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HomeMy WebLinkAboutNOVEMBER 2000 INVESTMENT AND FINANCE COMMITTEE MEETING AGENDA WORKSHEET Meeting Description Investment Committee Meeting Date /��� Time 11:00 p.m. Location North Wino Conference Room Mailed Agenda Posted Agenda Time Convene Adjournment , Members Attending Yes No Others Attending Yes No 1 Paul Gibson, Chairperson ✓ 1 2 Russ Campbell 2 3 Carlos Ortega, CM 3 4 Buford Crites VZ 4 5 B. Spiegel for J. Ferguson 5 6 Thomas Jeffrey 6 7 Murray Magloff 7 8 Bill Veazie 8 9 Gregg Lindquist 9 10 Dave Erwin 10 11 Dave Yrigoyen 11 12 12 13 13 14 Items To Be Discussed Person Responsible Material 1 2 3 4 5 6 7 8 9 IP =: • • Spoke Mtn (1) Mtn (2) MEETING NOTES WE l/ §z/z P-- w w J ce, ",'�L _ ,Z, v G L .Spoke= ;Mtn'(1) Mtn (2)- MELiI NOTES �Y o�•�-fie a A o ' 44, 7Jo �sh�� zi ter/ �l �t Spoke Mtn(l) Mtn (2) a �' MEEF4hJG NQTI S`_ _ r tee G� J /�v, 725? Agenda INVESTMENT & FINANCE COMMITTEE Wednesday, November 15, 20dO - 11:00 a.m. North Wing Conference Room I. CALL TO ORDER It. ROLL CALL III. APPROVAL OF MINUTES - October 18, 2000 Rec: Approve minutes of the regular meeting of October 18, 2000, 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: Report presented by Redevelopment Manager Dave Yrigoyen Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status Report on issuing new bonds presented by Dave Yrigoyen Action: AGENDA - INVESTMENT & FINANCE COMMITTEE November 15, 2000 Page 2 VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for October 2000 Rec: Review and submit to the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for October 2000. Review status of capital projects and cash-flow projections. Action: B. Review Short Term Investments Maturing in November 2000 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 September 2000 Rec: Informational item for the Committee to review. No action required D. City and Redevelopment Agency Monthly Financial Reports for City Council for October 2000 Rec: Report and submit to City Council Action: E. Parkview Professional Office Buildings - Financial Report for October 2000 Rec: Review and file report Action: F. Desert Willow Golf Resort Financial Information for September 2000 Rec: Review and file report Action: G. Palm Desert Recreation Facilities Corporation Income Analysis for September 2000 Rec: Review and file report Action: AGENDA - INVESTMENT & FINANCE COMMITTEE November 15, 2000 Page 3 VII. REPORTS AND REMARKS A. Reports and Remarks by any Committee Member B. Items to be placed on the next agenda VIII. INFORMATIONAL ITEMS A. Committee/Commission Holiday Party IX. NEXT MEETING - Wednesday, December 20, 2000, at 11:00 a.m. 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 November 9, 2000. bebfr�a Bradley, Recording Se ry INVESTMENT AND FINANCE COMMITTEE Minutes October 18, 2000 CALL TO ORDER A regular meeting was called to order by Finance Director Paul Gibson on Wednesday,October 18,2000, at 11:00 a.m. ROLL CALL Present were the following members, constituting a quorum: Finance Director Paul Gibson, Mayor Buford Crites, City Council Member Bob Spiegel, City Manager Carlos Ortega, City Attorney Dave Erwin, Investment Manager Thomas Jeffrey, Russ Campbell , Murray Magloff and Bill Veazie Absent were the following members: None Also, present were: Redevelopment Manager Dave Yrigoyen, Dennis Coleman, Gregg Lindquist, Karen Anderson and Recording Secretary etary Debra Bradley ORAL Mr. Lindquist introduced Accounting Manager Kathy COMMUNICATIONS Anderson, who is replacing Margo Perry at Desert Willow, effective November 9, 2000. Ms. Anderson comes to Desert Willow from Kemper's Corporate office. APPROVAL OF A correction in the September 20, 2000, minutes was MINUTES noted on Page 8, under section "Next Meeting," to correct the next meeting date to "October 18, 2000." Upon motion of Mr. Jeffrey, seconded by Mr. Campbell, and by unanimous vote, the minutes of the September 20, 2000, meeting were approved as corrected. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks In regards to the transfer of loan administration for Home Improvement Program and low-income housing grants, Mr. Gibson advised that the two original firms that applied backed out during the background check process. Since then, two additional firms have been sent applications for processing. Investment and Finance Committee Minutes of October 18, 2000 Page 2 B. Bond Issuance by Palm Desert Housing Authority Mr. Yrigoyen updated that the figures reviewed at the last meeting are still under review. At this point and time, staff is focusing on the numbers that would have to be generated with regards to the housing programs, so that negotiations can begin with the Western Center. NEW BUSINESS A. City and Redevelopment Agency Investment Schedule for September 2000 Mr. Jeffrey distributed the City and RDA Portfolio reports for the month of September 2000. The book value of the City investment portfolio for the period ended September 30, 2000, was approximately $166.3 million, reflecting a decrease of approximately $12.1 million from the prior month, due to debt service and the purchase of a corporate medium-term note. The book value of the Redevelopment Agency (RDA) investment portfolioforthe period ended September30, 2000, was approximately $143.2 million, reflecting a decrease of $7.8 million from the prior month, due to debt service and RDA pass-through. Reference was made to Page 5 of the portfolio, pertaining to U.S. Treasury discounts, or bond proceeds. Discussion followed,with a lengthy economic overview given by Mr. Jeffrey. The Summary of Cash reports for the City and RDA for the month of September 2000,were distributed and filed. B. Review Short-Term Investments Maturing in October 2000 For purposes of complying with State laws, a Statement of Account of the Deferred Compensation Program was distributed and filed. Mr. Gibson explained the State laws' requirement of having to report all investments, of which Deferred Compensation funds are considered by the State to be cash of the City, until the funds are withdrawn. C. State of California Local Agency Investment Fund Monthly Reports for August 2000 Investment and Finance Committee Minutes of October 18, 2000 Page 3 There being no issues to report, discussion ensued to the next agenda item. D. Monthly Financial Report for City Council for September 2000 An overview of the September2000 financial reports for the City and RDA was given by Mr. Gibson. Reference was made to the sales tax attachment received from the State Controller, which represents an increase of approximately$200,000 overthe prior year in this same quarter. Mayor Crites passed on a worthy note received from a City of Rancho Mirage Council Member, congratulating the City on Nordstrom's moving to the City of Palm Desert. Mr. Gibson briefed on Transient Occupancy Tax, reporting a decrease from last year, which is primarily due to the decrease in receipts from the Marriott. It was noted, however, that building permits increased from the prior year. E. Parkview Professional Office Buildings - Financial Reports for September 2000 Mr. Gibson made reference to the Resolution under agenda item "K" which relates to the use of surplus funds. Golf Dimensions has brought their rent current; the attorney that was interested in Golf Dimension's space is still interested, athough, the space might not be available until March 2001. F. Desert Willow Golf Resort Financial Information for August 2000 Due to report unavailability, Mr. Lindquist distributed to the Committee a memorandum containing preliminary operation information for Desert Willow Golf Resort. A brief discussion followed. G. Palm Desert Recreation Facilities Corporation Income Analysis for August 2000 Due to report unavailability, discussion ensued to the Investment and Finance Committee Minutes of October 18, 2000 Page 4 next agenda item. H. Dismissal of Broker-Dealer There being no material to review, a verbal report was given by Mr. Jeffrey. Upon performing the annual re- qualification of broke-dealers, despite three requests, staff did not receive a complete package from Union Bank. In accordance with policy and procedures, staff is required to propose to the Investment and Finance Committee, in addition to City Council, a request to dismiss the broker-dealer. /t was moved by Council Member Spiegel,seconded by Mr. Campbell and unanimously carried to approve the dismissal ofbroker-dealer Union Bank. W. City Sponsorship of Investment Clean-Up Legislation A presentation was given by Mr. Jeffrey, outlining scenarios and impacts of the California Government Code sections in relations to eliminating duplicate Government Code sections. In length, the contents covered in the memorandum made a part of the agenda was reiterated. Mr. Ortega inquired about the sponsorship of the legislation, suggesting that it might be better suited for a statewide organization, such as the California Municipal Treasurer's Association (CMTA). Mr. Jeffrey replied that CMTA does not sponsor legislation; it either endorses, opposes, or takes a neutral position on legislation. Mayor Crites asked for the personal guarantees of Mr. Gibson and Mr. Jeffrey that their proposal to eliminate duplicate Government Code sections would not face significant political opposition. Mr. Gibson and Mr. Jeffrey both gave their personal guarantees thereto. Mr. Ortega reiterated his view that the legislation needs to be sponsored by a larger association. /t was moved by Mayor Crites, seconded by Mr. Ortega and unanimously carried to approve the City's sponsorship of investment clean-up legislation during the 2001 California Legislative Session, which focuses on the elimination of Investment and Finance Committee Minutes of October 18, 2000 Page 5 duplicate Government Code sections. Following the motion, a lengthy presentation was given by Mr. Jeffrey in regards to the second memorandum contained in the agenda, pertaining to the legislation to simplify Government Code on commercial paper. It was moved by Mayor Crites, seconded by Mr. Veazie and unanimously carried to approve the City's sponsorship in the legislation to complete the reform of the commercial paper section in the California Government Code. K. Resolution for Park View Office Complex Mr. Gibson explained the reasons prompting the Resolution, which was due to having more than $1million of accumulated funds, and the desire to transfer the surplus to the general fund for uses stipulated by the City Council. Mayor Crites reflected on prior City Council minutes as related to this issue, and suggested that funds be put back into the City's park program. Mr. Gibson noted that the Resolution will be on the agenda of the November 9, 2000, City Council meeting for approval thereof, to which Mayor Crites will address the appropriation of funds into the City's park program. While there was a consensus of the Committee in approving the Resolution, no action was taken. INFORMATIONAL ITEMS A. Recently Enacted Local Government Finance Legislation Referring to the material pertaining to the selected local government finance bills enacted during the 2000 California Legislative Session, a briefing was given by Mr. Gibson. The assembly bills pertaining to budget were: 1) AB 2219, appropriating reimbursements to cities for actual booking and processing fees; 2) AB 1396, allocating property tax revenue to local agencies with specified formulas and procedures. It was noted that Assemblyman Jim Batton sponsored these two Assembly Bills, to which Council Member Spiegel suggested to Mr. Gibson that a "thank you" letter be sent to Assemblyman Jim Batton; 3) AB 1913, establishment in each county treasury a Supplemental Investment and Finance Committee Minutes of October 18, 2000 Page 6 Law Enforcement Services Fund and requires that moneys from this fund be allocated to counties and cities located within a county, in accordance with requirements for front-line law enforcement services. Mr. Ortega advised that at today's Cove Commission meeting, a proposal by the Sheriffs to use subject moneys was discussed. Mr. Jeffrey concluded the agenda item with the finance bills relating to investment reporting, AB 943, financial institutions,AB 2708, and debt, AB 2220, as denoted in the agenda material. B. Committee/Commission Holiday Party Committee Members were encouraged to attend the City's committee/commission holiday party to be held on December 9, 2000, at the Desert Willow clubhouse, beginning at 6:30 p.m. In preparation of the party's program, pictures will be taken at the Committee's next meeting, which will be previewed at the party. NEXT MEETING The next regularly scheduled meeting will be held on Wednesday, November 15, 2000, at 11:00 a.m., in the North Wing Conference Room. ADJOURNMENT There being no further business, the meeting was adjourned by Mr. Gibson at 12:05 p.m. Respectfully submitted, bet5fia Bradley, Recording S r ary G IPwmaID[b&r cyyup'cc VSTCOMNllMRESMISW.wpd STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 September, 2000 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 09-18-2000 09-15-2000 RW 809817 THOMAS W. JEFFREY - 1,200,000.00 09-19-2000 09-19-2000 RW 774067 THOMAS W. JEFFREY - 8,000,000.00 Account Summary Total Deposit : 0.00 Beginning Balance : 26,549,807.36 Total Withdrawal : - 9,200,000.00 Ending Balance : 17,349,807.36 Page : I of 1 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO . ._ . .. Local Agency Investment Fund -.. PO Box 942809 Sacramento, CA 94209-0001 (916)653-3001 September, 2000 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 19,296,173.55 Total Withdrawal : 0.00 Ending Balance : 19,296,173.55 Page : 1 of 1 � o A v m v qG x o o 0 0 0 0 0 o a o 0 0 0 o e O O •--, ~ O NNq O o D W O '[J Cl) M O 0 D M r M v 00 V O ZUJcrx O o0 ,M. O N. C h M vi h v� 00 O O y WW C5 o .. h M 4 N O 7 N O 00 O UCCJ A --� O. O O O O 0 a x x Q W o o a W QQ M h N 00 M O M I� W £ M � 7 V O w A a. U O u � 0000o of a LL Q ` W a O ro Z 1, , LLiY p 7 A O� O f� N �/1 v1 N N �O N N O O 7 O T W f� OY .