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Home My WebLink About05 NOVEMBER 1999 � .. �i � � � � �� INVESTMENT f� FINANCE COMMITTEE A!�DNBSDAY, November 17, 1(J(J9-- I:30 P.M. NORTH WING CONFERENCE ROOM I. CALL TO ORDER II. ROLL CALL IIL APPROVAL OF MINUTES Rec: Approve the Minutes o�October 20, 1999 a9 Su�mitted. Action: N. ORAL COMMiJNICATIONS A. Any person wishin� to discuss any item not otkerwise on the agenda may address tke Investment f? Finance Committee at this point by iving his or ker name and address �or tke xecord. Remar�Zs shall be limited to a maximum o��ive minutes unless additional time is aut�orized by the � �,'�airman. B. Tltis is the time and place �or any person w�o wis�es to comment on non- hearing agenda items. It should be noted tkat at tke Investment f� Finance Committee's discretion, these comments may be de{erred unti� such time on the agenda, as tke item is discussed. Remarlxs shall be limited to a maacimum o{�ive minutes unless additional time is aut�orizec{ by the Ckairman. V. OLD BUSINESS A. .Status o{ Public and Private Partnerslaips Baclz�+rounc� Ckec�zs for .�ection 4 Rec: Report by Carlos Ortega. Action: B. Bonc� Issuance bv Palm Desert Financin�Autkoritv Rec: Status Report on new Bonds. Action: AGENDA - INVESTMENT F1 FINIINC� COMMITTEE November 17, 1999 C. Desert Willow Golf Resort Comparison Rec: In{oxmational item �or the Committee to xeview. No action required. VI. NEW BUSINESS A. Citv and Redeveloument A�encv Investment Schedule for October, 1999 Rec: Review and submit to the next City Counci� agenda. Review the pzesentatfon on the investment graphs. Review the investment activity during t�e montk o��ctober. Review status o�capital projects and cas}� {�ow projections. Action: B. Review .5kort Term Investments Maturin� in November, 1999 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds and uotes; and, 3) agencies discount notes. Action: C. state o� Cali�omia Local Adenev Investment Funa Montklv Reports �or September. 1999 Rec: In{ormational item �or the Committee to review. No action required. D. Montkly Financial Renort for Citv Council for October, 1999 Rec: Report and su�mit to C'ity Counci�. Action: �. Parlxview Pro�essional O{fice Buildinds - Financial Renorts �or October, 1999 Rec: Review and �ile report. Action: F. Desert Willow Gol� Resort Financial Information �or October AGENDA - INVESTMENT F� �INANC� COMMITTEE Noverr�ber 17, 1999 1999 Rec: Review and {i�e report. Action: G. Palm Desert Reereation Faci�ities Cornoration Income Analvsis �or October. 1999 Rec: Review and {ile report. Action: VII. REPORTS AND REMARKS A. Renorts and Remarlxs liv anv Committee Member B. Items to be placed on tke Next A�enaa VIII. NEXT MEETING DATE Next regularly scheduled meeting is: '��:;: ':��,cClc2la�� 1J�c�:C',�Il;IP_'1:7�1" �� 'G•",,:•'�.:� �d�� 1_0.��1T �J;�l^-,�,, . IX. ADJOURNMENT I hereby certi{y under penalty of perjury under the laws of the State o� Cali�ornia, that the �oregoing agenda �or the Palm Desert Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 kours prior to the meeting. I�atec� tkis November 10, 1999. �.r.� ) l��.� Veronica Abarca, Pecording Secretary ' __ __ - ~ r �--r--� • � � M�nutes Finance Committee CONVENE On October 20, 1999, the Investment Fd Finance Committee was called to order at 1:33 p.m. by Mr. �aul C'iibson. ROLL CALL Russell Campbell, Ray Diaz, Dave �rwin, Paul Gibson, Tkomas Je{�rey, Murray Maglo{f, Bob Spie�el, Bill Veazie and Veronica Abarca, recording secretary. Dave Yrigoyen, Redevelopment Manager Gregg Lindquist, Desert Willow Go]� Resort APPROVi�I, OF MINUTES Mr. Je{{rey corrected t�e eiror stated regarding re{erence to t�e City o{San Diego in t}�e Investment Policiee and Procedurea diacuesion. Tke City and Couniy o� San Francisco s�ou�d mp�ace San Diego. On a rnotion by Mr. Envin, seconded by Mr. Carnpbell, the Minrrtes of tke September IS, 1999 meeting were approved as submitted. OR[1L COMMUNICATION5 None. OLD BU�INESS A. Status o� Public anc� Private Partnerskins Bac�x�rounc� Checjxs �or Section 4 Tkere �vere no ckanges to tke previous montk�s report. B. Bond Iasuance bv Palm Desert Financin�Autkoritv �There were no changes to the previous month�s report. C. 2000 Investment Policies anc� Proceclures Mr. Jeffiey reviewed tke various ckanges made by the City Auditor's at Diehl, Evans f� Company. There were many "lan�ua�e'� corrections made. 1 Minu1;�� - I'Inancc Committce On a motion by Mr. Diaz, seconded by Mr. Erwin, the committee approved the 2000 Investment Policies and Pracedures to be forwarded to City Council for appmval. NEW BUSINESS Mr. Gibaon stated tkat New Busineae Iteme F £f G would be ta�en out o� order so Mr. Lindquist could be excused {rom the remainder o�the meeting. F. Desert Willow Golf Resort Financial Information �or Au�nst fd Sentember, 1999. Mr. Lindquist reviewed t�e reports for botk Auguat and September, 1999. For August, revenues exceeded budget by 26% resulting in a Net Income tkat was 6% over budget. In September, reaeeding w�ich was originally budgeted for October resulting in an increase in expensea. The expenses wh��h contril�uted to tke increase included tke purckase o�Rye Seed, installation of electrical and aver-time of staff. Mr. Diaz suggested that a �ootnote be added to tke financial statements to re�ect tke discrepancy in September/�ctober. October 30tk mar�Za tke one yeaz anniversary�or tke Mountain View course. Receive and {i�e report: G. Palm Desert Recreation Faci]ities Cornoration Income Analvsis �or. Au�ust f9 Septeml�er, 1999 ` Mr. Lindquist reviewed the reports �or August and September, 1999. Receive and {ile report. A. Citv and Redeve�onment Adenev Investment Sekedule i'�'Ir. Je�{rey stated tkat tke boo�Z va�ue of tke City Portfolio as o� September 30, 1999 was �167.8 mi]lion. The decrease {rom Au�ust is due to debt service. Tke boo�Z value of tke Redevelopment Agency Portfolio as o� September 30, 1999 was �147.8 million. T�e decrease {rom August is due to land purckase payments. , 2 �- Minut;e� I'Inancc Comml�tce Receive and {i�e reports. B. Review $hort Term Investments Maturin� in October. 1999 Mr.Je{{rey reviewed tlie reports for City and Redevelopment Agency and ae�ted i{t�ere were any queations. T�ere were none. Receive and {i�e report. C. State o�Califomia Local Adencv Investment Fund Mont�v Renort Mr. Gibson reviewed tke LAIF Statement for August. The City had a balance o��14.4 million and the Redevelopment Agency kad a balance of�7.5 million at an interest.rate of 5.225%as of August 30, 1999. Receive and {ile report. D. Montklv Financia� Report �or C'i4v C'ouncil for tke montk enain SLeptember. 