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2003-05-28 IFC Regular Meeting Agenda Packet
COMMITTEE MEETING WORKSHEET Meeting Description Investment Committee Meeting Date 5128/03 Time 2700 P.M. Location North Wino Conference Room Mailed Agenda 5/21/03 Posted Agenda 5/21103 Time Convene Adjournment .C6 Staff Members Attending Yes -No Others Attending Yes No 1 Paul Gibson, Chairperson 11 Dennis Coleman 2 Council Member 12 Justin McCarthy 3 Council Member 13 Rodney Young 4 Dave Erwin, City Attorney 14 Recording Secretary 5 Carlos Ortega, City Mgr. 6 Thomas Jeffrey Public Members Attendinq Guests Attending 7 Russ Campbell 15 8 Murray Magloff 16 9 Bill Veazie ✓ 17 10 Everett Wood 18 19 20 Follow-Ups/Tasks Assigned Person Responsible Due Date 1 ; r , 2 3 4 5 . 1 . / L 6 - S rrr \ I Spoke Mtn (1) Mtn (2) MEETING NOTES LL cZ x . � 1 7 c ' / ^ Jd Ab n �l�Czi �i ' , 1i1 l I�IL 611 > " " I!" i �,✓r ' a /' D { 07 c+ U7f Y:P c �czf' U12 •• - ®m REMPERIN �dm' , i�iG: , . ;�7 Spoke Mtn (1) Mtn (2) MEETING NOTES � C Wit. CW112 7 c E 11JI& + J r ' C l llv OW; J�c Ed NW-lll VO,// Q i — %S_ e vS .l e�o 1 61/711C Spoke Mtn (1) Mtn (2) MEETING NOTES l o LC st a 2 n Alm -7> �. G ` � -_ S 7 9 Nt i 442 AA,- r -L f J l !J ' hAt p G Ite Mtn (1) Mtn (2) MEETING NOTES � r ( N n t / r Oi G - o '! 1 ,bra '7 �y '.� /ec U %, 1 i Spoke Mtn (1) Mtn (2) MEETING NOTES Spoke Mtn (1) Mtn (2) MEETING NOTES _ CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE AGENDA May 28, 2003, 2:00 p.m. North Wing Conference Room I. CALL TO ORDER IL 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. COMMITTEE MEMBER REPORTS V. 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 April 23, 2003, as submitted. Action: 1 52803.wpd INVESTMENT & FINANCE COMMITTEE • AGENDA May 28, 2003 VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for April 2003 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for April 2003. Action: B. State of California Local Agency Investment Fund Balance for the month of April 2003 Rec: Informational item for the Committee to review. No action required C. California Asset Management Program (CAMP) April 2003 Statement Rec: Informational item for the Committee to review. No action required D. City and Redevelopment Agency Monthly Financial Reports for City Council for April 2003 Rec: Report and submit to City Council Action: E. Parkview Professional Office Buildings - Financial Report for April 2003 Rec: Review and file report Action: 2 52801.pd r INVESTMENT & FINANCE C MMITTEE • AGENDA May 28, 2003 F. Palm Desert Golf Course Facilities Corporation Financial Information for March 2003 Rec: Review and file report Action: VIII. CONTINUED BUSINESS None. IX. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks Rec: Status report on background checks Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status report on issuing new bonds Action: X. NEXT MEETING - Wednesday, June 25, 2003 at 2:00 p.m. XI. 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 21" day of May, 2003. i Dibda Lea; R41oiding ecretary 3 5280,.pd CITY OF PALM DESERT tf' INVESTMENT & FINANCE COMMITTEE AGENDA May 22, 2002, 2:00 p.m. 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. COMMITTEE MEMBER REPORTS V. 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 April 24, 2002, as submitted. Action: 1 aszzos.�a INVESTMENT & FINANCE MITTEE AGENDA April 24, 2002 i VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for April 2002 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for April 2002. Review status of capital projects and cash-flow projections. Action: B. State of California Local Agency Investment Fund Balance Rec: Informational item for the Committee to review. No action required C. Conflict of Interest Presentation by David Erwin Rec: Informational item for the Committee to review. No action required D. Selection of Audit Firm Rec: Report and submit to City Council Action: E. City and Redevelopment Agency Monthly Financial Reports for City Council for April 2002 Rec: Report and submit to City Council Action: F. Parkview Professional Office Buildings - Financial Report for April 2002 Rec: Review and file report: Action: 2 a=2.wpe ,I INVESTMENT& FINANCE MITTEE AGENDA April 24, 2002 G. Palm Desert Golf Course Facilities Corporation Financial Information for April 2002 (Will be distributed at the meeting) Rec: Review and file report Action: Vill. CONTINUED BUSINESS None. IX. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks Rec: Status report on background checks Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status report on issuing new bonds Action: X. NEXT MEETING - Wednesday, June 26, 2002 at 2:00 p.m. XI. 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 151h day of May, 2002. 1 t FI�NdeY,'WoordiWg Secretary 3 052202.wpd _ CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE Minutes April 24,2002, 2:00 p.m. North Wing Conference Room I. CALL TO ORDER A regular meeting was called to order by Chairman Gibson on Wednesday, April 24,2002 at 2:05 p.m. 11. ROLL CALL Present: Absent: Paul Gibson, Chairman None Thomas Jeffrey, Investment Manager Jean Benson, Mayor Pro-Tempore Bob Spiegel, Council Member Carlos Ortega, City Manager Bob Hargreaves, Assistant City Attorney Murray Magloff Bill Veazie Russ Campbell Everett Wood Also Present: Justin McCarthy, Redevelopment Director/ACM Dennis Coleman, Redevelopment Finance Manager Rodney Young, General Manager - Desert Willow Diana Leal, Recording Secretary III. ORAL COMMUNICATIONS - None IV. COMMITTEE MEMBER REPORTS - None 1 042402.wpd INVESTMENT R FINANCEOMMITTEE MINUTES April 24, 2002 V. CONSENT CALENDAR A. Approval of Minutes Motion was made by Mr. Magloff and seconded by Mr. Veazie to approve the Minutes of the March 27, 2002 meeting as submitted. Motion carried. VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for March 2002 Mr. Jeffrey gave a brief overview of the March 2002 Investment Reports. For the month ended March 31, 2002, the book value of the City Portfolio was approximately $159,000,000. The City earned approximately $448,000 in interest during that month. The City Portfolio yield-to-maturity was 3.17%. For the month ended March 31, 2002, the book value of the RDA Portfolio was approximately $134,000,000. The RDA earned approximately $257,000 in interest during that month. The RDA Portfolio yield-to- maturity was 2.28%. Staff reported that the current market consensus is that there may be a Federal Reserve interest rate increase in August 2002. Mr. Jeffrey stated that he would be purchasing $14 million of securities this month. They will be for short maturities, however, due to the potential for a series of interest rate increases. With respect to the City portfolio, the portfolio configuration is evenly distributed, with corporates representing a smaller percentage than in the past. The City portfolio yield continues to exceed LAIF's by 31 basis points (0.31%). With respect to the RDA portfolio, its relatively short maturity will begin to work in RDA's favor when interest rates begin to rise. The RDA portfolio currently does not hold any individual corporate securities. 2 042402.wpd INVESTMENT & FINANCE aflMITTEE MINUTES April 24, 2002 B. Treasury Policy and Procedures 2002 Mr. Jeffrey distributed the Treasury Policy Manual and said that the manual is a one-time issue. Policy revisions will be provided annually to each manual holder. C. Approved Corporate Issuer Lists Mr. Jeffrey distributed proposed unsecured commercial paper and medium-term note issuer lists for 2002. Mr. Jeffrey stated that American auto makers had been removed from both lists, due to their current financial condition. Mr. Jeffrey also responded to a question that had been raised at a prior meeting about including New Zealand banks on the City's approved issuer lists. Mr. Jeffrey indicated that New Zealand was not included because it did not have any global banks and because many foreign securities trade in blocks of$10 million or more, a market in which the City does not participate. For that reason, all British, European, and Australian firms have been removed from both lists (except for BP Amoco and Royal Dutch Shell which do sell securities in the City's favored block-size range). Canadian and Japanese firms with manufacturing or financial service operations in the United States also remain on the list, although the Canadians may be removed if there are no viable buying opportunities in that sector. Mr. Veazie asked if General Electric Capital Corp. ("GECC") has maintained its credit ratings. Mr. Jeffrey responded that GECC is still rated "AAA." About a month ago, the CEO of a major bond management firm had noted that GECC's commercial paper outstandings exceeded its credit lines by a substantial margin. In the wake of Enron, this had caused a temporary, minor panic in the financial markets. GECC responded by increasing its bank credit lines. In conclusion, GECC is still profitable and there are no indications that it can not pay off its debt. Mr. Spiegel asked if any new issuers had been included on the lists. Mr. Jeffrey responded that the lists included previously approved issuers, minus issuers that staff thought were undesirable based upon financial condition or lack of feasibility (most foreign issuers). 3 042402.wpd INVESTMENT & FINANCE OWMITTEE • MINUTES April 24, 2002 Motion was made by Mr. Campbell and seconded by Mr. Veazie to approve the unsecured commercial paper and medium-term note issuer lists for 2002. Motion carried. D. C.A.M.P. Mr. Jeffrey indicated that the City may need to consider an alternative to LAIF due to a possible State budget crisis. The State estimates that it will have a $22 million budget deficit for FY 2003. It may, therefore, be difficult to get an approved State budget until late fall 2002. In that event, LAIF cannot guarantee that local agency monies on deposit might not be frozen after July 1, particularly in view of the Jarvis Taxpayers v. Connell litigation which is still pending. Such an event happened over a 24-hour period in 1998. Any moratorium on LAIF withdrawals could affect the City's ability to pay its bills. Depending upon the length of time of the moratorium, the City might be forced to sell securities in the open market prior to maturity, thereby exposing it to interest rate risk. Consequently, there is a need to establish a secondary backup liquidity pool for the City in case a disruption occurs. This backup pool should be independent of the State of California. The only other alternative would be to buy repos every two or three days over a long period of time. The Treasurer of Sonoma County, who is also concerned about the potential for a LAIF moratorium, recently referred the City Treasurer's Office to the California Asset Management Program (CAMP). CAMP operates an $831 million money market fund exclusively for local agencies. CAMP is governed by a Board of Trustees that is comprised of cities, counties, and special districts. Public Financial Management (PFM) of San Francisco is the financial advisor to CAMP's money market fund, which is rated "AAA" by Standard and Poor's and which has an average maturity of 90 days. CAMP's policy on authorized investments virtually duplicates the City's, and, consequently, is more conservative than state law. In 13 years of operation, CAMP has never lost any principal. CAMP, however, would yield less than LAIF since CAMP is a rated money market fund with a shorter portfolio maturity (per SEC regulations), and has a more conservative investment policy than LAIF. Staff is recommending that $24 million ($12 million for the City and $12 million for RDA) be withdrawn from LAIF at least 30 days prior to July 1, and used to buy shares in CAMP, in case the City does not have access to its LAIF funds. This strategy would