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HomeMy WebLinkAbout2001-07-18 CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE AGENDA July 18, 2001 North Wing Conference Room 1. CALL TO ORDER II. ROLL CALL III. ORAL COMMUNICATIONS A. Any person wishing to discuss any item not on the agenda may address the Investment and Finance Committee at this point by giving his/her name and address for the record. Remarks shall be limited to a maximum of five minutes, unless the Investment and Finance Committee authorizes additional time. B. This is the time and place for any person who wishes to comment on agenda items. It should be noted that at the Investment and 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 the Investment and Finance Committee authorizes additional time. IV. CONSENT CALENDAR ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE ROLL CALL VOTE. THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS MEMBERS OF THE INVESTMENT & FINANCE COMMITTEE OR AUDIENCE REQUEST ITEMS BE REMOVED FROM THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND ACTION UNDER SECTION V. CONSENT ITEMS HELD OVER, OF THE AGENDA. A. Approval of Minutes Rec Approve minutes of the regular meeting of May 16, 2001, as submitted 1 071801.wpd ---------------------- INVESTMENT & FINANCE COMMITTEE AGENDA JULY 18,2001 Action: V. CONSENT ITEMS HELD OVER None. VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for May and June 2001 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for May and June 2001. Review status of capital projects and cash-flow projections. Action: B. Review Short-Term Investments Maturing in July 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 March and April 2001 Rec: Informational item for the Committee to review. No action required Action: D. City and Redevelopment Agency Monthly Financial Reports for City Council for May and June 2001 Rec: Report and submit to City Council Action: E. Parkview Professional Office Buildings - Financial Report for May and June 2001 2 071801.w d u ' INVESTMENT& FINANCE COMMITTEE AGENDA JULY 18, 2001 Rec: Review and file report: Action: F. Desert Willow Golf Resort Financial Information for April and May 2001 Rec: Review and file report Action: G. Palm Desert Recreation Facilities Corporation Income Analysis for April and May 2001 Rec: Review and file report Action: VII. CONTINUED BUSINESS None Vlll. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks Rec: Review and approve background check on Bernard Dervieux, dba Cuistot Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status report on issuing new bonds Action: 3 07ie0+..Pd INVESTMENT& FINANCE COMMITTEE AGENDA JULY18, 2001 IX. REPORTS AND REMARKS A. Meeting g of August 15 2001 Rec: Recommendation to cancel meeting Action: X. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this 1 Vh day of July, 2001. De radley, Recording SeVZry 4 m1aoi.wpd _ CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE MINUTES MAY 16, 2001 I. CALL TO ORDER A regular meeting was called to order by Chairman Gibson on Wednesday, May 16, 2001, at 12:05 p.m. II. ROLL CALL Present: Absent: Chairman Paul Gibson Mayor Jim Ferguson City Council Member Dick Kelly City Manager Carlos Ortega City Attorney Bob Hargraves Investment Manager Thomas Jeffrey Russ Campbell Murray Magloff Bill Veazie Also Present: Redevelopment Manager Dennis Coleman Desert Willow Manager Rodney Young Recording Secretary Debra Bradley III. ORAL COMMUNICATIONS IV. CONSENT CALENDAR A. Approval of Minutes Upon motion of Mr. Ortega, seconded by Mr. Veazie, and carried by majority vote, the minutes of the March 21, 2001, were approved as submitted. 1 Investment & Finance Committee Minutes May 16, 2001 V. CONSENT ITEMS HELD OVER None VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for April 2001 Mr. Jeffrey gave a brief economic report on the Federal Reserve flat fee raised by another 50 basis points. He explained this was the fifth rate reduction since January 2001, a total of two and one- half (2 ''/z) percent of reductions. The Federal Reserve indicated there is a threat of recession, not inflation, and that concern was reflected by a decline in capital spending. Mr. Jeffrey informed that the short-term (6 month) outlook is not favorable, due to excess capacity and the rise in unemployment rate from 3.9% in Fall 2000 to 4.5% in April 2001. In concluding the economic overview, Mr. Jeffrey stated that the Federal Reserve indicated it might be open to more rate cuts. Discussion followed to the investment schedule agenda item. Mr. Jeffrey reported that the book value of the City investment portfolio for the period ended April 2001, was approximately $167 million, reflecting an increase of $6.3 million from prior