1999 Mr. Gibson reviewed tke reporks. Mr. Gibaon stated tkat sales tax revenues were up �600,000 compared to laet year. 'I'ourism �as increased as well, ae reflected in the increase in TOT revenues. Receive and �e report. E. Parlxview Professional Office Buildinds - Financial Reuorts for tke • month endin� Sentetnber. 1999 Mr. Gibson stated tkat Parizview O�ice Complex is doing �ve]�, Revenues are akead o�budget and expenditures are below budget. Tke current net income is at$99,000. Receive and �e report. REPORTS AIVD REMAR S Mr. Gibson stated fkat Mr. Spiegel would.continue to attend t�e committee meeting tkrough December, 1999 in Mr. Crites place. A new sckedule would be devised following Mr. Crites sckedule beginning in January. , 3 Minute� � � I'Inancc Committce NEX'T MEETING DA 'I'ke ne.�ct Investment � �inance �,"ommittee meeting will be keld Wednesday, November 17, 1999 at 1:30 p.m. AIJJOURNMENT Upon motion by Dave Erwin and seconded by Murray Magloff the Investment &Finance Cammittee adjourned at 2:3I p.m. Respect�y aubmitted, �� Veronica L. Abazca, Recording Secretary 4 Desert Willow Golf Course Analysis ('.omparative Hig li htc In response to the Finance Committee's request for a comparative analysis beriveen Desert Willow and other Golf Courses in the Coachella Valley, we have prepared the following highlights and included graphical illustrations to compaze Desert Willow with other golf courses. However, because of the reluctance of the private courses to divulge their financial information, our analysis is limited to a comparison Between Desert Willow, Indian Wells Golf Resort, and Taquitz Creek at Palm Springs. Desert Willow and Indian Wells have rivo 18 hole golf courses, whereas, Taquitz Creek has one 18 hole golf course. Additionally, Taquitz Creek did not provide golf rounds information. �� General ➢ Desert Willow's net income was $697,843; Indian Wells' $1,476,035, and Taquitz Creek's was $497,882 ( Taquit2 Creek information represents only one course) ➢ Indian Well's Golf Resort net income exceeded Desed Willow's by 53% ➢ On the Average Taquitz Creek's net income exceeded Desert Willow's by 43% ( We took Desert Willow's net income and divided by two) ➢ Indian Wells and Taquitz Creek's had pmfit margins of 20% ; Desert Willow's profit margin was 13% Revenues ➢ Desert Willow's overall average revenue per round ( to[al Revenue/ total rounds)was $72.87; Indian Wells' recognized an average revenue per round of$75.36 ➢ Desert Nillow's averaee nreen fee per round (totai green fee/total rounds) was $65.10; Indian Wells average green fee per round was $56.65 ➢ Desert Willow's averaee nroshop re�•enue per round ( total proshop revenue/total rounds) was $6.87; Indian Wells average proshop revenue per round was $16.32 Rounds ➢ Desert Willow recognized 73,984 munds played; Indian Wells had 98,350. Indian Weils had 33%more rounds than Desert Willow ➢ Desert Willow's resident rounds npresented 27% or 20,092,whereas, Indian Wells' resident play accounts for 4%or 4,263 ➢ Non-resident and Complimentary rounds are comparable for both courses ➢ Indian Wells' "captured"(hotel provided)munds represented 42%or 40,906 of their total rounds �xpenditures ➢ Desert Willow's expenditures totaled$4,693,501,Indian Wells had$5,935,519, and Taquitz Creek's expenditures were$1,924,987 ➢ Indian Welis' expenditures exceeded Desert Willow's by 26% ➢ Desert Willow's avera,Pe�oer course exRgediture exceeded Taquitz Creek's by 22% ➢ Desert Willow's average expeediture per mund (total expenditures/total rounds) was $67.19; Indian Wells has a$60.36 average expenditure per round. ➢ Desert Willow exceeded Indian Wells' exoenditures per round in the general and administrative costs by$1.31 and the golf course maintenance category by$9.15 ➢ Desert Willow's gross profit percentages (i.e. Cost of Goods sold/Merchandise Sales) aze similar to Indian Wells. Additionally,Desert Willow meets the expected gross pmfit percentage. Conclusion ➢ Desert Willow's overall financial picture is good considering, that Desert Willow continues to operate out of temporary facilities, and does not have the "captured play" provided by an onsite hotel. D The high fixed costs associated with a newer golf course and the lack of a fully operational clubhouse directly impacts Desert Willow's profit mazgin. However, Desert Willow continues [o be very competitive in the market. 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This reflected a net decrease of approximately$9.8MM from prior month due primarily to debt service. There was an unrealized portfolio net gain (market value-book value) of approximately$273M, based upon prevailing market interest rates. This was only a "pape�'gain since there was no profit-taking. Significant changes in investment position are shown below: "lJnited States Traasury_Counon", The City buys interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest assessment bond proceeds. Although unreted, considered "AAA". TH/S ACCOUNT BALANCE DECREASED BY APPROX/MATELY$2.4MM DUE TO A MATUR/NG SECUR/TY. "Federal Ayency.Coupon••. The City buys U.S. govemment agency and instrumentality notes with maturitles of 2- 10 years to invest assessment bond proceeds. Agency debt guaranteed by U.S. Treasury;insUumentality debt is not (guarantee, instead, believed to be U.S. Govemment's"moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROX/MATELY$7M DUE TO AMORTIZATION OF PREMIUMS. "Local Apeney Investment Fund (�1". The City temporarily invests proceeds of matured securities in$13MMM pool managed by State Treasurers Oifice for 2,600 govemmental entities. LAIF has diversified portfolio(BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180-540 days. TH/S ACCOUNT BALANCE INCREASED BY APPROXIMATELY S235M DUE TO QUARTERLY INTEREST INCOME. "Federal Aye�-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. TH/S ACCOUNT BALANCE BALANCE D!D NOT CHANGE. '•C�Loan to RUA". The City has made long-tertn 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. "Pidelitv Treasury Pool". The City invests assessmentbond proceeds(consWction, cost of issuance,and bond reserve reserve monies)in "Fidelity Institutional Money Ma�lcet 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$5.1 