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HomeMy WebLinkAbout04 OCTOBER 1999 � � � � �� INVESTMENT F� PINANCE COMMITTEE �DNk'SDAY� Oclober 20, 1 ggq-- 1:3o P.M. NORTH WING CONFERENCE ROOM - I. CALL TO ORD�R II. ROLL CALL III. APPROVAL OF MINLITES Rec: Appcove the Minutes of September 15, 1999 as submitted. Action: N. ORAL COMMUNICATIONS A. Any person wieking to discuae any item not otkerwise on the agenda may address tke Investment £d �inance Committee at t�is point by givin� his or her name and address for the record. Remaz�Zs skall be limited to a masimum o�{ive minutes unless additional time is authorized by tke Chairman. B. T�is is tke time and place �or any person wko wishes to comment on non- hearing agenda items. It should be noted tkat at the Investment Fd Finance Committee's discretion, these comments may be deferred until such time on tke a�enda, as tke item is discussed. Remar�xs skall be limited to a maximum of�ive minutes unless additional time is aut�orized by the Chaixman. V. OLD BUSINESS A. Status o� Public and Private Partnerskivs Baclz�rommd Checlxs �or Section 4 Rec: Report by Carlos Ortega. Action: B. Boncl Issuance bv Palm Desert Financind Autkoritv Rec: Status Report on new Bonds. Action: AGENDA - INVESTM�NT F/ FINANCE COMMITTEE Oc4ober 20, 1999 C'. C'it�o� Palm Desert Treasury Policies anc� Procedures Manual Rec: Review and submit to City Counci�. Action: D. Desert Willow Golf Resort Comparison Rec: In�ormational item �or tke Committee to review. No action required. VI. NEW BUSINESS A. Citv ancl Redevelonment Adency Investment 5ckeclule �or .Seutember, 1999 Rec: Review and submit to tke ne�ct City Counci� agenda. Review tke presentation on the investment �rap�s. Review the inveatment activity durin� the month of September. Review status o{capital projects and cash {�ow projections. Action: B. Review Skort Term Investments Maturind in October, 1999 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds ancl notes; and, 3) agencies discount notes. Action: C. State of Ca�i{ornia Local Adency Investment Fund Montlil�� Reports �or Au�ust. 1999 Rec: In{ormational item {or the Committee to review. I�10 action required. D. Mont}ilv Financial Renort for Citv Council for Sentember, 1999 Rec: Report and submit to City Counci�. Action: AGENDA - INVHSTM�NT f�/ FINANCE COMMITTEE October 20, 1999 E. Par�view Pro�essional O�ice Buildinds - Financial Renorts for September. 1�J99 Rec: Review and {ile repork. Action: F. Desert Willow G'ol� I2esort Financial In�ormation for Audust. 1999 Rec: Review and {ile ieport. Action: G. Palm Desert Recreation Facilities Corporation Income Analvsis �or Au�ust. 1999 Rec: Review and {i�e report. Action: VII. REPORTS AND REMARKS A. Reports and Remarks bv anv Committee Member B. Items to be placec� on tl�e Next Adenda VIII. NEXT MEETING DATE Next regularly scheduled meetin� is: ��u�.�n���c�<��m_ �Yov��tm.���e Il�. 11QDw��� ra14 1107�� ,�,��_-�r,- rx. aDJou��Nr i � I hereby certi{y under penalty of perjury under the laws of the State of California, that the �ore�oin� a�enda �or tke Palm Desert Investment and �inance C'ommittee was posted on tke City Hall bulletin board not less tkan 72 hours prior to tke meetin�. Datec� tkis �etober 14, 1999. Veronica Abarca, Recording Secretary �-�� . � � Minutes - - ` Finance Committee CONVENE On September 15, 1999, the Investment & Finance Committee was called to order at 1:33 p.m. by Mr. Paul �'iibson. ROLL CALL Ray Diaz, Dave Ezwin, Paul Gibson, Tkomas Je{{rey, Murray Maglo{�, Cazlos Ortega, Bob Spiegel, Bi]I Veazie and Veronica Abarca, recordin� secretary. Gregg Lindquist, Deaert Willow GoI�Resort APPROVAL OF MINiJTES On a �notion by Mr. •Spiegel, seconded by Mr. Veazie, the Minutes of the june l6, 1999 meeting and July 2,i, I999 meeting were approved as submitted. ORAL COMMi.JNICATION None. F. Desert Wi�low Gol� Resort Financial In{ormation for 1ulv, 1999. Mr. Lindquist stated tkat t�e {inancials �or tke month o�E�u$ust were not yet completed, so he would be giving the in�ormation �or July. The rounds �or July totaled 3,299, 1,500 more tkan July, 1998. The green �ees, 63% akead o� budget, kave increased �rom�45,000 (July, 1998) to $123,000. Receive and {ile report. G. Palm Desert Recreation Facilities Comoration Income Analvsis {or ulv 1 Mr. Linc�quist stated that for July, we are 27% ahead of budget. T�e total revenues kave increased {rom$8,000 (July, 1998) to �17,000. Mr. Lindquist gave a brief synapse o{the preliminary numbers for August. Mr. Lindquist stated tkat {or E�ugust we aze approximately 7% a�ead in rounds. Revenue is up �5�,000 compared to August, 199g and e.Ypenditures are at buc{get. Mr. Lindquist stated tkat November is usually tke �irst montk tkat tke Gol� Courre ma�xes any money. One course �vill close {or{our wee�xs be�innin; November 15. 1 Minul;e� I'Inancc Committce Mr. Lindquiat in�ormed tl�e committee tkat two new employees kad been kired; Janet Ebright, Executive Che�and Rudy Zasweta, Superintendent. Receive amd {ile report. OLD BUSINESS A. Status o{ Public and Private Partnerskips Baclx�round C}iec�ea �or section 4 Mr. �rtega stated tkat a bac�Zground chec�Z is currently being done on Sonnenwood Del Rio. Current�y obtaining re�erences. Tke in{ormation will be �orwarded to the sub-committee once received. $. $omd Issuance bv Palm Desert Financin�Autkoritv Tkere were no ekan�es to tke previous montk report. NEDP BUSINESS A. Citv ana Redevelonment tldencv Investment Sckedule Mr. Je{{rey stated tkat t6e boolz value o�tke City Repod was at �167 Million. A decrease o��4.7 Million due to debt service. Mr.Jef�rey pointed out the diversity o{investments witkin tke City port{olio resultinp in an improvement to tke pro{it. 'The boo�Z value o�tke Redevelopment Agency Report was at �149 Million. A decrease o{�9.6 Million due to debt service and land purchases. Receive and {ile reports. ` B. Review Short Term Investments Maturin� in Seuteml�er, 1999 Mr.Je{{rey reviewed the kand out. A portion o{the {unds avai�able will be uti�ized {or debt service wit� t�e remainder to be re-invested in corporate securities and a�ency callables. Receive and {ile report. C. 5tate o{ Cali�ornia Local�enev Investment Fund Montklv Renort Mr. Gibeon revie�ved tke L[�I� Statement {or June and as�xed i�tkere were any questions. There were none. � Minul;e� Tlnancc Commii;tce Receive and {i�e report. D. Montkly Financial Revort {or Citv Council for tke montk enclin� Au�rust. 1999 Mr. Gibson reviewed tke reports. Mr. Gibson stated tkat tke negative {igures aze due to prior yeaz accruals wkich have not yet been zeroed out. He stated there was not much activity to date {or the neither the City or Redevelopment . A�ency. Receive and �e report. E. Parlxview Pro�essional O{�ice Builclinds - Financial Renorts �or t}ie montk endind Audust. 