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HomeMy WebLinkAboutMAY 2001 INVESTMENT AND FINANCE COMMITTEE COMMITTEE MEETING WORKSHEET Meeting Description Investment Committee Meeting Date - "M& D/Time 12:00 p.m. Location North Wing Conference Room Mailed Agenda Posted Agenda Time Convene Adjournment Staff Members Attending Yes No Others Attending Yes No 1 Paul Gibson, Chairperson 10 Dennis Coleman 2 Council Member 11 Debra Bradley, Recording Sec. 3 Council Member a 4 City Attorney 5 Carlos Ortega, City Mgr. 6 Thomas Jeffrey Public Members Attending Guests Attending 7 Russ Campbell 12 8 Murray Magloff 13 9 Bill Veazie 14 15 16 17 Follow-UpslTasks Assigned Person Responsible Due Date 1 �10_ 2 3 4 5 6 7 8 lMM"Wo ��� i MGM - mil' ' =�=0m M�mI1�_�,� !� I%/�' � OF / 59456 al— t, Spoke Mtn (1) Mtn (2) MEETING NOTES �c AOLX � ' . Rio Q/ L17,-P-�t w r:M�WAPill I Mom _ Mom M�m� Mom „ -- - w��a _ Mom i .ateIRW i� M M%M - ,- M�m ___ M�m Agenda INVESTMENT & FINANCE COMMITTEE Wednesday, May 16, 2001 - 12:00 (Noon) North Wing Conference Room I. CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES - March 21, 2001 Rec: Approve minutes of the regular meeting of March 21, 2001, as submitted Action: IV. ORAL COMMUNICATIONS A. Any person wishing to discuss any item not otherwise on the agenda may address the Investment & Finance Committee at this point by giving his or her name and address for the record. Remarks shall be limited to a maximum of five minutes unless additional time is authorized by the Chairman. B. This is the time and place for any person who wishes to comment on non-hearing agenda items. It should be noted that at the Investment & Finance Committee's discretion, these comments may be deferred until such time on the agenda, as the item is discussed. Remarks shall be limited to a maximum of five minutes unless additional time is authorized by the Chairman. V. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks Rec: Status Report Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status Report on issuing new bonds Action: AGENDA - INVESTMENT & FINANCE COMMITTEE May 16 2001 Page 2 VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for April 2001 Rec: Review and submit to the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for April 2001. Review status of capital projects and cash-flow projections. Action: B. Review Short Term Investments Maturing in May 2001 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds and notes; and, 3) agencies discount notes Action: C. State of California Local Agency Investment Fund Monthly Report for February 2001 Rec: Informational item for the Committee to review. No action required. D. City and Redevelopment Agency Monthly Financial Reports for City Council for April 2001 Rec: Report and submit to City Council Action: E. Parkview Professional Office Buildings - Financial Report for April 2001 Rec: Review and file report Action: F. Desert Willow Golf Resort Financial Information for March 2001 Rec: Review and file report Action: G. Palm Desert Recreation Facilities Corporation Income Analysis for March 2001 Rec: Review and file report Action: AGENDA - INVESTMENT & FINANCE COMMITTEE May 16, 2001 Page 3 VII. REPORTS AND REMARKS VIII. INFORMATIONAL ITEMS IX. NEXT MEETING - Wednesday, June 20, 2001, at 12:00 noon X. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Palm Desert Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this May 9, 2001. De Bradley, Recording Se ary INVESTMENT AND FINANCE COMMITTEE Minutes March 21, 2001 CALL TO ORDER A regular meeting was called to order by Finance Director Paul Gibson on Wednesday, March 21, 2001, at 12:07 p.m. ROLL CALL Present were the following members, constituting a quorum: Mayor Jim Ferguson, City Council Member Dick Kelly, City Manager Carlos Ortega, Finance Director Paul Gibson, Investment Manager Thomas Jeffrey, Russ Campbell, Murray Magloff, and Bill Veazie Absentwere the following members: CityAttorneyDave Erwin Also, present were: Redevelopment Finance Manager Dennis Coleman, Desert Willow General Manager Don Crowe, and Recording Secretary Debra Bradley ORAL As Desert Willow's General Manager, Don COMMUNICATIONS Crowe was introduced to the Committee. APPROVAL OF Upon motion of Mr. Campbell, seconded by Mr. MINUTES Veazie, and carried by majority vote, the minutes of the February 21, 2001, were approved as submitted; Mayor Ferguson and Council Member Kelly abstained due to being absent at the last meeting. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks There being no issues to report, discussion ensued to the next agenda item. B. Bond Issuance by Palm Desert Housing Authority Mr. Coleman updated the Committee on staffs intent to Investment and Finance Committee Minutes of March 21, 2001 Page 2 issue bonds by June 27, 2001. He noted that the new- money taxable issue will be approximately $18 million in Project Area No. 2. A brief discussion followed with regards to escrow-bond scenarios. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for February 2001 Mr. Jeffrey reported that the book value of the City investment portfolio for the period ended February 2001, was approximately $176.5 million, reflecting an increase of approximately $717,000, month to month, due principally to interest income. The gain, in terms of the difference between book value and market value, for the month of February 2001 was approximately$1.9 million; this was due to the City holding a larger proportion of individual bonds in comparison to the Redevelopment Agency. Also, due to the bond yields being higher than market, the City had a gain on paper. An overview of the portfolio charts followed. Mr. Jeffrey noted that the yield has dropped from January 2001, due to the anticipation of interest rate cuts by the Federal Open Market Committee, in addition to 43% of the portfolio being in liquid money-market funds. Mr. Ortega advised of the Redevelopment Agency's (RDA) intentions of issuing a short-term, taxable note, with the reasoning that it allows flexibility in determining whether or not RDA will do private activities in the North Sphere. Mr. Ortega asked if the City's Investment Policy would permit the City to purchase the short-term note, to which Mr. Gibson replied that the policy would not allow it. However, he added that if there was a favorable consensus by the Committee,the issue could be brought to City Council for recommendation. Mr. Jeffrey noted that the City's policy has no current authorization for the purchase of municipal securities; it is more common in county policies. Mr. Ortega recommended that the possibilities be investigated. Investment and Finance Committee Minutes of March 21, 2001 Page 3 Proceeding to the Redevelopment Agency (RDA) investment portfolio for the period ended February 2001, Mr. Jeffrey reported that the book value was approximately $150 million, reflecting a decrease of approximately $3.3 million from the prior month, due principally to debt service. Mr. Jeffrey concluded by giving a brief overview of the portfolio charts. It was noted that RDA's portfolio yield decreased more than the City, due to RDA's more liquid/cash position because of ongoing debt-service requirements. The Summary of Cash reports for the City and RDA for the month of February 2001 were distributed and filed. A summary was given by Mr. Gibson. In concluding, he informed that this report would be furnished to the Committee on a quarterly basis. B. Review Short-Term Investments Maturing in March 2001 Mr. Jeffrey gave a brief overview of the Maturing Investments reports for the City and Redevelopment Agency for the month of March 2001, with no discussion following. C. State of California Local Agency Investment Fund Monthly Reports for January 2001 Mr. Gibson indicated that the City is maxed out with LAIF. He footnoted that $14 million worth of cash will be going out within one month for a land purchase. D. City and Redevelopment Agency Monthly Financial Reports for City Council for February 2001 In relation to the City, Mr. Gibson reported that year-to- date actuals for revenues reflected $17 million, versus last year's actuals of $16.5 million. This reflected an approximate increase of $1 million over last year. Mr. Gibson advised that the sales tax figures have not been received yet. In relation to transient occupancy tax, this Investment and Finance Committee Minutes of March 21 2001 Page 4 month had no variance; March 2001 is expected to decrease. Mr. Gibson mentioned that the franchise tax from Southern California is due April 2001. However, due to the current indications, the City is not expecting to receive the payment; this will create a shortfall in revenue. In relation to expenditures, year-to-date actuals for general funds is $15 million, versus last year's actuals of $14.5 million. Pertaining to the Redevelopment Agency's monthly report for February 2001, the report was reviewed with no discussion. E. Parkview Professional Office Buildings - Financial Reports for February 2001 The February 2001 report on Parkview Office Complex was reviewed, with mention by Mr. Gibson that negotiations are underway with Water Resources; the factors are the additional parking spaces and the modification of their inter-office space. Mr. Gibson informed that the State of California (Food and Agriculture) is also negotiating their lease renewal. F. Desert Willow Golf Resort Financial Information for January 2001 Mr. Crowe summarized on the rounds of golf extended this year, briefing that resident rounds have increased 32%. It was noted that the budget for this month had not been met. G. Palm Desert Recreation Facilities Corporation Income Analysis for January 2001 It was reported by Mr. Crowe that the Palm Desert Recreation Facilities Corporation had revenues of $98,000 for the month of January 2001; $155,000 was budgeted. Food costs escalated at 41%, with a target of 31%. Mr. Crowe noted that recently Desert Willow Investment and Finance Committee Minutes of March 21 2001 Page 5 had several tournaments,which will be favorable