month. A brief overview of the portfolio charts was given by Mr. Jeffrey. Proceeding to the Redevelopment Agency (RDA) investment portfolio for the period ended April 2001, Mr. Jeffrey reported that the book value was approximately $147.2 million, reflecting a decrease of approximately $7.6 million from prior month due to debt service. Reference was made to the pie chart, in which Mr. Jeffrey pointed out the 76% liquid fund. He informed that the AIM money market fund has the highest yield in money market funds that you can get in to, as it is predominately commercial paper. He concluded that it is necessary to remain very liquid due to unknown cash requirements. Mr. Jeffrey reported that the gap between LAIF and RDA is due to RDA being more liquid. B. Review Short-Term Investments Maturing in May 2001 Mr. Jeffrey gave a brief overview of the Maturing Investments reports for the City and Redevelopment Agency for the month of May 2001, with no discussion following. 2 investment & Finance Committee Minutes May 16, 2001 C. State of California Local Agency Investment Fund Monthly Report for February 2001 Mr. Gibson briefed on the LAIF report. There being no issues, discussion followed to the next agenda item. D. City and Redevelopment Agency Monthly Financial Reports for City Council for April 2001 In relation to the City, Mr. Gibson reported that sales tax is favorable, indicating that it should be approximately $13.5 million when accruals are added in at the year end. Mr. Gibson informed that the City received Southern California Edison's payment of $727,000. E. Parkview Professional Office Buildings - Financial Report for April 2001 The financial report for April 2001 was distributed and filed, with brief discussion. F. Desert Willow Golf Resort Financial Information for March 2001 It was briefed by Mr. Young that food and beverage had revenues of $196,000, versus the $157,000 budgeted. He added that payroll was equal to budget due to an increase in banquets. Presently, Mr. Young said that they are taking an aggressive approach relative to discounting left-over passes to make up for revenue. In regards to merchandise, they are having a Mother's Day promotion. Council Member Kelly commented on a magazine advertisement of the Ritz Carlton; rooms for $109, Sunday through Thursday, which includes unlimited golf rounds. Mr. Young explained that there are undisclosed hidden costs. He informed that although Desert Willow will be doing a similar summer promotional, they do not want to jeopardize Desert Willow's posted rates and become rate destructive. Mayor Ferguson inquired upon the expending of 207% of the budget on food and beverage, noting that Desert Willow is only earning 87% in revenue. Mr. Gibson replied that due to Kemper's . high expectations, they over-staffed and increased inventory during the months of July through September 2000, creating greater costs 3 Investment & Finance Committee Minutes May 16, 2001 rather than revenue. He informed that Kemper is now monitoring more closely. In responding to Mayor Ferguson's inquiry on the projected year-end figures, Mr. Gibson informed that they are projecting $200,000 less than the year 2000. In response to Mr. Magloffs question as to why Desert Willow is in a deficit, Mr. Gibson said that the reduction in revenue is primarily due to increased competition of new golf courses. Mayor Ferguson added that Desert Willow also relies on the general market without Internet advertising, to which Mr. Gibson stated that once the hotels are completed and underway, which is estimated to be happen 2003-2004, revenues will increase. Mr. Ortega pointed out that Desert Willow has other deals that the revenue does not reflect that impact discounts. In giving an example, he said that this includes discounts for Intrawest players in which the City receives revenue on the side. It was noted by Mr. Gibson that, to date, the general fund has not had to contribute. G. Palm Desert Recreation Facilities Corporation Income Analysis for March 2001 Mr. Young noted the difference in his figures versus the City's subject report. It was offered by Mr. Gibson that the variations could be due to the revised numbers that Kemper calculated. Mr. Ortega pointed out the deficit variance of$749,000 in the budgeted figures. He commented favorably on April's preliminary figures, which exceed projections. There was an exchange in views in relation to the basis of the figures. VII. CONTINUED BUSINESS None Vill. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks There being no business issues to report, discussion ensued to the next agenda item. B. Bond Issuance by Palm Desert Financing Authority 4 Investment & Finance Committee Minutes May 16, 2001 There being no business issues to report, discussion ensued to the next agenda item. IX. REPORTS AND REMARKS A. Next Meeting The next meeting will be held June 20, 2001, at Noon. X. ADJOURNMENT There being no further business, the meeting was adjourned by Chairman Gibson at 12:40 p.m. Respectfully submitted, Ddbml3radley, Recording Secret 5 July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULE FOR MAY AND JUNE 2001 Rec: Review and submit to the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for May and June 2001. Review status of capital projects and cash-flow projections. (REPORTS TO BE DISTRIBUTED AT NEXT MEETING DUE TO ABSENCE OF INVESTMENT MANAGER) H:WbmdleyVNVSTCOMUnseds-agendaVnsW-Vla.wpd JULY 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS B. REVIEW SHORT-TERM INVESTMENTS MATURING IN JULY 2001 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds and notes; and, 3) agencies discount notes (REPORT TO BE DISTRIBUTED AT MEETING) H:bbmdteyUNVSTCOMin5e "genda�nseN-Vlb.wpd POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MARCH 2O01 WITH MARCH 2O00 (DOLLARS IN THOUSANDS) MARCH 2O01 MARCH 2000 CHANGE; Average Daily Portfolio $ 44,260,909 $ 33,979,494 +10,281,415 Accrued Earnings $ 224,648 $ 168,381 +66,267 Effective Yield 5.976 5.851 +.125 Average Life-Month End (in Days) 187 201 -14 Total Security Transactions Amount $ 28,309,438 $ 19,441,306 +8,868,132 Number 616 431 +185 Total Time Deposit Transactions Amount $ 1,736,600 $ 1,241,695 +494,905 Number 143 115 +28 Average Workday Investment Activity $ 1,365,729 $ 899,261 +466,468 Prescribed Demand Account Balances For Services $ 197,057 $ 168,433 +28,624 For Uncollected Funds $ 160,471 $ 153,162 +7,309 1 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF APRIL 2001 WITH APRIL 2000 (DOLLARS IN THOUSANDS) APRIL 2001 APRIL 2000 CHANGE Average Daily Portfolio $ 42,916,044 $ 35,090,818 +7,825,226 Accrued Earnings $ 203,162 $ 172,970 +30,192 Effective Yield 5.760 6.014 -.254 Average Life-Month End (In Days) 176 190 -14 Total Security Transactions Amount $ 28,482,046 $ 24,394,195 +4,087,851 Number 610 533 +77 Total Time Deposit Transactions Amount $ 2,069,200 $ 1,406,390 +662,810 Number 148 100 +48 Average Workday Investment Activity $ 1,454,821 $ 1,290,029 +164,792 Prescribed Demand Account Balances For Services $ 231,905 $ 168,622 +63,283 For Uncollected Funds $ 439,129 $ 325,565 +113,564 1 � a m u O A W y W m r. D o a z d00000000e d e WW M 7 OO 7 O a O 00 7 N V C O O M �D m O 00 � o 00 00 � W w g a V e e IL M .r C, 'D b O M t� 7 (� M h o 7 0 M �t 0 Q N o0 0 00 O D\ N l0 Vt 00 d V O O N O N 7 Z IL a a a p LL W cc � � p p � o p g 7 NCL F. >R >R �R W . C\ N O N b h 7 O O C Q Q O 0 C1 O M l6 C> L L 'r M h M vi .-- •-• �O vVi E 7 .N-� b N N' -- -+. --� Op a M d d U 0 6 N U v cyd. O W o o _ LL E'+ OLU Q 0. N >`O V Z O WCO Q T C LC V w C NC y a W l0 p a (O N a d r7 F N C G .,�., 0 CO E °J ai O aLi F. FT": o. a W' ` W F ii co o o y F d yf' yi'a y V a C7 3 Ca C� a FQz N fGr`dnF .aaLf� :° v�i � 0. W a0 m. wU �= � w ^ L July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS D. CITY AND REDEVELOPMENT AGENCY MONTHLY FINANCIAL REPORTS FOR CITY COUNCIL FOR MAY AND JUNE 2001 Rec: Report and submit to City Council. (RDA REPORTS TO BE DISTRIBUTED AT MEETING) H?dpradleyVNVSTCOMIl seas-agendaVnsetlNld.wpd July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS - FINANCIAL REPORT FOR MAY AND JUNE 2001 Rec: Review and file report. (REPORTS TO BE DISTRIBUTED AT MEETING) HdtlbmdleNINVSTCOMVnsetl .gendaVn.n-Vle.w d July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS F. DESERT WILLOW GOLF RESORT FINANCIAL INFORMATION FOR APRIL AND MAY 2001 Rec: Review and file report. (REPORTS TO BE DISTRIBUTED AT MEETING) H:WbmdleyVNVSTCOMUnseNs agendaVnwO-Vlf.wpd July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS G. PALM DESERT RECREATION FACILITIES CORPORATION INCOME ANALYSIS FOR APRIL AND MAY 2001 Rec: Review and file report. (REPORTS TO BE DISTRIBUTED AT MEETING) M:kdbmdley\IMSTCOMNnsert gendaVnsen-Vlg.wpd EMMMMMMMMMd -�. PALM DESERT REDEVELOPMENT AGENCY INTEROFFICE MEMORANDUM To: Carlos Ortega, City Manager/Executive Director Paul Gibson, Director of Finance/City Treasurer David Yrigoyen, Director of Redevelopment David Erwin, City Attorney From: Lauri Aylaian, Project Administrator Date: June 21, 2001 Subject: Background Check on Proposed Developer of Restaurant Entrada El Paseo This memorandum transmits for your review and consideration, the results of a background check on Bernard Dervieux and his restaurant, Cuistot. Mr. Dervieux is proposed as the developer of a restaurant for one of the pads to be sold at Entrada El Paseo. Please review this confidential information at your convenience so that we as a group may discuss the