be used until a State budget is 4 p<2G02.wPd INVESTMENT & FINANCE WIMITTEE • MINUTES April 24, 2002 enacted for FY 2003, and then the CAMP monies would be withdrawn and reinvested elsewhere at a higher rate of return. Separate from this strategy, the City is proposing legislation, Senate Bill 68 (Battin), that would clarify that local agency monies on deposit with LAIF are not state monies; are not subject to appropriation by the State; and, consequently, are outside the State budget process and not subject to seizure by State officials or agencies. Mr. Spiegel asked how Desert Sands Unified School District would be obtaining its money if LAIF initiated a moratorium on withdrawals. Mr. Gibson responded that Desert Sands would probably issue bonds. Ms. Benson noted that there were no local cities, counties or special districts in CAMP. Mr. Jeffrey responded that CAMP had been founded 1989 by cities, counties, and special districts in Northern California, and was slowing making its way down to Southern California. Mr. Gibson added that, in the past, so long as the City had LAIF, there had been no need to consider CAMP. Ms. Benson inquired about the auditors. Mr. Jeffrey responded that Ernst & Young audited CAMP. Ms. Benson asked if there was a minimum or maximum that can be invested in CAMP. Mr. Jeffrey indicated that he believed that there was no maximum. Mr. Ortega said that if, by June 1, staff does not hear better news on the State budget, then staff should withdraw enough money to finance the City through October 2002. Motion was made by Mr. Spiegel and seconded by Mr. Veazie to recommend that the City Council approve the resolutions authorizing the investment of City and RDA monies in CAMP. Motion carried. E. Audit Committee Selection Mr. Gibson said that a Request for Proposals has been mailed out for Audit Services as the current contract with Oscar Armijo and Diehl Evans, a joint venture, has expired. He proposes that Carlos Ortega, Justin McCarthy, Jose Luis Espinoza and himself be on the audit committee to review the proposals. They will review each proposal and bring a summary of the proposals to the Investment and Finance Committee in 5 042402.wPd INVESTMENT & FINANCE OMITTEE MINUTES April 24, 2002 May. The final day to submit a proposal is Friday, April 26. Work is expected to commence in June. Mr. Ortega asked if joint ventures were going to be considered. Mr. Gibson said that joint ventures will have to provide proof of what they have accomplished as a joint venture as some problems have occurred with the current joint venture as far as jointly meeting set deadlines, etc. F. Conflict of Interest Presentation by David Erwin Mr. Gibson said that he believes that this was being done by Dave Erwin to explain to the various City committees the purpose of submitting Conflict of Interest Statements. This item will be postponed to the May meeting as Dave Erwin was not present. G. State of California Local Agency Investment Fund Balance Mr. Gibson said that the LAIF monthly report was not received. H. City and Redevelopment Agency Monthly Financial Reports for City Council for March 2002 Mr. Gibson said that the sales tax was down 6.5% (approximately $400,000) in the fourth quarter. The Transient Occupancy Tax is down about $500,000 in comparison to last year. $200,000 is due to lateness of returns; 1) the Marriott time shares for which two checks were received yesterday in the total amount of $220,000, and 2) the Vacation Inn which is on a payment plan. If by April 30 they have not paid what is due, the City will take them to court. The remaining portion is due to the 10% decrease in hotel revenues in comparison to last year. As far as overall general funds, last year the City was 20.89. This year it is at 19.069. The bulk of that has to do with the lower interest rates. He is projecting that the general fund operating budget will break even. However, worst case scenario is to have about a million dollar deficit. I. Parkview Professional Office Buildings - Financial Report for March 2002 Mr. Gibson said that there is 96% occupancy at this time. Goodwill will move out in October. That space will be reserved for the City's use. Short term tenants are expected to move out within a year or two. 6 N2402.w d INVESTMENT & FINANCE &AMITTEE MINUTES April 24, 2002 J. Palm Desert Golf Course Facilities Corporation Financial Information for March 2002 Mr. Young said that March was a rough month for them. He said that there is a 10% decrease around the valley. Food and Beverage did very well once again and banquets continue to book. By the end of Friday, they will surpass last year's numbers and by Monday they will surpass budget for this month. March was down considerably, partly he believes, because last year March was an exceptionally good month. They are down $120,000. They are very optimistic about May. Expenses were a little high for Food and Beverage because they had to purchase additional china, glasses and silverware to accommodate a group which will be meeting regularly on a monthly basis. They have 450 scheduled banquets; 290 are lunches. He said that he would like to have the patio enlarged as there are people who are waiting 15-20 minutes for a table. If the patio is extended and the drop off is made more of a step drop, guests will not see the golf carts pass by. He will be looking at having this done in the future. Mr. Gibson said that IROC, who they receive funds for the golf rounds, still has not contributed their funds. He will be sending them a letter that indicates the interest. Mr. Ortega said that the president of IROC will be attending a meeting with him tomorrow to discuss this issue. VIII. CONTINUED BUSINESS None. IX. 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 Mr. Coleman said that they will be going before the City Council to request permission through the housing to do the bond for the housing to acquire 141 multi-family housing units as previously directed by Council. They are looking at some other potential financing. The bonding itself could be as high as $19,665,000. They have prepared the documents as well as the resolutions, and have set up the public hearing which is required in order to receive financing through the JPA. 7 N2aaz.wuo INVESTMENT & FINANCE OMITTEE MINUTES April 24, 2002 Staff has looked at the possibility of doing one more bond issue for refinancing of Project Area No. 2, as was done for Project Area No. 1. They have an opportunity now to refinance the existing debt and pull out $600,000 in cash with the current market. They are also looking to lower the coverage rate which is $1.60/dollar amount debt. They are hoping to get the rate down to $1.25. The project area has the necessary characteristics given the diversity of the owners and the assessed valuation. They are not looking to bring it before the Council until May. X. NEXT MEETING - Wednesday, May 22, 2002 at 2:00 p.m. XI. ADJOURNMENT There being no further business, the meeting was adjourned by Mr. Gibson at 2:42 p.m. Respectfully submitted, Diana Leal, Recording Secretary 8 042402.wPd v /��.. ice.` v t a 9! k } x l Y R f �� ��,��Cvrty antlnRedevelopmertt A ency��po�„ oli S � � �'� � ~" � 4�`ONt �IA�N�� dftiA'LYb�igISN�NV�ST(N�hRFR �QR�+�� �, r1 Paul S. Gibson, C.C.M.T., Treasurer Thomas W. Jeffrey, J.D., M.B.A., Investment Manager Treasurer's Commentary The Federal Open Market Committee (FOMC) met on 7 May and left the Federal Funds Rate intact at 1.75%. Although the FOMC believed that the risks of sustainable growth and price stability were balanced, it was uncertain about the sustainability of demand over the next few quarters. Some FOMC members believe that the Fed should be focusing more on deflation. The latest quarterly UCLA Anderson Forecast predicts that the U.S. is starling a sluggish recovery slightly ahead of California, which is predicted to show early signs of a recovery in mid-2002. The current U.S. recession is unusual because it is the first business-driven recession that the U.S. has experienced since 1950. During a consumer-driven economic cycle, a recession begins with a collapse in consumer spending, followed by a recovery fueled by sharp increases in consumer spending. The current recession is different because consumers continued to spend as if there were no recession, while businesses sharply out their spending. Since consumer spending cannot increase substantially, the economy is dependent upon an increase in business spending to stimulate a recovery. UCLA believes that it is unlikely that business spending will be strong enough to stimulate anyting better than a sluggish recovery over the next few years, since business spending cycles last 10 years or more. The last cycle reached its peak in 2000. Internet commerce has also created intense competition that has dramatically reduced business profit margins. Pis qaWY4 C.C..M.r. Treasurer PORTFOLIO STATISTICS Dollars in Thousands APR-02 MAR-02 FEB-02 JAN-02 DEC-01 NOV-01 CITY Month-End Book Value- $ 164,612 $ 158,976 $ 165,313 $ 179,824 $ 163,537 $ 166,386 Month-End Markel Value'*' $ 166,818 $ 161,199 $ 167,796 $ 182,342 $ 166,130 $ 169,077 Paper Gain (Loss) $ 2,206 $ 2,223 $ 2,483 $ 2,518 $ 2,593 $ 2,691 Interest Earnings $ 420 $ 448 $ 445 $ 488 $ 499 $ 519 Yield-To-Maturity 3.18% 3.17%, 3.27% 3.270/6 3.550% 3.69% Weighted Maturity(Days) 338 332 333 325 364 360 Effective Duration 0.17 0.15 0.18 0.19 0.24 0.27 RDA Month-End Book Value"' $ 106,058 $ 134,282 $ 106,319 $ 85,482 $ 85,132 $ 84,935 Month-End Market Value"*' $ 108,029 $ 136.190 $ 108,295 $ 87,392 $ 87,015 $ 86,814 Paper Gain (Loss) $ 1,971 $ 1,908 $ 1,976 $ 1,910 $ 1.883 $ 1,879 Interest Earnings $ 232 $ 257 $ 205 $ 184 $ 194 $ 203 Yield-To-Maturity 2.42% 2.28% 2.51% 2.45% 2.61% 2.83% Weighted Maturity(Days) 154 132 160 202 203 204 Effective Duration 0.16 0.14 0.18 0.24 0.25 0.27 City Treasurer's Office 73-510 Fred Waring Drive Palm Desert,CA 92260-2578 Omits SLGSs. 760.346.0611 Cif Palm Desert- Portfolio Characteris* 30 April 2002 t Dollars in Thousands Aaeinrt Interval Market Value < 1 M $ 44 385 General Fund Ageing <2M 3,052 <3M 7,954 60 <6M 22,252 < 1YR 12,050 60 49 <2YR 3 ao <3YR 25 <4YR °a 20 13 <5YR 9 >5YR 3 0 0 Total: $ 89,693 <lM <2M <3M <6M <1YR <2YR Credit Ouali AAA Ratings• Market Value AAA $ 81,647 AtIP1 AA 3,053053 y • ° 0% A 4.081 AA A1/P1 Unrated" �° A Unrated 78,037 47% 20% Total: $ 166,818 Sector Market Value Asset Allocation Money Market Commercial U.S.Treasury $ 23,116 Funds Paper Federal Agency 30,145 4% MTNs Money Market Funds 26,404 Federal Agency 6% Commercial Paper 5,967 18% MTNs 10,184 a:a' LAW LAIF 40,000 23° RDA Loan 31,003 U.S.Treasury DRDA Loan Total: $ 166,818 14% 19 Month City Yield LAIF Yield Variance PeAormance May01 4.91 5.33 -0.42 Jun 4.71 4.96 -0.25 6.5 Jul 4.53 4.64 -0.11 Aug 4.42 4.50 -0.08 5.5 Sep 4.28 4.35 -0.07 el Oct 3.98 3.79 0.19 m a.5 Nov 3.69 3.53 0.17 3.5 Dec 3.54 3.26 0.28 Jan02 3.27 3.07 0.20 2.5 RM e Feb 3.27 2.97 0.31 May01 Jun Jul Aug Sep Oct Nov Dec Jan02 Feb Mar Apr Mar 3.17 2.86 0.31 Apr 3.18 2.85 0.34 JE3 LAIF YIeId pClty Yield Standard and Poor's Credit Ratings " LAIF, HighMark Sweep, and City Loan to RDA Page 2 of 7 City of Palm Desert Portfolio Holdings 30 April 2002 Market Ratings Par Value Issuer I Couponj Maturity Cost YTM I Price Value I Moody'sl S&P Medium-Term Notes $ 1.000,000 ASSOCIATES 6.50 8/15/02 $ 1,005,883 4.38 101.19 $ 1,011,946 Aa3 AA- $ 2,000.000 DU PONT 6.75 10/15/02 $ 1,999,450 6.81 102.00 $ 2,039,960 Aa3 AA- $ 2,000,000 GENERAL ELECTRIC 6.52 10/8/02 $ 1,997,764 6.80 101.83 $ 2,036,504 Aaa AAA $ 1,000,000 GENERAL ELECTRIC 6.65 9/3/02 $ 1,007,456 4.36 101.48 $ 1,014,831 Aaa AAA $ 4,0 , GENERAL MOTORS 5.95 N14/03 $ 3,999,869 5.94 102.04 $ 4,081,556 A2 BBB+ $ 10,00000,000000 Subtotals $ 10,010,422 5.97 $ 10,184,796 