MM DUE TO DEBT SERV/CE PAYMENTS. "United States Treasury-Discount", The City buys noninterest-bearing zero coupon securitles("STRIPS")with maturities of 6 months-30 years, to invest assessment bond proceeds. Purchased at discount;face value paid at maturity(difference is yield). Although unrated, considered "AAA". TH/S ACCOUNT BALANCE D/D NOT CHANGE. "HfnhMark 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 DECREASED BY APPROX/MATELY$9.4MM DUE TO SECURIT/ES PURCHASES. "State& 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 8 arbitrage rebate regs). Nonmarketable.Although unrated, considered "AAA". THIS ACCOUNT BALANCE D/D NOT CHANGE. "Medium-Term Notes". The City buys interest-bearing corporate medium-tertn notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE INCREASEO BYAPPROXIMATELY$6:9MM DUE TO NEW SECURITY ! PURCHASES. i "Federal Apency-DiscounY'. The City buys noninterest-bearing federal agency notes at a discount. THIS ACCOUNT ! BALANCE D/D NOT CHANGE SIGNIFICANTLY. i "Commer�_ial Paoer'•. The City buys high-grade, unsecured commercial paper at a discount,with maturities of 180 days or less,from Fortune 500 companies. TH/S ACCOUNT BALANCE O/D NOT CHANGE S/GNIFICANTLY. � W U Z < v� v� v� v� m cn u� �n �n cn v� v� v� �n �n v� �n v� v� u� v� � J W W W W W W W W W W W W W W W W W W W W W � � } } } } } } } } } } } } } } } } } } } } } O V N O ' O ' ' ' ' 00 aD �L70 a07 � N � o 0 00 � rnrn <oou� � co J J o O O O � � c'7 � N M t O N � a h O O O O N � 1 n O I� O .- M H F � O O O O O O � � � � � � � U � O O N aD f+') t0 ['� f+1 � N N .- a a f9 Efi Ui fR b9 EJ9 di Hi V) (A -69 fl9 EA E9 U'! U9 69 Ui Q f. � IOL (W,) o e o 0 o e o 0 0 0 � o 0 o e o 0 2° W � � M <O Ot0000 O � � ��., � MN � NN � mo aa � t� O w z � T N a y Q .. O �. 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This reflected a net decrease of $4.3MM from prior month due primarily to debt service and land purchases. There was an unrealized portfolio net gain (market value-book value)of approximately$420M, 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 -Coypon." Palm Desert Financing Authority buys special interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Although unrated, considered "AAA". THIS ACCOUNT BALANCE D/D NOT CHANGE. "Fideli(y Treasury Pool." RDA invests tax�xempt 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. THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$3.3MM DUE TO DEBT SERVICE. "Local Apenc,y Investment Fund (LAIFI." RDA invests Citys loan in $13MMM pool managed by State Treasurers Office tor 2,600 govemmental 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 INCREASED BY APPROXIMATELY$151M DUE TO QUARTERLY INTEREST INCOME. "United States Treasury-Cou�on." RDA buys interest-bearing U.S.Treasury notes with maturities of 2- 10 years to invest tax-exempt bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$3M DUE TO AMORTIZATION OF PREMIUMS. "State&Local Govt Series -Time." Palm Desert Financing Authority buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Nonmarketable. Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROX/MATELY$177M DUE TO A MATUR/NG SECURITY, "United States Treasury-Discount" RDA buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years to invest tax-exempt bond proceeds (construction monies). Purchased at discount;face value paid at maturity(difference is yield). Although unrated, considered "AAA". TH/S 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, underiying securities considered "MA." THIS ACCOUNT BALANCE INCREASED BY APPROX/MATELY$71 M DUE TO INTEREST COUPON/NCOME. "Federal Agency-Coupon:' RDA buys U.S. govemment agency and instrumentality notes with maturities of 2- 10 years to invest advance refundings and tax-exempt construction funds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. GovemmenPs "moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE INCREASED BY APPROX/MATELY$3M DUE TO AMORTIZATION OF D/SCOUNTS. "Federal Ayency-DiscounY'. The City buys noninterest-bearing federal agency notes at a discount. THIS ACCOUNT BALANCE D!D NOT CHANGE. "Commereial Paoer". The City buys high-grade, unsecured commercial paper at a discount, with maturities of 180 days or less,from Fortune 500 companies. TH/S ACCOUNT 6Al.ANCE DECREASED BYAPPROX/MATELY $983M DUE TO A MATURING SECURITY. 'Faderal 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. TH/S ACCOUNT BALANCE INCREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF DISCOUNTS. "Medium-Tertn Notes". The City buys noninterest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED BYAPPROXIMATELY$2M DUE TO AMORTIZATION OF PREMIUMS. 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Q O ' � � � � � � tA m '.�-. � �' N a c�+I � O � U a v a° v � o � a v � 'y o � � � �n y � N C � Q � cO o Y O � O Ul � � � V ({� �` (p ' 7 ` \ 7 � l0 N /� N o _ � 'C o tll � ��- LL] 4/ V � E N N � p C Z y N .y. ,_a, � 4J � 69 a�. � N 0 � E f0 � � N E � � � N � V rna�i y � y rn � � ULL � Z � a"i a u, Qaa � c� o00 � a a� o � � �, � � c� y .=_ c> � �n v � � �n 3 �nz � m �n � .-N M�tn � N ('� � � NC� V � � a e w � � `c " E i ` o '"o � � ,��, o �i 5' � � W a o ; � oa > T� N ♦ C � " Z � � � � " � N — m �'' �. i� � — Q C � U U � � � �STATE OF CAUFORNIA '1 � � PHILIP ANGELIDES, Troasurer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 September, 1999 Statement Account Number : 98-33-621 CITY OF PALM DESERT Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 14,480,98437 Total Withdrawal : 0.00 Ending Balance : 14,480,98437 �xz: e,w r� : vR f rs Page : 1 of 1 � o ' i N � ' : i � , O � � �, i� ' m i. c � -o � m w w � u � � � � � r ¢ � � � in i. � « m O y o° m T ~ � N � �"� � w w w � .r y m a � ^ o u� c m O m n o m ; T � "' � � � N d N � 1N w w � C O � A � � M O�0 M � e � q Q 10 f� Of �O M a C� W a �. � M 1+f a0 a ' N w w w w Vl -r r � ` � 1n N N t0 � 9 4 m N N � M M e ZN +r T � O Q � N � w w w w w � W � �' a � � W � a�Oi m o � n e � 'O O II � N � eo .� H Q � � � O � � � O Q �. 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C Y J C� 9 � 9 N M n N Cn0 � N e N � � C G �j oo .+ — 3 w Q N I� C C E LL > � � w w w w w w w y ` .. i4 � � ,� .. 9m n � v � � a`�o ' �' � � u�i Q � � ai � � �p C C9 d � � w w w w w w � � � � c � « �o � A O O�f OND O N ti OND � Gl G � 9 M 4. �f N M N h O e ++ N �' N Of � O � M 'p •j � y m Of M t0 W Yl W W W W W � t� �' 'L7 a V � �i fll O OI Q r O IA O! y d Q 7 � � 0 R N N h 7 1'N9 � O �'\p +�-' W � C7 � r4„- w d � .