HomeMy WebLinkAboutAGENDA & MINUTES MARCH-MAY 1997-1998 INVESTMENT & FINANCE COMMITTEE
MEMBERS
1998/99
1. Bob Spiegel Mayor Pro-Tempore
City of Palm Desert
73-510 Fred Waring Drive 346-0611
Palm Desert, CA 92260
2. Ray Diaz City Manager 346-0611
City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
3. Dave Erwin City Attorney
c/o Best, Best& Krieger
39-700 Bob Hope Drive, Suite 312 568-2611
Rancho Mirage, CA 92270
4. Murray Magloff Member
229 Camino Arroyo North 341-0118
Palm Desert, CA 92260
5. Carlos Ortega Executive Director of Redevelopment Agency
City of Palm Desert
73-510 Fred Waring Drive 346-0611
Palm Desert, CA 92260
6. Jean Benson Mayor
City of Palm Desert
73-510 Fred Waring Drive 346-0611
Palm Desert, CA 92260
7. Bill Veazie Member
42-900 Massachusetts Court 345-4075
Palm Desert, CA 92211
8. Jean Ruth Investment Manager 346-0611
City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
9. Paul Gibson Director of Finance!Treasurer 346-0611
City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
REVIEW PROCESS:
City Attorney, Finance Director, City Manager, RDA Director& Project Manager
STAFF:
John Wohlmuth ACM/Director of Administrative Services
Veronica Abarca Recording Secretary
Investment& Finance Committee 1998/1999
Page 2
PRESS:
1. KMIR TV News Director
72-920 Parkview Drive
Palm Desert, CA 92260
2. THE DESERT SUN 74-617 Highway 111
Palm Desert, CA 92260
3. KESQ TV 42-650 Melanie Place
Palm Desert, CA 92260
4. KPSI RADIO 2100 E. Tahquitz Canyon Way
Palm Springs, CA 92262
revised 04/24/98
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INVESTMENT & FINANCE COMMITTEE
MEMBERS
1997/98
1. Dick Kelly Mayor
City of Palm Desert
73-510 Fred Waring Drive 346-0611
Palm Desert, CA 92260
2. Ray Diaz City Manager
City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
3. Dave Erwin City Attorney
do Best, Best& Krieger
39-700 Bob Hope Drive, Suite 312 568-2611
Rancho Mirage, CA 92270
4. Murray Magloff Member
229 Camino Arroyo North 341-0118
Palm Desert, CA 92260
5. Carlos Ortega Executive Director of Redevelopment Agency
City of Palm Desert
73-510 Fred Waring Drive 346-0611
Palm Desert, CA 92260
6. Jean Benson Mayor Pro-Tempore
City of Palm Desert
73-510 Fred Waring Drive 346-0611
Palm Desert, CA 92260
7. Bill Veazie Member
42-900 Massachusetts Court 345-4075
Palm Desert, CA 92211
8. Jean Ruth Investment Manager 346-0611
City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
9. Paul Gibson Director of Finance/Treasurer 346-0611
City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
REVIEW PROCESS:
City Attorney, Finance Director, City Manager, RDA Director& Project Manager
STAFF:
John Wohlmuth ACM/Director of Administrative Services
Veronica Abarca Recording Secretary
Investment& Finance Committee 1996/1997
Page 2
PRESS:
1. KMIR TV News Director
72-920 Parkview Drive
Palm Desert, CA 92260
2. THE DESERT SUN 74-617 Highway 111
Palm Desert, CA 92260
3. KESQ TV 42-650 Melanie Place
Palm Desert, CA 92260
4. KPSI RADIO 2100 E Tahquitz Canyon Way
Palm Springs, CA 92262
revised 08/25/97
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AGENDA
INVESTMENT & FINANCE COMMITTEE
WEDNESDAY,Apri[1 S, 1998-- 11:00 A.M.