forthe month of February 2001. In concluding, Mr. Crowe brought to the attention of the Committee an incident, in which a guest had rolled their golf cart on the Firecliff course, and was momentarily unconscious. Riverside County Fire Department was dispatched to the scene, and after transporting the victim to a local hospital, the victim was found to have sustained no injuries and,thereafter, returned to Desert Willow for lunch. REPORTS AND REMARKS Mr. Gibson informed that in regards to the Palm Desert Recreation Facilities Corporation, staff will soon be taking to City Council the new non-profit entitywhich will be named "The City of Palm Desert Golf Course Facilities Corporation," which has been approved by Alcoholic Beverage and Control. Mr. Gibson concluded the meeting with an advisement to the Committee that several weeks ago he had received a phone call from a constituent, who expressed concern on the City's use of funds; the constituent was unspecific with regard to any issue. It was noted by Mayor Ferguson that Council Member Kelly, Carlos Ortega, and himself would not be able to attend next month's Committee meeting, due to a conflicting meeting. INFORMATIONAL ITEMS None. NEXT MEETING The next regularly scheduled meeting will be held on Wednesday, April 25, 2001, at noon, in the North Wing Conference Room. 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N h UD q IA O O m oQQ g SNOIIIIW S (%)O131A J � � W N U = L 4 pp < Oq� pp N Q Omi��O M t0 t0 N �N� F x U fV f� t0 O p Z W LL y � a mmmwmmmw nwv� ww w o w � a nnv N NWNO§ W N W W M a¢ m7 a � pZg p � OR J �gq �!99VR N O > � a W u,.nww«,u,u,«�«�.nd, uiw 2 a w i j z° ((yy ((pp pp ((pp pp m pp�� W U 8Q pj C Z � d w pNm?� 5j �nui� 0Coc6 g� UU �m�irn25�o�n�rn 0 ¢ rimOim l7 V' OC m N(\I W W U 8 O N m N g �� W y Q 19 191A lA IA Yi 19 19 19 19 19 tli f9 a a �' W Q m w p � Z ¢ m Q W A V Z J 44 ~Z W Z Z m JH _ o W 2p < WOOUN y ¢ < g 6UU N— U> ><R S M 0 8>a aU U W Z U a 0 o Qw wp f23:<iwJ W{�UO O �QJ ¢Z W Q Q J r a U J 0 < O = Wa lorr=<o7�q W jOJW (7 W r'2W LL_2W Ja~SH�wf YZQ Z Lq O w O � NBQQBLgNa� BpQoaa w 0 L6 L6 H �LL J LL p a�2 fn�LL U N p �Ya)0-131A CITY OF PALM DESERT INVESTMENT ACTIVITY REPORT APRIL 2001 EXECUTIVE SUMMARY As of 4/30/01, total portfolio book value was approximately$167MM. This reflected a net increase of approximately $6.3MM from prior month due principally to receipt of Edison franchise fees, sales tax, CVAG reimbursement, and bed tax. There was an unrealized portfolio net gain (market value- book value) of approximately$2MM, based upon prevailing market interest rates. This was only a "paper"gain since there were no premature securities sales. 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 DECREASED BY APPROXIMATELY$1 M DUE TO AMORTIZATION OF PREMIUMS. "Federal Agency - Coupon". The City buys U.S. government agency and instrumentality notes with maturities of 2 - 10 years to invest assessment bond proceeds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not (guarantee, instead, believed to be U.S. Government's "moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$3M DUE TO AMORTIZATION OF DISCOUNTS. "Local Agency Investment Fund (LAIFI". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. 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$47M DUE TO RESIDUAL QUARTERLY INTEREST INCOME. "Federal Agency - Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE DECREASED BY$2MM DUE TO A MATURING SECURITY. "CetX 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. "AIM Prime MMF Private Class". The City invests assessment bond proceeds (construction, cost of issuance, and bond reserve monies) in "AIM Prime Money Market Fund: Private Class." This $16.6MMM fund invests in U.S. Treasury repurchase agreements, first-tier commercial paper, and master notes. Weighted average maturity is 60 days or less. S&P credit quality rating of"AAAm'; Moody's of"Aaa". THIS ACCOUNT BALANCE DECREASED BYAPPROXIMATELY$943M DUE TO DEBT SERVICE AND INDIAN RIDGE IMPROVEMENTS. "United States Treasury - Discount". The City buys noninterest-bearing zero coupon securities ("STRIPS")with maturities of 6 months - 30 years, to invest assessment bond proceeds. Purchased at discount; face value paid at maturity(difference is yield). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "► mghMark 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$1.2MM DUE TO RECEIPT OF CVAG REIMBURSEMENT. "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&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 INCREASED BYAPPROXIMATELY$2114 DUE TO AMORTIZATION OF DISCOUNTS. "Commercial Paper". The City high-grade, unsecured commercial paper at a discount, with maturities of 180 days or less, from Fortune 500 companies and global banks. THIS ACCOUNT BALANCE INCREASED BYAPPROX/MATELY$8MM DUE TO NEW SECURITY PURCHASES. W U Z a U) U) V) U) U) W (1) U) U 0) U) U) U) Z J W W W W W W W W W W W W W W — a 2 O U 0 y J J O . . . O O m 1- LO O 0)N CD O O NCNO O N Ln �0 O LL 7 V O O 00 M pa, co 06 m r- r- F E.. 