- 1� � � N � C y N m m � O m �"� w w w w w w w o � c � ` c 0 � N C F�a- n F- O O Of y � a a O z m a � � v � � iio Ww a m W u, u, � w: :: :: :: � w p co ¢ a c O w o 0 0 0 �- � z f- Q m � c� � 'R a z z z z . l � � NOTICE October 21, 1999 O ALL LOCAL AGENCY INVESTMENT FUND PARTICIPANT THE ENCLOSED SEPTEMBER, 1999 ISSUE OF THE LAIFNEWSWILL BE THE FINAL ISSUE SENT BY MAIL. IN THE FUTURE YOU MAY ACCESS YOUR LAIP NEWS ON THE STATE TREASURER'S WEB S1TE WWW. TREASURER.CA.GOV. OTHER DOCUMENTS AVAILABLE ON THE WEB SITE INCLUDE THE MONTHLY POOLED MONEY INVESTMENT ACCOUNT MARKEf VALUATION, PORTFOLIO COMPOSITION AND THE LAIF PERFORMANCE RATES. IF YOU DO NOT HAVE ACCESS TO THE DATA IN THIS FORMAT, PLEASE CONTACT LAIF STAFF AT (916) 653-3001 AND REQUEST HARD COPIES. . ` i I A-- , i;;- F . , , . , , , LOCAL AGENCY INVESTMENT'FUND � SUMMARY OF ACTNITY SEPTEMBER 1999 �� BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE $13,183,16T,287:59 $1,123,457;000.00 $1,580,92T,353.54' $12,725,696,934.05 POOL�D MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF SEPTEMBER 1999 WTTH SEP'TEMBER 1998 (Dollars in Thousands) September 1999 September 1998 Change Average Daity Portfolio $32.g7g,�55 $30,542,398 +$2,336,757 � EfFective Yieid 5.274 5:639 -.365 Average Life-Month End (in days) �93 198 -5 Appointments to the Local Investuxent Advisory Board `✓-6�e c5`.�receiuedneo�sl6a!!6e mar/ On September 28, 1999, Treasurer �eQe��aPPoinlmen/!ol6eL�'oca/9noe.rlmen! Angelides appointed Robert S.Torrez to serve �1d�.so.-y ?3oa�d, �oe S6apiro� passed as a member of the Local Investment Advisory amay oo cSeplem6er z4, /999. Board. �/('�. c$6'api�o� a yradaale o�/6e Mr. Torrez is the Chief Financial Officer and Director of Fnancial Management for the ��'��'d�Q� ��600l, se��edas C�isecoliue City of Long Beach. In addition, he is President v:�e .7'�e.riden! of 16e ZvIQli a:s�¢y of the League of California Cities'Revenue and Gompany p�-io�/0 6:s G�ecominy ap�ofesso� Taxation Committee and Chair of the ��/6ecS�6aolof'.23u.rinessand�conom.�saf' Intergovemmental Relations Committee for the California Fnance O�cers Association. G�!`°��;a s�a�e �l�;�e�J;iy, GoJ�l�yeles. Patricia Eiliott, Deputy Treasurer and `✓�e cS`.� exleods cont/olences /o Treasury Manager of the Eastern Municipal `Jf[�. �$�aPiro's/'�;ly,friendsand6usiness Water District and Leslie Wells, Vice President of the Union Bank of California, Capital Markets �`'`°�'a�es. Group have been re-appointed. - STATE OF CALIFORNIA �" "� PHILIP ANGELIDES, Treaswer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 September, 1999 Statement Accouat Number : 65-33-015 PALM DESERT REDEVELOPMENT AGENCY Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 7,504,655.�9 Total Withdrawal : 0:00 Ending Balance : 7,504,655.59 �. � BI� �'• �� Page : I of 1 �.,:..,..r.,!,,;:w N ^� � , �._"- �_� .. N : . . . , . e .. �T: a � t q C ��'.� �i . '', '� I . O �. C ��-'t�� ., :�7 , ~ V 1p 1p N � N P o a ..N� � .��'W o C �i�?�t�,','a;:.-T N y O E «l7. .��`�.d� N M W N �p. � O �ff d ' ��<'"�"�-f� h P'1 O . � W : l6 A O aD o C . T,w. T � � � N y �� CV.� .._�.M p /A W C 0 � ��. �.:.._...�.�t N M � M r d LLJ T;«' � r. °' �o N � °o � � ^ T � ty w w w w v► a � 10� �' W N N h � � \° Q 'D�:.�� .� � O � � � �N., �.. T IN N V► W W a W O : �. �..J�� Of t0 O t0 b o � .o. a .o � N � a0 V N a � �M � � � � � � �, ..«� � Q w w w r► w w �My i.,�, ' °, � o n a rn N N W C ��:. O.:.II N � t�0 eN0 N a�0_ � � ~ O ' � ,^ Q .�� N N N N N N N � � V � .Q Z �. ; T � � �. � 9 � N v�f in e�+� N i0 C � � �� .: � � � � ,� � ,::r v► w w w w w V Q Hl T. =;-;; o �n ao 0 0 o en c � d :;� o: .a, � a a � N u' m a c = � �+ N � 7 y (n •L r .:.:� W W V/ v! K K W � C�l > � 3 � w Y +�+ �o �o c � � . �. A N M A N OrD � N e �O O � C � � 9 .w � M a0 C a�r � {L Q` � :, � w w W W N 1A W ^ 1�11 � � � / � ` � C � ::�T� �-�;i� 11� � N N O 1°1 e �. V � � Q �'l0 �� 10 P � < <O OD OD f� ` �. � � i..'p. a4..9� � af .- N C n. �,,o ;�zm w v► w w w �► � �`o � � e a c " �0 ...a _.y_:':a.. o to a a �n n a y � p �ef -�, N Y��W Q N 1�7 N n r O a :+ V! 'r If! '9, aO•' 'Q e- e+i � •� � � Q Qj ��M� . ..�.m M Y► w w V► V! W � � y C � C'f `� �. '._..i..lp O Of V � O 1p Of a N � 0 � � ' N. Q; � N N � � V eN+f � C t�0, l�0 � Ct C � �:'O.'�v g V � fr � � Gy1 N �.. `� .�� w w w w u► w w N a of O o J '+�C„ � V C ' �' � N G Q OOD lO � � � w . �3 �r.: � Z 2 f' h H O O 07 p � -" ,s: y V � m m � � W lL � tL 0 a �'>'� w u, �u, � � :: :: .« :: ' '�-�� d ¢ m v v c�.� "" a z z z z NOTICE October 21, 1999 O ALL LOCAL AGENCY INVESTMENT FUND PARTICIPANT THE ENCLOSED SEPTEMBER, 1999 ISSUE OF THE L4IPNEWSWILL BE THE FINAL ISSUE SENT BY MAIL. IN THE FUTURE YOU MAY ACCESS YOUR LAIF NEWS ON THE STATE TREASURER'S WEB SITE WWW. TREASURER.CA.GOV. OTHER DOCUMENTS AVAILABLE ON THE WEB SITE INCLUDE THE MONTHLY POOLED MONEY INVESTMENT ACCOUNT MARKEf VALUATION, PORTFOLIO COMPOSITION AND THE LAIF PERFORMANCE RATES. IF YOU DO NOT HAVE ACCESS TO THE DATA IN THIS FORMAT, PLEASE CONTACT LAIF STAFF AT (916) 653-3001 AND REQUEST HARD COPIES. L _ I A ;. I, F � . , . , , LOCAL AGENCY INVESTMENT FUND SUMMARY OF ACTI1/ITY SEPTEMBER 1999 BEGINNING BALANCE DEPOSITS WITHDRAWALS MONTH END BALANCE $13,183,167,287.59 $1,123,457,000.00 $1,58Q,927;353.54 $12,725,696,934.05 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF SEPTEMBER 1999 WITH SEPTEMBER 1998 (Dollars in Thousands) September 1999 September 1998 Change Average Daily Portfolio $32,879,155 $30,542,398 +$2,336,757 Effective Yield 5.274 5.639 -.365 Average Life-Month End (in days) �93 �98 _5 Appointments to the Local iuvestment Advisory Board `✓��ie cS✓`��eceiuednems/6a!!6e mos/ On September 28, 1999, Treasurer �'ecenlappoinlmeo!!o/GeGa�al9�„esi�eR� Angelides appointed Robert S.Torrez to serve �d��so�y .�oa�d, �oe S6aPiro� Passed as a member of the Local Investment Advisory Q�Qy an cSep/em6er 24, /999. Board. �1('r. c$6api�o� a y�adua/e o`'!�e Mr. Torrez is the Chief Financial Officer and Director of Financial Management for the ��'��dGad�S�600l, se��ed� �xe�u�:,,e Ciry of Long Beach. In addition, he is President v:�e .