NORTH WING CONFERENCE ROOM
******************************************************************************
CALL TO ORDER
II. ROLL CALL
III. APPROVAL OF MINUTES
Rec: Approve the Minutes of March 18, 1998 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 for
Section 4
Rec: Report by Carlos Ortega.
Action:
B. Bond Issuance by Palm Desert Financing Authority
Rec: Status Report on new Bonds for Bighorn.
Action:
AGENDA- INVESTMENT & FINANCE COMMITTEE April 15, 1998
C. Report on McCallum Theatre
Rec: Discuss report.
Action:
VI. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedule
Rec: Review and submit to the next City Council agenda. Review the
presentation on the investment graphs. Review the investment
activity during the month of March. Review status of capital
projects and cash flow projections.
Action:
B. Review Short Term Investments Maturing in April, 1998
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. rarkview Professional Office Buildines- Financial Reports
Rec: Review of 3/31/98 financial statements.
Action:
AGENDA-INVESTMENT & FINANCE COMMITTEE April 15, 1998
F. Desert Willow Golf Resort Financial Information for March
Rec: Review and file report.
Action:
G. Palm Desert Recreation Facilities Corporation Income Analysis for
March
Rec: Review and file report.
Action:
VII. REPORTS AND REMARKS
A. Reports and Remarks by a'y Committee Member
B. Items to be placed on the Next Agenda
VIII. NEXT MEETING DATE
Next regularly scheduled meeting is:
W eatn eouit S/, `j�/�j�[ ;UI 1999 S .: t I :ID ID u
IX. ADJOURNMENT
(.,"' INTER
T E R
al
MEMO
OF F ICE
To: Members of the Investment & Finance Committee
From: Diane L. Hines, Recording Secretary
Subject: Agenda Items
Date: April 10, 1998
We must apologize, due to time constraints and minimal staff, the remainder of the
Investment committee packet will be passed out at the monthly meeting on
Wednesday, April 15, 1998.
/dlh
, Minutes
italt E5 Finance Committee
CONVENE On March 18, 1998 the Investment& Finance Committee was
called to order at 11:04 a.m. by Mr. Paul Gibson.
ROLL CALL Paul Gibson, Jean Benson, Jean Ruth, Ray Diaz, Bob Spiegel,
Dave Erwin, Murray Magloff, Bill Veazie, Carlos Ortega, and
Diane Hines, recording secretary.
Guest: Dennis M. Coleman, Redevelopment Agency
APPROVAL OF MINUTES Upon motion by Mr. Carlos Diaz, and seconded by Mr. Dave Erwin,
the Minutes of the February 18, 1998 meeting were APPROVED as
submitted. Jean Benson, abstained, she was not present.
Carlos Diaz asked that two clarifications be made with regard to the
February 18, 1998 minutes. The first, Housing Financing for the
Housing bonds was done by Hutchinson, Shockey, Erley & Company,
not Redwood Securities. Secondly, Page 2 paragraph 1 of the
minutes relates to the "proposed project for financing".
ORAL COMMUNICATIONS None.
OLD BUSINESS A. Status of public and private Partnerships Background
Checks for Section 4
Paul Gibson stated that the sub-committee did meet regarding
the background check on Marriott site; they recommend
approval. It was forwarded on to the City Council as part of
their approval process. On motion by Ray Diaz and seconded
by Dave Erwin the recommendation was approved
unanimously.
Bond Issuance by Palm Desert Financing Authority
Carlos Ortega/Dennis Coleman passed out two booklets (1)
Pricing Summary for Palm Desert Financing Authority, Tax
Allocation (Housing Set-aside) Revenue Bonds Series 1998,
prepared by Hutchinson, Shockey, Erley & Company and (2)
Final Pricing Summary for Palm Desert Financing Authority,
$30,915,000 1997 Revenue Bonds (Assessment District Nos.
92-1, Tierravista and 94-1 Bighorn and Community Facilities
Minutes
Finance Committee
District No. 91-1 Indian Ridge, prepared by Redwood Securities
Group, Inc. Dennis Coleman commented that after a bond
issue they usually try to pass out within two weeks the pricing
summary. What that is, is the summary of the debt they issued
and how it compared to other debt that was out there.
