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Home My WebLink About06 DECEMBER 1999 INVESTMENT & FINANCE COMMITTEE MEMBERS 1999/2000 i. Russell Cnmpbell Member 360-7715 77-697 Barons Circle Palm Desert,CA 92211 2. Buford Crites Mayor 346-0611 City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260 3. Rny Diaz City Manager 346-0611 City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260 4. Dave Erwin City Attorney 568-2611 c/o Best, Best 4 Krieger 39-700 Bob Hope Drive, Suite 312 Rancho Mirage, CA 92270 5. Jim Ferguson Mayor Pro-Tempore 346-0611 City of Palm Desert 73-510 Fred Waring Drive Polm Desert,CA 92260 6. Paul 6ibson Director of Finance/Treasurer 346-0611 City of Palm Desert 73-510 Fred Wnring Drive Palm Desert, CA 92260 7. Thomas 7effrey Investment Manager 346-0611 Cify of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260 S. Murray Mngloff Memb¢r 341-0118 229 Camino Arroyo North Palm Oesert, CA 92260 9. Carlos Ortega Executive Director of Redevelopment Agency 346-0611 City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260 Investment f� Finance �.'ommittee 1998/1999 Pa�e 2 10. Bill Venzie Member 345-4075 42-900 Massachusetts Court Palm Desert, CA 92211 REVIEW PROCE55: Finance Director, City Manager, RDA Director d Project Manager, City Attorney STAFF� John Wohlmuth ACM/Director of Administrative Services Veronica Abarca Recording Secretary PRE55: 1. KMIR TV News Director 72-920 Parkview Drive Pnlm Desert,CA 92260 2. THE DESERT SUN 74-617 Highway 111 Palm Desert, CA 92260 3. KESQ TV 42-650 Melanie Place Pnlm �esert,CA 92260 4. KPSI RADIO 2100 E. Tahquitz Canyon Way Palm Springs, CA 92262 revised SO/19/99 vla INVESTMENT 8t FINANCE COMMITTEE ATTENDANCE LIST ]uly 1999 - ]une 2000 NAMES ]ul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 21 18 15 20 17 15 19 16 15 19 17 21 Mayor Crites X A A A A Russ Campbell A E X X X Ra Diaz A X X A A Dave Erwin X X X X A ]im Ferguson X Paul Gibson X X X X X Thomas Jeffrey X X X X X Bob Spiegel X X X X X for BC Murray Magloff X X X X X Carlos Ortega X X A A X Members: 10 Quorum: 6 E: Excused A: Absent X: Present Revised 12/16/99 vla *Note: Quorum equals half of total plus one. � � .� � � � INVESTMENT £� FINANCE COMMITTEE ��DN�.SD1��', December IJr, 19g9-- 11:ooA.M. NORTH WING CONFERENCE ROOM I. CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES Rec: AppTove the Minutes o� November 17, 1999 as submitted. Action: IV. ORAL COMMUNICATIONS A. Any pexsou wishin� to discuss any item not otherwise on the a�enda may addxess the Investment � �inance Coinmittee at this point by,�ivin$ �is or her name and address �or{he record. Remax�Zs shall be limited to a maximum o��ive minutes unless additional time is authorized by the Chairman. B. This is the time and place for any person who wishes to comment on non- hearing agenda items. It should be notec� that at the Investment F1 Finance Committee's discretion, these commente may be de�erred until such time on tke agenda, as the item is c�ieeussed. Remar�Zs shall be limited to a maximum o{{ive minutes unless additional time is authorized by the Chaixman. V. OLD BUSINESS A. Status o� Public and Private Partnershi�a Bac�Z�round Chec�xa for Section 4 Rec: Report by Carlos Ortega. Action: B. Bond Issuance bv Palm Desert �inancin�+ Authority Rec: Status Report on new Bonds. Action: AGENDA - INV�STMENT fl FINANCE COMMITTEE December 15, 1999 VI. NEW BU5INESS A. City and Rec�evelopment Agencv Investment Sckec�u�e for November. 1999 Rec: Review and submit to the next City Counci� agenda. Review tke presentation on the investment grap}is. Review the investment activity during the month of November. Review status of capital projects and cash {�ow pcojections. Action: B. Review Skort Term Investments Maturin�r in December. 1999 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds and no4es; and, 3� a�encies discoun{ notes. Action: C. ,5tate of Cali�ornia l.ocal A�encv Investment �und Mont�v Reports £or October. 