appropriateness of entering into a Disposition and Development Agreement with Mr. Dervieux. Mary Finley will contact you to set up a meeting during the week of 9 July 2001, for consideration of this proposed developer. If you have any questions that you would like to have answered prior to that meeting, please contact me at extension 467. LA:maf Attachment GARDAW-,y FinleN WON DataWenle5 I-b,dy,de.p .dot JL �t CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE AGENDA July 18, 2001 North Wing Conference Room I. CALL TO ORDER II. ROLL CALL III. ORAL COMMUNICATIONS A. Any person wishing to discuss any item not on the agenda may address the Investment and Finance Committee at this ,point by giving his/her name and address for the record. Remarks shall-be limited to a maximum of five minutes, unless the Investment and Finance Committee authorizes additional time. B. This is the time and place for any person who wishes to comment on agenda items. It should be noted that at the Investment and 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 the Investment and Finance Committee authorizes additional time. IV. CONSENT CALENDAR ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE ROLL CALL VOTE. THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS MEMBERS OF THE INVESTMENT & FINANCE COMMITTEE OR AUDIENCE REQUEST ITEMS BE REMOVED FROM THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND ACTION UNDER SECTION V. CONSENT ITEMS HELD OVER, OF THE AGENDA. A. Approval of Minutes Rec Approve minutes of the regular meeting of May 16, 2001, as submitted 1 07180. d INVESTMENT & FINANCE COMMITTEE AGENDA JULY18, 2001 Action: V. CONSENT ITEMS HELD OVER None. VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for May and June 2001 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for May and June 2001. Review status of capital projects and cash-flow projections. Action: B. Review Short-Term Investments Maturing in July 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 March and April 2001 Rec: Informational item for the Committee to review. No action required Action: D. City and Redevelopment Agency Monthly Financial Reports for Citv Council for May and June 2001 Rec: Report and submit to City Council Action: E. Parkview Professional Office Buildings - Financial Report for May and June 2001 2 O]180twPa INVESTMENT& FINANCE COMMITTEE AGENDA JULY18, 2001 Rec: Review and file report: Action: F. Desert Willow Golf Resort Financial Information for April and May 2001 Rec: Review and file report Action: G. Palm Desert Recreation Facilities Corporation Income Analysis for April and May 2001 Rec: Review and file report Action: VII. CONTINUED BUSINESS None Vill. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks Rec: Review and approve background check on Bernard Dervieux, dba Cuistot Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status report on issuing new bonds Action: 3 INVESTMENT & FINANCE COMMITTEE AGENDA JULY 18, 2001 IX. REPORTS AND REMARKS A. Meeting of August 15, 2001 Rec: Recommendation to cancel meeting Action: X. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this 11`h day of July, 2001. D radley, Recording Se ry 4 mi8m.�d _ CITY OF PALM DESERT � INVESTMENT & FINANCE COMMITTEE MINUTES MAY 16, 2001 1. CALL TO ORDER A regular meeting was called to order by Chairman Gibson on Wednesday, May 16, 2001, at 12:05 p.m. II. ROLL CALL Present: Absent: Chairman Paul Gibson Mayor Jim Ferguson City Council Member Dick Kelly City Manager Carlos Ortega City Attorney Bob Hargraves Investment Manager Thomas Jeffrey Russ Campbell Murray Magloff Bill Veazie Also Present: Redevelopment Manager Dennis Coleman Desert Willow Manager Rodney Young Recording Secretary Debra Bradley III. ORAL COMMUNICATIONS IV. CONSENT CALENDAR A. Approval of Minutes Upon motion of Mr. Ortega, seconded by Mr. Veazie, and carried by majority vote, the minutes of the March 21, 2001, were approved as submitted. t t Investment & Finance Committee Minutes May 16, 2001 V. CONSENT ITEMS HELD OVER None VI. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for April 2001 Mr. Jeffrey gave a brief economic report on the Federal Reserve flat fee raised by another 50 basis points. He Explained this was the fifth rate reduction since January 2001, a total of two and one- half (2 '/2) percent of reductions. The Federal Reserve indicated there is a threat of recession, not inflation, and that concern was reflected by a decline in capital spending. Mr. Jeffrey informed that the short-term (6 month) outlook is not favorable, due to excess capacity and the rise in unemployment rate from 3.9% in Fall 2000 to 4.5% in April 2001. In concluding the economic overview, Mr. Jeffrey stated that the Federal Reserve indicated it might be open to more rate cuts. Discussion followed to the investment schedule agenda item. Mr. Jeffrey reported that the book value of the City investment portfolio for the period ended April 2001, was approximately $167 million, reflecting an increase of $6.3 million from prior month. A brief overview of the portfolio charts was given by Mr. Jeffrey. Proceeding to the Redevelopment Agency (RDA) investment portfolio for the period ended April 2001, Mr. Jeffrey reported that the book value was approximately $147.2 million, reflecting a decrease of approximately $7.6 million from prior month due to debt service. Reference was made to the pie chart, in which Mr. Jeffrey pointed out the 76% liquid fund. He informed that the AIM money market fund has the highest yield in money market funds that you can get in to, as it is predominately commercial paper. He concluded that it is necessary to remain very liquid due to unknown cash requirements. Mr. Jeffrey reported that the gap between LAIF and RDA is due to RDA being more liquid. B. Review Short-Term Investments Maturing in May 2001 Mr. Jeffrey gave a brief overview of the Maturing Investments reports for the City and Redevelopment Agency for the month of May 2001, with no discussion following. 2 Investment & Finance Committee Minutes May 16, 2001 C. State of California Local Agency Investment Fund Monthly Report for February 2001 Mr. Gibson briefed on the LAIF report. There being no issues, discussion followed to the next agenda item. D. City and Redevelopment Agency Monthly Financial Reports for City Council for April 2001 In relation to the City, Mr. Gibson reported that sales tax is favorable, indicating that it should be approximately $13.5 million when accruals are added in at the year end. Mr. Gibson informed that the City received Southern California Edison's payment of $727,000. E. Parkview Professional Office Buildings - Financial Report for April 2001 The financial report for April 2001 was distributed and filed, with brief discussion. F. Desert Willow Golf Resort Financial Information for March 2001 It was briefed by Mr. Young that food and beverage had revenues of $196,000, versus the $157,000 budgeted. He added that payroll was equal to budget due to an increase in banquets. Presently, Mr. Young said that they are taking an aggressive approach relative to discounting left-over passes to make up for revenue. In regards to merchandise, they are having a Mother's Day promotion. Council Member Kelly commented on a magazine advertisement of the Ritz Carlton; rooms for $109, Sunday through Thursday, which includes unlimited golf rounds. Mr. Young explained that there are undisclosed hidden costs. He informed that although Desert Willow will be doing a similar summer promotional, they do not want to jeopardize Desert Willow's posted rates and become rate destructive. Mayor Ferguson inquired upon the expending of 207% of the budget on food and beverage, noting that Desert Willow is only earning 87% in revenue. Mr. Gibson replied that due to Kemper's high expectations, they over-staffed and increased inventory during the months of July through September 2000, creating greater costs 3 Investment & Finance Committee y Minutes May 16, 2001 ; rather than revenue. He informed that Kemper is now monitoring more closely. In responding to Mayor Ferguson's inquiry on the projected year-end figures, Mr. Gibson informed that they are projecting $200,000 less than the year 2000. In response to Mr. Magloffs question as to why Desert Willow is in a deficit, Mr. Gibson said that the reduction in revenue is primarily due to increased competition of new golf courses. Mayor Ferguson added that Desert Willow also relies on the general market without Internet advertising, to which Mr. Gibson stated that once the hotels are completed and underway, which is estimated to be happen 2003-2004, revenues will increase. Mr. Ortega pointed out that Desert Willow has other deals that the revenue does not reflect that impact discounts. In giving an example, he said that this includes discounts for Intrawest players in which the City receives revenue on the side. It was noted by Mr. Gibson that, to date, the general fund has not had to contribute. G. Palm Desert Recreation Facilities Corporation Income Analysis for March 2001 Mr. Young noted the difference in his figures versus the City's subject report. It was offered by Mr. Gibson that the variations could be due to the revised numbers that Kemper calculated. Mr. Ortega pointed out the deficit variance of $749,000 in the budgeted figures. He commented favorably on April's preliminary figures, which exceed projections. There was an exchange in views in relation to the basis of the figures. VII. CONTINUED BUSINESS None Vill. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks There being no business issues to report, discussion ensued to the next agenda item. B. Bond Issuance by Palm Desert Financing Authoriy 4 Investment & Finance Committee a Minutes May 16, 2001 There being no business issues to report, discussion ensued to the next agenda item. IX. REPORTS AND REMARKS A. Next Meeting The next meeting will be held June 20, 2001, at Noon. X. ADJOURNMENT There being no further business, the meeting was adjourned by Chairman Gibson at 12:40 p.m. Respectfully submitted, Debra Bradley, Recording Secretary 5 July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULE FOR MAY AND JUNE 2001 Rec: Review and submit to the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for May and June 2001. Review status of capital projects and cash-flow projections. (REPORTS TO BE DISTRIBUTED AT NEXT MEETING DUE TO ABSENCE OF INVESTMENT MANAGER) H:Wb2OleyXINVSTCOMIInsees-a9endaVnsM-Vla.wpd JULY 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS B. REVIEW SHORT-TERM INVESTMENTS MATURING IN JULY 2001 Rec: Review investments in 1) collateralized deposits; 2) treasury bonds and notes; and, 3) agencies discount notes (REPORT TO BE DISTRIBUTED AT MEETING) H:Wbmdleyl[NVSTOORA]nsetls age daVnsM.Vlb.wpd POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MARCH 2O01 WITH MARCH 2O00 (DOLLARS IN THOUSANDS) MARCH 2O01 1 MARCH 2O00 CHANGE Average Daily Portfolio $ 44,260,909 $ 33,979,494 +10,281,415 Accrued Earnings $ 224,648 $ 168,381 +56,267 Effective Yield 5.976 5.851 +.125 Average Life-Month End (In Days) 187 201 -14 Total Security Transactions Amount $ 28,309,438 $ 19,441,306 +8,868,132 Number 616 431 +185 Total Time Deposit Transactions Amount $ 1,736,600 $ 1,241,695 +494,905 Number 143 115 +28 Average Workday Investment Activity $ 1,365,729 $ 899,261 +466,468 Prescribed Demand Account Balances For Services $ 197,057 $ 168,433 +28,624 For Uncollected Funds $ 160,471 $ 153,162 +7,309 1 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF APRIL 2001 WITH APRIL 2000 (DOLLARS IN THOUSANDS) APRIL 2001 APRIL 2000 CHANGE Average Daily Portfolio $ 42,916,044 $ 35,090,818 +7,825,226 Accrued Earnings $ 203,162 $ 172,970 +30,192 Effective Yield 5.760 6.014 -.254 Average Life-Month End (In Days) 176 190 -14 Total Security Transactions Amount $ 28,482,046 $ 24,394,195 +4,087,851 Number . 610 533 +77 Total Time Deposit Transactions Amount $ 2,069,200 $ 1,406,390 +662,810 Number 148 100 +48 Average Workday Investment Activity $ 1,454,821 $ 1,290,029 +164,792 Prescribed Demand Account Balances For Services $ 231,905 $ 168,622 +63,283 For Uncollected Funds $ 439,129 $ 325,565 +113,564 1 v � o troi LL O a - 8 - c o a m LLjM P4 b x 7 � F. o o a a : a' o 0 0 o 0 0 W Z v o o_ o 0 o m o e o o '\ o pOp W 00 7 O O N N �-+ M W dm�^ Q M.R Q> �O.7 O M h O � N 00 �--� 00 O N O b J QW E� 60 6 4 N 0 h O'I M h E y r 00 v M O N O R IL 7 LL pz W ; � � � � � o � Y. , m O R O E v N h o O o - � O O O vl .0 7 0 ed N O.N.. Q '0vt V- _ 7 O N O Op O-o dit ' N 'O �O si' M M O O 4 O 0 — tt 00 lF- �fY Q1 = N N 01 .-. N O O Qt Ol. h ++ O O m O .O h Yft Vt iT O O. O N M T Q\ M D\ E a ni-<t5 ry eS:,.: .. :;..-;. o -o a o �i -- 0 0 o vi o U j Q CL O M a ° '-r t ai•kt. o o Q • 7 m Q v m .; 'O v Hvs 1d O W a. 0aaU �^ � W July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING I VI. NEW BUSINESS D. CITY AND REDEVELOPMENT AGENCY MONTHLY FINANCIAL REPORTS FOR CITY COUNCIL FOR MAY AND JUNE 2001 Rec: Report and submit to City Council. (RDA REPORTS TO BE DISTRIBUTED AT MEETING) H:bbmdleo[WSTCObnlnse -agendaVnsed-Vld.wpd July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS - FINANCIAL REPORT FOR MAY AND JUNE 2001 Rec: Review and file report. (REPORTS TO BE DISTRIBUTED AT MEETING) H:Wbradley�INVSTCOMVnsens-ager aVnsen-Vle.wpd July 18, 2001 - REGULAR INVESTMENT $ FINANCE COMMITTEE MEETING VI. NEW BUSINESS F. DESERT WILLOW GOLF RESORT FINANCIAL INFORMATION FOR APRIL AND MAY 2001 Rec: Review and file report. (REPORTS TO BE DISTRIBUTED AT MEETING) M:W bmdley%IWSTCOMVnseas-agendaYnsed.VR.wpd July 18, 2001 - REGULAR INVESTMENT & FINANCE COMMITTEE MEETING VI. NEW BUSINESS G. PALM DESERT RECREATION FACILITIES CORPORATION INCOME ANALYSIS FOR APRIL AND MAY 2001 Rec: Review and file report. REPORTS TO BE DISTRIBUTED AT MEETING H:WbmdleolWSTCOANnsens-agendaVnsea-Vlg.wpd ��--� PALM DESERT REDEVELOPMENT AGENCY INTEROFFICE MEMORANDUM To: Carlos Ortega, City Manager/Executive Director Paul Gibson, Director of Finance/City Treasurer David Yrigoyen, Director of Redevelopment David Erwin, City Attorney From: (Lauri Aylaian, Project Administrator Date: June 21, 2001 Subject: Background Check on Proposed Developer of Restaurant Entrada El Paseo This