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Home My WebLink About05 NOVEMBER 1998 i ',� File Copy AGENDA INVESTMENT & FINANCE COMMITTEE WEDNESDAY, November 18, 1998--11:00 A.M. NORTH WING CONFERENCE ROOM **xt***xt****m,t*a*,txa*x**,r,t*xx*�*,t********rr*,tt*,et*,rt*********tx**x******w�**x* I. CALL TO ORDER II. ROLL CALL IIL APPROVAL OF MINUTES Rec: Approve the Minutes of October 21, 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 givin h�is or her name and address for the record. Remazks 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. Remazks shall be limited to a maximum of five minutes unless additional time is authorized by the Chairman. V. OLD BUSINESS A. Status of Public and Private Partners6ips Background Checks for Section 4 Rec: Report by Carlos Ortega. Action: B. Bond Issuance by Palm Desert FinancinP Authority Rec: Status Report on new Bonds for Bighorn. Action: AGENDA-INVESTMENT & FINA.NCE COMMITTEE November 18, 1998 **�***�*********�,+**�***�*+�*��*�„***�+***«*««*******�*�*«***�«*�**********��* VI. NEW BUSINESS A. Citv and Redevelo.nment Agencv Investment Schedule for October. 1998 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 August. Review status of capital projects and cash flow projections. Action: B. Review Short Term Investments MaturinE in November. 1998 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds and notes; and, 3) Agencies discount notes. To be distributed on meeting date. Action: C. State of California Local A�eocy Investment Fund Monthly Reports for September, 1998 Rec: Informational item for the Committee to review. No action required. D. Monthly Financial Report for City Council for October. 1998 Rec: Report and submit to City Council. Action: E. Parkview Professional Office Buildings - Fivancial Rrp�rts & Prop� ManaEement A�reement Rec: Review of 10/31/98 financial statements. Review and recommend property management group. Action: F. p�sert Willow Golf Resort Financial Information for October. 1998 Rec: Review and file report. Action: AGENDA- INVESTMENT & FINANCE COMMITTEE November 18, 1998 **************�**.�************.**�**«**��******�«*,.....******�*.*«**��****:*« G. Palm Desert Recreation Facilities Corooration Income Anal,y,sis for October. 1998 Rec: Review and file report. Action: VII. REPORTS AND REMARKS A. Rgnorts and Remarks by any Committee Member B. Items to be olaced on the Next APenda VIII. NEXT MEETING DATE Next regulazly scheduled meeting is: ��a�r�c��dl��v� �`>�� Il(6�, Il�S�a3 �1Q IlIlo�� ,,��m� IX. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of Califomia, that the foregoing agenda for the Palm Desert Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 hours prior to the meeting.,$ated this Nov ,mber 10, 1998. � � ��n�Abazca, Recording Secretary � �--r--� • � � Minutes Finance Committee CONVENE On October 21, 1998, the Investment 8t Finance Committee was calied to order at 11:08 a.m. by Mr. Paul Gibson. ROLL CALL Paul Gibson, Dave Erwin, Murray Magioff, Bill Veazie, Bob Spiegel, Thomas ]effr?y and Veronica Abarca, recording secretary. Dennis Coleman, Redevelopment Agency APPROVAL OF MINUTES Upon motion by Mr. Dave Envin, and seconded by Mr. Bill Ueazie, the Minutes of the September 16, 1998 meeting were APPROVED as , submitted. ORAL COMMUNICATIONS None. Mr. Gibson suggested that Item H (The McCallum Theaue) of the New Business be taken out of order so Antonia Graphos, The McCallum Theatre, would not have to stay for the entire meeting. The committee agreed. Ms. Graphos stated that the on-site audit for the McGllum Theatre has just been completed. At present, Financial Statement have not yet been made availabie by Lund 8t Guttry, LLP, but she will forward copies upon � receipt to the committee. There are three components to the revenue of the McCallum. The - Productions of the Theaue have an estimated net E 150,000 for the 97/98 fiscal year. Ms. Graphos reminded the committee that the show revenue alone, wiil never cover the entire operation of the McCallum. The second component is fundraising, in which the budget has been exceeded for the 97/98 fiscal year. $2.3 Millton dollars was generated through fundraising. The third component is rentals. Ms. Graphos stated that the budget was a bit aggressive with their estimates of rentals for the 97/98 fiscal year. $500,000 was budgeted for rentals, which they have never reached in the past. 1 Minut;es i�'Inance Committee Ms. Graphos stated that budgeting will now be a collective effort within the various departmenu and totally "staff driven". That effort is being implemented along with a new accounting software package which will enable the McCallum to accurately track the revenue and expenses and report them with greater ease than in the past. Ms. Graphos stated that in terms of the debt, the McCallum still maintains iu $2.5 Million "first mortgage" with the Allenburger Foundation. All interest paymenu have been paid, and received an unrestricted $200,000 grant from them in )uly, 1998. The grant enabled the McCallum to pay back the "Endowment Fund", where funds were borrowed from in 1996. It is now the intention of the McCallum Theatre to replenish the endowment fund for the future. Ms. Graphos has reviewed the endowment fund paperwork in order to "tighten up" any place in the documenu which would allow the McCallum to borrow again. At the urging of the committee, the McCallum is currently requesting bids for "endowment specialisu". Due to the size of the campaign, the sources and the length of time it will take to complete the campaign they feel it should be the subject of an independent third party's assessment of the McCalium's standing in the community. Proposals will be reviewed in November. The McCallum continues to hold a credit line of $750,000 at Valley Independent Bank, which is at a $0.00 balance. Ms. Graphos attributes the positive cash flow to the Presentation of the, "Boston Pops Symphony Orchestra" at the Hyatt Grand Champions Stadium on November 30. All tickeu are sold out (over 7,000 seats). This is the oniy outdoor tour for `Boston Pops", as well as the only sold _ out tour. The final source of debt is the loan from The City of Palm Desert. The interest payment for last year was made in a timely fashion. The interest payment for this year is scheduled to be made the first week January. The goal of McCallum's staff is to also make a "good faith" payment toward principaL Mr. Gibson asked Ms. Graphos if in )anuary she would return for the meeting with the "good faith" payment and also give an update to the committee. Ms. Graphos agreed. Ms. Graphos stated that addidonally she would like to bring the consultant for the "endowment campaign" 2 Minu�es I'Inance Commi�tee back to the committee for the City's input. Mr. Gibson stated she should contact Ray Diaz when she is at that point. Mr. Gibson thanked Ms. Graphos for her presentation and asked her to return in January. Mr. Magloff commended Ms. Graphos for their improvement this year. OLD BUSINESS A. �tatus of Pubiic and Private Partnershios Backaround Checks for di 4 Mr. Erwin reported the sub-committee received the background check to review and has returned it to the developer due to lack of information. • The developer has not yet re-submitted the background check with the corrections. B. Bond Issuance bv Palm Desert Financine Authoritv Mr. Coleman reminded the committee of the Canyons at Bighom project. The preliminary official statement is out and staff us currently setting up a schedule to pre-price the bonds. There is one more set of buyers which will be going to view the Canyons and are looking to price on Tuesday, October 27 with a closing on November 4. Mr. Gibson stated that he may possibly be in uial so it would be preferable to sign prior to November 4. NEW BUSINESS A. �itv and Redevel�pment Agencv Investment Schedule � Mr. Gibson noted that the report have been decreased to meet the _ requiremenu of the Council. Mr. Gibson pointed out that with the Treasury Bills the graphs indicate the yield comparison shows how substantially it is dropping. Currently a three month treasury is at 3.9°r6. Mr. Ortega commented that Japan's prime rate currently is at .05%. Mr. Gibson stated that obviously the yield will be dropping over the ne�ct 6 months. Mr. Spiegel questioned if that decrease would still fit in with what was budgeted. Mr. Gibson responded that yes, he budgeted very conservatively, expecting a decrease. Receive and file report. 3 Minui;es I�'inancc Commitrce B. Review Short Term Investmenu Maturin¢ in October. 1998 . Mr. Gibson stated there were no investmenu maturing at this time. Receive and file report. C. StatQ of California Local A¢encv Investment Fund Monthlv Reoort Mr. Gibson reported that the City presently has $19.6 million and the , Redevelopment Agency has $17 million with a rate of 5.652°r6. Receive and file report. D. Monthiv Financial Re�ort for Citv Council Mr. Gibson reported that the Redevelopment Agency report was included in the packet, however apologized for not completing the Ciry Financial Report. Mr. Gibson stated that the City's revenues are up for Transient Occupancy Tax approximately $200,000, as well as the sales ux around $100,000. Mr. Gibson stated that the Redevelopment Agency should be receiving an invoice from the Gardens at EI Paseo. Mr. Ortega stated that the reason why we have not yet received that invoice is because before we will pay them, they must present us with a parking master plan which needs to be approved by the City and the Redevelopment Agency. Receive and file report. , E. Parkview Professional O�ce Buildings - Financial Reoorts Mr. Gibson stated that once the State, the Alzheimers Association and the Coachella Valley Economic Partnership, we will be up to less than 6% vacancy. Receive and file report. F. Desert Willow Golf Resort Financial Information for Seotember, 1998 Mr. Diaz noted that Dave Ledbetter, Golf Pro, is currently in the red. Mr. Ortega stated that the Ledbetter expenses are consistent, however they were closed for one month which eliminated his revenue. 4 Minut;es flnancc Commi�tce Mr. Spiegel stated that the comparison showed additional loss in 98/99 compared to 97/98. Mr. Gibson stated that his understanding was corred, however due to the addition of the new staff for the South Course we are showing a larger deficit. Not to mention, the months of July, August and September being the lowest revenue months of the year. Mr. Ortega stated that they will most likely be in the red through ]anuary. Mr. Gibson stated that he believes that by the end of the fiscal year, they will either break even or make a slight profit. Receive and file report. G. Palm Desert Recreation Facilities Corporation Income Analvsis for Seutember, 1998 Mr. Erwin questioned the amount spent compared to the amount budgeted. Mr. Gibson attributed some of that expense to the opening of the South Course. Mr. Gibson stated he will be checking with Gregg Lindquist on that matter. Receive and file report. 1. Reuor[s and Remarks bv Committee Members Mr. Gibson stated that he has asked Mr. Erwin to review the current Deferred Compensation Programs which the City is dealing with. PEBSCO has a third party custodian which no longer recognizes the City as trustee and does not need to be listed on the books, however ICMA treau it a; an expendable trust and sees the City as uustee over those funds. _ Mr. Erwin is reviewing to see if we.are complying with the new IRS regulations and is there any difference between the two agencies. Mr. Gibson's largest concern is if he, as ueasurer, is personally responsible for the invesUnents of the assets which he has no control over. He does not wish to have any risk. NEXT MEETING DATE The next Invesunent Sz Finance Committee meeting will be held Wednesday, November 18, 1998 at 11:00 a.m. AD]OURNMENT Upon motion by Bob Spiegel and seconded by Bill Veazie the Investment &Finance Committee ad�ourned.at 11:57 p.m. 5 Minui;es i�'Inance Commi�tee Respectfully submitted, � � � � � � ; _ ��%v . r �; ,. � i , ��_ :i ; �Veronica L. Abarca Recording Secretary 6 11/11/1998 --- CITY OP PALM D&SEkT --- pp� - 1 ' PORTFOLIO MASTBR SUD4MRY �ITy OCfOBER 31, 1998 ACCRUAL AVERAGE ---YIfiLD TO MATORITY-'- PERCENT OF AVERAGE DAYS TO 360 365 INVESTMENTS HOOK VALUE PORTFOLIO 1BRM MATURITY EQUIVALENT EQUIVAL6NT UNITED STAT&S TAEASURY - COUPON.......... ....