1999 Rec: In�ormational item �or tke �,'ommittee to review. No action required. D. Monthly Financial Report �or C'ity Council �or Novexnber. 1999 Rec: Report and submit to City Council. Action: E. Parlxview Pro�easional O��ice Buildin�s - Financial Regorts �or November. 1999 Rec: Review and �ile report. Action: F. Desert Willow C'iol� Resort �inancial In�ormation �or November. 1999 Rec: Review and {ile report. 1�etion: AGENDA - INVESTMENT £� FINANCE COMMITTEE Decembei 15, 1999 November, 1999 Rec: Review and {ile report. Action: VII. REPORTS AND REMARKS E�. R�e orte and Remar�Zs by any Committee Member B. Itema to be placed on the Next Agenda VIII. NEXT MEETING DATE Next regularly scheduled meetin� is: ��m��a��w� 1(��n�n�� 11�� 11110�� ,mrno IX. ADJOURNMENT I hexeby certi{y under penalty o�perjury undex the laws o�the State o� Cali�ornia, that the �oxepoing agenda �or the Palm Desert Investment and �inance C'ommittee was posted on the City Hall bulletin boacd not less than 72 hours priox to the meetin�. Dated this December 10, 1999. Veronica Abarca, Recorc�ing Secretary �--�--� • � � Minutes Finance Committee CONVENE On November 17, 1999, tlie Investment F� Finance Committee was called to orcler at 1:33 p.m. by Mr. Paul Gibson. ROLL CALL Russe�I Campbell, Paul Gibson, �I'komas)e{�rey, Munay Maglo{{, Bob Spiege�, Bill Veazie and Veronica Abarca, recording secretary. Jokn Wo�muth, Assistant City Manager �or Ray Diaz Anthony Hemandez, Accountant Gregg Lindquist, Desert Willow Gol� Resort Bob Hargraves, Best, Best f� Krieger �or Dave Ernin APPROVAL OF MINIIT'ES On a motion by Mr. Campbel[, seconded by Mr. Veazie, the Minures of tlie October 17, 1999 meeting were approved as submitterL ORAI. COMMLJNICATION None. Mr. Gibson stated that New Business Items F, G ancl Old Busine:s Item C wo�ld be talzen out o�order so Mr. Linclquist could be excused {rom the remainder o�tke meetin�. F. Desert Willow Gol� Resort Financial In�ormation �or October, 19qq• Mr. Lindquist reviewed tke report {or October, 1999. The activity {or October was very good. Tkere were only two wee�Zs in October where bot� courses were open due to reseeding. There were 6,200 rounds were budgeted for October, actual were fi,900+ rounds. Revenues exceeded budget by 133,000. Year to date revenues are a�ead of budget by 124%. Payroll and expenses were sligktly under budget. Mr. Lindquist explained tkat durin� tke budget process he kad anticipated being in tke permanent clubkouse by October, tkere�ore basing kis October � {igures accordingly. Revenues have exceeded budget even without the permaneut clubkouse. 1 Minut;e� I�'Inancc Commil;tce . Mr. Spie�el requested a comparison to last years {igures. Mr. Gibson stated that a comparison kad been included on the third page of tke document. Mr. Hemandez stated that the first time a true comparison with botk courses would be apparent is in tke November figures. Mr. Linclquist stated that due to a di{{erence in tke reseeding sckedule, November would only re�ect one course. • Receive and {ile report. G. Palm Desert Recreation Faci�ities Cor�oration Income Analvsis �or October. 1999 Mr. Lindquist reviewed tke reports {or October, 1999. Receive and {ile report. C. Desert DPillow Comparison Per tke committees request, staff has conducted a comparison behveen Desert Willow Golf Resort, Indian WeIls and portions of Takquitz Czee�x (not a]I � in�ormation was provided by ckem�. Mr. Gibson introduced Antkony Hernandez, City Acconntant wko researcked tke comparison. Mr. Hernandez summarized tke reports �iven. He �ighligkted t�at Indian . Wells gol�course exceeded Desert Willoa%s Net Income by�200,000 or 53%. The true indicator o�the di{{erence would be the number of rounds provided bY the captured play hotels. Mr. Spiegel stated that tke City o{ Palm Desert's emphasis on local resident p]ay as a priority does not allow�or a true comparison since Indian R"eus kas more hotels and less resident Play. Indian Wells also skows 20,000 more rounds tkan Desert Willow. Desert Willow�as 