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N Y C Aw O €. g a o < d O 00 d I N b 0 � d _N T a a 0 f a b b q N ] O O N N N O m N p m Y O O O N N O N m � Ci n O b o o b n ] O O N 0 R O tD N O O O O a m q A f Q U W C N Q m V 0 o 0 Z fp N N o o m a n W C A a" voi o c ro a. p = a > � a Cm a o 0 0 W a° a z o p W ] o 0 0 a o 0 0 mu a n b bl O > m ry m Q m m f0 N � � m m z ? v w � U U � U > > c a ¢ ¢ A � = Z Z m ry b W O O m C 0 S = > C Q m a L C W x m V d o 3 E j o 0 0 N N N N b U a - O U Q n t v N m p YIELD(%) A m � m m ' D=p eo�rm�r �jyDNm5;� 1 m iu a c o zaD m0 a v ymc Dm r. Mym vM m N D �ypyy D�mD DM fMy pQ> & s...... ZDDtl1C DmD T•((/D/��oor 41D m0 8 O M TMDM:Emgmm 3n T3 z Z D Z m z T r f tO�m<vp 00 a0 N 0 . aNDO(O(�81c �3iy11 m 5� Oyc cm�N O Tm c 4j = n m W -M=zo ox O m ozN N Fn Z sm{ �0 m a n c 8 c c m y m z y L e { Z D O s v m m v p 8 m o 0 8 a z o -yryA 8A A�yA1 VI VV�t1N� I�NGjNm O cn, 5opp . W. 8 m pg25 �=m25 a25 ro8 6 y mS288 $ $285 z z 8 z N � y NAm D S c m+ V 8A tAT fT N tp O 8 SR qy V b 8 +O A p� N Oa ON Npr 3eM � � ONm O O�ON (1100 O (A f9 fA bl fA fA fp bl d1(p d1(p iA m 0 V tV1� Aqm A=, mOm fps fn m pO� � 3 NN (J T YA V pNp rymm�(T Q m +W �N 804 W OVi D v _ m g m m M p NO W N M ymm YIELD(%) $ v cs A A m m m m � � M 00 00 fT O tli O C z $MILLIONS °a d p < m m g ° 0 o g g' o PORTFOLIO (%) { � w $ ..,.da�.r<�.re:: .,��?r,sae•-ai��;r g 14, s , L � J L N 8 .�s,�art���w�� � �sk rwq 8 � � � � • D C N O. . . . . . C 8 'f $i.asAYn4$T'✓n. 9f%.!4'd1�'M1,NOSA4t N . • ' ,m s J • ; Z v o 8 > O gr e. •f,� xt ., ,z. M 0 s m ;r., p J >9y p m uqq' N m V '3 D a 8 O 2 y 3Jp�tin<t m m 2 ° a g a A C { w MOM p °° m>a—z •%�ev.Kx. A2Tr+..'.a'�9.a:M:a. M"pii r] oZ < S a O { N' ti ° ■ Z p r O M M N . y r .C-. _ _ _ T. _ r �' _ i— m M z o o J; ; y ,I a z ` 6 N 8 N f/m�. C w r N < m .J+s x^.YwF".A4L .. _4.f•4,hi f%A'P91 =1 ? N 9 > O A N v 5 D ; 4 � 5 rfi�irL�$Nk<m,r-R�w air : O . w � � Y�F�±SSP;r_exh Y+xx tip'«r: 0O O 9 m REDEVELOPMENT AGENCY INVESTMENT ACTIVITY REPORT APRIL 2001 EXECUTIVE SUMMARY As of 4/30/01, total portfolio book value was approximately$147MM (with SLGS). This reflected a net decrease of$7.6MM from prior month due to debt service. There was an unrealized portfolio net gain (market value- book value)of approximately $1.4MM, based upon prevailing market interest rates. This was only a "paper"gain since there was no profit-taking. Significant changes in investment position, by security type, are discussed below: "State & Local Govt Series -Coupon." Palm Desert Financing Authority buys special interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest proceeds of advance refundings held in escrow(to comply with IRS yield and arbitrage rebate restrictions). Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "AIM Prime MMF Private Class." RDA invests tax-exempt bond proceeds (construction, cost of issuance, and reserve monies) in "AIM Prime Money Market Fund: Private Class". This$16.6MMM fund invests in U.S. Treasury repurchase agreements, first-tier commercial paper, and master notes. Weighted average maturity is 60 days or less. S&P credit quality ratingof"AAAm'; Moody's of"Aaa." THIS ACCOUNT BALANCE DECREASED BY APPROXIMA TEL Y$1.4MM DUE TO DEBT SERVICE. "Local Agency Investment Fund (LAIF)." RDA invests City's loan in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180 - 540 days. THIS ACCOUNT BALANCE INCREASED BY APPROXIMATELY$373M DUE TO QUARTERLY INTEREST INCOME. "United States Treasury -Coupon." RDA buys interest-bearing U.S. Treasury notes with maturities of 2 - 10 years to invest tax-exempt bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$2114 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 APPROXIMATELY$1.7MM DUE TO A MATURING 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". THIS ACCOUNT BALANCE DID NOT CHANGE. "HoahMark 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$114M DUE TO INTEREST INCOME. "Federal Agency -Coupon." RDA buys U.S. government agency and instrumentality notes with maturities of 2 - 10 years to invest advance refundings and tax-exempt construction funds. Agency debt guaranteed by U.S. Treasury; instrumentality debt is not(guarantee, instead, believed to be U.S. Government's "moral obligation"). Although unrated, considered "AAA." THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$5MM DUE TO MATURING SECURITIES. "Federal Agency -Callable". The City purchases federal agency securities that may be called prior to maturity, in order to obtain an additional premium for that risk, thereby increasing overall portfolio profitability. THIS ACCOUNT BALANCE DID NOT CHANGE. "Medium-Term Notes". The City buys noninterest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT HAS NO CURRENT BALANCE. W U Z ¢ (n CO In In Z J W W W W O U 0 0 � _ 0 0 0 0 OQ o C o C FLL- a o C C U Lo v v v d ¢ E» E» F» 6e va F» 6» e» E» e» e» OF J Z •' O W o 0 0 0 0 0 0 0 0 0 0 G LL () o 0 0 0 0 0 0 0 0 0 0 G Na: V co O M o o o M O 00 as a W U z Q J N a o 0 O Q y U U c U o U m } N o N o U ° a o _ ` 0 m aoi v, =o o p a° ° O o aoi } u L) = v, 00 o } o N � o Y NM v oCL m oo_ H U a o `o G v u, o ,� � ._ o W J ' a°)i o_ o° o m w ayi ° o ° 0 O O` O O o G N = j a o co O 0. O o co N W p O M ~ Vl a o V J j .0. @ p v Z V a V N 0 o2 m > K o C v v ° o Z o ? U Z 60 .. y E 2zHM w o, .