$ 33,101,734.64 26.99 1,291 876 5.803 5.889 F6DERAI. AGENCY - COUPON.................. ....$ 2],895,638.55 22.'14 949 532 5.918 6.000 LOCAL AGENCY INVESTMENT FUND.................$ 22,912,053.25 18.68 1 1 5.481 5.557 CITY IqAN TO RDA......................... ....$ 21,055,000.00 17.1'/ 2,192 973 5.462 5.538 FIDELITY TREASUAY POOL................... ....$ 7�113,002.67 5.80 1 1 4.932 5.000 UNITED STATES TREASURY - DISCOUNT............$ 4,897,122.36 3.95 1,'/06 1,381 5.738 5.818 HIGHMHRR SWEEP ACCOUMI'S.... ..................$ 5,259,682.31 4.29 1 1 4.2'/1 4.330 STATE & IACAL GOVT SERIES - TIME.............$ 965,000.00 0.38 1,753 1,42B 0.000 0.000 "______""' '__'_""""'_'____'_"'__"' TOTAL INVESTMENTS and AVER9GE5........ .....$ 122,649,233.78 100.00& 1,015 585 5.5"!Ot 5.64'/& =�`e��'��"��»�a�am��"'�....�e'��..��ammn�..'��se�ms`��`e CASH Paeebook/Checking - No Yield Totals......... .$ 1,155,373.48 0.000 0.000 (not Sntluded in yield calculatione) Acciued Intereet at Purchase.............. ...5 4,181.6'/ ____" """""__'______'____'_'_'________" " TOTAL CASH and PURCHASE INTEREST........ .....5 1,159,555.15 � """`�'.""«....."."'�»�a�a�«.�.""""""""..«�«�«��........ TOTAL CASH and INVESTMENTS.................$ 123,808,'188.93 ve�e��..��e�as..........aa�a=sa.m...........�asm:........ase�:a............... MONTH ENDING FIS�ar. TOTAL EARNINGS OCTOBER 31 Y6AR TO DATE CUYient Year S 587,783.68 $ 2,410,582.80 AVERAGE DAILY BALANCS $ 123,495,542.3"! $ 127,168,017.23 EFFECI'IVE RATE OF E2ETURN 5.60t 5.63t THE CITY'S INVESTMENT PORTFOLIO IS IN COMPLIANCE WITH ALL CALIFORNIA GOVERNMENT PAUL S. GIBSON CODE AND CITY INVESIM6NT POLICY PROVISIONS RBLATING TO THE INVESTMENT OF Iqrnr, FINANCE DIRECTOR & CITY TREASURER AGENCy FUP7pS. NOTWITHSTANDING ANY FUTURE ACfI0N5 BY THE CITY C011NCSL OR AN UNFORESEEN CATASTROPHE, THE CITY HAS SUFFICIENT CASH FIpW 11� MEET ITS _ EXPENDITURE REQUIR6MENTS FOR THE N6XT SSX MONTHS. MARKET VALU&S WERE OSTAIN6D OATE FROM U.S. BANX AND FROM INTERACPIVE DATA CORP. ALL BALANCES ME BANX BALANCES. 11/11/1998 . -- CITY OF PALM DESERT --- PM - 2 � INVESTMENT PORTFOLIO DETAILS - INVESTMENT5 CITY OCtOBER 31, 1998 ACCRUAL INVESTMENT AVEAAGE Yi7R�HA$E STATE� --- YTM --- MATURITY DAYS NUMBER ISSUER BALANCE ➢ATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT UNITED STATES 1REASURY - COUPON 1600'/ I UNITED STATES TREASUAY 12/12/95 1,010,255.00 1,000,000.00 1,022,500.00 6.3'15 5.338 5.413 O1/15/00 440 16008 I UNITED STATES TREASURY 12/12/95 453,29].43 445,000.00 95'1,098.49 8.000 5.2'19 5.352 OB/15/99 28'1 1603] - UNITED STATES TREASVRY 06/26/96 2,99'1,218.42 3,OD0,000.00 3,000,93'].50 5.125 6.314 6.902 11/30/98 29 . 1604] UNITED STATES TREASURY OS/O1/90 2,001,080.25 2,000,000.00 2,O18J50.00 6.3'l5 6.191 6.250 04/30/99 380 � 16048 UNITED STATES TREASURY 03/21/99 1,993,455.91 2,000,000.00 2,002,500.00 5.000 6.124 6.209 02/15/99 306 16050 UNITED STATES TREASURY 12/11/9'J 92.083.23 92,000.00 93,035.00 5.8'/S 5.6]4 5.']53 OB/31/99 303 16051 UNITED STATES TREASURY 12/11/90 1,358,009.89 1,340,000.00 1,426,262.50 6.250 5.]61 5.041 OB/31/02 1,399 16052 UNITED STATES TREASURY 12/11/9'/ 12,202.08 12,000.00 12,416.25 ].125 5.6�2 5.950 02/29/00 9B5 16053 UNITED STATES TREASURY 12/11/9'1 9'/,'/34.45 9'/,000.00 100,243.44 6.250 5.'l13 5.'/92 OB/31/00 669 16059 UNITED STATES TREASURY � 1]/11/90 12,958.86 13,000.00 13,369.69 5.625 5.693 5.002 02/2B/O1 B50 16055 VNITED STATES TTIEASVRY 12/11/9] 104,726.54 103,000.00 108,]93.]5 6.500 5.]50 5.830 08/31/O1 1,034 16056 UNITED STATES TREASURY 12/11/9] 13,153.85 13,000.00 13,'/43.94 6.250 5."!61 5.841 02/2B/02 1,215 16059 UNITED STATES TREASURY 12/11/97 11,991.96 12,000.00 12,037.50 i 500 5.629 5.707 02/28/99 119 16060 UNITED STATES 1REASURY 12/11/99 306,915.06 300,000.00 321,000.00 6.625 5.'/68 5.898 03/31/02 1,246 16061 UNITED STATE5 TREASURY 12/11/97 15,209,473.37 15,194,000.00 15,996,933.13 5.875 5.762 5.992 09/30/02 1,429 16062 UNITED STATES TREASUAY 12/11/9] 923,539.3] 911,000.00 960,535.63 6.395 5.']58 5.838 09/30/O1 1,069 160fi3 UNITED STATES TREASURY 12/11/99 285,34'/.58 2B2,000.00 299,959.38 6.375 5.749 i 829 03/31/O1 881 16064 UNITED STATES TREASURY 12/11/9'/ 851,69'1.69 847,000.00 8'/9,'/92.19 6.125 5.'J24 5.903 09/30/00 699 16065 UNITED STATES TREASURY 12/11/99 268,]85.35 265,000.00 2]3,943.'/5 6.895 5.6% 5.9'15 03/31/00 516 16066 UNITED STATES TREASUAY 12/11/9� 806,808.56 60'1,000.00 816,330.94 5.�50 5.693 5.')']2 09/30/99 333 1606] UNITED STATES TREASVRY 12/11/9� 250,505.'16 250,000.00 251,'196.88 6.250 5.646 5.'/24 03/31/99 150 160�0 VNITED STATES TREASURY OS/1B/9B 4,040,494.03 4,000,000.00 4,0'/6,250.00 6.B'/S 5.506 5.582 OB/31/99 303 _______'"_____'__ _______'__'__' '"__________'_ _""_"__"___'__ ______ __"_" '_"""' SU6TOTALS and AVERAGES 33,559,968.86 33,101,�39.64 34,149,924.41 32,903,000.00 S.B03 5.084 8]6 . FEDERAL AGENCY - COUPON 14016 FEDERAL FARM CREDIT BANK OB/04/9'1 3,000,000.00 3,000,000.00 3,060,000.00 6.000 6.000 6.083 OB/04/00 642 1400'/ FEDERAL HOME LOAN BANK 10/24/96 3,999,9'/9.40 4,000,000.00 4,000,000.00 5.820 6.019 6.102 11/02/98 1 19011 FEOERAL HOME LOAN HANK 03/26/9') 1,800,000.00 1,800,000.00 1,910,68'/.50 6.310 6.310 6.398 03/26/99 195 14020 FEDERAL HOME LOAN HANK O1/19/98 3,000,000.00 3,000,000.00 3,006,562.50 S.B02 5.802 5.883 O1/14/00 939 14022 FE➢ERAL HOM.E IAAN BANK O1/09/98 2,000,000.00 2,000,000.00 2,016,875.00 6.105 6.145 6.231 O1/09/02 1,165 14024 FEDERAL HOME IAAN BANIC 03/03/98 2,996,001.9'I 3,000,000.�0 3,002,812.50 5.935 5.998 6.081 02/13/O1 835 � 14002 I FEDERAL NATIONAL MTG ASSOC 12/12/95 1,017,906.61 1,000,000.00 1,024,375.00 8.450 S.B77 5.958 07/12/99 253 14004 I FEDERAL NATIONAL MTG ASSOC 12/12/95 1,043,305.52 1,000,000.00 1,057,912.50 9.050 5.620 5.699 04/10/00 526 19021 FEDERAL NATIONAL MTG ASSOC O1/OS/98 999,700.00 1,000,000.00 1,000,312.50 5.230 5.689 5.768 11/25/98 24 14023 FEOERAL NATIONAL MTG ASSOC 01/19/98 2,000,000.00 2,000,000.00 2,025,625.00 6.010 5.92B 6.010 O1/14/03 1,535 14025 FEDERAL NATIONAL MTG ASSOC OS/1B/9B 2,099,B39.26 2�000,000.00 2,065,625.00 'l.590 5.726 5.805 02/14/00 470 14026 FEDERAI. NATIONAL MTG ASSOC OS/18/98 1,992,912.]0 2,000,000.00 2,012,500.00 5.430 5.'/50 5.830 O1/2']/00 452 1402'] FEDERAL NATIONAL MTG ASSOC OS/18/98 2,001�993.59 2�000�000.00 2�016�250.00 5.]90 S.'l10 5.'!B9 11/OS/99 369 ___'__'_"'______ ______________ ____"'_____'" '_'__'___'____ __'___ "____ __"__ - SUBTOT4LS and AVERAGES 20,898,455.51 29,895,638.55 28,099,43'1.50 2"/,800,000.00 5.91B 6.000 532 11/11/1998 � -- CITY OF PALM DESERT --- PM - 3 INVESTMENT POkTFOLIO DETAILS - INVESTMENTS CITY OCTOBER 31, 1998 ACCRUAL INVESTMENT AVERAGE PURCHAS£ STATED -- YTM --- MATURITY DAYS NUMBER ISSUER HALANCE DATE BOOK VALUE FACE VALUE MARKET VALUE RATE 360 365 DATE TO MAT __'_______'______'___'_'____"__________'____'___________'___"_'__'_____""___"_'_"'__""'""____'__'______"_______""___'__ IACAL AGENCY INVESTMENT FUND 12000 STATE OF CALIFORNIA 22,912,053.25 22,912,053.25 22,912,053.25 5.55"1 5.481 5.55'1 1 AVERAGES 22,]80,211.22 CITY LOAN TO ADA � , 12001 CITY OF PALM DESERT 09/O1/95 21,055,000.00 21,055,000.00 21,055,000.00 5.538 5.962 5.538 0"!/O1/O1 9'J3 AVERAGES 21,055,000.00 FIDELITY TAEASURY POOL 12009 FIDELITY INVESIMENTS 0.00 0.00 0.00 5.000 4.93� 5.000 1 12005 FIDEL21'1 INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12006 R FIDELII'Y INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 1200'/ FIDELTTY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12009 I FIDELITY INVESTMENTS 37,267.03 3'/,267.03 3'/,267.03 5.000 9.932 5.000 1 12010 R FIDELITY INVESTMENTS 193,399.95 193,309.95 193,309.95 5.000 9.932 5.000 1 12012 I FIDELITY INVESTMENTS 268�016.60 268,016.60 268,016.60 5.000 9.932 5.000 1 12013 R FIDELITY INVESTMENTS 132,922.'/4 132,922.']9 132,922.'!4 5.000 9.932 5.000 1 12015 FIDELITY INVESR'MENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12016 I FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12022 R FTDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12029 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12025 R FIDELITY INVESTMENTS 4]4,595.08 494,595.]8 4]4,595.]8 5.000 4.932 5.000 1 1202'/ R FIDELITY INVESTM6NT5 64,42'/.50 64,42'/.50 64,42'/.50 5.000 4.932 5.000 1 12028 R FIDELITY INVESTMENTS 162,]46.4'/ 162,'/46.4'/ 162,'146.4'/ 5.000 4.932 5.000 1 12031 FIDELITY ITMESTMENTS 12.05 12.05 12.05 5.000 4.932 5.000 1 12033 FIDELITY INVESTMENTS - 42.69 42.69 42.69 5.000 4.932 5.000 1 12034 FIDELITY INVESTMENTS 10].11 � 10'1.11 10'/.11 5.000 9.932 5.000 1 12035 FIDELITY INVESTMENTS 904.2� 489.2') 489.2'J 5.000 9.932 5.000 1 12036 FIDELITY INVESTMENTS 130.08 130.08 130.08 5.000 4.932 5.000 1 1203� FIDELITY INVESTMENTS B5.98 85.48 85.48 5.000 4.932 5.000 1 12039 FIDELITY INVESTMENTS 29.23 24.23 24.23 5.000 4.932 5.000 1 12092 I FIOELITY SNVESTMENTS 0.00 0.00 � 0.00 5.000 4.932 5.000 1 12093 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12049 � FIDELII'Y INVESTMENTS ' 0.00 0.00 0.00 5.000 9.932 5.000 1 12045 � FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12046 FIDELITY INVESTMENTS 80.06 80.06 80.06 5.000 9.932 5.000 1 12049 FIDELITY INVESTMENTS 67,309.81 67,309.81 67,309.81 5.000 4.932 5.000 1 12050 FIDELITY INVESTMENTS 'l95.53 745.53 745.53 5.000 4.932 5.000 1 12051 FIDELITY INVESTMENTS 195.99 195.49 195.49 5.000 4.932 5.000 1 12052 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12053 FIDELITY INVESTMENTS 59,100.83 59,100.B3 59,100.03 5.000 4.932 5.000 1 12054 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12055 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 1205'/ FIDELITY INVESTMENTS 4,228,103.61 4,228,103.61 4,22B,103.61 5.000 4.932 5.000 � 1 11/11/1998 --- CI17 OF PALM DESERT -- PM - 4 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY OCTOBER 31, 1998 � ACCRUAL INVESTMENT AVERAGE PVRCHASE STATED --- YTM --- MATURITY DAYS NUDIDER . ISSUER BALANCE DATE BOOR VALUE FACE VALUE MARKET VALIIE RATE 360 365 DATE TO MAT ""___'___________________________'""__"__________"_"__'"__________""_""'_'_____"____""__"'___"______________"__________________' FIDELITY TREASURY POOL 12058 FIDELITY INVESTMENTS 61,582.02 61,582.02 61,582.02 5.000 4.932 5.000 1 12059 FIDELITY INVESTMENTS 1,28].75 1,280.'/5 1,28].]5 5.000 4.932 5.000 1 12060 FIDELIIY INVESTMENTS� 892,596.86 892,596.86 892,596.86 5.000 4.932 5.000 . 1 12061 FIDELII'1 INVESTMENTS 30'I,')01.05 30],]01.05 30'/,]OI.OS 5.000 4.932 5.000 1 ' .. 12062 FIDELITY INVESTMENTS 125,�01.39 125,901.39 125,]01.39 5.000 4.932 5.000 . - 1 12063 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12064 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12065 FIDELITY SNVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12066 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 1206'/ FIDELITY INVESTMENTS 28.02 28.02 28.02 5.000 4.932 5.000 1 12068 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12069 FIDELITY INVESTMENTS 190.98 190J8 190.08 5.000 9.932 5.000 1 120"/0 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12071 FIDELITY INVESTMENTS � 0.00 0.00 0.00 5.000 4.932 5.000 1 12072 FIDELITY INVE51T1ENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12073 FI�ELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12079 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.93� 5�000 1 120]5 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 120]6 FSDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 120]] FSDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 120]8 FIDELITY ZNVESTMENTS . 0.00 0.00 0.00 5.000 4.932 5.000 1 120�9 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 120B0 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12081 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12002 � FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12083 FIDELITY INVESTMENTS " 0.00 0.00 0.00 5.000 9.932 5.000 1 120B4 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12085 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12086 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 ' 12087 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12088 FIDELITY INVESTMENTS� 0.00 0.00 0.00 5.000 4.932 5.000 1 12089 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 � 4.932 5.000 - 1 12090 FIDELII'Y INVESTMENTS . 