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HomeMy WebLinkAboutAGENDA & MINUTES JULY-SEPTEMBER 1998-1999 INVESTMENT& FINANCE COMMITTEE MEMBERS 1998/99 1. Bob Spiegel Mayor Pro-Tempore City of Palm Desert 73-510 Fred Waring Drive 346-0611 Palm Desert, CA 92260 2. Ray Diaz City Manager 346-0611 City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260 3. Dave Erwin City Attorney do Best, Best& Krieger 39-700 Bob Hope Drive, Suite 312 568-2611 Rancho Mirage, CA 92270 4. Murray Magloff Member 229 Camino Arroyo North 341-0118 Palm Desert, CA 92260 5. Carlos Ortega Executive Director of Redevelopment Agency City of Palm Desert 73-510 Fred Waring Drive 346-0611 Palm Desert, CA 92260 6. Jean Benson Mayor City of Palm Desert 73-510 Fred Waring Drive 346-0611 Palm Desert, CA 92260 7. Bill Veazie Member 42-900 Massachusetts Court 345-4075 Palm Desert, CA 92211 8. -7€ZrrFtatii Investment Manager 346-0611 '�onpa City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260 9. Paul Gibson Director of Finance/Treasurer 346-0611 City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260 REVIEW PROCESS: • City Attorney, Finance Director, City Manager, RDA Director& Project Manager STAFF: John Wohlmuth ACM/Director of Administrative Services Veronica Abarca Recording Secretary Investment& Finance Committee 1998/1999 Page 2 PRESS: 1. KMIR TV News Director 72-920 Parkview Drive Palm Desert, CA 92260 2. THE DESERT SUN 74-617 Highway 111 Palm Desert, CA 92260 3. KESQ TV 42-650 Melanie Place Palm Desert, CA 92260 4. KPSI RADIO 2100 E. Tahquitz Canyon Way Palm Springs, CA 92262 revised 09/17/98 via INVESTMENT 8i FINANCE COMMITTEE ATTENDANCE LIST July 1998 - June 1999 NAMES Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 15 19 16 21 18 16 20 17 17 21 19 16 Mayor Benson Meetin s ;f X Ray Diaz Postponed €! X Dave Erwin A Paul Gibson X Bob Spiegel Mga gang A Murray Magloff X Carlos Ortega X Bill Veazie X Thomas Jeffrey !. X Members: 9 Quorum: 5 E: Excused A: Absent X: Present Revised 11/4/98 vla ; . _ _ .''''''''''''' /` } Minutes ,,„.. ..viss.;_.... :•rizia. --____2. 4.0,,, , Finance Committee CONVENE On September 16, 1998, the Investment st Finance Committee was called to order at 11:03 a.m. by Mr. Paul Gibson. ROLL CALL Paul Gibson, Ray Diaz, Dave Erwin, Murray Magloff, Bill Veazie, Carlos Ortega, Jean Benson, Thomas Jeffrey and Veronica Abarca, recording secretary. Dennis Coleman, Redevelopment Agency Introduction of Thomas Jeffrey, Investment Manager, previously employed by the San Luis Rey Water District in North San Diego County. APPROVAL OF MINUTES Upon motion by Mr. Bill Veazie, and seconded by Mr. Murray Maglof,,, the Minutes of the June 17, 1998 meeting were APPROVED as submitted. ORAL COMMUNICATIONS None. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks for Section 4 Mr. Ortega reported that the background process is currently being applied to the developer we're negotiating with on a hotel site by the _ name of United Properties, from Vancouver Canada and Phoenix, Arizona. A sub-committee meeting will be called to review the background check and will be submitted to the Finance Committee and subsequently City Council. Ms. Benson stated that she and Dave Yrigoyen had visited one of their sites in Vancouver and were very pleased with the set up. B. Bond Issuance by Palm Desert Financing Authority Mr. Coleman reported that at present, we are creating an assessment district for the Canyons at Bighorn in addition to issuing the Series B Bighorn financing which is part of the original project. The old development formerly known as "Bighorn" will now be called "The 1 — -- Minutes Finance Committee Mountains at Bighorn" and the new development will be called "The Canyons at Bighorn". The final appraisal of the golf course on the total aggregate retail base is approximately $175 million for the 275 lot and $19 million for the golf course. The golf course will cost $28-$38 million to build. The lien to value ratio is approximately 4.9 to 1 . The developer has requested that the "Canyons" be expedited without the Series B Refinance. The assessment district has been formed, the engineers report has been done and is being modified. The financing team is scheduling visits for potential bonds people to view the Canyons. Mr. Coleman stated that the City has no credit liability, the bond merely bares our name . The City's only obligation is to foreclose on the project if they can not meet debt service. We are presently in the process of completing the preliminary "official statement", which is the instrument used to market the bond to potential buyers. There are two things which staff is still working on with the bond issues. Agreements will have to be in place with the water district and Cal-Trans prior to the pricing of the bond issues. Both have been contacted. Once the contracts are signed, the tentatively scheduled pricing is October 1, 1998 and closing on October 13 