+ o N 'o M y y o N ° Z I— V w S °v U aa) -QM-am i0000 T -0 ~ � �{ y � � o v a� a w o 0 0 o rn m Qq QQ? a`) X N M C �- N N N N C �l Q Q Q H C C Q Q N IJJ UUO N - - - QUO. co U) N M •- N M V N M W IL � d o z r, LU o 0 2 E LU V a W z d y Q ? n Z y Y � a e vi a, o j �' � Op ) � ) ( ( ( ( ( \ k cli \ / , , - k ) j \ jui ] co u� E _ CDa a. 2a. « z § ) ) ) ) # \ m {> 2 3 $ / g e — 3 a § / 2 ° 0 / a. § § 69 _ # A , 6 0 4a / > ( » ( ^ ( )f / 13 - I � £ - 3 » zLU k % [\ a2 ® % . e ) 27f ^ } k ) } 0- \ � ) \ � � �� - o C) o « 2u D- v 3 ? oU) CL § ' @24 ± - " 2 f = : fy § : \ § ) & ) oy ƒ £ — , a = = z � ) ) - 0 Ecua) % t / } % 02v — A20 , ` oL = ) = ! @ ) / / ) E \ ) S ) / $ \ ) i ] } i \ ± L . � & \ \ ) g ƒ ° \ ) (2 ! « f ) ■ 10 G v 0 0 x '�'v a`a - r�•k't..i7,^.,'�as?C""4"` '.� w��'�'�" "-.`:.k";�� s':-s. .,�,.�.:�:-". _ ". -rc"*vM1t ?. �_' o $ o a a — E LL Q 6 C d E E 0 U d n ro o Z d O O O O � O O O O j q O O O G O N O O OO O O O A O O O O 1 0 0 0 0 N N V V N o O O a � N a o E � T A 1 d d f C N O 01 4WL C N N N � O W E M T A J � � Q C a o: d CM o ° LL C < a O N aO W r Q U c� U C C W V G U U 1 w o J U W F S p E ZZ c p d A w p d E— A p LL d i a Z p �f 2 U a c a c d E H m m � o g C O N N p a z x w m vmi m � g O O G POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF FEBRUARY 2001 WITH FEBRUARY 2000 (DOLLARS IN THOUSANDS) FEBRUARY 200i FEBRUARY 2000 CHANGE Average Daily Portfolio $ 48,030,117 $ 36,715,896 +11,314,221 Accrued Earnings $ 227,302 $ 169,432 +57,870 Effective Yield 6.169 5.824 +,345 Average Life-Month End (in Days) 194 201 -7 Total Security Transactions Amount $ 22,066,969 $ 28,657,191 -6,590,222 Number 470 626 -156 Total Time Deposit Transactions Amount $ 1,726,500 $ 1,375,700 +350,800 Number 123 78 +45 Average Workday Investment Activity $ 1,321,859 $ 1,501,645 -179,786 Prescribed Demand Account Balances For Services $ 208,955 $ 190,368 +18,587 For Uncollected Funds $ 268,634 $ 205,523 +63,111 F L 1 ' a x a � hp 41 V L W '•a � L '� � `G O .ray. O o m w m O0 w v 3 LLI a C U) z O 00 M O -h O M 00 v r D M O O r N O\ 11: O h O M vl O o0 7 M O N O v W w O 0 h 7 O C M M N O O r 0 pp a. V O O o J C 1- a by Q LL 00 0o v �o o r A N �/1 00 N 01 O 00 T O LL O W L Z rl M 'a a5 O N � t6 y covi p N n O ct 7 O o0 h M n O O O N M T ^R 01 N h t� h W 00 OO 00 E Z � � ri .•� ..� ,..: .� oN Q v, viv -- Mo rn o � L 0. N d ovwwow �nvvs a+ rn o �oro � M 44 +l1 N y�Pa N Pa N N Ea A o yoo .� ooc, ornrn � oMrn -� r �n o r � : 0 0 M O O r M vY � O O N M a\ a1 M v1 T in�Z OQ cV C N N �+ .•.. .-. O .r..' V O N •-+ O O O h 0 JJ O — •� 9 O U O k o -O ii O at e W s. 6 O:E M u w A W d o a u � N a A!'. O CW7 P. '3 7 a a • N Fi y •q d,:.G O Y d 0 -a p y .� y � � � a m R " M 4 un C.fl E 6 O O 7 . N W Vi F rafii W i-r V7 �. O W 0 f3. P. U PALM DESERT REDEVELOPMENT AGENCY COMBINED STATEMENT REVENUE AND EXPENDITURES COMPARED TO BUDGET 30-Apr-01 TOTAL RDA RDA RDA %OF ACTUAL (FAV)UNFAV BUDGET YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE REVENUES 1,5 Tax increment 33,964,500.00 28,303,750.00 19,477,693.54 69% 8,826,056.46 2 Interest 1,342,380.00 1,118,650.00 3,049,841.54 273% (1,931,191.54) Sales of Property - - - 0% - 3 Reimbursement From Other Agencies 1,015,000.00 845,833.33 417,630.31 49% 428,203.02 Other Revenue - - 130,083.96 0% (130,083.96) Transfers to/from other funds - - - 0% - TOTAL REVENUES 36,321,880.00 ' 30,268,233.33 23,075,249.35 7,192,983.98'.. FAV(UNFAV) EXPENDITURES Administrative Costs ( 828,200.00 690,166.67 593,092.23 86% 97,074.44 Professional Services j 1,060,018.00 883,348.33 362,623.07 41% 520,725.26 6 Property Tax Administrative Fee i 546,000.00 • 546,000.00 577,543.00 106% (31,543.00) Cost of Inventory Sold - - - 0% - PaymentstoOtherGovernmentalAgencies 11,612,795.00 9,677,329.17 1,181,142.78 12% 8,496,186.39 Bond Issuance Costs - - - 0% - Bond Discount - - - 0% - Interest And Fiscal Charges 9,520,213.00 7,933,510.83 4,930,212.04 62% 3,003,298.79 Principal Payments 3,030,000.00 2,525,000.00 2,390,000.00 95% 135.000.00 0% - Capital Outlay 0% - Office Equipment 10,000.00 8,333.33 7,342.44 88% 990.89 Undergrounding Projects 46,437.00 38,697.50 6,499.52 17% 32,197.98 Deep Canyon&Hwy 111 - - 0% - EI Paseo Improvements 1 4,250,000.00 3,541,666.67 31,454.88 1% 3,510,211.79 Parking Spaces 500,000.00 416,666.67 - 0% 416,666.67 Fred Waring Dr.Street Improvements ! 2,148,532.00 1,790,443.33 1,426.22 0% 1,789,017.11 1-10 Cook St Interchange 250,000.00 250,000.00 250,000.00 100% - 4 No. Sphere Infrastructure 1,184,058.00 986,715.00 1,180,269.57 120% (193,554.57) RDA Projects 3,313,582.00 2,761,318.33 - 0% 2,761,318.33 Desert Willow 113,970.00 - 94,975.00 7,713.38 8% 87,261.62 Land Purchases/Property Acquisition '= 4,557,000.00 , 3,797,500.00 393,568.41 10% 3,403,931.59 Business Enhancement Loan Programsi 1,000,000.00 833,333.33 - 0% 833,333.33 Regional Park#4 5,000,000.00 4,166,666.67 - 0% 4,166,666.67 - 0% Transfers - - - 0% - Transfer Out Administrative Costs - - - 0% - 3 Transfer(In)/Out Capital Exp Reimb (920,000.00)! (766,666.67) - 0% (766,666.67) 5 Transfer Out Low/Mod Set-Aside 6,680,700.00 5,567,250.00 3,895,538.71 70% 1,671,711.29 0% TOTAL EXPENDITURES 54,731,505.00 45,742,254.17 15,808,426.25 29,933,827.92 1. 