--� N �--� N [� M �O W M o0 00 v1 �--� O � O C> C>C> o o o In 'c o 0 U _ N N �R �R �R R �R w 0. O •-+ OO h 7 �O �+ N D\ Q` a\ M O N O i" O bA 40 l0 h .O C O NO. 'I N. 00 00 7 V' .D oo O N O O'O 0 0 0 0 •-+ N N O --� O Q\ O V Qa y q q 0 EE••�� F o ?+ o `o .� Oornoa, a W o0000 0 o td V O O O G O O O O M b 6 e w as y G N O O �n vl N vt p N m J of M C U 7 U cn, L o m o O W � � E" x v o G C •• � Ca [° W v F LL coo F q o N > a a � 'E� 'aaw .-� � ¢' o W a. 0a. aU � � 'w � City of Palm Desert Parkview Office Complex October-00 October-00 R % YTD YTD N % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 63,000 $ 68,507 $ 5,507 108.74% ':: $ 252,000 $ 268,138 $ 16,138 106.40% Dividends/Interest $ Z500 $ 7,297 $ 4,797 291.90% $ 10,000 $ 28,551 $ 18,551 285.51% Total Revenues $ 65500 $ 75,804 $ 10,304 115.730f $ 262,000 $ 296,689 $ 34,689 113.24% Expenses Professional-Accounting&Auditing $ 5,800 $ 6,371 $ (571) 109.85% , $ 23,200 $ 25,484 $ (2,284) 109.85% Professional-Consultants $ 6,500 $ 5,778 $ 723 88.88% ' $ 26,000 $ 24,244 $ 1,756 93.25% Tenant Improvements $ Z500 $ - $ Z500 0.00% $ 10,000 $ 20,400 $ (10,400) 204.00% Repairs&Maintenance Building $ 91100 $ 6,017 $ 3,083 66.12% $ 36,400 $ 29,716 $ 6,684 81.64% Repairs&Maintenance-Landscapi $ 2,3W $ - $ 21300 0.00% ': $ 9,200 $ - $ 9,200 0.00% Utilities-Water $ 250 $ 121 $ 129 48.52% ''P $ 11000 $ 331 $ 669 33.15% Utilities-Gas/Electric $ 5,000 $ 6,597 $ (1,597) 131.93% :'-:r' $ 21,500 $ 22,677 $ (1,177) 105.48% Utilities-Trash $ 450 $ 941 $ (491) 209.07% $ 11800 $ Z841 $ (1,041) 157.81% Telephone $ 150 $ 193 $ (33) 121.89% $ 600 $ 602 $ (2) 100.40% Insurance $ 521 $ - $ 521 0.00% $ Z082 $ - $ 2,082 0.00% Total Expenses $ 32,571 $ 26,007 $ 6564 79.85% $ 131,782 $ 126,295 $ 5,487 95.84% era3znglncome $ 32,929 $ ' 49.797 Equipment Replacement Reserve $ 9,639 $ 9,639 $ - 100.00% $ 38,556 $ 28,917 $ 9,639 75.00% etTntosre.. . . $ 290 'S 4U15B $ 3,5R68 1.`7ZTVln $ 9ifi—R $ 141.476 $ 49ti14 154,854 Invest,2001-invest Parkview Office Complex Vacancy Rate Schedule by Suite October 2000 Suite Square No. Tenant Feet 73-710 Fred Waring Drive -Two (2) Story Building 100 Hanover(Extended lease for 1 year beg.1/l/01) 2,560 102 Bergren 1,360 103 Multiple Sclerosis 488 104 Arthritis Foundation 960 106 JMS Consulting 928 108 Senator Kelly (Lease determined by election results) 785 112 Assemblyman Battin(Lease determined by election results) 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 Mcmillan 775 InvestYacancy Report Parkview Office Complex Vacancy Rate Schedule by Suite October 2000 Suite Square No. Tenant Feet 220 CA.State Dept.of Agriculture 1,607 (Agreed to a Five Year Lease Extension) 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,Vacancy Report MEMORANDUM CITY OF PALM DESERT To: All Committee/Commission Secretaries From: Sheila R. Gilligan Assistant City Manager/City Clerk Date: September 6, 2000 Re: COMMITTEE/COMMISSION HOLIDAY PARTY As we leave the summer months, it is time to begin scheduling fall and winter events. Please notify each of your committee/commission members to save December 9, 2000, for the City's annual holiday party. This year it will be held at the Desert Willow clubhouse beginning at 6:30 p.m. In preparation for this event,please provide Kristy Kneiding with at least three photographs that are representative of activities and/or projects your committee has participated in during the last year. They will be viewed during the program portion of the evening. If you have any questions,please call Pat Scully at extension 352 and thank you for your continued support as we begin another new season. You are most appreciated. SHEILA R. GILLIGAN ASSISTANT CITY MANAGER/CITY CLERK fl�url�L �l 0/J N E W S City Council Agenda Actions L E T T E R Vol. III No,2 Finance Staff Followup Council Date: 3/01/01 INSIDE *Approve payment toChildren's Museum for Payroll Items: 1000 for pitch in for the kids event. Appropriations: . . . . . . . . . .. . I Contracts/Agreements: . . . . . . . 