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Home My WebLink About11 MAY 1999 2 AGENDA INVESTMENT & FINANCE COMM1141E WEDNESDAY, May 19, 1999— 1:30 P.M. NORTH WING CONFERENCE ROOM CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES Rec: Approve the Minutes of April 28, 1999 as submitted. Action: IV. ORAL COMMUNICATIONS A. Any person wishing to discuss any item not otherwise on the agenda may address the Investment & Finance Committee at this point by giving his or her name and address for the record. Remarks shall be limited to a maximum of five minutes unless additional time is authorized by the Chairman. B. This is the time and place for any person who wishes to comment on non- hearing agenda items. It should be noted that at the Investment & Finance Committee's discretion, these comments may be deferred until such time on the agenda, as the item is discussed. Remarks shall be limited to a maximum of five minutes unless additional time is authorized by the Chairman. V. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks for Section 4 Rec: Report by Carlos Ortega. Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status Report on new Bonds. Action: C. Revision of Money Market Fund - Fidelity and Highmark as Discussed at Previous Meeting Rec: Modification to Investment Policy as referred to in staff report AGENDA - INVESTMitNT & FINANCE COMMITTEE May 19, 1999 **********************,******************************************************** Action: D. Recrualification of Existing Broker-Dealers 1. Union Bank of California VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedule for April, 1999 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 April. Review status of capital projects and cash flow projections. Action: B. Review Short Term Investments Maturing in May, 1999 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds and notes; and, 3) Agencies discount notes. Action: C. State of California Local Agency Investment Fund Monthly Reports for April, 1999 Rea: Informational item for the Committee to review. No action required. D. Monthly Financial Report for City Council for April, 1999 Rec: Report and submit to City Council. Action: E. Parkview Professional Office Buildings - Financial Reports for April, 1999 Rec: Review and file report. Action: F. Desert Willow Golf Resort Financial Information for April, 1999 AGENDA- INVESTMtNT & FINANCE COMMITTEE May 19, 1999 ****************************************************************************** Rec: Review and file report. Action: G. Palm Desert Recreation Facilities Corporation Income Analysis for April. 1999 Rec: Review and file report. Action: H. Small Business Loan Program Rec: Informational item for the Committee to review. No action required. I. McCallum Theatre Rec: Informational item for the Committee to review. No action required. VII. REPORTS AND REMARKS A. Reports and Remarks by any Committee Member B. Items to be placed on the Next Agenda VIII. NEXT MEETING DATE Next regularly scheduled meeting is: \rigc.nWp .yg -anuu( 16„ ac9c all: 1;30 22.1 IX. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of California, 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. Dated is May 14, 1999. Veronica Abarca, Recording Secretary ............. 111 , Minutes vs. u- - •: ,'� ��//fir • Ara Finance Committee CONVENE On April 28, 1999, the Investment & Finance Committee was called to order at 1:36 p.m. by Mr. Paul Gibson. • ROLL CALL Russ Campbell, Ray Diaz, Dave Erwin, Paul Gibson, Thomas Jeffrey, Murray Magloff, Carlos Ortega, Bob Spiegel, Bill Veazie and Veronica Abarca, recording secretary. GUE ST Gregg Lindquist, Kemper Sports-Desert Willow Dennis Coleman, RDA Finance Management Analyst APPROVAL OF MINUTES Upon motion by Mr. Murray Magloff; and seconded by Mr. Carlos Ortega, the Minutes of the March 24, 1999 meeting were APPROVED as submitted. ORAL COMMUNICATIONS Mr. Gibson stated that he would take Items F & G under New Business out of order per Mr. Lindquist's request. F. Desert Willow Golf Resort Financial Information for March, 1999. Mr. Lindquist stated that March, again, was an excellent month. The actual revenues exceeded budgeted revenues by approximately 10%. March now holds the record for largest in rounds. Expenses are approximately 4% over budget. Mr. Diaz questioned where we are lacking. Mr. Lindquist stated that April was going to be a good month and should make up for any "short falls". Mr. Spiegel stated that City Council had approved funding to keep the sand from moving at Desert Willow and would like a status report. Mr. Lindquist stated that the crew was about half way done. The project should be completed within two weeks. Wild flowers will be planted to lessen the blowing sand. Receive and file report. G. Palm Desert Recreation Facilities Corporation Income Analysis for . March, 1999 1 • Minutes Finance Committee Mr. Lindquist reviewed the report and asked if there were any questions. Mr. Spiegel asked Mr. Lindquist if we were intending to give discounts on food. Mr. Spiegel stated that by giving discounts we would be hurting the local businesses. Mr. Lindquist stated that discounts on food were not intended. Receive and file report. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks for • Section 4 There were no changes to the previous month report. B. Bond Issuance by Palm Desert Financing Authority There were no changes to the previous month report. NEW BUSINESS A. City and Redevelopment Agency Investment Schedule Mr. Jeffrey reviewed the reports and asked if there were any questions. Mr. Spiegel asked how low we can go in credit ratings for a security. Mr. Jeffrey stated that a single "A" rating is as low as we can go. Receive and file reports. B. Review Short Term Investments Maturind in April, 1999 Mr.Jeffrey, reported that in April, $2 million in City funds was reinvested in a FNMA callable agency security, which will mature in 2002. Receive and file report. . Mr.Jeffrey informed the committee about Assembly 1423, pending legislation that is opposed by the Association of California County Treasurers and by the California Municipal Treasurers' Association (CMTA). AB 1423 is a"spot bill" that is sponsored by the State Treasurers' Office. AB 1423 originally sought to modify existing law so that governmental treasurers could submit investment reports to local legislative bodies within 31 days of each quarter- end, instead of 30 days. This bill was then substantially amended following the Legislature's Spring Recess. • • • Minutes Finance Committee Mr. Lindquist reviewed the report and asked if there were any questions. Mr. Spiegel asked Mr. Lindquist if we were intending to give discounts on food. Mr. Spiegel stated that by giving discounts we would be hurting the local businesses. Mr. Lindquist stated that discounts on food were not intended. Receive and file report. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks for Section 4 There were no changes to the previous month report. B. Bond.Issuance by Palm Desert Financing Authority There were no changes to the previous month report. NEW BUSINESS A. City and RedevelopmentMency Investment Schedule Mr.Jeffrey reviewed the reports and asked if there were any questions. Mr. Spiegel asked how low we can go in credit ratings for a security. Mr. Jeffrey stated that a single "A" rating is as low as we can go. Receive and file reports. B. Review Short Term Investments Maturing in April, 1999 Mr.Jeffrey reported that in April, $2 million in City funds was reinvested in a FNMA callable agency security, which will mature in 2002. Receive and file report. Mr.Jeffrey informed the committee about Assembly 1423, pending legislation that is opposed by the Association of California County Treasurers and by the California Municipal Treasurers' Association (CMTA). AB 1423 is a "spot bill" that is sponsored by the State Treasurers' Office. AB 1423 originally sought to modify existing law so that governmental treasurers could submit investment reports to local legislative bodies within 31 days of each quarter- end, instead of 30 days. This bill was then substantially amended following the Legislature's Spring Recess. 2 • Minutes Finance Committee AB 1423, as amended would enlarge the powers of the California Debt and Investment Advisory Commission (CDIAC) by authorizing it to "promote the • safety of local agency investment of public funds" while executing some of its existing statutory responsibilities. California local agencies would also be required to submit semiannual investment reports to CDIAC. The State Treasurer's Office justified these proposals by citing a lack of state oversight of local government investment practices, such as those that resulted in Orange ' County's bankruptcy. Mr. Diaz asked if the CMTA had indicate whether AB 1423 would simply provide for state oversight or would shift control over local investments to state government. Mr. Gibson responded that he believed that AB 1423 would ultimately shift control over local investments to state government. Mr. Erwin asked if the League of California Cities had taken a position on AB 1423. Mr. Gibson responded that it had not. The committee discussed AB 1423 and agreed with CMTA's position that AB 1423 should be opposed. Mr. Din disagreed with the committee's opposition to AB 1423, as currently drafted. C, State of California Local Agency Investment Fund Monthly Report Mr. Gibson reported.that for the month of March, the City had $26.2 million and the Redevelopment Agency LAIF has a balance of $15.6 million at an interest rate of 5.136%. Receive and file reports. D. Monthly Financial Report for City Council for the month ending March, 1999 Mr. Gibson reviewed the reports and asked if there were any questions. Mr. Veazie asked why the Redevelopment Agency did not just pay the City loan since they seem to have enough liquidity. Mr. Gibson stated that City earns interest on the loan to the Redevelopment Agency and usage of those liquid funds would prohibit the ability to continue the various projects throughout the City. Receive and file report. 