Dennis explained the Recap sheet from the just concluded
Bond issue for Project Area 4. The Pricing Summary will be
completed and presented at the May 18th meeting.
New Business City and Redevelopment Agency Investment Schedule
Jean Ruth stated the negative number in the "gain or loss"
column on the chart does not represent a loss. This simply
means that our gain was less in February then in January. It
appears to be confusing, however, this is because of the
market conditions. There is an explanation on the back of the
page of graphs.
Paul Gibson re-iterated GASB 31 goes into effect on our
Financial Statements as of June 30, 1998. This means they
require us to take the lower market value or cost on our books,
therefore, record a paper loss even though we don't actually
have a loss. So if the values have decreased, we have to
record it that way on our books. This is the first year this is
going into effect.
Ray Diaz would like it to show on our reports where it would
have been on the old report. Paul Gibson will implement the
GASB note column, along with this is where it would have been
before. In the notes on the financial statement we actually
disclose both figures. The notes will probably go into more
depth.
B. Review Short Term Investments Maturing in
January. 1998
Right now in order to match the LAIF rate you have to
purchase a Treasury bill that is longer than 10 years.
With any of our investments that are not tied to bonds, it makes
sense to put the money into LAIF, simply because you cannot
earn that rate at this time. The Fidelity investments that are tied
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Minutes
Finance Committee
to the bonds, are also the daily money market rate. In order to
match the Fidelity rate you have to go a little shorter than two
years out.
C. State of California Local Agency Investment fund
Monthly Report
LAIF rate is still 5.74%.
D. Monthly Financial Report for City Council
Bob Spiegel had a question regarding the sales tax. Paul
explained the reason the sales tax is a little below budget is
because we get advances each month and then they do
quarterlies. At present, we are in the time period where we
haven't received the final recap. It will always be a little under
because the way the state allocates the advances. They never
give you 100%.
Bob Spiegel asked if the property taxes are paid the same way.
Paul said the County gives you a portion based on what they
have collected from December 10, 1997. If they are running
behind we will get a lesser amount.
•
E. Parkview Professional Office Buildings - Financial
Reports
We show a positive of$38,000.00. Paul clarified "bottom line
adjustments". One is what we collected from tenants and here
is what the actual cost were, if there is a positive and negative
difference. That is what part of that adjustment represents.
The other portion deals with property taxes. The County in
November finally gave us a tax refund on all the tenants as far
as what we should have paid. So we refunded those monies
back to the them.
Carlos Ortega asked if we had resolved the evaluation issue
with the County. Are they still in the process? Paul stated most
of it has been taken care of, however, Hanover has lead a
charge by the tenants to appeal now what they are being
assessed at. Even though, it is lower then what they were
previously being charged. They have indicated they may sue
3
Minutes
Finance Committee
the city in the future for their cost with regard to attorney fees,
for going after that.
Bob Spiegel asked about the occupancy rate? Paul
Gibson responded we are at a 80% capacity with 20% being
unoccupied. Golf Dimensions increased their space and we
have a tenant coming in asking for 700 square feet. We will be
taking this to council either this meeting or the following
meeting. Ray Diaz asked about the CVAG area/conference
room. The conference room is coming out of this. I think the
cost of the table and chairs is $57,000 and we will be taking this
to council for approval. Pat Conlon is in charge of that process.
We had one tenant that was complaining about to much sun
rays coming through her windows, which was heating up the
office. We had screening installed which cost less than $500.
You might want to observe the screening, as we will be going
to council with a proposal to install more screens. Since this •
tenants rent is gross, we pay for the cost of the electricity and
we would like to lower the cost. Paul said the cost of putting
screens on the entire building, is approximately $6,000. Jean
Benson asked if we had contacted the Southern California
Edison Company to come out and look at the building? The
committee thought it would be economically feasible to call
them and also have them look at Desert Willow Club House.
