00 5.310 5.237 5.310 1 • 11020 Fidelity Institutional Cash 0.00 0.00 0.00 5.160 5.0E9 5.160 I 11029 Fidelity Institutional Cash 720.00 720.00 720.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 8,971,721.00 8,971,721.0C 8,971,721.00 5.237 5.310 1 FEDERAL AGENCY ISSUES - COUPON 15014 Federal National Mortgage A 01/16/97 3,999,275.00 4,000,000.00 3,997,500.00 5.600 5.630 5.708 01/16/98 229 TREASURY SECURITIES - COUPON 17007 I Unites States Treasury 07/01/94 999,977.21 1,000,000.00 1,000,625.00 6.000 5.921 6.003 11/30/97 182 17010 R Unites States Treasury 07/01/94 697,840.37 692,000.00 697,622.50 6.750 6.165 6.251 05/31/99 729 17079 E Unites States T'e.asurv. 11/14/96 5,005,169.68 5,000,000.00 5,001,562.50 5.750 5.346 5.420 09/30/97 121 SUBTOTALS and AVERAGES 6,702,987.26 6,699,810.00 6,692,000.00 5.517 5.594 193 TOTAL INVESTMENTS and AVG. $ 19,673,983.26 19,669,031.00 19,563,721.00 5.412% 5.488% 113 16 06/11/1997 RDA $24 Million Bond PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH RDA NAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- Y,MM -__ MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 26002 Cash with Trustee 3.42 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS $ 19,673,986.68 17 06/11/1997 RDA $4 Million Bond PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE FACE VALUE MAR101T VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11005 I Fidelity Institutional Cash 204,476.00 204,476.00 204,476.0C 5.310 5.237 5.310 1 11006 R Fidelity Institutional Cash 16,631.00 16,631.00 16,631.0C 5.310 5.237 5.310 1 11025 Fidelity Institutional Cash 28,589.00 28,589.00 28,509.0C 5.310 5.237 5.310 1 11026 Fidelity Institutional Cash 65.00 65.00 65.00 5.310 5.237 5.310 1 11027 E Fidelity Institutional Cash 228,491.00 220,491.00 228,491.00 5.310 5.237 5.310 1 11028 Fidelity Institutional Cash 16.00 16.00 16.0C 5.210 5.139 5.210 1 SUBTOTALS and AVERAGES 478,268.00 478,268.00 478,268.00 5.237 5.310 1 FEDERAL AGENCY ISSUES - COUPON 15005 E Federal Home Loan Bank 06/14/95 2,117,414.25 2,115,000.00 2,116,321.88 6.105 5.855 5.937 12/01/97 183 TREASURY SECURITIES - COUPON 17012 I Unites States Treasury ' 07/01/95 1,300,468.02 1,300,000.00 1,302,031.25 6.375 5.807 5.887 06/30/97 29 17013 R Unites States Treasury 07/01/95 107,509.76 104,000.00 107,250.0C 7.750 6.098 6.182 11/30/99 912 17015 E Unites States Treasury 07/01/95 231,290.14 231,000.00 231,144.38 6.000 5.645 5.724 11/30/97 182 SUBTOTALS and AVERAGES 1,639,267.92 1,640,425.63 1,635,000.00 5.803 5.884 108 TOTAL INVESTMENTS and AVG. $ 4,234,950.17 4,235,015.51 4,228,268.00 5.765% 5.845% 134 18 06/11/1397 RDA $4 Million Bond PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BCOX VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE. TO MAT CASH WITS TRUSTEE -FIRST TRUST 26003 Cash with Trustee 4.05 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS S 4,234,954.22 19 06/11/1997 Las, Mod Set-aside Refunding PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOON VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11030 R Fidelity Institutional Cash 335,401.00 335,401.00 335,401.00 5.310 5.237 5.310 1 11031 Fidelity Institutional Cash 21,334.00 21,334.00 21,334.00 5.310 5.237 5.310 1 11032 Fidelity Institutional cash 0.00 0.00 0.00 5.150 5.079 5.150 1 11040 Fidelity Institutional Cash 176.00 176.00 176.