3 C • Minutes Finance Committee E. Parkview Professional Office Buildings - Financial Reports Mr. Gibson stated that the Office Complex continues to do well. Mr. Gibson will make an appointment with the City Attorney to discuss how to structure and where to use the funding. Mr. Magloff asked about the status of the Armenta case. Mr. Gibson stated ', that the City won the judgement against Mr. Armenta however have not been able to collect. Mr. Armenta has creatively distributed his assets. Mr. Erwin stated that the collection is earning 10% interest at this time. Receive and file report. H. Review of New Broker-Dealer Applications Mr. Jeffrey reviewed the application from Nations Bank. Upon a motion by Mr. Veazie, seconded by Mr. Campbell, the committee unanimously approved Nations Bank as a new Broker/Dealer for the City of Palm Desert. I. Recynalification of Existing Broker/Dealer Applications Mr. Jeffrey reviewed.the applications from Wells Fargo and Salomon Smith Barney. The applications for Union Bank of California and Morgan Stanley Dean Witter required additional information and will be reviewed at the May meeting. Due to a recent merger with Norwest Financial, Wells Fargo temporarily does not fall within the guidelines of$100 Million, as specified in the Investment Policy. However, in July the requirement will once again be fulfilled. Mr. Veazie suggested that Wells Fargo be requalified with a waiver of the requirement until July, 1999, at which time all requirements of the Investment Policy will be enforced. Upon a motion by Mr. Gibson, seconded by Mr. Campbell the committee approved the requali ication of Salomon Smith Barney and Wells Fargo, contingent upon the satisfaction of the requirements of the Investment Policy. Until all requirements are met by Wells Fargo, they will not be used as a dealer. Mr. Diaz opposed the vote. 4 • re- Minutes Finance Committee REPORT AND REMARK S Mr. Spiegel stated that the Business Support Department is looking into Small Business loans and he would like a status report on the upcoming agenda. Mr. Magloff requested an update on the status of the McCallum Theatre and how Ms. Graphosleaving would affect the relationship with the City. Mr. Gibson stated that Ms. Graphos has done a tremendous job at the McCallum and the City will continue to contribute$125,000 for education at the McCallum. Mr. Gibson stated that he had received a report yesterday and they • are doing very well. The report will be included on the upcoming agenda. NEXT MEETING DATE The next Investment & Finance Committee meeting will be held Wednesday, May 19, 1999 at 1:30 p.m. ADJOURNMENT Upon motion by Murray Magloff and seconded by Dave Erwin the Investment &Finance Committee adjourned at 3:00 p.m. Respectfully submitted, Veronica L.Abarca, Recording Secretary. 5 it W M1� q ..` N ;1 Brokers Seek - �/7 y�• Gilt Futures Trading Is Halted Ease R11 e� ` •= .)CIA,, VSh Ti. - LANDON-Trading in gilt futures came fr To IE Clue 1 Lulea to a halt for about half an hour late - L1 ill- rising supplies later this week;analysts yesterday afternoon as the London Inter- I '.� said. The June contract fell 0.55 cent to national Futures and Options Exchange • , " - 58.02 cents a pound. Though yesterday's suspended trading on its Liffe Connect Aiding Investors hog slaughter as reported by the U.S. electronic-trading platform. Agriculture Department came in on the Traders said that it didn't cause as ; ,. . { low side at 365,000 head, analysts and much of a disruption as it could have if the SCOT J PALTROW traders anticipate rising totals as the week suspension had occurred a little later when J 'I - By advances.Those expectations,along with the German market fell, with June bond e Staff Reporter of TansW A'J.STRRIrr JOURNAL profit-taking,pushed futures prices lower. futures breaking through key support P The brokerage Industry has launched a Dale Durchholz, analyst with AgriVisor levels and dragging gilts lower c new campaign to weaken a number of Services in Bloomington,Ice.,said"people •There was a problem with the part of C investor-protection regulations, encour• are looking ahead to a pickup in hog the setup that allows Liffe to monitor this aged by signs that Senate Banking Com• movement as we get into Wednesday and market,"said Simon Orebi Gann, manag- mittee Chairman Phil Gramm is willing to especially Thursday as producers get ing director of information technology at u back the effort. chased out of fields by rain." Rain often Lille. E Although no legislation has been intro- leads hog farmers to take their animals to G duced yet,a formal proposal by the Securi- market. I G ties Industry Association, Wall Street's PALLADIUM: Futures prices fell on DJ Electricity Price Indexes H main trade organization, already has the New York Mercantile Exchange as the noonday,May 3,1999 If II raised the hackles of state securities regu- market continued to digest last week's DJ-COB average RlauteteQrlctiv traded at the Califon. They contend that the SIA's pro- news that Russia is shipping large quanti- nia.OrelPn and NevaaOregon Borders. posal would expose investors to unscrupu- ties.The June contract fell 58.25 to$288.05 Finn May.3 Mw.2 May.l ' lous sales tactics and deprive states of the a troy ounce,bringing its loss since April26 On unit 2624 no. 21.21 volume nioo n. . T1000 right to bin brokers who have extensive to 567.90. OH Peak . .. aim no. mm disciplinary records. -Daniel Rosenberg volume .. A Securities and Exchange Commission • and Janet Whitman Nan Firm On Peak 72.97 n.q. 18.48 contributed to this article. volume am nat. 710 spokesman said the agency had no com- Off Peak - 20.50 1441 11.05 ment on the proposal,because discussions Tuesday,May 4,1999 volume .. .. 1033016 436 about a bill were"at too early a stage." Net Yr- DJ Pale Verde Close Chg. Age Weighted average Rice of electricity traded at Palo Verde Jean-Ala SIA said the proposal it recently Dew JeneAla Futures . 84.314 +0246 103.343 and West Wing,Arizona. Dow Jaws Owe . 11846 -0.4 129.05 Flem Mw.3 May.2 Mw.l submitted to Mr.Gramm,a Texas Republi- Minx United Klnedem 1155.30 +3.30 1621.00 On Peak . 26.73 20.00 23.11 can, "would eliminate anachronistic, du- c R B BRIDGE Future. 192.66 +0.37 226.46 volume . 252% Spa 14l00 plicative and inefficient regulations."Stu- On PMK 13.93 n.eo0 12.00 0 Weekly Oil Statistics volume ... art J.Caswell, the SIA's general counsel, 011 statisticsended pile by th.3999, can Petroleum Institute ma Firm said,"These are things we think will help for Me week ended April 30 1999.with chances from me On Peak 21.30 law 1302 Previous week and Ile total for a year ago (in barrels) Volume 445 150 2915 investors by helping the marketsgrow and follow: On Peak 10.67 10.63 10,62 p Cho.tram volume 150 735 1m1 For example, he said that cur- ARID, AR.23, May 1. prosper." P tailing states' rights to license brokers = 1999 1w9 19M DJ Mi6C61uMbia Motor gasoline stocks.- 216,671.000 - 2.221.000 211,061A03 Weighted average Rice a electricity traded at MId Celun- would eliminate unnecessary costs and Motor gasoline prod 56,625,000 - 175,000 56,658.00) bra. LIghtfueldl stocks 129,217,000+ 253,000121,500200 Firm May.3 May.1 Mw.l free regulatory resources to focus on more - Loy atuei oil prod 22,44,1100 + 1,021A00 24.206,003 on Peak 26.86 16.00 19.58 pressing Heavy fuel oil stocks . 38,499,000- 1,076,Ow 39,850A00 volume . 15200 40 New P BProblems. Heavy fuel oil prod 4,025,000 - 1,169.000 6216,030 On peak 9.60 9.25 8.m This isn't the first time the SIA has Jet fuel stocks 66,145,9w - 538200 ammo volume 7003 aro 5064 tried to soften investorprotections.Three Jet fan Raactlen 11,6a6A00 - a2ow 10AB9,000 Nonnpm Crude rum alN 14,774,000 - 230,OW 14895,030 n Firm 26.75 16.02 17.11 years ago a similar effort failed after the %Rated Capacity 95.9 - La 95.7 2053 House Republicans, still flush with the Domestic l lae tlst cks 336.40od000000 - 4.730,mo 34a.o 6:000M 01lunee 110 11.74 61 "662 I� deregulatory enthusiasm inspired by Newt Oiy Crude Impart U.S.... 7,782,003- 1,5600M B.mL000 volume 1110 e79 1662 Div prat Import U.S.. 2.04.000+ 1.034,0110 1.719.04 Sunday 24 Haar Firm nag. 9.M n.9 Gingrich's Contract with America, pro- subiect%revision. x volume nag. HMO no.posed a bill that went far beyond what the DJx SIA had asked for. Even some senior HIGH-YIELD BONDS weighted price electricity at Four Corners,average and traded exl . brokerage-firm executives said they Firm Mey.3 May.2 MIN.' feared it could undermine confidence in Tuesday.May 6.1999 On Peak 26.00 SOO 20i0 22.1i1n TotalAmmo Year volume 13.50s 13506 1250s the securities markets. Because of the Daily Wes Price re ON Peak 0 0 0 Please Turn to Page CPO urn.Cbtumn 3 Ret value ChangeDareMi. volume SSMB Index - 0.31 10245 -0.39 +2.65 M N^nn P Flrm Oeek . 20.81 15.39 I4.89 Volume K Heavy,M=Moderate,L=LION Volume 621 M10 2375 Dec 31,1998 m=;031a ON Peak 17.97 10.26� 10.65 1130 Volume Key Gainers 3PM M1lce PrYKlael OJ-PJM Sellers'Choke • Type/Chop. Mat. Ma Charts Rehm Tito Me Pennsylvania,ante Neprice lJerXel elMaectricity clargmtraded tor r delivery In Mee Key Lasers Firm Mw.3 Mw.3 MINA Hertel Cain C/ 0.000 9/07 76 - 2 - 2.56 9.16 On Peak 29.25s n.o. n.0. RCN Corp a/10.20010/0/ 13lo 1 - 0.95 9.26 volume Intermedia a/ I.RO 1/M WO - b - 0.74 8.75 DJ-PJM western Hub En-anis1r010c b/0.125 3/09 99'n - tv - OM 6.19 Weighted average price of electricity traded at PJM West- Outdoor S b/ 8275 6/07 105n! - 'h - 0.4 i.n • 2PM Net Hanes Typo/Rating Coop. Mat. Bid CM. Yld.v AK Steel a/BB- 9.125 12/06 1050. unch 7.83 Advantia a/B 11.250 1/0a 102,4 unch 10.76 American Sid a/BB- 7.375 2/08 91+ R 7.61 Chancellor b/B 8.125 12/07 1004. unch 8.07 Fed.Mogul a/BB+ 8.600 4/07 105 unto 7.94 Global Xing a/B 9.625 5/01 1111/4- L 7.39 HMH Prat. 1/13O 7205 8/06 961/2- 'a 8.41 Integrated b/CCC 9.250 1/08 66 - 2 16.12 Internedia a/B 8,600 6/08 99 - 'h 8.76 Level Corms a/B 9.125 5/08 1013/4 inch 8.m6, Ocean Energy MOB- B.075 7/07 103 unch 8.2! Paging Netwk b/B 10.000 10/08 79 - 2 1409 Dwell Comm </BB+ 0.003 10/07 791/2 - 1 7.% Revlon a/B 8.12S 2/06 99 unch 8.32 ii Stone d/B 9.875 2/01 IOPh - 'h City of Palm Desert Internal Correspondence Date: 29 April 1999 Subject: Mutual Fund Compliance With City Investment Restrictions From: Thomas W. Jeffrey, Investment Manager �i To: Paul S. Gibson, City Treasurer RECOMMENDATION 1. That the City revise its investment policy so that mutual funds are exempt from prohibitions against securities lending; reverse repurchases; WI securities; derivative contracts; derivative securities; and short selling. 2. That the City continue to invest in the Fidelity and in the HighMark money market mutual funds. BACKGROUND At the Finance Committee's request, I have reviewed several money market mutual funds ("MMMFs") that are eligible for public sector investment, as well as LAIF, in order to compare private sector and public sector investment practices. A table ("Exhibit A") which shows the results, and a background paper ("Exhibit "B") which explains the prohibited practices, are attached. The investment prohibitions on MMMFs in the City's current policy are internally contradictory, and diverge from the realities of the marketplace. All of the MMMFs that were reviewed, including Fidelity and HighMark, engage in investment practices that are prohibited under current City policy. Ironically, current City policy does authorize investment in LAIF, which engages in many of the same practices. As "Exhibit A" shows, the City-prohibited practices of reverse repurchases; derivative securities; when-issued securities; and securities lending are prevalent throughout the mutual fund industry. Large California local government agencies ($1 billion+ portfolios) also engage in these practices. The City-prohibited practices of derivative contracts and short selling are less prevalent, due to the levels of technical expertise and capital that are required. Fidelity Investments was the only MMMF in the review group that engaged in these practices. ; a C Mutual Fund Compliance With City Investment Restrintinns 29 April 1999 Page 2 of 7 California law currently authorizes mutual funds that are eligible for public investment, to engage in reverse repurchases; derivative securities; and derivative contracts. Legislation that would expressly authorize a fourth practice, securities lending, is currently pending in the State Assembly. As you may recall, when we questioned Girard Miller, President of the International City Management Association ("ICMA"), CEO of ICMA Retirement Corporation, and author of Investing Public Funds (the GFOA primer for local government agencies), at the recent CMTA annual meeting, on the desirability of Fidelity's engaging in derivative contracts and in short selling, he stated that he did not believe that these practices should be a source of concern, given Fidelity's reputation, resources, and expertise. Fidelity and LAIF will differ in their investment practices. Fidelity, the largest mutual fund company in America, is organized for profit, and manages $900 billion, with the potential for unlimited institutional shareholder redemptions on a daily basis. LAIF, a public sector entity that is not organized for profit, manages $34 billion, with limits on local agency redemptions. On a separate matter, as "Exhibit A" indicates, the HighMark 100% US Treasury MMF has a relatively high expense ratio of 72 basis points ("bp"). That expense ratio includes a 25bp 12(b)-1 fee that Union Bank receives as a broker. The City's investment options are limited to HighMark MMMFs if the City wishes to retain the automatic sweep feature for excess cash in its Union Bank accounts. Otherwise, the time-intensive and risk-laden task of manually calculating account balances, and executing numerous bank wires would be shifted to the City, substantially reducing the time available for investment portfolio management. FISCAL IMPACT Annual investment income will not be affected if the City revises its investment policy, as recommended, and retains its current MMMFs. Annual investment income will decrease by an estimated $2 million if the City does not revise its investment policy, and replaces its current MMMFs with bank savings accounts. This estimate is based upon a combined Fidelity and HighMark MMMF account balance of $82 million, and an annualized yield difference of 2.5% between both MMMFs and a Union Bank savings account. 