Commercial Paper-Discount $ 2,030,000 GENERAL ELECTRIC 2.08 1/15/03 $ 1,999,036 2.14 98.65 $ 2,002,500 Aaa AAA $ 4,015,000 GENERAL ELECTRIC 1,72 7/15/02 $ 3,999,654 1.73 98.75 $ 3,964,859 Aaa AAA $ 6,045,000 Subtotals $ 5,998,690 1.89 $ 5,967,360 Agencies-Coupon $ 4,000,000 FED HOME LOAN BANK 3.50 8l6/02 $ 3,998,385 3.66 100.38 $ 4,015,000 Aaa AAA $ 2,000,000 FED HOME LOAN MTG 6.63 8/15/02 $ 1,999,493 6.72 101.31 $ 2,026,250 Aaa AAA $ 2,000,000 FED NATIONAL MTG ASSOC 6.75 8115/02 $ 2,013,629 4.29 101.34 $ 2,026,875 Aaa AAA $ 8,000,000 Subtotals $ 8,011,507 4.58 $ 8,068,125 Agencies-Discount $ 2.071,000 FED HOME LOAN BANK 3.46 7/30/02 $ 1,999,741 3.60 99.57 $ 2,062,095 Aaa AAA $ 1,000,000 FED HOME LOAN BANK 2.34 7/23/02 $ 980,175 2.41 99.60 $ 996,000 Aaa AAA $ 1,000,000 FED HOME LOAN BANK 2.33 6/20/02 $ 982.396 2.39 99.77 $ 997,700 Aaa AAA $ 2,048,000 FED HOME LOAN BANK 2.34 10/7/02 $ 2,000,077 2.42 99.16 $ 2,030,797 Aaa AAA $ 3,977.000 FED HOME LOAN MTG CORP 2.30 7/18102 $ 3,900,774 2.36 99.63 $ 3,962,285 Aaa AAA $ 2,000,000 FED HOME LOAN MTG 2.35 10/10/02 $ 1,952,608 2.43 99.14 $ 1,982,800 Aaa AAA $ 2,064,000 FED MTG DISCOUNT NOTE 3.51 6/20/02 $ 2,600,006 3.65 99.77 $ 2,059,253 Aaa AAA $ 4,080,000 FED NATIONAL MTG ASSOC 2.21 3114/03 $ 3,999,350 2.28 98.03 $ 3,999,624 Aaa AAA $ 2,000,000 FED NATIONAL MTG ASSOC 1.81 9/16/02 $ 1,985,621 1.82 99.31 $ 1,986,200 Aaa AAA $ 2,034,000 SALLIE MAE 2.13 217/03 $ 1,999,461 2.19 98.31 $ 1,999,625 Aaa AAA $ 22,274,000 Subtotals $ 21,800,208 2.56_ $ 22,076,379 Treasury-Coupon $ 1,340,000 UNITED STATES TREASURY 6.25 8/31/02 $ 1,341,571 5.84 101.44 $ 1,359,263 Aaa AAA $ 15,194,000 UNITED STATES TREASURY 5.88 9/30/02 $ 15,195,646 5.84 101.66 $ 15.445,651 Aaa AAA $ 16,634,000 Subtotals $ 16,537,216 5.84 $ 16,804,913 Treasury-Discount $ 166,000 UNITED STATES TREASURY 5.08 5/15/02 $ 128,677 5.84 99.94 $ 165,907 Aaa AAA $ 6,170,000 UNITED STATES TREASURY 5.03 8/15102 $ 4,718,446 5.82 99.58 $ 6,144,271 Aaa AAA $ 6,336,000 Subtotals $ 4,847,122 5.82 $ 6,310,178 NR =Not Rated Page 3 of 7 City of Palm Desert Portfolio Holdings 30 April 2002 Market _ _ Ratings Par Value Issuer I Coupon Maturity Cost YTM I Price I Value lMoody'sl S&P LGIPs $ 40,000,000 L.A.I.F. 0.00 5/1/02 $ 40,000,000 2.85 100.00 $ 40,000,000 NR NR $ 40,000,000 Subtotals $ 40,000,000 2.85 $ 40,000,000 Pooled Funds-AIM $ 19,369,202 PRIME PORTFOLIO 0.00 5/1/02 $ 19,369,202 1.44 100.00 $ 19,369,202 Aaa AAA $ 19,369,202 Subtotals $ 19,369,202 1.44 $ 19,369,202 Pooled Funds- HighMark $ 4,968,415 CITY MAIN SWEEP 0.00 5/l/02 $ 4,968,415 0.80 100.00 $ 4,968,415 NR NR $ 144,380 DESERT WILLOW SWEEP 0.00 5/1/02 $ 144,380 0.80 100.00 $ 144,380 NR NR $ 400,580 GOLF COURSE SWEEP 0.00 5/1/02 $ 400,580 0.80 100.00 $ 400,580 NR NR $ 1,520,991 OFFICE COMPLEX SWEEP 0.00 5/1/02 $ 1,520,991 0.80 100.00 $ 1,520,991 NR NR $ 7,0 44,366 Subtotals $ 7,034,366 0.80 $ 7,034,366 City Loan to RDA $ 31,002,917 CITY OF PALM DESERT 0.00 4130132 $ 31,002,917 2.85 100.00 $ 31,002,917 NR NR $ 31,0 22,917 Subtotals $ 31,002,917 2.85 $ 31,002,917 Total Investments $166,595,484 $164,611,650 3.183 $166,818,235 Cash $ 61,132 OFFICE COMPLEX CHKG 0.00 5/1/02 $ 61,132 0.00 100.00 $ 61,132 NR NR $ (311,164) CITY MAIN CHKG 0.00 5/1/02 $ (311,164) 0.00 100.00 $ (311,164) NR NR $ 179,421 DESERT WILLOW CHKG 0.00 5/1/02 $ 179,421 0.00 100.00 $ 179,421 NR NR $ (17,866) CPD GOLF COURSE 0.00 5/1/02 $ (17,866) 0.00 100.00 $ (17.866) NR NR $ 28,949 OFFICE COMPLEX TRUST 0.00 5/1/02 $ 28,949 0.00 100.00 $ 28,949 NR NR $ 86,265 RECREATIONAL FAC CHKG 0.00 5/1/02 $ 86.265 0.00 100.00 $ 86,265 NR NR $ - VACATION INN CHKG 0.00 5/1/02 $ = 0.00 100.00 $ - NR- NR $ 26,736 Subtotals $ 26,736 0.00 $ 26,736 Cash and Investments $166,622,221 $164,638,387 $166,844,972 NR=Not Rated Page 4 of 7 Palm DesdWedevelopment Agency- Portfolio CAteristics 30 April 2002 Dollars in Thousands Ageing Interval Market Value Portfolio Ageing < 1 M $ 89,667 w/o SLGSs <2M 3,982 <3M - 100 90 88 <6M 851 B0 < 1YR 194 70 <2YR 1,011 c 60 <3YR 6,509 40 <4YR CL 30 <5YR 2010 4 0 1 0 1 6 0 >5YR o Total: $ 102,214 <1M <2M <3M <6M 41YR <2YR <3YR <4YR O tmalrtv Market Value Credit Duality Atm1 AAA $ 48,477 0 AAA AA _ 45°i A1/P1 Unrated' Unrated" 59,552 0 �� % q Total: $ 108,029 0% Sector Market Value Asset Allocation Money Market Federal IJ,S.Treasury $ 3,989 Funds Federal Agency 3,989 �/° Money Market Funds 41,307 Federal Agency LAIF 54,055 4% Commercial Paper - LAW Corporate Bonds - U.S.Treasury �/° Total: $ 108,029 ° Month RDA Yield LAW Yield Variance Performance May01 4.74 5.33 -0.59 Jun 4.44 4.96 -0.52 7.0 Jul 4.08 4.64 -0.56 Aug 3.96 4.50 -0.54 6.0 Sep 3.69 4.35 -0.66 5.0 Oct 3.04 3.79 -0.74 'a 4.0 Nov 2.83 3.53 -0.69 Dec 2.59 3.26 -0.67 3.0 ' ` ._ $ sWkNIF6, Jan02 2.46 3.07 -0.61 2.0 Feb 2.51 2.97 -0.46 May01 Jun Jul Aug Sep Oct Nov Dec Jan02 Feb Mar Apr Mar 2.28 2.86 -0.59 Apr 2.42 2.85 -0.43 OLAIF Yield El Yield ' Standard and Poor's Credit Ratings " LAIF and HighMark Sweep Page 5 of 8 t Palm Desert Redevelopment Agency Portfolio Holdings 30 April 2002 Par Value I Issuer I Couponj Maturity Cost YTM I Price I Value I Moody'si S&P Agency-Discount $ 4,000,000 FED HOME LOAN MTG 2.24 6/28/02 $ 3,936,284 2.30 99.73 $ 3,989,200 Aaa AAA $ 4,000,000 Subtotals $ 3,936,284 2.30 $ 3,989,200 U.S.Treasury-Coupon $ 422,700 UNITED STATES TREASURY 6.25 B/31/02 $ 423,708 5.43 101.44 $ 428,776 Aaa AAA $ 405,200 UNITED STATES TREASURY 6.25 8/31/02 $ 406,167 5.43 101.44 $ 411,025 Aaa AAA $ 9,100 UNITED STATES TREASURY 6.25 8/31/02 $ 9,122 5.43 101.44 $ 9,231 Aaa AAA $ 837,000 Subtotals $ 838,997 6.43 $ 849,032 U.S.Treasury-Discount $ 198,000 UNITED STATES TREASURY 4.70 2115/03 $ 150,793 5.45 98.37 $ 194,765 Aaa AAA $ 181,000 UNITED STATES TREASURY 4.63 2115/04 $ 130,168 5.51 94.68 $ 171,369 Aaa AAA $ 7,143,000 UNITED STATES TREASURY 4.59 8/15/04 $ 4,989,671 6.54 92.57 $ 6,612.489 Aaa AAA $ 532,400 UNITED STATES TREASURY 4.66 8/15/03 $ 394,279 5.47 96.92 $ 516,013 Aaa AAA $ 344,600 UNITED STATES TREASURY 4.66 8115/03 $ 255,200 5.47 96.92 $ 333,993 Aaa AAA $ 8,399,000 Subtotals $ 5,920,112 5.53 $ 7,828,629 LGIPs $ 40,000,000 L.A.I.F. 0.00 5/1/02 $ 40,000,000 2.85 100.00 $ 40.000,000 NR NR $ 14,055,000 L.A.I.F. BOND PROCEEDS 0.00 5/1/02 $ 14,055,000 2.85 100.00 $ 14,055,000 NR NR $ 54,055,000 Subtotals $ 54,055,000 2.85 $ 64,055,000 Pooled Funds-AIM $ 35,809,644 PRIME PORTFOLIO 0.00 5/1/02 $ 35,809,644 1.44 100.00 $ 35,809,644 Aaa AAA $ 35,809,644 Subtotals $ 35,809,644 1.44 $ 35,809,644 Pooled Funds-HighMark $ 5,294,051 HOUSING AUTH CHK SWEEP 0.00 511102 $ 5,294,051 0.80 100.00 $ 5,294,051 NR NR $ 203,864 HOUSING AUTH TRT SWEEP 0.00 5/1/02 $ 203.864 0.80 100.00 $ 203.864 NR NR $ 5,497,916 Subtotals $ 5,497,915 0.80 $ 5,497,915 Total Investments $ 108,598,559 $ 106,057,952 2.416 $ 108,029,419 Cash $ 52,424 HOUSING AUTH CHKG 0.00 5/1/02 $ 52,424 0.00 100,00 $ 52,424 $ 51,815 HOUSING AUTH TRUST 0.00 5/1/02 $ 51,815 0.00 100,00 $ 51,815 $ 104,238 Subtotals $ 104,238 0.00 $ 104,238 Total Cash and Investments $ 108,702,797 $ 106,162,190 $ 108,133,658 NR=Not Rated Page 6 of 7 STATEMENT OF COMPLIANCE 1 The investment portfolios of the City of Palm Desert('City')and the Palm Desert Redevelopment Agency('RDA')are governed by federal, state, and local law. The City Treasurers'Statement of Investment Policy' is more restrictive than the California Government Code. The Palm Desert Investment Committee and the Palm Desert City Council review the Statement of Investment Policy annually. For the month ended 30 April 2002,the City and the RDA investment portfolios were in compliance with all applicable federal, state,and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity,and yield (in order of priority). Barring unforeseen events,the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert and the Palm Desert Redevelopment Agency over the next six months. In addition,portions of either the City or the RDA portfolio could be liquidated in order to meet any significant,unexpected cash requirements. Bloomberg L.P. and Interactive Data Corporation provided the data and the analytical tools that were used to calculate the market value of all securities in the City and the RDA investment portfolios. State and Local Government Series securities are held in escrow accounts and are therefore not included in this report as assets. All balances are bank balances. Respectfully submitted on 22 May 2002, pa"S. riauovcs C.C.M-T. " City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Maximum Quality Maximum Maximum Quality %of City %of RDA Code Investment Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio 53601 a Palm Desert Bonds 5 Years No Limit Not Authorized 1 53601 b U.S. Treasuries 5 Years No Limit 5 Years No Limit 13.0% 6,4°/, 53601 c CA State Debt 5 Years No Limit Not Authorized 53601 d CA Local Agency Debt 5 Years No Limit Not Authorized 53601 e) Federal Agencies 5 Years No Limit 5 Years 30% 18.1% 3.7% 53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 &P-1 - - 53601 Commercial Paper 270 Days 25% A-1+or P-1 270 Days 25% A-1+or P-1 '3.6% 0.0% 53601 h Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - 53601 i Re os 1 Year No Limit 30 Days 20% AAA&Aaa - 53601 i) Reverse Re os 92 Days 20% Not Authorized 53601 j Medium-Term Notes 5 Years 30% A 3 Years 30% 1 A 1 6.1% 53601 k) Mutual Funds 90 Days 201/o AAA&Aaa 90 Days 20% AAA&Aaal 16.0% 1 38.9% 53601 I Trust Indenture Debt Not Authorized 53601 m Secured Bank Deposits 5 Years No Limit Not Authorized 53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized Securities AA (Security 16429 LAIF No Limit No Limit 24.3% 51.0% 81.2% 100.0% 1) The City loan to RDA, which is not a bond, has been a roved by the Palm Desert City Council. Certified California Municipal Treasurer Page 7 of7 • CD CD N Z CD r Z 3 D m D D O _ ' N N i m O O0 aU1 N m 00 ii c o m C C D D D Z ¢Di m aa) d Do O . v+ fn to ui En <n J A A N N N A 0 0 0 0 o D o 30 cn o o � o C p 0 0 0 0 0 C. m 0 0 0 0 0 0 0 0 0 0 0 0 to es 69 rn 69 w w M to co co W to Z m In 0 co � n a o D D C r 0 � ua v� <n rn to Z D C M O _ 1 ma0 cnmz Cmn —iv0 M ma w vi v, e+ Fn En O n A D r m coo co coo coo O O0 Cl)w to cn co co co W I m b b> o a is i t p U N) w rn cn A rn f o D m co M 90 co 9D z co (Jn wo w Im CD 0 N W co r N (n 3 0 0 0 cn rn Ylcu p D L C L T w D i 7 CD1 C N O O O O m N W w w cn N C Nm CD (CD N W n Cl) m N m 00 -n - n T X m d m m m o m 0 0 0 A m CD CD STATE OF CALIFORNIA PHILIP ANGELIDES. Treasurer OFFICE OF THE TREASURER SACRAMENTO t : Local Agency Investment Fund PO Box 942809 71"0 i ; `5 Sacramento, CA 94209-0001 (916) 653-3001 April, 2002 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARINO DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 04-15-2002 04-13-2002 QRD SYSTEM 279,153.09 04-22-2002 04-19-2002 RW 629246 THOMAS JEFFREY - 279,153.09 Account Summary Total Deposit : 279,153.09 Beginning Balance : 40,000,000.00 Total Withdrawal : 279,153.09 Ending Balance : 40,000,000.00 Page : 1 of 1 i 0 PMIA Average Monthly Effective Yields Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 1977 5.770 5.660 5.660 5.650 5.760 5.850 5.930 6.050 6.090 6.390 6.610 6.730 1978 6.920 7.050 7.140 7.270 7.386 7.569 7.652 7.821 7.871 8.110 8.286 8.769 1979 8.777 8.904 8.820 9.082 9.046 9.224 9.202 9.528 9.259 9.814 10.223 10.218 1980 10.980 11.251 11.490 11.480 12.017 11.798 10.206 9.870 9.945 10.056 10.426 10.961 1981 10.987 11.686 11.130 11.475 12.179 11.4421 12.346 12.8441 12.059 12.3971 11.887 11.484 1982 11.683 12.044 11.835 11.773 12.270 11.994 12.235 11.909 11.151 11.111 10.704 10.401 1983 10.251 9.887 9.688 9.868 9.527 9.600 9.879 10.076 10.202 10.182 10.164 10227 1984 10.312 10.280 10.382 10.594 10.843 11.119 11.355 11.557 11.597 11.681 11.474 11.024 1985 10.579 10.289 10.118 10.0251 10.180 9.743 9.656 9.417 9.572 9.482 9.488 9.371 1986 9.252 9.0901 8.958 8.621 