and 14. The bond is different in that it is based on the strength of the developers track record. It will be more difficult to sell due to the fact that the principals want to remain anonymous however, Bighorn is known nationally. Ms. Benson stated that the lots and homes are then considered as collateral. Mr. Coleman responded that she was correct. Mr. Gibson stated that any signatures needed would need to be requested prior to October 6, since he will be in court with the Wymer case. Mr. Diaz stated that he read that this private golf course is second in expense only to the Steve Wynn course in Las Vegas. New Business A. City and Redevelopment Agency Investment Schedule Mr. Gibson notated that staff was unable to print the graphs for the committee to review. Graphs will be sent out in the next couple weeks. Mr. Gibson stated that as of July 1, 1998 changes were made to the Redevelopment Agency/City investment report. The auditors have 2 • Minutes Finance Committee requested that the land given to the RDA be shown as an advance be it cash or other asset. The investment reports will now reflect that as total advances to tie out to the financial reports. No funds have been invested in the recent months. Mr. Gibson has requested Mr. Jeffrey to sit with Mr. Coleman to get a good cash flow understanding of the construction bonds so that it can be tied out to the investments purchased. He has also requested that Mr. Jeffrey review the various investments for improvements. Mr. Gibson stated that unfortunately all investments which recently have matured have been used for cash flow due to the increased volume of construction projects. Mr. Gibson informed the committee that LAIF no longer has a cap of $20 million, it has now increased to $30 million. If any investments mature they will be transferred to LAIF for immediate availability. Mr. Spiegel requested that the reports be decreased and not show all the detail in the council copies. The main details are all that need to be reviewed. Receive and file report. B. Review Short Term Investments Maturing in September. 1998 Mr. Gibson stated there were no investments maturing at this time. The next maturity will be in October, 1998. • Receive and file report. C. State of California Local Agency Investment Fund Monthly Report Mr. Gibson reported on the LAIF reports for May, June and July. As of July we are earning 5.62% and our balance is $19.620 million. The Redevelopment Agency has $20.003 million. Receive and file report. D. Monthly Financial Report for City Council. Mr. Gibson reported the budgeted expenditures were $25.172 million and at present we are right on line with the budgeted $25.359 million. 3 Minutes Finance Committee Mr. Gibson reported that sales tax revenues are presently up within the City. Mr. Magloff asked Mr. Ortega if all of the Desert Rose Project was sold out. Mr. Ortega stated that it is sold out, in fact there are a few who are attempting to sell right now. Ms. Benson asked if the re-sale is something the Agency is involved in. Mr. Ortega stated that we have assumed the responsibility. If somebody wants to sell they need to contact Redevelopment Agency and the waiting list is reviewed for possible purchasers. Ms. Benson asked when the Santa Rosa rehab would be completed. Mr. Ortega stated that it would be very soon. The improvements have been made at a much lower price than what was originally quoted by a contractor. Mr. Veazie complimented staff on their professionalism and efficiency. Receive and file report. E. Parkview Professional Office Buildings - Financial Reports Mr. Gibson stated that the total revenues are $736,000 and total expenditures were $259,000 (excluding depreciation), operating income is $360,576. Mr. Gibson stated thatthe State Rehab is attempting to squeeze 4,000 s.f. of office into 2,000 office space. Construction will not be complete until about December or January. Met Life will be • moving from the larger area and State Rehab will take over their spot. Mr. Gibson stated that there are two additional agencies which will be submitted to Council to move into the two story building. One being similar to WMA and the other a non-profit agency. Mr. Gibson stated that the FBI was contacted this week and they have indicated that they will stay in Palm Springs due to abundance of gambling in the area. Parkview will be 100% occupied in the one-story building and 87% occupied in the two story building. Mr. Diaz stated that Portola Community Center is currently occupied through 11/98. 4 Minutes Finance Committee Mr. Gibson stated that bids have been submitted to the consultant regarding the addition of sunscreen on the windows of the two buildings. This would give a 30% savings on the electricity cost. The permanent screens are more efficient. Bergman currently has the screening in place. Receive and file report. F. Desert Willow Golf Resort Financial Information for lune and August. 