F. Desert Willow Golf Resort Financial Information for
January
Paul Gibson stated with the normal report and graphs, there is
also included a comparison on Indian Wells and Palm Springs.
The problem with Palm Springs is they only gave us total
numbers with no details. Obviously, with no detail it is much
harder to compare fees.
With regard to revenue, we do follow pretty much what Indian
Wells is doing. On Indian Wells, we had to take 36 holes and
divide it by two because they did not have it broken down.
Carlos Ortega commented that we need to get together with
Kemper and discussed their accounting. We need to look at
Desert Willow and see how they are distributing their cost.•
4
Minutes
Finance Committee
Bob Spiegel said we do not need to loose $150,000 next year
on the golf course, which is what was projected at the budget
meeting. Maybe we should consider increasing the cost from
$45 to $50 for Palm Desert residence. That would cut the loss
in about half. Carlos Ortega said the Golf Course Committee
has asked Kemper to come back with some recommended
alternatives. You would not necessarily have to raise the rate,
but you might want to charge an additional fee. The committee
will be discussing that idea.
Carlos Ortega said after reviewing the budget, he has a lot of
questions with regard to 'Home Office Cost". They are being
paid $12,500 per course per month for their "Home Office
overhead". We have a five year agreement with Kemper. If
problems occur as a result of Kemper not financially managing it
properly or we find fault with the greens there are provisions to
get out of the contract.
G. Palm Desert Recreation Facilities Corporation Income
Analysis for January
No report. Food and Beverage is part of the Golf Course.
H. Review of Bank of America as a Broker Dealer
•
In January, none of the broker-dealers complied with the
information we requested. Bank of America's representative
was one that we would have liked to dealt with because of
reputation, etc. They could not/would not give us references
because it was their policy not to do so. They also changed the
wording of the certification before they signed it. We have
elected not give them the extra consideration.
I. Reports and Remarks by any Committee Member
Bob Spiegel reminded Paul Gibson about the analysis on the
McCallum Theatre.
NEXT MEETING DATE The next Investment & Finance Committee meeting will be held
Wednesday, April 15, 1998 at 11:00 a.m.
•
Minutes
Finance Committee
ADJOURNMENT Upon motion by Murray Magloff and seconded by Dave Erwin
the Investment &Finance Committee adjourned at 12:13 p.m.
Res ectfully submitted,
Diane L. ines
Recording Secretary
6
I ,
PALM DESERT REDEVELOPMENT. ANCY
COMBINED STATEMENT OF ACTUAL
REVENUES&EXPENDITURES
COMPARED TO BUDGET
31-Mar-98
RDA RDA %of (FAV)UNFAV
Budget YTD Budget Actual YTD Budget Variance
REVENUES
1 Tax increment' 24,328,200.00 18,246,150.00 13,053,328.52 71.54% 5,192,821.48
2 Interest 1,904,000.00 1,428,000.00 3,404,740.46 238.43% (1,976,740.46)
6 Sales of Property 0.00 0.00 11.362,120.00 0.00% (11,362,120.00)
3 Reimbursement From Other Agencies 759,000.00 569,250.00 506,759.66 89.02% 62,490.34
4 Other Revenue 364,000.00 273,000.00 1,299,075.81 475.85% (1,026,075.81)
TOTAL REVENUES 27,355,200.00 20,516,400.00 29,626,024.45 144.40% (9,109,624.45)
FAV(UNFAV)
EXPENDITURES Variance