0 cq o e e e o 0 o e o 0 o e o a a e a e a e e e a -� e e a e e e ' 0 o CO 0 0 0 u� CO co co u) co co N r N N V' u) N N a CO .— — a O 1! O o O O o O O o o O O O O O o O o IYn. — w aO M O) d) o o e e e o e o o e e e N N! 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The "Controls"sections are taken from Fidelity Investment's "Statement of Additional Information" dated 29 May 1998. 1. SECURITIES LENDING a. Description: Lending securities to broker-dealers and to commercial banks, with cash or securities collateralizing the loan. b. Purpose: To increase fee income or to reduce custody expenses. c. Risks: In event of borrower default, for securities collateral: (1) market value of securities collateral is less than value of loaned securities; (2) delay in recovering loaned securities; or (3) loss of collateral rights. Securities lending risk here is low since collateral marked-to-market on daily basis by third-party custodian. For cash collateral: cash collateral used to leverage portfolio by buying more securities, and bad investments are made, so mutual fund must absorb capital losses. Securities lending risk here is higher and similar to that of reverse repurchase agreements (which are allowable investments for mutual funds under California law). d. Controls: Securities lending cannot exceed 33.3% of fund assets (Fidelity). e. Legal Status: This investment Practice is currently neither authorized nor prohibited by the California Government Code. The cities of Los Angeles, Sacramento. and Long Beach. San Diego County. and LAIF engage in securities lending. Assembly Bill 530, which is currently pending and which would expressly authorize securities lending, was recently voted out of the Assembly Local Government Committee 8-0. The Committee analysis concludes that securities lending, whether based upon cash or securities collateral, is a "...relatively safe investment because the borrower puts up 102% daily collateral and the investment is insured." "EXHIBIT B" BACKGROUND PAPER MUTUAL FUND ACTIVITIES PROHIBITED BY PALM DESERT Page 5 of 7 2. REVERSE REPURCHASE AGREEMENTS a. Description: Selling securities for cash, then later buying them back at an agreed-upon price and time. b. Purpose: To provide liquidity by borrowing cash, on a temporary and defensive basis, to meet unusually heavy mutual fund redemption requests. Otherwise, mutual fund might be forced to liquidate high-yielding securities in order to meet requests, resulting in decreased portfolio income. c. Risks: Reverse repos used to leverage portfolio by raising cash for arbitrage trades in government securities. Liquidity crisis may result if reverse repo proceeds are invested in securities whose maturity exceeds that of reverse repos. e. Controls: (1 ) Total cash borrowings cannot exceed 33.3% of fund assets less liabilities; and (2) appropriate liquid assets must be deposited in segregated custodial account to cover purchase obligations while reverse repo is outstanding (Fidelity). f. Legal Status: California Government Code Sections 53601 fh) and fkl currently authorize this investment practice for mutual funds. 3. WHEN ISSUED ("WI"l a. Description: Buying US Treasuries on secondary market prior to issuance, with payment and delivery taking place after customary settlement period. b. Purpose: To know securities price prior to auction and to eliminate uncertainty about whether noncompetitive tender has been accepted. c. Risks: If: (1) WI purchases are made with minimal or no-cash down payment, this constitutes leverage; (2) counterparty fails to deliver or pay for WI securities, then capital loss may result; and (3) Wls are bought and sold prior to their issuance date, then rising market interest rates may result in capital loss. • "EXHIBIT B" BACKGROUND PAPER MUTUAL FUND ACTIVITIES PROHIBITED BY PALM DESERT Page 6 of 7 d. Controls: (1 ) No purchase of securities on margin allowed except for short- term credits needed to clear transactions; and (2) appropriate liquid assets must be deposited in segregated custodial account to cover purchase obligations while WI is outstanding (Fidelity). e. Legal Status: This investment Practice is currently neither authorized nor prohibited by the California Government Code. Various California local government agencies, including LAIF and San Diego County. Purchase WI Treasuries. 4. DERIVATIVE CONTRACTS (FINANCIAL FUTURES) a. Description: Buying futures contracts for US Treasury securities. b. Purpose: To hedge (minimize portfolio risk) by buying or selling a futures contract so that loss on cash portfolio will be offset by opposite gain in futures contract trade. c. Risks: Possible capital losses. d. Controls: None identified in "Statement of Additional Information". e. Legal Status: California Government Code Sections 53601/k/ and 53601. 1 currently authorize this type of security for mutual funds. 5. DERIVATIVE SECURITIES a. Description: Buying variable- and floating-rate securities, and asset-backed securities (pools of mortgages, loans, or receivables). b. Purpose: To increase portfolio income or to hedge in volatile interest-rate environment. "EXHIBIT B" BACKGROUND PAPER MUTUAL FUND ACTIVITIES PROHIBITED BY PALM DESERT Page 7 of 7 c. Risks: For variable- and floating-rate securities: inferior returns compared to fixed-rate securities, if market interest rates decline. For asset-backeds: (1) limited creditor interest in collateral; and (2) securities with volatile market values due to prepayment risk. d. Controls: Some variable- or floating-rate securities are structured with put features (backed by letters or credit) that entitle holders to sell securities back to issuers or to third parties at any time or at intervals (Fidelity). e. Legal Status: California Government Code Sections 53601 and 53601.6(b) currently authorize these types of securities for mutual funds. 6. SHORT SELLING a. Description: Selling securities, then later buying them back at a lower price. Difference between selling and repurchase prices constitutes capital gain jf market interest rates rise; othewise, capital loss results. b. Purpose: To hedge by protecting market value of fund assets in anticipation of higher interest rates, without sacrificing current yield of securities sold short. c. Risks: Interest rates instead decline, resulting in higher market prices for securities. Mutual fund then incurs capital loss when it repurchases securities above original selling price. d. Controls: Short selling only allowed if mutual fund: (1 ) owns or has right to obtain securities equivalent in kind and amount to securities sold short; and (2) segregates and holds such securities while short sale is outstanding (Fidelity). e. Legal Status: This investment practice is currently neither authorized nor prohibited by the California Government Code. California local government agencies currently do not engage in short selling. City of Palm Desert Internal Correspondence Date: Monday, 17 May 1999 subject: Requalification of Union Bank of California From: Thomas W. Jeffrey, Investment Manager 15- To: Paul S. Gibson, City Treasurer RECOMMENDATION That the City of Palm Desert and the Palm Desert Redevelopment Agency approve the continued retention of Union Bank of California as a broker-dealer for the City and for RDA. BACKGROUND Union Bank of California ("UBOC") has submitted sufficient materials to the City Treasurer for a decision to be made on its requalification. • Broker Integrity. Leslie Wells, the account representative, could not submit a Form U-4 Report status report since he has not yet taken his Series 7 licensing examination. Wells's Form U-4 dated 5-14-98, indicated that no complaints had been filed against him during 29 years of securities sales. Wells is a member of the LAIF Advisory Board. The City has had no problems in its dealings with him, • Capital Position. In its "Consolidated Reports of Condition and Income for A Bank with Domestic and Foreign Offices - FFOEC 031 " for 1998, UBOC reported Tier 1 (risk-based) capital of $2.9 billion, well in excess of the City's $100 million net capital requirement for secondary brokers. • Trade Failure Rate. UBOC reported a trade failure rate of zero during 1998. • Y2K Compliance. UBOC's computer systems are Y2K-compliant, in terms of clearing financial transactions in the Year 2000. • Litigation. UBOC confirmed that there were no material litigation, arbitration, or regulatory proceedings either threatened or pending against it. Also, that there were no public sector client losses over the last 12 months arising from misrepresentations concerning financial instruments. • Political Contributions. UBOC made no recent political contributions per its MSRB G-37/38 filing for the quarter ended 3/31/99. . Tgl OFFICE OF THE TREASURER I. CITY OF PALM DESERT BROKER-DEALER ID REQUALIFICATION QUESTIONNAIRE For Calendar Year 1999 i iii_,..„_.,._ ,... ..,x, st.: ,_ _ _. „.. ...