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 356,911.00 356,911.00 356,911.00 5.237 5.310 1 FEDERAL AGENCY ISSUES - COUPON 15012 R Federal Ham Loan Mortgage 01/09/97 299,432.29 300,000.00 297,937.50 6.855 6.930 7.026 01/09/02 1,683 TOTAL INVESTMENTS and AVG. $ 656,343.29 654,848.50 656,911.00 6.010% 6.093% 768 20 06/11/1797 Lon Mod Set-aside Refunding PM - 3 INVESTMENT PORTFOLIO DETAILS - CZSE RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 26004 Cash with Trustee 1.40 0.000 0.000 0.000 TOTAL CASE and INVESTMENTS $ 656,344.69 21 06/11/1997 1996 Desert Rose Series A PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS FDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE 800E VALUE FACE VALUE MAREST VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11046 Fidelity Institutional Cash 3,789.00 3,789.00 3,789.00 5.310 5.237 5.310 1 11047 Fidelity Institutional Cash 123,272.00 123,272.00 123,272.00 5.310 5.227 5.310 1 11048 Fidelity Institutional Cash 0.00 0.00 0.00 5.220 5.148 5.220 1 11053 Fidelity Institutional Cash 2,267,939.00 2,267,939.00 2,267,939.00 5.31C 5.237 5.310 1 11054 Fidelity Institutional Cash 93,402.00 93,402.00 93,402.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 2,488,402.00 2,488,402.00 2,488,402.00 5.237 5.310 1 TREASURY SECURITIES - COUPON 17078 R Unites States Treasury 10/03/96 999,848.92 1,000,000.00 999,375.00 5.625 5.560 5.658 10/31/97 152 TOTAL INVESTMENTS and AVG. S 3,488,250.92 3,487,777.00 3,488,402.00 5.336% 5.410% 44 22 06/11/1997 1996 Desert Rose Series A PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 26008 Cash with trustee 5.97 0.000 0.000 0.000 TOTAL CASE and INVESTMENTS - $ 3,488,256.89 23 06/11/1397 1996 Desert Role Series B PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY LAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11049 Fidelity Institutional Cash 9,336.00 9,336.00 9,336.00 5.310 5.227 5.310 1 11050 Fidelity Institutional Cash 39,048.00 39,048.00 39,048.00 5.310 5.237 5.310 1 11051 Fidelity Institutional Cash 0.00 0.00 0.00 5.220 5.148 5.220 1 11052 Fidelity Institutional Cash 2,798,258.00 2,798,258.00 2,798,253.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 2,846,642.00 2,846,642.00 2,846,642.00 5.237 5.310 1 FEDERAL AGENCY ISSUES - COUPON 15016 Federal Farm Credit 02/24/97 1,499,389.61 1,500,000.00 1,499,389.61 5.400 5.472 5.548 12/02/97 184 15009 R Federal Home Loan Bank 10/03/96 798,360.83 800,000.00 792,250.00 6.425 6.480 6.570 08/20/01 1,541 15015 Federal Home Loan Bank 02/24/97 999,798.94 1,000,000.00 999,798.94 5.400 5.430 5.506 11/26/97 178 SUBTOTALS and AVERAGES 3,297,549.38 3,291,438.55 3,300,000.00 5.703 5.783 511 TOTAL INVESTMENTS and AVG. $ 6,144,191.38 6,138,080.555 6,146,642.00 5.487% 5.564% 275 24 06/11/1997 1996 Desert Rose Series B PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- rm./ --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 26009 Cash with Trustee 1.82 0.000 0.000 0.000 Accrued Interest at Purchase 18,450.00 TOTAL CASH $ 18,451.82 TOTAL CASH and INVESTMENTS $ 6,162,643.20 25 O6/11/1997 Blythe County Court Admin Ctr PM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- rim --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE FACE VALUE HAMLET VALUE RATE 360 365 DATE TO MAT FIDELITY TREASURY POOL 11038 Fidelity Institutional Cash 652.00 652.00 652.00 5.310 5.237 5.310 1 11039 R Fidelity Institutional Cash 41,647.00 41,647.00 41,647.00 5.310 5.237 5.310 1 11041 I Fidelity Institutional Cash 167,622.00 167,622.00 167,622.O0 5.310 5.227 5.310 1 11042 Fidelity Institutional Cash 12.00 12.00 12.00 5.260 5.188 5.260 1 11044 Fidelity Institutional Cash 13,571.00 13,571.00 13,571.00 5.310 5.237 5.310 1 SUBTOTALS and AVERAGES 223,504.00 223,504.00 223,504.00 5.237 5.310 1 FEDERAL AGENCY ISSUES - COUPON 