1998 Mr. Gibson stated that for June, without depreciation, we broke even with the golf course. For 1998/99 we will no longer show depreciation in the budget. There is additional$67,000 expenditure,-compared to last year, due to the south course (Mountain View) construction. Mr. Hernandez, Finance Department, will meet with Gregg Lindquist, Kemper Sports, quarterly and review the differences between budget and actual. The differences will then be noted on the financial statements. Receive and file report. G. Palm Desert Recreation Facilities Corporation Income Analysis for lune. 1998 Mr. Gibson reviewed the report. Ms. Benson asked if we would be allowing Kemper to operate the Club House or are we going out to bid for someone who is familiar with restaurants. Mr. Gibson stated that part of the agreement with Kemper is to have them run the restaurant as well. Ms. Benson is afraid we may lose money if they are not familiar with the restaurant business. Mr. Gibson suggested that the City oversee who is selected to manage the restaurant. Mr. Magloff asked who would be responsible for selecting the management team for the restaurant. Mr. Gibson replied that Kemper is responsible, but the City would like to be involved in that selection. Mr. Magloff asked if Kemper has experience with running restaurants at golf courses. Mr. Gibson replied that yes, they do run other restaurants at other courses. Receive and file report. 5 • Minutes Finance Committee H. Fiscal Economic Advisory Committee Mr. Diaz stated that with the reorganization resulting from the Economic Advisory Committee being eliminated, he is evaluating the possibility of creating a committee that will not only review the economic aspect of projects but also the fiscal impact. Mr. Diaz suggests that a committee composed of the Finance Committee members as well as some other who have experience with the Economic Advisory side would make a good combination in analyzing the growth of the City and its impact fiscally. The committee will not only review investments, but would also review agreements for fiscal feasibility. Mr. Diaz asked the committee to think about the-change and he will bring more information to a future meeting. Mr. Diaz said that only a couple of members will be added to deal with the economic side of the issues. Mr. Veazie stated that the idea is favorable and combining the two committees would be beneficial to our growth. I. Reports and Remarks by Committee Members Mr. Magloff requested information on the status of the McCallum and the Wymer case. Mr. Gibson stated that the Wymer case has a trial date of October 6. Mr. Ortega stated that depending on the decision of the court we may or may not receive any additional money owed by REFCO. Mr. Gibson stated that with losing an employee and currently completing the audit process, he has been unable to complete the McCallum report. Ms. Benson suggested that we have Tony Graphos come to a meeting again this year and give a brief review of the status of the McCallum. Mr. Veazie questioned the City's plan to deal with the Year 2000 problem. Mr. Diaz stated that yes, we are looking at the alternatives and will be having a meeting sometime in the future. Mr. Gibson stated that the only machine which we see an issue with will be the Landscaping Controller (STAR System). We will manually change the system date so that does not present a problem. Mr. Diaz requested that the A,B,C files be used to organize the various agenda items for the finance committee like the ones used for Council Meetings. Mr. Gibson agreed. 6 Minutes Finance Committee NEXT MEETING DATE The next Investment 8z Finance Committee meeting will be held Wednesday, November 18, 1998 at 11:00 a.m. ADJOURNMENT Upon motion by Murray Magloff and seconded by Bill Veazie the Investment &Finance Committee adjourned at 12:30 p.m. Respectfully submitted, Veronica L. Abarca Recording Secretary • STATE OF CALIFORNIA MATT FONG,Treasurer OFFICE OF THE TREASURER SACRAMENTO LOCAL AGENCY INVESTMENT FUND P .O. BOX 942809 Date: 08/31/98 SACRAMENTO, CA 94209-0001 Page: 01 AUGUST, 1998 STATEMENT ACCOUNT NUMBER: 98-33-621 CITY OF PALM DESERT ATTN: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION DATE DATE TYPE NO CALLER AMOUNT BALANCE BEGINNING BALANCE - REG $19 , 620, 117 . 33 ENDING BALANCE - REG $19, 620, 117 . 33 GRAND TOTAL $19 , 620, 117 . 33 SUMMARY TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT REG 0 $0 . 00 $0 . 