1999 Mr. Ciibson stated tkat Paz�view is currently akead o�budget. U.S. �i�ter will move from Par�view O{{ice Complex and relocating to Boston. Terms o�the termination o�t�e remainder o�tkeir tn•o-year lease agreement aze currently bein� negotiated. Mr. Spiegel stated tkat ke would in�orm Skelter {rom tke Storm o�tke vacancy. Mr. Gibson stated tkat the tenant improvements at the one story building are comin, alon�. Receive and {ile report. • H. �uali�ication of Bro�xer-Dealer Aun�icants . Mr.Je{{rey reminded tke committee that earlier tkis year we requested applications �rom primary dealer to obtain t�ree �or�.'itv and Redevelopment Agency. A second request �or applicatione was done in August. As a result, based on their.quali{ications, we have selected Lehman Brothers, Ckase Securities and Zions Ban� as alternative primary dealers. Mr. Gibson stated that Zions Banlx c�id not kave one complaint {iled on their record. 3 Minute� I�'Inancc Committce On a motion by Bill Veazie, seconded by Murray Magloff the committee approved all brokers dealers to be added to the list of primary dealers. I. 2000 City o{ Palm Desert Investment Policy �r.Je{�rey reviewed tke substantive ckan�ee to t�e prior year policy. Page �ive (5) o�the Investment Policy kas some signi{icant changes; 1) Recommend the total number o�approved dealers be capped at eigkt; 2) Recommend applications be sent out only wken needed; and 3) Recommend tkat applications be received o�ly by the sales department of the institution. Sta�{recommends increasing tke overall investment in a single agency {rom 25% to 30%, which is the limit used by the City o� San Diego, allowing for more �exibi�ity. A minor ckan�e made required tke Investment Mana�er and the Treasurer to review tke credit standing of securities on a periodic basis opposed to a quaxterly basis. Mr. Spie�el stated tkat �e pre�erred tke quarterly basis since period could mean every five years. Mr. Spieg�el stated tkat semi-annually would su{fice. On a motion by Mr. Ortega, seconded by Mr. Envin, the committee approved the 2000 City of Palm Desert Investment Poliry along witli amendments to be forwarded to City Council for their approval. L Treasury Po�icv • ' Mr. Gibsori stated tkat all members skould kave received policy in tke ma� �or tkeir review. Mr. Gibson stated that t�e po]icy was also �orwarded to our auditoi s �or their input as well. � � f Mr. Spiegel as�xed i�tke auditor s kad responded. Mr. Gibson stated tkat he �as not received tkeir response and �vill not send tke policy to Counci� unti� that is received. �Ir. Erwin requested tkat a {ew changes be made to tke policy. .�'Lr. G'ibson stated t�at all c�anses �vould be made and a revised policv would be brou�kt bac�Z to the October meeting. 4 Minu�e� I'Inancc Commlttce REPORT AND REMAR S Mr. Cribson stated that based on Mr. Crites request �or a comparison o{t�e Desert �illow Gol�Course to private courses, �lntkony Hernandez is currently � wor�Zin� on t�e �i�ures and plans to have a report bac�Z to t�e committee at tke October meetin�. Mr. Spie�el stated t�at Mz. Crites wished to appoint Mr. Spiegel to serve on t�e Investment and Finance C.'ommittee �or t�e 2�0�year in�is stead. Mr. Gibson stated t�at he be�ieved tke Ordinance regazding counci� members on the committee required t�at tbe Mayor and Mayor Pro-Tempore be on t�e committee. Mr. Gibson requested Mz. Diaz to discuse t�is issue with Mr. Crites and decided wketker we skould c]�ange tke meeting date/time or c�ange tke ordinance. NEXT MEETING DATE Tke next Investment F� Finance Committee meeting wiIl be�eld Wednesday, October 20, 1999 at 1:30 p.m. ADJOURNMENT Upon motion by Dave Envin and seconded by Paul Gibson the Investment &Finance Committee adjourned at 2:37 p.m. Respect{ully submitted, � � �� �-'���uc �i o� � Veronica L. Abarca, • Recording Secretary 5 aog _� Q , . U a � ° g' e ep � � f � �L d � O � ¢ E `o ui a � (V (V Op� S Su a�i 'u $ � � N N N N ^ � f0 O� m � O � � O N C � � K ! 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W O f � r • � i � i � f iry�."` 4vk�4CA�d��"� t Vl S m � « b i^ �s . : � � � m `�R .lu,F!'..�,t.; i. ''�ai�.. �O . � � � m � g N � z , , , . . , Z / �{. � �v�( .. . "V V t�` "OINM'AY41�1' W} \%� D�lQ�ld�d S'�9 �'�M ruv�1�'M'� h M�j � V .nl O � � � � � � � � !� V O O b O O� . h V N W F V N O� � � l� � b � N V < V O th W 0 � � � � o � Q SN01771W S (%)U131A � gri y Z W LL W � � � N �� �� M N W N � O� p� p �y (y�J OI t�� (`J f� I�tO� ONN � � w �� �3 � ��o ��� � �� � � ��� �$� � �p � 3 U W Q 2 W � auiu.viwww�nu�u�.n .nvi �p °- W Jj m � t�a'i F � b � 2 .,.xS��.::. Si m ��c^$�,8Qmn163,`O8Q��c58QCC ) ¢ 8' ¢ v' �j � a� .,.a •... � Q cyrnS+25a �n� �25��m p{�a C } 2 � N �W � p d° m �ia���������� ��� ? ¢ _ ¢ a > ^ :,•, a s � � U U '7s;o.: a W O���N�!^ tD��n � 2 � � y� �5 � w � W ' O J ~ � � ¢N W c' tn O� O � Z �' ,`; ,� ? J _ � «,«,«,«,«,«,«,«,«,«,«, «,«, _ � W S � „ $ � b< cn�1H�Ot7u�IOtO�nO WTC�pfOiW = � �Q LL q gOi y� StD�(V M O�r� �i I�� V1 LL � � N O ,���n��.ti.� Oi � � ���O���V N � !,' 16s. � ° � �������M��£§W ��� � � � a� w � O � uiaoNNevi �cev � m � T a � � tS =;. v,�. rn � � °���� � V � � 1;,4, � � a y y LL ¢ M J S «,«,«,«,«,«,�»»��. ,»«. W � � g m � , � � U �."�FR. .y'i, C = o � g $ � w � � w y U y m w ul~ � � W Z * r *S�r .��,1 g z � �-w Z � a W � o Zg �Z�a � ¢ ¢ i �a � $�8� � � m < , m �� � >�<5p��� 3 °x��;:'i ,` "",'. �; � U> Tp��wf7�Ya � Z U U¢t� W 2UQ � ,�, ¢w wpw¢3��wa � � m �a <zd¢�¢�Fj� ��� a � ,`,.,r ..:�'�.� s�{ .`..i`"':,?"u.� � ¢ �a°���w >d� � . � Wa ~�LL�O W~S H�p W� �O[2 2 Z O W N t�l O YNe-ae�o���W8� 0a6 �G i(i N N Yf �LLJLL LL�2fAEtiU (!1 � X . — — (%)O131A CITY OF PALM DESERT "' (NVESTMENT ACTIVITY REPORT "` SEPTEMBER 1999 EXECUTIVE SUMMARY As of 9/30199, total portfolio book value was approximately$167.8MM. This reflected a net increase of approximately$703M from prior month due to sales tax receipts. There was an unrealized portfolio net gain (market value-book value)of approximately$343M, based upon prevailing market interest rates. This was only a "paper" gain since there was no profit-taking. Significant changes in investment position are shown 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 INCREASED BY APPROX/MATELY$1.2MM DUE TO A SECURITY PURCHASE. "Federal Ayen�y•Couoon". 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. GovernmenYs"moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$7M DUE TO AMORTIZATION OF PREMIUMS. "Local yency Investment Fund (LAIF1". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180- 540 days. THIS ACCOUNT BALANCE DID NOT CHANGE. "Federal Ayencv•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. THIS ACCOUNT BALANCE BALANCE DID NOT CHANGE. "Citv 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. "Fideli�reasury 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"Aaa". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$9.3MM DUE TO DEBT SERVICE PAYMENTS. "United States Treasury -DiscounY'. The City buys noninterest-bearing zero coupon securities ("STRIPS"j 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. "�jyhMark Sweep Accounts". The City sweeps excess checking balances into"HighMark 100% U.S. Treasury Money Market Fund". This $905MM fund invests only in U.S. Treasury bills, notes, and STRIPS (no repos or reverse repos). Weighted average maturity is 90 days or less (per SEC regs). Although unrated, underlying securities considered "AAA". THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$10.4MM DUE TO MATURING SECURITIES. "State 8 Local Govt Series -Time". The City buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 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 Notes". The City buys interest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED BY APPROXIMA7ELY$13M DUE TO AMORTIZATION OF PREMIUMS. ". The City buys noninterest-bearing federal agency notes at a discount. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2.4MM DUE TO A MATURING SECURITY. "Commercial Paner", The City buys high-grade, unsecured commercial paper at a discount, with maturities of 180 days or less, from Fortune 500 companies. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$932M DUE TO SECURITIES PURCHASES. W U 2 a fn � (n (n ln fA V1 fA fn lA (n fn fA lA fn (A f7 N ln Z J W W W W W W W W W W W W W W W W W W - � } } } > } } } } } } } } } } } y } } 0 � oN � o , o , , , o � � � N � � � -� J O O O OD M ef � aD <O (O 0 Q 1� O O O V N [h M V N N LL � V O O O aD M oD .- aD f� � r F. w o 0 o rn v � � rn in u� - 0 Q v o o ri �n co co co cn ri c+i r T a e» fn En fn <n v� ca a» f» �a » En en v� tn o+ O p�j J ~ � � W o 0 0 0 0 0 0 0 0 \° \° o 0 0 0 � LL () o 0 0 0 0 0 0 0 0 � � o 0 0 0 W F Q. 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This reflected a net decrease of $722M from prior month due primarily to land purchase payments. There was an unrealized portfolio net gain (market value-book value)of approximately$460M, 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 compiy with IRS yield and arbitrage rebate restrictions). 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." 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. S8P credit quality rating of"AAAm"; Moody's of"Aaa." THIS ACCOUNT BALANCE INCREASED BYAPPROXIMATELY$12MM DUE TO MATURING SECURITIES AND THE POOLING OF FUNDS TO SERVICE DEBT. "Local Ayency Investment Fund (LAIFI:' 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, CPs)with weighted average maturity of 180-540 days. THIS ACCOUNT BALANCE DID NOT CHANGE. "United States Treasury •Caupon." 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$1.7MM DUE TO A MATURING SECURITY. "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 heid in escrow(to comply with IRS yield and arbitrage rebate restrictions). Nonmarketable. Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$372M DUE TO MATURING SECURITIES. "United States Treasur;- Dis�unt." RDA buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years to invest tax-exempt bond proceeds (construction monies). Purchased at discount; face value paid at maturity (difference is yield). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "HiahMark 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$54M DUE TO INTEREST COUPON INCOME. "Federal Ayan�y-Coupon." RDA buys U.S. government agency and instrumentaiity notes with maturities of 2 - 10 years to invest advance refundings and tax-exempt construction funds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. GovernmenYs "moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$3M DUE TO AMORTIZATION OF DISCOUNTS. "Federal Agency -DiscounY'. The City buys noninterest-bearing federal agency notes at a discount. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$4.3MM DUE TO A MATURlNG SECURITY. "Commereial Paoer". The City buys high-grade, unsecured commercial paper at a discount, with maturities of 180 days or less, from Fortune 500 companies. THIS ACCOUNT BALANCE DECREASED BYAPPROXIMATELY $6.3MM DUE TO MATURING SECURITIES. 'Federal Ayency -Callahle". 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. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF DISCOUNTS. "dledium.Term Notes". The City buys noninterest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED 6YAPPROXIMATELY$2M DUE TO AMORTIZATION OF PREMIUMS. W U Z a �n v� �n u� v� v� v� v� v� v� �n v� �n v� v� Z J W W W W W W W W W W W W W W W — a r � Y » » r � > > � � � >- � O U N 1n � � � � aD f0 OD I� f� J J � � V � � 0�1 t�0 (�D i � � Q O � � � 1� � � O O F F ONf W Q�i m � O] O O � U �ri � ri � ui � c�i c�i a a t» fn cr> �» v� cri v� u> va sv Fn s> fn v� rn OZ r- O W e o 0 0 o e e e e o 0 o e � IL („) o e o 0 0 0 0 0 0 0 0 o e W F � V W O � 000 01 V '- '- 00 � � aa W F a w y � W U ZQ � N c . 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Ful .. . � 1 A�W W 1 J � O � �m n t�tG V N fV��fV(h � � � ¢ J O . „ r. � _ U Q p� LL ° a ^ w � r W � Oa ' .S.r, f'"' , ,�i.+';' W � " «,«,«,«,«,«,«,�«,�,«, ,�,� � ¢ g � Q : 9 g Z yQ w � � ° m p Z W N � W m I x f 1=��"'a N �`% ., y.;�' �r" � d Q � � � Z W � U m 0 I ' •� � H ' fA � W � W � � W M�' 1 : 'k'j/'A,,: � W = W ~ 0 � � O Z � I Y �y.,w�k Y �F✓_1..^a.4 x [t J �2�2��N ¢ LL W N� �gN����N� a a m c�7� ��c�7°wrapi 3 fir"� .s3 t '���� i UN W�JQC�¢N W J�ul W{7��� � v . .' m O¢ �¢�O�iYQaUF-a =N> � � � �:' "�t' L t:�.; 'z� .y u,�,nrc :i B �� �Q��a�W�� �o�j � � 'a r � aw— w �w �w `��1 Y F (n11JeLL�41�=���eVa� ? N N V d d m (%)Q13U SECURITIES PURCHASES SEPTEMBER-OCTOBER 7999 CITY OF PALM DESERT The City has acquired the following six securities for its portfolio: 1 . S3MM BP America Commercial Paper; 5.76% YTM; Price of 98.15; Matures 1- 25-00. A-1 +/P-1 Credit Risk Rating. Purchased from Lehman Brothers. 2. $2MM US Treasury Note; 5.07% YTM; Price of 100.17; Matures 2-29-00. Implied AAA/Aaa Credit Risk Rating. Purchased fiom Zions Ca,oita/Markets. 3. $3MM Du Pont Commercial Paper; 5.32% YTM; Price of 98.85; Matures 12- 17-99. A-1 +/P-1 Credit Risk Rating. Pu�chased from Zions Canita/Markets. 4. S2.8MM Wal-Mart Corporate Bond; 6.1 1 % YTM; Price of 100.06; Matures 8- 10-01 . AA/Aa2 Credit Risk Rating. Purchased from Chase Securities. 5. S2MM IBM Medium-Term Note; 6.31 % YTM; Price of 99.34; Matures 6-29-01 . A+/A1 Credit Risk Rating. Pu�chased from Chase Secu�ities. 6. S2MM Walt Disney Global Bond; 6.25% YTM; Price of 100.17; Matures 3-30- 01 . AlA2 Credit Risk Rating. Purchased from Chase Securities. REDEVELOPMENT AGENCY None. MATURING SECURITIES OCTOBER 1999 CITY OF PALM DESERT 1 . S2.4MM US Treasury Note; Matures 10-31-99. REDEVELOPMENT AGENCY 2. S 1 MM General Motors Commercial Paper; Matures 10-21-99. I STATE OF CALIFORNIA �—'� � 'l PHILIP ANGEUDES, Tieasu�er OFFICE OF THE TREASUR�a SACRAMENTO Local Agency Tnvestment Fund ' PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 - August, 1999 Statement Account Number : 98-33-621 CITY OF PALM DESERT Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effecrive Transacrion Tran Confum Authorized Amount Date Date Type Number Caller 08-23-1999 08-20-1999 RW 397815 THOMAS JEFFREY - 4,000,000.00 Account Summary Total Deposit : 0.00 Beginning Balance : 18,480,984.37 Total Withdrawal : - 4,000,000.00 Ending Balance : 14,480,984.37 ' :c ,� . Cl� - " -r-• - V , s. N m " GJ w i �- — �1 'a '`, _ '. �� � ,.l _. _3 J _. -. �(�fQ , V� �JI\. � �. -r�lv�.- Page : i of 1 �..,,a � , 5�. , , , �_ - � . .�� �,;� � ��-�OCAL AGEN Y � Y« �_"� �� � � �� � E� k�� �� ��. . a ``/i��.y�� . � �,vE �) � ffiwrJ�^-, '' � � x+'i,�=..