8.369 8.225 8.141 7.844 7.512 7.586 7.432 7.439 1987 7.365 7.157 7.205 7.044 7.294 7.289 7.464 7.562 7.712 7.825 8.121 8.071 1988 8.078 8.050 7.945 7.940 7.815 7.929 8.089 8.245 8.341 8.397 8.467 8.563 1989 8.698 8.770 8.870 8.992 9.227 9.204 9.056 8.833 8.801 8.771 8.685 8.645 1990 8.571 8.538 8.506 8.497 8.531 8.5381 8.517 8.3821 8.333 8.321 8.269 8.279 1991 8.164 8.002 7.775 7.666 7.374 7.169 7.098 7.072 6.859 6.719 6.591 6.318 1992 6.122 5.863 5.680 5.692 5.379 5.323 5.235 4.958 4.760 4.730 4.659 4.647 1993 4.678 4.649 4.624 4.605 4.427 4.554 4.438 4.472 4.430 4.380 4.365 4.384 1994 4.359 4.176 4.248 4.333 4.434 4.623 4.823 4.989 5.106 5.243 5.380 5.528 1995 5.612 5.779 5.934 5.960 6.008 5.997 5.972 5.9101 5.832 5.7841 5.805 5.748 1996 5.698 5.6431 5.557 5.5381 5.502 5.5481 5.587 5.566 5.601 5.601 5.599 5.574 1997 5.583 5.575 5.580 5.612 5.634 5.667 5.679 5.690 5.707 5.705 5.715 5.744 1998 5.742 5.720 5.680 5.672 5.673 5.671 5.652 5.652 5.639 5.557 5.492 5.374 1999 5.265 5.210 5.136 5.119 5.086 5.095 5.178 5.225 5.274 5.391 5.484 5.639 2000 5.760 5.824 5.851 6.014 6.190 6.349 6.4431 6.5051 6.502 6.5171 6.538 6.535 2001 6.372 6.169 5.976 5.760 5.328 4.958 4.635 4.502 4.288 3.785 3.526 3.261 2002 3.068 2.967 2.861 25 Revised March 31,2002 r STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER lip SACRAMENTO-" '.T J iI Local Agency Investment Fund PO Box 942809 55 Sacramento, CA 94209-0001 (916) 653-3001 April, 2002 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 04-15-2002 04-13-2002 QRD SYSTEM 232,266.45 04-22-2002 04-19-2002 RW 60156 THOMAS W. JEFFREY 232,109,38 Account Summary Total Deposit : 232,266.45 Beginning Balance : 39,999,842.93 Total Withdrawal : - 232,109.38 Ending Balance : 40,000,000.00 Page : 1 of 1 0 PMIA Average Monthly Effective Yields Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 1977 5.770 5.660 5.660 5.650 5.760 5.850 5.930 6.050 6.090 6.390 6.610 6.730 1978 6.920 7.050 7.140 7.270 7.386 7.569 7.652 7.821 7.871 8.110 8.286 8.769 1979 8.777 8.904 8.820 9.082 9.046 9.224 9.202 9.528 9.259 9.814 10.223 10.218 1980 10.980 11.251 11.490 11.4801 12.017 11.798 10.206 9.870 9.945 10.056 10.426 10.961 1981 10.987 11.6861 11.130 11.475 12.179 11.4421 12.346 12.844 12.059 12.3971 11.887 11.484 1982 11.683 12.044 11.835 11.773 12.270 11.994 12.235 11.909 11.151 11.111 10.704 10.401 1983 10.251 9.887 9.688 9.868 9.527 9.600 9.879 10.076 10.202 10.182 10.164 10.227 1984 - 10.312 10.260 10.382 10.594 10.843 11.119 11.355 11.557 11.597 11.681 11.474 11.024 1985 10.579 10.289 10.118 10.0251 10.180 9.743 9.656 9.4171 9.572 9.482 9.488 9.371 1986 9.252 9.0901 8.958 8.621 8.369 8.225 8.141 7.844 7.512 7.586 7.432 7.439 1987 7.365 7.157 7.205 7.044 7.294 7.289 7.464 7.562 7.712 7.825 8.121 8.071 1988 8.078 8.050 7.945 7.940 7.815 7.929 8.089 8.245 8.341 8.397 8.467 8.563 1989 8.698 8.770 8.870 8.992 9.227 9.204 9.056 8.833 8.801 8.771 6.685 8.645 1990 8.571 8.538 8.506 8A971 8.531 8.5381 8.517 8.382 8.333 8.321 8.269 8.279 1991 8.164 8.0021 7.775 7.666 7.374 7.169 7.098 7.072 6.859 6.719 6.591 6.318 1992 6.122 5.863 5.680 5.692 5.379 5.323 5.235 4.958 4.760 4.730 4.659 4.647 1993 4.678 4.649 4.624 4.605 4.427 4.554 4.438 4.472 4.430 4.380 4.365 4.384 1994 4.359 4.176 4.248 4.333 4.434 4.623 4.823 4.9891 5.106 5.243 5.380 5.528 1995 5.612 5.779 5.934 5.9601 6.008 5.997 5.972 5.910 5.832 5.7841 5.805 5.748 1996 5.698 5.643 5.557 5.538 5.502 5.548 5.587 5.566 5.601 5.601 5.599 5.574 1997 5.583 5.5751 5.580 5.612 5.634 5.6671 5.679 5.690 5.707 5.705 5.715 5.744 1998 5.742 5.720 5.680 5.672 5.673 5.671 5.652 5.652 5.639 5.557 5.492 5.374 1999 5.265 5.210 5.136 5.119 5.086 5.095 5.178 5.225 5.274 5.391 5.484 5.639 2000 5.760 5.824 5.851 6.014 6.190 6.349 6.443 6.505 6.502 6.517 6.538 6.535 2001 6.372 6.169 5.976 5.760 5.328 4.958 4.635 4.502 4.288 3.785 3.526 3.261 2002 1 3.0681 2.9671 2.861 25 Revised March 31,2002 ® � � P i cwl FINANCE DEPARTMENT MEMO To: Investment and Finance Committee From: Paul S. Gibson, Finance DirectorfTreasurer Subject: SELECTION OF AUDIT FIRM TO PROVIDE AUDIT SERVICES TO THE CITY FOR THE FISCAL YEAR ENDING JUNE 30, 2002, WITH THE OPTION OF AUDITING ITS FINANCIAL STATEMENTS FOR EACH OF THE FOUR SUBSEQUENT FISCAL YEARS. Date: May 13, 2002 Recommendation: 1. It is recommended that the Finance Committee decide at this meeting the firm to provide audit services to the City for the Fiscal Year Ending June 30, 2002 with the option of auditing its financial statements for each of the four subsequent fiscal years. The selected firm will be presented to Council at the June 13, 2002 Council meeting for approval. 2. Although the duration of the proposed agreement is for only one year, it is recommended for continuity of audit services to retain the same audit firm for an additional four years if the terms and services in the first year are satisfactory to the City. It is recommended that the Investment Committee make a decision at the appropriate time before the second year of service based on Finance staffs report on the outcome of the first year's audit and its recommendation(s) based on that report. BACKGROUND: On April 9, 2002, Request for Proposals (RFP) for Audit Services were issued and mailed to six audit firms which included one local firms, one of which is a joint venture arrangement with a bigger audit firm. This proposal was also advertised in a local newspaper which generated no additional inquiries. Out of the total six RFPs issued, four firms responded, while the other two notified us that at the present time they did not have the staffing to meet our request. Their proposals were studied thoroughly by the Finance Director and the Finance Operations Manager who considered strong and weak points of each firm in relevance to the needs of the City and RDA. Based on this study two firms namely, 1) Diehl, Evans and Company 2) Lance Soil and Lundguard were invited for an interview, the purpose of which was to have the firms conduct oral presentations. In addition, clarifications on the firms' technical and cost proposals were accomplished. Identical general questions were asked to confirm the depth of relevant knowledge and experience of each firm. At this interview conducted by the Finance Director, Finance Operations Manager, RDA -Assistant City Manager and the Redevelopment Finance Manager who took the place of the City Manager these invited firms were evaluated further on the following criteria: General Firm Qualifications 20% Specific Firm's Government Engagement Experience 15% Specific Staff Government 10% Engagement Experience 15% Audit Approach 20% Pricing 15% Quality/Usefulness of Miscellaneous Services 10% 100% Evaluation: A few of the shortcomings of the firms that were not chosen for the interview are listed as follows: Rates are too high for the number of hours for the audit and quality and/or scope of services proposed. Firm's audit experience with municipal accounts is minimal based on what was presented in audit proposal. Current audit staff do not have enough members that have working experience with municipal accounts. Firm does not have the technological/computer capabilities that other firms possess to assist them in their audit work. As for the two firms that were chosen for the interview, attached are copies of the ratings (details and justification of which are on file) and a recap of the cost bids for the scope of services that each firm will provide. Based on the ratings, the recommendation is to select Diehl, Evans and Company. Besides this firm's experience both at the firm and staff levels with municipal accounts, the level of knowledge and expertise in this field is higher than the other two firms. Their technical support and training in matters of accounting and keeping up with current rulings are available not only during the audit but throughout the year to their clients at no extra cost. EE €? A c d m c > ? 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Q' N a rn • PALM DESERT REDEVELOPMENT OCY COMBINED STATEMENT REVENUE AND EXPENDITURES COMPARED TO BUDGET 30-Apr-02 TOTAL RDA RDA RDA %OF ACTUAL (FAV)UNFAV BUDGET YTD BUDGET ACTUAL TO YTD BUDGET VARIANCE REVENUES 1,5 Tax increment 38,265,287.00 31,887,739.17 22,026,879.13 69% 9,860,860.04 2 interest 986,000.00 821,6%67 1,283,032.06 156% (461,365.39) Sales of Property - - - 0% - 3 Reimbursement From Other Agencies 1,207,300.00 1,006,083.33 1,322,274.04 131% (316,190.71) Other Revenue - - 3,020.71 0% (3,020.71) Transfers to/from other funds - - - 0% - TOTAL REVENUES 40,458,587.00 33,715,489.17 24,635,205.94 - 9,080,283.23 FAV(UNFAV) EXPENDITURES Administrative Costs 1,169,250.00 974,375.00 827,394.97 85% 146,980.03 Professional Services 1,206,888.00 1,005,740.00 143,327.10 14% 862,412.90 6 Property Tax Administrative Fee 577,543.00 481,285.83 - 0% 481,285.83 Payments to Other Governmental Agencies 15,167,963.00 12,639,969.17 1,297,252.24 10% 11,342,716.93 Bond Issuance Costs - - - NoBudget - Bond Discount - - NoBudget - Interest And Fiscal Charges 9,652,955,00 8,044,129.17 6,280,754.72 78% 1,763,374.45 Principal Payments 3,055,000.00 2,545,833.33 2,210,334.28 87% 335,499.05 Cost of Inventory Sold - - - NoBudget - NoBudgel Capital Outlay NoBudget - Office Equipment 13,617.00 ' 11,347.50 5,334.28 47% 6,013.22 Undergrounding Projects-Major Art 1,970,937.00 1,642,447.50 - 0% 1,642,447.50 Undergrounding Projects-Neighbor 3,000,000.00 2,500,000.00 - 00/0 2,500,000.00 Undergrounding Projects-Hwy 74 2,100,000.00 1,750,000.00 - 0% 1,750,000.00 Entrada-El Paseo 8,938,164.00 7,448,470.00 193,218.18 3% 7,255,251.82 Parking Spaces 1,400,000,00 1,166,666.67 1,109,955.72 95% 56,710.95 Parking Lot-Pres Plaza 1,015,115.00 845,929.17 532,833.90 63% 313,095.27 4 Fred Waring Street Improvements 4,293,784.00 3,578,153.33 - 0% 3,578,153.33 1-10 Cook St Interchange 250,000.00 250,000.00 250,000.00 100% - Business Center - - - NoBudget - UCR Infrastructure 2.000.000.00 1,666,666.67 - 0% 1,666,666.67 Cal-State Infrastructure 1,200,000.00 1,000,000.00 - 0% 1,000,000.00 JFK Clinic 300,000.00 250,000.00 300,000.00 120% (50,000.00) Sandpiper Improvements 400,000.00 333,333.33 - 0% 333.333.33 Palms to Pines East Project 1,000,000.00 833,333.33 - 0% 833,333.33 Public Library/Community Center 403,915.00 336,595.83 210,520.54 63% 126,075.29 No.Sphere Infrastructure 1,097,364.00 914,470.00 19,587.09 2% 894,882.91 RDA Projects 3,313,582.00 2,761,318.33 2,238,582.00 81% 522,736.33 Desert Willow Pad Stabilization 200,000.00 166,666.67 66,127.94 40% 100,538.73 Section 4-Desert Willow 81,690.00 68.075.00 8,753.96 13% 59,321.04 Property Acquisition 3,796,904.00 3,164,086.67 2,042,886.07 65% 1,121,200.60 Business Enhancement Program 1,000,000.00 833,333.33 200,000.00 24% 633.333.33 Contrib-McCallum 5,000,000.00 5,000,000.00 5,003,120.00 100% (3,120.00) Contrib-Housing 1,800,000.00 1,500,000.00 779,000.00 52% 721,000.00 Regional Park 7,250,000.00 6,041,666.67 - 0% 6,041,666.67 Transfers Transfer Out Administrative Costs - - 0% - 3 Transfer(InyOut Capital Exp Reimb - - 0% - 5 Transfer Out Low/Mod Set-Aside 8,606,056.00 7,171,713.33 4,405,375.83 61% 2,766,337.51 TOTAL EXPENDITURES 91,260,727.00 76,925,605.83 28,124,358.82 48,801,247.02 1. Tax increment is received in Jan 8 May 2. Interest is received as securities mature 3. Reimbursements for the Library are posted at yearend. 4. 5. 