00 C� = n)0 I2 C Lid 83 d S 86, 1 _LI2 in, POuLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF AUGUST 1998 WITH AUGUST 1997 (Dollars in Thousands) AUGUST 1998 AUGUST 1997 CHANGE Average Daily Portfolio $31,350,849 $27,688,353 +$3,662,496 Accrued Earnings $150,496 $133,804 • +$16,692 Effective Yield 5.652 5.690 -.038 Average Life—Month End(in days) 201 218 - 17 Total Security Transactions Amount $25,113,159 $57,672,668 -$32,559,509 Number 550 1,244 -694 Total Time Deposit Transactions Amount $1,023,200 $581,700 +$441,500 Number 53 37 +16 Average Workday Investment Activity $1,244,589 $2,774,017 -$1,529,428 Prescribed Demand Account Balances For Services $132,551 $170,159 -$37,608 For Uncollected Funds $151,320 $149,733 +$1,587 LOCAL AGENCY INVESTMENT FUND* SUMMARY OF ACTIVITY AUGUST 1998 BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE $12,534,366,324.29 $1,455,236,262.40 $1,287,405,500.55 $12,702,197,086.14 'Local Agency Investment Fund Invested Through Pooled Money Investment Account State of California Pooled Money Investment Account Market Valuation 8/31/98 Description Carrying Cost Plus Accrued Interest Purch. Fair Value Accrued Interest United States Treasury: Bills $ 2,291,093,290.97 $ 2,348,019,900.20 NA Notes $ 5,223,903,655.58 $ 5,251,605,675.00 $ 49,530,353.08 Federal Agency: Bonds $ 1,921,458,705.22 $ 1,924,444,733.75 $ 22,771,286.99 Floaters • $ 170,000,000.00 $ 169,934,900.00 $ 500,725.30 MBS $ 119,461,096.99 $ 121,411,398.63 $ 703,097.82 GNMA $ 2,229,571.74 $ 2,548,823.77 $ 22,076.24 SBA $ 254,533,343.97 $ 255,760,872.88 $ 2,535,394.31 FHLMC PC $ 21,386,752.45 $ 22,870,147.24 $ 343,264.75 Discount Notes $ 754,400,635.01 , $ 761,846,832.50 NA Bankers Acceptances NA NA NA Corporate: Bonds $ 1,003,589,872.02 $ 1,004,257,398.60 $ 20,644,705.56 Floaters $ 757,753,898.19 $ 754,393,553.50 $ 5,900,707.20 CDs $ 6,303,687,876.91 $ 6,297,670,337.59 $ 77,250,671.92 Bank Notes $ 1,255,977,492.87 $ 1,255,686,096.89 $ 11,550,779.18 Repurchase Agreements $ 340,000,000.00 $ 340,000,000.00 NA Time Deposits $ 1,763,390,000.00 $ 1,763,390,000.00 NA AB 55&GF Loans $ 1,999,517,429.00 $ 1,999,517,429.00 NA Commercial Paper $ 6,594,684,749.98 $ 6,665,838,852.43 NA Reverse Repurchase $ (321,670,950.00) $ (321,670,950.00) $ (770,593.91) TOTAL $ 30,455,397,420.90 $ 30,617,526,001.98 $ 190,982,468.44 Fair Value Including Accrued Interest $ 30,808,508,470.42 Repurchase Agreements, Time Deposits,AB 55&General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value(carrying cost). . LAIFNEWS t„, ,-3,, (, „7, ,,,/„,„,),, ,,,,,,w2c,„„,2 4,,,.,.„, ,,,, ,„,,,,,, , r)r7 )lem4er. /99,S' 1998 LAIF CONFERENCE LAIF SYSTEM On September 18, 1998, the Local YEAR 2000 COMPLIANT Agency Investment Fund held it's Annual Conference at the Sacramento Convention In the summer of 1996, the State Center. Treasurer's Office (STO) formed a Year 2000 The conference was very well received Project Team to update all STO date sensitive with over 95 participants in attendance. equipment and computer programs in order This year's guest speakers included to prevent date-related processing errors William Dudley, Managing Director and associated with Year 2000 from occurring. Director of U.S. Economic Research for Since then, the LAIF program has Goldman, Sachs and Co., and John implemented the new Oracle database Schiavetta, Senior Director, Fitch IBCA, Inc. system. On August 27, 1998,the Information In addition, a panel consisting of Jerry Rogers, Services Division of the STO conducted a City of Riverside, Alan Setser, State Year 2000 test of the Oracle system which Controller's Office, and Joe Aguilar, Vavrinek, included a test of the LAIF application, the Trine Day & Co., discussed the aftermath of internal and external interfaces and the GASB 31. environment in which it will reside. A pre-conference,which included a tour A "Time Machine" environment of the vault, was held at the State Treasurer's representing target production environment Office on September 17, 1998. was utilized for this testing. A complete snapshot of the LAIF data and application was copied to the"Time Machine" Testing began LAIF NEARING $13 BILLION MARK with the current date to ensure the environment was constructed correctly. The The Local Agency Investment Fund database server inte nalclockwastenrolled (LAIF) is closing in on a new record high of$13 forward to dates in the year 2000 and beyond. billion on deposits made by local governments Test results confirmed that all critical dates and special districts. had been processed as expected. This new record will follow the record set The LAI F application, the internal and in May, 1998 where LAIF hit the$12 billion mark external interfaces and the operating for the first time since its inception in 1977. environment all proved to be Year 2000 LAIF takes pride in providing its compliant. If you would like additional participants with quality service,safe investment information, please call a LAIF staff member _ practices and the highest interest earnings. at (916) 653-3001. GASB 31 NOTE ' $� a T � nn 4 t- , Pl :rl ,,i1 . The static markets of 1997-98 have ° ` A = ''�E. v . r_F. _ F !ff ,,' 6a eltilr x• rc 3 resulted in immaterial portfolio value changes. _:; This will not always be the case. Be diligent. 4�' ` ' ' as< ia = ° ` >, a Educate your oversight group. 