22% resiclent play wki�e Indian Wells has 4%. Mr. Lindquist stated that Desert Willow�as Tee Times wkick are set 10 minutes apart w�ic� allows �or a quality �ame rat�er than a 7 minute/8 minute tee time intervals w�ich would increase their rounds o�gol�. �Ir. Lindquist stated that the revenue and the quality o{the experience at Desert 2 Minute� I'Inancc Commil;tce �illow is more important than the number o�rounds played at Desert �illow. Mr. Hemandez stated tkat Desert Willow's average green fees per round exceeded Indian We]�'s by�8.45, althougk Indian Wells overall revenue per round exce.eded DeserF Wi]low by �2.46 wkick can be attributed to Indian Well's pro s�op. Mr. Wo�mutk questioried wky Indian Wells expenses exceeded Desert Willow's by$1.2+ M�llion. Mr. Hernandez stated tkat their management fees are much higher than Desert Willow. OLD BUSINESS A. �Status of Public and Private Partnerski�s Back,�round Checks for ection 4 �There were no changes to tke previous montk's report. B. Bond Issuance by Palm Desert Financin�Aut�oritv Tkere were no c�anpes to tke previous montk's report. NEDV BUSINESS A. City and Redevelopment Agenev Investment Schedu�e Mr. Je{�rey stated tkat tke boo�Z value o�tke City Port{olio as o�October 31, 1999 was �158 million. Tke decrease {rom September is due to debt service. , Tke book value of tke Redevelopment A�ency Port�olio as o� October 31, 1999 was �143.5 million. The decrease from September is due to debt service, land purckase payments. Receive and {ile reports. B. Review Short Term Investments Maturin� in November. 1999 Mr. Je{frey reviewed tke reports for City and Redevelopment Agency and as�xed i�there were any questions. Tkere were none. Receive and {ile report. C.'. .State o� C'a�i�ornia Local Apenev InvestmenY Fund Mont�tiv Re�ort 3 Minu�e� I�'Inancc Commi�tce Mr. Gibson reviewed the LAIF Statement for September, 1999. The City . had a balance o��14.4 million and the Redevelopment Agency had a balance o��7.5 million at an interest rate o�5.274% as o{ September 30, 1999. Receive and {ile repox4. D. Mont}ilv Financial Report �or Citv Council �or tke month endin� October. 1999 Mr. U"ibson stated that ke estimates sa�es tax revenues at �11.5 million {or the 1999/2000 {iscal year over a budgeted �10.8 million. Tourism has increased as well, as re{�ected in the 8% increase in TOT revenues. Property taxes will not be re{�ected unti� �ecember/January. �veraU we're doing well. Mr. Gibson stated that the expenditures are all on trac�Z witk budget. Tke Redevelopment Agency will not show any revenues unti� the Tar Increment is received in 1anuary. Receive and {ile report. E. Par�xview Pro�essional O�{ice Bui�din�s - Financial Reports �or tke month endin� October. 1.999 Mr. Gibson stated tkat Par�Zview O{�ice Comples is doing well. Revenues aie aliead o�budget and expenditures are below budget. Tke current net income is at�142,333. , Tke tenant improvement kave been completed and tke {inal agreement kas been reac�ed. T�eir move in date is now estimated at January 1, 2��. Receive and {ile report. REPORTS AND REMAR S Mr. Gibson stated tkat beginning iu December, the meeting time �vill ckange to 11:00 a.m. NEXT MEETING DATE 'I'�e nest Investment F� Finance Committee meetin� will be held Wednesday, December 1�, 1999 at 11:00 a.m. 4 - Minut;es I�'Inancc Commi�tce ADJOURNMENT Upon motion by Murray Magloff and seconded by Bill Veazie the Investment& Finance Committee adjourned at 2:31 p.m. Respect�y submitted, 6�V�lJL/ , Veronica L. 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Ol LL O�y �yS � 8�I� t�q 3 LL T N 2 a'r�' �. � � Mm r OSOrn��{(��]OO(Vf�pO�m �� Vi ¢ � ¢ d � O m O!01�0<�0(7�^m� OmN�m � ay a � � � � � 0 n��ca.i�c�e N��n �fi �(i � F � ¢ cl , o, O U ^ W U ¢ a � p y w Q ¢ �y g �,�,�,«,�,�,«�«.«.