memorandum transmits for your review and consideration, the results of a background check on Bernard Dervieux and his restaurant, Cuistot. Mr. Dervieux is proposed as the developer of a restaurant for one of the pads to be sold at Entrada El Paseo. Please review this confidential information at your convenience so that we as a group may discuss the appropriateness of entering into a Disposition and Development Agreement with Mr. Dervieux. Mary Finley will contact you to set up a meeting during the week of 9 July 2001, for consideration of this proposed developer. If you have any questions that you would like to have answered prior to that meeting, please contact me at extension 467. LA:maf Attachment G:WDAWary FiNeyWord Oafa%)Ae sLLA cb,dy,tl ,pg.dof zQo 0 > o c - u o ¢ o a U _ N m m m m < O m N 00 W N 00 N d W m b b N b m O Q N t7 O Cf a O I p 6' 6 N � n f � � o m N (7 tmp CD N N b I N 0 p x yam. 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RC Comm ycy .vm o n � x � (r(.�, � Op>>immSi 2op5,m'om tNv>m2op5Pm8wmJ m O 3e y C +NYd tDANOm V t01�00111+ Y Z r D o W D am o v �w wFn v+Fn wFnwwwww v p3, 9 Z m0 a a w m m _ m Za� ��� D PS . PA A • OGl mw AmV b AfNJ V OiAw t0 W T W O I phi A W m O < O N0 � $ +OI m N O YIELD(%) $MILLIONS g r w m _ _ O c+ a A m w w m V p pN c fly G l!i O t1N G (N O 8 N 8 O L L PORTFOLIO (%) c cO 8 9 k Vx `Xk fiw O ?' ti 8 m , � N D c � c 8 bard:U2:i':RN2 mR�Yrti.�.fi°+`na i g m ■ � m 4 < N G m yO ; 8 .F v'L wed xfi'a:�w`F<%P..'rn ,+'AYiM4=i'S.r`�"1 F O �L < pNQ qwQ C m m <_ $ 9 ikXyA ; o p $ 8 00 zza -. a o o a o a w p r < C m<m_ K v r 8 m m•'yME rs a a x)A N�rat ytr} 1 kCr:C'U° f`Mv�lti.4i3ti m m v O 9 W m b 8 - 6 0 g oamo a O g ar N m 0 Es rmse O g »a -r ae mans+�a + v�sz:ti.ne.T srcms m_ Y'n a_ <_ O m p N W 6 N A O O t+.A S.'w:1i 1 yk42:m4:';f NA^k:#NPafie ' f < O , o A O O 0 f SK:y`aM1Q:ljkiY a(i'WU'*M1„! mV 0 � tt!., G TXt�'142!°n Y+'dP`R'i`.?1!yYryp'i • > D C u4&aa,.�JNa sn�n tx,uy.,r;,;xe{ CITY OF PALM DESERT INVESTMENT ACTIVITY REPORT MAY 2001 a� EXECUTIVE SUMMARY As of 5/31/01, total portfolio book value was approximately$191MM. This reflected a net increase of approximately $24MM from prior month due principally to receipt of property tax revenues. 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 was no profit-taking. Significant changes in investment position are shown below: "United States Treasury -Coupon". The City buys interest-bearing U.S. Treasury notes with maturities of 2- 10 years to invest assessment bond proceeds. Although unrated, considered "AAA". THIS ACCOUNT BALANCE DECREASED BY APPROXIMATELY$1114 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 5MM DUE TO NEW SECURITY PURCHASES. "Local Agency Investment Fund (LAIF)". The City temporarily invests proceeds of matured securities in $13MMM pool managed by State Treasurer's Office for 2,600 governmental entities. LAIF has diversified portfolio (BAs, CP, Treasuries, agencies, corporates, repos, reverse repos, CDs)with weighted average maturity of 180-540 days. THIS ACCOUNT BALANCE DID NOT CHANGE. "Federal Aaency-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. "City 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 INCREASED BYAPPROXIMA TEL Y$18M DUE TO NET INTEREST INCOME. "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. "HighMark 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$19MM DUE TO IMPENDING SECURITY PURCHASES. "State& Local Govt Series -Time". The City buys special noninterest-bearing U.S. Treasury certificates of indebtedness with maturities of 15 days- 1 year, to invest assessment bond proceeds (to comply with IRS yield &arbitrage rebate regs). Nonmarketable.Although unrated, considered "AAA". THIS ACCOUNT BALANCE DID NOT CHANGE. "Medium-Term Notes". The City buys interest-bearing corporate medium-term notes with maturities of five years or less, to invest revenues. THIS ACCOUNT BALANCE DECREASED BYAPPROXIMA TEL Y$2MM DUE TO A MATURING 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. THIS ACCOUNT BALANCE DECREASED BYAPPROXIMATELY$2MM DUE TO A MATURING SECURITY. x a a y to G � y V y D N v o cn co co cn cn 0 N a o H � H n A N (o N m � o m C: (°_ Z D3 na`° 0000Z m m o W A N � N N -0 d N m e � � fD W 0 0 to N Q V C7 N N d Z O N -A Z Z N O y N N co C _ m ' (D m (O CCDI O z Z N m m A A O O z om oZ6, � m � mr- � moo CL m A A o n :., = A 61 GM. ^ o c v n to CO O E 3: o m c �. d W O o O 3 p0 nl1 W E: o O N 0 3 0 -., 0 n 0 ° O � a) Z� ° c'Dy n cm ov CD r m O ry U W m O (n /� N n 3 Oti. 0 O. O n Z O O N m N O v 0 0 M -< CD C cn 0 o ... _ r M oo ° °m m omi " o C� o 3 O N � PO 0 w N O OO O =� n 0 00 O O0 N 0 N O N O N N ,N.. 