15008 A Federal Farm Credit 09/13/96 499,004.62 S00,000.00 500,625.00 6.125 6.312 6.400 07/09/98 403 TREASURY SECURITIES - T-BILL 18021 Unites States Treasury 08/13/96 70,163.41 74,000.00 73,115.69 5.410 5.637 5.715 07/24/97 53 TOTAL INVESTMENTS and.AVG._ $ 792,672.03 797,244.69 797,504.00 5.949% 6.032% 259 26 06/11/1997 Blythe County Court Adman Ctr PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- Y^S1 --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE PACE VALUE MARKET VALUE RATE 360 365 CATE TO MAT CASH RITE TRUSTEE -FIRST TRUST 26007 Cash with Trustee 1.66 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS $ 792,673.69 27 06/11/1997 Palm Desert Office Complex PM - 3 INVESTMENT PORTFOLIO DETAILS - cuss RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT PASSBOOK/CHECKING 25000 Bank of America-Checking 225,430.26 0.000 0.000 0.000 25001 Bank of America-Savings 21,453.11 2.000 1.973 2.000 SUBTOTALS and AVERAGES 246,883.39 0.171 0.174 TOTAL CASH and INVESTMENTS $ 246,883.39 28 06/11/1997 Redevelopment Agency - General PM - 2 INVESTMENT PORTFOLIO DETAILS - INVr..STMENTS RDA NAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT LOCAL AGENCY INVESTMENT FUNDS 21000 Local Agency Investment Fun 13,514,223.44 13,514,223.44 13,514,223.44 5.560 5.464 5.560 1 21001 Local Agency Investment Fun 0.00 0.00 0.00 5.587 5.510 5.587 1 SUBTOTALS and AVERAGES 13,514,223.44 13,514,223.44 13,514,223.44 5.484 5.560 1 FEDERAL AGENCY ISSUES - COUPON 15013 Federal Home Loan Bank 04/21/97 2,000,000.00 2,000,000.00 2,006,960.00 7.000 6.998 7.095 04/21/00 1,055 15019 Federal Roma Loan Bank 02/13/97 1,000,000.00 1,000,000.00 1,000,000.00 6.040 6.040 6.124 08/13/96 438 SUBTOTALS and AVERAGES 3,000,000.00 3,006,960.00 3,000,000.00 6.679 6.771 849 TREASURY SECURITIES - COUPON 17069 Unites States Treasury 05/24/96 2,002,101.05 2,000,000.00 2,003,750.00 6.125 5.905 5.987 03/31/98 303 17071 Unites States Treasury 05/24/96 1,000,151.56 1,000,000.00 1,000,937.50 5.875 5.691 5.770 07/31/97 60 17072 Unites States Treasury. - 05/24/96. _999,732.10 1,000,000.00 1,000,312.50 5.750 5.749 5.828 09/30/97 121 17077 Unites States Treasury 05/30/96 993,822.63 1,000,000.00 993,437.50 5.000 5.900 5.982 01/31/90 244 17083 Unites States Treasury 03/21/97 1,961,476.29 2,000,000.00 1,958,125.00 5.000 6.124 6.209 02/15/99 624 SUBTOTALS and AVERAGES 6,957,283.63 6,956,562.50 7,000,000.00 5.913 5.995 324 TOTAL INVESTMENTS and AVG. i 23,471,507.07 23,477,745.94 23,514,223.44 5.764% 5.844% 205 29 it 06/11/1997 Redevelopment Agency - General PM - 3 INVESTMEST PORTFOLIO DETAILS - CASH FDA MAY 31, 1997 ACCRUAL INVESTHEST PURCHASE STATED _-- YTM ___ MATURITY DAYS NUMBER ISSUER DATE BOOK VALUE FACE VALUE MARl T VALUE RATE 360 365 DATE TO MAT CASH WITH TRUSTEE -FIRST TRUST 26006 Cash with Trustee 0.01 0.000 0.000 0.000 Accrued Interest at Purchase 9,392.27 TOTAL CASH $ 9,392.28 TOTAL CASE and INVESTMENTS $ 23,400,899.35 a a', • i t, g 0 30 4 i 4 06/11/1997 Self Help Checking PM - 3 INVESTMENT PORTPOLIO DETAILS - CASH RDA MAY 31, 1997 ACCRUAL INVESTMENT PURCHASE STATED __- Y.MM --- MATURITY DAYS NUMBER ISSUER DATE BOON VALUE PACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT PASSHOOE/CHECKING 25002 B of A - Self Help Checking 24,513.55 0.000 0.000 0.000 TOTAL CASH and INVESTMENTS S 24,513.55 31 4 O6/11/1697 peNrt Willow (Rapper) PM - 3 INVESTMENT PORTFOLIO DETAILS - CASH FDA MAY 31, 1997 ACCRUPI. INVESTMENT PURCHASE STATED --- YTS --- MATURITY DAYS NUMBER ISSUER DATE BOOR VALUE FACE VALUE MABEET VALUE RATE 360 365 DATE TO MAT PASSBOOK/CHECKING 25008 Bank of America-Checking 593,830.25 0.000 0.000 0.000 TOTAL CASH and INVEeT1 .YIS i 593,830.25 t. gj ii f+: (i tt i 32 F3 i(r F r I I i i 0 %, € 2 3 :h L. 1.1 I m £ c c9 cs c e c5 es es a as h Els N CO W CO W alNN M W y N M N M tl1 m N 5.2 YW W W Y Y Y V. Y V Y > Y Y Y n Y Y } Y Y Y Y Y Y Y Y ' b. 14 Ej N Q p Jp Q Jp c J < p Yp < o f Q U Q 'pp! Q 'pp1 Q "ppJ a Jpp Q Q p�p Q p Jp � y N 2 N S to- 2 N 2 6. 