�k r��fir � , � SUMMAiL��Q�I#`CT.l.Y�(` ";�"Ys�` � � �aky� t '� a t �s w�d..-�ccMrex,. '€... w-. � i x x� -s�"'k� Ee .a.�. �`k-�+�-lz ' � _ ' '=�'AUGUS'��9�4�"����-; �� ��� �' _ ..w,a� .a.'� k<�° 4� ���r w �.. m�� tt �' 't�x.-a �:� 4^"x .3N�� a���x '� ; ���� u ,. BE�INNING�BALANCE � ;� DEPOSITS"���W�'�{DRAWALS��MONT(i�END BALANCE' $13,691,86a888 1`9 Y ��`$,1;106 335,184`31'*;��'I;G�a 028;784-�1�"1�'� "$13;183,16T,287 a9" # � �' � ��.."�`��* ai ' �, ` ��� +._:.;c3 �-F��,,�.cz� r .� uv�k? 7' �k ! J�"��t?4� � cK-. �,s �; x�' i�;� ���.�_ . ,"'�,3e:.fi .G�'�w-'�s.c ""i� -r�*r k..� »,.�... ;'' 'mr;-a+"= 'gy.v��� . ,. � � � �� ' POOL"ED MONEY.INYESTMENTACCOUNT ��'�>` :��.:x� ' ` �<.SUMMARY OP�,INYESTNIENT'DATA� ;= �.k �,� `�"'� `' �. . : � ,_ � ;. . .�., . . .. �. ,,. _ �s..s;'s`� �;�, : . r: A COMPARISON O�AUGUST."1999 WI]'H AUGUST.1998 d�a ��` ' '4 ^c A Y � '` .' 3,(Dollais in Thousands) ,,, � - �,"�'a� _�; ;.+ : ; -� �a� ��.•' ti...=.'- 4 ;�� w������. _ August 1999� August 1J98 =� `=Change �.r� " � > � , �.�� � � r�- : �� : : � � � � _ Average Daily Portfolio �� �-��: ..� �` ° `�� � � * .,.e , ��.".. �;,» , � , $33,675,60T, -� $31,350,849 � � +$2 324 758 � � A �. R�V � � EffectiveYield �� � ; � °�= � �� �� A� � ��s� .�, , - ' .=�.,�. "` �225 '�. 5 652 ., ' 427 k� ` ' ., .� ...k ._.: �..i.. ,, + .�. Y .,-w *..�.. 3:a' -�. ; Average l:ife-Month End (in days) ° k�.` ' - � �< ` � '" _' � ` � � 209 = . 201 � _� ,. ' +g . _. , �, � , . . , , . �. � .k � �..: � , a..� � �, �./�%�%�ii�ili�ii���i�ilio����ii�iilEiiio�%�iiiij�i�i�•> , �. '�i�o��;,%„�;��,��,io��������,��„��„„��„���„�'�„�,',�li.� PM IA MO N TH LY REPO RTS • . . . . . . . . . . . . . . . . . . On October 15, 1999, LAIF will hold its Annual Conference at the Sacramento It was determined by a sutvey that Convention Center from 9:30 a.m. to 2:30 p.m. many of the local agency participants did • A tour of the STO is planned for October 14, not wish to continue receiving the Pooled 1999 from i:00 - 4:00 p.m. Money Investment Account monthly report. This year's program includes Partictpants who have requested a presentations by the State Treasurer, Philip copy will receive the report by separate Angelides, William Dudley, Managing Director and Director of U.S. Economic Research for mail. Go�dman, Sachs and Co., and Elias S. Cortez, If you have any questions, please Chief Information Officer for the State of ContaCt LAIF Stdff. California. LAIF participants are encouraged to ���—�—��—�----�--�—� attend. The conference registration packets � R E M I N D E R � were mailed with the July statements. If you � by August 31,�1999aaIf you�have not ren,med� � did not receive a packet or would like additional � yourupdate,pleasecompletetheform and retum � packets, please contact LAIF staff at the number 1 it to uuF as soon as possible. 1 below. �������������������d . � � • • s . � � . STATE OF CALIFORNIA PHILIP ANGELIDES, Treasursr . OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund - PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 August, 1999 Statement Account Number : 65-33-015 PALM DESERT REDEVELOPMENT AGENCY Attn: TREASURER 73-510 FRED WARING DRNE PALM DESERT CA 92260 Transacrions Effecrive Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 08-13-1999 08-13-1999 RW 804912 THOMAS W. JEFFREY - 6,669,000.00 Account Summary Total Deposit : 0.00 Beginning Balance : 14,173,655.59 Total Withdrawal : - 6,669,000.00 Ending Balance : 7,504,655.59 � ::� ' cn �� - - _ _ .- ., �� -, �„ � , D12�. �� � = r° �b � - l� - � _ : :� =, :� . - Pa�e : 1 of I .:i"'..�g�; 1 A -�' � � � � `akt�";.y .. '� -� �;k�/-�+-���-a&v�bs�m�t:�,�H•� }�~ � � � �� LOVf1� Y'�7�'!�7 ��x.r. �.--�,a��e s:+€c-,s..p«x s ��` �..��"' �-� ������� � '�'� x,�, .AGENw�i��17E�5T,1!�IENT FI�ND .„��� :�-,���` , , r ���a� ,.m�� � SUMMA`R3(�OF��..A'C�-'���� ����- '�`-�*" �,�° w � �r- �.�: 7� '+� y�/��., t�Py1h'd'-� ^' . ' 'i � 1 Y� yy� h �t ,���Y ��'4r t �n.E '� � -yx. YXy'Tyf�J as b ^K . x � !.I w .�/il+a � . '3r :st a�. t tR-'� T i , Y . N � � �r � � ` f ---�- g�iNntiNG�sa�a�r.�"��� n�os�r� � � �� x��� , ,��:.�.� ,�� ��rWIT.EiDR�4WA`L�. "' MON�'.H.END BA�N�E� $13 fi9'I 8BQ'888"19.,�� �? T0�335 i84�'1"�' �- _ $°I��'�83,16T,287 59 . ' �����,' �� �, � ��� ' ' p�,� �,�$1,�1�OZ8;lS4 9.i,¢ -�vv -t-: .�-„ `�r �, x " ~ 5. -*� s:{^'3e�� � a :- "'x ^a�+`r..����, t.k*rm�ir`°��'�$ _. �s x'w� ,:� '°�y�"�'au v,�.' t��'�'�"f "��'.,,�' —. �� «:� � ttPOOLED MONEY INUEST;MENT ACCOUNT ��� �:��,�s. ' ��� {� =_���SUMMARY OF INl/EST�NEN�DA'I'AS ^z.� ���_ �,� � A COMPARISON OF'AUGUST 1999 WI.TH AUGUST'1998 � x i i t. � �' i lkn �'^r -6.�y`b n-. r +L+ 1 k4�'F. �� 3 y `',"F �,�' " r � ��c��DOIIOI'SIR'T.�IDILSaO�IS� u -��,t- �at�`�`� � �a ,.f � 's ;.Z k �+ '4 i sai.an-5 a� Yf- �.. `+c_ � ,{'� y' �. � ; � � _�. :: q��:st 199��. '` �k�-€` ' �""`�� w Rr ��� ,_ �, 9 �„ ,,�� ° Augusfi 1998 �` � Change , � ��� � . �': �'?' 4�s � -iN` � .� P Y�� i �i�> Average Daily�'ortfolio z""" ;wn�"',.�'±.:..e�, �,Y� �'`�� _ `��;,a� � ' . ,� �':� ������'�' ����" �2$33,67`,5;6Q7"",�x $3�,3 0 845 � �+ ,758 a..,, {� �.{.�� ( ,� � .- ��:' $2 324 �EIIPiNYYPi�Pild yl�y,r.yr �..f�'vk�'-�t •i �`'`''�ky� �a�i�'"9'7+� f, `� a ,� °�9'�J7*,�T'� � .. <y,.+± �,. . ..: '+'�",T.tt" � :�.r7 ��" °L.?#��„'* : w . � .� , �.�,�,a,,..,.. r�.s .:;.sw ��•- 5652 ..�.�� 427 - �,y..,-E.�.. �„ Average Life-Month;End (in day) ����s'~/�� ;�� - �-� ���;'.� n p . .... . -`+.:. � -� 'a�20J, � ��2�� �� }V +: +• + ��'. • � . .'.... _, �., . . a.x'wt.,:.;, . ����j�i/i�iiii,?li�ii�i�ioii�i/ii�i�iiia�ii���ilii�il � �% /�%� �%��i���%� ., �/./�,i/.;,i/r%;;�/;/%;/%� %,,,�,�%%%,,,, � PMIA MONTHLY R 1 �r< «�. . l EPO RTS On October 15, 1999, LAIF will hold its Annual Conference at the Sacramento It was determined by a survey that : Convention Center from 9:30 a.m. to 2:30 p.m. many of the local dgenCy partiClpant5 did A tour of the 570 is planned for October 14, not wish to continue receiving the Pooled 1999 from 1:00 - 4:0o p.m. Money InvestmentAccount monthfy report. This year's program includes presentations by the State Treasurer, Philip Participants who have requested a Angelides, William Dudley, Managing Director copy will receive the report by separate and Director of U.S. Economic Research for mail. Goldman, Sachs and Co., and Elias S. Cortez, If you have any questions, please Chief Information Officer for the State of contact LAIF stafF. California. LAIF participants are encouraged to ���------------����� attend. The conference registration packets � R E M I N p E R � were mailed with the July statements. If you I The 1999 Annual Update forms were due to LAIF � did not receive a packet or would like additional � your update,pl ase wmplete the form a d re um � packets, please contact LAIF staff at the number � it to uuF as soon as possible. I below. �------------------� � • � � � �� � e , � � �� a ' 4 '�^ '^°�''``ta ` •'�"� m .�. m � � ,y y ec � w #3 � � � ,yq �:a`i� .� .d .. T w � D b �,,"'�y C �' ? ? `n ..a � �:� ..�'. 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R v� 00 1� M O O V O >+ � w � � �.w N A O O � T.f?. t? fJ dt � O ,-• .