4,, State Treasurer Matt 1 on' Mille ("IN 6?;-001 Local Agency Investment kind I ay (916) 6S-1(t9; I P.O. Box r42809, Sacramento G1 01209-000I lntp r,Avvsv% treasure' La STATE OF CAUFORNIA MATT FONG,Treasurer OFFICE OF THE TREASURER ,« SACRAMENTO a� '`71 LOCAL AGENCY INVESTMENT FUND P.O. BOX 942809 Date: 08/31/98 SACRAMENTO, CA 94209-0001 Page: 01 AUGUST, 1998 STATEMENT ACCOUNT NUMBER: 65-33-015 PALM DESERT REDEVELOPMENT AGENCY ATTN: PAUL GIBSON, TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 EFFECTIVE TRANSACTION TRAN CONF AUTH TRANSACTION DATE DATE TYPE NO CALLER AMOUNT BALANCE BEGINNING BALANCE - REG $20, 003, 046 . 22 08/11/98 08/11/98 RW 737 PSG -$3, 000, 000 . 00 $17 , 003 , 046 . 22 ENDING BALANCE - REG $17 , 003, 046 . 22 GRAND TOTAL $17 , 003, 046 . 22 SUMMARY TRAN COUNT TOTAL DEPOSIT AMT TOTAL WITHDRAWAL AMT REG 1 $0 . 00 -$3, 000 , 000 . 00 a,: U Td C li 8Z '?S 86. -0 Ji POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF AUGUST 1998 WITH AUGUST 1997 (Dollars in Thousands) AUGUST 1998 AUGUST 1997 CHANGE Average Daily Portfolio $31,350,849 $27,688,353 +$3,662,496 Accrued Earnings $150,496 $133,804 +$16,692 Effective Yield 5.652 5.690 -.038 Average Life—Month End(in days) 201 218 - 17 Total Security Transactions Amount $25,113,159 $57,672,668 -$32,559,509 Number 550 1,244 -694 Total Time Deposit Transactions Amount $1,023,200 $581,700 +$441,500 Number 53 37 +16 Average Workday Investment Activity $1,244,589 $2,774,017 -$1,529,428 Proscribed Demand Account Balances For Services $132,551 $170,159 -$37,608 For Uncollected Funds $151,320 $149,733 +$1,587 LOCAL AGENCY INVESTMENT FUND* SUMMARY OF ACTIVITY AUGUST 1998 BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE $12,534,366,324.29 $1,455,236,262.40 $1,287,405,500.55 $12,702,197,086.14 'Local Agency Investment Fund Invested Through Pooled Money Investment Account • State of California Pooled Money Investment Account Market Valuation 8/31/98 Description Carrying Cost Plus Accrued Interest Purch. Fair Value Accrued Interest United States Treasury: Bills $ 2,291,093,290.97 $ 2,348,019,900.20 NA Notes $ 5,223,903,655.58 $ 5,251,605,675.00 $ 49,530,353.08 Federal Agency: Bonds $ 1,921,458,705.22 $ 1,924,444,733.75 $ 22,771,286.99 Floaters $ 170,000,000.00 $ 169,934,900.00 $ 500,725.30 MBS $ 119,461,096.99 $ 121,411,398.63 $ 703,097.82 GNMA $ 2,229,571.74 $ 2,548,823.77 $ 22,076.24 SBA $ 254,533,343.97 $ 255,760,872.88 $ 2,535,394.31 FHLMC PC $ 21,386,752.45 $ 22,870,147.24 $ 343,264.75 Discount Notes $ 754,400,635.01 $ 761,846,832.50 NA Bankers Acceptances NA NA NA Corporate: Bonds $ 1,003,589,872.02 $ 1,004,257,398.60 $ 20,644,705.56 Floaters $ 757,753,898.19 $ 754,393,553.50 $ 5,900,707.20 CDs $ 6,303,687,876.91 $ 6,297,670,337.59 $ 77,250,671.92 Bank Notes $ 1,255,977,492.87 $ 1,255,686,096.89 $ 11,550,779.18 Repurchase Agreements $ 340,000,000.00 $ 340,000,000.00 NA Time Deposits $ 1,763,390,000.00 $ 1,763,390,000.00 NA AB 55&GF Loans $ 1,999,517,429.00 $ 1,999,517,429.00 NA Commercial Paper $ 6,594,684,749.98 $ 6,665,838,852.43 NA Reverse Repurchase $ (321,670,950.00) $ (321,670,950.00) $ (770,593.91) TOTAL $ 30,455,397,420.90 $ 30,617,526,001.98 $ 190,982,468.44 • Fair Value Including Accrued Interest $ 30,808,508,470.42 Repurchase Agreements,Time Deposits, AB 55&General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 1/212 I1AIF E�VS UI1I? �ll?N/?1 :II/UI7I'CLtI0I7 (CCC )IC'II?4C'r. f 90,S> 1998 LAIF CONFERENCE LAIF SYSTEM On September 18, 1998, the Local YEAR 2000 COMPLIANT Agency Investment Fund held it's Annual Conference at the Sacramento Convention In the summer of 1996,.the State Center. Treasurer's Office(STO) formed a Year 2000 The conference was very well received Project Team to update all STO date sensitive with over 95 participants in attendance. equipment and computer programs in order This year's guest speakers included to prevent date-related processing errors William Dudley, Managing Director and associated with Year 2000 from occurring. Director of U.S. Economic Research for Since then, the LAIF program has Goldman, Sachs and Co., and John implemented the new Oracle database Schiavetta, Senior Director, Fitch IBCA, Inc. system. On August 27, 1998,the Information In addition, a panel consisting of Jerry Rogers, Services Division of the STO conducted a City of Riverside, Alan Setser, State Year 2000 test of the Oracle system which Controller's Office, and Joe Aguilar,Vavrinek, included a test of the LAIF application, the Trine Day & Co., discussed the aftermath of internal and external interfaces and the GASB 31. environment in which it will reside. A pre-conference,which included a tour A "Time Machine" environment of the vault, was held at the State Treasurer's representing target production environment Office on September 17, 1998. was utilized for this testing. A complete snapshot of the LAIF data and application was copied to the"Time Machine." Testing began LAIF NEARING $13 BILLION MARK with the current date to ensure the environment was constructed