2 N 4 co R N 1 N G, CO N S N 6. )43. 2 U gi tu • m g� JWI 1IIL ma a, . ..„ „...5 1- 4 j 2 � off" _ W E E _�..P, VIEg e� �_ � n 4 s: i 8 g 8 to fibssk I. €; -n 8 e M . g s. af i m m III S 4 „. A i „ 1 y 2 T . V ?1 f ! I i g41 . 0!co? 7,.Ei S 1 2 g .6 ... r r, 44 .. . 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Z• Z• Z• • N o > '- g ENCitEllPr81. 5 % 5 • City Of Palm Desert Desert Willows Golf Course Month Income Statement Budgeted&Actual Fiscal Year 1996-1997 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Total Revenue Actual Actual Actual Actual Actual Actual Golf Course Fee $143,439 $371,594 $226,899 $135,098 $0 $877,030 Cart Fee $900 $200 $2,160 $2,100 $0 $5,360 Pro Shop $14,154 $30,780 $36,448 $22,638 $0 $104,020 Range $741 $876 $6,712 $5,391 $0 $13,720 Food&Beverages $7,648 $21,857 $14,880 $15,574 $0 $59,959 Other Revenue $4,165 ($3,800) $786 $0 $0 $1,151 Total $171,047 $421,507 $287,885 $180,801 $0 $1,061,240 Expenditures Salaries and Benefits $49,687 $114,644 $101,770 $105,866 $0 $371,967 Golf Course Maintenance $10,827 $34,624 $47,112 $39,618 $0 $132,181 Cart Expenses $351 $7,121 $9,058 $9,154 $0 $25,684 Pro Shop Expenses $2,091 $1,304 $5,168 $5,434 $0 $13,997 Pro Golf Shop Cost of Goods Sold $7,820 $17,107 $15,317 $15,554 $0 $55,798 Range Expenses $0 $0 $280 $0 $0 $280 Food&Bev.Expenses $912 $2,192 $1,642 $2,514 $0 $7,260 Food&Bev.Cost of Goods Sold $4,049 $7,572 $7,458 $7,919 $0 $26,998 General&Administration Expenses $9,477 $26,202 $38,412 $120,212 $0 $194,303 Management Fee $6,250 $12,500 $12,500 $12,500 $0 $43,750 Property Taxes $0 $0 $0 $0 $0 $0 Interest Expense $0 $0 $0 $0 $0 $0 Capital Expenses $0 $0 $0 $0 $0 $0 Total $91,464 $223,266 $238,717 $318,771 $0 $872,218 Net Profit(Loss) $79,583 $198,241 $49,168 ($137,970) $0 $189,022 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Total Revenue Budgeted Budgeted Budgeted Budgeted Budgeted Budgeted Golf Course Fee $132,125 $355,357 $323,284 $227,693 $114,462 $1,152,921 Cart Fee $720 $2,080 $1,960 $1,960 $1,200 $7,920 Pro Shop $15,100 $43,580 $41,240 $37,880 $25,360 $163,160 Range $2,313 $6,513 $6,225 $5,700 $3,869 $24,619 Food&Beverages $6,938 $19,538 $18,675 $22,800 $15,475 $83,426 Other Revenue $0 $100 $100 $100 $100 $400 Total $157,196 $427,167 $391,484 $296,133 $160,466 $1,432,446 Expenditures Salaries and Benefits $52,877 $106,992 $104,094 $105,581 $101,633 $471,177 Golf Course Maintenance $10,827 $18,016 $25,866 $31,866 $51,616 $138,191 Cart Expenses $351 $6,204 $9,208 $9,208 $9,208 $34,179 Pro Shop Expenses $0 $1,540 $1,490 $1,490 $1,140 $5,660 Pro Golf Shop Cost of Goods Sold $8,880 $25,008 $23,904 $21,888 $14,856 $94,536 Range Expenses $50 $100 $100 $100 $250 $600 Food&Bev.Expenses $912 $1,070 $1,070 $1,070 $3,220 $7,342 Food&Bev.Cost of Goods Sold $2,775 $7,815 $7,470 $8,835 $5,997 $32,892 General&Administration Expenses 513,364 $52,010 $46,464 $39,496 $31,997 $183,331 Management Fee $6,250 $12,500 $12,500 $12,500 $12,500 $56,250 Property Taxes $0 $0 $0 $0 $0 $0 Interest Expense $0 $0 $0 $0 $0 $0 Capital Expenses $0 $0 $0 $0 $0 $0 Total $96,286 $231,255 $232,166 $232,034 $232,417 $1,024,158 Net Profit(Loss) $60,910 $195,912 $159,318 $64,099 ($71,951) $408,288 Note:Budget figures have changed since last report. Change was due to unrecognized taxes on lease. City Of Palm Desert Desert Willows Golf Course Budget Vs.Actual For the Month of May 1997 May-97 May-97 $Valance %Var YTD YTD $Variance %Var Revenue Budgeted Actual Current Current Budget Actual YTD YTD Golf Course Fee $227,693 $135,098 ($92,595) 59.33% $1,038,459 $877,030 ($161,429) 84.45% Cart Fee $1,960 $2,100 $140 107.14% $6,720 $5,360 ($1,360) 79.76% Pro Shop $37,880 $22,638 ($15,242) 59.76% $137,800 $104,020 ($33,780) 75.49% Range $5,700 $5,391 ($309) 94.58% $20,751 $13,720 ($7,031) 66.12% Food&Beverages $22,800 $15,574 ($7,226) 68.31% $67,951 $59,959 ($7,992) 88.24% Other Revenue $100 $0 ($100) 0.00% $300 $1,151 $851 383.67% Total $296,133 $180,801 ($115,332) 61.05% $1,271,980 $1,061,240 ($210,740) 83.43% Expenditures Salaries and Benefits $105,581 $105,866 ($285) 100.27% $369,544 $371,967 ($2,423) 100.66% Golf Course Maintenance $31,866 $39,618 ($7,752) 124.33% $86,575 $132,181 ($45,606) 152.68% Cart Expenses $9,208 $9,154 $54 99.41% $24,971 $25,684 ($713) 102.86% Pro Shop Expenses $1,490 $5,434 ($3,944) 364.70% $4,520 $13,997 ($9,477) 309.67% Pro Golf Shop Cost of Goods Sold $21,888 $15,554 $6,334 71.06% $79,680 $55,798 $23,882 70.03% Range Expenses $100 $0 $100 0.00% $350 $280 $70 80.00% Food&Bev.Expenses $1,070 $2,514 ($1,444) 234.95% $4,122 $7,260 ($3,138) 176.13% Food&Bev.Cost of Goods Sold $8,835 $7,919 $916 89.63% $26,895 $26,998 ($103) 100.38% General&Administration Expenses $39,496 $120,212 ($80,716) 304.36% $151,334 $194,303 ($42,969) 128.39% Management Fee $12,500 $12,500 $0 100.00% $43,750 $43,750 $0 100.00% Property Taxes $0 $0 $0 0.00% $0 $0 $0 0.00% Interest Expense $0 $0 $0 0.00% $0 $0 $0 0.00% Capital Expenses $0 $0 $0 0.00% $0 $0 $0 0.00% Total $232,034 $318,771 ($86,737) 137.38% $791,741 $872,218 ($80,477) 110.16% Net Profit(Loss) $64,099 ($137,970) $480,239 $189,022 . aa!! -- ) 2 00 000 2 � �� 7 - $ )f ! §$ , . 7Ekf § 38 ® © ; « !! §\k( / E$ el. ) !! )}k§ # \\ § § !§ to B : 2 , ■!■! § ! 0 -CC 0 / _ NN B§ ,) ■ ■ {\ \ K! ;### § f . , a. . � �! ; ( &K ! — } ! ■ K | ■ a) co 38 15=! e ce ---- ! gnlm . ! 2 ; @2 0 .- rjri ` E } of ! K! @, ; -! ■ & ¢ » #K■¥ as cce g n - . , \ ! *!I „ PALM DESERT REDEVELOPMENT A. CY COMBINED STATEMENT OF ACTUAL REVENUES&EXPENDITURES COMPARED TO BUDGET MAY 31,1997 RDA RDA %of (FAV)UNFAV Budget YTD Budget Actual YTD Budget Variance REVENUES 7 Tax increment' 30,589,300.00 29,327,826.00 23,644,282.82 80.62% 5,683,543.18 1 Interest 1,964,000.00 1,800,333.33 4,241,434.60 235.59% (2,441,101.27) 2 Sales of Property 0.00 0.00 4,295,726.00 100.00% (4,295,726.00) 3 Reimbursement From Other Agencies 658,000.00 603,166.67 857,089.73 142.10% (253,923.06) Other Revenue 304,000.00 278,666.67 120,781.52 43.34% 157,885.15 TOTAL REVENUES 33,515,300.00 32,009,992.67 33,159,314.67 103.59% (1,149,322.00) FAV(UNFAV) EXPENDITURES Variance Administrative Costs 733,400.00 672,283.33 604,976.68 89.99% 67,306.65 Professional Services 3,049,892.00 2,795,734.33 1,037,425.64 37.11% 1,758,308.69 Property Tax Administrative Fee 559,000.00 512,416.67 428,360.00 83.60% 84,056.67 2 Cost of Inventory Sold 0.00 0.00 3,650,000.00 100.00% (3,650,000.00) Capital Outlay Deep Canyon Rd&Hwy 111 1,232,481.00 1,122,951.00 813,623.98 72.45% 309,327.02 El Paseo/Highway 74 7,719.00 7,073.00 0.00 0.00% 7,073.00 Super Block III-Landscaping 60,000.00 54,550.00 0.00 0.00% 54,550.00 Storm Channel 292,787.00 278,709.00 306,546.59 109.99% (27,837.59) Full Cell Project 100,000.00 85,716.00 41,812.34 48.78% 43,903.66 Desert Crossing Public Improv. 