• C -� O �n O � u � � �/� �xY�� '.� •4'. � � � � �j � { x � � � W i�k's:� �c i�; � "�«�1 -�.i ':� �I -�r ".� �'-.�� � �-. .-. .-. � y .^�! {. .�c+ .�.�w .��r. .�.+.r . .��+. .�.+�. � � i� � � K -74I..� � /-r�" C. �G �4 C� � C� G ❑ ..-�+' C.'O ':R O :."�i' C tD M� �+ O O� �O vi R O a O � �Y A'W'1 'ffi "'eY �'Ati 01 �'^ 'Oj � N N � N O O O � �a p�Ytf.�v1 G LF�+l4�.^er'� w.� h 9 0o O V vi N O O O �..3 O�, O °O O 6 S7; O O N � ^ N ..-• O .--� O t� O � � s` � (� C yµ i , ^S � � r� � �i q'G'� �K h}Mdd. Q O �.�a h�u 7� ��: � ' � � � � . x � � .,^. ,+ 't�" � > :a �' .-. o � �� � x ����'� � � � � � � �.n � a �, �, � � � o � oo � � � d ��o ,� �, �e�, �. � � = o0000 � 00^t'�i .a0 N FO,_.3.'1"���. Y?"V �01� O p o vl O� O O 7 Y pp 'O qC •(V CI .,,..i,..y.�.,..� ,..i � r' �, O O -. O O N +•e � �,� "3" �'s.- �rF> '"' 'O G' ❑ E �,�i �,,�` r Q,' Q y � K � "� .. ;� ;°: �; oo V O� N O� N M � � "� � gl�` � O .-�. O m M O G' m C a ,� s'=� � C a� O �D v1 N � 00 N y � d O � � �p � O T � � Qa � _ C ' � �J! � .+ti.� G� ii m '..E ,,�''�eo ; ;, .n�4,�. � �1 a �' N A+,cat :` A', O W Y f y �{� 't' � N � � 0 :W �/ AP� i � � y y � td aa'�". � � `� pa�p X7 � d «Yi � �p � G v C C .o d . ' .O�� `� W Ir'�i-�. s�ws '� a� �= o � Q F" z E ¢ .t�� � d rs� .«. m E' v .t�� a�' .y � '- .n o �o W ,, ' � m o � ,s p`5. � :,.��"�:; -�.,a w, i � � �K c G7 ca fn o o �a�t � .m �' � " .n .i7 a � ❑ o a .. �.O �� re '� N iJ �t� .�! 'C y �tO., � W � c+ .d. e\ .� �i p ,S'. a �. L A3 Q r1�� C ^ C . fn � �. q O o°�, �> a� i � i i `;'t� W [�-+`�. a �o � � � o � F" d Z M � a � r4.E" fa Pi TrY�+����.. t/#:,� t1: K a. C7 a a U � = ^ ., �...::,. . .... :.. ..rr.a :N' W F W � PALM DESERT REDEVELOPMENTA COMBINED STATEMENT REVENUE AND EXPENDITURES CO 30-Sep-99 TOTAL RDA RDA RDA %OFACTUAL (FAV)UNFAV BUDGET'�.� �.�. YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE REVENUES � �.��' � 1 Tax increment 28,323,686.00� 7,080,921.50 31.56 0% 7,080,889.94 2 �nterest 2.060,000.00�. 515,000.00 - 0% 515,000.00 Sales of Property �'�� �� ' - �% ' 3 Reimbursement From Other Agencies 725,000:00 181,250.00 94,023.57 52% 87,226.43 Other Revenue � �_�. _ _ � �% _ Transfers to/from other funds � - - �% " TOTALREVENUES 31,108,686.00 7,777,171.50 �94';055.13 7,683,116.37 FAV(UNFAV) EXPENDITURES Administrative Costs 776,720.00 194,180.00 145,452.62 75% 48,727.38 Profes5ional Services 917,988.00 229,497.00 139.186.43 61% 90,310.57 Property Tax Administralive Fee 520,000.00 130,000.00 - 0% 130,000.00 Cost of Inventory Sold - - - �% - Bond Issuance Costs � � - - - �% - Bond Discount _ _ p% _ 4lnterestAndFiscalCharges 10,924,886.00 2,731,221.50 3,842,170.89 141% (1,110,949.39) Principal Payments 3,100,000.00 775,000.00 340,000.00 44% 435,000.00 - - 0% - Capital Outlay ' .-�� - - 0% - Office Equipment 10,000.00 2.500.00 - 0% 2,500.00 Undergroundinc7 Projects 21,665.00 5,416.25 - 0% 5,41625 Deep Canyon&Hwy 111 3,078.00 769.50 - 0% 769.50 ElPaseolmprovements 2,755,000.00 688,750.00 - 0% 688,750.00 Parking Spaces 10,000,000.00 2,500,000.00 - 0% 2,500,000.00 Fred Waring Dr. Street Improvements 5,265,000.00 1,316,250.00 298,592.34 23% 1,017,657.66 I-10 Cook Stlnterchange 250,000.00 62,500.00 250,000.00 400% (187,500.00) 5 No. Sphere Infrastructure 8,960,307.00 2,240,076.75 6,826,081.44 305% (4,586,004.69) RDA Projects 5,005,144.00 1,251,286.00 - 0% 1,251,286.00 Desert Willow 5,139,019.00 1,284,75475 8,912.94 1% 1,275,841.81 Land Purchases/Property Acquisition 4,300,000.00 1,075,000.00 - 0°/ 1,075,000.00 - - - 0°/a - ' - " 0% - _ - - �% - Transfers - - - �% - Transfer Out Administrative Costs - - - �°� - 7ransfer(In)/Out Capital Exp Reimb - - - �% - Transfer Out Low/Mod Set-Aside 5,664,737.00 1,416,184.25 - 0% - 1,416,184.25 - - ' 0% ' TOTAL EXPENDITURES 63,613,544.00 15,903,386.00 11,850,396.66 4,052,989.34 �. Tax increment is received in Jan&May 2: Interest is received as securities mature 3. Reimbursements are posted at various times during the year. 4. 10/1 debt payments of$5M are included here 5. Includes land Purchase d � m x .. m '1 � � u�i � C) � vDm O �1 [n � � m m d w � - y o o a 2 3 �^. °' m x Z � y v�i m H � 07J 2 - T � m0000 D � 3. 0 � m � � -. 0 D m m m o. m yNon =cw o� m � � o'� y' � C � � � o y � fmn n � r �� � � � �� o �� mc�� m� mmw ^. m � m � � ^ 3 � 3 m ��. m x �', cn o m o a o x '< <n o 3 a �° a y � � n � o � _ �� m 3 p � � o a � � m m � � ^ m rti m f c� 3� m � " 3, � o m D � �` 3 � 3 2. N m T'< O !/� z � d =. m N � �n o W� m fn � � z o '+� m � a a � v " � N m S v ^ n � H v' c 3 .'O .Zl c � m d o 2 � � m � ° d m < i y O .v !°. m < � �' � m � m' � S tp .� fmA tn� (� � m m 3 m � u��i m � � RI a T1 o y a m �p N m �D f°� " � o �D m m G 3 " c m` � � Rf P y 3 � a r � '" m O � " II 3 'D m � Z w .p_�n��n m <n o n� � . a -I W +O i0 N IU C V V V 4� N � (p � D � O W O � fT Of O (T � � O V (T A -� � _ O�(O (n�00Q� OfTW O U��m N N O � Q N m � O O + W�p q O�O O � Q IJ V O O O � Z Q� O A O O O O O J O� O W N O O O A Ol O 1p A V O O O O Ot N O (J o O O o 0 0��O � � � � � � � � � � O O O O O O O O O O O � � � O O O C O O O O O O O O O O O O O O O O O O O O O O O O j V pJ � V N N � V O O W W N D � (P O O cT A A W �`�p' � O O �O t0 (n � � �1 O O N N O J O O t.� V O� O � O O A (T N O W D � o m m rn c:� � o y � �o � o � °' � v W OJ A N .. � (O N A p � O [D A T O W A A CD O n D D � � v ° D 0 o w n r G o � 0 o A � m > v n - 'm o_ '� d m �1 0 o A � C 0 o Z � � O N V � OI N N N 1 � QJ (A T O Ol V U� � 9 A �D O O U� A A � J W O IO W N N d N O O O O O O O N O � O N O O O O O O O O T N O O O O O O O v o O O O O o o (p O A O W O O O O O O O O A � O O O O O O O �1 O O O O O O O A O A O A O O O O O O O O W N p O O O O O O 1 m � x m -i -I � � -i � � j W W � � � DA � O :O � S � t�D � m v w o� �, o o m o p a � m � �. m � x � 2 � O m ai r�n W �. m a a 3 � y �, a p m � Q y � � W O n r� f� N (D N paj .N. � N j .� y. N C '� W .�0 C O tl N � � � m �� � m a � � o m d �` N '� o � 3 � � _ � = � o O aD � N � m O a � � � o m � � ^ . a < o F 3 ' y o � g. 2. o 0 3 T� o � a c� = y — y � y c o y J � p. � ^ S y O � N y y � 3 F � N (n � d � t�D d M 0 - � N ^ ' t� . C � � C � X � y = � a i D-0 3 m � � m � �' d � y � m � T �' 3 v' - � m � � � r� �o � O N N n N � � N n 3 m � o n y N N � (NO (JI � j O fd�.�� fD � � d � y W � . (O W.