„ ____. , ,, Paul S. Gibson Treasurer 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 BROKER: Lk' io,J BAn.IK OF CALL FoRNi A I • SECTION I: STATEMENT OF POSITION AND GENERAL REQUIREMENTS The City of Palm Desert, the Palm Desert Redevelopment Agency, and the Palm Desert Housing Authority (hereafter referred to collectively as the "City') annually review the financial condition and registration of broker-dealers that previously have been qualified to provide financial services to the City, in order to determine whether these broker-dealers should remain on the City's "Approved Provider List". As part of this process, the City also provides each currently authorized broker- dealer with a copy of the City's most current "Statement of Investment Policy" and a certification form. Each broker-dealer is required to complete and submit the certification form as proof that it has received the City "Statement of Investment Policy"; read it; and intends to comply with it. If a broker-dealer cannot comply with all of the provisions in the City's "Statement of Investment Policy", then that broker-dealer should revise and initial the section(s) in question, and return the executed certification form along with a letter explaining the broker-dealer's reasons for not being able to comply. The City will notify all previously qualified broker-dealers, in writing, on whether they have been requalified to continue to provide financial services to the City. SECTION II: QUESTIONNAIRE DEADLINE AND REQUIRED DOCUMENTS The City must receive the following documents from each currently authorized broker-dealer by no later than 4:30 p.m. on Friday, 16 April 1999: • A completed "Broker-Dealer Requalification Questionnaire". ✓ A copy of the firm's most recent Annual Report. ✓ A copy of the firm's NASDAQ "Certificate of Membership". • A copy of the firm's NASDAQ "Form BD - Uniform Application for Broker- Dealer Registration". A copy of the firm's current "Form BD Status Report". A copy of the firm's current Municipal Securities Rulemaking Board Rule G- 37 filing. City of Palm Dt t 1999 Broker-Dealer Requalification Questionnaire Page 2of6 A copy of the firm's State of California Department of Corporations "Broker- Dealer's Certificate". A copy of NASDAQ "Form U-4 - Uniform Application for Securities Industry Registration or Transfer" for each employee with whom the City would be trading. Certified documentation of the firm's capital adequacy, as measured by Federal Reserve Standards. ✓ A copy of the current "Form U-4 Status Report" on each firm employee with whom the City would be trading. These documents may be delivered in person, by post, or by courier to: City of Palm Desert Attention: Thomas Jeffrey, Investment Manager 73-510 Fred Waring Drive Palm Desert, CA 92260-2578 If a currenUv authorized broker-dealer fails to submit the above-referenced documents by the specified deadline, then the City shalLsusoendsll business dealings with that broker-dealer. and may elect to terminate Its business relationship with that broker dealer. If you have any questions about this questionnaire, then please call Mr. Jeffrey at 760.346.0611, extension 383. SECTION III: REQUEST FOR GENERAL INFORMATION FROM CURRENTLY AUTHORIZED BROKER-DEALER 1 . Firm Name: UNION BANK OF CALIFORNIA 2. Contact Address: 445 SOUTH FIGUEROA STREET 11th FLOOR LOS ANGELES, CALIFORNIA 90071 - 1 � City of Palm DC— 1999 Broker-Deaver Requalification Questionnaire Page 3 of 6 3. Contact Personnel: Sales Reoresentativg Supervising Manager Name: LESLIE G. WELLS Name: DENNIS R. MACRITCHIE Title: VICE PRESIDENT Title: VICE PRESIDENT TEL: 1 213 236-7070 TEL: 1213) 236-7070 TEL: (800)358-8771 TEL: (800) 358-8771 4. Has your firm operated under a different business name at any time during the last 12 months? (check one) ❑ Yes u; No If "yes", please identify the prior name; the date of the name change; and the reason for the name change. 5. Where is your firm headquartered (city and state)? LOS ANGELES, .CALIF. 6. Is your firm owned by a holding company? (check one) © Yes ❑ No If "yes", what is the holding company's name; its net capitalization; and where is it UNION BANCAL headquartered (city and state)? 7. If your firm IS NOT a primary dealer, does it currently have a net capital position in excess of $100 million? (check one) ® Yes ❑ No 8. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy guidelines over the last 12 months? Please provide certified documentation of your current capital adequacy as measured by Federal Reserve Standards. (check one) © Yes ❑ No If "no", please explain. City of Palm Del t 1999 Broker-Dealer Requalification Questionnaire Page 4of6 9. How many and what percentage of your securities transactions failed last month? During the last 12 months? NONE, NONE. 10. At this point in time, does your firm have data processing systems that are capable of clearing financial transactions for clients in the Year 2000 ("Y2K compliant")? (please check) ® Yes ❑ No If "no", please explain and indicate when your firm's data processing systems'will most likely be Y2K compliant. SECTION IV: REQUEST FOR AUTHORIZED BROKER-DEALER DISCLOSURE 11. Have any of your firm's public sector clients sustained a loss ona securities transaction within the last 12 months, arising from a misunderstanding or misrepresentation of the risk characteristics of a financial instrument that was recommended by and purchased through your firm? (check one) ❑ Yes ® No If "yes", please describe each matter briefly. 12. Have any of your firm's public sector clients claimed, in writing, within the last 12 months, that your firm was responsible for any investment losses? (check onel ❑ Yes Oa No If "yes", please describe each matter briefly. 13. Has your firm been subject to any litigation arbitration, or fggulatOrV proceedings, either pending, adjudicated, or settled, within the last 12 months, that involved allegations of improper, fraudulent, disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? (check one) ❑ Yes X(�i No If "yes", please describe each matter briefly. 14. Has your firm been subject to a regulatory, state, or federal agency investigation, within the last 12 months, for alleged improper, fraudulent, disreputable, or unfair activities related to the purchase or sale of securities? (check one) t l City of Palm r ert 1999 Broker-1,oaler Requalification Questionnaire Page 5 of 6 ❑ Yes No If "yes", please describe each matter briefly. SECTION V: CERTIFICATION I hereby certify that I have read and that I understand the investmentpolicies and objectives of the City of Palm Desert, the Palm Desert Redevelopment Agency, and the Palm Desert Housing Authority (hereafter referred to collectively as the "City"), as represented in the City's "Statement of Investment Policy", adopted 11 February 1999. My firm will ensure that all affected sales personnel will be routinely informed of the City's investment objectives, horizon, outlook, strategies, and risk constraints, as the City provides such information. My firm will notify the City Treasurer Immediately, by telephone, and, in writing, in the event of a material adverse change in its financial condition, or of any violation of Municipal Securities Rulemaking Board Rule G-37. My firm pledges to exercise due diligence in informing the City Treasurer of all foreseeable risks associated with any financial transactions that Inv firm undertakes with the City. I attest to the accuracy of my firm's response to the City's Request For Information. NOTE: Completion of this Requalification Questionnaire is only pan of the City of Palm Desert's review process, and DOES NOT guarantee that the broker-dealer will continue to be authorized to provide financial services to the City. • This section must be signed by the sales representative who is listed In Question 3. Firm: UNION BANK OF CALIFORNIA Signe ,64h( L SUE G. WELLS Title: VICE PRESIDENT Date: APRIL 14, 1999 City of Palm Or I 1999 Broker-Dealer Requalification Questionnaire • Page 6 of 6 This section must be countersigned by the Managing Director or by the most senior person in Charge of the government securities operations section. Firm: UNION BANK OF CALIFORNIA Signed: Smear L SIED GORDON C. ERB Title: TRADING AND SALES MANAGER Date: APRIL 14, 1999 , » § ! § _ 2 / { | fa 11 - ■4arkq ■ ■ q ; ¥ § § - £ 8 ? Eln , . ru . e . . cn , 3 0 ; | 3 § 0 ! ! EE - 1 - 2 ` 8 " ; - _ ) / ! ] 3 ° 2 =15 t ! | ! $ k ( �Ia ` ; ` ■ ! ` § ` \ � — n ft77 Et0 • | ` ® ` ; e , ° . , , . , a ; | )vN .- c- » # o : o a ) ! a e. ! |v � 2 - kk! 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"" ' e D 4=a .W1a 2 g HHHHHHHHHwwHHHHw ov �y,y-m ZZ Z i"�iy�Na 9y�L.§«?,�,,"F Yk"se 7 w.",t T9 g W N W g +jr2nWc'i�e"l�s+p rP'dN 6 fi re/6;�h J..1' 2 w < LL X w = - ~ shy N ~ N �� 8 8 bp ' a % '1'� (JN 8a °i CO _ 0> .¢wo11WO WW =5 - W ' : yQ¢ 7d' ¢YJDi ~ gWJ6 > Z - O� gW2 DLL LLUE7=V 2a0 02 : O e0 N m O co H to N N • ,-- (%)0131A CITY OF PALM DESERT INVESTMENT ACTIVITY REPORT APRIL 1999 EXECUTIVE SUMMARY As of 4/30/99,total portfolio book value was approximately$158MM. This reflected a net decrease of approximately $8.4MM from prior month,due to debt service and to elimination of duplicate entries. There was an unrealized portfolio net gain (market value- book value)of approximately$66M, 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 assessment bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2MM DUE TO ELIMINATION OFA DUPLICATE ENTRY. "Federal Agency-Coupon". The City buys U.S. government agency and instrumentality notes with maturities of 2- 10 years to invest assessment bond proceeds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not (guarantee, instead, believed to be U.S. Government's"moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY$2MM DUE TO ELIMINATION OFA DUPLICATE ENTRY. "Local Agency Investment Fund(LAIFI". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAW has diversified portfolio(BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180-540 days. Deposits can be "cashed"within 24 hours. Limit of$3OMM per account. S&P credit quality rating of"(A+) positive"; Moody's of"Aa3." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$1.6MM DUE TO A SECURITY PURCHASE. "Federal Agency-Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk,thereby increasing overall portfolio profitability. In the event of a call,the City would be compelled to reinvest principal and interest at a lower market interest rate. THIS ACCOUNT BALANCE DID NOT CHANGE SIGNIFICANTLY. "City 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 DID NOT CHANGE. "Fidelity Treasury Pool". The City invests assessment bond proceeds(construction, cost of issuance, and bond reserve 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 quality rating of"AAAm"; Moody's of"Asa". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2.6MM DUE PRIMARILY TO A MATURING SECURITY. "United States Treasury-Discount". The City buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years, to invest assessment bond proceeds. Purchased at discount; face value paid at maturity(difference is yield). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. " k w0sp er.rnimtc". 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 "MA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$109M DUE TO DEBT SERVICE. "Stain&Local Gnvt Sedan -Timn". The City buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year,to invest assessment bond proceeds (to comply with IRS yield&arbitrage rebate regs). Nonmarketable. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Medium-Term Nntnq". The City buys interest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. The City currently holds"A"-rated General Motors, Ford, and Morgan Stanley Dean Witter, and "MA" General Electric MTNs. 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IL o mN �N , , , NNf� I ,.. dt y d ,v} 1 5 m8-g 8 R cc)" y - ........bKb... r86 W u. aiR8E u�25 n 2b n $ *�ciil tr. aT✓^`'4 'i'" � a sKt"'t I Q t4 b b 6 g 8 i N yC as;ye',^ (.SECA W ~ J W z 191919 „00,40rn al 5 z I m o pW� (�gpV n[�Vy $ rn QNryp� n WO INn�, g W a �iwr:��YY . ;h,(,Si i t- ,'�� x t l OnrcLi < O O S SN W -z W -Nn�c�n 3 OiNt > W w pp '.w w Aa t� 4 ++1 + U a `��i�'G vi vi m — ¢ S u0. 4 f D i ¢Q 8 ; y ¢ Q ^"i+��"'�� ash`>,`.� + u d S Hl........tlltlstl MM - N ` � ✓�'Fi .p Tt r� kx 3 0 8 2 Q -(� p2uj a Zb i p z °„^ v �e x �, x" r kluf"�r 'rl� n L '401` ita,,tF,. N � d § Yg U F RR 0 _ ¢ z¢z ii Zg NU X ¢ e 2Vaal,VA; 4.. 