90,409.00 82,874.00 45,347.49 54.72% 37,526.51 Library 309,254.00 281,186.00 5,333.54 1.90% 275,852.46 Golf Course-Project Area#1 8,001,478.00 7,274,070.00 0.00 0.00% 7,274,070.00 Cook Street Sports Complex 397,125.00 361,020.00 15,163.86 4.20% 345,856.14 Golf Course-Project Area#2 29,380,147.00 26,992,075.00 13,746,766.67 50.93% 13,245,308.33 Project Area#3 Capital Project 250,000.00 227,270.00 0.00 0.00% 227,270.00 Hovely Street Improvements 50,000.00 50,000.00 12,657.50 0.00% 37,342.50 Land Purchases 0.00 0.00 3,775,838.19 100.00% (3,775,838.19) Housing Subsidies 4 AHA Housing Subsidies 4,315,000.00 3,955,416.67 1,934,785.00 48.91% 2,020,631.67 Desert Rose Subsidies 6,966,000.00 6,385,500.00 2,115,161.46 33.12% 4,270,338.54 Decline in Value on Inventory Held For Resale 0.00 0.00 0.00 0.00% 0.00 Payments to Other Governmental Agencies 7,382,000.00 6,766,833.33 1,978,282.32 29.23% 4,788,551.01 5 Bond Issuance Costs 0.00 0.00 444,776.59 100.00% (444,776.59) 5 Bond Discount 0.00 0.00 293,575.05 100.00% (293,575.05) Interest And Fiscal Charges 10,323,000.00 9,462,750.00 9,593,248.66 101.38% (130,498.66) 6 Principal Payments 2,370,000.00 2,172,500.00 6,285,000.00 289.30% (4,112,500.00) TOTAL EXPENDITURES 75,869,692.00 69,540,928.33 47,128,681.56 67.77% 22,412,246.77 •TAX INCREMENT REVENUE ARE USED TO PAY DEBT SERVICE PAYMENTS. PALM DESERT REDEVELOPMENT AGENCY EXPLANATION OF VARIANCES 1. DUE TO THE HIRING OF AN INVESTMENT MANAGER AND NEW INVESTMENT PRACTICES. 2. UNANTICIPATED SALES OF LOTS AT DESERT ROSE. PROJECT WAS TAKEN OVER AFTER THE ANNUAL BUDGET WAS FINALIZED. 3. DUE TO THE TRANSFER OF THE AHMANSON DDIA TRUST TO COVER PARKING THAT IS NO LONGER AN OBLIGATION. 4. PAYMENTS ARE BEING HELD UNTIL AUDIT FINDINGS ARE RESOLVED. 5. UNANTICIPATED ISSUANCES OF NEW BOND FOR DESERT ROSE PROJECT. 6. UNANTICIPATED BOND CALLS FOR DESERT ROSE BONDS. 7. LOW/MOD 20% SET ASIDE HAS NOT BEEN RECORDED. T Mort Of Palm Desert Mort WMowa Reif Cows* Budget Vs.Actual Par the Month of May 1997 May407 Mcy97 $Valiance %Vat YID YTD $Vadgroe %Var Russ 13005011e0 '.Af+'d!a('. Cam Caataht Bud9alt•: Acts YTD YTD OS Pi, 522 A 3 $135,068 ($92.595) 59.33% at,W6,4d0 $877,030 ($161A29) 84.45% CwtFss $1,980 52.100 $140 107.14% 16.720 $5300 ($1.350) 79.78% Pio$nop $370$0 $22438 ($15242) 89.78% 3137,000 $104,030 ($33,780) 76.49% Rang $5.700 $5,391 ($309) 94.58% $20.751 $13.720 $7,0311 88.12% Food a 9svNe$9a $22A00 $15,574 07,226) 08.31% $6/$01 $58.959 (37,992) 38.24% Other Revenue St $0 ($100 0.00% $1,151, $851 383.07% tote $298,1 S180.80t' ($115, 61.05% $1,271 $1,oet,840 ($*t0.740) 83.43% e 18e000e1108 Moe $106,881.. $105,806 (5286) 100.27% $309.544 $371,987 132A23) .1004414 11otCmsasMloleuaco $31,888 $39,818 ($7,752) 124.33% $6075 $132,181 ($46,806) 152.68% Cat boils $9,206 0,154 $54 99.41% $24.971 $26004 (0743) 102,8043 Pro Shop ftptsms $1,400 $6,434 ($3,944) 364.70% $4.570 $43,907 ( 0.477) 300.07% Pro Wilk.41300 Goods:add $21,898 $15,654 $6,334 71.06% $79,$$0 $55.795 $29.8$2 70:03% Rrgst aaans $100 $0 $100 0.00% $300 $280 $70 80.00% • Pepde$tar.1343inew $1,070 $2,514 ($1,444) 234.95% $4,122 $7,200 ($3,13e) 176.13% FoQd$SIV.Olotst Goads Sold -$8.