20%Set Aside included here,shown as transfer out 6. Administrative fee net from TI RDA Financial Report 4-2002 J. Moore 5/20/02 O NON � O m A m O O O O m O O O m N O O O O O O O O O d m O d m A O O O O O O O O O O A O O N m y N m O O N m m N N m O ^ O O O F� m Q m N O3 OJ O O m m N A m O O mj ¢� m - m h' A m N mOiN O O OO� m m m N O mOI O q O N m N N ONO, O). lV N b M� N = a v o 0 0 U 4 "' m N Of ILL m m r� ti; 0 o m V a` 4 n � c � n N NI O O' N O H m Q m q d N O) U ^� N N m 4 0 A A m N N Oi d A N N ^ N L4 Y} m m O � m ^I OI W N m m N O O O d O F O O O mI N A d [O N A m O O N O O O O O A of m o vie mi v 6 ai vi m o c 00 m o r n N m O O N N O^ O O" m Q m m m m N m O O N m O O O I m O m m N'. A d N m !N O O O O O m pi apI a Q N R O I N A O O m N O 1 D O O A Q I O m N N m N N N O A FIII } OO—.0 00_Q `' m OO OON OO ON OO M gmi m(") A AmA OoO OoO dm.6 OOo N,d�A OOo O0O G0OO.0OO 0OO OoO Nm Qmm NmN OoO Orn IdO 00o 0a0 0o0 0o0 O OO P OOOOOOOOO O O O O O O OOO O O O O m W 6 O j7 M C6 omOmO O O000mAmO -:,6 000.0 omO OONtp .�. N N O O O O O O O m- N'' N d R O Ol O li m Q O N N O N m 4 Od m N A O O mN O W C CL a w < O m m a t n c m E a W � ,o a E v Cc H E W N m f z x u U N COFK. ytOOOai yc a am p W '° cyLL H N h m mKy U a2'r cd p mD m UE W m ¢m 'c 2 m_u U0wmHx¢mm DayODym W > ma J >K @ d E o 0 22 22 E ; E 2 E E w m m D ' a a m >m m E om E W o D m m o o m w m m cc a o = 2W oa V. N E¢ ooQW Em E m c o w 0 oo 0 ' i u m J N m._ a a 2 2mc o ci wo E o c amo ni c Ou om O o Oy ' E Jt m nO p q o (2cwO C N y OE admm O O m mUUX x NaxOp_..� r 5 m g o a ¢ m n U o. w x q m K W U 2 \2 /\ 2 § J a) / 0 \ ° \ t & & ; / aco 2 - 2 ` } g _ mi § $ k \ R z) © @ / ! k \ > ® § CL $� \ ( '/ ( ƒ m gf /\ \ _ ~ , , \ \ IM | � r CL CL x « ) \ � � a; - - m e 0) ƒ ! \ ® ` ; , _ , - * - - w e r . @ . R \ \ ° CIL � CtC� M- \ - LDELO: to EQo a , , � � ` ° ( \ E - ƒ , § { ] a< § ) ; @ - 3 f ) § r ) / * }7 f\§ * ) f / } ) \ C / \\ ) { . ( ® CD` / % A < 0 tTE < 0 � ) � | LtG ! ! d \ ) !r =) , 2 /¥ f) ]C ? \ 0 «0 \ 3 J& $2 a | f - & / » A ) § ; \# I / // / z7 eew we J & PALM DESERT REDEVELOPMENT AGENCY 30-Apr-02 Schedule of Revenue and Expenditures HOUSING FUND YTD (FAV)UNFAV Bud et Budget Actual YTD Variance REVENUES 2 Transfer in of 20% Set-Aside 7,685200.OQ 6,404,333 33 4,4.... $3" 1,998,957.51 3 Interest 2t)040,00': 16,666 67 39,437.42 Rental Income 4H 400.00 i 40.000.00 40,000.00 Sales of Property 178,500.00 . (178,500.00) 1 Reimbursement From Other Agencies 2 Housing Mitigation Fees Other Revenue 39,552.57 ` 39,552.57 TOTAL REVENUES 7,753200Q4 " 6,461A0, 04 4604,657,65 1860,342;35.' EXPENDITURES FAV UNFAV Administrative Costs 41740004:€ 347,833.33 276,165;56 71,667.77 Professional Services 30540040 254,166.67 445237.59.j 108,929.08 Property Tax Administrative Fee Cost of Inventory Sold 6 Interest And Fiscal Charges 2,58419800 : 2,150,165.00 2,578240.20. (428,075.20) 6 Principal Payments 95504440i 795,833.33 95500D.OQ.j (159,166.67) Office Equipment 5,9Q0 00' 4,166 67 2,27d.87 1,89L80 Acquisition Rehab/Resale#7 760,900 00 633,333 33 633,333.33 Home Improvement Program 1-6 383,'31400$ 319,45333 9883335 220,619.98 Palm Village Apartments 723;462 00 602,885 00 ?250 466.58 352,418.42 Property Purchases 5 Desert Rose 10;000 OQ' 8,333 33 5,110.99 3,222.34 5 Portola Palms Mobilehome Park 170j000 OQ 141,666 67 2Q4,774.47 (63,107.80) Fred Waring Improvements 363,895-00 Mufti-Family Improvmt Program 20Q,0000Q# Housing Development 5744,47QQ0 4,787,05833 1,787,428,32 3,599,630.01 Transfers Transfer(In)/Out Administrative Costs Transfer(In)/Out Capital Exp Reimb TOTAL EXPENDITURES 12,253,874 00 'k0 044 895 p0 6,U67,426 93, 4341,363.07 Notes: 1 Reimbursements are various throughout the year 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 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 5/20/02 City of Palm Desert 0 Parkview Office Complex • Financial Statement for Fiscal Year 2001- 2002 April-02 April-02 # % YrD YTD # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues t" x,x Rental $ 68,500 $ 65,034 $ (3,466) 94.94% + ; $ 685,000 $ 656,195 $ (28,805) 95.79% Dividends/Interest $ 4,500 $ 1,057 $ (3,443) 23.50% $ 43,500 $ 22,162 $ (21,338) 50.95% Total Revenues $ 73,000 $ 66,091 $ (6,909) 90.54% � ' s}. $ 728,500 $ 678,356 $ (50,144) 93.12% Expenses �±s Professional-Accounting&Auditing $ 5,800 $ 6,800 $ (1,000) 117.24%4 $ 64,000 $ 68,000 $ (4,000) 106.25% Professional-Consultants $ 6,000 $ 5,670 $ 330 94.50% $ 60,000 $ 62,511 $ (2,511) 204.28% Tenant Improvements $ 2,500 $ 15,532 $ (13,032) 621.27% $ 25,000 $ 33,850 $ (8,850) 135.40% Repairs&Maintenance Building $ 8,000 $ 7,206 $ 794 90.07%;`. $ 80,000 $ 100,962 $ (20,962) 126,20% Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 0.00% -� r�` $ 23,000 $ - $ 23,000 0.00% Utilities-Water $ 250 $ 132 $ 118 52.93% $ Z500 $ 1,023 $ 1,477 40.92% Utilities-Gas/Electric $ 5,000 $ 5,001 $ (1) 100.03% ,x. $ 71,000 $ 72,009 $ (1,009) 101.42% Utilities-Trash $ 700 $ 351 $ 349 50.09%'�� ..U $ 7,000 $ 3,507 $ 3,493 50,09% Telephone $ 150 $ 155 $ (5) 103.37% " • $ 1,500 $ 1,556 $ (56) 103.72% Insurance $ 521 $ - $ 521 0.00% $ 5,208 $ - $ 5,208 0.00% Total Fxpenses $ 31,221 $ 40,847 $ (9,626) 130.839/. $ 339,208 $ 343,417 $ (4,209) 101.24% Opevad?f}gLcoldg, _. $:;<i , 43, h.,5 m 2524¢-,$ (16535) 60;42P1 Sy389 - 2 {i34�4p $ (54 52)sS;z;8G.04 y/ Equipment Replacement Reserve $ 10,000 $ 12,618 $ (2,618) 126.18% $ 100,000 $ 126,177 $ (26,177) 126.18% 2002 Investment Report2002 Invest Report City of Palm Desert ® Parkview Office Complex vacancy Rate Schedule by Suite April 2002 Suite Square No. Tenant Feet 73-710 Fred Waring Drive -Two (2) Story Building 100 Hanover 1,915 100A EPA 645 102 Bergren 1,360 103 Multiple Sclerosis 488 104 Arthritis Foundation 960 106 Coachella Valley Economic Partnership 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 Duke Gerstal 1,750 200 CVAG 4,292 200A University of California Riverside 841 201 University of California Riverside 604 203 Vacant 480 205 Vacant 700 208 Alzheimer's Association 960 2002 Investment Report2002 Vacancy Report City of Palm Desert � Parkview Office Complex cancy Rate Schedule by Suite April 2002 Suite Square No. Tenant Feet 210 Wilson,Pesota&Pichardo 3,040 211 State of California Department of Food &Agriculture 937 217 Joe B. McMillan,. Esq. 775 220 CA.State Dept. of Agriculture 1,607 222 Cove Comission-Fire Marshal 1,900 222 CITY Storage-Vacant 1,081 Total square footage(2 story Building) 31,562 Vacancy Rate-2,165/31,562= 6.86% 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--2,165/51,191 4.23% Occupancy Rate-49,026/51,191 95.77% 2002 Investment Report2002 Vacancy Report City of Palm Desert Desert Willow • - • Budget Vs Actual For the month of April 2002 Budgeted Actual Budgeted Actual April April S Percentage Yearto Yearto S Percentage Revenue 2002 2002 Variance Variance Date Date Variance Variance Course&Ground S 574,921 S 617,949 $ 43,028 107,48% S 4.157,224 S 3,894,266 S (262.958) 93,67% Cans $ 41,691 S 49,645 S 7,954 119.08% $ 275.689 S 305,015 S 29.326 110.64% Golf Shop S 109,836 S 83,374 S (26,462) 75.91% 5 769,413 $ 675J97 S f94.216) 57.75% Range $ 1,900 S 3,155 $ 1,255 166.05% $ 12,950 $ 31.861 S 18.911 246.03% Food&Beverage $ 155,861 S 199,576 S 43,715 129.05% S 1,085,016 S 1,216.715 S 131.699 112,14% Interest Income S 2,000 S 377 S (1,623) 18.85% $ 25,000 S 5,397 S (1903) 21.59% 'Total Revenues S 886.209 S 954.076 S 67.867 107.66% 6 325 292 6 128,451 196 841 96.89% Payroll Proshop S 8,439 S 4,982 S 3,457 59.04% S 69,330 5 41,943 S 27.387, 60,50% Can 5 30,064 S 32,927 S (2,863) 109.52% $ 218,294 $ 254,639 S (36.345) 116.65% Course&Ground 5 111,920 S 113,973 S 4,047 96,57% $ 1,241,497 S 1,191,926 S 49.661 96.00% Golf Operations S 25,617 S 29,377 S (3,760) 114.68% S 249,506 5 248,183 S L323 99.47% General&Administration $ 40,514 S 33,826 S 6,688 83.49% S 402,084 S 350,286 S 51.798 87.12% Food&Beverage S 60,835 S 72,640 S (11,805) 119.40% $ 537,042 S 558,525 5 (21.483) 104.00% Total Payroll 2R3 3 9 287 625 4 2J6 101.49% 2 717 743 2 645 402 S 72 341 97.34 Other Expenditures perimeter Landscaping $ - $ - $ - 0.00% 5 - S - S - 0.00% Proshop S 7,150 $ 2,110 S 5,040 29.51% S 38,100 S 41.330 5 (3230) 108489'0 Ptushop-COGS $ 62,091 S 42,372 S 19,719 68,24% S 390,847 5 38L743 5 9.104 97.67% Can $ 19,300 S 15,535 S 3,765 90,49% S 148,200 S 123,035 S 25.165 93.02% Course&Ground-North Course S 41,226 S 45,449 S (4,223) 110.24% S 554.905 S 634300 S (79395) 114.31% Course&Ground-South Course $ 43.757 S 26,639 $ 17.118 60.88% $ 558,742 S 482,044 S 76,698 86.27% Course&Ground-Desert Pallet-N $ 1.460 S I59 $ L301 10.89% $ 15.655 S 9,255 S 6,400 59.12% Course&Ground-Desert Pallet-S S L440 S 1,347 $ 93 93.54% S 15,810 $ 9.941 $ 5.869 6M8% Golf Operations S 750 S 633 $ 117 84,40% S 14.500 S 12,632 S 1,868 97.12% General&Administration 5 73,147 S 83,081 $ (9,934) 113.58% S 742.275 S 700,625 $ 4L650 94.39% Range S 450 S 332 $ 118 73.78% $ 15.650 S 19,030 S (3,380) 121.60% Food&Beverage S 16,414 $ 15,309 S 1.105 93.27% 5 150.589 S 191,147 $ (40558) 126.93% Food&Beverage COGS S 48,317 S 59.084 S (10.767) 122.28% S 337,988 S 386,898 S (48,910) 114.47% .,Management Fee S 25,000 $ 25.000 $ - 100.00% S 250.000 S 250.000 S - 100.0040 Financing/Lease S 700 S 4.694 S (3,994) 670.57 o S 28,204 S 39,587 S (11,383) 140.3640 7'ot•I Other Ex entlitures 341 202 321 744 19,458 94.30% 5 3,261,465 3.281.567 20 102 100.62% Desert Willow Golf Academy Desen Willow Golf Academy $ 18.300 5 5,623 S (12,677) 30.73% $ 155,250 S 65.014 S (90236) 41.88% COGS-hMerchandise S (4,822) 5 (3,988) 5 834 82.70% 5 (46,127) S (42,148) S 3.979 91.37% Other Expenditures S (1,700) 5 (1,730) S (30) 101.76% S (19.015) 5 (15.229) S 3.786 80,09% Learning Center Income(Loss) 5 11,778 S (95) S (11.873) -0.81% S 90.109 S 7,637 S (82.471) SRR% Operating income(Loss) S 273.396 S 344,612 $ 71,216 126.05% S 436.192 S 209.119 5 (227.073) 47.94% Equipment Reserve Replacement S 71.955 $ 66,140 S (5,815) 91.92% S 719.550 S 735.914 S 16.364 102.27% Net Income fL."I S 201,441 S 278,472 77,031 138.24°A, 283 35A (526.795) S 243 437 185.91 Snapshot of Golf Rounds Bud eted me Actual mo Variance Variance% Budgeted(vid) Actual(vid) Variance Variance'% Resident 2,470 2,351 (119) 95% 15,928 18,419 2,491 116%. Non Resident 6.033 7.181 1,148 119% 39.983 40.307 324 101% Other - 100 100 100% - 1.341 1,341 100% Com limentan 220 658 438 299% 1.688 L725 3,037 290% 7"otal 8,723 10,290 1,567 118% 57,599 64,792 7,193 112% Folder:Desert Willow 2001:Du2002{Financial Statement Page 1 k [ \ § � ® ■ § \ � ; _ § j ■ 2 � e0 0 / t ©) \ { 2 ; 6m ; ! = ] 2 ) ±_ / ) ! ! \ a co § ) , § . ] � 0 f� ! , PC ) \ 0. k } ( § � 0 \ ! a i 75) ! t _ \ \ 2 J i - - A m A 6 _ 1 _ _ _ _ C N wwwww w Nwwwww w wwwwwwwwwwww w wNw w w w w a _ m - r - Nnr. _ C - a = - ✓. 9 79 Nn N p ' w w N w w µ w wwww w w w w w w w w w w w w w w w w w w EU n� mS � iQtV F � - s ` wwwwww Nwwwww wwwwwwwwwwwN www w w < wwwwww wwwwww wwwwwwwwwwww www w w i a w N ✓. 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'�. ¢ = A v - B > a e � � a c 0 0 5m O U V J Q O Beww & & * BOw& & Be C N A U v1 0 p N A > V N O N O O O O O P O n E a9 O �O O om U o a< F EQ 0 U y BQ 9Fw BQ 9Q w BF 6F aY Pt g � A > p � � A BE BF 6F BE BE �. BQ BF 6Q 9F '� y. A ❑ ac.