32; 9 �Z Las' W H II 5, 25Q2iic5QPJP, tw S85 }} ¢Ja23w6a0 a - Oi w� LL°°�a .R >yZLc7 b I jj W� ¢W � rW¢rpQ�I� 1- N:s i u.®o V m v 1 : b N N b d O (%)0131A REDEVELOPMENT AGENCY INVESTMENT ACTIVITY REPORT APRIL 1999 IEXECUTIVE SUMMARY As of 4/30/99, total portfolio book value was approximately$153MM (with SLGS). This reflected a net decrease of approximately$8.5MM from prior month, due primarily to debt service. There was an unrealized portfolio net gain (market value- book value)of approximately$20M, 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: "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 U.S. Treasury borrowing cost for Treasury securities of comparable maturity. Although unrated, considered"AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Fidelity Treasury Pool." RDA invests tax-exempt bond proceeds(construction, cost of issuance, and reserve monies)in Fidelity Institutional Money Market Fund: Treasury Portfolio-Class I." U.S. Bank, as trustee, pays bond expenses and debt service from this fund. 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 quality rating of"AAAm"; Moody's of"Aaa." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$8.7MM DUE TO DEBT SERVICE AND TO PARKING REIMBURSEMENT. "Local Agency Investment Fund (LAIF1." RDA invests City's loan 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$3OMM per account. S&P credit rating of"(A+) positive"; Moody's of"Aa3." THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$230M DUE TO QUARTERLY INTEREST INCOME. "United States Treasury-Coupon." 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 BY APPROXIMATELY$3M 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 yield and arbitrage rebate restrictions). Nonmarketable.Although unrated, considered "AM." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$104M DUE TO MATURING SECURITIES. "United 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 "AM". THIS ACCOUNT BALANCE DID NOT CHANGE SIGNIFICANTLY. "HighMark Sweep Accounts." RDA sweeps excess checking balances into"HighMark 100% U.S. Treasury Money Market Fund." This$905MM fund invests only in U.S.Treasury bills and notes (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 BY APPROXIMATELY$23M DUE TO INTEREST COUPON PAYMENTS. "Federal Agency-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. Government's"moral obligation"). Although unrated, considered"AAA." THIS ACCOUNT BALANCE DID NOT CHANGE SIGNIFICANTLY. CITY OF PALM DESERT SECURITIES PURCHASES APRIL & MAY 1999 The following two securities have been acquired for the City General Fund: 1 . $2MM GECC Commercial Paper; 4.78% Discount Rate; Price of 98.50; Matures 8-31-99 (113 days). A-1/P-1 credit risk rating. Purchased from Union Bank of California. 2. $2MM FHLB Note (Euro Call); 5.56% YTM; Price of 100.00 (par); Matures 11- 26-01 ; Callable on 5-26-00 only. Implied AAA credit risk rating. Purchased from Morgan Stanley Dean Witter. MATURING SECURITIES MAY & JUNE 1999 NONE ** ** The City will be reinvesting $14.7 million of tax increment revenues next week through competitive bidding. They will be invested in US Treasury coupon-bearing notes; Agency bullets; or corporate medium-term notes. I I STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER' SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 April, 1999 Statement Account Number: 98-33-621 CITY OF PALM DESERT Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Date Date Type Number Caller Amount 04-15-1999 04-15-1999 RW 2358 THOMAS JEFFREY - 2,000,000.00 04-15-1999 04-14-1999 ORD SYSTEM 352,682.59 Account Summary Total Deposit : 352,682.59 Beginning Balance : 26,264,456.54 Total Withdrawal : - 2,000,000.00 Ending Balance : 24,617,139.13 DVC k2D( co �, • Z ti 1 � • -71 '7 , Page : 1 of 1 „.„,.;,,,„, NEWS . [Alf ........... „„, ,:t.:....„ „,,,,rr.... „,„:::::::..„,„ April, 1499 w \ - a T__3 }33�.w-,'C`.x'W+d.#MM 3 LE CALIAGENCY INVESTMENTaFUNtD 3 SUMtMAt .Y r w t . ytk i sd �M``3 \,ac aF Fa _ 3 ` f ��3�\�f5 ,F f vi , BEGINNING BALANCE 17JIMP }EI`I o s ALs MQNTFI END BAL NCE ,+y�e �n�f� ��+��rv�� +{� ��s` f�i� y n 17`i�E:j:NL, i '.:.l s�� TM.R.E S� f tv 'kSSWOO S S 3 ° itirrgal nrT �„3, FO OL MONEY INVESTM ffN i A}CCYUN i $M 3 �s UMAiNAR1C Or IN.i s M �r `Iii ` z:F - ' s �CfJMP xasx aL<sx ¢w ��'ta, - s -. AI ISON or APRIi. PRIL 1"998 3 -. a -- d fis^..` (y[ y�}�yax d�9aa�y;Sb.}9xf.. a ,p�� s 3ss"S. S `f Y 3 a< h {.1- fRf Y iiiia Rrd# Tr 'G \ 3'�r Y` 'y „�x�\\, -} of�x Ais � 'f.a r'x` , i£;ansfa } , •`.��:s„4' "sEp e< f ` N£ sxf....24 --{ya}�y �� Y» '` \,on t. ee. YiiE LI LR o. } y a4'U �. A3A : "»S:a -6�i f�” ..): E ,, ,.A. f f},tic.w. i - : Y"„Y.� - f2A 2``C '-.$� NMea YSST3 RA Q > 3 s d T .} 3 1ISIIULtIt; c 3 \� x« R X< a63.y9, 'IRi7A tiE7 3 3€8''' bwV LAIF EXTENDS a £' 1999 SAME DAY WINDOW Vli` : Local Agency Investment Fund AND BUSINESS HOURS Annual Conference Beginning June 1, 1999, the LAIF is The Annual Local Agency Investment extending the "same day" transaction Fund Conference will be held on October 1, 1999, from 9:30 a.m. to 2:30 P. at the window to accept deposits and withdrawals Sacramento Convention Center. from 7:30 a.m. to 10:00 a.m. Transactions This year's guest speakers will include taken after 10:00 a.m. through 4:15 p.m. will State Treasurer Philip Angelides, William C. Dudley, Managing Director and Director of U.S. be for the next day's business or for Economic Research for Goldman, Sachs and transactions up to ten days in advance. Co., Kristin Faust, Chief Deputy State Treasurer and Hugo Lopez, Executive Director of the In addition, LAIF is extending its California Debt & Investment Advisory business hours and will remain open until Commission. 4:15 p.m. Monday through Friday. The conference registration packet will soon be mailed to each participating agency. State Treasurer Philip Angelides Phone (916) 653-;001 Local Agency Investment Fun d Fax (916) 65-t-99 i 1 P.O. Box 942309, Sacramento, CA 94209-000I http://www_treasurer.ca gov STATE OF CALIFORNIAOFFICE OF OF THE THE JRER SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 April, 1999 Statement Account Number : 65-33-015 PALM DESERT REDEVELOPMENT AGENCY Attn: PAUL GIBSON, TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Date Date Type Number Caller Amount 04-15-1999 04-14-1999 QRD SYSTEM 230,189.31 Account Summary Total Deposit : 230,189.31 Beginning Balance : 15,612,332.84 Total Withdrawal : 0.00 Ending Balance : 15,842,522.15 0g: /1° Cr; C si4 Page : 1 of 1 WAIF NEWS April, 1994 xi• X• 'xFx x< ys ::\ems x"w , LOCAL AGENCY INVESTMENT FUN© I ,;,SUMMARY OF ACTIVI'#if a ` APRIL 1999.3 ma xr < " iS x, Ix ? E a •m s b F fi r YT BEGINNING BALANCE t ;3 T a� l niii: WALS MIONTk[:END BAEAtNCE s %ib"81, ,tta cl4 .D13, , i 81` $t448166tiv:41<r $15, 1642338t3 44 s,. @ems` .-., si :-a so T: E cs.c Sxrs.. q. .w=' <gk as:•x < _ POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMP_ARISt`ON OFF+APRIL 29�99? IITH ARRIL i998 S 5 a a`TYy t 'Ea tl! iritr OROii "Y 'Y h x h xH - x c : �.,a d.U. .fix i x .a•• Y,^a' > 'f�/f� a}t�Ygjj��Q,e 2k �S 1 yA� 4,,,GT S�TS�S �`" "I �.. ,v 5 x A� .a� S" "'v k i ,, 5 A Y b a A�jg,[; tiliii��Daill t ,.ix Ni li"3= ws x r m y�x�Ri}4yi 5�_" $Zi8 14 3 5 E +$4 il4 .+F.ry.Qctly. 3iia "i<ra• °"v\ ,. .a "ui a nt<" SA- 'a Vt�a V F a� r2 Fx f 5 a r, x" x r f eta ri fttl .. u W `1 a i m r.a m r .-2wM I 38i3 5 LAIF EXTENDS 1999 SAME DAY WINDOW Local Investment Fund AND BUSINESS HOURS AnimalAgency Conference Beginning June 1, 1999, the LAIF is The Annual Local Agency Investment extending the "same day" transaction Fund Conference will be held on October 1, 1999, from 9:30 a.m. to 2:30 p.m. at the window to accept deposits and withdrawals Sacramento Convention Center. from 7:30 a.m. to 10:00 a.m. Transactions This year's guest speakers will include taken after 10:00 a.m. through 4:15 p.m.will State Treasurer Philip Angelides, William C. Dudley, Managing Director and Director of U.S. be for the next day's business or for Economic Research for Goldman, Sachs and transactions up to ten days in advance. Co., Kristin Faust, Chief Deputy State Treasurer and Hugo Lopez, Executive Director of the In addition, LAIF is extending its California Debt & Investment Advisory business hours and will remain open until Commission. The conference registration packet will 4:15 p.m. Monday through Friday. soon be mailed to each participating agency. State Treasurer Philip Angelides Phone(916) 653-3001 Local Agency Investment Fund Fax (9I6) 6$4-9931 P.O. Box 942809, Sacramento, CA 94209-0001 http://www.treasu-rer.ca-gov PALM DESERT REDEVELOPMENT AGENCY COMBINED STATEMENT'1F ACTUAL REVENUES&EXPI 'ORES COMPARED TO b..JGET 31-Mar-99 RDA RDA %of (FAV)UNFAV Budget YTD Budget Actual YTD Budget Variance REVENUES 1 Tax increment 31,312,423 23,484,317 14,267,201 60.75% 9,217,117 2 Interest 1,886,400 1,414,800 3,049,537 215.55% (1,634,737) Sales of Property 307,550 0.00% (307,550) 3 Reimbursement From Other Agencies 800,000 600.000 448,083 74.68% 151,917 3 Other Revenue 64,000 48,000 90,040 187.58% (42,040) 3 Transfers In 462,000 346,500 6,962 2.01% 339,538 4 Palm Desert Housing Authority Revenue 3,198,191 2,398,643 2,553,163 106.44% (154,520) TOTAL REVENUES 37,723,014 28,292,261 20,722,535 7,569,725 FAV(UNFAV) EXPENDITURES Variance Administrative Costs 1,223,797 917.848 778,857 84.86% 138,991 Professional Services 2,501,004 1,875,753 525,362 28.01% 1,350,391 Property Tax Administrative Fee 812,290 609,218 480,816 78.92% 128,402 Cost of Inventory Sold Capital Outlay Office Equipment 36,000 27,000 25,658 95.03% 1,342 Deep Canyon/Hwy 111 4,099 3,074 0.00% 3,074 Parking Spaces 16,000,000 12.000,000 5,000,825 41.67% 6,999,175 1-10 Interchanges 250,000 250,000 250,000 100.00% Joni Drive Extension 250,000 187,500 0.00% 187,500 Desert Willow-Mountain View Course 24,774,435 18,580,826 2.005,980 10.80% 16,574,846 Desert Willow-Firecliff Course 11,666,905 8,750.179 1,082,532 12.37% 7,667,646 Washington Street Improvements • 300,000 225,000 0.00% 225,000 Fred Waring Improvements 435,000 326,250 0.00% 326,250 Project Area 4 Perimeter Landscape 374,000 280,500 0.00% 280,500 Street Improvements 428,255 321,191 0.00% 321,191 Storm Drain Improvements 2,200,000 1,650,000 0.00% 1,650,000 Desert Crossing Improvements 43,450 32,588 0.00% 32,588 Hwy 111/74 Improvements 175,000 0.00% (175,000) Parking Lot Improvements 55,259 41,444 55,720 0.00% (14,276) HOUSING New Houses-for Resale HIP#7 786,165 589,624 198,916 33.74% 390,707 Home Improvement Program 1-6 70,056 52,542 18,534 34,008 Santa Rosa Rehab Program 568,818 426,614 387,079 90.73% 39,535 5 Desert Rose Project 199,000 149,250 299,894 200.93% (150,644) 5 Portola Palms Project 105,326 78,995 223,839 (144,845) Land Purchases/Bldg Improvements 340,350 255,263 0.00% 255,263 Palm Desert Housing Authority Expenditures 4,758,403 3,568,802 1,666,214 46.69% 1,902,588 Decline in Value on Inventory Held For Resale Payments to Other Govemmental Agencies 7,270,900 5,453,175 949,320 17.41% 4,503,855 Bond Issuance Costs (13,200) 13,200 Bond Discount 6 Interest And Fiscal Charges 12,801,112 9,600,834 11,485,370 119.63% (1,884,536) 6 Principal Payments 1,325,000 993,750 1,325,000 133.33% (331,250) Transfers Out Including Low/Mod 14,674,296 11,005,722 6,247,152 56.76% 4,758,570 TOTAL EXPENDITURES 104,253,920 78,252,940 33,168,868 45,084,072 TAX INCREMENT REVENUE IS USED TO PAY DEBT. I.Tax Inaement is received in Jan and May 2. Trustee statements have not been posted as of month end. 3 ReceneS at vanoos time during me year. 4 98199 Revenue and Expenditures will be posted after 97/08 year end is closed s. Expenses onset by House Sales 6. P 8 I payments are paid at venous tees during the year. R Egg g S88 8g2 88888 $ 88i" S S InV gi o a $ 8 n ; 8 0 8 N ^ m t2 ^ n v n N ag N b m vi w w S S 88 71, 8 88 o-fl g ee Ell8R 8 88 o w<aa N A p . ON - m argir- N ^ 0. < ^ g 888 8 8N888gg888n88 N $ a�ID a s gm m EIWA4gpe R U m a .p pp a - n (J n r 0 N P NN ^ m S N �(1 p N m N m 1p N N O u v S 8.8$ 8 'S "88888thth888888 8 S $ 1 IA tsa „� R 8gNgN _^� th n R E.it; S dvS SS e8 $ 8 3 N to n mg E E. F.; v 8E - a gg 8 m8 wS A SS e " WR als aR N w.c N rv0 . Pta S m m 0 O d> W n $ ry g2 8 88 Si n 'EX 1n`18 N ES N S W8- 8 $S 2 $ N °VI �lry` . �S nT. n 8 O VV!! p^ p R p p p ^p ^ 88 88 OO,. .. 