(T � �I A t0 W W a 3 , S O � O N CO�N CT W Cn N� C � pt A � O A W O N � W O W �6 C Q � (T �I � �:O W N O �l O� O O � ��p� ID fD > �l W � . O N � O.O UI W O O�00 � Co V O O) O�O O�.O N O � O O O O O � � p N O O � OOOCC�.C.00 o O.00GCo � �D � O O � � O O O.O O�O O O O O O O O O O � � < � N �, � a � � rn � �o D � ip fD y N U� � A A � �� � � N � O O � » v p� � (S� N N m 0 IJ V N O (T A � � QD J W J � � 7 �p C. � :: �n D � D A O t�D � (D 0 l�D � W O W (T N n N (D (Jt O (T O -' 3 O � O <D � (7 N O W O V1 (1� � D '� � �. m 0 0 0 w � o � � v m � N N D � i J J � � U� O N ry o� m a � A m �o �n o o � a 0 0 0 o n � m T y T C c � Z � � � � � � O G '7 f� O � 1 � A W 0 � W N d Q W O N A A y O O O O O O O O O O O O (NT O O O N O O � W O O O O W O O O O O O � O O O Ut O O Ut (O O O O O (D O O O O O O (J O O O J O O W ,.. ,. PALM DESERT R�DEVELOPMENT AGENCY 30-Sep-99 Schedule of Revenue and Expenditures HOUSING FUND 3 YTD (FAV)UNFAV Budget Budget Actual YTD Variance REVENUES Transfer in of 20% Set-Aside 5;664,737.00 1,416,184.25 1,416,184.25 Interest 115,000.00 28,750.00 1,374.17 27,375.83 Rentallncome 45,000.00 11,250.00 7,580.74 3,66926 Sales of Property - 85,517.64 (85.517.64) Reimbursement From Other Agencies - - Housing Mitigation Fees 53,000.00 13,250.00 13,250.00 Other Revenue - - TOTAL REVENUES 5,877,737.00 1,469,43425 94,472.55 1,374,961.70 EXPENDITURES Administrative Costs 93,250.00 23,312.50 60,118.16 (36,805.66) Professional Services 137,525.00 34,381.25 17,873.02 16,508.23 Property Tax Administrative Fee � - Cost of Inventory Sold - - Interest And Fiscal Charges 2,657,982.00 664,495.50 1,336,973.64 (672,478.14) Principal Payments 880,000.00 220,000.00 880,000.00 (660,000.00) Capital Outlay - _. Office Equipment - _ Acquisition Rehab/Resale#7 496,444.00 124,111.00 8,241.12 115,869.88 Home Improvement Program 1-6 94,067.00 23,516.75 66.91 23,449.84 Santa Rosa 162,257.00 40,56425 48,524.72 (7,960.47) Property Purchases for Resale - 10,000.00 (10,000.00) Desert Rose 3,850.00 962.50 3.28 95922 Portola Palms Mobilehome Park 200,000.00 50,000.00 91,640.92 {41,640.92) Transfers _ _ Transfer(In)/Out Administrative Costs 100,000.00 25,000.00 25,000.00 Transfer(In)/Out Capital Exp Reimb - _ TOTAL EXPENDITURES 4,825,375.00 1,206,343.75 2,453,441.77 (1,247,098.02) City of I'alm Desert Parkview Office Complex September-99 Septemberv99 # % Y1'D YTD # % Budget Actual Variance Variance Eudget Actual Variance Va(lance � Revenues a ��"'�' � � i ����� Rental 3 62,900 $ 66,671 S 3,771 10600% ��+'� $ 185,500 $ 184,224 9 (4,276) 97.73% 2� Dividends/Intereat $ 1,250 $ 4,073 S 2,823 325 82%q r, � � $ 3,750 $ 11,877 $ 8,127 316.71% TotalRevenues $ 64,150 $ 70,744 $ 6,594 13028% �. ;��"'� $ 192,250 $ 196,100 $ 3,850 702.00% a �� � Expenses 9 � � Professional-Accounting&Auditing $ 5,800 $ 5,800 y - 100 00% �"��"5� $ 17,400 $ 17,400 $ - 100.00% Professional-ManagementFee $ 5,500 $ 6,155 � (655) 11191Y ,ry��... �� '� $ 16,500 $ 20,417 $ (3,91� 12374% Tenantlmprwements $ 3,700 $ - � 3,7W OOOha� � $ 11,100 $ 272 $ 10,828 2.45% Repairs&MaintenanreBuilding $ 9,100 $ d,298 $ 4,802 4723%6�� r�r� $ 27,300 S 14,077 $ 13,223 51.57% Repairs&Maintenance-Landscap[ $ 1,079 $ - $ 1,079 000%�j�'� $ 3,237 S - $ 3,237 0.00% UtiliHes-Water $ 250 S 107 $ 143 4262%p '' 4� $ 750 $ 209 $ 5§1 27.84% Utilitiea-Gas/Electric $ 5,500 $ 6,370 $ (870) 115 82% p� ;� ''� $ 16,500 $ 12,800 $ 3,700 77.58% Utilities-Tcash $ 450 $ - $ 450 000% ;� ;:� ^� 1,350 $ 1,745 $ (395) 129287 TelePhone $ 150 $ 138 5 12 9205% �' ° $ 450 $ 416 $ 34 9234% Insurance S 521 $ - S 521 000% V��. � $ 1,561 $ - $ 1,561 0.00% �','"��'�', Ss� _< .......^-$.. �� TotalExpenses $ 32,050 $ 22,R68 $ 9,182 7135% ��•�'^� $ 96,145 $ 67,335 $ 28,813 70.03Y ��f�"� � ����... <��� '.� . 2.Y� �'�..�7,876"'$'. 1�''J}��i�-��w'vxboa:� ..�s.�" . .: , `�'���i16S:'"�'°���.6�63 ?53.�1.'L�', Equipmen[Replacemen[[ieserve S 9,186 $ 9,639 5 (453) ]OA.93% $ 27,S5R $ 28,916 $ (1,358) 104.93% 33e"�3�""e ;�''�-- ��-� �';�,9i4�''3"`=."_� 3s,z�7". s��t -"���� ..� �s �+i.s"a� .5=..�i�os i�:b?x' .:�,.�,. . - ��.�=�»oo�,.,� Parkview Office Complex � � Vacancy Rate Schedule by Suite September 1999 Suite Square No. Tenant Feet 73-710 Fred Waring Drive - Two (2) Story Building 100 Hanover 2,560 102 Bergren 1,360 103 MulHple Sclerosis 48S 104 Arthritis Foundation 960 106 Vacant(space is unimproved) 928 108 Senator Kelly 785 ll2 Assemblyman Battin 1,406 174 Chamber of Commerce 1,478 118 U.S. Filter 1,250 119 City/CVAG Conferenw Room 1,380 120 Golf Dimensions 1,750 200 CVAG 4,292 200A Vacant(space is not available to fease) 841 201 U.S. District Court 604 203 Accounring Services 480 205 Coachella Valley Ewnomic Paztnership 700 208 Desert Springs Investments 960 210 Wilson, Pesota &Pichaxdo 3,040 211 Alzheimer's Association 937 217 Mcmillan 775 Invest;Vacancv PePort ^ Parkview Office Complex Vacancy Rate Schedule by Suite September 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--1,769/31,562= 5.60% 73-720 Fred Wazing Drive-One Story Building 100 State of California-Water Resources 15,233 102 Vacant(Construction has begun-expected completion date is 10/25/99 4,396 Total Square Footage 19,629 Vacancy Rate-4,396/19,629=22.4% Overall Vacancy Rate for Both Buildings: Vacancv Rate-6,165/51,191= 12.04% InvespVacancy Report City of Palm Deaert Desert Willow Budget Vs Aetorl For the moakh of 8epkember 1999 Budgeted AcNW BadgNed ActuW ' . September Sept¢mber S Percmlege Year W Year to S Percmtage Revenue 1999 1999 Variante Varianee Date Date Varianm Variauce Course&G�ound $ 135,429 $ 168,540 $ 33,111 I7A.45% $ 298,438 $ 402,985 S 104,547 133.03% Carts $ 13,200 $ 8,962 S (4,238) 6'f.8996 $ 30,425 S 22.219 $ (8,2U6) 73.03% ColfShap $ 23,050 $ 28,273. $ 5.223 122.66% $ 50,950 $ 70,815 $ 19,865 138.99% Range $ 1,000 $ ISS $ (845) I5.50% $ 2,000 $ 750 $ (1,250) 37.5090 Faod&Heverage $ 24,200 $ 26,141 $ 1,941 108.02% $ 53,350 $ 60,058 $ 6,708 I12.57% Ioreres[Income S I,S00 $ 3,702 S 2,202 246.80% $ 4,500 $ 13,208 $ 8,708 243.51% 7 reyrou Proshop � $ 6,561 $ . 9,7(16 $ (3,145) 147.93% $ 19,409 $ 26,617 $ (7,408) 138.17% Cart $ 12,383 $ 10.626 S 1,757 85.81% $ 33,I25 y 36,786 $ p,661) 104.73% Course&Ground S ll 1,256 $ 161,098 5 (49,842) 144.80% $ 303,850 $ 347,574 S (43.77A) 11439% GoifOpentioos S 18,G06 S 19,032 $ (426) 102.29% S SI,W3 S 58,237 S (7,1b4) 1I4.03% Gecenl&Mministnuon 5 24.875 S 25,589 S (714) 102.87% S 74.521 S 77,612 S (3,091) ]04.13% Food&Hevnage S 18,736 $ I4,230 $ 4,506 75.95% S 46,6W S 37,763 S 8.840 8L03% O[her Expendilures Perunettt Iandscaping $ 2,651 $ - S 2.651 0.00% S 7,953 $ - $ 7,953 0.0096 Proshop 5 5,200 $ 3,423 S 1,7Y7 63.8396 5 7.925 $ 7,945 S (2(1) 100.25% Proshop-COGS $ 12,678 $ 19,232 $ (3,354) 143.8196 S 28,024 $ 32,361 $ (1A,33'n 186.84% Catt $ 26,213 $ 30,162 $ (3,94'q ll5.06% S 70,088 $ 64,231 $ 5,857 9L64% Course&Ground-NorthCourse $ 37,745 5 61,90'7 S (2t,162) 164.0196 S 142,835 $ 163,003 S (20,168) 114.12% Coursc&Gmund-SouthCourse $ �33,900 S 174,007 S (138,10'n 484.70% E 133,900 5 249,193 S p15,293) 186.1096 Course&GrouM-DetertPalletN S 3,800 $ 5,473 S (1,673) 144.03% $ 8,80D S 6,563 S 2.237 74.58% Course&Ground-DesertPallnS S 3,300 $ 6,408 § (3,1p8) 194.18% S 7,30D $ 8,921 S (1,621) 122.21% GolfOpentiona $ 16,U00 S 3,050 S 12,950 I9.06% S 18,300 $ 3,555 $ 14,745 19.43% Generel&Adminisaation $ 59,212 $ 42,196 $ 17,016 7116% $ 133,435 $ 136,674 $ (3,239) 102.43% Raoge S 14,950 S (612) S 13,362 -4.09% S I5,450 3 (499) S 15,949 -3.23% Pood&Heveagc S 4.845 $ 2,432 $ 2,413 50.2056 $ II,845 $ 12,026 $ (l81) 101.53% Food&Beverage COGS $ 7,805 $ � 11,397 $ (3,542) 146.0296 S 17,206 $ 29,439 $ (12,233) 17110% ManagementFce $ 25.000 $ 25,IXq S - 100.00% S 75,000 $ 75,000 S • 100.00% Pina�ing/I.tase $ 7,677 $ 6,913 S 764 90.05% $ 23,317 $ 19,769 $ 3,548 84.78% 7 4 . 