34,13'/.99 34,13].49 34,13'/.99 5.000 4.932 5.000 1 � 12091 FIDELII7 INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 � 1 � 12092 FIDELII'Y INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 12093 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12094 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12095 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12096 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12099 FIDELITY SNVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 12100 R FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 _________________ __""___""__"__ ______"___"___ ___"_"""_'____ ______ ______ __"___ SUBTOTALS and AVERAGES "/,205,OOB.80 0,113,002.6] 0,113,002.6'] - '/,113,002.6] 4.932 5.000 1 11/11/1998 -- CITY OF PALM DESERT -- PM - 5 . INVESTMENT PORTFOLIO DETAILS - INVESTMENTS CITY OCTOBER 31, 1998 ACCRUAL INVESTMENT AVERAGE PUACHASE STATED --- YTM --- MATT7AITY DAYS NUDIDER ISSUER BALANCE DATE HOOK VALUE FACE VALUE MARICET VALUE RATE 360 365 DATe TO MAT ___"___________________________"__'"________________"______________""_________________"_'_________________________________________ UNZTED STATES TREASVRY - DISCOUNL 1']0'/0 UNITED STATES TREASURY 12/11/9'/ 128,6'l6.56 166,000.00 142,396.BB 5.0'/8 5.'/58 5.838 OS/15/02 1,291 1]071 UNITED STATES TREASUAY 12/11/97 4,718,495.80 6,170,000.00 5,230,'/15.63 5.028 5.'/37 5.81'/ OB/15/02 1,383 _"'_____"______ ""'________"' _'___'_'_'_"' "'_____'"_'_' ""___ ____"' . "____ . SUBTOTALS and AVERAGES 4,84],122.36 4,84],122.36 5,381,112.51 , 6,336,000.00 5.938 5.818 1,381 HIGFMARK SWEEP ACCOUNI'S 29015 CITY MAIN SWEEP ([1B) 9,131,�89.09 4,131,'189.09 4,131,'189.09 4.330 4.2'/l 9.330 1 24019 �ESERT wILIAW SWEEP (UB) 332,997.05 332,447.05 332,447.05 4.330 4.271 4.330 � 1 24016 OFFICE COMPLEX SWEEP (U8) '/95,996.1'/ 995,496.1] '/95,496.1'/ 4.330 4.2'!1 4.330 1 _____________"'_ "____'_"'_'_'_ _"'_"_'__"""_ "__'____"'"__" _'____ ______ '_'___ SUBTOTALS and AVERAGES 4,892,456.50 5,259,682.31 5,259,682.31 5,259,682.31 4.271 4.330 1 STATE & LOGL GOVT 5£RIES . TIME 23000 VNITED STATES TREASVRY 12/11/9'/ 430,000.00 430,000.00 930,000.00 0.000 0.000 0.000 SO/O1/02 1,930 23001 UNITED STATES TR$ASUAY 12/I1/99 35,000.00 35,000.00 35,000.00 0.000 0.000 0.000 09/02/02 1,901 _'______'_"_'_"" "_"_"'______ _______"_"_"" __"'_______'_' _"____ __'_"_ '_"'_ SUBTOTALS and AVERAGES 465,000.00 965,000.00 465,000.00 465,000.00 0.000 0.000 1,428 TOTAL INVESTMENTS and AVG. $ 122,649,233.]6 124,433,012.65 122,648,293.25 123,923,']38.23 5.5]O& 5.64]& 585 11/11/1998 . -- CITY OF PALM DESERT --- PM - 6 INVESTMENT PORTFOLIO DETAILS - CASH CITY OCTOBER 31, 1990 ACCRUAL INVESTMENT AVEAAGE PURCHASE STATED --- YTM --- MATURITY DAYS NUDIDER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT ____________"_____________'"____"______"__________________________"____""_"__________________'___'______________________________"_ PASSHOOR/CHECRING . 1301'/ OFFICE COMPLEX CHECKING (UB) 46,250.38 0.000 0.000 0.000 13016 CITY MAIN CHECRING (UB) 1,041,802.83 0.000 0.000 0.000 13013 DESERT WILIIJW CHECKING (UB) . 5,48].51 0.000 0.000 0.000 13015 � LIBRARY FOiR7UATZON CHKG (UB) 19,236.39 � 0.000 d.000 '0.000 ' � 13018 OFFICE COMPLEX 1RUST (UB) 22,"190.41 � 0.000 0.000 0.000 13020 RECREATIONAL FAC CHECRING (UB) 19,B05.96 0.000 0.000 0.000 __"___________ ______________ __'__' __'_'_ SUBTOTALS and AVERAGES 84"/,249.13 1,155,3']3.98 0.000 0.000 Accrued Intereat at Purchase 4,181.6'/ ____"""""""""'"""'""""""""'"'"'""""""""""__"""""""""'"""'""""____"____ TOTAL CASH S 1�159,555.35 � TOTAL CASH and INVESTMENTS $ 123,495,542.3] 123,808,'/88.93 ; - __ _ i j _._.. . - _ __ , , , - - , � I L � O § i O n t � � �� u n a '.i� m � q � g / � f w � � $ i � � � e • . i � m �i � � � � I � 3 N W¢ Q � o I' ' J av w W I ' P w I ' Q ✓�� j � � � �d�J � W � � z � �g< $ I. a W � i W q � '�a�' m ' �' a . � > _ � �{ i�'w O I�. E w o � i Z i � N2€ O > u + W F a � � (� � O Z F Q � O oba n � f � � ' � � Z c� � r O �- � U I W � � U G � w � � u u m � Q � � � F a � I � � f � � 1 3 m T I ' O I n i � a S � � m b i � I � � � f � ' i � t t � � II ` Q . . . . . e i.. , .„ � e S & e & � � � � � i ONrtiltltl3N39fOIN3�b3d � � a� , I I � c .$.... .. � snomiws ��i �„' �� e . e 8'. �I F p m3u Q J � W 0 W ��' ��. WO Q � Ji f 6 C1 � F W I _ Z O � O � ' rn F 0 U I O I O I II U Z I I I p III � I �f � I�v ; O � I Z t 3� p • II I j I a - � ' I �O 4ry nia�b '. p.e LL ' ¢ I W l00 J QI w m m �',.� p�� r Q � [� e �� I I' I U - — I � W � p � �, �, N m O ao 0o I O z w 1 r �im � g �- oo � � I a o4 s" � o � � � LL � ¢ _ � � N gm� Q . � w � ', o a ,� ,� � ^ � Ra oi - f a n � F a y z O . � � a II � I . � m minoN � �,`u�NT �II " II m o w -� o o - w I . ` � a �o � 8 � _ wo d8 ¢ _ � � � E a �- *� � o ¢ � �� w 'o U w �i .� N N ro d d .��o = ��.n I i o m E � � I I o `� � r a I � W ¢ N � ' I ° � a , � o '� °� � w � z I E N , i � _ �� O Z W� N I a � � W Q � � h J O O �U �n N �LL 2 I J O O O F d 2 0 I .� 6 > . ow � 1 o a Q o a 'o o � , wco u ; oi I w � Q w � y ? � w (J V�iQ � �nYOQJ� LQ �41QZ n w Q Q w Q M Q j a � $O� � � � W � w � � ¢ 2 F- W 6 LL � Y z Q z i . � � o a U � � i w o ¢ w O O�E : f, R a�au � T —L � CITY OF PALM DESERT �_ INVESTMENT ACTNITY REPORT _ OCTOBER 1998 �EXECUTIVE SUMMARY As of 10/31/98, total portfolio book value was approximately$122.6MM. This reflected a net decrease of approximately $1.7MM from prior month, due largely to debt service payments. There was an unrealized portfolio net gain (market value- book value)of approximately$1.8MM, based upon prevailing market interest rates. This was only a"paper"gain since there was no profit-taking. Significant changes in investment position, by security type, are discussed below: "United States Treasury-Coupon." The City buys interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest proceeds from sale of assessment bonds. Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BYAPPROXIMATELY$1 MM DUE TO A MATURING SECURITY. "Federal Aqency-Coupon." The City buys U.S. govemment agency and instrumentality notes with maturities of 2- 10 years to invest proceeds from sale of assessment bonds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. GovernmenYs"moral obligation"). Although unrated, considered"APu4." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$6M DUE TO AMORTIZATION OF PREMIUMS. "Local Aqency Investment Fund Q alFl." The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio(BAs, CP,Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180 - 540 days. No loss of principal in 20 years of operation. Deposits can be"cashed"within 24 hours. Limit of$30MM per account. S&P credit quality rating of "(A+)positive"; Moody's of"Aa3." THIS ACCOUNT BALANCE INCREASED BY APPROX/MATELY$292M DUE TO QUARTERLY INTEREST INCOME. ^C� Loan to RDA.�� The City has made long-term cash advances at LAIF interest rate to RDA for property purchases. Advances will be repaid in future years from tax increment revenue generated by associated redevelopment projects. THIS ACCOUNT BALANCE DlD NOT CHANGE. "FideliN Treasury Pool:' The City invests proceeds from sale of assessment bonds (construction, cost of issuance, and bond reserve monies) in "Fidglity Institutional Money Market Fund: Treasury Portfolio-Class I" This $3.9MMM fund invests in U.S. Treasury bilis and notes, and repurchase agreements for those seCurities. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm"; Moodys of"Aaa." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$1.4MM DUE TO DEBT SERVICE PAYMENTS AND INDIAN RIDGE CONSTRUCTION PAYMENTS. "United States Treasury-Discount." The City buys noninterest-bearing zero coupon securities ("STRIPS")with maturities- of 6 months - 30 years to invest proceeds from sale of assessment bonds. Purchased a4 discount;face value paid at maturity(difference is yield). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DID NOT CHANGE. "HlphMark Sweep Aeeounts." The City sweeps excess checking balances into"HighMark 100% U.S. Treasury Money Market Fund." This $905MM fund invests only in U.S. Treasury bills, notes, and STRIPS (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered "AAA." TH/S ACCOUNT BALANCE INCREASED BY APPROXIMATELY$467M DUE TO MATURING SECURITIES. "State 8 Local Govt Series -Time." The City buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- t year to invest proceeds from sale of assessment bonds (to comply with IRS yield and arbitrage rebate restrictions). Nonmarketabie. Although unrated, considered "AAA." THIS ACCOUNT BALANCE DID NOT CHANGE. 11/11/1998 --- R$DEVEIpPMENT A6RICY --- pM _ 1 PORTFOL20 MASTBR SUF4ITRY �p OCfOHER 31, 1998 ACCRUAL AVERAGE -"'YIELD 'N MATU2ITY--- PERCENT OF AV6RAG6 DAYS TO 360 365 INVESTMENTS BOOX VALUE PORTFOLIO TERM Mq1'OAITy EQVIVALENT EQUIVALENT STATE 6 LOCAL GOVT SERIES - COUPON....... .. ..$ 66,429,667.00 43.10 1,]28 1,263 5.'160 5.840 FIOELITY TR6ASURY POOL.. ................. ....$ 53,369,649.'/6 34.62 1 1 9.932 5.000 IACAL AGENCY INV65TMENT FUND.............. ...$ 11,455,212.92 ].43 1 1 5.401 5.55] UNITED STATES TREASURY - CIX7PON........... ...$ 8,'/66,970.96 5.69 963 624 5.622 5.701 STATE & LOCAL CAVT SERIES - TIME.............$ 5,'/30,629.00 3.'/2 998 533 0.000 0.000 VNIT6D STATES TREASURY - DISCOVNT............$ 5,920,113.B9 3.84 2,339 2,056 5.454 5.529 HIGHMARK SWEEP ACCOUNTS......................$ 1,9]3,645.30 0.96 1 1 4.2'/1 4.330 FEDERAL AGENCY - COUPON......................$ 996,206.35 0.65 619 452 5.069 5.849 "_" "' "'_'___" '_____" '___ 1Y)TAL IfiVE5TM4TCS and AVERAGES.......... ...$ 154,13'/,090.18 100.0�4 931 682 5.204! 5.27'/4 "'�`��"��`a�'.��»e��n.�e�=as�":'..�`��'...`�.e:....��na.....m:e�:.�...... CASH Paeebook/Checking - No Yield Totale..........$ 40,944.11 0.000 O.oOo (not included in yield caltulatione) A[[rued InCe=est at Purchaee.................5 16,742.50 ___'__"____""___'______________'_"'__'_'__'_'__'____"' _.- TOTAL CASH and PURCHASE INTEREST...... .......$ 57,686.61 � �e a�.�.""""'�'��«�""�z""""��"""""a'�"".�e a��...."""..e�� TOTAL CASH and INVESTMENTS.................$ 154,194,776.79 =....a�s...�m��.....:.«a_�...me�as.......�e�:.....��aa.:...:eEa��..........e MONTH 6NOING FISCAL TOTAL EARNINGS OCfOHER 31 YHAR TO DATE CLrrent Year $ 69'/,0'/5.36 $ 2,93'/,0"!'/.07 AV6RAGE DAILY HALANCE $ 154,520,271.06 $ 162,505,088.67 EFFECTIVE RATE OF RETVRN 5.31} 5.364 THE RDA'S INVESTMENT PORTFOLIO IS IN COMPLIANCE WITI{ ALL CAi.IFORNIA GOVERNMENT PAUL S. GT9SON CODE AND R�A INVESTM6NT PbLICY PROVISIONS RELATING TO TH6 INVESTMENT OF IqCAL FINANCE DIRECTOR & CITY TREASURER AG6NCY FIJNpS. NOTWITHSTANDING ANY FUTUR6 ACfI0N5 HY THE RDA'S GOVERNING BOARD OR AN UNFORESEEN CATASTROPHE, THE RDA HAS SVFFICIENT CASH FIqW TO MEET ITS EXPENDITURE REQUIR&MENTS FOR THE NEXT SIX MONTHS. MARKET VALUES WGR& OBTAIN6O DATE FROM U.S. HANK ANp FROM INTERACTIVE DATA CORP. ALL HALANC6S ARE HANX BALANCES. 11/11/1998 . --- REDEVEIAPMENT AGENCY --- pM - 2 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA OCTOHER 31, 1998 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS NUFIDER ISSVER HALANCE DATE BOOK VALUE FACE VALVE MARKET VALUE RATE 360 365 DATE TO MhT STATE & IlJCAL GOVT SERIES - COUPON 19500 UNITED STATES TREASORY 0'//29/9'1 5,686,82].00 5,686,82'1.00 5,686,82].00 3.165 3.122 3.165 04/O1/02 1,24] 19501 UNITED STATES TREASURY , 09/29/9'/ 60,'/42,835.00 60,]42,835.00 60,]42,835.00 6.090 6.00"/ 6.090 04/18/02 1,269 _'"'"_"______'"" """"_'_'___ '_________"___ _"___________ __-___ ______ ___'__ SUBTOTALS and AVERAGES �66,429,662.00 66,429,662.00 66,429,662.00 . 66,429,662.00 5.'160 5.840 � 1,263 FIDELITY TREASURY POOL 11002 I FIDELSTY INVESTMENTS 25,660,612.55 25,660,612.55 25,660,612.55 5.000 4.932 5.000 1 11003 R FIDELITY INVESTMEN2'S 2,002,179.66 2,002,174.66 2,002,174.66 5.000 4.932 5.000 � 1 11005 I FSDELII'1 INVESTMENTS 4,26B,B62.'I'I 4,268,862.'/'/ 4,268,862.'/'! 5.000 4.932 5.000 1 11006 R FIDELITY INVESTMENTS 250,611.96 250,611.96 250,611.96 5.000 4.932 5.000 � 1 11008 A FIDELSI'Y INVESTMENTS 1,']09,SB9.11 1,'/OB,SB9.11 1,"/00,599.11 5.000 4.932 5.000 1 11009 I FIDELITY INVESTMENTS 1,860,7BB.03 1,860,7BB.03 1,860,708.03 5.000 9.932 5.OU0 1 11010 I FIDELITY INVESTMENTS 4,919,89'].60 4,919,09].69 4,919,80'I.60 5.000 9.932 5.000 1 11011 R FIDELITY INVESTTIENTS 2,751,871.06 2,751,871.06 2,751,871.06 5.000 9.932 5.000 1 11012 E FIDELITY INVESTTf&NTS 0.00 0.00 0.00 5.000 9.932 5.000 1 ' 13018 FIDELITY INVESTMENTS 83.09 83�04 83�09 5�360 5.287 5.360 1 11019 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 11020 FIDELITY INVESTMENTS 0.00 . 