1 *Approve extension of contract with Expert Claims against City: . . . . . . . . I Metal Refinishing for I additional year Assets/Land Acquisition.- . . . . . I Informational Items: Revenue/Refunds . . .. . . . . . . , I C 174 10-AIPP maintenance. Informational Items:. . . . . . . . . 1 *Review 12 acre site for the Visitor *Approve Out of State Travel to Atlanta, Center/Chamber building-Continue to Georgia to attend Sister Cities conference. 3/22/O1. Appropriation: *Approve mid-year budget *Approve agreement with County and La *Review ERA for Magnesia Falls Bridge and adjustment for Desert Willow. Quinta for landscape maintenance on widening. Continue for one month for school Washington Street medians shared by the three district input. *Approve closing and entities. transferring funds as requested by staff.(I-10 funds,416 fund, museum,YMCA,Streets, Contract Change Orders Sports Park,etc.) *#1 To JMS for additional engineering on parking lot in the amount of 13,000.HA 18010 *Approp.6,400 for final review of new employee handbook. 110-4154 *Approve payment to Resource Management Alliance for 5,482.09. *Approp. 11,500 for Women in Baseball panels at legends field. 4364650-454-4001 Contracts: Rev/Refunds/Grants Notice of Completion *Approve resolution certifying maintenance of *To Granite Construction for effort for state grant on transportation C16360(Green Way) congestion relief. Award of Contract *Approve selling of existing abstract art *To Tony's Landscaping for paintings at Desert Willow and allow rotating landscape retrofitting at One art exhibits in dining area. Quail Place in the amount of 1,068,664.64 plus 10%. *Approved Household Hazardous Waste Grant Resolution for Waste Management to setup *Approve 5000 for Vocal and implement the Used Oil collection and the group??Outside agency household hazardous waste roundup program. funding.(no report) MINUTES STAFF MEETING MARCH 15, 2001 —9:00 a.m. PRESENT D Folkers T Bassler S Smith H Croy D Gomez P Scully D Coleman P Gibson L Espinoza K Weller P Conlon D Yrigoyen G Darling R Klassen C Ortega R Walsh S Gilligan J Gaugush M O'Reilly REPORTS Gloria D is interviewing for the senior engineer position tomorrow. She is doing a salary survey for the supervisor plans examiner. She is testing for the senior office assistant next week. Gloria is hoping to have the new evaluation forms effective by the 1"of April. Luis E thanked everyone for their budget questions. He mentioned a memorandum regarding frequently asked questions on purchase orders will be given to staff and secretaries. Paul G is asking everyone to review their department Budget Worksheets and give him any comments or changes. He stated$88,000 was approved for the Friends of the Desert, he is waiting for the signature from the Mayor on the agreement to execute. Dave Y mentioned that he will need to get easements on the south side of Fred Waring, and is asking for volunteers to go door-to-door for the easements. He also mentioned that Fred Waring will be under construction throughout the summer. Donna G stated they will have a booth at the California Contract Cities Conference in Palm Springs. The Sister Cities Committee is researching to acquire a new sister city in Mexico for Palm Desert to serve as their mentor. Donna announced that Carlos Ortega is running for Mr. Palm Desert. Pat S announced Springfest is March 25; the Paramedic Unit Dedication is March 26; the MS Walk is March 31; and the Desert Aids Walk is April 1. Legislature is up and running. She thanked Paul Gibson and Joe Gaugush for their prompt response. Homer C reported that new building codes will be adopted between April to June 2002 and the new construction energy requirements (AB970) is effective June 1. Tom B noted the energy consumption is down, but will creep back up due to the warmer weather. He said all thermostats will be set at 78°. Tom will look into cost and programs for installing automatic switches. There is a roof walk-through with the contractor on March 16, Dick F informed staff the Coachella Valley Water District wants to remove the oleanders by the water treatment plant on Cook Street and within a year put in a block wall. The Water District would like to install regular fencing along the northern perimeter. He mentioned the Homme Park incident has been resolved. GAG MgAinda Russell\WPDATMSTFFITGS3-15-01.m."d ' Staff Meeting March 15,2001 Page 2 Dennis C stated he needs