8 g8 8 g !_ a ER § A RA § m4 : • Eli Al R F., m ^u nm. F. F m ro R N o 8 - 62 sul nisi 3 EE pis = a$ agmxs $ as tom mm 17 ?7,1!a.n 8 ggd. togtor<hpilp nm N gg W N ; � 88 8888 8 S 8SSS N g ms ptE a � = a A. RR _ w_ox - N � I a> d N . to 88 8888 8$ S 888$$ S, ss a illR ERa � Rn - F. lig "tg N ^ ATK tt^ U <,q ; 8 1 a ZetoW Zoog. u 2 $ ee H9 HIs Ili L i m W S x o0 g 5 L ^ H 1 u Jiii &l i I rj J L 6 p o W diI1t!Du111111ih1 S aaK_SS99f <[ Pg ¢g$�y: gi og0oEgT zgign` !3 i ! sagIwm. rgpgyy8 �i$�8 LLSrmrcb u a : 4! [ ƒI4 � lUlilifi ' \ `! km iaka'ait $ g ' iii m U i■ k lt ` 94 ` }`� �■ 8 . 2 f ( _ # ; a mj »« < < 'y , o § ) | \ ' d d 2 : ! § ; ; F P \ \ \ u { 7kl ƒ%\ % ; 00 0 ® mzz 8$888888+■ 88 7888 § omm 4. ■£ 0 - »c ,c § Co o k ! § �) \ ¢ e �) § K § . � $ 4 s ; § F. 2 \ § $ & = A t $ / k% !Dv 0 'Pmamk0 /} 0 # � kk B2B # b \ § § \ §\ ;« t k k k2 m k a a , ) 4 ) )) \ i !f « t e B ; m t \ ) \ m ? Eta ! ! , _ { \ w 0 \ [ n \ 2qk ( £\ § q ( 7 aaCK / § § a2 ' m G �IrTTkm g9n5SVm > > m.c 00 0l an d d st I Nm 3 ux C O d � O s J l a z _� < m c u a d m w m = y E 3 T 3 3 m 4 V C y N m 'T u " .=.. d T > y m A i = a m a Ss 8g a�ni m YI O floc)m C m w } 8 O i 6 - -, 23 3m A3 NE E1mo01 2 (85. .32 m T:. Q 0O p2 $ T TO T S p N w p m in 2 o O m as 1 ,00. o3. ag u_ u owu C 3 m 3 m ' 3 C a m 3 4r N O En rn 3 ,n. m m T z `m m m m g 6 a ; o ac. " n m w y r.� d. $$�� .N� Q + AP �Q tp Dm N AO &w uili c44 2$ t441-!y� &-- •9e V A m .1• m t op ; ; � lS 8in ��t 3 8888080 " ) or $ •, 8 $ i811r$88 $888.5$'8$ S8 8888a88 cl ; N 6. p m y N v N W V -co tO -1 •m N N O 0 N N W A m a � N D 0 N� 8 - . 2 + m 4. > 0 mn am —y�N1 pO O O pN P 0, - tJ 1N0 tNJ mx Al O O S O A (o - 0 8 O+ -0 -‹ z N 2_ + N N $ N SO + A VP,' u Inf0 A CO W IDN N rfp0 NN> 8 8 5a CA.+ A A 8 8 8 ' Na q m O : a 8 8 8 w W :it., V >m z, coco Na $ N A A a c 8 co8 IN + N N N N + O 8 (N� S yy V 4p� 4f () Np U N N to O O O V f>ll O N A 2.4 4 V g b 10 G GO CI 8 0 m (Yp r pO O O O . O O . 0 0 0 O O p O O fm pp Op O N O S pO p O O N m a; O N o O O O O + 8 888888 88888885288888 O 0 0 8 V 888808 . 8 City of Palm Desert Parkview Office Complex Income Statement For Apri11999 April-99 April-99 ft % YID YID M % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 58,900 $ 53,196 $ (5,704) 90.32% $ 589,000 $ 590,132 $ 1,132 100.19% Dividends/Interest $ 1,200 $ 3,401 $ 2,201 283.45% $ 12,000 $ 28,716 $ 16,716 239.30% Total Revenues $ 60,100 $ 56,597 S (3,503) 94.17% $601,000 $ 618,848 $ 17,848 102.97% Expenses Professional-Accounting&Auditing $ 3,700 $ 5,161 $ (1,461) 139.49% $ 37,000 $ 51,610 $ (14,610) 139.49% Professional-Management Fee $ 5,500 $ 6,613 $ (1,113) 120.23% $ 55,000 $ 65,480 $ (10,480) 11905% Tenant Improvements $ 5,800 $ - $ 5,800 0.00% $ 58,000 $ 7,760 $ 50,240 13.38% Repairs&Maintenance Building $ 9,100 $ 9,353 $ (253) 10279% $ 91,000 $ 51,873 $ 39,127 57.00% Repairs&Maintenance-landscaping $ 1,079 $ - $ 1,079 000% $ 10,7% $ - $ 10,790 0.00% Utilities-Water $ 250 $ 105 $ 145 41.86% ' $ 2,500 $ 914 $ 1,586 36.56% Utilities-Gas/Electric $ 4,300 $ 3,682 $ 618 85.64% $ 47,500 $ 42,118 $ 5,382 88.67% Utilities-Trash $ 450 $ 544 $ (94) 120.78% J;! $ 4,500 $ 5,531 $ (1,031) 122.91% Telephone $ 150 $ 274 $ (124) 18266% .': $ 1,500 $ 1,497 $ 3 99.80% Insurance $ 521 $ - $ 521 0.00% $ 5,208 $ - $ 5,208 0.00% Total Expenses $ 30,850 $ 25,732 $ 5,118 83.41% $312,998 $ 226,783 $ 86,215 72.46% Invest1999-invest Parkview Office Comp' Vacancy Rate Schedule by rite April 1999 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2)Story Building 100 Hanover 2,560 102 Bergren 1,360 103 Multiple Sclerosis 488 104 Arthritis Foundation 960 106 Vacant 928 108 Senator Kelly 785 112 Assemblyman Battin 1,406 114 Chamber of Commerce 1,478 118 Vacant 1,250 119 City/CVAG Conference Room 1,380 120 Golf Dimensions 1,750 200 CVAG 4,292 200A Vacant(space is not available to lease) 841 201 U.S.District Court 604 203 Accounting Services 480 205 Coachella Valley Economic Partnership 700 208 Ferguson&Bernheimer 960 210 Wilson,Pesota&Pichardo 3,040 211 Alzheimer's Association 937 217 Mcmillan 775 Invest;Vacancy Report Parkview Office Complc Vacancy Rate Schedule by Suite April 1999 Suite Square No. Tenant Feet 220 CA.State Dept.of Agriculture 1,607 222 WMA Securities 2,981 Total square footage(2 story Building) 31,562 Vacancy Rate-3,019/31562= 9.57% 73-720 Fred Waring Drive-One Story Building 100 State of California-Water Resources 15,233 102 Vacant(Received a lease agreement from the State of CA Rehabilitation Dept) 4,3% Total Square Footage 19,629 Vacancy Rate-4,396/19,629=22.4% Overall Vacancy Rate for Both Buildings: Vacancy Rate-7,415/51,191= 14.48% Note:we are in the process of drafting blueprints for the State of CA Rehabilitation Department.(Expected lease start date September 30,1999) Invest;Vacancy Report City of Palm Desert • Desert Willow Budget Vs Actual For the month of April 1999 Budgeted Actual Budgeted Actual April April $ Percentage Year to Year to $ Percentage Revenue 1999 1999 Variance Variance Date Date Variance Variance Course&Ground $ 361,645 $ 543,927 $ 182,282 150.40% $ 3,851,479 S 3,911,801 $ 60,322 101.57% Carts $ 22,297 $ 31,779 $ 9,482 142.53% $ 182,637 $ 173,899 $ (8,738) 95.22% Golf Shop $ 44,975 $ 65,389 $ 20,414 145.39% $ 399,440 $ 416,119 S 16,679 104.18% Range $ 2,289 $ 1,682 $ (607) 73.48% $ 19,962 $ 11,776 $ (8,186) 58.99% Food&Beverage $ 40,541 $ 62,765 $ 22,224 154.82% $ 399,022 $ 353,484 $ (45,538) 88.59% Interest Income $ 1,500 $ 3,986 $ . 2,486 , 265.73% $ 15,000 $ 13,246 $ (1,754) 88.31% Total Revenues $ 473,247 $ 709,528 $ 236,281 149.93% $ 4,867,540 $ 4,880,325 $ 12,785 100.26% Payroll Perimeter Landscaping $ 9,354 $ 7,899 $ 1,455 84.45% $ 91,119 $ 76,284 $ 14,835 83.72% Proshop $ 10,539 $ 8,593 $ 1,946 81.54% $ 87,591 $ 82,557 $ 5,034 94.25% Can $ 17,059 $ 15,387 $ 1,672 90.20% $ 153,637 $ 120,743 $ 32,894 78.59% Course&Ground $ 96,723 $ 86,069 $ 10,654 88.99% $ 864,905 $ 854,300 $ 10,605 98.77% Golf Operations $ 18,359 $ 22,318 $ (3,959) 121.56% $ 163,613 $ 182,849 $ (19,236) 111.76% General&Administration $ 27,474 $ 24,211 $ 3,263 88.12% $ 239,158 $ 203,378 $ 35,780 85.04% Food&Beverage $ 12,291 $ 17,574 $ (5,283) 142.98% $ 142,361 $ 131,351 $ 11,010 92.27% Total Payroll $ 191,799 $ 182,051 $ 9,748 94.92% $ 1,742,384 $ 1,651,462 $ 90,922 94.78% Other Expenditures Perimeter Landscaping $ 4,900 $ 3,919 $ 981 79.98% $ 49,000 $ 37,358 $ 11,642 76.24% Proshop $ 1,450 $ 1,531 $ (81) 105.59% $ 35,140 $ 32,180 $ 2,960 91.58% Proshop-COGS $ 26,482 $ 32,709 $ (6,227) 123.51% $ 215,045 $ 215,213 $ (168) 100.08% Cart $ 31,923 $ 45,270 $ (13,347) 141.81% $ 279,720 $ 297,813 $ (18,093) 106.47% Course&Ground-North Course $ 47,416 $ 53,159 $ (5,743) 112.11% $ 610,399 $ 524,422 $ 85,977 85.91% Course&Ground-South Course $ 44,560 $ 49,668 $ (5,108) 111.46% $ 356,146 $ 296,499 $ 59,647 83.25% Course&Ground-Desert Pallet-N $ 4,200 $ - $ 4,200 0.00% $ 41,900 $ - $ 41,900 0.00% Course&Ground-Desert Pallet-S $ 2,775 $ - $ 2,775 0.00% $ 27,690 $ - $ 27,690 0.00% Golf Operations $ 2,750 $ 2,766 $ (16) 100.58% $ 26,940 $ 22,716 $ 4,224 84.32% General&Administration $ 31,196 $ 50,009 $ (18,813) 160.31% $ 402,049 $ 462,920 $ (60,871) 115.14% Range $ 250 $ 2,672 $ (2,422) 1068.80% $ 19,450 $ 18,679 $ 771 96.04% Food&Beverage $ 3,795 $ 7,846 $ (4,051) 206.75% $ 45,095 $ 60,809 $ (15,714) 134.85% Food&Beverage COGS $ 14,189 $ 22,392 $ (8,203) 157.81% $ 139,658 $ 149,348 $ (9,690) 106.94% Management Fee $ 25,000 $ 25,000 $ - 100.00% $ 206,250 $ 214,943 $ (8,693) 104.21% Financing/Lease $ 8,984 $ 8,171 $ 813 90.95% $ 84,828 $ 80,370 $ 4,458 94.74% • Total Other Expenditures $ 249,870 $ 305,112 $ (55,242) 122.11% $ 2,539,310 $ 2,413,270 $ 126,040 95.04%j David Leadbetter Academy Learning Center Revenues $ 60,000 $ 57,671 $ (2,329) 96.12% $ 345,000 $ 277,307 $ (67,693) 80.38% Reimbursements to David Leadbetter $ (51,000) $ (49,020) $ I,980 96.12% $ (293,250) $ (235,610) $ 57,640 80.34% Other Expenditures $ (1,450) $ (1,377) $ 73 94.97% $ (14,500) $ (13,769) $ 731 94.96% Learning Center Income(Loss) $ 7,550 $ 7,274 $ (276) 96.34% $ 37,250 $ 27,928 $ (9,322) 74.97% Net Income(Loss) $ 39,128 $ 229,639 $ 190,511 586.89% $ 623,096 $ 843,521 $ 220,425 135.389iI Dw9899 Financial Statement § ! • = •",,- §)�0 § | ) $ \\ _;;: �; ;= k ■ ONy - 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K a = --m -N ^ .4 'N to1 ^'� _ Fca m P z _ ri a P5 _ NeR2Rtlttl2*,.**. * Uag -ma_,�oom"m- rv$ &m^os e E- f ----MAg' n O1 tR.E3 - > P U Q� -^4c" ---�`2� a ., 1.�-„ � ---m�'& - _ ,N a ii gym r= F.a F b F L >. E E: g _ E ,E l E E 'r _ l c 4'6 2 P' | | a be be « >) .__°wi , t � $ t . , . mn --! 1 | ! « ,|! , . ;§§/§§§§§§ § {t ; ( ---q ! U , /\ )))§/()]\§ ) z 00:0 !§!!\ F . § 888E};(}§f § !) )00--(o{)\ § �\ °°,\ ! � # • ^!m„ ! ]! `0`!!5!!7) k 2] - >! � n i . . . 1=!!®!y k !}$ r22\2J$ 7 _ ,,,-_; ; < ! I 47. !{!)!ii!]i ! ;\\)i)]!)# \ { | ! o 31 !, $$$”,,r1-. ; ,__ y,°! ! ) . . . §!wgua, w , . • • ��»;,l� 2 \/ -! . . . . mm'__! § P f);;!||;|» ; ,.0.., wno . . , - a____ _ !}/ . . . CEEB!®- - . . . l�n�El; ! -EC : 41 b • )!!§!;!;§< ■ &•, _� ;# : I | 4 ! ., a)] § ();;!!;; !! ; ; . . . ;f!!«;e 2 !t ; ; 6,@;,lS ; , i . ° A ` ®__! - ! �/ §!f/\!+ # /)} :;°a5[5 a _: ;�;e;f2 % . ,\, !!§§ak E . E-= `: _ .& m / _/; °' , =,!lKa;a # : ; |;}!;§;;;! ; (/) :;§ , > ./ ,!#!r q \\ _` la=; 2§� f \ } . . . #¥!!\K # _�_:- � ;; f ' . . a¥f!& / / \/ =z:5;; ` / pa ®4 ---_ \ \/ _�:,\\!!}( ( / Thu J!rlr-, [ 1 = : il ;! !7 \ E _ % ;!l, �� _ . ] e PEi]: _ ar »}{i!] ! ; )s ! - !;!