� � F�= W_ Z p N _ m V E Z ` m v, cmv- v — N H 6E BF tl� Be � Bt a� i BE Upc 8P h F A Y > U iz° Fam f ❑9 N N r� J P 7` F;0 Q _ U Q C C F o 0 F � } ) % � � \� E9 LO , ) � & 2 ■ \ f ] � � A| �d a } ] ) § § k 2 ) a k7 z i ƒ 2 � ; f } | k ) ) ƒ ) § s % § ! ) a ! ■ ! a j � ! \ _ ( Desert Willow ® Breakdown of Rounds per point of sale system Desert Willow - Combined Analysis- APRIL 2002 Resident 2,351 $ 105,795 $ 45.00 22.80% Non-Resident _ 7,181 $ 556,11 1 $ 77.44 69.80% Other 100 $ 1,000 $ 10.00 Complimentary 658 $ 3,965 $ 6.03 6.400 Desert Willow Totals 10,290 666,871 64.81 100.00% Dw2002;POS AVG RD Page 11 ® Desert Willow • Breakdown of Rounds per point of sale system FIRECLIFF COURSE- APRIL 2002 _ Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 434 $ _192530_ $ 45.00 8.36% Resident Fee-Weekday 569 $_ 25,605 $ 45.00 10.96% Resident -Twilight 62 $ 2,790.00 $ 45.00 1.19% Total Resident 1,065 47,925 $ 45.00 20.52% Non Resident Posted Weekend __ 229 $ 29,770 $ 130.00 4.41% Posted Weekday 199 ' $ 21,890 $ 110.00 3.83% IROC Des. PRTY - Weekday 147 $ 8,-2 $ 55.85 2.83% IROC Des. PRTY - Weekend 191 $ 12,353 $ 64.68 3.68% IROC Member Guest- Weekday 57 $ 5,016 $ 88.00 1.10% IROC Member Guest- Weekend 40 $ 4,1 00 $ 104.00 0.77% Wholesale Weekend _ 329 $ 30,401 $ 92.40 _ 6.34% Wholesale Weekday 435 $ 32,441 $ 74.58 _ 8.38% Twilight 479 $ 31,135 _ $ 65.00 9.23% Posted Replay _ 19 $ 1,179 $ 62.05 0.37% Fee Pass Fire - Card - Specials 92 $ 7,089 $ 77.05 1.77% Fee Special Event Variable 1,578 $ 110,847 $ 70.25 30.40% Total Non Resident Rounds 3,795 $ 294,491 $ 77.60 73.11% Other Rounds Junior Walking 44 $ 440 $ 10.00 0.85% Total Other 44 $ 440 $ 10.00 0.85% Complimentary VIP 48 $ - $ -- 0.92% PGA Member 44 $ 420 $ 9.55 0.85% Donation 48 _ $_ 50_0_ $ 10.42 0.92% COD/PDHS 92 $ - $ - 1.77% Employee / Employee Guest 55 $ 25 $ 0.45 1.06% Total Complimentary 287 945 $ 3.29 5.53% Total Round (FireCliff) 5,191 $ 343,801 $ 66.23 100.00% Dw2002TOS AVG RD Page 12 ® Desert Willow • Breakdown of Rounds per point of sale system MOUNTAIIWIEW COURSE- APRIL 2002 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee- Weekend 516 $ 23,220 $ 45.00 10.12% Resident Fee-Weekday Y 710 $ 31,950 $ 45.00 13.92% Resident Twilight 60 $ 2,700 $ 45.00 1.18% Total Resident 1,286 57,870 45.00 25.22% Non Resident Posted Weekend _203 $ 26_,_390 $ 130.00 3.98% Posted Weekday 184 $ 20,240 $ 110.00 3.61% IROC Des. PRTY- Weekday _ 13_0 $ 7,338 $ 56.45 2.55% IROC Des. PRTY- Weekend 191 $ 12,415 $ 65.00 3.75% IROC Member Guest - Weekday _ 69 $ 6,072 $ 88.0_0_ 1._35% IROC Member Guest - Weekend 46 $ 4,784 $ 104.00 0.90% Wholesale Weekend _ 257 $ 21,132 $ 82.23 5.04% Wholesale Weekday _ 3_49 $ 24,593 $ 70.47 6.84% Fee Pass - Card _ 74 $ 5,125 $ 69.26 1.45% Replay _ 14 $ 910 $ 65.00 0.27% Twilight 528 $ 34,645 $ 65.62 10.35% Fee Special Event Variable 1,341 $ 77,976 $ 73.06 26.30% Total Non Resident Rounds 3,386 261,620 77.27 66.41% Other Rounds Junior Walking 56 $ 560 $ 10.00 1.10% Total Other 56 560 10.00 1.10% Complimentary VIP 39 $ - $ - 0.76% PGA Member 35__$ 245 $ 7.00 0.69% Donation/ Charity 123_ 2,775 $ 22.56 2.41% Employee / Employee Guest 86 $ - $ - 1.69% COD / PDHS 84 $ $ - 1.65% Trade 4 $ $ - 0.08% Total Complimentary 371 3,020 $ 8.14 7.28% Total Round wountainview) 5,099 $ 323,070 $ 63.36 100% Dw2002;POS AVG RD Page 13 ® City of Palm Desert • Desert Willow Cash Reserve Analysis for the month of April 2002 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 Cash on Hand $ 872,854.96 Variance- Favorable ( Unfavorable) $ 372,854.96 Page 14 PalmlWert Recreation Facilities Corpookon Income Statement Apr-02 Apr-02 N % Budget Actual Variance Variance Food & Beverage Revenues $155,861 $199,576 $43,715 128.05% Total Revenues $155,861 $199,576 $43,715 128.05% Salaries $60,835 $72,640 ($11,805) 119.40% Cost of Goods Sold-F&B $48,317 $59,084 ($10,767) 122.28% Food & Beverage Expense $16,414 $15,309 $1,105 93.27% Total Expenses $125,566 $147,033 ($21,467) 117.10% Net Income (Loss) $30,295 $52,543 $22,248 173.44% Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw2002;PDRFC Budget Page 1 �' ertt gen " a Gy POYtfiO tOS � GO L � 1NUES E REPORT wr Paul S. Gibson, C.C.M.T., Treasurer Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer Treasurer's Commentary The Federal Open Market Committee ("FOMC") met on 6 May and left the Federal Funds Rate unchanged at 1.25%. The FOMC indicated that the risks for the foreseeable future are weighted towards economic weakness, and that its bias is to reduce interest rates further. The next FOMC meeting will be on 24-25 June. Deflation is the FOMC's main concern. Substantial industry overcapacity and a lack of pent-up consumer demand for durables do not support a robust economic recovery during the second half of 2003, Core consumer prices have risen only 0.6%this year. Within the next two years, they could be negative (declining). The FOMC is committed to preventing a downward deflationary spiral (e.g., 24%price drop during 1930-32), however. It may be a number of years before the FOMC can raise interest rates, due to the strong correlation between rate tightenings and bear markets. The falling U.S. Dollar is not expected to affect economic growth significantly since the U.S. is largely a closed economy (not heavily dependent on exports). In an effort to improve portfolio performance,the City has taken an aggressive position in Ford Motor Credit Company ("FMCC). In early May, the City bought $13.3 million of FMCC notes, representing 9%of the City portfolio. The City also bought a$2 million GMAC note. The weighted average yield-to-maturity of these purchases is 3.77%. Ford,the world's second largest automaker and a major defense contractor, employs 350,000 people at 7,000 locations in 140 countries. lames 47 vsoyu C.C..Al�r. Treasurer PORTFOLIO STATISTICS Dollars in Thousands APR-03 MAR-03 FEB-03 JAN-03 DEC-02 NOV-02 CITY Month-End Book Value"" $ 156,385 $ 154,805 $ 165,188 $ 174,152 $ 136.687 $ 142,520 Month-End Market Value"' $ 156,385 $ 154,805 $ 165,271 $ 174,276 $ 136,899 $ 142,742 Paper Gain (Loss) $ - $ - $ 83 $ 124 $ 212 $ 222 Prior Year Book Variance $ (8,227) $ (4,171) $ (117) $ (5,672) $ (26,850) $ (23,866) Interest Earnings $ 185 $ 208 $ 212 $ 212 $ 225 $ 238 Yield-To-Maturity 1.46% 1.48% 1.63% 1.630% 1.93% 2.00% Weighted Maturity(Days) 1 1 28 29 49 50 Effective Duration 0.00 0.00 0.00 0.01 0.01 0.03 RDA Month-End Book Value"' $ 103,387 $ 104,781 $ 103,760 $ 105,023 $ 92,787 $ 92,761 Month-End Market Value "' $ 105,700 $ 107,082 $ 106,053 $ 107,333 $ 95,022 $ 94,996 Paper Gain (Loss) $ 2,313 $ 2,301 $ 2,293 $ 2,310 $ 2,235 $ 2,235 Prior Year Book Variance $ (2,671) $ (24,885) $ (2,559) $ 19.541 $ 7,655 $ 7,826 Interest Earnings $ 137 $ 150 $ 139 $ 162 $ 153 $ 162 Yield-To-Maturity 1.74% 1.64% 1.670/6 1.76% 1.95% 2.06% Weighted Maturity(Days) 132 131 132 133 150 150 Effective Duration 0.09 0.09 0.10 0.10 0.12 0.13 Cflof Palm Desert- Portfolio Characteristo 30 April 2003 Dollars in Thousands Ageing Interval Market Value < 1M $ 100,110 General Fund Ageing <2M - 100 <3M 100 <6M 60 <1YR <2YR c <3YR '2 40 <4YR a0 <5YR 20 >5YR 0 0 0 0 0 0 Total: $ 100,110 <iM <2M <3M <6M < 1YR <2YR Ratings Market Value Credit Quality AAA $ 18,547 AAA rated Unrated"" 136,919 12°/Q Un88% AA - 88 A Al/P1 Total: $ 155,466 Sector Market Value Asset Allocation Money Market Funds 82,681 LAIF 40,000 RDA Loan 32,785 Money Market Fed Agency U.S.Treasury $ - Funds 6% 53% Federal Agency Commercial Paper MTNs RDA Loan Total: $ 155,466 21% Month City Yield LAIF Yield Variance Pertormance May02 3.06 2.74 0.32 Jun 2.86 2.69 0.18 3.4 Jul 2.88 2.71 0.17 Aug 2.64 2.59 0.04 Sep 2.22 2.60 -0.38 Oct 2.15 2.49 -0.33 2.4 Nov 2.00 2.30 -0.31 5- Dec 1.93 2.20 -0.27 Jan03 1.63 2.10 -0.47 1.4 Feb 1.63 1.95 -0.32 May02 Jun Jul Aug Sep Oct Nov Dec Jan03 Feb Mar Apr Mar 1.48 1.90 -0.43 Apr 1.45 1.86 -0.41 ■LAIF Yeld p City Yield Standard and Poor's Credit Ratings LAIF, HighMark, and City Loan to RDA Page 2 of 6 City of Palm Desert Portfolio Holdings 30 April 2003 Market Ratings Par Value Issuer Coupon Ma-t-ur-ity-r Cost I YTM I Price I Value I Moody'sl S&P LGIP $ 60,711.595 C.A.M.P. 0.00 5/1/03 $ 60.711,595 1.19 100.00 $ 60,711,595 N/A AAA $ 60,711,595 Subtotal $ 60,711,595 1.19 $ 60,711,595 LGIP $ 40,000,000 L.A.I.F. 0.00 5/1/03 $ 40,000,000 1.86 100.00 $ 40,000,000 NR NR $ 40,000,000 Subtotal $ 40,000,000 1.86 $ 40,000,000 Pooled Funds--AIM $ 18,547,335 PRIME PORTFOLIO 0.00 5/1/03 $ 18,547,335 0.91 100.00 $ 18,547,335 Aaa AAA $ 18,547,335 Subtotal $ 18,547,335 0.91 $ 18,547,335 Pooled Funds-HighMark $ 933,013 CITY MAIN SWEEP 0.00 5/1/03 $ 933,013 0.25 100.00 $ 933,013 NR NR $ 585,078 DESERT WILLOW SWEEP 0.00 511103 $ 585,078 0.25 100.00 $ 585,078 NR NR $ - GOLF COURSE SWEEP 0.00 5/1/03 $ - 0.25 100.00 $ - NR NR $ 1,903,594 OFFICE COMPLEX SWEEP 0.00 5/1/03 $ 1,903.594 0.25 100.00 $ 1,903.594 NR NR $ 3,421,684 Subtotal $ 3,421,684 0.25 $ 3,421,684 City Loan to RDA $ 32,785,480 CITY OF PALM DESERT 0.00 5/1133 $ 32,785,480 1.86 100.00 $ 32,785,480 NR NR $ 32,785,480 Subtotal $ 32,785,480 1.86 $ 32,785,480 Total Investments $ 165,466,094 $ 155,466,094 $ 155,466,094 Cash $ 61,432 OFFICE COMPLEX CHKG 0.00 5/1/03 $ 51,432 0.00 100.00 $ 51,432 NR NR $ 590,951 CITY MAIN CHKG 0.00 5/1/03 $ 590,951 0.00 100.00 $ 590,951 NR NR $ 160,420 DESERT WILLOW CHKG 0.00 5/1/03 $ 160,420 0.00 100.00 $ 160,420 NR NR $ - CPD GOLF COURSE 0.00 5/1/03 $ - 0.00 100.00 $ NR NR $ 30,181 OFFICE COMPLEX TRUST 0.00 5/1/03 $ 30,181 0.00 100.00 $ 30,181 NR NR $ 85,910 RECREATIONAL FAC CHKG 0.00 5/1/03 $ 85,910 0.00 100.00 $ 85,910 NR NR $ - VACATION INN CHKG 0.00 5/1/03 $ - 0.00 100.00 $ NR NR $ 918,894 Subtotal $ 918,894 0.00 $ 918,894 Total Cash and Investments $ 156,384,988 $ 156,384,988 $ 156,384,988 NR=Not Rated Page 3 o16 Palm Desetedevelopment Agency- Portfolio Characteristics 30 April 2003 Dollars in Thousands Ageing Interval Market Value <1 M $ 67,697 Portfolio Ageing w/o SLGSs <2M <3M 100 89 <6M 873 so 80 <1YR 179 70 <2YR 7,018 0 60 g 50 <3YR 40 <4YR n° 30 <SY R 20 9 10 0 0 1 0 0 0 >SY R 0 Total: $ 75,767 <1M <2M <3M <6M <1YR <2YR <3YR <4YR Duality` Market Value CredR Duality AAA $ 40,441 Unrated" 65,168 AAA AA 38 i A Unrated0 " 620% AI/Pi Total: $ 105,599 Sector Market Value Asset Allocation U.S.Treasury $ 8,083 Money Market Funds 34,037 Money Market LAW 63,479 Funds Federal Agency 32°/ Commercial Paper o LAW Corporate Bonds U.S.Treasur y Total: $ 105,599 ai Month RDA Yield LAW Yield Variance Performance May02 2.38 2.74 -0.36 Jun 2.37 2.69 -0.32 Jul 2.23 2.71 -0,48 Aug 2.27 2.59 -0.33 , 2.5 Sep 2.26 2.60 -0.35 Oct 2.23 2.49 -0.25 Nov 2.06 2.30 -0.25 s Dec 1.95 2.20 -0.25 Jan03 1.76 2.10 -0.34 1.5 L L Feb 1.66 1.95 -0.28 May02 Jun Jul Aug Sep Oct Nov Dec Jan03 Feb Mar Apr Mar 1.64 1.90 -0.26 Apr 1.74 1.86 -0.12 ■LAIF Yield Ell RDA Yield Standard and Poor's Credit Ratings LAIF and HighMark Sweep Page 4 of 6 Palm Desert Redevelopment Agency Portfolio Holdings 30 April 2003 Market Ratings Par Value Issuer Coupon Maturity I Cost I YTM I Price I Value I Moody's S &P U.S.Treasury-Discount $ 181,000 UNITED STATES TREASURY 4.63 2/15/04 $ 130,168 5.51 99.13 $ 179,427 Aaa AAA $ 7,143,000 UNITED STATES TREASURY 4.59 8/15/04 $ 4,989,671 5.54 98.41 $ 7,029,212 Aaa AAA $ 532.400 UNITED STATES TREASURY 4.66 8/15/03 $ 394,279 5.47 99.67 $ 530,622 Aaa AAA $ 344,600 UNITED STATES TREASURY 4.66 8/15/03 $ 255,200 5.47 99.67 $ 343,449 Aaa AAA $ 8,2 11,000 Subtotal $ 5,769,319 5.53 $ 8,082,710 LGIPS $ 40,000,000 L.A.I.F. 0.00 5/1/03 $ 40.000,000 1.86 100.00 $ 40,000,000 NR NR $ 9,000,000 L.A.I.F. (HOUSING) 0.00 5/1/03 $ 9.000,000 1.86 100.00 $ 9,000,000 NR NR $ 4,923,322 L.A.I.F. BOND PROCEEDS 0.00 5/1/03 $ 4,923,322 1.86 100.00 $ 4,923,322 NR NR $ 9.556,155 L.A.I.F. BOND PROCEEDS 0.00 5/1/03 $ 9,556,155 1.86 100.00 $ 9,556,155 NR NR $ 63,479,478 Subtotal $ 63,479,478 1.86 $ 63,479,478 Pooled Funds-AIM $ 32,358,052 PRIME PORTFOLIO 0.00 5/1/03 $ 32,358,052 0.91 100.00 $ 32,358,052 Aaa AAA $ 32,358,052 Subtotal $ 32,358,052 0.91 $ 32,358,052 Pooled Funds-HighMark $ 1,419,802 HOUSING AUTH CHK SWEEP 0.00 5/1/03 $ 1,419,802 0.25 100.00 $ 1,419,802 NR NR $ 259.134 HOUSING AUTH TRT SWEEP 0.00 5/1/03 $ 259,134 0.25 100.00 $ 259,134 NR NR $ 1,678,936 Subtotal $ 1,678,936 0.25 $ 1,678,936 Total Investments $ 105,717,465 $ 103,285,784 1.74 $ 105,599,175 Cash $ 50,528 HOUSING AUTH CHKG 0.00 5/1/03 $ 50,528 0.00 100.00 $ 50,528 NR NR $ 50,575 HOUSING AUTH TRUST 0.00 5/1/03 $ 50,575 0.00 100.00 $ 50,575 NR NR $ 101,102 Subtotal $ 101,102 0.00 $ 101,102 Total Cash and Investments $ 105,818,568 $ 103,386,887 $ 105,700,277 NR =Not Rated Page 5 of 6 STATEMENT OF COMPLIANCE The investment portfolios of the City of Palm Desert ('City')and the Palm Desert Redevelopment Agency ('RDA') are governed by federal, state,and local law. The City Treasurer's*Statement of Investment Policy' is more restrictive