�� «, w � � ! � � LL g � �t t N��, z �e gm � ��. ,,n � � o T � o � ~ N 2 U � y � � w z '> n z W JQ ,.:.,.e.ir LL Z m JZ7Q 0 Q a a ZS 5 $��N � N ., p� U YyQ�W�¢ �t%� ";_'�,;i rS'. � Uy T�7�W(70}a N � � U C�¢ W =U< �(7 (7��¢y��,y� � � . Oi Q w � ^ ;��,�MY �Q QZ�� J � � y � A.t..,� '.' �: � ¢� Qa a,e a� a �. � � � ¢�J�¢�W j 2 W ��W lL �'ILLLIL W�2h-Ow� `1pZY¢ 2 o m b m O ay �8a B�o�iU'_ru+8� 0« � ui ui �ri ui r �LLJLL 4L�T.(7�.,LLU �C�� ' — (%)O131A CITY OF PALM DESERT — INVESTMENT ACTIVITY REPORL, NOVEMBER 1999 EXECUTIVE SUMMARY As of 11/30/99, total portfolio book value was approximately$153MM. This reflected a net decrease of approximately$4.9MM from prior month due to debt service and Bighom reimbursement payments. There was an unrealized portfolio net gain (market value-book value)of approximately$180M, based upon prevailing market interest rates. This was only a "paper"gain since there was noprofit-taking. Significant changes in investment position are shown below: "United States Treasury-Counon", The City buys interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest assessment bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$29M DUE TO AMORTIZATION OF PREMIUMS. '•Federal Ayency-Coupen". The City buys U.S. govemment agency and instrumentality notes with maturities of 2- 10 years to invest assessment bond proceeds. Agency debt guaranteed by U.S. Treasury; insVumentality debt is not (guarantee, instead, believed to be U.S. GovemmenYs "moral obligatlon"). Although unrated, considered"AAA." THIS ACCOUNT BALANCE DECREASED BY APPROX/MATELY$2MM DUE TO A MATUR/NG SECURITY. "Local Ayency Investment Fund (LAIF1". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurers Office 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 DECREASED BY APPROX/MATELY$2.6MM DUE TO BIGHORN REIMBURSEMENT COSTS. "Federal AQenr,y-Calla6le", 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 D!D NOT CHANGE. "C� Loan fo 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 D/D N01'CHANGE. "Fideli Treasuq�Pool^. The City invests assessment bond proceeds (consUuction, 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 raGng of"AAAm"; Moody's of"Aaa". TH/S ACCOUNT BALANCE DECREASED BY APPROX/MATELY 5621 M DUE TO DEBT SERVICE PAYMENTS. "United States Treasury-Discount". The City buys nonintere5t-bearing zero coupon securities ("STRIPS")with maturities of 6 months-30 years, to invest assessment bond proceeds. Purchased at discount:face value paid at maturity(difference is yield). Although unrated, considered "AAA". TH/S ACCOUNT BALANCE D/D NOT CHANGE. "�yhMark Sween Aceounts", The City sweeps excess checking balances into"HighMark 100% U.S. Treasury Money Market Fu�d". 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 S6C regs). Although unrated, underlying securities considered"AAA". THIS ACCOUNT BALANCE/NCREASED BYAPPROX/MATELY$391M DUE TO INTEREST COUPON PAYMENTS. "State& Local Govt Sertes-Tima". 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 DJD NOT CHANGE. "Medium-Term Notes". The City buys interest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. TH/S ACCOUNT BALANCE DECREASED BY APPROX/MATELY$13M DUE TO AMORTIZATION OF PREMIUMS. "Federal Aqe�-Diseount'•. The City buys noninterest-bearing federai agency notes at a discount. THIS ACCOUNT BALANCE D/D NOT CHANGE SIGN/FICANTLY. 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This reflected a net increase of $327M from prior month due primarily to interest income. There was an unrealized portfolio net gain (market value- book value)of approximately$405M, 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 8 Local Govt Series -Coupon," Palm Desert Financing Authoriry 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 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$1.2MM DUE TO MATUR/NG SECURITIES. "Local Ayency Investment Fund ILAIFI." RDA invests City's loan in $13MMM pool managed by State Treasurer's Office for 2,600 govemmentai entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturiry of 180-540 days. THIS ACCOUNT BALANCE DlD NOT CHANGE. "lJnited States Treasury_Counon." 