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A A A A A A A A A A A A A A A A A A AAA A A A A A D p p D m m m m m m m m m m m m m m m m m m m ul m r r m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m S i S 3 S 3 3 3 i S 3 S S m y m 0 0 3 i 3 i 3 S 3 i i i i i i i S i o m m S 9 T 71 T T T T T T T T T T T T T T T T T T T "Il T T '11 T 0 0 m m v m m V v T L v v T v v v T v A T v v v v v m T T m m y r r m A A A p A Am A A A A A A A A A A � A A A A A A A A A O O < < < < < < < < < G G < < < < G G < G < < < < < 2 Z D D D D D D D D D D D D D < G D D D D D D D D D D D ➢ D - m m m m m m m m m m m m m m m m m m m m m m m m m m cc 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 A j p o x 555555 5555555555555 55555 4) O G7 4) 41 N N y N N N y woo N N ow 00 N N G) m o m D N O m q 0 1 O O m 0 O O q o m (p s J J (p IWO b o C O C O 3p �, r m C M N N A V Ol O N U ' (/J A V Of N N 0N p� f0 N A (p O O O 9 A W O W _ m A CO Ol A N 0! b N OW VO Wm NtA p A pOf O (!OO + NAA O O O m ,OW m O < JlZ0 N O WOO 0 O . . 0N N O O Q N SN S mp0 Om WOOOO OO (p D N G) 3+ Z O� o m o Fyn A w+ N 3 + W O W + W A W 0 A N W Ip N O! 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D 8 0 0 S 8 8 8 8 O 8 O 8 P� 0 A p g 3 w w W W W y o w w W w W$ a < < 0 n 0 M m A J V G y = y a x G N m y m N m o 9 N o ' 2 n N N N N N G Y V m O m m V U W = Y G y � 1 m m N c N c e u C Q Y O O Y Z 2 2 Z Z m M 4 C G p y y -i =; y n m D Z Z D 0 0 0 0 0 D Y m G) G) m m N N m 'Y D D 'u '"� y y 1 a 'm aY G c aY D D D ➢ D n m � Y = = m m m m m m m m 1p N N N N m 'i D D D�-n1 �1�1 my my N N D D N N N N N A m m .lCl A D 71 A u m m C o a mD N ± S d q m u 1O o m m 0 0 0 0 0 p� 0 o m mmmmm aY - � < 0 N V � O1 O O p S S S O W G O W + w N O O O S O O O 0 O C 0 CD °� z o a A v rn 3 N m v a loe m+ m 0 s m o m N N m w W e m N _ rr V w W + O m tJp m N t0 Y V m fmp N m N V N Ol A O O W w pA1 P A A A U N N q S tp N p J Y 0 O O N N O m A S O y Iy y O L d d Y d d d d N 9 v + + m m m m m + 00 _H U 4 N W IJ N U U d U� U y U O 5 e o 0 0 m 0 0 o m m a U 00 0 oD0 rSJ2 ^q�J v D S u K K u o2 N A n O a S � n a g S J N n a N N N j y o 0 0 w y c 'm in a 06 0 6 ry m x w � m D n m O O M m e o T m N S a Z Z D D m y y n _ = m C m 0 n Z y � 47 > C Z D Y o m U pN q p m w m Ol m ml W V O w O O O 9 m O O O_ C 1� O pO 8a OY 0 V v O O O S 0 t 3 �--OiFFFF Q m O p O C 3 9 N N N 0 m N Z V b W N O d< o CD ^D d � YYI S 0 T Y N V O C tp N O w M N O d! V N N G u � m m m < m W tli J S O N zE d m n 3 � 0 0 o. w � m Y T N + + + o A N O O O A O O O p 3 A O � N A a o � 9 ti v D m a YIELD(%) zDDO Om Omp5WVn AO—R3! m pmOO< Tmm DD mm�m3 Mm F � 01559W 9 gO Nm� Z Tzm< z g� 5. N <OT<To DO< ap0 g 8 DT e pODNO [ O �in m O m�m( m ABZmZ 7D { Z ~NA m m Z ~ mN 2 0 O 1 R 0 D � p D Z m V Yx m m z 8 o f rmn v D O O > m m N Nw wrnNw NNu#NNwN m 4 T O C Cmi O m N c O r m m m 31 p�< p + m Ol_+ V A A m N 1N0AOr V o Z O m m LLIJ 88 1D+UVU11 �ppppOO D O O O D V V� O �OAG NO#tNp Ix ���J1 g m Z a �` M 0��$ 0 6 n = 8KS8 $ , 828N E;388 0 i a O p z g NN e#NNNNNFn v#NNN rn � n ND yO+e a + AA tT N (gi(pp WOpp� j N c oo K C mL•�4i pA 8QG V mn�� V is { A t Y V 8 U V J O A O m 0 N e m 8 8 V O + m+2 O N N V O O dl(p NNfHNNd#NN#1#Nd1 O(mmm�� O �pVp� 41 Opi� 8V m Z {p N m UVi tJ A !A� pO m m n 8 t s + O O W D O O _ m Szo c V 0mi O A m Ma a m N YIELD(%) 8 a v A a m vi m m J O m m o N c m o in o Cy r_ $MILLIONS O �3 O 8 iid^ n Aini >re i N a m Z 0 0 o g' m 0 8 PORTFOLIO �'..titc `.* „c , ..,sy •r.M„ 'e B 8 S 8 8 zi 8 8 ` n (i' A CC � 'R N g S' Sk�h.1.HikbV�'#'•° S.�a4..��nn�..�1.•16:�4'e i i D f O m �� r m 1 n $ O 8 fi t xeT'Tii #iC 3Ff'xY1:!N5Y5'ti. A ri:e_ ■ ; O V c •N O N N l 9 � S z m a 3 < s s 8 o zi3 a 8 w -� asaasu a:✓ x e _m m o O O mOm O F m 8 O msz 3 pJ 6 < a m z s N. c N m 9m9 b. N - - -� �w�uu ra�nuru +.a��rsMs+x:n�a� �__ � w � ----i ��.�as '�'—', , • ,- 3 m O c r m 2 N N < N 13 r m �N N + O, m d m o v taY'I:i.'ft�.u";l�(CrJ-+.a vf;ew'F 6m i < O O r�1.roK+�'rirwlL!".'iy,{,i53F`•" O . y m m REDEVELOPMENT AGENCY INVESTMENT ACTIVITY REPORT MAY 2001 EXECUTIVE SUMMARY As of 5/31/01, total portfolio book value was approximately$159MM (with SLGS). This reflected a net increase of$12MM from prior month due to principally to receipt of property tax revenues. 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 HAD NO 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 BYAPPROXIMATELY$529M DUE TO BOND DRAWS. "Local ocal Agennc 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$587M DUE TO A TRANSFER FROM THE CITY CHECKING ACCOUNT. "Ignited 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 DID NOT CHANGE. "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. "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$116M 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 HAD NO BALANCE "Federal Agemy-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. 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