�'�e=�de�� of' !6e 7�Ial� a:sRey of the League of California Cities' Revenue and Gompanyp�io�lo 6,•s 6�ecominy ap�ofesso� Taxation Committee and Chair of the �nl6ecS�600lof.23usinessanJ�cono�;Cso� Intergovemmental Relations Committee for the California Fnance Officers Association. C�f��n�a Sia�e 2��«e�J:�y, Gos `.An9eles. Patricia Eiliott, Deputy Treasurer and �6e S�D ex�ends �ondolen�es ia Treasury Manager of the Eastern Municipal �I1'r, cS6apiro's f�:ly,f�;e�ds�d6�s;Ress Water Distrid and Leslie Wells, Vice President of the Union Bank of California, Capital Markets �*so�`a�e'`. Group have been re-appointed. �—T--� • � � Minut e s Finance Committee CONVENE On October 20, 1999, tke Investment f� Finance Committee was called to order at 1:33 p.m. by Mr. Paul Gibson. ROLL CALL Russell C�Pbell, Ray Diaz, Dave Erwin, Paul Gibson, Thomas Je{�rey, Murray Maglo�{, Bob Spiegel, Bi� Veazie and Veronica Abarca, recording secretary. I�ave Yrigoyen, Redevelopment Manager Gregg Lindquist, Desert Willow Gol� Resort APPROVr1L OF MIN[ITES Mr.Je{{rey coaected tke error stated re�arding re{erence to the City o{ San Diego in tke Investment Policiea and Procedures discussion. 1'�e �.'iiy and �.'ounty o�Sa❑ Francisco s�ould rep�ace San Die�o. Ort a motion by Mr. Envin, seconded by Mr. Campbell, the MinJrtes of the September IS, 1999 meeting were approved as submitted. ORAI. COMI�IUNICATIONS None. OLD BUSINESS A. Status o� Public and Private Partnerskivs Baclzdrounc� C�ecjxs �or Section 4 Tkere were no ckan�es to tke previous montk's report. B. Bond Issuance 6v Palm Desert Financind Autkoritv �T�ere were no ckan�es to tke previous month's report. C. 2000 Investment Policies ana Proceclures Mr. Je{{rey reviewed the various changes made by the City Auditor's at Die�, E��ans f� Company. There were many "lan�ua�e" corrections made. 1 - �. � Minu�� Tlnancc Commil;tce On a motion by Mr. Diaz, seconded by Mr. Envin, the committee approved the 2000 Investment Policies and Procedures to be fonvarded to City Council for approval. NEW BUSINE5S Mr. Gi]�son stated tkat New Business Items F F� G would be talzen out o� order so Mr. T.indquist could be excused {rom t�e remainder o�t�e meeting. F. Desert Willow Gol� Resort Financial Information �or Au�ust Fl .Septeml�er, 1999. Mr. Lindquist reviewed t�e reports {or both August and September, 1999. For August, revenues exceeded budget by 26% resulting in a Net Income tkat was 6% over budget. In September, reseeding w�ic�was originally budgeted �or October resulting in an increase in expenses. The expenses wkick contributed to the increase included the purchase of Rye Seed, installation of electrical and over-time o� sta{�. Mr. Diaz suggested that a �ootnote be added to tke {inancial statements to reflect tke discrepancy in September/October. October 30tk mar�Zs tke one year anniversary �or tke Mountain View course. Receive and {i�e report: G. Pa�m Desert RecreaHon Facilities Corooration Income Analvsis �or. Au�ust Fl .Sevtert�er. 1999 ` Mr. Lindqui9t reviewed the reports �or Au�ust and September, 1999. Receive and {ile report. A. Citv and Reclevelonment t�,ienev Investment Sekeclule Mr. Je{{rey stated that tke boo]Z value o�the City Port{olio as o� September 30, 1999 �vas �167.8 million. The decrease from August is due to debt service. Tke �oo�Z value o�tke Redevelopment Agency Port�olio as of September 30, 1999 was $147.8 million. The c{ecrease from August is due to land purchase paymeuts. 2 Minut;e5 I'Inancc Commii;tce Receive and {ile reports. B. Review Skort Term Investments Maturind in October. 1999 Mr.Je{{rey reviewed tke reports for City and Rede�elopment Agency and as�ed �f there were any questions. There were none. Receive and {ile report. C. ,State o� Cali{omia Loca� �tency Investment Funcl Montklv Report Mr. Gibson reviewed tke LAIF Statement �or August. Tke City had a balance o��14.4 million and tke 12edevelopment Agency had a balance o��7.5 mi]lion at an interest.rate of 5.225% as o�August 30, 1999. Receive and �e report. D. Montklv Financial Report �or Citv Council for tke montk endind .�.epteml�er. 1999 Mr. G�bson reviewed tke reports. Mr. �'iibson stated tkat sales tax revenues were up �600,000 compared to last yeaz. Tourism kas increased as well, as reffected in the increase in TOT revenues. Receive and {ile report. E. Par�rviea� Pro{essional O{{ice Builc�inds - Financial Renorts �or tke • month enclin� 5eptember, 1999 Mr. �'iibson stated t�at par�view�{{ice Complex is doinQ well.. Revenues are akead o�6udget and expenditures are below bud�et. Tke cunent net income is at �99,000. Receive and {ile report. REPORTS r1ND REMAR S Mr. Gibson stated tkat Mr. Spiegel would.continue to attend the committee meeting through December, 1999 in Mr. Crites place. A ne�v schedule would 6e devised {ollowing Mr. Crites sckedule beginning in January. 3 �� Minu�e� - T�'lnancc Commil;tce N�XT MEETING DA Tke next Investment £� Finance Committee meetin� wiIl be keld Wednesday, November 17� 1999 at 1:30 p.m. ADJOURNMENT Upon motion by Dave Envin and seconded by Murr¢y Magloff the Investment �Finance Committee adjourned at 2:31 p.m. Respect{ully su]�mitted, ��-Pi �� Veronica L. �azca, Recordin� Secretary 4 � �.e', `:,�."� � , � � �, � � ��_�_�_ ,. ;� �1 V V � 3 .I'r i� � 0 N .� � I'.- � � 0.� . :'�. �. f. o. o � ' ' � w � J v a�. ( > n 9 o � � � 'u . . 1: G ~ �i q � M ,�p � C �: �. �j.: '� 1..�. d � �'�"C O'. . G. I: N � � v ^�i � .0. .�� . .} �� j u 1 W �� q 'p :� , . �, � `°'� 1i7 F. � � : Fe �; � o \ � \o a c �n M m O �D O O` r` �p� � p�q e�.09 2N Ol V� 'R KI ^- . i: 'J �,..,.<� r-� � .. � �� F ' �m � �t 1� o �.�m , . .: - i dp 'Y1P fi ." '\ �t6 �O G1 o 'h�� v'� x, r. � �i fo0 ro�.-�yl� �n oo.o r r -r� . _ . �x 3 r4.' u`'tv o o��t; -'rt °? � �r �o��- 0000c; �r - _ � � € a �a � � � - '� �. ¢ � �; "s� � _ �� h � � { �� t��a �,- � " '��`�� . � ,� !t �� `;� rz � � .H1 YT�O t� cT V1 .� M q�' � 5 tn O -oo c't O � i'� ' iC oO,FCn?00 w--� f^- m Vo � . ' � ' 3 � ry A O O O O O ca <Y - � �. V � � � � �'� ro�Y��i=. , .. � �r �� ¢ �x uz 9 � � �� r � i o:,.a.�!n .o o�o. rn v� � � � d o �n�.��-, �t oo v^�� M. � . ; : . s 3 ..tl t�pq.90 t^� 4 O'fH"-v;.N N � �ro *-�.t.O CJ O O .O G .C �Y . > . 1 � ❑ C1 ��ew=` � �. i �"�� _ � . �� ; �� ,�. .a�`�- . . � �r��,�. � � � .� � .� � � � t. � �... o O`"t7 �D o �cn� tT N ^ t: Lk� f.�.5 y W 6 ��m N Q t�' �c � :> � .. , . �. ,� �a_sc r6 r5 � .— � � . . .. Ls.! t"D � "� ��y� .e.� . . . �. � +�, � .� - "�p,:'> . .. : �. .. - . { a.� � }�.. �.;� . i i.�'s.: � � . } p �� i �r x: M Li.. � � Y'. ;� i � �. 1 . "' itl y � 4: � ; ("!`' tlD . � � C . :$ , :�...�� 7 . . a V � m ;� A . . '.7 +% u� ' Y �. , . - _ � U v J E" N - �`"' ' ` � � '^ �+ c c� t = p. i � c:: u a� w r L �� . � p ," � G ."'L... h w. n'� = y Ir: _. 'h' �` y E.y � .n s. s ."n � .a :" ' - �°. �i. � S7 2 C .