$35 $7,919 $016 e9.69% $28.8i6 $28.998 ($103) 100.36% WnsrMR 0641001444 $30,430 $120,212 ($80,716) 304.3816 $751.334 $194,303 (042.999) 128.39% htmllapaas$ t$. $12,500 < $12,500 $0 100.00% $43,75e $43,7e0 $0 100.0014 Propertytrtse $0 $0 $0 0.00% $0 $0 $0 0.00% . $0 $0 $0 0.0o% $0 $0 $0 0.00% e:spIH191tp4rtsds $0 $0 $8 0.00% 30 $0 $0 0.00% Total - t $23..8�4 $916.77t ($86,797) 137.38% 5791,741 1872,216 -(580,477) 110.18% N0771091$030 $34,005 ($137,970) $480.180 $199,922 I4i Montht*lrb**. aptadtd011e48esof$77,t2$ejtsnotturdgeted. { City Of Palm Desert Desert Willows Golf Course Month Income Statement Budgeted&Actual Fiscal Year 1996-1997 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Total Revenue Actual Actual Actual Actual Actual Actual Golf Course Fee $143,439 $371,594 $226,899 $135,098 $0 $877,030 Cart Fee $900 $200 $2,160 $2,100 $0 $5,360 Pro Shop $14,154 $30,780 $36,448 $22,638 $0 $104,020 Range $741 $876 $6,712 $5,391 $0 $13,720 Food&Beverages $7,648 $21,857 $14,880 $15,574 $0 $59,959 Other Revenue $4,165 ($3,800) $786 $0 $0 $1,151 Total $171,047 $421,507 $287,885 $180,801 $0 $1,061,240 Expenditures Salaries and Benefits $49,687 $114,644 $101,770 $105,866 $0 $371,967 Golf Course Maintenance $10,827 $34,624 $47,112 $39,618 $0 $132,181 Cart Expenses $351 $7,121 $9,058 $9,154 $0 $25,684 Pro Shop Expenses $2,091 $1,304 $5,168 $5,434 $0 $13,997 Pro Golf Shop Cost of Goods Sold $7,820 $17,107 $15,317 $15,554 $0 $55,798 Range Expenses $0 $0 $280 $0 $0 $280 Food&Bev.Expenses $912 $2,192 $1,642 $2,514 $0 $7,260 Food&Bev.Cost of Goods Sold $4,049 $7,572 $7,458 $7,919 $0 $26,998 General&Administration Expenses $9,477 $26,202 $38,412 $120,212 $0 $194,303 Management Fee $6,250 $12,500 $12,500 $12,500 $0 $43,750 Property Taxes $0 $0 $0 $0 $0 $0 Interest Expense $0 $0 $0 $0 $0 $0 Capital Expenses $0 $0 $0 $0 $0 $0 Total $91,464 $223,266 $238,717 $318,771 $0 $872,218 Net Profit(Loss) $79,583 $198,241 $49,168 ($137,970) $0 $189,022 Feb-97 Mar-97 Apr-97 May-97 Jun-97 Total Revenue Budgeted Budgeted Budgeted Budgeted Budgeted Budgeted Golf Course Fee $132,125 $355,357 $323,284 $227,693 $114,462 $1,152,921 Cart Fee $720 $2,080 $1,960 $1,960 $1,200 $7,920 Pro Shop $15,100 $43,580 $41,240 $37,880 $25,360 $163,160 Range $2,313 $6,513 $6,225 $5,700 $3,869 $24,619 Food&Beverages $6,938 $19,538 $18,675 $22,800 $15,475 $83,426 Other Revenue $0 $100 $100 $100 $100 $400 Total $157,196 $427,167 $391,484 $296,133 $160,466 $1,432,446 Expenditures Salaries and Benefits $52,877 $106,992 - $104,094 $105,581 $101,633 $471,177 Golf Course Maintenance $10,827 $18,016 $25,866 $31,866 $51,616 $138,191 Cart Expenses $351 $6,204 $9,208 $9,208 $9,208 $34,179 Pro Shop Expenses $0 $1,540 $1,490 $1,490 $1,140 $5,660 Pro Golf Shop Cost of Goods Sold $8,880 $25,008 $23,904 $21,888 $14,856 $94,536 Range Expenses $50 $100 $100 $100 $250 $600 Food&Bev.Expenses $912 $1,070 $1,070 $1,070 $3,220 $7,342 Food&Bev.Cost of Goods Sold $2,775 $7,815 $7,470 $8,835 $5,997 $32,892 General&Administration Expenses $13,364 $52,010 $46,464 $39,496 $31,997 $183,331 Management Fee $6,250 $12,500 $12,500 $12,500 $12,500 $56,250 Property Taxes $0 $0 $0 So $0 $0 Interest Expense SO $0 $0 SO $0 $0 Capital Expenses SO SO $0 $0 $0 $0 Total $96,286 $231,255 $232,166 $232,034 $232,417 $1,024,158 Net Profit(Loss) $60,910 $195,912 $159,318 $64,099 ($71,951) $408,288 Note:Budget figures have changed since last report. Change was due to unrecognized taxes on lease. - - -- -] ng& | § §'7 .f ()$ 337$ !2 7#kf E )) ~ ° ,- ° ;$ WO | 2! ,| © ;0 }}k§ »ce OS\j �� ■om , nee § I-� -o § | ) 2 BC It 03 § ■ {\ |i /c6of d |! -!! -le , 2 , m ƒ ! E28P !! §§} 7 7! !§ \|§| '5$ F': / ,! !! 2r■r ! ■ ; ; ; ! F ¥ ! o9 . , � � xs g # / !2&£3 ! — JUN. 5. 