than the California Government Code. The Palm Desert Investment Committee and the Palm Desert City Council review the Statement of Investment Policy annually. For the month ended 30 April 2003,the City and the RDA investment portfolios were in compliance with all applicable federal, state, and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment strategies, based upon the stated objectives of safety, liquidity, and yield (in order of priority). Barring unforeseen events,the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert and the Palm Desert Redevelopment Agency over the next six months. In addition, portions of either the City or the RDA portfolio could be liquidated in order to meet any significant, unexpected cash requirements. Bloomberg L.P. and Interactive Data Corporation provided the data and the analytical tools that were used to calculate the market value of all securities in the City and the RDA investment portfolios. State and Local Government Series securities are held in escrow accounts and are therefore not included in this report as assets. All balances are bank balances. Respectfully submitted on 28 May 2003, PauLS. :iav&P s C.C.At.r ` City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code City Investment Policy CA Govt Maximum Maximum Quality Maximum Maximum Quality %of City %of RDA Code Investment Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio 53601 a Palm Desert Bonds 5 Years No Limit Not Authorized 1 53601 b U.S.Treasuries 5 Years No Limit 5 Years I No Limit f 0.00/6 5i6%o 53601 c CA State Debt 5 Years No Limit Not Authorized 53601 d CA Local Agency Debt 5 Years No Limit Not Authorized 53601 a Federal Agencies 5 Years No Limit 5 Years 30% 0.00/0 00% 53601 f... Bankers's Acceptances 180 Days 40% 180 Days 40% 1 A-1 & P-1 - 53601 g Commercial Paper 270 Days 25% A-1+or P-1 270 Da s 25% A-1+or P-1 0.2% 0.00/0. 53601 h Negotiable CDs 5 Years 30% 5 Years 30% 1 AA-or Aa3 53601 i Repos 1 Year No Limit 30 Da vs 1 20% IAAA& Aaa 53601 i Reverse Re os 92 Days 20% Not Authorized 53601(') Medium-Term Notes 5 Years 30% A 3 Years 1 30% J A 1 0.0% 1 0.0% 53601(k) Mutual Funds 90 Days 20% AAA&Aaa 90 Days 1 20% 1 AAA&Aaal 53.20% 1 33.0%,% 53601 Trust Indenture Debt Not Authorized 53601 m Secured Bank Deposits 5 Years No Limit Not Authorized 53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized Securities AA(Securityl 1±Ci LAW No Limit No Limit 25.7% 61.5%,- 78.9% 100.09'e 1 fto DA, which is not a bond, has been a roved b the Palm Desert Cit Council. Certified California Municipal Treasurer Page 6 of 6 A2 THURSDAY, APRIL 17, 2003 THE WALL STE Ford's Results Exceed Expectations gressive management of incentive costs, North America's numbers look better and Auto Maker Reverses Loss and lower warranty and recall expenses— Ford of Europe's numbers look worse. Helped by Cutting Costs' largely a result of the improved quality of For example,under its previous system vehicles in North America—should allow Ford recognized the profit from sales of Profit Outlook Reaffirmed Ford to offset the impact of the weak eco- German-made engines used in the Ford Ex- nomic outlook, he said. Mr. Gilmour said plorer in its Ford of Europe unit. Now, all Ford is "on track" to deliver its full-year the profit from sale of the German Explorer By NomrLiKO SHIROUZU earnings forecast of 70 cents a share, or engines is assigned to Ford North America. about $1.2 billion, and break even in the Ford's North American auto business, DETROIT—Helped by accelerated cost automotive business on a pretax basis. including the Ford, Lincoln and Mercury cutting,Ford Motor Co. reported substan- "We are working to offset any weaker brands,posted operating income of$1.2 bil- tially better-than-expected results for the industry volume we may see by strong cost lion,up from income of$465 million a year first quarter and reaffirmed its profit.out- performance,"Mr. Gilmour said. "We feel ago. The increase came on sales of $22.2 look for the full year. pretty good about it."Ford said it cut$638 The No.2 auto maker earned $896 mil- • million in costs from its automotive busi- lion, turning around a loss of$1.1 billion a ness in the first quarter, more than its tar- Ford's outlook stands year earlier.Ford earned 45 cents a share get of$500 million for all of 2003. Ford should be able to earn 10 cents in in contrast to rival Eyes on the Bond Market the second quarter and 55 cents a share in Y the first half' Mr. Gilmour said. General Motors With company bonds recently show- Ford's relatively upbeat expectations ing more strength, Ford may consider for the full year contrasted with the cau- COr :S statement. returning to the U.S. unsecured debt tious tone of GM, which announced first- p market, page C13. quarter results Tuesday. GM's net income surged in the fast quarter, but the com- pany warned that it might not meet its billion,up from$21.5 billion a year earlier. P g � earnings target for this year because of An important element in Ford's North forecast of 22 cents a share and the compa- heavy costs for discounts and the weak American results,Mr.Ford said,is the com- ny's own estimate of 20 cents a share.Ford U.S. economy. had a loss of 61 cents a share in the first Overall Ford's revenue rose 3.6% to pany's strategy of targeting discounts and , quarter of 2002. incentives on a model-by-model,region-by- quarter billion in the first quarter from$39.5 region basis. Mr. Ford said most of the Ford's outlook stands inontrast to ri- billion a year earlier. World-wide vehicle difference between Ford's flat net pricing val General Motors Co s statement on sales were up 30/c to 1.73 million vehicles Tuesday that the No. 1 auto maker might from 1.68 million vehicles. Ford's net prio- on vehicles in the quarter, and the 3%de- not achieve its more-ambitious $5-a-share ing in the U.S. rose 0.2%. GM, which has cline in net pricing reported by GM on Tues- profit target for the year. In 4 p.m. New been more aggressive with incentives,saw day, related to Ford's revenue-manage- York Stock Exchange composite trading its prices fall 3%. merit strategy.But Mr.Ford cautioned that yesterday, Ford shares rose 11%to$9.23. Ford's U.S. market share rose to 21.2% there is a risk Ford's assumption of flat Ford Chairman and Chief Executive Of- from 20.7%a year ago. GWs U.S. market pricing for the full year won't hold up. "We ficer William Clay Ford Jr.,in an interview, share in the first quarter fell to 26.6%,from plan to offset that with cost cuts," he said. said that while the company has "a long 28.27o a year earlier and 29.2%in the last Ford's international operations, mean- way to go" to achieve its ultimate profit quarter of 2W2. while,had an operating loss of$353 million, goals, "we're going to blow away our total Ford Credit, Ford's financing arm, caused primarily by a S249 million loss at cost target" for the year. earned $442 million, up 720/. from net in- the company's Ford-brand operations in Eu- Ford's vice chairman and chief finan- come of$256 million a year ago, rope and an$88 million loss at its Premier cial officer, Allan Gilmour, said he is con- The company broke out earnings within Automotive Group. cerned about the wobbly U.S.economy and its automotive business for the first time,a warned the industry's sales may edge change required in part by accounting Journal Link; Listen to a confer- lower this year than anticipated at the start rules.Ford also reallocated costs among its ence call about Ford's earnings of the year. regional business units, under a complex results, in the Online Journal at But the acceleration of cost cutting,ag- new system that this quarter made Ford WSJ.com/Earnings. 6TATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund GIiY 0'C D"7Pj DZMEW Flt�Ir��,Cc �LF'ARTi��Nt PO Box 942809 Sacramento, CA 94209-0001 20 NAY 13 AN H: 32 (916) 653-3001 April, 2003 Statement CrFY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 04-15-2003 04-14-2003 QRD SYSTEM 195,049.52 04-21-2003 04-21-2003 RW 226046 THOMAS JEFFREY - 195,049.52 Account Summary Total Deposit : 195,049.52 Beginning Balance : 40,000,000.00 Total Withdrawal : 195,049.52 Ending Balance : 40,000,000.00 Page : I of 1 oi PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASUREF• • SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 April, 2003 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-01-5 Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount . Date Date Type Number Caller 04-15-2003 04-14-2003 QRD SYSTEM 195,049.52 04-21-2003 04-21-2003 RW 835986 THOMAS W. JEFFREY - 195,049.52 Account Summary Total Deposit : 195,049.52 Beginning Balance : 40,000,000.00 Total Withdrawal : 195,049.52 Ending Balance :, 40,000,000.00 - RECEIVED LMAI� 2003 Y CY P.D. REDEVELOPMENT AGE Page : 1 of 1 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASUREFO SACRAMENTO GiiY OF Frfi(:U DESERT Local Agency Investment FundFWNCE QEPA.F;TMENT PO Box 942809 Sacramento, CA 94209-0001 MR3 NAY 13 All 11: ,2 (916) 653-3001 April, 2003 Statement PALM DESERT HOUSING AUTHORITY Account Number : 25-33-003 Ann: DEPUTY CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 99260-2579 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 04-28-2003 04-28-2003 RD 203344 THOMAS JEFFREY 5,000,000.00 04-29-2003 04-29-2003 RD 814215 THOMAS JEFFREY 4,000,000.00 Account Summary Total Deposit : 9,000,000.00 Beginning Balance : 0.00 Total Withdrawal : 0.00 Ending Balance : 9,000,000.00 Page : 1 of 1 .' CFFY OF PALM DESERT 0 R N i A A S $ e T FINANCE DEFARTMENI CALI F STATEMENT MANAGE1MENT PROGRAM I Oi N-r POW FItS .\u-rbi O it,Ty ST 2 P LO O N [n]] 91� (� ^- J 7 'ANFRANCISCo CALIroR.NqAofiir FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 4/30/2003 CITY OF PALM DESERT ACCOUNT NUMBER: 553-00 OPERATING FUND 73-510 FRED WARING DRIVE FUND NAME: Cash Reserve Portfolio PALM DESERT,CA 92260 Page 1 of 1 gecoun ''summary as4/30/2003 � MWINN Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 4/30/2003 $205,692.31 $0.00 60,711,594.950 $60,711,594.95 T fe sa io umma, ford 1r%20 4/30/2003 Beginning Balance Purchases Reinvestments Redemptions Ending Balance $59,651,898.77 $7,200,000.00 $59,696.18 $6,200,000.00 $60,711,594.95 . .__ AD OS NG gp`� DO* AMOUNT SHAR SHARES THIS TOT T DATE T4es�riTl'a£iG�+ O ANSACTION PRICE RANSACTION SHARES OWNED 04/01/03 Beginning Balance 59,651,898.770 04/02/03 412NO03 Redemption-Wire Red. $700,000.00- $1.00 700,000.000- 58,951,898.770 04/04/03 4/4/2003 Purchase-Wire Pur. $800,000.00 $1.00 800,000.000 59,751,898.770 04/14/03 4/14/2003 Redemption-Wire Red. $1,000,000.00- $1.00 1,000,000.000- 58,751,898.770 04/21/03 4/21/2D03 Purchase-Wire Pur. $6,400,000.00 $1.00 6,400,000.000 65,151,898.770 04/28/03 4/28/2003 Redemption-Wire Red. $4,000,000.00- $1.00 4,000,000.000- 61,151,898.770 04/29/03 4/29/2003 Redemption-Wire Red. $500,000.00- $1.00 500,000.000- 60,651,898.770 04/30/03 5/1/2003 Accrual Income Div Reinvestment-DIV $59,696.18 $1.00 59,696.180 60,711,594.950 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 1.19% THE ANNUALIZED YIELD IS 1.20% Ka v - V E' U C ` C D O. 0 v3 E; O }uj. ® R9 j N 7�b U II g II W aCKA ZUJ d A n A 11e�9 W ® .0.. .O. is Q o e s p p � vNono �n �ncv q rno, r ^. o ob O b M V O N N W ❑ o n ® Z Ann a hrnMo0oa nttl, ^ W T 7 r W •3' h 7 0 �n 7 W a, N �n � F q _ 0 � O O W O O m vt Ov v1 B M W cr Ol M h 7 W y.,� W lD :N b N m o ool000N. 000 � a W � o � rn rn o �+ ooMvro � moW o ahrn � ry m o c Cl p rM N N N ^-' l/i .O^ 0 O N O O In M 7 4 4 0 —ten C ry b r M pl W h M C O �/ • T j C N ip U � W N a A I �. • N m O N y 6 y C y. .\1 Q C d 44 Emai m O dE- � > w. L .� a Q � W fi O 'L P Op L e ru wo o d 1 d 's h ° a w 3 C7 a N � ri1F � a` tz � v`, 4O W a�.. C7waU �= O w z City of Palm Desert Parkview Office Complex 46 Financial Statement for Fiscal Year 2002-2003 April-03 April-03 # % YTD YTD # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 68,500 $ 70,544 $ 2,044 102.98% } $ 685,000 $ 707,215 $ 22,215 103.24% Dividends(Interest $ 4,375 $ 313 $ (4,062) 7.15°( sm a.