0.00 0.00 5.000 9.932 5.000 1 11021 FIDELITY INV£STMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11022 FIDELITY INVESTMENTS 9]1.31 991.31 9]1.31 5.000 4.932 5.000 1 11023 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11025 FIDELII'1 INVESIMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11026 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 1102'/ E FSDELITY INVESTMENTS 0.00 0.00 0.00 5.380 5.306 5.380 1 11028 � FIDELITY INVESTMENTS 118.12 118.12 118.12 5.000 4.932 5.000 1 11029 FIDELITY INVESTMENTS 98.59 98.59 98.59 5.000 4.932 5.000 1 11030 R FIDELITY INVESTMENTS 689,969.96 689,968.96 6@9,968.96 5.000 4.932 5.000 1 13031 FIDELITY INVESTMENTS 8.92 8.92 8.92 5.000 9.932 5.000 1 11032 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 1103'/ FI�ELITY INVESTMENTS 0.18 O.1B 0.18 5.000 4.932 5.000 1 11038 FIDELITY INVESTMENTS 31.2fi 31.26 31.26 5.000 4.932 5.000 � _ 1 11039 R FIDELITY INVE5IMENTS 538,388.66 538,388.66 538,388.66 5.000 4.932 5.000 1 � 11090 FIDELITY INVESTMENTS 998.97 448.9] 448.97 5.000 4.932 5.000 1 11091 I FIDELITY INVESTMENTS 82,0'l0.56 82,0'10.56 82,0'l0.56 5.000 4.932 5.000 1 11092 FIDELI'�'Y INVESTMENTS 12�25 12�25 32.25 5.000 9.932 5.000 1 11049 FIDELII'1 INVESTMENTS 36,165."!"! 36,165."I� 36,165.]'1 5.000 4.932 5.000 1 11046 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 1109'1 FIDELITY INVES:MENTS 0.00 0.00 0.00 5.000 4.932 5.000 3 11048 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11049 FIDELITY INVESTMENTS 69.52 69.52 69.52 5.000 4.932 5.000 1 11050 FID£LITY INVESTMENTS 2,811.1] 2,811.1"/ 2,811.1'I 5.000 4.932 5.�00 1 11051 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.937 5.000 1 11/11/1998 . -- REDEVEI,ppryENT AG6NCY --- PM - 3 INVE5TT7ENT YORTFOLIO DETAILS - INVESTMENTS RDA OCIOHEA 31, 1998 ACCRUAL INVESTMENT AV£�+GE pp{{CHASE STATED --- YTM --- MATURITY DAYS M/MBER ISSUEA BALANCE DATE BOOR VALUE FACE VALUE MARICET VALUE RATE 360 365 �ATE TO MAT _______'"_"_"'__'__'"_"_"_'___'________________'"___"'_'__"__'_____'____"""_'_______"_____""_____"__________'___'__'_'____'_"_ FI➢ELITY TREASUftY POOL 11052 FIDELII'1 INVESTMENTS 1'I,39"/.85 1'/,39].85 1'1,39'/.85 5.000 4.932 5.000 1 13053 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11054 - FIDELITY INVESTMENTS - 0.00 . 0.00 0.00 5.000 4.932 5.000 1 . 11055 FIDELITY INVESTMENTS 21,699.94 21,699.94 21,699.94 5.000 4.932 5.000 1 .� 11056 FIDELITY INVESTMENTS 6.38 6.38 6.38 5.000 4.932 S.Q00 1 1105] FIDELITY INVESTMENTS 19,265.35 19,265.35 19,265�35 5.000 4.932 5.000 1 11058 FIDELITY INVESTMENTS 24,930.0'/ 24,930.0] 24,930.0'/ 5.000 4.932 5.000 1 11061 FIDELITY INVESTMENTS 30,364.60 30,364.60 30,364.60 5.000 4.932 5.000 1 11062 FIDELITY INVESTMENT'S 4,426,770 J6 4,426,770.06 4,426,770.76 5.000 9.932 5.000 � 1 11063 FIDELITY INVESTMENTS . 1,866,101.3] 1,866,101.3'1 1,866,101.3'] 5.000 9.932 5.000 1 11069 FIDELITY INVESTMENTS 59.71 59.71 59.71 5.000 4.932 5.000 1 11066 FIDELITY INVESTMENTS 1,'lB9,OB5.98 1,'189,085.98 1,']89,085.98 5.000 4.932 5.000 1 11068 FIDELITY INVESTMENTS 787.36 787.36 787.36 5.000 4.932 5.000 1 11069 FIpELITY INVESTMENTS 0.09 0.04 0.04 5.000 4.932 5.000 1 11070 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 110'/l FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11074 FIDELITY INVES'A'MENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11075 FIDELITY INVE51'MENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 110'/6 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 110]] FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11098 FIDELITY INVESTMENTS 0.00 0.00 - 0.00 5.000 4.932 5.000 1 110]9 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.3fi0 5.287 5.360 1 11080 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11081 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11092 FIDELITY INVESTMENTS 19.48 19.48 19.99 5.000 9.932 5.000 1 . 11083 FIDELITY INVESTMENTS 56.02 56.02 56.02 5.000 4.932� 5.000 1 11089 FIDELII'1 INVESTMENTS 1.00 1.00 1.00 5.000 4.932 5.000 1 11085 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11086 FIDELITY INVESTMENTS 1.00 1.00 1.00 5.000 4.932 5.000 1 1108"1 FIDELITY INVESTMENTS 0.00 0.00 D.00 5.000 4.932 5.000 1 11088 FIDELITY INVESTMENTS 1.20 1.20 1.20 5.000 4.932 5.000 1 11092 FI�ELITY INVESIMENTS 13.12 13.72 13.12 5.000 4.932 5.000 1 11093 FIDELITY INVESTMENTS 0.00 , 0.00 0.00� 5.000 9.932 5.000 � 1 � ' 11099 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11095 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11096 FI➢ELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 1109'/ FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11099 FIDELII'Y INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11100 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11101 FIDELITY INVESTMENTS 3'/2,457.33 372,45'1.33 372,45'].33� 5.000 4.932 5.000 1 11102 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11103 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 11109 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 9.932 5.000 1 11/11/1998 - -- REDEVEIAPMENT AG6NCY -- PM - 4 INVESTMENT Y(1RTFOLIO DETAILS - INVESTMENTS RDA OCTOBER 31, 1998 ACCRUAL INVE5IMENT AVERAGE PURCHASE STATED --- Y1T1 --- MATURITY DAYS NUDIDER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT '_"____________________________________'______________'_________________________'___________________"_"___""____"_____"__________" FIDELITY TREASURY POOL 11105 FIDELITY INVESTMENTS 20,391.90 20,391.90 20,391.90 5.000 4.932 5.000 1 11106 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 1110'] FIDELITY INVESTMENTS - 128.]] 128.']0 128.0'] 5.000 4.932 5.000 1 11308 FIDELITY INVESTMENTS 1.00 1.00 1.00 5.000� 4.932 5.000 . -1 11309 FIDELITY INVESTMENTS �.00 0.00 0.00 5.000 4.932 5.000 1 11110 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11111 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11112 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 11113 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 � 1 11119 FIDELITY SNVESTMENTS � 609.49 6]4.44 699.44 5.000 4.932 5.000 1 11129 FIDELITY INVESTMENTS 0.00 0.00 0.00 5.000 4.932 5.000 1 "__""_'________ "_"______'"'"" _"""_________ ___'__'_"'_'__ '__'_' "__"' '_'___ SUBTOTALS and AVERAGES 53,902,906.52 53,364,649.96 53,3fiA,649.'!6 53,364,699.'/6 9.932 5.000 1 IlJCAL AGENCY INVESTMENT FUND 21000 STATE OF CALIFORNIA 11,955,212.92 11,455,212.92 11,955,212.92 5.557 5.481 5.557 1 AVERAGES 11,341,331.18 UNITED STATES TREASVRY - COVPON 17013 R UNITED STATES 1REASVRY 0']/O1/95 305,516.28 104,000.00 10'],5']5.00 '1.'I50 6.098 6.182 11/30/99 394 1'/083 UNITED STATES 1REASURY 03/21/9] 1,993,955.91 2,000,000.00 2,002,500.00 5.000 6.124 6.209 02/15/99 106 1'/OB'/ UNITED STATES TREASVRY O1/22/98 151,069.09 151,000.00 151,4'/1.88 5.500 5.2'/3 5.34'I 02/28/99 119 1'lO88 UNITED STATES TREASURY 01/22/98 155,638.66 155,000.00 156,'/43.'IS 5.8"/5 5.2'/4 5.39] OB/31/99 303 17089 UNITED STATES TREASURY O1/22/98 - 163,536.46 160,000.00 165,550.00 0.125 5.266 5.339 02/29/00 485 1]090 IINITED STATES TREASURY O1/22/98 168,49'1.11 166,000.00 1'/1,550.63 6.250 5.282 5.355 OB/31/00 669 1]091 UNITED STATES TREASURY O1/72/98 1]0,936.61 1'l0,000.00 I]4,839.38 5.625 5.289 5.363 02/28/O1 B50 17092 UNITED STATES TREASURY O1/22/98 180,901.10 176,000.00 185,900.00 6.500 5.329 5.403 08/31/O1 1,034 1'/093 UNITED STATES TRBASURY O1/22/98 185,358.30 181,000.00 191,350.94 6.250 5.35� 5.431 02/28/02 1,215 17095 UNITED STATES TREASURY O1/22/98 939,263.68 422,700.00 999,911.31 6.250 5.357 5.432 OB/31/02 1,399 1'/096 UNITED STATES TR£ASURY O1/22/98 416,284.94 405,200.00 �431,384.'l5 6.250 5.35'I 5.432 08/31/02 1,399 17097 UNITED STATES 1REASURY O1/22/98 9,398.94 9,100.00 9,685.81 6.250 5.357 5.432 08/31/02 1,399 1'/098 ' UNITED STATES TREASURY 03/10/98 1,380,629.05 1,368,000.00 1,412,BB'].50 6.125 5.523 5.599 09/30/00 699 17099 UNITED STATES T[2EASIIRY 03/10/98 1,575�785.36 1,547,000.00 1,631�118.13 6.375 S.SB2 5.659 09/30/O1 1,Ofi9 1]101 IINITED STATES TREASURY 03/30/98 1,6'I5,'153.']2 1,6'/3,000.00 1,692,344.06 5.']50 5.980 5.556 09/30/99 333 _________________ ______________ ______________ ______________ ______ ______ ______ SUBTOTALS and AVERAGES e,'16�,996.11 8,'166,990.96 8,934,908.14 8,688,000.00 5.622 5."!O1 624 STATE fi LOCTL GOVT SERIES - TIME 19009 UNITED STATES TREASURY 0]/24/9] 12,65'l.00 12,65].00 12,65'/.00 0.000 0.000 0.000 03/25/99 144 19010 UNITED STATES TREASURY 0]/29/9'1 1,581,91').00 1,581,41'1.00 1,581,41'I.00 0.000 0.000 0.000 09/O1/99 151 19011 UNITED STATES TREASURY 0'I/29/9'I 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/16/99 319 31/11/1998 --- REDEVELOPMENT AG6NCY -- PM - 5 INVESTMENT PORTFOLIO DETAILS - INVESTMENTS RDA OCTOBER 31, 1998 ACCRUAL INVESTMENT AVERAGE PURCHASE STATED -- YTM -- MATURITY DAYS . NUI�ER .ISSUER BALANCE DATE B00B VALUE FACE VALUE MARK£T VALUE ItATE 360 365 DATE TO MAT __'_________________"'___"'__'"""'_'"_""""____'__""____'"""'""_____________'___"______'_"_'_____'____"_'__'_""___"""_' STATE 6 IACAL GOVT SEAIES - TIME 19012 UNITED STATES TREASURY 0]/P4/99 ll9,191.00 1]"/,191.00 1"/9,191.00 0.000 0.000 0.000 10/O1/99 334 19013 UNITE� STATES TREASURY 0'//29/9'J 12,65'1.00 12,65'1.00 12,65'/.00 0.000 0.000 0.000 03/09/00 994 19014 UNITED STATES TREASVRY 0'//29/9'J 1,622,191.00 1,622,191.00 1,622,191.00 0.000 0.000 0.000 04/O1/00 �yl'1 19015 UNITED STATES TREASURY 0]/24/97 361,813.00 361,813.00 361,813.00 0.000 0.000 0.000 04/12/00 528 - .. 19016 VNITED STATES TREASVRY 09/29/9'1 158,295.00 158,295.00 158,2]5.00 0.000 0.000 0.000 10/OS/00 904 19019 UNITE� STATES TREASURY 00/29/90 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 03/29/O1 8"/9 19018 UNITED STATES TREASllRY 07/24/97 1,669,977.00 1,664,977.00 1,664,977.00 0.000 0.000 0.000 04/ol/O1 882 19019 UNITED STATES TREASURY 00/29/9'/ 12,656.00 12,656.00 12,656.00 0.000 0.000 0.000 09/20/O1 1,054 19020 11NITED STATES TREASURY 07/24/97 BB,B27.00 88,827.00 88,82"7.00 0.000 0.000 0.000 10/O1/O1 1,065 19021 UNITED STATES TREASURY 0'//24/9'] 12,656.00 12,656.00 12,656.00 0.000 0.000 O.00D 03/14/02 1,229 SVBTOTALS and AVERAGES 5,'/30,629.00 5,'130,629.00 5,]30,629.00 5,730,629.00 0.000 0.000 533 UNITED STATES TREASURY - DISCOUNT 18023 UNITED STATES RREASURY 01/22/98 150,'/94.82 198,000.00 169,030.63 4.'!04 5.3'14 5.449 02/15/03 1,56] 10025 UNITED STATES TREASURY O1/22/98 130,16'1.96 181,000.00 193,159.69 4.628 5.434 5.509 02/15/04 1,932 1802'/ UNITED STATES TREASURY O1/22/98 4,989,6]1.22 'l,143,000.00 5,590,2B9.3B 4.590 5.464 5.540 OB/15/04 2,114 18028 UNITED STATES TREASURY 01/22/98 394,2]9.4] 532,400.00 431,5']6.'/5 4.662 5.395 5.4']0 OB/15/03 1,]98 18029 UNITED STAT£S 1REASURY O1/22/9B 255,200.42 344,600.00 2'/9,341.38 4.662 5.395 5.4]0 OB/15/03 1,'l98 _'___"___"'__"___ ______________ ______________ _________"_"_ '_____ ______ ______ SIIBTOTALS and AVERAGES 5,920,113.89 5,920,113.89 6,558,39'].83 8,399,000.00 5.459 5.529 2,056 HIGEMJ+RK SWEEP ACCOUNTS 26016 HOVSING AVTFI CFIX SWEEP (UB) ' 1,282,3]2.6B 1,282,322.68 1,282,322.68 4.330 4.2'/1 4.330 1 2601'I HOUSING AUTH TRT SWEEP (UB) 191,322.62 191,322.62 191,322.62 9.330 4.2"I1 4.330 1 _______"__"___"__ ______________ _________"_"_ '__'_"_"""'"__ ______ ______ ____'_ SUBTOTALS and AVERAGES 1,3'/0,139.11 1,4]3,645.30 1,4'/3,695.30 ' 1,973,695.30 4.271 4.330 1 FEDERAL AGENCY - COUPON - 15022 FEDERAL NATIONAL MTG ASSOC OS/18/98 996,206.35 1,000,000.00 1,006,250.00 5.930 5.']69 5.849 O1/2]/00 452 � AVERAGES 996,086.99 - � TOTAL INVESTMENTS and AVG. 5 159,13'/,090.18 154,953,159.95 154,966,359.B0 156,590,'/98.98 5.204& 5.2'/'/8 682 11/11/199B --- R6DEVEIqPMENT AGENCY --- pM - 6 _ INVESTMENT PORTFOLIO DETAIL6 - CASH . g(JA OCTOBER 31, 1998 ACCRUAI. INVESTMENT AVERAGE PURCHASE STATED --- YTM --- MATURITY DAYS NUMBER ISSUER BALANCE DATE BOOK VALUE FACE VALUE MARI(ET VALUE RATE 360 365 DATE TO MAT _________________________________________________'__"___________"___________________"__'____'"________________"___________________ PASSH00%/CHECRING 25019 SELF-HELP CHECKING (BA) 55,935.23 0.000 0.000 0.000 25015 HOUSSNG AUTH CfiECRING (UB) -14,998 15 . 0.000 0.000 0.000 25016 HOUSING AUTH 1RUST (UB) ].03 0.000 0.000 0.000 � , SUBTOTALS and AVERAGES 53,911.26 40,944.11 0.000 .0.000 Accrued Intereet at Purchaee 16,7n2.50 � _______'__'_'_'_'__"_"'_____"'____________"'_'__'__"'___'_"'__"'_________ '1C)TAL CASH - $ 59,686.fi1 TOTAL CASH aPd INVESTMENTS $ 154�520,291.06 159�194,776.79 -- - - ----__ . ; ___ _-- - �I I _. _ __ I 0 I , � m P � : � ` I ' " � I � � � � � �� i �� N O I � $ N y y{� g �i i � II (/ ��F >v� f N �� W¢W¢ = I Z ry � j � � � W � �GC > �'. N �I r , o5a x � � � � � s il o ', � . . w m w > T � m � � `a � o o LL o t.. ` > ' .