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. Land Purchase$will be moved at mid-year 5. 20%Set Aside included here,shown as transfer out 6. Administrative fee adjusted if needed on second TI pymt. RDA Financial Report 4-2001 J. Moore 05/08/2001 WONe2Qw - aeanE@s 2 » § � ; wd ° § ■ aaaaaa6 u m } \ \ 0 i \w � 0 \ z ; ; Ni 2 ` � CT § ~ § , ai« \ w � ` � \ Q / /) \ \ . \ 7( / » 1 � ! 2 7 \\ ' // ( \ k ® ( \ :, aR @w>aSBG " ' g a Ct . \/ o, 7}\ ckNcl* ,Z . m\ LU ! § � _ § ) ; ] ) ; }c a { . N ; 7 ! E ! 0 no \ z\ » k k § }/ § \ � ) \ E ) ( k § f § z = ) f ] ! , > . / a i § ! © ©: - § ! { _ ) � / ! ( « � � ` � ` * ® ! ! f ` \ % _ _ !! \ ;« e ; = = � ! i ( � ° /\\\) f) ) \< CL W � �� ) � 2 - ) / ) { [ ( ) ) {\ J § ! l : : : : + El : ! ! § / Z ! ! § § ; » = G \ / / ) 2 \ § /} § a § \ 5 / < / LL \ LLJ / \ � / ! ! / / ) � \ i r ) N. ! $ ) \ » \ \� ƒ m co 0 co mQ * � \ CL \ � / \ \ \ \ \ \ k � E } > 06 \) 46 'a ak / , r rw w ' 4 + G § . . . .��. . . .. . . . . . . . . i , { t ■ % & # $ & i Rf f ] ] C / § \ a ! / f} ƒ / i > ®a # ® ` � 0 . .T E { / c \ # ) \$ / \ 0 m > � X cD ± ] - { A ) ) § r ) \ * } % m ® ) / } \ ) \ , ) /k k f ) mk ftJ32 - ) § ) 0 [ { / E / ( | \ J � � ` ` ) 0a- 0 \0 ) ( f 7 § ) \f ! w- 7fl J@ � �` 27 - /- // kk. c) (\| GA < a PALM DESERT REDEVELOPMENT AGENCY 30-Apr-01 Schedule of Revenue and Expenditures HOUSING FUND 10 YTD (FAV)UNFAV Budget Budget Actual YTD Variance REVENUES 2 Transfer in of 20% Set-Aside 6,711,700.00 5,593,083.33 �_ 3 895,53871 1,697,544.63 3Interest 15,000.00 12,500.00 25,414.91 (12,914.91) Rental Income 28,000.00 23,333.33 23,869.03 (535.70) Sales of Property 470,000.00 391,666.67 572,500.00 (180,833.33) 1 Reimbursement From Other Agencies - 2 Housing Mitigation Fees Other Revenue 14,794.97 (14,794.97) i TOTAL REVENUES 7,224,700.00 6,020,583.33 4,532,117.62 1,488,465.72 EXPENDITURES FAV(UNFAV) Administrative Costs 346,550.00 288,791.67 237,026.22 51,765.45 Professional Services 328,405.00 273,670.83 32,636.01 241,034.82 Property Tax Administrative Fee Cost of Inventory Sold 6 Interest And Fiscal Charges 2,639,835.00 2,199,862.50 2,616,081.69 (416,219.19) 6 Principal Payments 915,000.00 i 762,500.00 915,000.00 (152,500.00) j - - i Office Equipment 5,000.00 4,166.67 4,166.67 Acquisition Rehab/Resale#7 325,000.00 ! 270,833.33 126,731.58 144,101.75 Home Improvement Program 1-6 392,691.00 327,242.50 11,389.37 315,853.13 Santa Rosa 503,462.00 ! 419,551.67 419,551.67 4 Property Purchases 39,995.00 33,329.17 47,358.83 (14,029.66) 5 Desert Rose 320,000.00 266,666.67 313,193.97 (46,527.30) 5 Portola Palms Mobilehome Park 120,000.00 100,000.00 216,729.73 : (116,729.73) Housing Development 2,000,000.00 1,666,666.67 1,666,666.67 Transfers Transfer(In)/Out Administrative Costs Transfer(In)/Out Capital Exp Reimb TOTAL EXPENDITURES 7,935,938.00 6,613,281.67 4,516,147.40 2,097,134.27 Notes: 1 Includes prior year adjustment for tax increment calculation change 2 This transfer is done once a year only. (This is an based on actual $ rcvd) 3 Interest is posted with investment maturities or dividend payments 4 Purchase of Rental property on Santa Rosa 5 Includes re-purchases and re-sales 6 Debt Service is due 10/1 and 4/1 of each year Housing 20% Financial Report, J. Moore 05/08/2001 City of Palm Desert Parkview Office Complex April-01 April-01 # % YTD YTD # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 63,000 $ 68,523 $ 5,523 108.77% $ 630,000 $ 679,926 $ 49,926 107.92% Dividends/Interest $ 2,500 $ 7,407 $ 4,907 296.28% i. $ 25,000 $ 74,905 $ 49,905 299.62% Total Revenues $ 65,500 $ 75,930 $ 10,430 115.920/ $ 655,000 $ 754,831 $ 99,831 115.24% Expenses Professional-Amounting&Auditing $ 51800 $ 6,371 $ (571) 109.85% $ 58,000 $ 63,710 $ (5,710) 109.85% Professional-Consultants $ 6,500 $ 5,641 $ 859 86.78% _ $ 65,000 $ 58,832 $ 6,168 90.51% Tenant Improvements $ 2,500 $ 4,331 $ (1,831) 173.24% $ 25,000 $ 76,511 $ (51,511) 306.04% Repairs&Maintenance Building $ 91100 $ 6,756 $ Z344 74.25% $ 91,000 $ 68,190 $ 22,810 74.93% Repairs&Maintenance-Landscapi $ Z300 $ - $ 2,300 0.00% $ 23,000 $ - $ 23,000 0.00% Utilities-Water $ 250 $ 113 $ 137 45.16% '; $ 2,500 $ 1,103 $ 1,397 44.10% Utilities-Gas/Electric $ 4,3W $ 4,188 $ 112 97.39% $ 47,500 $ 46,679 $ 821 98.27% Utilities-Trash $ 450 $ 526 $ (76) 116.89% $ 4,500 $ 6,011 $ (1,511) 133.57% Telephone $ 150 $ 269 $ (119) 179.57% $ 1,500 $ 1,474 $ 26 98.29% Insurance $ 521 $ - $ 521 0.00% $ 5,208 $ - $ 5,208 0.00% Total Expenses $ 31,871 $ 28,195 $ 3,676 88A7% $ 323,208 $ 322,510 $ 698 99.78% 47,73$. '" :�.'i+ki.. a �'3 t'72 �B �2"t: $ i!#, '..