an agreement between the City of Palm Desert,the County, and the Multi- Agency Library to repair the air conditioning system. A meeting will be set to talk about this issue and Public Works will make sure that the air conditioning system is cost efficient. Joe G mentioned the positions in his department will be filled soon, with the exception of the transportation engineer will take a little longer. Sheila G stated there is a problem with the library courtyard lighting. It seems there is water in the area where the lights were installed. Sheila also mentioned a new vacation guide is being printed, new bus shelter advertisements are being produced,and there will be posters at the Palm Springs Airport luggage area. There is a Desert Sands Unified School District Study Session Friday, March 16 at 2:30 p.m. Rachelle K reminded everyone Conflict of Interest Statements Form 700 for 2000/2001 are due April 2, 2001, Pat C announced there is a audio training session at 2:00 p.m. in the Council Chamber for the city clerk staff, and 3:00 p.m. for anyone that does presentations at city council meetings. He needs 4 easements from owners for President's Plaza III parking. He mentioned the carports for the middle section of the Civic Center are on this agenda to advertise for bid. Rick W reported the Sheriff's Department are monitoring the traffic flow at the school on Portola and Rutledge and is working out well. There are 2 motorcycles coming on board, hopefully by May. Ken W will be distributing a memorandum of the newly selected internal safety committee. COUNCIL AGENDA ADJOURNMENT- 10:20 a.m. O Monica O'Reilly me G\City,MWLLinda Russell\NPDATA\STFMTGS\W-15-01.m wpd /moo- ���•�`� Finance Department Interoffice Memorandum TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: PAUL S. GIBSON, DIRECTOR OF FINANCE/CITY TREASURER / SUBJECT: MONTHLY EXPENDITURE REPORTS (// DATE: FEBRUARY 26, 2001 As required bylaw,lam submitting for your review the following reports for the month of January 2001: City of Palm Desert 1. Monthly Financial Report 2. Portfolio Summary 3. Summary of Cash Report 4. Budget Recap Report * This report is unavailable Palm Desert Redevelopment Agency 1. Monthly Financial Report 2. Portfolio Summary 3. Summary of Cash Report * This report is unavailable For record keeping purposes, upon reviewing the subject reports, please acknowledge by signing below. Should you have any questions, please call me at Ext. 220. I HAVE BEEN INFORMED OF THE AVAILABILITY OF THE SUBJECT REPORTS, AT T E TO. 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D `G `' ' • .a r... L � O C r O L c w 8' r..+,r+MLNH'.:CSW'� YpAii:fn'eb`!l5iiiy' r O 33{ .� W O C O� N pi m 8 0 2 is s o 8 k Y if4k'SNYry P h5RNi5}i.C^iiN.+� � y _ O A Mm N w <T c m 8 m ms8 ^rztw sM 4e ric ^ShYt;FlY:;n riRFU.4'.F1 i:++.•„$Y Sv4trvY..iL,S'e7.I xA,vnv'%m�."i m ymz Nm O Zm c xOm OaK > r r ° m ma o tO DroaNw o A 6 y o 0 8 sSY..'.:FYaiSti'Pn.da!"#:R+k1S.:xN•P.,khoSil& Z D a 0 < < o 8 .hte/a6✓„'4 @L.#•.?S..,t�'. .4h 9 ;tu a,•p 31 Z ' O v � 8 i o ' o v R g g V$'NM•[i:3'l("S<tM$a •Y-rv=huYl4nl%+�4P rt d � V O W e! "R:6A..^CeiG-f417]5 .Wv`k fr4'i:1:Yu�*•fiYq�i'.a CITY OF PALM DESERT INVESTMENT ACTIVITY REPORT JANUARY 2001 EXECUTIVE SUMMARY As of 1/31/01, total portfolio book value was approximately$175.8MM. This reflected a net increase of approximately$8.7MM from prior month due to receipt of increment tax revenue. There was an unrealized portfolio net gain (market value-book value) of approximately$1.8MM, 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$3.7MM DUE TO MATURING SECURITIES. "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$3114 DUE TO AMORTIZATION OF DISCOUNTS. "Local Agency Investment Fund (LAIAIF_)". 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 BYAPPROXIMATELY$5.2MM DUE TO INCREMENT TAX REVENUE. "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 BALANCE DID NOT CHANGE. "City Loan to RDA". The City has made long-term cash advances at tAIF 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 INCREASED BYAPPROXIMATELY$3.7MM DUE TO MATURING SECURITIES. "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. "HiahMark 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 BYAPPROXIMA TEL Y$3.4MM DUE TO A PENDING SECURITY PURCHASE. "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). Non marketable. 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$56M DUE TO THE REPLACEMENT OFA SECURITY. "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. 