� E �. o z �i .� �_ ■ ' o .`" '0 5� � a Iw rt � � a - a z o � a a w K g I o U � 8 a �o� a �, a `c o a �.. ¢ . a ', � � , _ i � �e �. & z 8 . ° ��. , .,, � � � � I � " I i _ li ^' III �a i � � ( � ,�. e - a a : :. � � o ,�� a�mrvm ao in3oew a '" . . � i II � �li, � � e ,. S , « . " � R s� C � srxmnwt I �" " �" �� " ' " ' .� � I a i3ie U I w � � � . �I � Q � I I Z � � O Q � �I O � - II � I wn �'+ > � Q w z w w w � � ¢ � U ¢w O m I W> W Z I i O W - O £ 6 ,.'�, � I� � . � � � i �� o�o�'n m u�'i '� �oro �a I' a w i w � 0 oN � a 6Y..�� b" �. "-� ' I � . . � z - � _ �� j � �� I �� N J� q N � � � � _ I g" „� �, V $o � o � � "um" Qom, ''- a �'' o a w � f � _ I� O �, � 0 N r O �� o � o o � , mf o � o . � . . � a I a LL a � ¢ � m o j ¢ o � � Q � v . m o m n I o � � a n n 7 i., �[ . . � i E � .�,_ �o „ _ u. � _ o `° ` i. ow �. � , �, . � , o w �i � � � . . . . . . a �; , �� - , �. o mmmv m ma v � m u� . a. -' j . F� g` z I,. i .. �I �.. � . . O � �� [_ � � OE � w U I Ph G I a 1� � f Z Z � i � . . Z — Z Q �Q Q F I N C: ()V1 4<�()p V a U ,� II ` . . 5¢ a F % <U n Q I D n �7 �[ . a � , . �u c �� >> � �i . �U O a p ¢4 Q Q Q�W W W � l. �I . p w ,p � Vi �Q w w � - � 1 oa mOmra aoa �4�> � i � a� � ¢oap� a w� ¢w¢�Q Q� > '� � s n ac"�navi�w��`� Gaa � � . . � n a ��n�cu �. ucimuE : � --- — ° e z . �. , ai3i.. .. ,. J _ . _ _—_ .. _. .__ .__ _— ____—_. REDEVELOPMENT AGENCY -- INVESTMENT ACTNITY REPORT _ OCTOBER 1998 EXECUTIVE SUMMARY As of 10/31/98, total portfolio book value was approximately$155MM (with SLGS). This reflected a net decrease of approximately$4.4MM from prior month, due largely to debt service payments. There was an unrealized portfolio net gain (market value- book value)of approximately$816M, based upon prevailing market interest rates. 7his was only a"paper" gain since there was no profit-taking. Significant changes in investment position, by security rype, are discussed below: "State&Local Govt Series -Coupon." Palm Desert Financing Authority buys special interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Nonmarketable. Priced 5bp below Treasury borrowing cost.Although unrated, considered "AAA." THIS ACCOUNT BALANCE DID NOT CHANGE. "Fideli Treasury Pool." RDA invests construction, cost of issuance, and reserve monies in "Fidelity Institutional Money Market Fund: Treasury Portfolio-Class I." This $3.9MMM fund invests in U.S. Treasury bills and notes, and repurchase agreements for those securities. Weighted average maturity is 60 days or less. S&P credit rating of"AAAm"; Moody's of"Aaa." THIS ACCOUNT BALANCE DECREASED BYAPPROXIMATELY$4.2MM DUE TO DEBT SERVICE PAYMENTS AND CONSTRUCTION PAYMENTS. "Local pency Investment Fund (LAIPI." RDA invests City's loan in $13MMM pool managed by State Treasurer's O�ce for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180 - 540 days. No loss of principal in 20 years of operation. Deposits can be"cashed"within 24 hours. Limit of$30MM per account. S8P credit quality rating of"(A+) positive"; Moody's of"Aa3" THIS ACCOUNT BALANCE/NCREASED BY APPROXIMATELY$252M DUE TO QUARTERLY INTEREST INCOME. "United States Treasury-Cou�." RDA buys interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest tax-exempt bond proceeds. Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BYAPPROXIMATELY$iM DUE TO AMORTIZATION OF PREMIUMS. "State& Local Govt Series -Time." Palm Desert Financing Authority buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year to invest proceeds of advance refundings held in escrow(to comply with IRS yieid and arbitrage rebate restrictions). Nonmarketable.Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$589M DUE TO MATUR/NG SECURITIES. "llnited States Treasury-Discount." RDA buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months -30 years to invest tax-exempt bond proceeds (construction monies). Purchased at discount;face value paid at - maturity (difference is yield). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DID NOT CHANGE. "yiahMark Sweeo Aecounts." RDA sweeps excess checking balances into"HighMark 100% U.S. Treasury Money Market Fund:' This $905MM fund invests in U.S. Treasury bills, notes, and STRIPS (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered"AAA." THIS ACCOUNT BALANCE INCREASED BYAPPROXIMATELY$102M DUE TO MATUR/NG SECURITIES AND INCREASED HOUSING AUTHORITY REVENUE. "Federal Aqency -Coupon." RDA buys U.S. government agency and instrumentality notes with maturities of 2- 10 years to invest advance refundings and tax-exempt construction funds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. GovernmenYs "moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DID NOT CHANGE SIGNIFICANTLY. City of Palm Desert Internal Correspondence �ate: 9 November 1998 subject: Credit Quality Ratings of City Money Markerc Funds From: Thomas W. Jeffrey, Investment Manager�J� To: Paul S. Gibson, Finance Director & City Treasurer Recommendation That the City of Pa/m Dese�t modify its investment po/icy with respect to qua/ifying criteria for money market mutua/funds. Backc�rpund Pursuant to your request, I did Internet research on the following two money market mutual funds ("MMMF") in which the City of Palm Desert ("City") has its short-term funds invested: (a) HighMark 100% U.S. Treasury Money Market Fund; and (b) Fidelity Institutional Money Market Fund: Treasury Portfolio - Class I. Fidelity is in compliance with the City's investment policy. HighMark is not. HighMark: (1 ) is not rated by Standard & Poor's and by Moody's; and (2) has a current weighted average maturity ("WAM") of 71 days (down from 86). The City's present investment policy specifies that qualitying MMMFs must have: (1) the highest credit quality rating of Standard & Poor's and of Moody's; Q.pIQ (2) at least 5500 million in assets. A third criterion is that WAM must be 60 days or less (required for a "AAAm" or "Aaa" ratingl. Section 53601 (k) (4► of the California Government Code, in contrast, specifies that qualifying MMMFs must have: (1 ) the highest credit rating of at least two nationally recognized rating firms; �R (2) an investment advisor with at least five years's experience in managing MMMFs of 5500 million or more in assets. There is no maximum WAM specified under state law, possibly because one is specified under federal law. Securities and Exchange Commission ("SEC") Rule 2a-7, under the "Investment Company Act of 1940," limits MMMFs to a maximum WAM of 90 days or less. HighMark Funds contends that since the securities in its S905MM "100% U.S. Treasury Money Market Fund" are direct obligations of the United States Treasury, and are, therefore, of "AAA" credit quality, a credit rating for the Credit Quality Ratings of City Money Market Funds 9 November 1998 Page 2 of 2 fund is unnecessary. Also, that the WAM limit associated with a "AAAm" fund rating would cripple HighMark's ability to go "long" amid declining interest rates. HighMark did obtain a "AAAm" credit quality rating for its "U.S. Government Money Market Fund," but only because of that fund's ii i i profile (70% agency securities; 24% repos; 6% commercial paper►. HighMaik charges a 25 basis point 12(61-1 fee (hidden /oad') for the 100% Tieasury Fund, which is remitted to Union Bank as a broker. This is ihe maximum "se�vice fee"a//owed undei SEC /aw for a no-/oad mutua/ fund. U.S. Bank does not charge a 12(bl-1 fee for the Fidelity "Treasury Portfolio - Class I" which it markets, since it is receives a portion of the management fee. Both mutual funds are sold to the City on a "retail" basis. The City's current investment policy is far more restriciive than state law, which was exhaustively reviewed after Orange County's bankruptcy. The HighMark Funds are managed in accordance with state law, which is universal throughout California. It would be impractical to manage a mutual fund in accordance with individual municipal investment policies that deviate from state law, due to the contradictions that could exist. An argument can also be made that the risk associated with a WAM of 80 days versus 60 days is not that significant when the underlying securities are exclusively U.S. Treasuries, and SEC regulations limit maximum WAM.to 90 days or less. Based on the foregoing, I recommend that the City modify its current investment policy so that: (1 ) if unrated, a MMMF could still qualify if it had more than S500MM in assets �p an investment advisor registered with the SEC who had more than five years's of experience in managing a MMMF of S500MM or more in assets; (2) the maximum 60-day WAM requirement is eliminated since a limit is already set under federal law; and (3) Fitch Investor Services is added as a third credit rating service (making it now any two out of threel. These changes should provide the flexibility needed to address the HighMark situation. Fiscal Im� Annual investment income will not be affected if the City continues to use the HighMark 100% Treasury Fund. If the HighMark 100% Treasury Fund is replaced, however, with a MMMF that qualifies under the City's current investment policy, then investment income might decrease whenever there is a trend of declining interest rates, due to a shorter portfolio WAM. • ' CI�`t OF r^�;Lli DES�R? October29, 1998 ` �,��!i�'C Q�P�+�(Tf�;!��GOVERNMENT SERVICES DEPARTMENT � '9B idv�� 12 F(`1 2 22 Paul S. Gibson Finance Director&City Treasurer City of Palm Desert 73-510 Fred Waring Drive Palm Desert,CA 92260-2578 Deaz Mr. Gibson: : The purpose of this letter is to provide a good faith response to your letter dated October 12, 1998 requesting The b�k to e�cecute a Certificate of Compliance relating to the Highmark 100%U.S.Treasury Mutual Fund(Fund). The Certificate of Compliance document has been slighdy modified to allow the bank the ability to accurately compiy with the certification sta[ements. Afier cateful review of the City's inveshnent poficies it appears that there are instances where the City's policy is more restrictive than the California Govecnment Code. The Bank's Fund is managed to comply with California Govemment Code and 3EC requirements as disclosed in the Fund prospectus. When a city's investment policy is more restrictive than the Califomia Govemment Code it may be possible that the Fund may not always comply with that city's policies. The City of Palm Desert's investment policy appears to be more restrictive tLan the State Code in the Following azeas. 1) City Schedule II,item 2 states"The fund must provide evidence that it has been registered with SEC and has"AAA"ratings from Standard&PooPs and Moody's. The 5tatc Code stipulates "the company shall have met eithec of the following criteria: (A)"Attained ihe highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations." or (B)"Retained an investment adviser tegistered or exempt from registration...°' The Fund is not cucrendy rated because the Fund holds only direct obligations of the U.S. Treasury and the costs of acquiriag such a rating would only reduce the yield of the Fund. There is sdded value to ihe fund participants without significant risk with a non-rated U.S.Treasury Money Market Fund. The Fund retains a qualified investment adviser meeting Califomia Govemment Code. 2) City Schedule II, item 3 states "1'he fund's investments....shall maintain weighted average maturifies within theu po�tfolio of less than 60 days." The State Code dces uot sfipulate a maximum weighted average matarity,however,in order to be registered as a money market fund with the SEC the maacimum weighted average maturity cannot exceed 90 days. The Fund as of July 31, 1998 had a weighted average maturity of 82 days. The Bank's Fund is a liquid fund and is available for immediate liquidation and sucrender to ihe City upon the City's request. The Bank would be able to execute the City's amended Certification of Compliance on a recurring schedule that meets the audit requirements of the City. Please call me at(619)230-3428 to discuss this matter. Yow business is very important to the Bank. Sincerely> �� Raz� +Ungersma Vice President 530 �B� ST0.EEi, SUITE SOS, SAN DIEGO, CALIFORNIA 92101 619 230 3428 Fna 619 230 3426 ". ' ` � , - _ � � CI1Y Of Ph � � �l DESERT 73—Sio FRED WARING DRNE ' ��` "d PALM DESER7', CALIFORNIA 9 2 2 60-2 5 7$ TEL: �GO 3q6—o6i i FAX: 760 341-7�9$ inFoC�palm-desercavg CERTIFICATION OF COMPLIANCE I hereby certify that I have read California Govemment Code ("State") Sections 53601, 53601 .6, and 53635, and the City of Palm Desert ("City") Investment Policy, as adopted by resolutiq��on�Fybruary 12, 1998, and that Union Bank of California's Highmark 100% US�'Money Market Fund ("Highmark Money Market ��,✓ Fund") is fully in compliance with all applicable State �policy provisions on authorized investments, as of the date that this certification is fully executed. I also certify that if the Highmark Money Market Fund acquires any securities which are not authorized by the provisions of the California Government Code, �P'' , or the most current Highmark Funds Prospectus, then Union Bank of California shall immediately liquidate and surrender to the City all of the City's monies that are invested in the Highmark Money Market Fun� ?