� O nR L �+ o .( U y � � d �� .ti L L a.. � !'* _. � . . �. � ' . ��r ., ..ra C. iL �-�i V "d � ' . , '. . �._.e..,o...s.�..�. �... . � .........._. ,._ ..... _ _ ...e.. .... „. N . __ .. _ __ _ . _ ' PALM DESERT REDEVELOPMENT A COMBINED S7ATEMENT REVENUE AND EXPENDITURES CO 31 Act-99 TOTAL RDA � RQA �. . RDA %OF ACTUAL (FAV)UNFAV . : BUDGET �� YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE REVENUES 1 Tax incremeM 728,323,688.00 9,441,228.67 58,288.84 t% 9,382,939.83 2lnterest �:�.�; 2�,O6Q000�:00� 686,666.67 - 0% 686,666.67 Sales of Property - - 0% - 3 Reimbursement From Other Agencies �� . 725,000.00 241,666.67 127,273.97 53% 114,392J0 Other Revenue � � � � - - 0% - Transfers to/from other funds - • 0% - TOTAL REVENUES �. 31,108,686:00 � 10,369,562.00 � 185�,562.81 10,183,999:19 . .. .... .. . .. ... . . FAV(UNFAV) EXPENDITURES Administrative Costs 776,720.00 258,906.67 194,367.79 75% 64,538.86 Professional Services 917,988.00 305,996.00 55,801.21 18°/a 250,194.79 Property Tax Administrative Fee � � 520,000.00 173,333.33 - 0% 173,333.33 Cost of Inventory Sold - - - 0% - Payments to Other Govemmental Agencies 9,383,200.00 3,127,733.33 (261,812.19) -8% 3,389,545.52 Bond Issuance Costs - - - 0% - Bond Discount - - - 0% - 4 Interest And Fiscal Charges 10,924,886.00 3,641,628.67 3,950,243.94 108% (308,615.27) Principal Payments 3,700,000.00 1,033,333.33 340,000.00 33% 693,333.33 - - - 0% - CapitalOutlay - - - 0°/a - Office Equipment 10,000.00 3,333.33 663.74 20% 2,669.59 Undergrounding Projects 21,665.00 7,221.67 - 0% 7,221.67 Deep Canyon&Hwy 111 3,078.00 1,026.00 - 0% 1,026.00 EI Paseo Irr�provements 2,755,000.00 918,333.33 - 0% 918,333.33 Parking Spaces 10,000,000.00 3,333,333.33 - 0°/a 3,333,333.33 Fred Waring Dr. Street Improvements 5,265,000.00 1,755,000.00 303,659.42 17% 1,451,340.58 I-10 Cook St Interchange 250,000.00 250,000.00 250,000.00 100% - 5 No. Sphere Infrastructure 8,960,307.00 2,986,769.00 6,849,455.28 229% (3,862,686.28) RDA Projects 5,005,144.00 1,668,381.33 - 0% 1,668,381.33 Desert Willow 5,139,019.00 1,713,006.33 8,968.64 1°/a 1,704,037.69 Land Purchases/Property Acquisition 4,300,000.00 1,433,333.33 - 0% 1,433,333.33 - - ' 0% ' - - ' 0% ' ' ' _ p% _ Transfers - - - 0% - Transfer Out Administrative Costs - - - 0% - Transfer(InuOut Capital Exp Reimb - - - 0% - Transfer Out Low/Mod Set-Aside 5,664,737.00 1,888,245.67 - 0% 1,888,245.67 . _ _ p% _ TOTAL EXPENDITURES 72,996,744.00 24,498,914.67 11,691,347.83 12,807,566.84 1: Tax increment is received in Jan 6 May 2, Intarest is received as sCCurities mature 3. Reimbursements are pasted at various times during the year. 4. 10/1 debt payments of$5M are included here 5. Includes land Purchase PALM DESERT REDEVELOPMENT AGENCY 31-oct-ss Schedule of Revenue and Expenditures HOUSING FUND 4 YTD (FAV)UNFAV $udget ' Budget Actual YTD Variance REVENUES Transfer in of 20% Set-Aside 5,664,737.00 i 1,888,245.67 1,888,245.67 Interest 115,000.00 38,333.33 1,829.t7 36,504.16 Rental Income 45,0OO.OQ ' 15,000.00 10,391.17 4,608.83 Sales of Property - 85,517.64 (85,517.64) 1 Reimbursement From Other Agencies - (96,138.20) 96,138.20 Housing Mitigation Fees 53,000.00'' 17,666.67 17,666.67 Other Revenue - - TOTAL REVENUES 5,877,737.Qp f;959,245.67 1,599.78 1;957,645.89 EXPENDITURES Administrative Costs 93,250.0�- 31,083.33 80,765.77 (49,682.44) Professional Services 137,525;OQ ' 45,841.67 22,286.48 23,555.19 Property Tax Administrative Fee - - Cost of Inventory Sold - - Interest And Fiscal Charges 2,657,982.00 885,994.00 1,336,973.64 (450,979.64) Principal Payments 880,000.00' 293,333.33 880,000.00 (586,666.67) Capital Outlay - - Office Equipment - - Acquisition RehablResale#7 496,444.OQ 165,481.33 20,679.12 144,80221 Home Improvement Program 1-6 94,067.00 31,355.67 250.34 31,105.33 Santa Rosa 162,257.00 54,085.67 54,463.72 (378.05) PropertyPurchases - 471,663.61 (471,663.61) Desert Rose 3,850.00 1,283.33 83,737.68 (82,454.35) Portola Palms Mobilehome Park 200,000.00 66,666.67 91,640.92 (24,974.25) Trensfers - - Transfer(In)/Out Administrative Costs 100,000.00' 33,333.33 33,333.33 Transfer(In)/Out Capital Exp Reimb - - TOTAL EXPENDITURES 4,825,375.00 1,608,458.33 3,042,46128 (1,434,002.95) Notes: 1 Includes prior year adjustment for tax increment calculation change v o o n o 0 0 � o 0 o w o o v o 0 0 0 � m o o m o 0 o m o 0 0 0 o rn o 0 0 o n N O O N O C C � O N O fV G O � pO O O O � W N O tn y N I� LL7 LL� O O t'7 �'1 � GD (O 1� � P'J � � M O � � 0 M O o p (n C � O O � C t Z c � . = lL Q � � V In 1n � O � � N N O O ll1 V � � O � � a � � m N � W � � r� n c� m in . i+> fA o d ui vi �o � F- a` � N N � N n'�i m w 0 m m o 0 N N et e{ U � � ^ M M N �p .O � � � v � a ¢ Vr�i ry in o r°Di r° o m _ �i rn ui c vi o oi GI y N M Q�i. 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N � O � a�p 41 r y � W S Q � E 5 �C�5 � y ,'3_ � F CK E � yw8 aSw �n w a ya$ C W ,� Q Z w � c N m c`a ` a p � ,� y � c�j � W N � �'� > U y o Z` n c � E � �'m {3i � 10 v 5 �p a W d c m W yQ Q > > �- a � � a� S '� QO � X � � a�i o E � R' y a�0 m A d W Q m � � m g t �S S > > �� W . � � E a y � Q � A O F = R y �U N C zi V n a r a � `.0 Q J L y � � � � !- 7 �n 'w �' � v ma � aoN a ��jc � � � ~ d fq W � y �' a � ~ � a�i ° 00 � � W aii _ Z � d � � c c � 7 X � N E N f C .E �r N y � N N N a � r � �nz0 X ¢ aacg W � � �L" �L" � LL W U f City of Palm Desert Parkview Office Complex October-99 October-99 # % Y1'D YTD # % Bud et Actual Variance Variance Bud et Actua! Variance Variance Revenues 2enWl $ 66,500 $ 68,234 $ 1,734 102.61% $ 255,000 $ 252,458 $ (2,542) 99.00% Dividends/[nterest $ 1,250 $ 4,104 $ 2,854 328.32% $ 5,000 $ 15,981 $ 10,981 319.61% TotalRevenues $ 67,750 $ 72,338 $ 4,588 106.77% $ 260,000 $ 268,439 $ 5,439 lIXi.25% Expenses Professianal-Accounting&Auditing $ 5,800 $ 5,800 $ - 100.00% $ 23,200 $ 73,200 $ - 100.00% Professional-Management Fee $ 5,500 $ 9,223 $ (3,723) 767.69% $ 22,000 $ 29,b10 $ (7,640) 734.73% Tenant Improvements $ 3,700 $ 3,200 $ 500 86.49% $ 14,800 $ 3,472 $ 11,328 23.46% Repairs&Maintenance Building $ 9,100 $ 4,500 $ 4,600 49.45% $ 36,400 $ 18,577 $ 17,823 51.04% Repairs&Maintenance•Landscapi $ 1,079 $ - $ 1,079 0.00% $ 4,316 $ - $ 4,316 0,00% UtiliHes-Water $ 250 $ 98 $ 152 39.16% $ 1,000 $ 307 $ 693 30.67% Utllides-Gas/Elechic $ 5,000 $ 6,298 $ (1,298) 125.