1997 9.2911 P 2 FROM : C M de Crinis and Co. In F E NO. : 760 864 6501 A caPy at the folowky letter.which has been acted for our layout,was received by the DOM Advisor in 8epli nbet.Treasurer Fong similar ISM*to ether reoalatoty bodies. • MATT FONG • • Mr.Aram Levitt,ChairmanSep tenba 10,1996 • U.S.Sewn and Rsthenge Cowin 450 Filth St.,N.W. • • Waehinmoo,DC 20549 Deal Mr,Levitt; 1 am writing to surest war im,CNiggioo of twain recant tnuotcipe!aunhia tramactin1i in Galt*that threaten fit iategiy oftbcsueicipd aaket.These bond apes,which ass earitmerized in the attached filling,appear to have Sit Stied in vitiation mew lows!r aaareidly prlisae purpoers aaaduid f rith land detr2apnett projew.T'ht dlatlan t dowmtems awed in aeejtmdian with these securities offerings tapr flat die t>awritiee igen!tat dale miarized ender we law,when in act the casings visited the Isteraed spirit oriel law in sacral important respects.These tranadioas atao tine the emnid- Pd sectaida ruhel in general.Iliadwatand we se mitiaawsaienot enforced against those persaatrespoasr'ble for them traas- actins,others may be encouraged to Win ever more aeaive,risky,and Riegel Uanmpivoe in the Ana I az naming sea series oftrampiora coadtwred under the Marks-Roos Local Dead Pooling Act of 1985,which authorizes Roman egoist powers asks to finance the capital proem of local government agencies The joint powers amass in this series d'tansaatns werefmaed by several local agenda,in Murk fbra cash mount from the bendproveeds,to iaueboedstoed bydevefopetstopay for apial iapeaaneesinoteraras elite gam Indian Tribes were represented lobe the"local agencies" on%rirw behalfthe bonds we issued.Proceeds ofthe bonds wore Used to pay atfatambranoa against privteproperty mot bang acquired se pert tie capital improvements.In my view.thore pragices violate slate Ian raise federal eecnitia laweonarm,atd barn the inters s of the Sin eommtmily in genera(. Cairn's lawfl" osnospecificsesponstMytoanyage cySWeaforowaerttadszonicipalbondanthorlmtimnlaws,noram 1 raouomlrndutg that the l egista(un eau such a law at this time.Thdettng state and Metal laws and regulations tdronl4 first be utilized to ttd art the parties atoa eptoroulgpingtesekindsoftransaaions,andtoencourageanewrespectfortheconsenstise legal einwsoch that has traditionally been f udamenial to municipal bond transactions.I When that much of this authority lies in the hands afthe SEC,the MSRB,the Saa Attorney General and t Stale Bar Association,and 1 re tilly oiler the woperatien of my office in its anise. Sincerely, HMr Sate Treasurer The following Pacific Genesis deals are those that the stale treasurer asked various regulatory adhodties to investigate. Issuer Amount Date Participants 1.Sierra Centres Valley PFA SI.4 zillion 12/14N5 Dimon. S atcrford-Choi»haai Indian Iribc 2. Sierra Central Valle,PFA 56.93 million 12(14'95 ' (Sam:as tow) • 3.Sierra Central Valli PM S8.2 million 121001f (Sam as ebosw) 4 California Commerx PFA 57.07 zillion O1125.N1 • Mendota.Waterford.Shoeing;Bay Indian tribe 5.Malibu Cation PFA 56.15 million 02'14M1. (Same as stow) C1 6, California Desch!rA $11•n;ililot. (12a'41• Waterford.Mrr:ed Count Beard or Edo moot Shoat";met Ba' Indian iribt,Patti;Rir.�E.xe Dela�I 7,California Commerec Pi'. St(1+ milli:, (N'IJ w1• Same as above 6.Loccru: Vale.; Pr:, S=a nnA1o! 0'! 15"+"• w atoning 4ucunt Vail. I,tufted S:hcc!Ds^1r 5 Omar:LsarsFiA Si-,?m:iilac nv It,'w• q:a.rin•?.Ster^edCount,Brirdof"Edu?nn.r. 5it,!ve!:- P,. hia:al:tn(ti,.Fecdl: Fun.Ltonom!: D:•mtiv+mr:: T8S9 tx9O 09)_ : 'ON 3113id 'our '03 Pun' a lulu.) aP W 7 : WOZI4 d Wdyp:?I L661'6I'Atlw JUN. 5.1997 9:30AM P 3 a FROM : C M de Crini s and Co. In F E IC. : 760 864 6501 • CeAL.MUNI. 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