#!!!!!» I'm' | City of Palm Desert Desert Willow Cash Reserve Analysis Three Month Projected Expenditures May June July a rojected Expenditures Payroll $ 166,129 $ 165,216 $ 169,399 $ 500,744 COGS $ 30,648 $ 23,943 $ 11,887 $ 64,478 Operating $ 248,183 $ 223,012 $ 220,138 $ 691,333 Totals $ 444,960 $ 412,171 $ 401,424 $ 1,258,555 I • Cash Reserve Analysis One Month Three Months Required Reserve $ 444,960.00 $ 1,258,555.00 Cash on Hand I $1,675,072.34 $ 1,675,072.34 I Variance-Favorable Unfavorable) I $1,230,112.34 $ 416,517.34 I Reconciliation of adjusted cash requirement Reconciled Cash on hand $1,561,643.73 Add: Preopening&Grand-opening Owed by the City $ 20,230.31 Preopening owed by the RDA $ 3,593.18 Perimeter(Cash Owed By City of Palm Desert) $ 89,605.12 r Adjusted Cash on Hand $1,675,072.34 Adjusted Reserve Requirement $ 444,960.00 2 Adjusted Cash Balance $1,230,112.34 r Represents 88%of perimeter expenditures to date. 2 Represents budgeted expenditures for May 1999.Does not Include interest on city loan. Includes only 12%of the projected perimeter landscaping expenditures. a July expenditures for this cash analysis are based on the proposed budget for the Fiscal Year 1999-2000,which has not been approved. Desert Willow-Combined Analysis-APRIL 1999 Resident 2,164 $ 97,380 $ 45.00 22.66% Non-Resident 6,487 $ 467,558 $ 72.08 67.94% Other 259 $ 4,660 $ 17.99 2.71% Complimentary 638 $ 4,250 $ 6.66 6.68% Desert Willow Totals 9,548 $ 573,848 $ 60.10 100.00% FIRECLIFF COURSE-APRIL 1999 Description No.Of Revenue Avg.Per Pet to Rounds Per POS Round Total Resident Rounds Resident Fee-Weekend-Winter 469 $ 21,105 $ 45.00 8.88% Resident Fee-Weekday-Winter 632 $ 28,440 $ 45.00 11.96% Resident Twilight-Winter 13 $ 585 $ 45.00 0.25% Resident Fee-Weekday-Fall Total Resident 1,114 $ 50,130 $ 45.00 21.09% Non Resident Winter Fee-Posted Weekend 102 $ 13,818 $135.47 1.93% Winter Fee-Posted Weekday 35 $ 3,840 $109.71 0.66% Spring Fee-Posted Weekend 621 $ 58,085 $ 93.53 11.75% Spring Fee-Posted Weekday 1,693 $ 114,945 $ 67.89 32.05% Spring Fee-IROC MBR Guest 3 $ 195 $ 65.00 0.06% Spring Fee-1ROC MBR WKDY 18 $ 1,080 $ 60.00 0.34% Spring Fee-IROC MBR WKND 6 $ 456 $ 76.00 0.11% Spring Fee-IROC Des. PRTY Wknd 5 $ 390 $ 77.90 0.09% Spring Fee-IROC Des.PRTY Wkdy 14 $ 920 $ 65.71 0.27% IROC Replay 2 $ 96 $ 48.00 0.04% IROC Member 9 Hole 2 $ 110 $ 55.00 0.04% Winter Fee-Wholesale Replay 37 $ 1,665 $ 45.00 0.70% Winter Fee-Wholesale Weekend 17 $ 2,040 $120.00 0.32% Winter Fee-Wholesale Weekday (14) $ (1,400) $100.00 -0.27% Spring Fee-Wholesale Weekend 274 $ 20,220 $ 73.80 5.19% Spring Pee-Wholesale Weekday 144 $ 7,920 $ 55.00 2.73% Winter Fee-Twilight 33 $ 2,624 $ 79.52 0.62% Winter Fee-Super Twilight 2 $ 90 $ 45.00 0.04% Spring-Twilight Fee 214 $ 12,542 $ 58.61 4.05% Winter Fee-Posted Replay 4 $ 320 $ 80.00 0.08% Spring-Posted Replay 23 $ 1,380 $ 60.00 0.44% Winter Fee Passbook Weekday 9 $ 855 $ 95.00 0.17% Winter Fee Passbook Weekend 13 $ 1,430 $110.00 0.25% Spring Fee-P.S. Golfer Fee(wkdy) 51 $ 3,060 $ 60.00 0.97% Spring Fee-P.S.Golfer Fee(wknd) 4 $ 300 $ 75.00 0.08% Winter Fee-Leadbetter Fee 2 $ 150 $ 75.00 0.04% Winter Fee-Leadbetter Twilight Fee 27 $ 1,350 $ 50.00 0.51% Spring Fee-Passbook Wkdy 196 $ 11,760 $ 60.00 3.71% Spring Fee-Passbook WKND 47 $ 3,525 $ 75.00 0.89% Spring Fee-Passbook-Twilight 16 $ 960 $ 60.00 0.30% Fee Special Event Variable 120 $ 8,248 $ 68.74 2.27% Total Non Resident Rounds 3,720 $ 272,974 $ 73.38 70.41% Other Rounds Junior Walking 19 $ 190.00 $ 10.00 0.36% Total Other 19 $ 190.00 $ 10.00 0.36% Complimentary VIP 56 $ - $ - 1.06% PGA Member 131 $ 2,875.00 $ 21.95 2.48% COD/PDHS 132 $ - $ - 2.50% Donation 50 $ - $ - 0.95% Employee 46 $ - $ - 0.87% Employee Guest 15 $ - $ - 0.28% Total Complimentary 430 $ 2,875.00 $ 6.69 8.14% Total Round(FireClifi) 5,283 326,169 $ 61.74 100.00% $ } ( $ § \ $ $ / % ( 77f \ 5 ) | ) , „ . ) 2 \ MEAN ® = i - ; § to el ( e\ ( I \ it \) \ ^ I m4 . - rMj \ ] k / , / : 8 c38t k 8 .28 , 4: ! J ; \§ / ! 0 0 ! 8 | \ 4 sl ) �cb . ! t * 27 &! ) ` , - 1 ! k a {} 2 ) « o ° ( ; ) ! t ) ) * \ ! � `\) 2 = r !! \! \ _ k , ` ) ) ) G \ k Paint. .tsert Recreation Facilities Corps .tion Income Statement Apr-99 Apr-99 # % Budget Actual Variance Variance Food & Beverage Revenues $40,541 $62,765 $22,224 154.82% Total Revenues $40,541 $62,765 $22,224 154.82% Salaries $12,291 $17,574 ($5,283) 142.98% Cost of Goods Sold-F&B $14,189 $22,392 ($8,203) 157.81% Food & Beverage Expense $3,795 $7,846 ($4,051) 206.75% Total Expenses $30,275 $47,812 ($17,537) 157.93% Net Income (Loss) $10,266 $14,953 Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw9899;PDRFC Budget CITY OF PALM DESERT INTEROFFICE MEMORANDUM TO: FINANCE COMMITTEE FROM: RUTH ANN MOORE, BUSINESS SUPPORT MANAGER DATE: MAY 11, 1999 SUBJECT: BUSINESS SUPPORT LOAN PROGRAM Background: In an effort to provide financial support to both valued existing businesses and potential new business to the city,the Business Support Center began the exploration to develop a city loan program. Staff contacted various California cities, local lenders and financial organizations to research alternative programs currently available. Data was compiled to review with the City Manager and the Retail Committee on the various types of loans in which the city could participate. Attached you will find the following: Goals for the Program Descriptions of Loan Types Recommendation for Committee Members Business Support Center's Role in the Program Example of a City Loan Application Loan Process Flow Chart Recommendation: Staff would ask the Finance Committee to concur with the following: 1. Form a Loan Review Committee that will design a loan criteria and review all applications to the city. 2. Initiate the loan program for participating with local lenders in a guarantee loan program. 3. Direct the Business Support Staff to market the program to local lenders and the community. r //l RUT-21vH�MOORE BUSINESS SUPPORT MANAGER IOW CITY OF PALM DESERT LOAN PROGRAM GOALS 1. A business loan program allows successful existing city businesses to expand in the city. 2. It can generate an economic niche previously not available in the city by bringing new categories of start-up businesses. 3. It can improve the aesthetics of the city by providing existing businesses' facade improvement. 4. The stimulation of new business provides tax income to the city. 5. Loans to businesses can provide for additional employment within the city. LOAN GUARANTEE A loan guarantee program would involve the City guaranteeing a portion of the commercial loan (i.e. 10/90 - 20/80 - 40/60 etc.). Loan guarantees could be used in conjunction with all commercial lenders, SBA lenders, CDC, and the City of Palm Desert. The City would not be out any monies unless the loan would become delinquent. FEATURES: • Administered by local lenders • No City dollars invested up front • Not obligated to the entire loan amount (i.e. 10/90 - 20/80 - 40/60) • Utilized with Small Business Administration (SBA) or standard Commercial Loan REQUIREMENTS: • Business must be in the City of Palm Desert and be able to create jobs • Business must meet one or more goals of the loan program ELIGIBLE USE OF FUNDS: • Business acquisition and expansion • Facilities/equipment purchases • Real Estate Development/facade improvements • Commercial Property FEES: • Based on the terms and conditions of the loan and the financial institution Example of a City loan guarantee Bud & Rose Bush have been so successful for the past five years with the Premium Gift and Antique Shop that they have outgrown their existing space. They want to expand into a larger building, and hire three new employees. With the growth of the business, they will become Incorporated too. They have established an excellent relationship with their Financial Institution and have applied for an SBA 7(a) loan in the amount of$500,000. Proceeds will be utilized for the construction of a new facility, seasonal line of credit, and inventory. SBA will only guarantee a maximum of $375,000.00 should the Bush's default on their loan. With a loan guarantee program the City could elect to guarantee a portion or all of the remaining $125,000.00. GOOD POINTS: Allows the City to leverage larger dollar amounts for significantly larger loans Low interest rate based on SBA terms No City funds invested up front for guarantees Administered by the participating financial institution Flexibility to be utilized with CDC (Certified Development Corp)/SBA loans BAD POINTS: Potential for greater exposure in dollar amounts Additional expense to the department budget for marketing the program Time Management issues concerning quarterly review of City loans, delinquency review, and annual visits with Businesses supported by the City guarantee program REVOLVING LOAN FUND A revolving loan fund would be designed for small businesses and start-up businesses located in the City of Palm Desert. The City would act as a bank for the purpose of generating loans to new/existing businesses. In addition to start-ups, this fund could assist with the expansion of an existing business, working capital, and equipment. Terms and conditions of the RLF would be determined by a City loan review committee. For example, prospects must first be declined for a business loan from a commercial lender prior to applying for the RLF. FEATURES: • No Points or Fees • Low Interest • City staff assist with paper work • Administered by outside source REQUIREMENTS: To be determined by a City loan review committee • Business must be in Palm Desert • Prospect must first be declined from a commercial lender • Business must meet one or more goals of the loan program ELIGIBLE USE OF FUNDS: • Business acquisition and expansion • Working capital • Facilities/equipment purchases • Start-up and small businesses EYES: • Fixed interest rate based on prime rate Example Bud& Rose Bush's Premium Gifts and Antique Shop Bud & Rose Bush apply for an SBA loan of$50,000 with ABC Bank. This is the first time that Bud & Rose have decided to go into business for themselves. Both Bud & Rose have good credit. Although, they do not have liquid assets of$15,000 which is required from ABC bank as a down payment. Between the two of them they can contribute $5,000 in cash to the business. The deal is pending on the extra $10,000. Based on the Business Plan and all the documentation, the business could be a quality addition to the City of Palm Desert. With a Revolving Loan Fund, Bud & Rose could apply for a low interest loan of$10,000 from the City. GOOD POINTS: City controls the entire program Provides assistance to individuals less likely to obtain conventional lending Creates stepping stone for entrepreneur to become a larger business BAD POINTS: Higher risk in start-ups Administration is greater SUBSIDIZED INTEREST PROGRAM Loan program where the City buys down the interest rate for the borrower. For instance, if the lenders rate of interest is 10%, the City would forward 4% to the lender to allow the borrower to have a fixed rate of 6%. The City recovers no money from this program. FEATURES: • Business receives a low/ fixed rate of interest which allows the borrower to borrow more money • Loan administered by Financial Institution • Provide service to all financial institutions in the City of Palm Desert REQUIREMENTS: • Business must be in Palm Desert • Business must meet one or more goals of the loan program ELIGIBLE USE OF FUNDS: • Start-up business • Business acquisition and/or expansion • Working capital • Facilities/equipment purchases FEES: • Based on terms and conditions of the financial institution S Example of subsidized interest loan: Bud and Rose Bush apply for a loan with ABC Bank for an expansion of their existing building. They need to borrow $150,000 to complete the expansion. ABC bank's best rate of interest is 11%. With the rate on interest at 11%, Bud and Rose can not afford the payment. Although, if the rate was fixed at 6% they could afford the payment and expand their business. The City may elect to assist in this expansion by buying down the interest rate for Bud and Rose Bush. GOOD POINTS Business receives fixed/low interest rate Program available with all financial institutions in the City of Palm Desert Loan administered by local financial institution No risk other than the money that the City has committed to BAD POINTS: Immediate distribution of City funds Limited interaction with business owner Fixed cost • COMMITTEE MEMBERS Revised 5-11-99 Loan Review Committee(LRC): The City loan program should have a LRC