%% $ 21,500 $ 19,098 $ 2,902 88.83% UtiliHes-Trash $ 450 $ 625 $ (175) 138.86% $ 1,800 $ 2,370 $ (570) 131.67% 7elephone $ 150 $ lll $ 39 73.71% $ 600 $ 526 $ 74 87.68% Insurance $ i21 $ - $ 521 0.00% $ 2,082 $ - $ 2,082 0.00% TotalExpenses $ 31,550 $ 29,854 $ 1,696 94.62% $ 127,698 $ 97,189 $ 30,509 76.11% . ��w�. ._. . �'.. ... . Equipment Replacement Reserve $ 9,186 $ 9,639 $ (453) 104.93% $ 36,744 $ 28,916 $ 7,828 78.70% �.�'�`Pirtk��m a_m"",R'�. ,,.2'� ��k;'''��014:io-i ..._ �a�k,a. �tiz. Inresb'_000-inrest Parkview Office Complex Vacancy Rate Schedule by Suite October 1999 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2) Story Building 100 Hanover 2,560 102 Bergren 1,360 103 Multiple Sclerosis 488 104 Arthritis FoundaHon 960 106 Vacant(space is unimproved) 928 108 Senator Kelly 785 112 Assemblyman Battin 1,406 114 Chamber of Commerce 1,478 118 U.S. Filter 1,250 119 City/CVAG Conference Room 1,380 120 Golf Dimensions 1,750 200 CVAG 4,292 200A Vacant(space is not avaIlable to lease) 841 � 201 U.S. District Court 604 � 203 Accounting Services 480 205 Coachella Valley Economic Partnership 700 -• 208 Desert Springs Imestments 960 210 Wilson,Pesota&Pichardo 3,040 211 Alzheimer's Association 937 217 Mcmillan 775 Invest;Vacanc��eport Parkview Office Complex ^ Vacancy Rate Schedule by Suite October 1999 Suite Squaze No. Tenant Feet 220 CA.State Dept.of Agriculture 1,607 222 WMA Securities 2,981 Total square footage(2 srory Building) 31,562 Vacancy Rate-1,769/31,562= 5.60% 73-720 Fred Waring Drive- One Story Building 100 State of California-Water Resources 15,233 102 Vacant(ConstrucHon has begun-expected completion date is 10/25/99 4,396. Total Square Footage 19,629 Vacancy Rate-4,3%/19,629=22.4% Overall Vacancy Rate for Both Buildings: Vacancy Kate--6,165/51,191= 12.04% InvesqVacancy Report City of Palm Desert � Desert Willow Sudaet Vs Actual For the moath of October 1999 Budge/ed Actual BudgHed Ac[ual octo6er october S Percmtage Ywr to Yeu to S Percmtage Revmue 1999 1999 Varimce Varlance Date Da4 Variance Varianee Course&GrouM $ 496,585 S 606,821 $ 110,236 12210% $ 795,023 $ 1,009,&I6 $ 21A,783 127.02% Carts $ 32,550 S 12,126 $ (20,424) 3725% $ 62,975 $ 34,345 $ (28,630) 5434% ColfShop $ 48,750 S 90J59 S 42,009 186.I7% $ 99.700 $ 161.574 $ 61.874 162.06% Rsnge S 4,000 $ 1,44p $ (2,560) 36.00% $ 6,000 $ 2,190 $ (3,810) 36.50% Food&Beverage � $ 66,20� S 69,503 S 3,303 104.99% $ 1t9,550 $ 129,561 $ 10,011 10837% ImerestI�ome $ 1,500 $ 2,570 S 1,070 171.33% $ 6,000 $ 15,778 $ 9,778 262.97% 7 4 7 Payroll Proshop $ 8,983 $ 11,742 $ (2,759) 130.71% $ 28,392 $ 38,559 $ (10,167) 135.81% Cart $ 32,176 $ I6,66'7 $ 13,509 51.80% $ 67,301 $ 53,453 $ 13,848 79.42% Course&Ground $ 96,991 $ 86,840 5 ]0,151 89.53% $ 400,841 $ 434,414 $ (33,573) 10838% GalfOpera[ions $ 21,496 $ 23,327 S (1,831) 108.52� $ 72,569 $ 8t,564 $ (8,995) 1I2.4096 General&Adminisuation $ 30,686 $ 25,930 $ 4,756 84.50% $ 105,207 $ 103,542 $ 1,665 98.4296 Food&Bevenge $ 37,271 $ 25.504 $ 11,767 68.43% $ 83,874 $ 63,267 $ 20,607 75.43% 1 7 7 .4 4 74 9 1 1 . 9 Olher Expenditures . Perimeter LaMscaping $ 2,651 $ - $ 2,651 0.00% $ 14604 $ - $ 10,604 0.00% Proshop $ 1Qt25 $ 20,174 $ p0,049) 19925% $ 18,050 $ 28,119 $ (10,069) ISSJS% Proshop-COGS $ 26,813 $ 41,228 $ p4,415) 153J696 $ 54,837 S 93,589 $ (38,752) 170.67% Can $ 43,SW $ 35,111 $ 8395 BOJO% $ 113,594 $ 99,342 $ 14,252 87.45% Couroe&GrouM-North Caurse $ 13fi,695 $ 136.250 $ 445 99.67% $ 279,530 $ 299,253 $ (19,723) ]07.06% Course&Graund-SouthCourse $ 128,400 $ 66,595 $ 61,805 51.87% $ 262,300 $ 315,788 $ (53,488) 12039% Couree&Ground-DesertPalleo-N $ 2,000 $ 285 $ L715 14.2536 $ 10,800 $ 6,848 $ 3,952 63.41% Course&Ground-DesenPallet-S $ 1,500 $ 595 $ 905 39.67% $ 8,800 $ 9,516 $ (716) �108.14% GolfOperetions $ 3,800 $ 3,429 $ 371 90.24°6 $ 22,I00 $ 6,984 $ 15.1t6 31.60% General&Administaiion $ 96,572 $ 56,863 $ 39,709 58.88% $ 230,007 $ 193,537 $ 36,470 SO.l4% Range $ 1,700 $ 12,290 $ (10,590) 722.94% $ 17,150 $ 11,791 $ 5,359 68.75% Food&Beverage $ 11,Ofi5 $ 12,047 $ (992) 108.87% $ 22910 $ 24,073 $ (1,163) ]05.08% Foad&Bevenge COGS $ 21,806 $ 21,596 $ 210 99.049 $ 39,012 $ S1,035 $ p2,023) 130.82% Ma�ugementFee $ 25,000 $ 23,299 $ I,701 9310% $ ]00,000 $ 98,299 $ 1,701 98.30.� � Financing/I,ease $ 7,583 $ 6,154 $ 1,429 81.16% $ 30,900 $ 25,923 $ 4,977 83.89% � � I .9 1 43 1 . David Leadbetter Academy I.earning Center Revenues $ 2Q000 $ 16,620 $ (3,380) 83.10'& $ 33,500 $ 28,574 $ (4,926) 8590% Reimbursemenrs to David Leadbetter $ p7,000) $ (t4,127) g 2,873 83.10'� $ (28,475) $ (23,625) $ 4,850 82.9796 OtherExpendiNres $ (I,450) $ p,377) $ 73 94.97� $ (5,800) $ (5,508) $ 292 94.97'& Learnine Cen[er Incame(Loss) $ L550 $ 1 ]l6 $ (434) 72 00°h $ (775) $ (559) $ 2l6 72 l3% Operatinglncome(Loss) $ (95,684) $ 158,409 $ 254,093 -165.554fi $ (890,305) $ (686,201) $ 204,104 77.07% EquipmentReserveReplacement I7,164 40,822 $ 23,656 237.8496 68,656 (63,288 $ 94,632 237.84% 1 4 117 7 2 4 9 961 4 47 oa shot o 0 ounds u et mo Actua mo Variance Variance 46 Bud eted d Aclual Variance anance 46 Resident 2,253 2,339 86 104R, 5,863 4,074 1,789 69% NonResident 3,712 4,355 G43 117% � 9,127 12,550 (3,423) 138% Other 155 8 (147) 5% 281 128 I53 46% Com limentar 84 259 fl5 308R 649 l 027 378 158% Total 6,20G 6,961 757 112% 15,920 17,779 (1,859) ll2°,6 � Dw2000;Finenciel Statement � � � � � �m � � G � �mM � � � � q S Y � � � N N N � � J � N N C N m N M � � Q � � � � Q � � u o . 5 a Q T �C p . y Q o ��^� S7 � �q� ,� � � ay � � �g� � � � �i � � � w+ � O � o � � � « '3 W 0 � 9 � �� `��yj 9 UUC� 0.' 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'50 � a. �eyp o � � � 65tC`S U .=.<�'C`S U .=.Q�f(`S U ;aoiC`S U � � � gN � � � � A � � � N � � co �n � � o � �� .� V � m y � �` � � v. � � � � � � M � � � m y cv r �O � � E� z � � � � � � yx � � - N op pq q � F � N � N Q� � 4 � V O � rl 9 �.� .