`19Qk$d% Equipment Replacement Reserve $ 9,639 $ 9,639 $ - 100.00% $ 96,390 $ 28,917 $ 67,473 30.00% NelXrrco+rfe $ 23j950 38as6 ' 141106'. X 2 5p102;'$ 303 p$' S '15i€ ._' Y7tB7 Invest2001-invest Parkview Office Complex Vacancy Rate Schedule by Suite April 2001 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2) Story Building 100 Hanover 2,560 102 Bergren 1,360 j 103 Multiple Sclerosis 488 104 Arthritis Foundation 960 106 JMS Consulting 928 108 Senator Kelly 785 112 Assemblyman Battin 1,406 114 Chamber of Commerce 1,478 118 Goodwill Industries 1,250 119 City/CVAG Conference Room 1,380 120 Golf Dimensions 1,750 200 CVAG 4,292 200A University of California Riverside 841 201 City Storage 604 203 Accounting Services 480 205 Coachella Valley Economic Partnership 700 208 Desert Springs Investments 960 210 Wilson,Pesota&Pichardo 3,040 211 Alzheimer's Association 937 217 Joe B. McMillan,.Esq. 775 InvestVacmcy Report , .. Parlcview Office Complex Vacancy Rate Schedule by Suite April 2001 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-604/31,562= 1.91% 73-720 Fred Waring Drive- One Story Building 100 State of California-Water Resources 15,233 102 State of California-Rehabilitation Department 4,396 Total Square Footage 19,629 Vacancy Rate-0.00% 0.00% Overall Vacancy Rate for Both Buildings: Vacancy Rate-604/51,191 1.18% Occupancy Rate-50587/51,191 98.82% Note:Parkview Office Complex is 100%occupied in terms of available space. Suite 106 is used as storage for the City of Palm Desert. Invest;Vacmcy Report City of Palm Desert Desert Willow Budget Vs Actual For the month of March 2001 Budgeted Actual Budgeted Actual March March S Percentage Year to Year to S Percentage Revenue 2001 2001 Variance Variance Date Date Variance Variance Course&Ground S 848,200 $ 731,771 $ (116,429) 86.27% $ 3,879,261 S 3,358,042 S (521,219) 86,56% Carts $ 50,250 $ 47,095 $ (3,155) 93.72% S 254,685 S 243,998 $ (10,687) 95.80% Golf Shop $ 140,739 $ 122,066 $ (18,673) 86,73% $ 722,404 S 656,041 $ (66,363) 90,81% Range $ 1,200 $ 3,063 $ 1,863 255.25% $ 29,"0 $ 13,596 $ (15,844) 46.18% Food&Beverage $ 190,000 $ 190,257 $ 257 100.14% $ 1,070,400 $ 933,431 $ (136,969) 87.20% Interest Income $ 1,500 S 921 $ (579) 61 A0% $ 13,500 $ 15,041 $ 1,541 111,41% Total S 1 231 889 S 1.095.173 36 7 6 88.90% 5 969 690 5,220,149 S 749 541 87.44Y Payroll Proshop S 10,910 $ 8,902 $ 2,008 81.59% $ 90,905 S 84,719 $ 6,186 93.20% Cart S 33,353 $ 29,305 $ 4,048 87.86% $ 216,802 $ 188,102 $ 28,700 8&76% Course&Ground $ 113,198 $ 118,508 $ (5,310) 104.69% $ 1059,386 $ 1,024,143 $ 35,243 96.67% Golf Operations $ 21,079 $ 25,430 $ (4,351) 120.64% $ 165,745 $ 179,531 $ (13,786) 108.32% General&Administration $ 41,624 $ 41,736 $ (112) 100.27% S 354,979 $ 330,053 $ 24,926 92.98% Desert Willow Golf Academy $ 30,896 $ 24,518 $ 6,378 79.36% S 82,306 $ 117,286 $ (34,980) 142.50% Food&Beverage $ 60,324 S 63,394 $ (3,070) 105,09% $ 472,731 S 502,441 $ (29,710) 106.28% Total Payroll S 311.3U t 311 793 S (4091 100.13% 2,442,854 2 426 275 S 16,579 99.32 Other Expenditures Perimeter landscaping $ 1,208 $ - $ 1,208 0.00% $ 10,872 $ - $ 10,872 0.00% ProshoP $ 2,019 $ 7,510 $ (5,491) 371.97% $ 48,664 $ 66,051 $ (17,387) 135.73% Proshop-COGS $ 68,640 $ 67,313 $ 1,327 9807°/ $ 323,070 $ 360,458 S (37,388) 111.57% Cart $ 30,805 $ 26,496 S 4,309 86.01% S 172,239 $ 175,562 $ (3,323) 101.93% Course&Ground-North Course $ 34,819 $ 33,269 S 1,550 95.55% $ 563,192 $ 474,960 S 88,232 84,33% Course&Ground-South Course $ 36,620 $ 29,653 $ 6,967 80.97% $ 544,552 $ 387,517 $ 157,035 71.16% Course&Ground-Desert Pallet-N $ 1,900 $ 2,414 S (514) 127.05% $ 19,150 $ 15,188 $ 3,962 79.31% Course&Ground-Desert Pallet-S $ 1,950 $ 2,780 $ (830) 142.56% $ 17,292 $ 17,857 $ (565) 103.27% Golf Operations $ 706 $ 2,171 S (1,465) 307.51% $ 19,020 $ 15,276 $ 3,744 80.32% General&Administration $ 77,252 $ 81,080 $ (3,828) 104.96% $ 561,979 $ 645,047 $ (83,068) 114.78% Range $ 5,400 $ 3,138 $ 2,262 58.11% $ 23,750 $ 17,177 $ 6,573 72.32% Food&Beverage $ 19,326 $ 27,290 $ (7,964) 141,21% $ 125,727 $ 260,604 $ (134,877) 207.28% Food&Beverage COGS $ 60,287 $ 60,444 $ (157) 100.26% $ 341,082 $ 322,431 $ 18,651 94.53% Management Fee S 25,000 $ 23,256 $ 1,744 93.02% $ 225,000 $ 223,256 $ 1,744 99.22% Financing/Lease $ 8,260 $ 7,974 $ 286 96.54% $ 158,238 $ 82,177 $ 76,061 51,93% Total Other Elitienditures S 374.192 S 374.788 596 100.16% 3.153.827 3 063 561 90 266 97.14 Desert Willow Golf Academy Desert Willow Golf Academy $ 35,600 S 39,467 $ 3,867 110.86% $ 126,200 $ 138,700 $ 12,500 109.90% COGS-Merchandise $ (600) $ (3,013) S (2,413) 50217% $ (16,800) $ (6,929) $ 9,871 41,24% Other Expenditures $ (1,350) $ (I347) $ 3 99.78% $ (16,325) $ (28,743) $ (12,418) 176.07% Learning Center Income(Loss)*• $ 33,650 $ 35,107 $ 1,457 104.33% S 93,075 $ 103,028 $ 9,953 110.69% Operating Income(Loss) $ 579,963 $ 443,699 $ (136,264) 76.50% $ 466,084 S (166,659) $ (632,743) -3536% Equipment Reserve Replacement $ 78,912 $ 77,454 $ (1,458) 98,15% $ 443,578 $ 620,907 $ 177,329 139.98% Net InEorne(Loss) 501 A51 S 366.245 S 1 d 806 73 0% S 22,506 $ 787 