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V J F d W J 3 3 3 3 3 3 3 O 3 6 O K Q H O J O O J Z 3 6 W m 3 O K W 6 a N O H \ W tU •i K \ O !Y % 3 PALM DESERT REDEVELOPMENT AGENCY COMBINED STATEMENT REVENUE AND EXPENDITURES COMPARED TO BUDGET 31-Dec-00 TOTAL RDA r: RDA RDA %OF ACTUAL (FAV)UNFAV BUDGET, YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE REVENUES 1 Tax increment 33,964,500.00 16,982,250.00 651,899.82 4% 16,330,350.18 2Interest 1,342,380.00 671,190.00 1,654,237.47 246% (983,047.47) Sales of Property 0% 3 Reimbursement From Other Agencies 1,015,000.00 507,500.00 175,631.34 35% 331,868.66 Other Revenue 127,365.63 0% (127.365.63) Transfers to/from other funds - 0% TOTAL REVENUES 36,321,880.00 18,160,940.00 2,609,134.26 15,551,805.74 FAV(UNFAV) EXPENDITURES _ Administrative Costs 820;200.00 410,100.00 251,861.22 61% 158,238.78 Professional Services 676477:Sb 438,238.75 75,656.09 17% 362,582.66 6 Property Tax Administrative Fee 546,000.00 273,000.00 0% 273,000.00 Cost of Inventory Sold 0% - Payments to Other Governmental Agencies 11,612,795.00: 5,806,397.50 0% 5,806,397.50 Bond Issuance Costs 0% Bond Discount 0% Interest And Fiscal Charges 9,520,213.00 4,760,106.50 2,808,191.67 59% 1,951,914.83 Principal Payments 3.030;000.00 1,515,000.00 365,000.00 24% 1,150,000.00 0% Capital Outlay 0% Office Equipment 10,000.00 5,000.00 2,461.34 49% 2,538.66 Undergrounding Projects 27,827.00 13,913.50 6,499.52 47% 7,413.98 Deep Canyon&Hwy 111 _ _ _ 0% _ El Paseo Improvements 4,250,000.00 2,125,000.00 3,629.42 0% 2,121,370.58 Packing Spaces 500,000.00- 250,000.00 372.30 0% 249,627.70 Fred Waring Dr.Street Improvements 2,148,532.00 1,074,266.00 - 0% 1,074,266.00 1-10 Cook St Interchange 250.000.00 250,000.00 250,000.00 100% 4 No.Sphere Infrastructure 1,184,058.00 592,029.00 1,027,584.66 174% (435,555.66) RDA Projects 3,313,582.00- 1,656,791.00 - 0% 1,656,791.00 Desert Willow 107,170.00 53,585.00 650.00 1% 52,935.00 Land Purchases/Property Acquisition 4,557,000.00 2,278,500.00 27,700.69 _ 1% 2,250,799.31 Business Enhancement Loan Programs 1,000,000.00 500,000.00 - 0% 500,000.00 Regional Park#4 5,000,000.00 2,500,000.00 0% 2,500,000.00 0% Transfers - - - - - 0% Transfer Out Administrative Costs - - 0% 3 Transfer(InyOut Capital Exp Reimb (920,006.00) (460,000.00) - 0% (460,000.00) Transfer Out Low/Mod Set-Aside 6,680,700.00 3,340,350.00 - 0% 3,340,350.00 0% TOTAL EXPENDITURES 54,514,554.50 27,382,277.25 4,819,606.91 22,562,670.34 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. 6. Administrative fee taken once a year 1 i O ili O OO O N g 00 O M NO d M 00 O O O 0 0 0 0 0 0 O ' N O � 0 0 � O yy- 0 D M O O O W O W fV O O g6 O O O O O O O O O O 'N- N� t d l W N A O G� b O CO d d d V7 M O In O A '.,N<N- 6 0 N r O Oi No oM 10 N N O (j f N M'. V! o m Z rn rn m o 7 Fi d r 0 ro o gym! LL d m m �, V w IL F o d IL as a CR o O M O as O O A N O d N N O O CO OI O O N d MU� d M d V M N N 1p �00 t0 Cl h O W r d d C M A .. O b Nb � ap � N O N fG N N i a 4 O O N � t0 00000 O 00 00 000000000.0 - 'O O o 0 0 0 0 0 0 o G CO O O O. G O hO-ON'O W N 0 0 0 0 O lG w Z y "V M .O M N d O W O O 06 O o i[Y rz 0 0 0 O C D OO.W Od Ili A AGO O BCD C9 m M A N O N � . Q 7 � CD r -_N N N V Dui < .. 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BOO Cl) O MO M- ll� r N O N O N U N pV M n ' 0) O (M+) Q N OO OD 7 Q. ¢ LO M 0)1: C = C G p, iO to a LO co C X rn R O N O (M (o V e- CD Cl) Cl) (D LO d 0d N (0 P O V uj o ui n- CT - Di- m d 7 a Q o rn o 0) a ,6 M cD rn rn w C C m o 0 0�0 0 0 0. 0 0 O.o 00 00 -o o yr 000;000 o: 000000-.00 M Oo�vi o.O'm o ;-o w c N m m o o o - 0 o.o:.rn o 0 0 3 -- OO-r N O _� 0 N (D N O C O R. L e° E m m � � .. �. � � 0 UN) O - (gyp �_ � O L th LO 0 M (D N U ) M I M N d U) a 0 0 .- E c 3 `y m o a U d d « ~ c m E rn d o o � .� c m 3 ¢ v E y O Q �` 2 t ; a L C > C GI > W w N N N C = O y m > 'LL E c � m � LO ym a5o d Vim' c o. aci o > 0Ui ¢ O cii E ¢ O � G � � m ° E aci 3 m '� m m 0 a m 5 x d aEi a y m y a) (` o ~ J 0 Q a-ffi O —0 w R '0 y U y O J N 7 y y r 0 = Q N a N N N U O C N N Nx d F X O H ) L 0 C ¢ Oammc .a- U — aa �> m x z w ' PALM DESERT REDEVELOPMENT AGENCY 31-Dec-00 Schedule of Revenue and Expenditures HOUSING FUND 6 YTD (FAV)UNFAV Budget Budget Actual YTD Variance REVENUES 2 Transfer in of 20% Set-Aside 6,711,700.60 3,355,850.00 130,379.96 3,225,470.04 3lnterest 15,000.001 7,500.00 23,879.03 (16,379.03) Rental Income 56,000.06.'4 28,000.00 14,672.71 13,327.29 Sales of Property 496,000.00 (496,000.00) 1 Reimbursement From Other