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 APPROX/MATELY$107M DUE TO A MATURING SECURITY. "Stale 8 Loeal Govt Saries -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 D/D NOT CHANGE. "Slnited 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 yieid). 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$166M DUE TO/NTEREST COUPON/NCOME. "Federal qe��pon," 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/NCREASED BYAPPROXIMATELY$3M DUE TO AMORTIZATION OF DISCOUNTS. "Federal Ayency-DiscounY'. The City buys noninterest-bearing federal agency notes at a discount. THIS ACCOUNT BALANCE D/D NOT CHANGE. '•Commerc �ial 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 $980M DUE TO A MATUR/NG SECURITY. 'Federal Ayeney-Callabla". The City purchases federal agency securities that may be called prior to maturity, in i order to obtain an additional premium for that risk, thereby increasing overail portfolio profitability, THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$2M DUE TO AMORTIZATION OF DISCOUNTS. "Medium-Term Notes". The City buys noninterest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASFD BY APPROXIMATELY$2M DUE TO AMORTIZATION OF PREMIUMS. W V 2 a �n � �n �n �n v� v� v� v� �n v� �n v� u� v� Z J W W W W W W W W W W W W W W W — � } } } } } } } } } } } } } } } O U � � �} JJ � � � ' ' � ON ONi- � � i O � N � � O�1 � � f0 (O H H OI QI � � I� O O OQ �C7 � � Y'1 In N fV N a en rn f» rn ea f» v> vi f» e� us e» «A v> � � H � J Z � � W e \° e \ o 0 o e o 0 0 0 0 0 � LL V o � o � o o e o 0 0 � � o e W � � � � O � O O O � � N O O � aa w > 0 z w U Z Q T � Q .. O a O fq j� � � U c U p ° rn U m V � o ° � � � m .. o o a � V U o � � � } a N oo a Uy a�Oir � V � yoo rnv, > co 0 0 . >.Ua O V o � o � � � Q N � y �on. N � o ,� a � a � aa `o � � rn vya� � oo, p .00 z 0 o a `o 0 o �c � o yg •_ aoo v ro � o W a � a ' o v � o � � � � `o v t o v a r� Q u1 O � J J i0 Y 1p s- V fA � O C � � 07 � � N � � o ry U � � � � > > m y N � y o p m � Z F- r� N p�0 '� o N Z o a� m y T = Z Zr � v 5 v _ oa � � } rn0000 °' 'oaa � � ' N � � c � v � � N o) O O O O rn N N N Q Z �l V m N C l N W U U Q ^ N N N N N �L �L �L Q Q � � !n `. CO CG fA � '-N (h �N Ih�7 � '-N (h W a � a 2 y G W � � N � N � Z Cai V m 4 � � CC1 � Q � a m Z y Q 1� p! �'+i — �j � ; Y . v � �- � m W U Z a �n �n �n �n �n v� �n v� u� �n �n Z J W W W W W W W W W W W . � � } } } } } } } } } } } O U � � O Q f0 (O , N N n �n � H v v � � � Q oi ri � � a e, Es, fn e� En O�i � F � J Z � O W o0 0 o M W � � N N O � � a °' W � O Z t W U y ad �,�> � � � � .. � Q o 0 � � G N � cga U o �j � w � � � Vt/� • o � o U � y �n � �o E � a � � o � o � � � � y o �, a t}j � • � E � c in N � o a "' > y a� J J a � FNo ° =° � ° " g � z5 �j a � V � yca 'T° V o � 00 � 00 � c � � ° o F o •3 � Do � � y o - a o = Qp,J p�p O o Q } � p 41 y � m tll � � W a Q � r � � N � � O � >` N p C �01 � O � Q V a � o v � o � a v 0 :c c o � m d r� ~ � � � � N O G7 � O N p � O .�-� N b9 d' � O t!i V 7 y N N � � N � bq � � N � � � � L O N d ? 7 y (0 .- 4� (p Q �' � L O� y y E � � y � v � a�i � � � � � � U � 2 � � in a v�i < a a �(7 � � � c a a�i o � � d � > U h � UUTA UUUIn � �AZ � Rc/� � S �N ('�7� �N M� �N M V� � .- a e a � � � � E � � o �i e a rna W a � d � � � � N 0C1 a m Z E �"-. � ¢ _ � u U U � .�j MATURING SECURITIES DECEMBER 1999 C/TY PORTFOL/O 1 . $3,000,000 Du Pont Commercial Paper @ 5.26% RDA PORTFOL/O 1 . 53,000,000 General Motors Commercial Paper @ 5.19% 2. S500,000 General Motors Commercial Paper @ 5.19% ALL OF THE ABOVE WILL BE USED TO MEET CASH REO.UIREMENTS. POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF SEPTE114BER 1999 WITH SEPTEMBER 1998 (Dollars in T7►onsands) SEPTII�E.R 1999� SEP'TEMBIIt 1998 Change Average Daily Portfolio $32,879,155 $30,542,398 +$2,336,'I57 Acciued Earnings $142,130 $141,571 +559 Effective Yield 5.274 5.639 -365 Average Life--Month End(in days) 193 198 -5 Total Security Transacrions Amount $17,460,262 $18,915,783 -$1,455,521 Number 385 431 -46 Total Time Deposit Transactions Amount $875,640 $689,600 +$186,040 Number 79 58 +21 Average Workday Investrnrnt Activity $873,138 $933,590 -$60,452 Prescribed Demand Account Balances For Services $208,462 $168,347 +$40,115 ForUncollectedFunds $178,339 $172,827 +$5,512 -1- STATE OF CALIFORNIA l^ � PHILIP ANGELIDES, Tieasme� OFFICE OF THE TREASURER SACRAMENTO � Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 October, 1999 Statetnent CI1'1'OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 TransacHons Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Callec 10-IS-1999 10-14-1999 QRD SYSTEM 234,844.00 Account Summary Total Deposit : 234,844.00 Beginning Balance : 14,480,984.37 Total Withdrawal : 0.00 Ending Balance : 14,715,828.37 4�Z ' L'� � : TJ��fA Page : 1 of 1 STATE OF CALIFORNIA � PHILIP ANGELIDES, Tieaswsr OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 October, 1999 Statement Account Number : 65-33-015 PALM DESERT REDEVELOPMENT AGENCY Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transacrions Effective Transacrion Tran Confirm Authorized Amount Date Date Type Number Caller 10-15-1999 10-141999 QRD SYSTEM 150,639.12 Account Summary Total Deposit : 150,639.12 Beginning Balance : 7,504,655.59 Total Withdrawal : 0.00 Ending Balance : 7,655,294.71 � � �� e�, : -� �Vu� Page : 1 of 1 } F: `o �' c �, °'' _ - rn r ^ y _ � f C D S R c p o p p . y � c �' � c�y � 3.�.� ,� ��o� _ � ^ :a, a n' �."��.:€ a' -' ` � - � v ,�,. oL m .. _ c� g, ap�.�:a a � - W �u� � .. E� = w 'n " �; _ o � " � �� `� @ �� rn - _ / o �t.�.o o a�.��o 0 0 0 ' ' ' ' fV 'T� �D O�at.0 O N b r ro ci t� - - v c � T oA O oo�..� �.�.� .� .r � ;!� x c x x _, v �� o ;� I-� O p s W � : . J �!^ '�00 M M h N �T OI � 'S ^ r ••. p � . o � W M1 01 O N �M l� M �"' M f— (V �t .. � ,G 7 O c�i '.7 � N ..7 �D N �O � r. v -f n _ �n v T T Q fV .: •�• G O� O O C �O�. '� r�i [� 'r� I--�-i � � � ^ - r r tx 5 _ _� _ � < U °� L - �� ~ �_ A 'S K C ^ � �:- � � � L� � x V' C- .� O -t TT1 �. = '� IlN "YCf� �� /"� '� 1� . .. � �..� � G C O C x a � L•� •J � � � Ti-'-i i ^✓ � �.�� . s1 _ � � s� ^S ^'i ^��O� �D V' .�/t Q� vt O� _ -t r.� x r. -a �.; J r T� � V �O �N o0 t^- N O � � r c o a� ea v'� N d; Q� 'V; O ^� -r �� . �� r- r� � � � > � fY ^+ ^� c7 O 4 O O t��. .�., n �i r�i c ^ c ✓-' `� Z C ' � � � � C _ i--i � �'- J � �r �+ �r �r �+ r _ _ _ � _ _ j � ��:/.. ,�G ic�.� /.� �F.�� ! L ! G G t I. aa O � �O�i o�o O � �y� OMi allo i � �:� i� -t ^ ? L b� v� m.00 O ;4rj �D N O, oS �� x o � M �+�:0 O O ..O a7 CAO. ,� � �+'� r� C t�i � - q z - j �r.�,. � c 1^ I� J � �''� � � � � � �: G b O O"O �O pO tn�rn^SN C" � o -t � a�+ O�O,.M '.0�6 N W t^N� �b � �.� O = G� C -t '^� D�0 Q iO,'-'N N wr�ww ww Y+ OfY, "" i �. •-• .. ., o�l - n� 6 � � � "'J C y C Ca y. `Z 'f �, � � r_C K G1 �i cl rn � f� 1'� �;: C� i C ^ C � ri O � o :. G R a. .,, v; t� 7 .r t�l j ? N O m t^i p �:: 2 _yi, '� :d v m 'i � � = � � � 5 € � c c � a: R� , W ',� �:. i � �. � � _ � � H � t � � � � > m �a a C [z � �% 1 , ♦ . L � y. L� Z r ' �, � � O � < !tl�.V : � � �.. � � I � � .a.� � 0.i � � ;, V�� E � �.t0 G 114.� J i .^ U � '� _ � � � s = '_�,�:w F y �' a .�..�� _ 1 ;� � f � . � LL�`, �n o G a .�w,y �a�i' '�' �.,!� o b C�. . J J _ ., y . w � . �, a F�` elq a,a, �..vl�O y � ' _ � � i � � o� w �'+� �:� o .et ",�� `°3 �5� a� ^ x c � F; u 'L a a'+ ^ � aa` 'w` `Sv�, � �` ` v � � _ = = a F i PALM DESERT REDEVELOPMENTA COMBINED STATEMENT REVENUE,4ND El(PENDITURES CO 30-Nov-99 TOTAL RDA RDA RDA °�OF ACTUAL (FAV)UNFAV BUDGET � YTD BUDGEf ACTUAL TO YTD BUDGET VARIANCE REVENUES 1 Taxincrement 28,323,686.00 11,801,535.83 58.288.84 0% 11,743,246.99 2 Intefest 2,060,000.00 858,333.33 - 0% 858,333.33 Sales of Property - - - �% - 3 Reimbursement From Other Agencies 725,000.00 302,083.33 125,364.76 42°/a 176,718.57 Other Revenue - - 1,90921 0°/a (1,90921) Transfers to/from otherfunds � -- - - 0% - TOTAL REVENUES 31,108,686.00 12,961,952.50 185,562.61 12,776,369.69 � FAV(UNFAV) EXPENDITURES ' Administrative Costs 776,720.00 323,633.33 203,979.04 63°/, 119,654.29 Professional Services 917,988.00 382,495.00 55,80121 15% 326,693.79 Property Tax Administretive Fee 520,000.00 