66 (810,072) -3499 36 Sna shot of Golf Rounds Budgeted(ano Actual mo Variance Variance% Budgeted td Actual td Variance Variance% Resident 3,122 3,362 240 108% 15,328 14,705 (623) 96% Non Resident 6,658 5,753 (905) 86% 34,558 32,333 (2,225) 94% Other 104 105 1 101% 756 510 (246) 67% complimentary 516 210 306 41% 2,478 2,366 112 95% Total 10,400 9,430 (970) 91% 53,120 49,914 (3,206) 94 Folder:Desert Willow 2001:Dw2001;Financial Statement Page 1 706 \ Cd\ ) ) ( } $ ( S ~ �� \ { ) {k \ +\ \ ) /! ) 6ua ) § 3 ) a \ ; ) CD ! , a § � k \ k 0 0k ƒ! ! \ k ! � ) 0 \ & a A � ( a 2 ¥ \ \ § y M v m m d eeeeee e evoeeee e eeeeeeeeeeee e eee e e e Y 7 a P�n P m O O N Q O NW `O O P P pd O W �N Ea 4 H N H N H H N H H H H N N N H N H H N H H H H N N H H H N H N H N O Q O vPi d O n �p h O N 0 N � O V vbi vNi n_O � V V O N r O b P N y O N < � P .-• � O... 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N m � vz pamsos_s� o qq z opq Foa z v = n = gm r. o g e p p n Q it C .• N b Q O � m1�. ^ N SQ N d m N b O C W N aF'Fa gg r N `op $ R q�f A E > O rir N t� r .r r 'a 8 P R C N rl t�h o6cz O' 9 C N m N vl m O � N r r ery O N 1�1 T b d G #9 �a Faa rc o W c W . . . . _ . . . . � k ) k a �a ! ! tj coq 2 - 2 | � �q - � | a � - . « ! k / § ! ! 5 to v , z ! \ ! 2 ■ ) 0 . � t / aI 7 � ) Desert Willow Breakdown of Rounds per point of sale system Desert Willow - Combined Analysis- MARCH 2O01 Resident 3,362 $ 151,245 $ 44.99 35.65% Non-Resident 5,753 $ 625,843 $ 108.79 61.01% Other 105 $ 1,050 $ 10.00 1.11% Complimentary 210 $ 875 $ 4.17 2.23% Desert Willow Totals 9,430 779,013 82.61 100.00% Pa a 11 Dv11001;POS AVG RD g Desert Willow Breakdown of Rounds per point of sale system FIRECLIFF COURSE- MARCH 2O01 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 804 $ 36,180 $ 45.00 15.41% Resident Fee-Weekday 850 $ 38,250 $ 45.00 16.29% Resident -Twilight 65 2,925 $ 45.00 1.25% Total Resident 1,719 77,355 45.00 32.95% Non Resident Posted Weekend 555 $ 89,543 $ 161.34 10.64% Posted Weekday 745 $ 97,693 $ 131.13 14.28% IROC Des. PRTY - Weekday 28 $ 1,890 $ 67.50 0.54% IROC Des. PRTY - Weekend 32 $ 2,640 $ 82.50 0.61% Wholesale Weekend 84 $ 11,172 $ 133.00 1.61% Wholesale Weekday 112 $ 12,208 $ 109.00 2.15% Twilight 217 $ 20,531 $ 94.61 4.16% Super Twilight 87 $ 5,655 $ 65.00 1.67% Posted Replay 78 $ 7,020 $ 90.00 1.50% Fee Pass Fire - Card 459 $ 29,948 $ 65.25 8.80% PS Golfer 1 $ 125 $ 125.00 0.02% Passbook - Weekday 11 $ 1,045 $ 95.00 0.21% Fee Special Event Variable 871 $ 89,453 $ 102.70 16.70% Total Non Resident Rounds 3,280 368,923 $ 112.48 62.87% Other Rounds Junior Walking 91 $ 910 $ 10.00 1.74% Total Other 91 910 10.00 1.74% Complimentary VIP 25 $ - $ - 0.48% PGA Member 35 $ 755 $ 21.57 0.67% Donation 27 $ - $ - 0.52% COD / PDHS 21 $ $ - 0.40% Golf Academy 3 $ - $ - 0.06% Employee / Employee Guest 16 $ 25 $ 1.56 0.31% Total Complimentary 127 780 6.14 2.43% Total Round (FireCliff) 5,217 $ 447,968 $ 85.87 100.00% Dw2001;POS AVG RD Page 12 Desert Willow Breakdown of Rounds per point of sale system MOUNTAINVIEW COURSE- MARCH 2O01 Description No. Of Revenue Avg. Per Pot to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 802 $ 36,090 $ 45.00 19.04% Resident Fee-Weekday 774 $ 34,785 $ 44.94 18.37% Resident Twilight 67 $ 3,015 $ 45.00 1.59% Total Resident 1,643 73,890 44.97 39.00% Non Resident Posted Weekend 363 $ 56,333 $ 155.19 8.62% Posted Weekday 398 $ 50,941 $ 127.99 9.45% IROC Des. PRTY- Weekday 183 $ 12,353 $ 67.50 4.34% IROC Des. PRTY- Weekend 353 $ 29,048 $ 82.29 8.38% Wholesale Weekend 72 $ 9,576 $ 133.00 1.71% Wholesale Weekday 80 $ 8,720 $ 109.00 1.90% Fee Pass - Card 358 $ 23,430 $ 65.45 8.50% Replay 16 $ 1,440 $ 90.00 0.38% Twilight 115 $ 10,890 $ 94.70 2.73% Super Twilight 33 $ 2,130 $ 64.55 0.78% Passport-Weekday 4 $ 380 $ 95.00 0.09% Passport-Weekend 1 $ 95 $ 95.00 0.02% Fee Special Event Variable 497 $ 51,584 $ 103.79 11.80% Total Non Resident Rounds 2,473 256,920 103.89 58.70% Other Rounds Junior Walking 14 $ 140 $ 10.00 0.33% Total Other 14 140 10.00 0.33% Complimentary VIP 17 $ - $ - 0.40% PGA Member 4 $ 95 $ 23.75 0.09% Donation 33 $ - $ - 0.78% COD / PDHS 24 $ - $ - 0.57% Golf Academy 5 $ - $ - 0.12% Total Complimentary 83 95 1.14 1.97% Total Round (Mountainview) 4,213 $ 331,045 $ 78.58 100% Dw2001;Pos AVG RD Page 13 City of Palm Desert Desert Willow Cash Reserve Analysis for the month of March 2001 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 Cash on Hand $ 666,959.43 Variance- Favorable Unfavorable $ 166,959.43 Page 14 PalmDesert Recreation Facilities Corporation Income Statement Mar-Ol Mar-01 A % Budget Actual Variance Variance Food & Beverage Revenues $190,000 $190,257 $257 100.14% Total Revenues $190,000 $190,257 $257 100.14% Salaries $60,324 $63,394 ($3,070) 105.09% Cost of Goods Sold-F&B $60,287 $60,444 ($157) 100.26% Food & Beverage Expense $19,326 $27,290 ($7,964) 141.21% Total Expenses $139,937 $151,128 ($11,191) 108.00% Net Income (Loss) $50,063 $39,129 $10,934 78.16% Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dv 2001;PDRFC Budget Page 1