Agencies 2 Housing Mitigation Fees n; Other Revenue 12,520.23 (12,520.23) P TOTAL REVENUES 6,782 700 001 , 3,391,350.00 -677,451 93 2,713,898.07 EXPENDITURES FAV(UNFAV) Administrative Costs 346,550.00 173,275.00 136,454.52 36,820.38 Professional Services 293 305 00 146,652.50 6,899.37 139,753.13 Property Tax Administrative Fee Cost of Inventory Sold 6 Interest And Fiscal Charges 21639 835.00; 1,319,917,50 1,317,391.97 6 Principal Payments 915 000.00, 2,525.53 457,500.00 915,000.00 (45 ,525.53 Office Equipment 5 000.00 2,500.00 2,500.00 Acquisition Rehab/Resale#7 948,933.00 474,466.50 126,228.69 348,237.81 Home Improvement Program 1-6 3192,691.00 196,345.50 514.01 195,831.49 Santa Rosa 503,462.00 251,731.00 251,731.00 4 Property Purchases 77,272.78 (77,272.78) 5 Desert Rose 93,279.00 46,639.50 312,193.97- (265,554.47) 5 Portola Palms Mobilehome Park :74,385.00 37,192.50 125,171.63 (87,979.13) Housing Development 2,000,000.00 1,000,000.00 1,000,000.00 Transfers Transfer(In)/Out Administrative Costs Transfer(In)/Out Capital Exp Reimb TOTAL EXPENDITURES 8 212,440.00 -1.. 4,106,220.00 3,017,127.64 1,089,092.96 Notes: 1 Includes prior year adjustment for tax increment calculation change 2 This transfer is done once a year only. 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Gty Q n y � ' S R S $ S >a $ _ ' .,.; '. r g <k➢h`,'^Bc>�bye lr+kdlY;�hn£i g > W 011OdlUOd p pp pp O o 0 p W O m <D V N .1t9nt1�,',SYY RC64"".':2'G➢Yi7d 8 Q LL O SNOnIIW$ wog m 16 m L6 m m 16 L6 L6 e O¢ - - %)O131A OWZ CC ¢ N F mz w— c J$ g ttpp!� mm m ZVNV I� N m N- f7 N g �2 OMEN U m c m 2 v�men»u�w us u�»k»:n wNw' O g 8NY) QOmON mt7m w O 8 Np mmO m�my�h y� O m Amy } 3' O 7 N = 800 NNID'YO O Cl � V ¢ fn j y Q r z z z " v�.nwwpwwu�w»wui u (22d r Coz ,-�z g O ,Q (t�yp Q�tN�i CmV¢��0a O CNJ O (Ny Ea W O V) Q 4N4gN0mC O«Tn � 9NW J Up\° > g w N N N (�qm N 0 m m pm N N_ n O 0 O m O 7 (Oj W fV fV to O O ' tp F O co 0 _ w a c g < w z ¢ � ¢ �Jj O E rn 7 O m � O a > ¢ WW o ¢z=g8 m w >U < ism < N, ow2cwoou'0 < 0 W ¢w y oFt i m - asFf LLw¢x ¢¢3:sQw<¢¢wU' wJc¢ C002 XXX Z J� W W W¢ WHWF2W WZO BVirVi eO8Oa 14 Z7 a o m N m9w w 1- t�<S W 7d�m2 W omLL mU' 2I :d rc vi L6 v W O131A REDEVELOPMENT AGENCY INVESTMENT ACTIVITY REPORT JANUARY 20"1 EXECUTIVE SUMMARY As of 1/31/01, total portfolio book value was approximately$153MM (with SLGS). This reflected a net increase of$16AMM from prior month due to receipt of increment tax revenue. There was an unrealized portfolio net gain (market value-book value)of approximately$1.3MM, 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 INCREASED BY APPROXIMATELY$1.8MM DUE TO MATURING SECURITIES. "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$16.3MM DUE TO INCREMENT TAX REVENUE. "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$2M 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$383M 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. "HighMark 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 BYAPPROX/MATELY$126M 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 INCREASED BYAPPROXIMATELY$3M DUE TO AMORTIZATION OF DISCOUNTS. "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 APPROXIMATELY$1.5MM DUE TO A CALLED SECURITY. "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. m C 4 � y y 3 , r2 y o H z rnw n c < va 0 3 m W 2 � y 1 y m z m � m m Cl) D D y D D T T T N N N N + = w CD x m ° A 3 c ° 0 3 !Da n n ° o 0 0 0 co ° m m C o N o c 7 ti ^ � z N O O m W N �. O 47 pOjj N N O z c o ^ C O Z Z 0 � 1] c - j n p < p N .0 f� c 0) O 01 N I N 7 j a N M K 0) i d r r O O a N D^ ^ ?9. ^ O0 d �Cl) 0 - O O ^ c o 00Co as O .�., (D.y O > > O OTp CO] ... O m O O' O 0 a N 0 ^ � O coO (D CD r C)y O O ^ GJ { y 0] Z p d OT O cn D O O Oy 0, N CD 0) 00 0 O p O 3 n p ^, N N N O O O { m n 0 N .. m p 0 y o > y � D z m m C- D z .fl C O z mA CD O O A W O O O V O V AM 0 0 0 0 0 0 0 0 0 0 0 0 0 oa o aoa o000o e o mo 0 z � o O En En v+ to [n to <n Fa to to to <n uq T cn A o o c D O n � z A N O V V p C T V 0) N O 41. A O (n N O i O O N O 0 O m m m m m m — cn (1) Cl) U C z D z n m . . . . . . S E e n 2 $ ■ ' \ lu J © ! � � \ ( 2CD } k k CD � m a f\ 2 § /\\\ /\\ \\ �\\ . m S & } � n ; � \_ � � ; \_ A CD CD � ) / � � \/ f - cn ( \ cm m k zam _ = ( ( / ( - z@2 . \ I CD 0 \ / ® } Qf ; cn CD o -0(0 ƒ] 6e 0 a ( % \ 2000 S00 i Ek - 00 z § ; $ _ ! ® » - / { & a) \ \\\ / ) \ } \ \ Z } 0 , r r ! } ƒ : Ek Cl) \ � Sal e q 0 ® CD _ _ § & ( } � _ § ( f# ) i = _ .. _ , q tn . m : I ) , , 0 § 2 P - o ° 69 e - 10 \ \ > } ) § � § m ) m m m m V - Cl) _ « = e = 0