216,666.67 - 0% 216,666.67 Cost of Inventory Sold . _ _ p��a . Payments to Other Governmentaf Agencies 9,383200.00 3,909,666.67 (261,872.19) -7% 4,171,478.86 Bond Issuance Costs - - - �% ' Bond Discount - - - 0% ' 4 Interest And Fiscal Charges 10,924,886.00 4,552,035.83 3,950,243.94 87% 601,791.89 Principal Payments 3,100,000.00 1,291,666.67 340,000.00 26% 957,666.67 _ - - 0% - CapitalOutlay - - - o% " Office Equipment 10,000.00 4,166.67 663.74 16°/a 3,502.93 Undergrounding Projects 21,665.00 9,027.08 - 0°/, 9,027.08 Deep Canyon&Hwy t t 1 3,078.00 1,282.50 - 0% 7,282.50 EI Paseo Improvements 2,755,000.00 1,147,916.67 - 0% 1,147,916.67 Parking Spaces 10,000,000.00 4,166,666.67 � - 0% 4,166,666.67 Fred Waring Dr. Street Improvements 5,265,000.00 2,193,750.00 303,659.42 14% 1,890,090.58 I-10 Cook Stlnterchange 250,000.00 250,000.00 250,000.00 100% - � 5 No. Sphere Infrastructure � 8,960,307.00 3,733,46725 6,849,455.28 183% (3,715,994.03) RDA Projects 5,005,744.00 2,085,476.67 - 0% 2,085,476.67 De58rt Willow 5,139,019.00 2,141,257.92 8,968.64 0% 2,132,289.28 Land Purchases/Property Acquisition 4,300,000.00 1,791,666.67 - 0% 1,791,666.67 . - - 0% - ' ' ' Q% - - - - 0% ' Transfen - - - �°�^ ' Transfer Out Administrative Costs - - - 0%� - Transfer(In)/Oul Capital Exp Reimb - - - �% ' Trensfer Out Low/Mod Set-Aside 5,664,737.00 2,360,307.08 • 0% 2,360,307.08 _ - - 0% - TOTAL EXPENDITURES 72,996,744.00 30,561,743.33 11,700,959.08 18,860,184.25 1. Tax increment is received in Jan&May 2. Interestis 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 O O O O N � N � N O O O A � S S O V O N O � S S O O O O S S O M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . O O O O O m � O O O � O O O O � N O O O O O O O O O O N � � � m N � � Y f n� � � e�i e� Oi ao Cj � N � � � � � �e r N 2 g o g � o 0 0 S d u' � V a ¢ W � a g $ g J �'j f") � N N y � N � F' a a` 'a a v N N trD N t0 S N � N � � � � � � � � m m ac en c.i o a a � � ^ A � ,�,,, N g o �i n e o o � d m � O � i[f � t�0_3p Oi � $� O t�l O 1A f�D I� a N t'1 N N Q V > hgS � g g og ggggggggggg � � � � � � � � g z �, � � � �� , � ,� �o � � �� Ss � s � ' � V' � � � a � fDro � c/ � 8 (1�p p1(�.e(p �pc°iig rn Q 7 m N ' A A � � O N N Of O � t�l r w �. � N O 1n �. t0 YI YI O � � = C W f ma O W � � � W C � � � � i A m � � m d m C � � � ' � E $ � �` � � '�' � m £ a' cF � � � 5� > w y N , � m � W y � o �� S N � � � � � N � . a z � g •� a a > . � � � % ,�8 0 H o �.� W � Zg �. �a� � � � y � � � � E � � y 0 7 � � � C m > m S Q e- �j �r � m = '� 9Q0� u� � � � � � a�i < � a �d � c a�'x ,E�'c� � c3zt � �a� a' O `-�.O Q au) � ` � mE � � � ` � �g ' O � j � waLL ' � � � 9 C � .y .� p ZA � mm � z $ QLS °� � L° @L° � � 5 �n � o a aa � � � � � K W U F v o o � o 0 0 0 0 0 o rn o o a o 0 0 0 � m o o � o 0 0 � o 0 0 � o o rn o 0 0 0 � . � C C � C C C � O N G fV C C � O� C G O � N c'1 f0 � m N O In H � ^ � � � 10 � � a � c" �a c�i o p� � e+i a � o 0 y c .� o 0 0 c � Z c � ' li a ' LL �� V u7 v) � o Of ; aD 00 V O 1n Z �. � Q � I[1 � Oi h {j� � � f� P N t0 tN'f. � � ' d N h � n F� d � N N "' N N m W 0 N N R � � � � � � � � � � N N � v. a� � � �' � � o r°Di `r o a�o � N N 1P) O h C Oi QI y N t`�') � � N N O � � � �O m f� 1� In r O�i 7 n Q � d � 1n c� GO � C ~ E � °1a v `n° � u�-; o � ro C. o? O W �'' a ae M .- oi a m r� � � � v� ; � m � a r� n n � m f7 1n OD aD Oi t+i (y '/� d 7 d Q N � � v O rn m � C� ni fV � G > �- m d � 00 $ 08 $ 8 S $ Q8 $ $ S $ g o $ _ � o mo � � � � m � � 25 � � � mo � u�`i 3 d m m � 7 9 l9 O P') tD N p[� t'O . � 1n O � �N m eN � V � N N t�l GNi � ,. . . . t�p a�D o e L OD � Ol O (7 Iq Oi e � (Q N N � -�� N O N ay No � � m E . � N N y� O C u Q a m m m w � � m � � � � c a"i 3 Q v m o1 m a Q � � t E � £ � � m � a �j � � � m O m � > m '3 � �m 3 E � m � � � C� 3 C�5 � �a� � � m c � 9 c `iR �'= E m r°n' mv � � � m v5 ; C m � . � � � � � > mma0 $ cii E a0 .