correctly. The The Local Agency Investment Fund database server internal clock was then rolled (LAIF) is closing in on a new record high of$13 forward to dates in the year 2000 and beyond. billion on deposits made by local governments Test results confirmed that all critical dates and special districts. had been processed as expected. This new record will follow the record set The LAIF application,the internal and in May, 1998 where LAIF hit the$12 billion mark external interfaces and the operating for the first time since its inception in 1977. environment all proved to be Year 2000 LAIF takes pride in providing its compliant. If you would like additional participants with quality service, safe investment information, please call a LAIF staff member _ practices and the highest interest earnings. at (916) 653-3001. Sitkt3 Cr GASB 31 NOTE ;Ts _ t . , o I 9 , ;ThM ,., #u'.'w.,. w.;:a; :. p.;: Mtn i• ; e:; . The static markets of 1997-98 have 97. resulted in immaterial portfolio value changes. .xa This will not always be the case. Be diligent. fls • = " Educate your oversight group. State Treasurer Matt I onta Phone (()16) 65;-i001 Local Agency Investment I and Pas (916) 65-t-99); I P-O- BON 942809, Sacramento, CA 9 t)9-0001 wmc treasurerea ,gov • PALM DESERT R'DEVELOPMENT AGra1CY - COMBIIIEr!S rkTEMENT OF ACTL REVENUE4&EXPENDITURES COMPARED TO BUDGET 30Sep-98 RDA RDA %of (FAV)UNFAV Budget YTD Budget Actual YTD Budget Variance REVENUES • 1 Tax increment 31,312,423 7,828,106 0.00% 7,828,106 2 Interest 1,886,400 471,600 (159,433) -33.81% 631,033 Sales of Property 0.00% 3 Reimbursement From Other Agencies 800,000 200,000 62,682 31.34% 137,318 3 Other Revenue 64,000 16,000 54,610 341.31% (38,610) 3 Transfers In 462,000 115,500 308,646 267.23% (193,146) 4 Palm Desert Housing Authority Revenue 3,198,191 799,548 0.00% 799,548 TOTAL REVENUES 37,723,014 9,430,754 9,164 248 FAV(UNFAV) EXPENDITURES Variance Administrative Costs 1,148,797 287,199 272,039 94.72% 15,160 Professional Services 2,501,004 625,251 33,353 5.33% 591,898 Property Tax Administrative Fee 812,290 203,073 0.00% 203,073 Cost of Inventory Sold Capital Outlay Office Equipment 20,000 5,000 680 13.60% 4,320 Deep Canyon/Hwy 111 4,099 1,025 0.00% 1,025 Parking Spaces 16,000,000 4,000,000 0.00% 4,000,000 1-10 Interchanges 250,000 250,000 250,000 100.00% Joni Drive Extension 250,000 62,500 0.00% 62,500 Desert Willow-Mountain View Course 21,301,998 5,325,500 743,341 13.96% 4,582,159 Desert Willow-Flrecliff Course 14,815,220 3,703,805 764,689 20.65% 2,939,116 Washington Street Improvements 300,000 75,000 0.00% 75,000 Fred Waring Improvements 435,000 108,750 0.00% 108,750 Project Area 4 Perimeter Landscape 374,000 93,500 0.00% 93,500 Street Improvements 3,255 814 0.00% 814 Storm Drain Improvements 2,200,000 550,000 0.00% 550,000 Desert Crossing Improvements 43,450 10,863 0.00% 10,863 0.00% HOUSING 0.00% New Houses-for Resale HIP#7 786,165 196,541 165,977 84.45% 30,565 Home Improvement Program 1-6 70,056 17,514 959 16,555 Santa Rosa Rehab Program 502,158 125,540 277 0.22% 125,263 5 Desert Rose Project 199,000 49,750 127,830 256.94% (78,080) 5 Portola Palms Project 105,326 26,332 41,371 (15,039) Land Purchases/Bldg Improvements 1,190,350 297,588 0.00% 297,588 Palm Desert Housing Authority Expenditures 1,947,050 486,763 120,708 24.80% 366,054 Decline in Value on Inventory Held For Resale Payments to Other Governmental Agencies 7,270,900 1,817,725 0.00% 1,817,725 Bond Issuance Costs (39,000) 39,000 Bond Discount 6 Interest And Fiscal Charges 12,801,112 3,200,278 9,444,059 295.10% (6,243,781) 6 Principal Payments 1,325,000 331,250 3,276,456 989.12% (2,945,206) Transfers Out Including Low/Mod 14,674,296 3,668,574 737,146 20.09% 2,931,428 TOTAL EXPENDITURES 101,330,526 25,520,132 15,939,884 9,580,247 •TAX INCREMENT REVENUE IS USED TO PAY DEBT. 1.Tax Inclement is received In Jan and May 2.Trustee statements have not been posted as of month and. 3. Received at various lime during the year. 4, 9896 Revenue and Expenditures will be posted after 97,99 year and Is dosed. 5. Council Action 0/98 8. P&I payments are paid al various limas during the year. Q17 aO 8 dUhI't' y�& 5p� GP AP Smymx�j y3a a °33. gg AmaCemgm a vAAa ° no �$ F N• m4iIm g alssri � I (LIII ' I. I�WYH�B f $ Izn °°" 9 o a a , co 3 a e AaT� o mRaTil t a8 � = ai s €� ,'ew;m o L 4 g m o _as8. - 8 m ° r �a m o R a A A• Y b, ,?, a . 3�. z• W g a 6.40z m co k �' 7. m ax m � I sf 3 3 - fiiI 4mr aG ;,8 i 2 co "���� m a ri n J �W�?? p inai,s sta. U W 1 1 ii O 0 0: 0 8 0 0 8 8 S S 0 0©O ':S O I! Jea AN4'm com it 8� « Egging J{G Y ;u8 p J' ilia; N SN O NS ONSO SOmm . O G W A m NyyQ CI cc��J��++ aPi W N J N W Y CC W {A W O o V tt O � )uUmUO N WW(t qP y P 0 8NEA ii 8JNy Pi iOW N O W N +mNi0N) %O J MOW 00 W V V O LI '0 (m Y N �•r WNW (p •, W W 8 8s 88 8 88 8 $ N$ 0 m. N m :L., JO W 8J > (Ol i •F gay° 1 WA 44p011 m N (N11 O d 00p O WO b 1. 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Lp fpp.. p.