� upon City's;x�equPst. Sig � John V. Skic�nore Title Firm: �9�'k CaPital r�lanagement, Inc. Date: O�tober 30, 1998 This certification must be countersigned by the most senior person in the Government Services Department. Signed:�!a�� r" .?�/��—' Title:�� 1 �� Firm: GfN/o,v /,3A,t/K O� �L�Gds�i�//,q Date: //• �{ - 9 c� "IIIYIf00Y1FRI1f01�1f1. � Fide/ity ��/nvestmenrs Fidelity Investments Public Sector Services Company A division of Fidelity Investments Institutional Services Company. Inc. 82 Devonshire Street MM1 K Boston,MA 02109-3614 Phone: 800 771-7213 November 2, 1998 Mr. Paul S. Gibson Finance Director& City Treasurer City of Palm Desert 73-510 Fred Wazing Drive Pal Desert, CA 92260 Dear Mr. Gibson: Per your request,please find enclosed an executed copy of the City of Palm Desert's Certification of Compliance for the Fidelity Institutional Money Mazket: Treasury Portfolio— Class II. If you have any questions or require additional documentation,please do not hesitate to call me at(508) 787-9371 or George Lynch at (415) 227-8252. Thank you for utilizing the Fidelity Institutional Money Market funds. Sincerely, �-� �� - Garrett J: Espeso �G . " ' ,�: . �.. �: � �;; b'�: _„�„ _. . _... -., �, , , _.._ . �: i , . ... ,..., � Retirement and Asset Management Services for the Public Sector CI1V Of PB � f� DESERI 'i, ]j—SIO FRED WARING DRIVE ' ��, PALM DESER'P, CALIFORNIA 922(�p-257S � Tei: 760 346—o6i i I, Fnx: �6o gqi—�o9fl Iinfoc palm-desevt-orp CERTIFICATION OF COMPLIANCE I hereby certify that I have read Califomia Government Code ("State") Sections 53601 , 53601 .6, and 53635, and the City of Palm Desert ("City") Investment Policy, as adopted by resolution on February 12, 1998, and that the Fidelity Institutional Money Market Fund: Treasury Portfolio — Class II ("Treasury Portfolio Fund") is fully in compliance with all applicable State and City policy provisions on authorized investments, as of the date that this certification is fully executed. I also certify that if the Treasury Portfolio Fund acquires any securities which are not authorized by the provisions of the California Government Code, the City of Palm Desert Investment Policy, or the most current Fidelity Institutional Money Market Funds Prospectus, then Fidelity Investments Public Sector Services Company shall immediately liquidate and surrender to the City all of the City's monies that are invested in �i`ie'�reasury Portfolio Fund. � �---- / � Signed: ; �'/jC)„U��,� Title:��. L e ��c h t 1>c �� Firm: �- 1 r�< �J �� ,�p, �,o.b� a,. � �!/ 5� - Date: .r �•�C� �f�, This certification must be countersigned by the most senior person in the Government Services Department. � / ' �� Signed: �� ..-� , �J -A Title: �C�� .�� , Ic� ��_�.��y� =� CJ c .- (` C � � `,. j'f-- FIff71:_� yV �` \�:. � � VJ iAl ��_,�-T' d A- � . Date: 11` �\�\� ca ,.,,00,�E�.��to,,,�w STATE OF I;ALIFOHNIA MATT FONG,Tmeaurer - OFF�CE OF THE TREASURER SACFAMENTO .: LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 Date: 09/30/98 SACRAMENTO, CA 94209--0001 Page: O1 SEPTEMBER, 1998 STATEMENT ACCOUNT NUMBER: 98-33-621 CITY OF PALM DESERT ATTN: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 EFFECTIVE TRANSACTION TRAN CONF A[PPH TRANSACTION DATE DATE TYPE NO CALLER AMOUNT BALANCE --------- ----------- ---- ------ ------ --------------- --------------- BEGINNING BALANCE - REG $19, 620, 117 . 33 09/02/98 09/02/98 RD 746 PSG $3 , 000, 000 . 00 $22, 620, 117 . 33 --------------- ENDING BALANCE - REG $22, 620� 117 . 33 --------------- GRAND TOTAL $22, 620, 117 . 33 --------------- --------------- SUMMARY TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT ---------- --------------_-__ -------------------- REG 1 $3, 000, 000 . 00 $0 . 00 - �: � c�: T� /v� cy ' ��' Sz =�� s, „ - �- ,_� : _�- - _t:� '. -'"',;�. '- ..; �,�;�a ,� �, � . ,.... , PO.,�ED MONEY INVESTMENT ACCutJNT SUMMARY OF INVESTMENT DATA A COMPARISON OF SEPTEMBER 1998 WITH SEPTEMBER 1997 (Dollars in 1'housands) 3EP'I'EMBER 1998 SEPT'EMBER 1997 CHANGE Avenge Daily Portfolio $30,542,398 $28,367,781 +$y,174,617 Accrued Earnings $141,571 $133,059 +$g,512 EFfecrive Yield 5.639 5.707 -.068 Average Life—Month End(in days) 198 227 -29 Total Security Transacrions Amount $18,915,783 $22,073,936 -$3,158,153 Number 431 483 -52 Total Time Deposit Transactions Amount $689,600 $234,100 +$455,500 Number 58 41 +17 Average VJorkday Investment Acrivity $933,590 $1,062,287 -$128,697 Prescribed Demand Account Balances For Services $168,347 $117 447 +$50,900 For Uncollected Funds $172,827 $169,271 +$3,556 LOCAL AGENCY INVESTMENT F[TND* STJMIIZARY OF ACTIVITY SEPTEMBER 1998 ' BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE $12,702,197,086.14 $1,598,187,000.00 $1,268,677,188.28 $13,031,706,897.86 'Local Agency Invesunent Fund Invested Through Pooled Money Investnent Account State of California Pooled Money Investment Account Market Valuation 9/30/98 DeseNption Carrying.CosfPius . �; "Aecrae�Jntii�bCPurch. `."Jtrlmfttzed Cbat' --fair Value�- ---Ascrusd Interest United States Treasu : Bills $ 2,291,093,290.97 $ 2,353,553,486.11 $ 2,363,111,629.00 NA Notes $ 4,950,423,314.42 $ 4,948,580,353.27 $ 5,003,488,950.00 $ 65,039,290.40 Federel en : Bonds $ 2,288,846,350.46 $ 2,287,020,140.21 $ 2,298,734,386.35 $ 30,457,577.92 Floaters $ 170,000,000.00 $ 170,000,000.00 $ 169,990,900.00 $ 1,280,089.70 MBS $ 114,311,554.66 $ 114,311,554.66 $ 717,084,546.84 $ 672,613.92 GNMA $ 2,196,851.18 $ 2,196,851.79 $ 2,490,901.35 $ 21,733.56 SBA $ 266,189,190.41 $ 266,063,375.72 $ 267,405,420.45 $ 2,648,317.06 FHLMC PC $ 20,956,073.61 $ 20,956,073.61 $ 22,400,169.70 $ 336,30420 Discount Notes $ 1,382,916,580.76 $ 1,395,092,186.95 $ 1,395,567,644.10 NA BankersAcce tances $ 11,721,g18.64 $ 11,735,643.66 •$ 11,744,416.37 NA Co orate: Bonds $ 917,303,855.97 $ 916,764,671.73 $ 919,287,792.99 $ 16,525,872.06 Floaters $ 824,912,860.69 $ 824,591,097.98 $ 824,373,006.50 $ 4,403,893.22 CDs $ 5,680,460,326.35 $ 5,675,944,507.17 $. 5,878,892,088.59 $ 74,029,396.93 Bank Notes $ 1,630,977,492.87 $ 1,630,977,492.87 $ 1,631,505,701.24 S 18,100,445.84 Re urchase reemen NA NA NA NA Time De sits $ 1,828,390,000.00 $ 7,828,390,000.00 $ 1,828,390,000.00 NA AB 55 8 GF Loans $ 1,893,731,111.00 $ 1,893,731,111.00 $ 1,893,731,111.00 NA Commerc.ial Pa er $ 7,117,549,825.34 $ 7,183,093,300.87 $ 7,185,336,503.22 NA Reverse Re urchase $ 441,235,000.00 $ 441,235,000.00 $ 441,235,000.00 $ 1,049,605.32 TOTAL $ 30,950,745,597.34 $ 31,081,766,847.00 $ 31,172,100,147.70 $ 212,465,929.49 Fair Value Including Accrued Interest $ 31,384,566,077.19 Repurchase Agreements, 7ime Deposits, AB 55 8 General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). The velue of each participating dollar equals the fair value divided by the amortized cost (1.002906312). ^ As an example: if an agency has an account batance of$20,000,000.00, then the agency would report its participation in the LAIF valued at $20,058,126.23, or$20,000,000.00 x 1.002906312. Participation factorfor9-30-98 fs 1.002906312 ' ' � ` ' ' � ; O + r � C II !', h O N M N � Y �,. tf Q j� � � C � � � d ♦ p M M O C h N � N : yT � N O � .q N .. r► M a 9 N � . � n n ei � � N O O W/1 � N � a � M M M M N � At0 O � N � Pf A M Q � � � � N p Z N N M N M N � a � n W � m e4 A N OA1 L 0 � W h Q Q ' N � � {� M N N N N o � N N N CyD N m � m C � � � m � ' � .� .� w w w r► m Z � .. O Oi O N t�0 {�V m m �O /�/ � m � l'f ' � C1 OJ � �p Li � A Ol �` C N N N N N N N N � q r Q � O Mf O O Yf Uf /q V � .� A � N A N N � � C y i ' " � a � a � M M M M M M U► ' � �p C W � � o J � � � N o o � ; �E �° p Cp � Q - � � i,j � � O .� p . ei m d = � ' N N N N N N N ' � C � � � O � a0 1+1 tO O aD � � � � - Q^ m N � O�1 O N w'j � Q, � � �C �i N � � � �+ m r � C � M M N N N N M V .� � �p p C y � � � m N ~ A m m � a W � W Z d � m O N N N M N M � V a � a °? m � � m �+ a m �. m �n aa fA 7 � - O Y�f Y�f N N � f�0 x m � v = W � ' � Oi � N V C O M M N N N M ' � � W O O J C a � C o � m � ~ �'+ H O O Ol � a � � m m � N W ti � liC V ei ai m m � W o � a a c O W o 0 0 0 �,,...,.o:<:; ... ~ � � a m � � � "� a z z z z 1 _��:. E � :��;>� CALIFORNIA RECENES LAIF "ON-LINE" UPGRADE FROM MOODY'S WITH ORACLE SYSTEM On October2, 1998,California received On October 1, 1998, LAIF went on-line its first credit rating upgrade from Moody's in with the much anticipated Oracle database nine years. Moody's upgraded the state's system. The new system provides many credit rating from A1 to Aa3. The rating innovative tools. increase will save Californians millions of Some positive changes that Oracle dollars in lower borrowing costs. presents are that it is Year 2000 compliant, it Cal'rfornia recently received an upgrade is capable of maintaining a greater volume of by the two other major rating agencies. In data, produces more detailed reports, October, 1997, Fftch upgraded Cal'rfornia from provides screens spec'rfic to transaction type A+to AA- and in February, 1997, Standard & and is more time efficient. Poor's upgraded the state from (A+) stable to The results that participants will see (A+) poskive. are random confirmation numbers (ranging "This upgrade reflects California's fiscal from one to six digits), more concise and credibility, gives taxpayers the long-awaited easily read monthly statements, a newly breakthey deserved, and means more money created"all transactions"field (a consecutive availablefor schools,parks, and roads;'stated counter of all transactions, including the State Treasurer. adjustments and quarterly interest postings, done in an account per month), a"Iog counY' LAIF DEPOSITS REACH (actua�transactions per month),more defined A NEW RECORD HIGH transaction types, and the availability of additional agency information. LAIF participants will no longer see On September 2$, 1998, the LAIF set the use of sequential three-digit confirmation a new record high ot $13 billion on deposits numbers for transactions and confirmation made by local governmental agencies and � numbers will not be used to post quarterly special districts. interest earnings and adjustments. The LAIF recently raised the limit of The State Treasurer's Office believes total funds placed in an agency's regular that Oracle will allow LAIF to provide a greater account balance from $20 million to $30 level of service to its participants. million in response to local agency requests. LAIF has grown from $8J billion and . .. '� � i ```" 2,166 participants in 1995 to the current levet ��,.. of $13 billion and 2,603 participants. The continued growth in LAIF deposits and in participation indicates the level of confidence that local governments have in the ° fund. ..... . : . .. ... . ... ......... ...:.....:... .. � ..�..._. _ TATE 9Y CALIFORNIA � MATT FONG Leasurer �� OFFICE OF THE TREASURER SACRAMENTO � .� LOCAL AGENCY INI�ESTMENT FUND P.O. BOX 942809 Date: 09/30�98 SACRAMENTO, CA 94209-0001 Page: O1 SEPTEMBER, 1998 STATEMENT ACCOUNT NUMSER: 65-33-015 PAT,M DESERT REDEVELOPMENT AGENCY ATTN: PAUL GIBSON, TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION DATE DATE TYPE NO CALLER AMOUNT BALANCE --------- ----------- ---- ------ ------ --------------- --------------- BEGINNING BALANCE - REG $17 , 003, 046 .22 09/18/98 09/17/98 RW 738 PSG -$1, 300, 000 . 00 $15, 7U3,046 . 22 09/23/98 09�22/98 RW 739 PSG -$4, 500, 000 . 00 $11, 203, 046 . 22 --------------- ENDING BALANCE - REG $11,203, 046 .22 --------------- GRAND TOTAL $11,203, 046 . 22 --------------- --------------- SUMMARY TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT ---------- ----------------- -------------------- - REG 2 $0 . 00 -$5, 800, 000 .00 be.-8(,� c,e.�. 'f,/�A� SS Z Wd 93 '�� 6. 1��_�;��, __;a 3" ,;7�J1� i'r'_ ' ;? 