consisting of five members with 50%or more of the LRC members present constituting a quorum. Two alternate commercial lenders will be appointed to the LRC too. The proposed committee shall be responsible for reviewing, selecting and approving loan applications. The loan committee may be comprised of a cross-section of the community. The loan review committee can consist of the following: 1 Palm Desert Commercial Lender • 1 Member of the Service Corps of Retired Executives * (S.C.O.R.E.) 1 Member of the Palm Desert CDC Small Business Finance Corp. 1 Member of the California Small Business Development Corporation 1 Member of the Palm Desert Chamber of Commerce staff 2 Alternate Commercial Lenders City Finance Director(no vote) 1 Member of the City Redevelopment Staff(no vote) *SCORE is a national association of active and retired business men and women who volunteer to share their expertise with small businesses,as well as new business start-ups. Its objective is to help America's small businesses grow and prosper. Business Support Center Staff Capacity: The Business Support staff can assist in the following areas: • Support the LRC in the form of agendas,packaging loan request,minutes, etc. Publicize loan assistance program objectives and availability to financial services that provide commercial loans. • Screen all potential applicants for loans. • Potential applicants will be asked to submit preliminary information. • Upon review of preliminary information, inviting candidates will submit a formal loan application. The applicant will be provided with assistance in completing the application. Review loan application and credit to make all final recommendations to the LRC. For approved loans, insure proper execution of documents, and compliance with all appropriate regulations, a timely loan closing and implementation of the project. • Submit monthly loan status and financial reports to the City including loan amount, principal and payments made, collection status and any other relevant information. DGU05.07.99 ver Application for City of Palm Desert Business Support Enhancement Program Please complete and submit this form along with Federal tax returns for the past(2)years;a current personal statement and business plan. Public corporations must submit Federal 10-k corporate tax returns. Full Legal Name of Company or Borrower Federal Id.No. Name and Title of Contact Business Address (Street) (City and State) (Zip) Personal Address (Street) (City and State) (Zip) Home Telephone Date of Birth / / SSN: Telephone-Bus: ❑Corporation ❑Partnership ❑Sole-Proprietorship Type of Business Years in Operation Business Owners,Principles,Directors,Partners and all Stockholders with 20%or more of ownership. 1. Name/Title %Ownership DOB / / 2. Name/Title %Ownership DOB / / 3. Name/Title %Ownership DOB / / 4. Name/Title %Ownership DOB / / Description of Proposed Project: Financing Amount Requested from the City of Palm Desert $ Number of employees(including self) Number to be created from this project Participating Private Lender Telephone / - (Financial Institution) Bath Address (Street) (City and State) (Zip) Bank Contact Person Title Use of Funds Sources of Financing Land/Bldg.Lease $ Private Loan $ Bldg.Improvement City Loan Machine&Equip. Other Fumiture/Fixture Owner Injection Working Capital Inventory Other Business Assets: Present Value Original Market Prior Less Prior Cast Valor Liens Liens Land Commercial Real Estate Machinery/Equipment Fumiture/Fixtures Accounts Receivable Inventory Other Total Do you have a lease for the property your business now occupies? ❑YES ❑NO Rental$ Years Remaining on Lease Renewal Option ❑YES 0 NO Have you or your business ever filed bankruptcy? ❑YES ❑NO Are you or the business an endorser,guarantor or co-maker of an obligation? O YES ❑NO Does your business use or store any hazardous waste or produce toxic waste? ❑YES ❑NO Are you or the business a party to any claim or lawsuit? ❑YES ❑NO Does the business owe any taxes for prior years? 0 YES 0 NO c e CERTIFICATION My signature on this application certifies the above statements are true and complete. I authorize the City of Palm Desert to verify or check any of the information given, including credit references and employment and to obtain credit reports (including spouse's if living in a community property state). Applicant's Signature Date Co-Applicant's Signature Date DGL/05-10-99 LOAN PROCESS FLOW CHART LOAN PROSPECT IIlo BUSINESS SUPPORT STAFF Upon denial from two private Staff will work with the participating lenders, completes preliminary lender to review application and loan application from the City preliminary information. Business of Palm Desert. Support Staff will prepare request for the Loan Review Committee(LRC). REQUEST DENIED The loan prospect will be provided with an explanation and the PRELIMINARY LOAN REVIEW opportunity to resubmit or a final Business Support Staff will submit closure of the loan request. preliminary loan information to the LRC for review. EQUEST APPROVED Inviting candidates will submit a formal loan application. LOAN PROSPECT 1110. LOAN REVIEW COMMITTEE Completes formal loan application Business Support Staff submits formal with private lender and Business loan application,credit report(s), business Support Staff assistance. This plan,financials,and all required application will contain detailed documentation for LRC's review and criteria for a background check recommendation. and credit verification, staff prepares a report for the LRC. AZA. LRC APPROVED LRC DENIED Business Support Staff Loan process ends. AZ prepare staff report for Council. COUNCIL So. BUSINESS SUPPORT STAFF Upon LRC's approval,the Staff will submit monthly loan status and Business Support Staff will financial reports to City Council. Staff present the business loan reports will include loan amounts,principal request to City Council for and payments made, collection status and final approval. any other relevant information DGU05-12-99 McCallum Theatre Summary of Revenue & Expense eption: .. . .j Fro ected`srn ,. n get Revenues Production Revenues 4,222,124 5,089,525 4,738,471 Marketing Revenue 183,000 130,306 15,000 Development Revenue 2,217,139 1,889,603 2,557,387 Other Revenue 53,270 93,934 54,400 Total Revenue 6,675,533 7,203,368 7,365,258 Expenses Production Expenses 4,280,731 5,059,462 4,706,475 Marketing Expenses 572,578 550,453 597,042 Development Expenses 606,156 485,202 756,422 Administration Expense 1,428,174 1,430,550 1,526,672 Total Expenses 6,887,639 7,525,667 7,586,611 ?let Surplus1(Dclld9 (212106) _ ?==t322,2991:-'' A221,353)' Summary of Balance Sheet Matb',.99 JtYly`98 ange In r� ,z `Description 4304,061ls <iperations gsition Current Assets 1,204,522 1,154,836 49,686 Other Assets 751,901 792,361 (40,460) Total Current Assets,": ' 105,6,423 ?',:1,947 197 _';»[ 9,226-.. 'COMM Liabilities ' ' '2,624,086 ' 3,477,59Q i,,,,'; 146,496 Current Assets-Liabilities (667,663) (530,393) (137,270) Filo dowi ent I�►nd 1359 453 '`1,414,399 =,:545,054 1 m m10- 0 0 Z 0 D A O 2 O m O m r C C ��/ fn T mr i A i O m -1 j ; 0 1 D F g1 co = 0? 00 n w O 71 T rn O n O N 1 (wl m m T n 8 u S. 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Z9 1091 391'091. 391'091 5153331NI 1N30NI1N00 093'301 093'306 000100V 000400E 00000E 91N3W123AN1 SL3SSV 33H10 OLL'PZ6'1. 4C6'69L 9E8'4SL'I. 469'40S'Z Z11'00E'1 ZZS'40Z'L SASSY 1N3aan3 WW1 909'699 909'699 310'968 31.0'969 316YA13033 339031d ZL8'49 Z18'49 £E6'ZZ E66'ZZ 316YAI30321 SLNn000Y 096'061.'1. $ 4E6169L $ 9LS'OZ4 $ 699689'1. $ ZL L'OOC'L $ 8L9'E9Z $ HSVO :S13SSY 1N3aan0 03NIGW00 MOONS WflTY00W 03NI9WO0 MOON3 Wflllv00W 9661'1C Alnr 6661'1E HOLYW 666E'31 I1I V'WV 065Io SO WHINana uo9ow+Wul 41M 6661'U.S HOLIVW 133HS 30NY1Y9 W 31:11V3H1 WnIIYDOW 3H1 r• �, THE MCCALLUM THEATRE SUMMARY INCOME STATEMENT MARCH 31,1999 With Information available as of 5:00 PM,April 12,1999 MARCH YEAR TO DATE DESCRIPTION ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE REVENUES Production Revenues Performance Income $ 780,553 $ 671.050 $ 109,503 $ 3.705,800 $ 2,870,624 $ 834.976 Theater Rental Income 8,357 50,000 (41,643) 176,080 150,000 26,080 House Income 10,968 7,200 3,768 45,321 48,000 (2,679) Total Production Revenues 799,878 728,250 71,628 3,927,001 3,068,624 858,377 Marketing Revenues 24,874 52,000 (27,126) 93,307 146,000 (52,693) Development Revenues General Development 74,517 161,500 (86,983) 962,889 1,399,500 (436,611) McCallum Theatre Institute 54,676 - 54,676 198,267 - 198,267 Muses 34,405 5,500 28,905 59,309 148,500 (89,191) Total Development Revenues 163.598 167,000 (3,402) 1,220,465 1,548,000 (327,535) Other Revenues Building Rental 4,840 2,500 2,340 48,704 45,870 2,834 Miscellaneous Income 233 - 233 1,917 - 1,917 Financial Income 110 200 (90) 37,514 1,600 35,914 Total Other Revenues 5,183 2,700 2,483 88,135 47,470 40,665 TOTAL REVENUE 993,533 949,950 43,583 5,328,907 4,810,094 518,813 EXPENSES Production Expenses Performance 600,384 502,500 97,884 3,118,417 2,295,074 823,343 Theatre Rental 763 10,000 (9,237) 3,546 28,000 (24,454) Front of House 17,213 13,978 3,235 111,879 126,528 (14,649) Technical Department 97,531 87,989 9,542 631,950 549,162 82,788 Box Office 13,283 20,435 (7,152) 121,717 208,323 (86,606) Total Production Expenses 729,174 634,902 94,272 3,987,508 3,207,087 780,421 Marketing Expenses General Marketing 9,763 8,253 1,510 84,160 71,455 12,705 Media Advertising 44,993 75,055 (30,062) 276,283 280,740 (4,457) Publicity 607 12,500 (11,893) 14,181 15,900 (1,719) Ad Production 17,678 66,350 (48,672) 92,797 121,450 (28,653) Total Marketing Expenses 73,042 162,158 (89,116) 467,421 489,545 (22,125) Development Expenses General Development 19,545 28,737 (9,192) 202,427 205,788 (3,361) McCallum Theatre Institute 13,488 13,733 (245) 60,500 112,446 (51,946) Muses 5,920 13,578 (7,658) 27,671 95.007 (67,336) Total Development Expenses 38,953 56,048 (17,095) 290,598 413,241 (122,643) Administration Expenses General Administrative 39,980 41,773 (1,793) 339,723 353,332 (13,610) Maintenance 12,412 13,100 (688) 117,544 104,800 12,744 Services 838 225 613 30,503 29,800 703 Insurance 7,298 6,141 1,157 70,453 65,436 5,017 MIS 4,674 4,250 424 42,840 34,000 8,840 Utilities 9,777 9,150 627 102,268 95,200 7,068 Financial 38,697 32,850 5,847 268,113 287,500 (19,387) Total Administration Expenses 113,676 107,489 6,187 971,445 970,068 1,376 TOTAL EXPENSES 954,845 960,598 (5,753) 5,716,972 5,079,942 637,030 (before Depreciation) NET INCOME $ 38,688 $ (10,648) $ 49,336 $ (388,065) $ (269,848) $ (118,217) (before Depredation) Depredation ' 41,500 41,500 - 332,000 290,500 41,500 ' Estimate OI m Vi O i(TN i 0n n A t0 O o m P N O lV n l7 P A lV m o CO n 0 m m 0 v O 0 CO.1 0 0 o g m o m N g N O Y n q FO NN N .P..I Iv. .of 4 . !N en NNavO W O .r v v 2 q 0 m, 0 O .0 O n CO 1yp In 0' N N CO 0 CO 05 Y 0 CO 0a 1A nm mn .1 0Y m_ .0 .- YN CO mN ,- q J C�{ 0 O OI q N O N Q CO- NY N1- NNN CO Clm0 Pm YN .. n n O� G N P m0i I O m CM o m CO 0 0 0 CO N 01 CO pmp 4- CO pp O 0 N n m1 n m Y 0 CO 0 0 0 m n N n. n O m O m N CO mi N 1- N .- N •- 1- CD 06 O f Cl •-N CO W CO Z I W aXpp W Z t0•1 coN 0 m g n N 0,0 N N g q O n N CO1 In N N N O N CO COI O N N CO CO 0 m I O 17 n COO P m 0 N n m n 0 P 1'l(7 m N N m N - m n 0 1 0 61' G N m 01 W 7 O 6 0 8 0 N 00 0 m m N 0 0 .1ppm qp m 0 O O m§b O n 0 N COV N 0 Y m q 01 1- CO O n a 0 o m C. tO O In t0 - N m N - N W N IO•1 N N n T. 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