> m w �O�u.± t.Eg j4.�Y Afgt EN +1gS § >a pEt 5t5� 5A5�� 5�5z� § w 0 C GmI 8 8 88.8888,8 'n;8888;8' ` 8`.8' 888.8s8.8 - . cmm � mm mzz aw V O A N m N p y CO it o m t+ m + + 0 r _m R tab A m m :19.n N hi m f00 Oo C, to V ti ^• N tow 8 OO tbIN 0 0 ?. 8 - 8 y N 1.3 C A A 8 $' S N N r co Ca A W O ?Ap N .Coo co + {CM 0 WO OA1 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O ,00 0 0 0 , 0 m 0p A 0 0 w O % 00 0 8 0 0 0 0 S 0 0 0 0 0 0 CD (0 0 0 0 O O O O 0 0 CD 0, O V 0 0 W 0 City of Palm Desert Perkvlew O81ce Complex Income Statement For September 1998 SeptembM•W S6ptsmber418 6 % YTD YTD 6 % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 58,900 $ 54,337 $ (4,563) 92.25% $ 176,700 $ 161,896 $ (14,804) 91.62% DMdendsfnterest $ 1,200 $ 2,541 $ 1,341 211.78% $ 3.600 $ 7.817 $ 4,217 217.14% Total Revenues $ 60,100 $ 56,879 $ (3,221) 94.64% $ 180,300 $ 169,713 $ (10,587) 94.13% Expenses Professional-Accounting B Auditing $ 3,700 $ 5,181 $ (1,481) 139.49% $ 11,100 $ 15,483 $ (4,383) 139.49% Professional-Management Fee $ 5,600 $ 5,500 $ - 103.00% $ 18.500 $ 20013 $ (3413) 121.29% Tenant Improvements $ 5.800 $ - $ 5.800 0.00% $ 17,400 $ - $ 17,400 0.00% Repairs 8 Maintenance Building $ 9,100 $ 1,052 $ 8,048 11.58% $ 27,300 $ 11,168 $ 16,132 40.91% Repairs B Maintenance Landscaping $ 1,079 $ - $ 1,079 0.00% $ 3.237 $ - $ 3,237 0.00% Unities-Water $ 250 $ 107 $ 143 42.70% $ 750 $ 320 $ 430 4287% UtBities-GaewElecbk $ 5.500 $ 5,818 $ (310) 105.75% $ 10,500 $ 17,742 $ (1,242) 107.53% Utii0es-Trash $ 450 $ 484 $ (34) 107.57% $ 1,350 $ 1,408 $ (58) 104.15% Telephone $ 150 $ 174 $ (24) 115.88% $ 450 $ 491 $ 19 95.78% Insurance $ 521 $ - $ 521 0.00% $ 1,581 $ - $ 1,581 0.00% Total Expenses $ 32,050 $ 18,294 $ 13,756 57.08% $ 96,1N $ 66,563 $ 29,585 69.23% Investlo6Finvest City of Palm Desert Desert Willow Budget Vs Actual For the month of September 1998 Budgeted Actual Budgeted Actual September September $ Percentage Year to Year to $ Percentage Revenue 1998 1998 Variant. Variance Date Date Variance Variance Course&Ground $ 95,747 $ 112,166 $ 16,419 117.15% $ 265,149 $ 212,206 $ (52,943) 80.03% Carts $ 5,356 $ 2,200 $ (3,156) 41.08% $ 15,014 $ 6,788 $ (8,226) 45.21% Golf Shop $ 17,950 $ 19,034 $ 1,084 106.04% $ 51,650 $ 43,513 $ (8,137) 84.25% Range $ 954 $ 174 $ (780) 18.24% $ 2,755 $ 590 $ (2,165) 21.42% Food&Beverage $ 14,985 $ 16,620 $ 1,635 110.91% $ 43,294 $ 33,781 $ (9,513) 78.03% Interest Income $ 1,500 $ 640 $ (860) 42.67% $ 4,500 $ 5,067 $ . 567 112.60% vTotal Revenuer $ 136,492 $ 150,834 $ 14,342 110.51% $ 382,362 $ 301,945 $ (80,417) 78.97%j Payroll Perimeter Landscaping $ 9,085 $ 8,030 $ 1,055 88.39% $ 27,255 $ 19,313 $ 7,942 70.86% Proshop $ 7,884 $ 6,063 $ 1,821 76.90% $ 13,818 $ 12,695 $ 1,123 91.87% Cart $ 8,052 $ 6,633 $ 1,419 82.38% $ 24,156 $ 20,282 $ 3,874 83.96% Course&Ground $ 57,932 $ 60,154 $ (2,222) 103.84% $ 172,632 $ 210,070 $ (37,438) 121.69% Golf Operations $ 16,332 $ 13,059 $ 3,273 79.96% $ 35,880 $ 30,867 $ 5,013 86.03% General&Administration $ 23,141 $ 15,802 $ 7,339 68.29% $ 69,423 $ 52,013 $ 17,410 74.92% Food&Beverage $ 9,952 $ 8,634 $ 1,318 86.76% $ 29,856 $ 25,521 $ 4,335 85.48% pl Total Payroll $ 132,378 $ 118,375 $ 14,003 89.42% $ 373,020 $ 370,761 $ 2,259 99.39°j Other Expenditures Perimeter Landscaping $ 4,900 $ 4,002 $ 898 81.67% $ 14,700 $ 8,166 $ 6,534 55.55% Proshop $ 1,160 $ 735 $ 425 63.36% $ 3,080 $ 2,321 $ 759 75.36% Proshop-COGS $ 11,069 $ 15,392 $ (4,323) 139.06% $ 31,979 $ 30,600 $ 1,379 95.69% Cart $ 17,108 $ 13,351 $ 3,757 78.04% $ 41,124 $ 38,585 $ 2,539 93.83% Course&Ground-North Course $ 103,771 $ 46,289 $ 57,482 44.61°/ $ 228,563 $ 147,648 $ 80,915 64.60% Course&Ground-South Course $ 18,530 $ 18,377 $ 153 99.17% $ 47,790 $ 41,697 $ 6,093 87.25% Course&Ground-Desert Pallet-N $ 3,700 $ - $ 3,700 0.00% $ 12,400 $ - $ 12,400 0.00% Course&Ground-Desert Pallet-S $ 2,445 $ - $ 2,445 0.00% $ 8,195 $ - $ 8,195 0.00% Golf Operations $ 15,510 $ 357 $ 15,153 2.30% $ 17,830 $ 422 $ 17,408 2.37% General&Administration $ 53,834 $ 35,961 $ 17,873 66.80% $ 118,048 $ 99,223 $ 18,825 84.05% Range $ 10,700 $ 9,272 $ 1,428 86.65% $ 11,200 $ 9,599 $ 1,601 85.71% Food&Beverage $ 2,410 $ 5,548 $ (3,138) 230.21% $ 6,830 $ 12,766 $ (5,936) 186.91% Food&Beverage COGS $ 5,245 $ 8,243 $ (2,998) 157.16% $ 15,153 $ 19,427 $ (4,2741 128.21% Management Fee $ 12,500 $ 12,500 $ - 100.00% $ 37,500 $ 37,500 $ - 100.00% Financing/Lease $ 6,603 $ 6,574 $ 29 99.56% $ 19,956 $ 19,746 $ 210 98.95% Total Other Expenditure. $ 269,485 $ 176,601 $ 92,884 65.53% $ 614,348 $ 467,700 $ 146,648 76.13%) David Leadbetter Academy Learning Center Revenues $ 15,000 $ 4,692 $ (10,308) 31.28% $ 50,000 $ 18,791 $ (31,209) 37.58% Reimbursements to David Leadbetter $ (12,750) $ (3,988) $ 8,762 31.28% $ (42,500) $ (15,872) $ 26,628 37.35% Other Expenditures $ (1,450) $ (3,036) $ (1,586). 