'ii�'. _ 10 :.1;:: POt--.EA MONEY INVESTMENT ACCOJNT SUMMARY OF INVESTMENT DATA A COMPARISON OF SEPTEMBER 1998 WITH SEPTEMBER 1997 (Dollars in Thousands) SEPT'EMBER 1998 SEPTEMBER 1997 CHANGE Average Daily Portfolio $30,542,398 $28,367,781 +gz,174,617 Accrued Eamings $141,571 $133,059 +$g,512 Effective Yield 5.639 5.707 - .068 Average Life—Month End(in days) lqg ZZ� �Z9 Total Security Transacrions Amount $18,915,783 Number $22,073,936 -$3,158,153 431 483 -52 Total Tune Deposit Transactions Amount $689,600 $234,100 +$455,500 Number 58 41 +17 Average Workday Investtnent Acrivity $933,590 $1,062,287 _$�Zg�6g� Prescribed Demand Account Balances ForServices $168,347 $117,447 +$50,900 For Uncollected Funds $]72,g27 $169,271 +$3,556 LOCAL AGENCY INVESTMENT FUND* SUMMARY OF ACTIVITY SEPTEMBER 1998 " BEGTNNING BALANCE. DEPOSITS WITHDRAWALS MONTH END BALANCE $12,702,197,086.14 $1,598,187,000.00 $1,268,677,188.28 $13,031,706,897.86 `Local Agency Investrnent Fund Invested Tluough Pooled Money Investment Account State of California Pooled Money Investment Account Market Valuation 9/30/98 Description Carrying Cost Plus ' � .. � ,.: - � . � 'Accr"ue'aln��at'Purch. .._RMotpYrd.Co�tt• —"FairValue-' . --Mtcruedinterest United States Treasu : Bills $ 2,291,093,290.97 $ 2,353,553,486.11 $ 2,363,111,629.00 NA Notes $ 4,950,423,314.42 $ 4,948,580,353.27 $ 5,003,488,950.00 $ 65,039,290.40 Federal en : Bonds $ 2,288,846,350.46 $ 2,287,020,140.21 $ 2,298,734,388.35 $ 30,457,577.92 Floaters $ 170,000,000.00 $ 170,000,000.00 $ 169,990,900.00 $ 1,280,089.70 MBS $ 114,311,554.66 $ 114,311,554.86 $ 117,084,546.84 $ 672,613.92 GNMA $ 2,t86,851.19 $ 2,196,851.19 $ 2,490,901.35 $ 21,733.56 SBA $ 266,189,190.41 $ 266,063,375.72 $ 287,405,420.45 $ 2,648,317.06 FHLMC PC $ 20,956,073.61 $ 20,956,073.61 $ 22,400,169.70 $ 336,304.20 Discount Notes $ 1,382,976,580.76 $ 1,395,092,186.95 $ 1,395,567,644.10 NA BankersAcce tances $ 11,721,918.64 $ 11,735,643.66 $ 71,744,416.37 NA Co orate: Bonds $ 917,303,855.97 $ 916,764,671.73 $ 919,287,792.99 $ 16,525,872.08 Floaters $ 824,912,860.69 $ 824,591,097.98 $ 824,373,006.50 $ 4,403,893.22 CDs $ 5,660,460,326.35 $ 5,675,944,507.17 $ 5,678,692,088.59 $ 74,029,396.93 Bank Notes $ 1,630,977,492.87 $ 1,830,977,492.87 $ 1,631,505,701.24 $ 18,100,445.84 Re urchase reemen NA NA NA NA Time De sits $ 1,828,390,000.00 $ 1,828,390,000.00 $ '1,828,390,000.00 NA AB 55&GF Loans $ 1,893,731,111.00 S 1,893,731,111.00 $ 1,893,731,111.00 NA Commercial Pa r $ 7,117,549,825.34 $ 7,183,093,300.87 $ 7,185,336,503.22 NA Reverse Re urchase $ 441,235,000.00 $ 441,235,000.00 $ 441,235,000.00 $ 1,049,605.32 TOTAL $ 30,950,745,597.34 $ 31,081,766,847.00 $ 31,172,100,147.70 $ 272,485,929.49 Fair Value Including Accrued Interest $ 31,384,586,077.19 Repurchase Agreements, Time Deposits, AB 55 8 General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). The value of each participating dollar equals the fair value divided by the amortized cost(1.002906312). As an example: if an agency has an account balance of$20,000,000.00, then the agency would report its participation in the LAIF valued at $20,056,126.23, or $20,000,000.00 x 1.002906372. Participation factor foc 9-30=88 is 1:002906312' ` �� " N � � � � ,� ; n 0 M M N � v 3.' {7 a O O C � � � e d � EN N O M h N � � N � N � y e' N C � O M N " N N 9 N � h N 41 oW Y' `V `r � � I� � N � a ` M N M M N A ~ h N /7 1� A � . Q p � � ^ � � N 0 Z » » « M N M � Q eo W � m � A N a � p �'- °' v+ �e Q � `" r o, � � M M M ~ ~ tl M O O N e�V O N t�D W C N ' ~ � � � � , N M M M » N � Z � m C H � 1�9 � �fl Uf lV !q W A/ C eO r !�f � � � � Se 01 �i m � C � " °' F �� M M N N N H► �I► M � � r � .� A � N A � N � � C . �+ � e� O � •� � � 7 � 1A ' M N M N N N N C LLI *+ v > o _ �I � t0 Uf ap O f0 y� �r Y . J � o � N � � '" °D � � °o � c Q _ �+ �; m a =_ � > M M N N N N M ' � C � � � Y� e0 t�0 O�/ W � m Ci � IA � Q � N OI O N M � a V � C � N � r � A C (:� M M M N N N M � � � � �0 Cf Z C p1 �j ++ 10 � � m Y�f a A e CI m' O W W � W Z p � m 01 Q O M M N N N � � y � W ~ � ` C � - � m r� m vi m Hl � � `o h n i q °i m � m � � � a vi � a W W a � C m O N N M N M N � � � � O � J C �0 py C ro p � � a O � � a � 7 m � ~ O a � } m m � r W tLL � 1� G Q O 2 + a V '" ; � w c � ¢ a c o � w � � w � � �-. a m c� v v "' a z z z z . � CALIFORNIA RECEIVES LAIF "ON-LINE" UPGRADE FROM MOODY'S WITH ORACLE SYSTEM On October 2, 1998, California received On October 1, 1998, LAIF went on-line its first credit rating upgrade from Moody's in with the muCh anticipated Oracle database nine years. Moody's upgraded the state's system. The new system provides many credit rating from A1 to Aa3. The rating innovative tools. increase will save Californians millions of Some positive changes that Oracle dollars in lower borrowing costs. presents are that it is Year 2000 compliant, it Cal'rfornia recently received an upgrade is capable of maintaining a greater volume of by the two other major rating agencies. In data, produces more detailed reporis, October, 1997, Fitch upgraded Cal'rfornia from provides screens specific to transaction type A+to AA- and in February, 1997, Standard & and is more time efficient. Poor's upgraded the state from (A+) stable to The resufts that participants will see (A+) positive. are random confirmation numbers (ranging "This upgrade reflects California's fiscal from one to six digits), more concise and credibility, gives taxpayers the long-awaited easily read monthly statements, a newly break they deserved,and means more money created"all transactions"field (a consecutive availableforschools, parks, androads,"stated counter of all transactions, including the State Treasurer. adjustments and quarterly interest postings, done in an account per month), a"log counY' LAIF DEPOSITS REACH lactual transactions per month),more defined A NEW RECORD HIGH transaction types, and the availability of additional agency information. On Septembsr 28, 1998, the LAIF set ��F Participants will no /onger see a new record high of $13 billion on de osits the use of sequential three-digR confirmation P numbers for transactions and confirmation made by local governmental agencies and � numbers will not be used to post quarterly special districts. interest earnings and adjustments. The LAIF recently raised the limit of The State Treasurer's Office believes total funds placed in an agency's regular that Oracle will allow LAIF to provide a greater account balance from $20 million to $30 Ieve1 of service to its participants. million in response to local agency requests. ,�� , . _.. as grown from $8.7 billion and ��'�`��" � , � �' 2,168 participants in 1995 to the current level ��' �� ea ��.x;+5�'�!�b�� r a.. ,�^.r.�^', . of $13 billion and 2,603 participants. The continued growth in LAIF deposks and in participation indicates the level of confidence that local governmertts have in the fund. �. .. ...... ::......... .. CITY FINANCIALS 0 � � _ w � � � � � � _ _ � � F � r P ± Q C O > > v C � R � x u � J � O ivi . tO c _ ' N I iaQ � . U. u K � '.11 ... W 9 A pq W " ' - .C�.J �..(� .'�" _.. ..� L o c�`o o �o �o �o 0 0 � [+� O ��oo O O N � � 00 � f ^� , x pp O 1'� � O O � oo N ce ° r � 1 p � q .-. � � 6'1. .. . � a � C _ ' e _ } N Z1'..".M M TY l� M �O .r rr.� 't N �. r� � � V 00 t'rt V O M� h O� .+ . v i � �, V F C �n �, Q ... in��:..r .O N �V' R ^ N. � � r _ . _ , -+ C �.� O O O C O V' ��j � j ii � r r L � O � � � c: y � � : a � t: � . � � -, .o v , � _ ;3 � '1 k !� . . . � _� ' � .]1 I V : i �. �-,�� .�� W �,'f QQ �O LO� �D O� O�.[`� Vl OO P � T �� .-• C: J Q r; 3 � ..-r� h v�. oo O v� l� �n " N .J t� : v� - �' ea m :rn. N o o .�1; �n ,-. oo ca -i v�, y� v � ' i - V r .-+ �O .-� O I� O O O H' � ' ^ � _- ' •1 � � � - 'a �/ e� . . . . d' _�i � � ? ji � � � } G: : v � � � � � � � � � � o -. z z. l. T ♦.. O D��h Q� p O M � O ' , O n. r. A O -' � a1 O :V' ^� ��n o0 O o0 .-. OA L y _.� p, .... � ri bA M�.V�� ['� O O V �V' N f� 6� pp � , . V K � : � t � .•+ O�LJ O O O O O .M � ,b�. •J ^ .-� ... � oG C �j ..} � � } � � R C� 3 .y. . .. . . 7 p. �" u �" u ;� � � ��. .� .�, � ,� � � � y � - O � d' � � N � Vl � a.� � �l N 3 a �� ' W � o o �t� � o .- .� �n N ea � � •+ �o a� n � �O �Y?. 7 N 7 �O rF 7; 00 O - N o O Y � i p�p O� �n N N ._. � h Cp � .J -� N O 6 '�. ��'. V L O . . . 7 'D C � W I � ; e oa � � co � � , 3 Y : � i � � � � .. . V ��I 1� � b� � v J :a . � � ; _' _ q. .y `^ 3� a � � — c . . G �O N � —. _ 1 ~II � �. '.. c td .A /� l� _ !' _ , a�i . F G v `�� ti 1 ] � � ''. I LL' o � � O �n � � , ro . . . 9 � �"1�` � ( z II . . ", � ' � c � � :: 1 h , ., I . J t m m � .a� . W � J g ., � ` 1 m . F �.pLO . . . C .o _ a y ? =� m �� .R. � � ❑ � �, a � � IG � � W r � o u: � � o �s . ? a, > c ,: , - � >. j a .0 � w � ` °' . -_ %C ' `° ° � ; $ � 2 � ^ G+ '�'�:"...".^ .n a� o .> > ;a '.~'. � .: '.Y. d' / e 2 .. °p v 'q m m �:E ' ¢ W /' � " `v '�r7 m : ,�/ "`\� `� .. � Q A � (i �u a=, W :: y _ v s, . Z c ? :. ,y I F � E � °'- � b .+ � E"� y � a �.i Z e° � �L ? c � � � ! v r S v�, u a y f6 m �.ai � � ai w �1 � � z .. :7 :a � � � o. O H 'm 'n a�i u :a� 4I� »Z. � .�. 'o a, `° :. G �� -� 0. � `'�� f';� ' P w Y � �:d o a �.� .�� a .G c s c � R �L i � a � �. . aaw � � �a o y, � � ., a _ . ' � � � � - � PALM DESERT REDEVELOPMENT AG�"Y ^ � COMBINED STATEMENT OF ACTU. REVENUES&EXPENDITURES , COMPARED TO BUDGET 37�Oct-98 � . RDA RDA %of (FAV)UNFAV Budget YTD Budget Actual YTD Budget Variance REVENUES 1 Tax increment � 31,312,423 10,437,474 0.00% 10,437,474 . 2lnterest 1,886,400 628,800 938,026 149.�8% (309,226) Sales of Property 170,050 0.00% (170,050) 3 Reimbursement From Other Agencies 800,000 266,667 62,682 23.51°/a 203,984 3 0ther Revenue 64,000 21,333 60,144 281.92°/a (38,811) 3 Trensfers In 462,000 154,000 0.00% 154,000 4 Palm Desert Housing Authority Revenue 3,198,191 1,066,064 0.00% 1,066,064 TOTAL REVENUES . 37,723,014 12,574,338 11,343,436 - � EXPENDITURES � PAV(UNFAV) � - Variance Administretive Costs 1,148,797 382,932 343,790 8978% 39,'143 Professional Services 2,501,004 833,668 215,103 25.80°/, 618,565 Property Tax Administrative Fee 812,290 270,763 0.00°/, 270,763 Cost of Inventory Sold CapiWFOutlay � Office Equipment � 20,000 6,667 680 10.20°/, 5,987 Deep Canyon/Hwy 111 4,099 1,366 0.00°h 1,366 Parking Spaces 16.000,000 5,333,333 0.00°k 5,333,333 I-101nterchanges 250,000 250,000 250,000 100.00% Joni Drive Extension 250,000 83,333 0.00% 83,333 Desert Willow-Mountain View Course 21,301,998 7,100,666 997,749 14.05°/, 6,102,917 Desert Willow-Firediff Course 14,815,220 4,938,407 913,132 18.49°/, 4,025,275 � Washington SVeet Improvemenfs 300,000 100,000 0.00% 100,000 Fred Waring Improvements 435,000 145,000 0.00% 145,000 Project Area 4 Perimeter Landscape 374,000 124,667 O.00qo 124,667 Street Improvements 3,255 1,085 O.00qo 1,085 Storm Drein Improvements 2,200,000 733,333 0.00°/a 733,333 Desert Crossing Improvements 43,450 14,483 O.00Mo 14,483 0.00% hiOUSING 0.00°/a New Houses-for Resale HIP#7 786.165 262,055 186,514 71.17% 75,541 Home tmprovement Progrem 1-6 70,056 23,352 1,180. 22,168 Sanfa Rosa Rehab Progrem 502.158 167,386 101,856 60.85°/, 65,530 5 Desert Rose Project ' 199,000 66,333 292,595 441.10% (226,261) 5 Portola Palms Project 105,326 35,109 46,640 (11,531) _ Land Purchases/Bidg Improvements � 1,190,350 � 396,783 0.00°/, 396,783 � Palm Desert Housing Authority Expenditures 1,947,050 649,017 176,080 27.13% 472,937 Decline in Value on Inventory Heltl _ For Resale Payments to Other Govemmental Agencies 7,270,900 2,423,633 0.00% 2,423,633 Bond Issuance Costs (39,000) 39,000 Bond Discount 6 Interest And Fiscal Charges 12,BOt,t12 4,267,037 9,969,620 233.84qo (5,702,582) 6 Principal Paymen4s 1,325,000 441,667 6,436,456 1457.31% � (5,994,789) Transfers Out Induding LowlMod 14,674,296 4,891,432 1,642,446 33.58qo 3,248,986 TOTAL EXPENDITURES 101,330,526 33,943,509 21,534,844 � 12,408,665 'TAX INCREMENT REVENUE IS USED TO PAY DEBT. 1. Tax inU8men11s feCBiw01n Jan ane Mey . 2. Truftee atabmenls�ave not Eeen poateE ea M monm en0. � 3. Racalvatl at vanoua Yme purhg Na ywr. a. BBRB Reronue an0 ERpenOiWras vAll Ee pOatW anar 9)98 year eM ia qoaeC. 5. Seksa/Dasa�RweHomeeareaRsettoravenue. 6. P 81 payrtrenta are paitl al wiro�e timen tlunng the year. .. m � mm$ i eH � � � � � � � 88QnS � � �— � � � 3q � �O S � � N �� q P ��S �O �� H �q N n � ' N m m � ' � 0 O N � ' ' � � � . � O � � � b b f ^ m H m O W � � p N q O�p+ N � OI h O 8 � N W, l� F R� i1 1� � O A O b O r� : ^l pm W R S n f! T '� ' N n a V d � � p1 O1 � n ar ^ N 6 e m n mmn g mpm i11opp �1�yp `�{� $ o`�i � m $ $ m11pp $ � e�i n a Vl l7 l7 b p � J .'q'- � ^ Cml � � p N �R 0 l'1 l?O ��O 10 O�� A p U m Gry Np ^�N {V O R oVa In � m �'iY�l 1D "� $ 00mg � � � � � A �O �. a ^ > � � . R 8 S88 S 88 8.8888��, 88808$ 8 S ; ��p�� S �� $ �m �� a � mva $ �`.'p� a .. ''n �...Ri 'S � 9i�p�� S nae�'ytn . � ni O- � OI �N Y �O O N N��t�J�m f�1\ Ir�l r� � ,m, . � .