7 David I.eadbetter Academy LamingCencerRevrnua $ 3,500 S 654 $ (2,846) 18.69% $ 13,500 $ 11,934 $ (1,546) 88.55% Reimbursemenn ro David Leadbener S (2.975) $ (556) S 2,419 18.69% $ (11.475) $ (9,498) $ 1,977 82.7796 OtAerExpe�dimrcs S (1,430) S (1,37'n S 73 94.97% $ � (4,350) $ (4,131) S 219 94.97% LwreineCeohrincome(I.ossl � S (9231 $ (1,2791 S (3341 13817% $ (2,325) $ (1.675 S 650 72.04% OpenNnglncome(Loes) S (257,941) $ (395,775) $ (137,834) 133.44% $ (794,621) $ (844,610) $ (49,989) 106.2996 FquipmentReserveReplacemmt 17,164 54,223 S 37,059 315.91% 51,492 122,466 S 70,974 237.84% 7 ua s ot o oun n M mo ctu mo a ance anuuce'Ae a Ac[ua d ariance a ce 96 Reaidml 1,628 60'1 p,021) 37% 3,610 1,735 1,88 48% NonResident. 2,509 3,515 1,006 140% 5,415 8,195 (2,780) 15196 Ofher 89 23 (66) 26% 197 120 77 6l% Com Woeo 176 251 73 14t% 49M1 768 274 I53% TotW J,C00 4,396 (8) ]00% 9,716 10,818 (1,102) 111% Dw4000;Financisl Stet<ment '� - N W N O � W � N m O m � L � � � � � � O O mNronomN � mn � 8n � � � N N O O � M ti O � � � � m m � � � � N n � � ti m � � �'� m ti n ti n � . a M A � A ti �o 0 y � a, � o � Q o >. � $ c7 " � C ° c9 � � � .+ u °� � � � � � a � � � � � � � �� � �' 8 � c� r� r� 3 ? 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Z � rn � y a � � �e � ° s g r �' � m � � $ a�o � v N � � m m PC � � E ,o ,! w � 'a a S '� iI E �c � o „ � � .� m U � � s � � � � � �� a � � � w � u o ■ g $ a °: ¢ � � N m Q Q � O C 1+ Y � 'sC Z CJ W N � v � � � p °P E C � � � � � � ; � _ W � E � � � � � G m � � LL � 'O 'a �p � � � � � � S Z � C*• 4 � � � � � � v � �C � 4 6 C �p = �$� ¢ O O O O '� G O O O O O O O O O ' � M � GD I� (D � V O) N � '� '�iD 25 � � � � � � � � � r � � c0 f� t0 uf < f+i ni � ,r � O ti 0 z FIRECLIFF COURSE-3eptember 1999 Descriptlon No. Of Reveaue Avg. Per Pct to Rouads Per PO$ Rouad Total Resideat Rouads Resident Fee- Weekend-summer 133 $ 4,655 $ 35.00 3.34% Resident Fee-Weekday-Summer 338 $ 11,830 $ 35.00 8.48% Resident ltvilight 99 $ 2,475 $ 25.00 2.48% Total Resideat 570 18,960 33.26 14.30% Non Resident Summer Fee- Posted Replay 44 $ 1,100 $ 25.00 1.10% Summer- Posted Weekend 462 $ 28,527 $ 61.75 11.59% Summer- Posted Weekday 461 $ 24,569 $ 53.30 11.57% Summer Fee- IROC MBR WKDY 4 $ 160 $ 40.00 0.10% IROC Member Guest Weekday 1 $ 65 $ 65.00 0.03% IROC Member Guest Weekend 4 $ 216 $ 54.00 0.10% Summer Fee-IROC Des. PRTY Wkdy 6 $ 276 $ 46.00 0.15% Summer Fee-Iroc Member WKND 4 $ 196 $ 49.00 0.10% IROC Designated Parry WKND 9 $ 336 $ 37.33 0.23% IROC Designated Party-ltvilight 7 $ 2S0 $ 40.00 0.18% IROC Member Twilight 1 $ 40 $ 40.00 0.03% Summer Fee - Passbook-7tvilight 8 $ 320 $ 40.00 0.20% Summer Fee-Wholesale Weekend 141 $ 5,640 $ 40.00 3.54% Summer Fee-Wholesale Weekday 176 $ 5,280 $ 30.00 4.42% Summer Fee-Wholesale Replay 4 $ 100 $ 25.00 0.10% Summer Fee-ltvilight 384 $ 15,360 $ 40.00 9.64% Spring Fee- P.S. Golfer Fee (wkdy) 24 $ 960 $ 40.00 0.60% Summer Passbook-WKDY 278 $ 11,120 $ 40.00 6.98% Summer Fee-Passbook WKND 234 $ 9,352 $ 39.97 5.87% Fee Special Event Variable 916 $ 32,945 $ 35.97 22.99% Total Non Rcaident Rounds 3,168 136,842 43.19 79.50% Other Rouads Junior Walking 14 $ 140.00 $ 10.00 0.35% Total Other 14 140.00 10.00 0.35% Complimentary VIP 82 $ - $ - 2.06% PGA Member 59 $ 427.00 $ 7.24 1.48% COD/PDHS 47 $ - $ - 1.18% Donation 40 $ - $ - 1.00% Employee 5 $ - $ - 0.13% Total Complimeatary � 233 427.00 1.83 5.85% Total Round(FYreClif� 3,985 $ 156,369 $ 39.24 100.00% MOUNTAINVIEVI/ COURBE- SEPTEMBER 1999 Description No. Of Reveaue Avg. Per Pct to Rouads Per POS Rouad Total Resident Rounds Resident Fee- Weekend 17 $ 553 $ 32.53 4.14% Resident Fee-Weekday 16 $ 560 $ 35.00 3.89% Residentltvilight 4 $ 100 $ 25.00 0.97% Total Reaideat 37 1,213 32.78 9.00% Non Resideat Summer Fee- Posted Weekend 35 $ 2,107 $ 60.20 8.52% Summer Fee- Posted Weekday 5 $ 245 $ 49.00 1.22% Summer Fee-Wholesale Weekend 32 $ 1,280 $ 40.00 7.79% Summer Fee-'Ituilight 9 $ 360 $ 40.00 2.19% Summer Fee-Wholesale Weekday 2 $ 60 $ 30.00 0.49% Summer Fee- Passbook -WKND 38 $ 1,436 $ 37.79 9.25% Fee Special Event Variable 226 $ 7,742 $ 34.26 54.99% Total Non Resideat Rouads 347 • 13,230 38.13 84.43°/a Other Rouads Junior Walldng 9 $ 90 $ 10.00 2.19% Total Other 9 90 10.00 2.19% Complimeatary VIP - $ - $ - 0.00% PGA Member 6 $ 150 $ 25.00 1.46% COD/PDHS 12 $ - $ - 2.92% Donation - $ - $ - 0.00% �mployee Guest - $ - $ - 0.00% Total Complimentary 18 150 8.33 4.38% Total Rouad (Mountainview) 411 $ 14,683 $ 35.73 100% Desert Willow - Combined Analysis-September 1999 Resident 607 $ 20,173 $ 33.23 14.00% Non-Resident 3,515 $ 150,072 $ 42.69 80.00% Other 23 $ 230 $ 10.00 1.00% Complimentary 251 $ 577 $ 2.30 6.00% Desert Willow Totals 4,396 171,052 38.91 100.00% City of Palm Desert Desert Willow Caah Reserve Aaalysis for the month of September 1999 . Cash Reserve Analysis One Month Re uired Reserve $ 500,000.00 Cash on Hand $ 864,347.86 Variance- Favorable Unfavorable $ 364,347.86 PalmDesert Recreatioa Facilities Corporation Income Statemeat Aug-99 Aug-99 # % Budget Actual Variance Variance Food & Beverage Revenues $24,200 $16,434 ($7,7(� 67.91% Total Revenues $24,200 $16,434 ($7,766) 67.91% Salaries $18,736 $13,176 $5,560 70.32% Cost of Goods Sold-F&B $7,805 $10,014 ($2,209) 128.30%a Food & Beverage E�epense $4,845 $5,905 ($1,060) 121.88% Total Expenses $31,386 $29,095 $2,291 92.70% Net Income (Loss) ($7,186) ($12,661) Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dvf1000;PDRFC Budget PalmDeeert Recreatioa Facilities Corporatioa Iacome 3tatemeat Sep-99 Sep-99 � % Budget Actual Variance Variance Food & Beverage Revenues $24,200 $26,141 $1,941 108.02% Total Revenues $24,200 $26,141 $1,941 108.02% Salaries $18,736 $14,230 $4,506 75.95% Cost of Goods Sold-F&B $7,805 $11,397 ($3,542) 146.02% Food & Beverage Eacpense $4,845 $1,632 $3,213 33.68% Total Expenses $31,386 $27,259 $4,127 86.85% Net Income (Loss) ($7,18� ($1,118) Note: The above revenues and expenditures are aLso induded in the Desert Willow analysis. Dw2000;PDRFC Budget City ot Palm Deeert Desert Willow BndgeY Ve�Ac[nal For the moath olAugnst 1999 BudgHed Actual Budgeted Actuel � Auggust August S Perewtage Year to Year to S Percmmge Revenue 1999 1999 Vuionce Variouce Date Date Variance Variance Couree&GrouM $ 86,510 $ 109,038 $ 22,528 126.04% S 163,009 $ 234,445 $ 71,436 143.82% Cara $ 9,100 $ 7,112 $ (I,988) 78.15% S 17.225 $ 13,257 S (3,968) .76.96% GolfShop $ 14,350 $ 23,141 $ 8,797 161.30% $ 27,900 $ 42,542 $ 14,642 152.48R� Range S 500 $ 340 $ (160) 68.00% $ 1,000 S 595 $ (405) 59.30% Food&Beverege $ 15,400 $ 16,434 $ 1,034 106.7196 $ 29,I50 $ 33,917 $ 4,767 11633% Interestlncome $ (,500 $ 4,722 $ 3,222 314.80'R S 3,000 $ 9,506 $ 6,506 316.87% 7 7 4 � Payroll Proshop $ 6,424 $ 9,356 $ (2,932) 145.6496 $ 12,848 $ 17,1ll $ (4,263) 133.18% Cart S I1371 $ 12,622 $ p,251) Ill.00% $ 22,742 $ 26,160 $ (3,418) 115.03% Course&GrouM 1 96,297 $ 97,020 $ (723) IOOJS% $ t92,594 $ 186,476 $ 6,118 96.824 GolfOpentiortt $ 16,146 $ 18,625 $ (2,479) I15.35% S 32,467 $ 39,205 $ (6,738) VA.75% Genenl&Adminiatntion $ 24,823 $ 26,178 $ (I,353) 105.46ffi S 49,646 $ 52,023 $ (2,37'� 104.79Sb Food&Heveage S 13,703 $ 13,176 $ 527 96.15% $ 