Administrative Costs 1,318,200.00 988,650.00 625,159.18 63.23% 363,490.82
Professional Services 2,160,613.00 1,620,459.75 542,535.72 33.48% 1,077,924.03
Property Tax Administrative Fee 563,900.00 422,925.00 397,766.70 94.05% 25,158.30
Cost.of Inventory Sold
Capital Outlay 97,300.00 72,975.00 77,300.45 0.00% (4,325.45)
Deep Canyon&Hwy 111 8,241.00 6,180.75 7,641.93 123.64% (1,461.18)
Parking-The Gardens 5,000,000.00 3,750,000.00 0.00 • 0.00% 3,750,000.00
El Paseo/Highway 74 7,719.00 7,719.00 7,719.33 100.00% (0.33)
1-10 Interchange 250,000.00 250,000.00 250,000.00 100.00% 0.00
Super Block III-Landscape 60,000.00 45,000.00 0.00 0.00% 45,000.00
Desert Crossing Public Improvement 43,450.00 32,587.50 0.00 0,00% 32,587.50
Desert Willow-P#1 8,001,478.00 6,001,108.50 0.00 0.00% 6,001,108.50
North Sphere Infrastructure 26,555,050.00 19,916,287.50 4,910,015.07 24.65% 15,006,272.43
Desert Willow P#2 14,899,120.00 11,174,340.00 1,387,268.90 12.41% 9,787,071.10
P#4 Street Improvements 1,011,129.00 758,346.75 475,526.40 62.71% 282,820.35
6 Desert Rose 131,002.00 98,251.50 4,602,432.12 0.00% (4,504,180.62)
Air Quality Management 200,000.00 150,000.00 53,635.82 0.00% 96,364.18
Office Equipment 5,000.00 3,750.00 0.00 0.00% 3,750.00
Hwy 74 and Hwy 111 Improvements 0.00 0.00 0.00 0.00% 0.00
Land Purchases 0.00 0.00 0.00 0.00% 0.00
Housing Subsidies
AHA Housing Subsidies 4,315,000.00 3,236,250.00 844,132.00 26.08% 2,392,118.00
Desert Rose Subsidies 200,000.00 150,000.00 0.00 0.00% 150,000.00
Decline in Value on Inventory Held
For Resale _
Payments to Other Governmental Agencies 6,978,400.00 5,233,800.00 1,062,324.90 20.30% 4,171,475.10
7 Bond Issuance Costs 0.00 0.00 1,005,865.10 0.00% (1,005,865.10)
7 Bond Discount 0.00 0.00 647,595.00 0.00% (647,595,00)
5 Interest And Fiscal Charges 10,622,000.00 7,966,500.00 17,532,566.76 220.08% (9,566,066.76)
5 Principal Payments 2,430.000.00 1,822,500.00 5,655,000.00 310.29% (3,832,500.00)
TOTAL EXPENDITURES 84,857,602.00 63,707,631.25 40,084,485.38 62.92% 23,623,145.87
'TAX INCREMENT REVENUE ARE USED TO PAY DEBT SERVICE PAYMENTS.
I Tax Increment is paid in Jan and May of each year.
2 Mast interest revenue is based on investments held and is recorded at maturity.
3 Reimbursements are received at various times during the year.
4 Other Revenue is received at various times during the year.
5 Principal and Interest Payments are made twice a year with the exception
of the Dutch Auction Bonds which pay every 35 days.%of YTD Budget
is for informational purposes only. Does not reflect annual variances.
6 Desert Rose Expenses are offset by the Sales of Homes recorded under Revenue.
7 Costs associated with refunding an existing bond Issue. Paid from bond proceeds.
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ATTENDANCE LIST
INVESTMENT & FINANCE COMMITTEE
September 1997- August 1998
NAMES Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
23 15 19 17 21 18 18 15 20 17 15 19
Mayor X X X A A A X A A
Benson
Diaz X X A X X X X X A X/X
Erwin X X X X X X X x -A
Gibson X X X X X X X X )( ,C X.
Kelly A X A X Bob Spiegel took over as Mayor Pro-Tempore
Spiegel X X X x A
Magloff X X X X X X X X X X
Ortega A X X X X X X X A-- X
Ruth X A X X X X X X X Wa 1-on er n lapt
Veazie A X X X X X X X 1<, X
Members: 9 Quorum: E:Excused A:Absent X:Present
Revised 5/14/98
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