- � .�o .H.' .n ... .. . . . N. � � �p�pi m �i �npvi m $ uZ, � $ o � n O � N N�A � O O N N N M O y fp � b � � 0 m lV � t7 ' T N f n � m m m � ��...�... � 10 t�i O O g m � � O m A 8 t� m � m � m N �y� u �Q � N � N N O 0 m YI � ' I� N O � • W F x ne�p vi, mm m � � � nei, $ m 0 0 �G � q !l 1� 1qr� !] WO j� �l 1� b OI A t��l n m � Cl f m � z�1 � b ^ ^ m 0 {� m �p � �fn f0 N � N tV � � 0 N � m � H p1 ♦ fC gg g 8 S � 8 S8 8 8 �pq �c4 '� g�p ' � �+ � ��C �i x f..l.N . O 0 N O W m� � A .�N N A� � q. m �p N . . .. ^.. .V 0 b.. P N p S m O b 1�IJ N m N��pp � n � Nq � � .. ..0: . �..W�p, 1^p�Op �p 3 V r O m � � O N f�l � N ��Op ' N pp ��Gp O ' � `O 9WVjO �< � NNN � : ONiO O b b N � IJ N O �p m �p p v Z . 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E m K m � w �° � _`o � � E i E !4 m a m Q' � p o = a'3i $ c vaai m � m � � � i� y 'a � � g' U' V y = U m �'cm W CgaZiao n � � Au'S � � e � � Qg� � Sym a p � o °"c � M iN x c m v qvl �. m � �$ s rn m 6 E - � m pLL E.5 W Em � J W :� mm maWVO�� '� c � vm0 J yaEi aL� a', L^ H � b � ~ c' p' BQccOa�ia�i � 2'ya�'i m � °Jd` a �+ 6 W � '� � a � � O 1- 'e vi £$ �y m � � �y Nry 10 L $ � � yy a a�i m n.� p = K m - E � N ~ Z 'E O O•• 4� Od - � 003LL4NN0 G Td C C ~ j H = N � 01- a � aa � U � a Sa F�`- 0-' W Ciy of Palm Decert Parkview Olfice Camplex Income Statement For Octobar 1988 a�ww.-ee oorob..-ee • x vro rTo v X Budpet AcWal Varianu Varia�wa Budg�t Actual Variance Varia�e Revenues Rental S 58,900 $ 80,338 $ 7,438 702.44% $� 235,600 8 222,233 S (13,387) 94.33% Dividends/Interest $ 1,200 $ 2,714 5 1,514 228.13% y 4,800 5 10,857 $ 5,857 222.02% Total Ravanues f 80.700 S 89,057 f 2,951 104.91X S 2�O,A00 f 232.890 S 7,510 98.88% Expenses � . Professional-Accounting&Auditing $ 3,700 § 5,181 $ (1,481) 738.49% S 14.800 E 2�,644 S (5,844) 139.49% Professional-Management Fee $ 5,500 S 8,572 $ (1,072) 179.49% $ 22,000 $ 27,428 $ (5,428) 124.88% Tenantlmprovements $ 5,800 y - $ 5,800 0.00% $ 23,200 $ - E 23,200 0.00% Rapairs 8 Maintenance Building $ 9,100 $ 8,058 $ 3,042 66.57% S 38,400 S 77,228 S 19,174 47.32% RepairsBMaintenance-Landscaping $ 1,079 $ - § 1,079 0.00% E 4,318 $ - E 4,318 0.00% UtilitiesWeler $ 250 $ 97 $ 153 38.87% $ 1,000 $ 320 $ 880 32.00% Utilities-Gas/Electnc $ 5.000 S 3,987 $ 1,013 79.74% $ 21,500 $ 21,729 $ (229) 101.07% Utilities-Tresh 5 450 $ 190 E 280 42.21% 5 1.800 y 1,598 S 204 88.87% Talephone $ 150 $ 231 $ (81) 154.08% S 800 E 882 $ (62) 110.33% Insurence $ 521 $ - $ 521' 0.00% $ 2.082 $ - $ 2.082 0.00% Total Expenses S 31.550 S 22,298 S 9,254 70.87X S 127.898 S 89,803 { 38,095 70.17X InvesC1999-Inv¢st PARKVIEW PROFESSIONAL BiTII.DINGS TENANT LIST--NOVEMBER 15, 1998 73-710 FRED WARING DRIVE-TWO STORY BUII.DING FIItST FLOOR SUITE NO. TENANT SOUARE FEET 100 HANOVER 2,g(,p 102 BERGREN 1,360 103 MULTIPLE SCLEROSIS 488 104 ARTHRITIS FOUNDATION 960 106 VACANT 928 108 SENATOR KELLEY 785 112 ASSEMBLYMAN BATTIN 1,406 114& 116 CHAMBER OF COMII�RCE 1,478 118 IN-HOME HEALTH 1,250 119 C1TY/CVAG CONFERENCE ROOM 1,380 120 GOLF DIlVIENSIONS 1.750 TOTAL FOOTAGE FIItST FLOOR 14,345 SECOND FfAOR 200 CVAG 4,292 =�JO.� V�#CANT 841 201 U. S. DISTRICT COURT 604 203 CASAS 480 205 VACANT 700 208 FERGUSON& BERNHEIlI4ER 960 210& 212 WILSON,PESOTA& PICHARDO 3,040 211 ALZHEIlI�R"S ASSOCIAT'ION 937 217 MCMII�LIN 775 220 VACANT 1,607 222 WMA SECURITIES 98 TOTAL FOOTAGE SECOND FLOOR 17,217 TOTAL FOOTAGE BOTH FLOORS 31,562 VACANCY RAT'E-3ri76/31�562 = 10.70% 73-720 FRED WARING DRIVE-ONE STORY BUILDING 100 STATE OF CALIFORNIA WAT�B RES. 15,233 102 & 104 STATE OF CALIFORNIA-REHAB. 4396 TOTAL FOOTAGE 19,629 VACANCY Rr1TE---O% TOTAL FOOTAGE-BOT'H BUII.DINGS 51,191 VACANCY RATE-BOTH BUII.DINGS 3�376(51,191 =6.60% ' City of Palm Desert � Dexrt Willow . Budget Vs Actual . For the month of October 1998 Budgeted Actual Budgeted Actual Ootober October S percentage Year to Year m § Percentage Revenue 1998 1996 Variaoce Variance Date Date Variance Variance Course&Ground $ 324.464 $ 336,505 $ 12,041 10371% $ 589,613 $ 548,711 $ (40,902) 93.0696 Catts . 5 15,3ll S 14.898 $ (413) 97.3096 $ 30,325 $ 21,686 S (8.639) 7L51% GolfShop $ 36,200 § 38,441 $ 2,241 ]06.t9% $ 87,850 $ 81,95a .$ (5,896) 93.29% Range $ 1,572 S 1,184 $ (388) 75.32% S 4.327 S 1,774 $ (2.533) 41.0056 Food&Beveage $ 33,675 $ 40,299 $ 6,624 119.67& $ 76,969 S 74,080 $ . (2,889) 9625% Inreres�Income S 1,500 $ 1,205 $ (295) 8033'R S 6,000 $ 6,272 $ 272 . 104.5316 � Total Revenues $ 412,722 $ 432,532 $ I9,810 104.8096 5 795,084 S 734,477 E (60.607 92.38% Payroli Perimecer Landscaping S 9,085 S 8,758 $ 327 96.40% S 36,340 $ 28.071 S 8,269 77.25'� Proshop S 10,539 5 7.910 $ 2,629 75.05;6 S 24,357 S 2Q605 E 3,752 84.60% Can S 18,737 $ 12,027 $ 6,7ID 64.19% S 42,893 S 32,309 S 10,584 75.32SB Course&Ground $ 87,857 $ 58,447 $ 29A10 66.53',B $ 260,489 $ 268.517 $ (8,028) 103.08% GolfOperations $ 18,229 $ 23,84 $ (5,505) 13020W� 3 54,109 $ 54,601 S (492) 100.97% General&Administation S 23,638 S 18,589 S 5,049 78.64% 3 93,Ofi1 S 7Q602 $ 22,459 75.87% Faod&Beverage $ 17,850 3 9,899 $ 7,951 SS.A696 $ 47,706 5 35,420 3 12,286 7415% TotalPa roll $ 185,935 E 139.364 $ 46,571 ' 74.95% S 558,955 $ 510,125 $ 48,830 9126% Olher ExpendiNres Perimeter Landscaping $ 4,900 $ 6,425 $ (1,525) 131.12% $ t9,600 $ 14,591 $ 5,009 74.44% Proshop $ 14,110 S 9,213 $ 4,897 6519% $ 17,190 $ 11,534 $ 5.656 67.10% Proshop-COGS $ 16,858 5 19,929 $ p,071) 105.68% $ 50,83'7 $ 50,529 $ 308 9939% Cart $ 25,508 S 20,925 S 4,583 82.03% $ 66,632 $ 59,510 $ 7,122 8931% Course&Ground-North Course $ ]01,971 $ 143,874 $ (41,903) 141.09% $ 330,534 $ 291,522 $ 39.012 88.20% Course&Ground-SauthCourse $ 37,515 $ 19,469 $ 16,046 51.90% $ 85.305 $ 61,166 $ 24,139 71.70% Course&Ground-Desert Pa11ebN $ 5,000 $ - $ 5,000 0.00% 5 17,400 $ - $ 17,400 0.00% Course&Ground-Desert Pallet-5 $ 3,305 $ - S 3,305 0.0096 $ 11.500 $ - $ 11,5(10 0.00% GolfOperations $ 1,610 $ 4,613 $ (3,003) 266.52% $ 19,440 $ 5,035 $ 14,405 25.90% Generzl&Adminis[ra[ion $ 66,974 $ 56,659 S 10,115 84.90'b $ 185.022 $ 156,0ffi $ 28.940 8436% Range $ I.700 S 605 S 1,095 35.59% $ 12,900 $ 10,204 $ 2,696 79.1096 Food&Bevenge S 11,470 $ l0,862 S 588 94.87% $ 18,300 $ 23,648 $ (5,348) 12922% Faod&Beverage COGS S 11.786 $ I6,747 5 (4,961) 142.09% $ 26.939 $ 36,174 $ (9,235) l3428% Managemen[Fee $ 18,750 $ 12,500 $ 6,250 66.67% $ 56,250 $ 50,000 $ 6,250 88.89% Pinancingll,ease S 9,549 S 10,865 S (1,31fi) �113.78% $ 2Q505 $ 30,61I $ Q,106) 103.9596 TotalONerEx ntliturts 5 333,006 5 332906 3 100 99.97% S 947,354 5 800,606 5 14fi,748 84.51% David I.eadbetter Academy � Leaming Cenmr Revenues $ 15,000 3 15,951 $ 951 10634% $ 65,000 $ 34,742 $ (30,258) 53.45% Reimbursemen[s m David Leadbener $ p2,750) $ (13,558) $ (808) 106.34% $ (55,250) $ (29,430) $ 25.ffi0 33.27% OtherExpendiwres $ (1,450) S Q,337) $ 113 92.21% $ (5,800) $ (7,429) S Q.629) 128.09% I.earningCenterincome(I.oss) $ 800 S 1,056 5 256 132.00% 5 3,950 $ (2,II7) S (6.W7) $ 2.35 Net Ncome ss S 1O5A19 S 38,682 E 66,737 36.69% $ 707 275 $ 578 371 S 128,904 SIJ7% Dm9899;Finenciel Statement - � City of Palm Deaert Dewrt WillOv � Two(2)Year Compaisoa Monlh W MonW ro ti'ear to Year ro Dete Dale $ Percmtage I1nh Date S Revenue Oct-98 Ocf-97 Varience Verimtt 1998 1997 Variance Caurse&GrounO E 336.505 5 150,964 $ 185.54I 222.90% S 548,711 S 329,994 S 218.717 166.28% CartS S 94,898 S - $ 14.898 100.00� 5 21,686 8 8.129 $ 13.557 266.79% GolfShop $ 38.441 $ 28.534 $ 9,901 134.72� S 81.954 $ 68,364 S 13.590 I19.88% Range $ 1.184 $ 4.875 S (3.691) 24.29% 5 1.774 5 15.043 S p3.269) 1179% Food&Beverage . $ 40,299 $ 16,I25 $ 24,174 249.929E $ 74,080 S 44.811 S 29,269 I65.329E InrerestMcome . i 1,205 $ 1.459 $. (254) 82.59� 8 6,272 8 5,479 $ 793 114.47R TalelRevenues S 432,532 5 201.957- 5 230,575 2I4.17% 5 734.477 $ 471,620 5 262.b57 155.67% - Payroll Perimemr Landscaping 5 8.758 5 - $ 8.758 100.00% S 28,071 $ - $ 28.071 100.00� Proshop(includes Golf Operations) 5 31,644 5 11,132 S 7A.512 28426% S 75,206 S 19.927 S 55.279 377.41% Can $ 12.027 5 5.999 $ 6,028 2IX1.48% 4 32.309 S 11.612 S 20.697 278.1A%. Course&GrounA $ 58,447 5 48,925 $ 9,522 ll9.46% 5 268,517 5 99,387 S 169.130 270.17% Generzl&Adminis[ration $ 18,589 $ 22,896 S (4,307) 81.19% S 70,602 S 43.133 $ 27.469 163.66% Food&Beverage E 9.899 $ 7,320 S 2,579 13513% 5 35,420 5 14.940 �S 20.480 237.08% Total Pa roll S 139.364 S 96.272 5 43,092 144.76% 510 125 188 999 5 321 126 269.91% Other Expenditures PerimeterLandscaping $ 6.425 $ - $ b,425 100.00� $ 14,591 $ - 5 14,591 IW.00% Roshop S 13.ffi6 5 30,253 S (16,427) 45J096 S 16,569 S 36.492 S (21.923) 43.05% Proshop-WGS 5 19,929 5 I6,465 $ 3,46a 121.04'R $ 50,529 $ 40,574 $ 9,955 124.54% Can $ 20,925 $ 11,508 $ 9,4V 181.83% S 59,510 S 41,694 $ U,816 142.73% Course&Ground $ 163,343 $ 121,779 $ 41,564 134.13% $ 352,fi88 $ 303,495 $ 49,193 1i621% General&Administration S 56,859 5 34395 $ 22,464 16531 k $ 156,082 $ I03,753 $ 52,329 150.44% Range $ 605 $ 2,206 S (1.601) 27.43R E 10.204 S 2.122 4 8.082 480.87% Food&Be�erage $ 10,882 S 4.085 S 6,797 266.39% 5 23,648 $ 23,145 S 503 102.17% Faod&Beverage COGS $ 16.747 $ 10,403 8 6,344 1G0.98% $ 36,174 S 24.709 S 11,465 146.40% Management Ftt $ 12,500 $ 12.500 S - 100.00% 5 50,000 S 50,000 S - 100.00% FinanCing/Leaze $ IO,BQS S 2.688 $ 8,17� 4(1120R S 30.611 $ 10,931 S 19,680 280.04% Tota101M1erEx ndiNres $ 332,906 $ 246,2ffi E 86,61R 135.17% $ 800,606 S 638.915 5 161,691 12531% David[.eadbetrer Academy Learning Cenrer Revewes $ 15.951 $ - $ 15,951 100.(b% $ 34,742 $ - $ 34,742 100.00% Learning Center ExperWimres S (14,895) $ - $ Q4,895) 100.00% $ (36.859) S - S (36,859) IOO.00R I.eeming Cenrer Income(Lasa) S 1,056 $ - $ 1.056 I(10.00% $ (2.117) 3 - 5 (2,117) 100.(pR Netlncome Loss $ 38.682 5 140 597 5 101.915 27.51% $ 578.371 S 356.094 $ 222,277 1fi2.42% Dw9899;2yrCampenaon � . PalmDesert Recreation Facilities Corporation Income Statement Oct-98 Oct-98 M % Budget Actual Variance Variance Food & Beverage Revenues $ 33,675.00 $ 40,299.00 $ 6,624.00 119.67% Total Revenues $ 33,675.00 $ 40,299.00 $ 6,624.00 119.67% Salaries $ 9,952.00 $ 9,899.00 $ 53.00 99.47% Cost of Goods Sold-F&B $ 11,786.00 $ 16,747.00 $ (4,961.00) 142.09% Food & Beverage Expense $ 2,410.00 $ 11,005.00 $ (8,595.00) 456.64% Total Expeases $ 24,148.00 $ 37,651.00 $ (13,503.00) 155.92% Net Income (Loss) $ 9,527.00 $ 2,648.00 Note: The above revenues and expenditures a�e also included in t6e Desert Willow analysis. Dw9899;PDRFC Budget � � � � n �pp � n � N �p p�p � �p � N�p � I� CO � I� OI� N N p NC�7CDODOCDCDN � +�t��' d � NaO ~ n � � � +��y O NdN' NM � MdN' � n W � � n W � � ~ N � � A pw fa .i m u +'+ w ? s, �' � � ? o >. y, '� p � � � U � � � � � � y � y � o � � .� v q �S o m � � � ~ a � �{ n � � ¢� � anmy � � u �❑ ¢ � "�' � � �y L '"� y M � � �'�' � ��" � C � fyd Y � � c� a� ac� � � � c� � c� � � wa F b o � � � � � � M � u � � c� u � � � � �' �s � .� V � V N � .� u a � b U A b U V � � � � �, p � rz � �� B •a `n `�° ° � a a o w o � � � � �, " � w � � oa a�a ¢ � � � � � � �`� � .� � � M �, a> C . a�i � N � � � Gyy � � �" � � n � M � p�d� �N � C � a y V 3o C � CU, M ttl � a+ � '�. N �" � N O � � � "'' � N C � _ �,., d' O � � U � 9 G � � � . Cby of Alm Dent . Dwl W�low � 7L�te Moath Caeh Rame Anaiyele Three Mouth Proiected Eacomdkures Novembri Dxmba Jauuary Prolected Exomdit�a � �� 193 030 S ?A1 674 S 200 269 594 973 Totals Cash Reserve AoalYs�s Oue Month Thrx Months ��'e 482?A2.20 1 458 330.20 . �o�He� S 480.335.62 S 480,335.62 Vuianco-Favorable Unfavolable S 1 866.58 $ 97'7 994.58 Reooacfliation of adjwted cuh reqniremeat Reconciled Cash on hend $ 303,315.59 - Add: Preope¢uig Owed by the City $ 1,948.77 Preopening ovred by the RDA $ 64,908.06 October Deficit Owed by Kemper $ 72,619,86 I Perimeter $ 37,543.34 � Adjusted Cash on Hend $ 480,335.62 �uated Reserve Requirement $ 477,950.20 , � Adjvted Cash(Ho Cash Due by KeQper) j 5,385.45 � Represrnts operating deficit owed by Kemper Sports. � Repreamts 88�0 of perimeter expenditurea to dflte. 9 Represents budgeted expmdimres for October 1998. Does not Include iaterest on city loen. 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