27,867 $ 23,533 $ 4,334 84.45R� 7 7 . "1 44 6 44 R� Other Expmditures Perimeter laMscaping $ 2,651 $ - $ 2,651 0.00% $ 5,302 $ - $ 5,302 0.00% Proshop $ 1,925 $ 2,287 $ (362) I18.81% $ 2,725 $ 4,522 $ (1,79'n 165.94% ProshopLOGS $ 7,893 $ 21,262 $ Q3,369) 269.3896 $ 15,346 $ 34,129 $ (18,783) 222.40% Cart $ 22,259 $ I8,313 $ 3,946 8217% $ 43,873 $ 34,069 $ 9,804 T1.65% Course&Ground-NorthCourse $ 48,445 $ 50,439 $ Q,994) ]04.12% $ 105,090 $ I01,096 $ 3,994 96.20% Course&GroundSouN Caursc $ 47,600 $ 44,021 S 3,579 92.4896 $ 98.000 $ 75,186 $ 22.S1a 76.n� . Couru&Graund-Desen Pallet-N $ 2,000 S 986 S 1,014 49.30% S 3.000 $ 1,090 $ 3,910 21.80% Course&GrouM-Desert PallebS S 1.500 $ 1,005 S 495 67.00% $ 4,000 $ 2,513 $ 1,487 62.83% GolfOpe`auons $ 700 $ 24t E 439 34.43% § 2,300 $ 505 $ 1,795 2L96% General&Administtation $ 34,169 $ 47,317 $ (13,148) 138.48% $ 74,223 $ 94,478 $ (1A,255) 127.29% Range $ 250 S 6 $ 244 2.40% $ 500 ; ll3 $ 387 22.fi0% Food&Heverage S 3,500 $ 5,905 $ (2,405) 168.7196 $ 7,000 $ 9,594 $ (2,594) 137.06% Food&Beve'age COGS $ 4,967 $ 10,014 $ (3,04'n 201.61% $ 9,401 $ I8,042 $ (8,64q 191.921b ManagementFee $ 25,000 $ 25,000 $ - 100.00°6 $ 50,000 $ SO,ppO $ - �(q.pp5b Finaceing/I.ease $ 7,773 $ 6381 $ 1.392 82.09% $ 15.640 $ 12,85fi $ 2,784 8220% � 77 4 7 9 R David Leadbe[[er Academy I.earning Cenrer Revenues $ 5.000 $ 4,898 S (102) 97.9696 $ 10,000 $ 11,300 $ 1,300 113.00% Reimbursemena to David Leadbetter $ (4,250) $ (3,300) 4 750 8235% 3 (8.300) $ (8,942) $ (442) ]0510% ONerExpenditures $ (1,450) $ p,377) 5 73 94.97% 5 (2,900) $ (2,754) $ l46 94.97% Leamm¢Cen[er Incomc(Loss) $ (700) $ 2l $ 721 -3.00% $ (1,40D) $ (396) $ 1.004 2829% Operating Income(I,ose) $ (252.736) $ (249,340) $ 3,396 98.66% $ (336,680) $ (448,835) $ 87,845 83.63% Fquipment Reserve Replacement 17,164 37.678 $ 20,514 219.52% 34,329 68,243 $ 33,915 198.80% 7 4 7 9D. 5b na hot o oun s Bu et mo Actual mo arunce erunce 96 u eted d ctual d ariance Variante°� Residmt 1,628 486 (1,142) 3096 2,546 1,128 1,418 44% Non Resideot 2,516 2,280 (236) 91% 3.903 4,680 (777) 120% Other 82 35 (4n 43% 134 97 37 72% Com limeota 178 236 58 1331b 328 517 189 ISSSE Total 4,G04 3,037 (1,36'n 69% 6,911 6,422 489 93% Dw]OOO:Financial Statement � n N � n Oo �o N M N � O � � � N � � � M N p � C � � O � � � � 3 � � C m � � S u N � ti � � ti � N N p�j � � d' N � M � P�• Q m � °a � � � � E ° Y Q � � � $ v a `� o5 � 6 V a �° �o ` � �y.� �, m ° ay � �yi; m '� ¢ � ��� � � U � C� �zc� � E°. c� c� �¢ c�7 � � ria � 0 � � o '" � � G a ; G � � a � � m � � � � o q � � A � � � � A � ga� �� � � a Y ~ m � � � � ~ � � � '� � b � b � ,� � � � � N a N � � �yy m � � K � �~ � � O °' a � S � � � �� �� �� � N � a � � £ a � G $R N V Wp M � U e � 0 c � �Ny ❑ r � � � � � � ce � � � „ � � � o� � � ce � �ry � � N� � �O ce � � � � � � � �o m N N Q � O � M � b M W O � O O N P M h P M O � T � N � � P � N n � m a r o � � nmw � aa � � naHHVM v � m � M $ non � e � a � m � � < _ $ � N N � � � N N � � N � � N N � � r � Y ' a r a a � � — a r r � r n� r � 6 e m 5� 6 � H N r o n n w �`� g = � o .�'.. evi $ mm � � $ a � mg � NH,m �w25 � m r$' � �i � e eew m e eo 00 �vi wi o� �c �n �a m � ci ao aa vi ri v vi M � M N � O v� m N M �� � b � N. v A � (A N Vl H H H H H H H(A Hf V{ Vf H H N N N 1R VI VI H N H H H Vf Vi fq p y y y Op N 4 Q � V .+ b b O� M N W � V V�1 N N b � N M N � O � m O � O �M N � N E �Q O � N � � vt � � R � M b < � �� N ^ b n �N ..m. � � v„' rC'vf M ? 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FQC!' �i' EC.Q Y i bR 9 � � a F F F F � c � � � � � $ Y � � � � E � � � 'J u 'J y J T W � T oY � T � � �aY � � � a' U � a' U .-', a' U � <' U s � � �" �� �° ' z � p � w � ° � � � � � � ~ w � � � O � � W o $� 3 pq �. e °' � C a ffi O C t+ ! � � � �i � 'd $ a ° � � rS � �' � � 8 $ �,� � � a � � s � w �� av $ � � � O u � � � g �� � N � G a Z 'E V E � � 'S U ° � � � o � � � � o � � � � � o � �� v - 9 N � �i C � � m E � � FIRECLIFF COUR8E-August 1999 Descriptlon No. Ot Revenue Avg. Per Pct to Rouads Per POS Ronad Total Resident Rouads Resident Fee-Weekend-summer 150 $ 5,230 $ 34.87 5.25% Resident Fee-Weekday-Summer 215 $ 7,525 $ 35.00 7.53% � Resident Twilight 110 $ 2,750 $ 25.00 3.85% Total Resident 475 15,505 32.64 16.63% Non Resident Summer Fee- Posted Replay 19 $ 465 $ 24.47 0.67% Summer Fee- Passbook-7tvilight 5 $ 200 $ 40.00 0.18% Summer- Posted Weekend 337 $ 19,209 $ 57.00 11.80% Summer- Posted Weekday 259 $ 12,273 $ 47.39 9.07% Summer Fee- 9 Hole Wkdy 1 $ 35 $ 35.00 0.04% Summer Fee - 9 Hole WKND 1 $ 35 $ 35.00 0.04% Summer Fee- IROC MBR WKDY 8 $ 380 $ 47.50 0.28% Summer Fee-IROC Des. PRTY Wkdy 4 $ 160 $ 40.00 0.14% Summer Fee-Iroc Member WKND 1 $ 48 $ 48.00 0.04% Summer Fee - P.S Golfer Weekend 1 $ 40 $ 40.00 0.04% Summer Fee-Wholesale Weekend 24 $ 960 $ 40.00 0.84% Summer Fee-Wholesale Weekday 196 $ 5,880 $ 30.00 6.86% Summer Fee- Wholesale Replay (2) $ (230) $ 115.00 -0.07% Summer Fee-'Itvilight 340 $ 13,446 $ 39.55 11.90% Spring Fee- P.S. Golfer Fee (wkdy) 25 $ 1,000 $ 40.00 0.88% Summer Passbook- WKDY 2p1 $ 8,027 $ 39.94 7.04% Summer Fee-Passbook WKND 300 $ 11,961 $ 39.87 10.50% Fee Special Event Variable 424 $ 12,740 $� 30.05 14.85% Total Non Resideat Rounda 2,144 86,629 40.41 75.07% Other Rounds Junior Walking 24 $ 240.00 $ 10.00 0.84% TotalOther 24 240.00 10.00 0.84% Complimentary VIP . 71 $ - $ - 2.49% PGA Member 89 $ 1,375.00 $ 15.45 3.12% . COD/PDHS 27 $ - $ - 0.95% Donation 17 $ - $ - 0.60% Employee 7 $ - $ - 0.25% Employee Guest 2 $ - $ - 0.07% Total Complimeatary 213 1,375.00 6.46 7.46% Total Round (FlseClil� 2,856 $ 103,749 $ 36.33 100.00% MOUNTAINVIEW COUR3E- August 1999 _ Doscription No. Of Reveaue Avg. Pez Pct to Rounds Per POS Rouad Total Resideat Rouads Resident Fee- Weekend 5 $ 175 $ 35.00 2.76% Resident Fee-Weekday - $ (5) $ (5.00) 0.00% Resident 1Wilight 6 $ 150 $ 25.00 3.31% Total Resideat 11 320 29.09 6.08% Noa Resideat Summer Fee- Posted Weekend 10 $ 504 $ 50.40 5.52% Summer Fee- Posted Weekday 1 $ 4'7 $ 46.55 0.55% Summer Fee-Wholesale Weekend (2) $ (150) $ 75.00 -1.10% Summer Fee- 'Itvilight 26 $ 1,024 $ 39.38 14.36% IROC - Designated Parry 1 $ 40 $ 40.00 0.55% Summer Fee- Passbook-WKND 27 $ 944 $ 34.96 14.92% Fee Special Event Variable 73 $ 2,005 $ 27.47 40.33% Total Noa Resideat Rounds 136 4,414 32.45 75.14% Other Rounds Junior Walking 8 $ 80 $ 10.00 4.42% Charity Event 3 $ 75 $ 25.00 1.66% TotalOther 11 155 14.09 6.08% Complimeatary VIP 2 $ - $ - 1.10% PGA Member 10 $ - $ - 5.52% COD/PDHS 3 $ - $ - 1.66°/a Donation 8 $ - $ - 4.42% Employee Guest - $ - $ - 0.00% Total Complimentary 23 - - 12.71% Total Round (Mouataiaview) 181 $ 4,889 $ 27.01 100% Desert Willow - Combined Aaalysis-July 1999 Resident 486 $ 15,825 $ 32.56 16.00% Non-Resident 2,280 $ 91,043 $ 39.93 75.00% Other 35 $ 395 $ 11.29 1.00% Complimentary 236 $ 1,375 $ 5.83 8.00% Desert Willow Totals 3,037 108,638 35.77 100.00% City of Palm Desert Desert Willow Cash Reserve Aaalysis for the moath of August 1999 Cash Reserve Analysis One Month Re uired Reserve $ 500,000.00 Cash on Hand $ 1,033,605.79 Vaziance- Favorable Unfavorable $ 533,605.79