� �Q �n °' .'e. 8 ° � m � � � �� F o � � � � 'n' �'� : � "'i ti C � � � `'p�. � Q z ` � � W S � R o ^' � � n � � a � � �," � � � Q � � � b � � o A � '° a z 8 5 � � s E� � 3 � � � � � S� N J M � � � � m 9 � c 3u C � � City of Palm Desert Desert Willow Cash Reserve Aaalysis for the month of October 1999 Cas6 Reserve Analysis One Month Re uired Reserve $ Spp,ppp,pp Cash on Hand $ 742,242.99 Variance- Favorable Unfavorable $ 242,242.99 FIRECLIFF COURSE- OCTOBER 1999 Descripltoa No. Of Reveaue Avg. Per Pct to Rouads PetP08 Rouad Total Resideat Rounds Resident Fee- Weekend- Fall 473 $ 21,285 $ 45.00 10.13% Resident Fee-Weekday-Fall 905 $ 40,725 $ 45.00 19.39% Resident'Itvilight 62 $ 2,790 $ 45.00 1.33% Total Resideat 1,440 64,500 45.00 30.85% Non Resideat Fall Fee - Advanced Weekday 1 $ 112 $ 112.00 0.02% Fall- Posted Weekend 550 $ 77,903 $ 141.64 11.78% Fall- Posted Weekday 859 $ 97,175 $ 113.13 18.40% Summer Fee- IROC MBR WKDY 6 $ 576 $ 96.00 0.13% IROC Member Guest Weekday 12 $ 1,152 $ 96.00 0.26% IROC Member Guest Weekend 8 $ 928 $ 116.00 0.17% Summer Fee-IROC Des. PR1'Y Wkdy 17 $ 1,020 $ 60.00 0.36% Summer Fee-Iroc Member WKND 5 $ 580 $ 116.00 0.11°/a IROC Designated Party WKND 22 $ 1,635 $ 74.32 0.47% IROC Designated Party-'Itvilight 12 $ 480 $ 40.00 026% Fall Fee-Super'Itvilight 15 $ 675 $ 45.00 0.32% Fall Fee - Wholesale 'I�vilight 2 $ 160 $ 80.00 0.04% Fall Fee-Wholesale Weekend 373 $ 47,944 $ 128.54 7.99% Fall Fee-Wholesale Weekday 191 $ 17,610 $ 92.20 4.09% Fall Fee- Wholesale Replay 2 $ 150 $ 75.00 0.04% Fall Fee- Twilight 376 $ 29,852 $ 79.39 8.05% Spring Fee- P.S. Golfer Fee (wknd) 1 $ 95 $ 95.00 0.02% Fee Special Event Vaziable 559 $ 78,953 $ 141.24 11.98% Total Noa Resideat Rounds 3,011 357,000 118.57 64.50% Other Rouads Junior Walking 5 $ 50.00 $ 10.00 0.11% Total Other 5 50.00 10.00 0.11% Complimeaiary VIP 51 $ - $ - 1.09% PGA Member 73 $ 740.00 $ 10.14 1.56% COD/PDHS 49 $ - $ - 1.05% Donation 29 $ - $ - 0.62% Employee 10 $ 150.00 $ I5.00 0.21% Total Complimeatary 212 890.00 4.20 4.54% Total Rouad (FireClif� 4,668 $ 422,740 $ 90.56 100.00% MOUNTAINVIEW COUR3E- OCTOBER 1999 Description No. Of Revenue Avg. Per Pet to Rouads PerPOS Rouad Total Resideat Rounda Resident Fee- Weekend 407 $ 18,315 $ 45.00 17.'75% Resident Fee-Weekday 469 $ 21,105 $ 45.00 20.45°/a Resident ltvilight 23 $ 1,035 $ 45.00 1.00% Total Resident 899 40,455 45.00 39.21% Noa Resident Fall Fee- Advance 3 $ 495 $ 165.00 0.13°/a Fall Fee-Posted Weekend 285 $ 40,075 $ 140.61 12.43% Fall Fee- Posted Weekday 183 $ 20,820 $ 113.77 7.98% IROC- Designated Party (WKDY) 4 $ 240 $ 60.00 0.17% IROC- Designated Party (WKND) 16 $ 1,160 $ 72.50 0.70% IROC- Mbr. Guest- (WKND) 1 $ 116 $ 116.00 0.04% IROC - Mbr. (WKDY) 8 $ 768 $ 96.00 0.35% IROC - Mbr. (WKND) 4 $ 464 $ 116.00 0.17% IROC- Des. Party'I�vilight 6 $ 240 $ 40.00 0.26% Fall- Wholesale Weekend 68 $ 7,888 $ 116.00 2.97% Fall- Wholesale Weekday 272 $ 24,420 $ 89.78 11.86% Fall-Twilight Fee 117 $ 9,266 $ 79.20 5.10% Fall-Super'I�vilight 6 $ 270 $ 45.00 0.26% Fee Special Event Variable 371 $ 37,238 $ 100.37 16.18% Total Noa Resident Rounds 1,344 143,460 106.74 58.61% Other Rounds Junior Walking 3 $ 30 $ 10.00 0.13% Total Other 3 30 10.00 0.13% Complimentary VIP 14 $ - $ - 0.61% PGA Member 10 $ 285 $ 28.50 0.44% COD/PDHS 11 $ - $ - 0.48% Donation 8 $ - $ - 0.35% Employee 2 $ - $ - 0.09% Employee Guest 2 $ 50 $ 25.00 0.09% Total Complimeatary 47 335 7.13 2.05% Total Rouad (Mountainview) 2,293 $ 184,280 $ 80.37 100% � � o � � � 8 0 0 N � � N rl � g o� �� ' Aa o �. � o t.' � o �� 0 x � " w u o ; � w � w a $ , VQ �� O �i O � ��" V ""N g 8 U � � .� u $ a g � � m � � v � ;� o � � o � � � � o � m � " � � � � � � � G � V o Uk N' � � � � � � m � oi � � � � ^. � � � r � � � � � � a �' B �p � 'u. • Q � V � C�f Y 25 � � � `� k W � � w W � «Q �H o 0 � � � e� u .� $ $ a � � 0 U � � � � � LL g � w U � � � � @ � � V b' $ » 0 m = � c � m � � W a � E W � D N � m a J � � � � � 0 U m 'C � � a �� Desert Willow - Combiaed Aaalysis-October 1999 Resident 2,339 $ 105,255 $ 45.00 33.60% Non-Resident 4,355 $ 500,460 $ 114.92 62.56% Other 8 $ 80 $ 10.00 0.11% Complimentary 259 $ 1,225 $ 4.73 3.72% Desert Willow Totals 6,961 607,020 87.20 100.00% PalmDesert Recreation Facilities Corporatioa � Income Statemeat Oct-99 Oct-99 � % Budget Actual Variance Variance Food & Beverage Revenues $66,200 $69,503 $3,303 104.99% Total Revenues $66,200 $69,503 $3,303 104.99% Salaries $37,271 $25,504 $11,767 68.43%a Cost oF Goods Sold-F&B $21,806 $21,596 $210 99.04% Faod & Beverage Expense $11,065 $12,047 ($982) 108.57% Total Expenses $'70,142 $59,147 $10,995 84.32% Net Income (Loss) ($3,942) $10,356 Note: The above revenues and expenditures are aLso included in the Desert Willow analysis. Dw2000;PDRFC Budget � _ - �3o-� Second Quarter Sales �VI_ .InAN/A.VwlSmar(u�wn' �,��C C� �'�-�� Sales Tax Digest Results of State Board of Equalization's Third Quarter collections (OS/13/99—08/12/99), reflecting Second Quarter sales Preliminary Second Quarter Results Reconciliation SBE Collections AnaZysis Local Collections $2,692,i96 Second quarter sales collected Share of County Pool (7.92%) 325,579 during the third quarter are mostly Share of State Pool (.31%) 23,082 complete. Estimated amounts for SBE Net Collecrions 3,041,457 late-paying firms have been included. Less: Amount Due County (0.0%) .00 Less: Cost of AdministraHon 27 205 Net 2Q99 Receipts 3,014,252 Cash Collection Results Net 2Q98 Receipts 2,395,322 Actual Gain/Decline (%) 25.8% The State Board of Equalization collected $2,692,796 of City sales tax 2Q99 Performance Analysis revenues from local Palm Desert businesses this period. Adding in Local CollecHons 2,692,796 pool allocaHons and netring out de- Less: Payments for previous periods 195 660 ductions resulted in net receipts to Preliminary 2Q99 CollecHons 2,497,136 the City of$3,014,252, which is 25.8% Projected 2Q99 Late Payments 76,975 more cash remitted than the total last Projected 2Q99 Final Results 2,Si4,111 year for this period. Actual 2Q98 Results 2,153,132 Projected Gain/Decline (%) 19.6% Second Quarter Sales Tax Performance Of the total sales tax collected for City of Palm Desert the period, $2,497,136 was generated Eight Largest Economic Segments (Benchmark Year End 2Q99, S) by local businesses during the second quarter. There are an esrimated $76,975 in second quarter late pay- s:5aa,�o ments to be added to project the final second quarter performance. Consequently, final sales tax :z,oaa.wo revenue produced by local firms _ during the second quarter should be :,.soo,aoo� $2,574,111, which is a projected gain of 19.6% from the same quarter of last ° year. s,.000.00n � �—` Key gains in the second quarter � ��-�'--`--`�� were led by the department stores, :5�.�0' �� miscellaneous retail, and bldg.matls- i — whsle economic segments. Key de- clines came from florist/nurse�/ so '1� 10% 00% �OBB 1091 309] 3�9] �p9] 1�98 3a9B 3�98 W9B tO99 3099 business services, and auto sales - uSed. �DEPARTMENTSTORES �RESTAURANTS �MISCEI�, ❑ -y-FUPNITORE/RGGLWlCf +-APPA0.ELSTOPES -�-FOOOIMRKETS �BLDGMATLS-WHSLE —OFFICEEOUIPMENT