°� �. � � E Q mE � � '° o � m cR � a O �—�.o' W E � a � m � �° C ~ y' � � y G � �+ C N � 01 y O N C � w w � � y p c�S O � 2� � 7 y U O � x � m E t c F��- a 'E � a r c c m c � e c c F x m � r5in � 0 �— �¢ aaar$ m° � a e �� - m C u�S �`- PALM DESERT REDEVELOPMENT AGENCY 3o-Nov-ss Schedule of Revenue and Expenditures HOUSING FUND 5 YTD (FAV)UNFAV Budget Budget ' Adual YTD Variance REVENUES Transfer in of 20% Set-Aside 5,664,737.00 2,360,307.08 2,360,307.08 Interest 115,00O.00r' 47,916.67 1,829.17 46,087.50 Rentallncome 45,000.00 18,750.00 10,391.17 8,358.83 Sales of Property - 85,517.64 (85,517.64) 1 Reimbursement From OtherAgencies - (96,138.20) 96,138.20 Housing Mitigation Fees 53,000.00' 22,083.33 22.083.33 Other Revenue - - TOTAL REVENUES b,877,737.00 2,449,057.08 1,599.78 2,447,457.30 EXPENDITURES Administrative Costs 93,250.00 38,854.17 103,052.25 (64,198.08) . Professional Services ' 137,525.00 57,302.08 57,302.08 Property Tax Administrative Fee - - Cost of Inventory Sold - - Interest And Fiscal Charges 2,657,982.00 1,107,492.50 1,336,973.64 (229,481.14) Principal Payments 880,000.00 366,666.67 880,000.00 (513,333.33) Capital Outlay - - O�ce Equipment � - - Acquisition Rehab/Resale#7 496,444.00 206,851.67 20,679.12 186,172.55 Home Improvement Program 1-6 94,067.00 39,194.58 250.34 38,944.24 Santa Rosa 162,257.00 67,607.08 54,463.72 13,143.36 Property Purchases - 471,663.61 (471,663.61) Desert Rose 3,850.00 1,604.17 83,737.68 (82,133.51) Portola Palms Mobilehome Park 200,000.00 83,333.33 91,640.92 (8,307.59) Transfers - - T'ransfer(In)/Out Administrative Costs 100.000.00 41,666.67 41,666.67 Transfer(In)/Out Capital Exp Reimb - - TOTAL EXPENDITURES 4,825,375.00 2,010,572.92 3,042,461.28 (1,031,888.36) Notes: t Includes prior year adjustment for tax increment calculation change . City of Palm Desert Parkview Office Complex November-99 November-99 N % YCD YTD # % Bud et Actual Variance Variance Bud et Acmal Variance Variance Revenues Rental $ 66,500 $ 58,235 $ (8,265) 87.57% . $ 321,500 $ 310,693 $ (10,80� 96.64% Dividends/Interest S 1,250 $ 4,155 $ 2,905 332.41% �� $ 6,250 $ 20,136 $ 13,886 322.17% Total Revenues $ 67,750 $ 62,391 S 5,359 92.09% � $ 327,750 $ 330,829 $ 3,079 100.94% Expenses Professional-Accou�Nng&Auditing $ 5,800 $ 5,800 $ - 100.00% $ 29,000 $ 29,000 $ - 100.00% Professional-ManagementFee $ 5,500 $ 5,685 $ (185) 103.39% � $ 27,500 $ 35,325 $ (7,825) 728.45% Tenant Improvements $ 3,700 $ - $ 3,700 0.00% $ 18,500 $ 3,472 $ 15,026 18.77% Repairs 6x Maintenance Building $ 9,100 $ 3,886 $ 5,214 4270% �� $ 45,500 $ 22,463 $ 23,037 4937% Repeirs&Maintenance-Landscapi $ 1,079 $ - $ 1,079 0.00% " $ 5,395 $ - $ 5,395 0.00% Ufilitles-Water $ 250 $ 102 $ 148 40.62% $ 1,250 $ 408 $ 842 32.66% UfiliHes-Gas/Elxtric $ 4,500 $ 4,842 $ (342) 107.59% $ 26,000 $ 23,940 $ 2.060 92.08% Utllities-Trash $ 450 $ 633 $ (183) 140.72% $ 2,250 $ 3,003 $ (753) 133.48% Telephone $ 150 $ 139 $ 17 92.39% $ 750 $ 665 $ 85 88.62% Insurance $ 521 $ - $ 521 0.00% � $ 2,603 $ - $ 2,603 0.00% TotalExpenses $ 31,050 $ 21,086 $ 9,964 67.91% � $ 158,745 $ 178,275 $ 40,473 74.51% FyuipmentReplacementReserve $ 9,186 $ 9,639 $ (453) 104.93% $ 45,930 $ 48,793 $ (2,263) 104.93% .,. �{,��37i"t.`. m�Kr,zooa�o�e:e Parkview Office Complex Vacancy Rate Schedule by Suite November 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 4S8 104 Arthritis Foundation 960 106 Vacant(space is unimproved) 928 108 Senator Kelly 785 112 Assemblyman Battin 1,406 114 Chamber of Commerce 1,478 118 Goodwill Industries (Lease begins 12/1/99) 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 4S0 205 Coachella Valley Economic ParMership 700 208 Desert Springs Investments 960 210 Wilson,Pesota&Pichardo 3,040 211 Alzheimer's Association 937 217 Mcmillan 775 Invest;Vacancy Report Parkview Office Complex Vacancy Rate Schedule by Suite November 1999 Suite Square No. Tenant Feet 220 CA.State Dept.of Agriculture 1,607 222 WMASecurities 2.981 Total square footage(2 story 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---4,396/19,629=22.4% Overall Vacancy Rate for Both Buildings: Vacancy Rate--6,165/51,191= 12.04qo Invest;Vacancy Report