209.38% $ (4,350) $ (6,092) $ (1,742f 140.05% Learning Center Income(Lou) $ 800 $ (2,332) $ (3,132) -291.50% $ 3,150 $ (3,173) $ (6,323) $ 2.15 u(Net Income(Local $ (264,571) $ (146,474) $ 118,097 55.36% $ (601,856) $ (539,689) $ 62,167 89.679 Dw9899;Financiel Statement City of Palm Desert Desert Willow Two(2)Year Comparison Month to Month to Year to Year to Date Date $ Percentage Date Date $ Revenue Sep-98 Sep-97 Variance Variance 1998 1997 Variance Course&Ground $ 112,166 $ 63,374 $ 48,792 176.99% $ 212,206 $ 116,156 $ 96,050 182.69% Carts $ 2,200 $ 2,198 $ 2 100.09% $ 6,788 $ 5,431 $ 1,357 124.99% Golf Shop $ 19,034 $ 12,748 $ 6,286 149.31% $ 43,513 $ 27,082 $ 16,431 160.67% Range $ 174 $ 3,648 $ (3,474) 4.77% $ 590 $ 6,520 $ (5,930) 9.05% Food&Beverage $ •16,620 $ 9,892 $ 6,728 168.01% $ 33,781 $ 19,510 $ 14,271 173.15% Interest Income $ 640 $ 4,020 $ (3,380) 15.92% $ 5,067 $ - $ . 5,067 100.00% (Total Revenues $ 150,834 $ 95,880 $ 54,954 157.32%)0 $ 301,945 $ 174,699 $ 127,246 172.84 Payroll Perimeter Landscaping $ 8,030 $ - $ 8,030 100.00% $ 19,313 $ - $ 19,313 100.00% Proshop(includes Golf Operations) $ 19,122 $ 7,221 $ 11,901 264.81% $ 43,562 $ 19,927 $ 23,635 218.61% Cart $ 6,633 $ 5,317 $ 1,316 124.75% $ 20,282 $ 11,612 $ 8,670 174.66% Course&Ground $ 60,154 $ 47,793 $ 12,361 125.86% $ 210,070 $ 99,387 $ 110,683 211.37% General&Administration $ 15,802 $ 19,868 $ (4,066) 79.53% $ 52,013 $ 43,133 $ 8,880 120.59% Food&Beverage $ 8,634 $ 7,747 $ 887 111.45% $ 25,521 $ 14,940 $ 10,581 170.82% Total Payroll $ 118,375 $ 87,946 $ 30,429 134.60%)J $ 370,761 $ 188,999 $ 181,762 196.17%j Other Expenditures Perimeter Landscaping $ 4,002 $ - $ 4,002 100.00% $ 8,166 $ - $ 8,166 100.00% Proshop $ 1,092 $ 6,462 $ (5,370) 16.90% $ 2,743 $ 868 $ 1,875 316.01% Proshop-COGS $ 15,392 $ 3,405 $ 11,987 452.04% $ 30,600 $ 17,988 $ 12,612 170.11% Cart $ 13,351 $ 9,012 $ 4,339 148.15% $ 38,585 $ 21,174 $ 17,411 182.23% Course&Ground $ 64,666 $ 62,163 $ 2,503 104.03% $ 189,345 $ 120,022 $ 69,323 157.76% General&Administration $ 35,961 $ 29,184 $ 6,777 123.22% $ 99,223 $ 44,837 $ 54,386 221.30% Range $ 9,272 $ - $ 9,272 100.00% $ 9,599 $ (84) $ 9,683 -11427.38% Food&Beverage $ 5,548 $ 3,389 $ 2,159 163.71% $ 12,766 $ 15,978 $ (3,212) 79.90% Food&Beverage COGS $ 8,243 $ 3,938 $ 4,305 209.32% $ 19,427 $ 10,557 $ 8,870 184.02% Management Fee $ 12,500 $ 12,500 $ - 100.00% $ 37,500 $ 25,000 $ 12,500 150.00% Financing/Lease $ 6,574 $ 2,732 $ 3,842 240.63% $ 19,746 $ 5,511 $ 14,235 358.30% Total Other Expenditures $ 176 601 $ 132 785 $ 43 816 133.00% 0 $ 467,700 $ 261,851 $ 205,849 178.61 David Leadbetter Academy Learning Center Revenues $ 4,692 $ - $ 4,692 100.00% $ 18,791 $ - $ 18,791 100.00% Learning Center Expenditures $ (7,024) $ - $ (7,024) 100.00% $ (21,964) $ - $ (21,964) 100.00% Learning Center Income(Loss) $ (2,332) $ - $ (2,332) 100.00% $ (3,173) $ - $ (3,173) 100.00% Net Income Loss $ 146 474 $ 124 851 $ 21 623 117.32 0 $ (539,689) $ (276,1511 $ (263,538) 195.43%i Dw9899;2yr Comparison City of Palm Desert Desert Willow Three Month Cash Reserve Analysis Three Month Projected Expenditures October November December Projected Expenditures Payroll $ 176,851 $ 193 030 $ 201,674 $ 571,555 COGS $ 30,644 $ 48,724 $ 24,863 $ 104,231' Operating $ 311,662 $ 238,770 $ 235,569 $ 786001 $ Totals I 9,1 480, 24 62, 06 1,461,787 1 • Cash Reserve Analysis One Month Three.Months Required Reserve J $ 519,157.00 $ 1,461,787.00 Cash on Hand $ 393,529.71 $ 393,529.71 I Variance-Favorable Unfavorable $ 125,627.29 $ 1,068,257.29 Reconciliation of adjusted cash requirement Note: This analysis does not include the projected perimeter expenditures.Which are estimated at$13,985. Reconciled Cash on hand $ 393,529.71 Additionally,adjustments are made to the actual cash Add: balance for pre-opening expenditures owed to Desert Preopening Owed by the City $ 4,548.77 Willow by the City&RDA. Finally,an adjustment is made forth Preopening owed by the RDA $ 20,978.77 perimeter expenditures paid that are allocable to other Perimeter $ 27,479.89 t projects within the Desert Willow Resort Adjusted Cash on Hand $ 446,537.14 Reserve Requirement $ 519,157.00 2 Due by Kemper Sports Mgmt. $(72,619.86) t Represents perimeter expenditures to date. 2 Represents budgeted expenditures for October 1998. Does not Include perimeter projected expenditures. Reconciliation of adjusted cash requirement • Dw9899;Caah Com Pam -Jesert Recreation Facilities Corpo, ion Income Statement Sep-98 Sep-98 # "h Budget Actual Variance Variance Food &Beverage Revenue $ 14,985.00 $ 16,620.00 $ 1,635.00 110.91% Total Revenues $ 14,985.00 $ 16,620.00 $ 1,635.00 110.91% Salaries $ 9,952.00 $ 8,634.00 $ 1,318.00 86.76% Cost of Goods Sold-F&B $ 5,245.00 $ 5,548.00 $ (303.00) 105.78% Food &Beverage Expense $ 2,410.00 $ 8,243.00 $ (5,833.00) 342.03% Total Expenses $ 17,607.00 $ 22,425.00 $ (4,818.00) 127.36% Net Income(Loss) $ (2,622.00) $ (5,805.00) Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw9899;PDRFC Budget