� $ 43,750 $ 7,538 $ (36,212) 17.23% g,.w Total Revenues $ 72,875 $ 70,857 $ (2,018) 97.23%- y�� $ 728,750 $ 714,754 $ (13,996) 98.08% Expenses Professional-Accounting&Auditing $ 7,000 $ 7,000 $ $ 70,000 $ 70,000 $ - 100.00% Professional-Consultants $ 6,000 $ 6,395 $ (395) 106.59% iqj s °rt $ 60,000 $ 57,633 $ 2,367 96.06% Tenant Improvements $ 2,500 $ - $ 2,500 0.00% � $ 25,000 $ 179,511 $ (154,511) 718,04% Repairs&Maintenance Building $ SAO $ 12,095 $ (4,095) 151.19% �r $ 80,000 $ 91,050 $ (11,050) 113.81% Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 0.00% _ r..,`, .$ 23,000 $ - $ 23,000 0.00% Utilities-Water $ 250 $ 110 $ 140 43.85% �'"? $ 2,500 $ 990 $ 1,510 39.58% Utilities-Gas/Electric $ 510W $ 4,919 $ 81 98.39% $ 71,000 $ 65,482 $ 5,518 92.23% Utilities-Trash $ 700 $ 526 $ 174 75.14% " F ^. $ 7,000 $ 4,208 $ 2,792 60.11% Telephone $ 150 $ 37 $ 113 24.41%rata. ° $ 1,500 $ 1,416 $ 84 94.39% Insurance $ 521 $ - $ 521 0.000J. , a,s;; $ 5,208 $ - $ 5,208 0.00% ° Total Expenses $ 32,421 $ 31,082 $ 1,339 95.870J° ` $ 345,208 $ 470,289 $ (125,081) 136.23% [Operitrng,Inrome.s;., , Equipment Replacement Reserve $ 13,000 $ 13,000 $ - 100.00% $ 130,000 $ 130,000 $ - 100.00% et•(nconter a�" rrtaa .at,ry 'si,�� r � r: ,9.2��54.�_$.'x"si.'t26rT>�arS,,ist�.� '. 9:' 8gry ,..,�" $ 3; r $ „14,�G5 $ ����i9uv.45:15°( Note:During the month Parkview Office Complex also expensed$126,368 on the construction of a new roof system. (Sprayed Polyurethane Roof System) These expenditures will be capitalized and amortized over the useful life;recognized on a monthly basis as equipment replacement reserve. 2003 Investment Reportlnv Report 2003 City of Palm Desert Parkview Office Complex Vacancy Rate Schedule by Suite April 2003 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2) Story Building 100 Hanover 1,915 100A EPA 645 102 Bergren 1,360 103 Multiple Sclerosis 488 104 Arthritis Foundation 960 106 Coachella Valley Economic Partnership 928 108 Assembly Rules Committee 450 (Assemblyman Benoit's lease begins March 1,2003) 112 Senator Battin 1,741 114 Chamber of Commerce 1,478 118 Goodwill Industries 1,250 119 City/CVAG Conference Room 1,380 120 Duke Gerstal 1,750 200 CVAG 4,292 200A University of California Riverside 841 201 University of California Riverside 604 203 Mountain Conservancy 480 205 Vacant 700 208 Alzheimer's Association 960 2003 Investment ReportVacancy Report City of Palm Desert Parkview Office Complex Vacancy Rate Schedule by Suite April 2003 210 Wilson,Pesota &Pichardo 3,040 211 State of California Department of Food&Agriculture 937 217 Joe B. McMillan,. Esq. 775 220 Vacant 1,607 222 Cove Commission-Fire Marshal 1,900 222 CITY Storage-Vacant 1,081 Total square footage(2 story Building) 31,562 Vacancy Rate-3,388/31,562= 10.73% 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--3,388/51,191 6.62% Occupancy Rate-47,803/51,191 93.38% 2003 Investment ReportVacancy Report City of Palm Desert ° Desert Willow • . Budget Vs Actual For the mouth of March 2003 Budgeted Actual Budgeted Actual March March $ Percentage Yearto Yearto $ Percentage Revenue 2003 2003 Variance Variance Date Date Variance Variance Course Ground S 719,695 $ 737,712 $ 18,017 102.50% $ 3,378,641 $ 3,244,270 $ (134,371) 96.02% Cans S 44,862 $ 53,995 $ 9,133 120.36% $ 279,625 S 257,565 S (22,060) 92.11% Golf Shop $ 104,456 $ 115,159 $ 10,703 110.25% $ 573,751 $ 577,349 S 3,598 100.63% Range S 5,100 $ 5,949 $ 849 116.65% $ 29,850 $ 32,209 S 2,359 107.90% Food&Beverage $ 193,044 $ 216,618 $ 23,574 112.21% $ 1,052,611 $ 1,123,065 $ 70,454 106.69% Interest Income $ 400 $ 46 $ (354) 11.50% $ 5,050 $ 1,645 S (3,405) 32,57% Total Revenues S 1,067,557 1.129,479 S 61.922 105.80% S 5JI9_528 5,236.103 83 425 98.435 Payroll Proshop S 6,634 S 6,599 $ 35 99.47% $ 40,223 $ 37,901 $ 2,322 94.23% Can $ 33,064 $ 31,107 $ 1,957 94.08% $ 211,640 $ 199,008 $ 12,632 94.03% Course&Ground S 125,361 $ 118,953 $ 6,408 94.89% $ 1,140,272 $ 1,114,840 S 25,432 97.77% Golf Operations $ 33,095 S 27,123 S 5,972 81.95% $ 252,371 S 220,926 $ 31,445 87.54% General 9 Administration $ 41,789 $ 37,776 $ 4,013 90.40% $ 368,161 S 323,169 S 44,992 87.78% Food&Beverage $ 70,641 $ 77,271 $ (6,630) 109.39% $ 500,237 $ 561,579 S (61,342) 112.26% Total Pa roll 1 310.584 S 298.829 S 11.755 96.22ya $ 2,512,904 2.457.423 55 481 97.79° Other Expenditures Perimeter Landscaping $ - $ - S - 0.00% $ - $ - S - 0.00% Pmshop S 2,555 $ 6,598 $ (4,043) 258.24% S 31,350 $ 37,461 S (6,111) 119A9% Proshop-COGS $ 57,844 $ 58,074 $ (230) 100.40% S 312,721 S 250,708 $ 62,013 80,17% Cart S 15,395 S 14,977 $ 418 97,28% S 127,605 S 124,076 $ 3,529 97.23% Course&Ground-North Course S 30,532 $ 41,222 $ (10,690) 135.01% $ 543,453 $ 497,765 $ 45,688 91.59% Course&Ground-South Course $ 25,364 $ 35,837 S (10,473) 141.29% $ 500,748 $ 494,249 S 16,499 96.71% Course&Ground-Desert Pallet-N S 900 $ 903 $ (3) 100.33% $ 10,670 S 8,981 S 1,689 84.17% Course&Ground-Desert Pallet-S $ 1,490 S 873 S 611 59.59% $ 11,920 $ 6,791 S 5,129 56.97% Golf Operations $ 800 $ 1,293 $ (493) 161.63% $ 11,805 $ 13,093 $ (1,288) 110.91% General&Administration $ 68,452 $ 90,851 $ (22,399) 132.72% S 623,516 $ 692,972 $ (69,456) 1 11.14% Range S 2,600 S 524 S 2,076 20.15% $ 14,000 $ 9,759 $ 4,241 69.71% Food&Beverage $ 14,460 $ 16,933 $ (2,473) 117.10% $ 125,950 $ 126,176 S (226) 100.18% Food&Beverage COGS $ 60,333 $ 67,883 $ (7,550) 112.51% $ 330,553 $ 352,292 $ (21,739) 106.58% Management Fee $ 25,000 S 25,000 S - 100.00% $ 225,000 $ 225,000 $ - WOW% Financing/Lease $ 3,474 $ 5,658 $ (2,184) 162.87% $ 16,175 $ 35,733 $ (19,558) 220.91% Total Other Ez enditures S 309 1 9 3 6 62 57 42 1&57" 2,885,466 2 865 0 6 20 410 9 .29° Desert Willow Golf Academy Desert Willow Golf Academy $ 16,800 $ 17,868 $ 1,068 106.36% $ 108,950 S 87,991 $ (20,969) 80.75% COGS-Merchandise $ (13,172) $ (4,738) S 8,434 35.97% $ (75,168) $ (41,509) $ 33,659 55.22% Other Expenditures $ (2,825) $ (6,924) $ (4,099) 245.10% $ (20,498) $ (38,247) $ (17,749) 186.59% Learning Center Income(Loss) $ 803 S 6,206 $ 5,403 772.85% $ 13,284 $ 8,225 $ (5,059) 61.92% Operating Income(Loss) $ 448,577 $ 470,230 S 21,653 104,93% $ (65,558) $ (78,151) S (12,593) 119.21% Equipment Reserve Replacement $ 71,955 $ 66,734 S (5,221) 92.74% $ 647,595 $ 600,606 $ (46,989) 92.74% Net Income oss 376 622 4Q,496 26874 07.14° 713.153 67857 34 396 5.18 Snapshot of Golf Rounds Budgeted mo Actual mo Variance Variance% Budgeted td Actual [d Variance Variance% Resident 3,210 3,607 397 112% 14,380 15,238 858 106% Non Resident 5,453 6,461 1,008 118% 34,404 32,809 (1,595) 95% Other - - - 0% - 177 177 100% CondialimStitarry 475 402 73 85% 3414 2750 664 81% Total 9,138 10,470 1,332 115% 52,198 50,974 (1,224) 98% Folder,Desert Willow 2001:Dw2003;Financial Statement Page I ( \ / \ \ / \ } ) ) ` - § / Q § | § \ � } ) \ ) ! \ = a 33k3 ) ! zi a 0 G f ! ; ! ) / ) _ § 7w ) � ƒ 0 � � 22 ! k � ) o � ) ! _ &* \ / ) \ £ / ) CL k � § ! ® a a \ t ] ! 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[ §cc � § � \\ K § \ LL -21 \ ; � ) 2 k 7 | k ) * ) ! ® E ( } \ Ajo sate ° 8 b u 0. y N ceceeR N6i%NN 5F uc i �m O nm— — Sa O NNNxxxNNx pt r�s�-;are o - �aa > q�� F �� rvn mmn �7! q x `a0 � Fo4 N N_NaF xeeNN:cx 5F > M Nvr'�cem��rnNi tlt � Fm�NxvmiN�ne � 3n�n rv�n� 99a sk Z m a Z y NIRmN NIk NpkN d', a _ xIFN NIR xeE NCF y+. oa - N =SN-n � FN�3n ffih o F Ma RR r N NmamceNoce � ;,s s�&Geer � �°emaR=�= - r8�mo ` z > yE > 4K Om �Z F�m Y {� ZC �8n N _ �.gmnnO� n p9 �n vmi8 ema ^' vy &nna J[4v K 4C Y K Z' 'c lz c Y Y GGGG E f�jj pEy a• r3C � i u Xy E� C': `C v�iVZQ^4.E LI < OZLIH2 u �6v�iVZ� 4E U E " 7 d tl � a 0 E 5 888����Sb 8 c�a o> a zv 56 0 wg xx fie^ rtg ° E n oo ce � gmxaB� i `� �4cecececececece � �cececececececece ° �su�$e^ - �8�m�rm a � _•,,gqr r98 n�, a u all z° cecewcececeepcece 'c rah „cegxxxx a «$�g�a��a 8 cecece$,a^,x'xxx x F > __- ia °m Ni Fsm i a rme�2's —`^u`f / \! ` l ) a k , . § 7 - � \ | � ■ . , ` § G ƒ = . ; 7 pa 0 | 2 �� \ § \ ) k , | a A I I / \ _ ( Desert Willow • Breakdown of Rounds per point of sale system Desert Willow - Combined Analysis- MARCH 2O03 Resident 3,607 $ 161,835 $ 44.87 34.45% Non-Resident 6,461 $ 625,490 $ 96.81 61.71% Other - $ $ 0.00% Complimentary 402 $ 2,920 $ 7.26 3.84% Desert Willow Totals 10,470 790,245 75.48 100.00% Da2003;POS AVG RD Page 9 • Desert Willow • Breakdown of Rounds per point of sale system FIRECLIFF COURSE- MARCH 2O03 Description No, Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee-Weekday 1,591 $ 71,115 $ 44.70 29.32% Resident -Twilight 46 2,070 $ 45.00 0.85% Total Resident 1,637 73,185 44.71 30.16% Non Resident Posted 468 $ 79,005 $ 168.81 8.62% IROC Des. PRTY - Weekday 167 $ 13,778 $ 82.50 3.08% IROC MBR-Guest - Weekday 19 $ 2,508 $ 132.00 0.35% Wholesale Weekend 4 $ 320 $ 80.00 0.07% Wholesale Weekday 1,583 $ 126,678 $ 80.02 29.17% Twilight 557 $ 48,945 $ 87.87 10.26% Palyers Club - Guest 40 $ 3,530 $ 88.25 0.74% Outing 418 $ 42,459 $ 101.58 7.70% Fee Special Event Variable 417 $ 38,614 $ 92,60 7.68% Total Non Resident Rounds 3,673 355,837 96.88 67.68% Other Rounds Junior Walking $ $ 0.00% Total Other 0.00% Complimentary VIP 12 $ - $ - 0.22% PGA Member 81 $ 1,125 $ 13.89 1.49% Donation -$--- $ 0.00% COD / PDHS $ $ 0.00% Employee / Employee Guest 24 $ $ 0.44% Total Complimentary 117 1,125 9.62 2.16% Total Round (FireCliff) 5,427 $ 430,147 $ 79.26 100.00°/0 Dw2003;POS AVG RD Page 10 . Desert Willow Breakdown of Rounds per point of sale system MOUNTAINVIEW COURSE- MARCH 2O03 Description No. Of Revenue Avg. Per Pet to Rounds Per POS Round Total Resident Rounds Resident Fee 1,970 $ 88,650 $ 45.00 39.06-1. Total Resident 1,970 88,650 45.00 39.067 Non Resident Posted Weekday 268 $ 44,725 $ 166.88 5.31% IROC Des, PRTY- Weekday 203 $ 16,748 $ 82.50 4.03% IROC MBR- Weekday 22 $ 2,904 $ 132.00 0.44% Wholesale Weekend 12 $ 960 $ 80.00 0.24% Wholesale Weekday 896 $ 73,467 $ 81.99 17.77% Twilight 547 $ 47,850 $ 87.48 10.85% Outing 408 $ 43,386 1 $ 106.34 8.09% Players Club/Guest 32 $ 2,800 $ 87.50 0.63°/u Fee Special Event Variable 400 $ 36,813 $ 92.03 7.93% Total Non Resident Rounds 2,788 269,653 96.72 55.287 Other Rounds Junior Walking - $ $ - 0.00% Total Other - - 0.00% Complimentary VIP 24 $ $ 0AS% PGA Member 87 $ 1,620 $ 18.62 1.73% Champions Club 62 $ - $ - 1.23% COD / PDHS 31 $ - $ 0.61% Employee / Employee Guest 81 $ 175 $ 2.16 1.61% Total Complimentary 285 1,795 6.30 1 5.65% Total Round )Mountainview) 5,043 $ 360,098 $ 71.41 100% pW2003;POS AVG RD Page I I ® City of Palm Desert • Desert Willow Cash Reserve Analysis for the month of March 2003 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 Cash on Hand $ 799,635.43 Variance- Favorable Unfavorable $ 299,63573 Page 12 PalAsert Recreation Facilities Corpsion Income Statement Mar-03 Mar-03 k % Budget Actual Variance Variance Food & Beverage Revenues $193,044 $216,618 $23,574 112.21% Total Revenues $193,044 $216,618 $23,574 112.21% Salaries $70,641 $77,271 ($6,630) 109.39% Cost of Goods Sold-F&B $60,333 $67,883 ($7,550) 112.51% Food & Beverage Expense $14,460 $16,933 ($2,473) 117.10% Total Expenses $145,434 $162,087 ($16,653) 111.45% Net Income (Loss) $47,610 $54,531 $6,921 114.54% Note: The above revenues and expenditures are also included in the Desert Willow analysis. Dw2003;PDRFC Budget Page I Finance Department MEMORANDUM To: Records Technician From: Diana Leal, Administrative Secretar,4-*/ Subject: Investment and Finance Committee Meeting Date: May 29, 2003 Attached, for your records, is a copy of the May 28, 2003 Investment and Finance Committee meeting attendance register. Thank you for your assistance. Attachments (1) GAFinance\Diana Leal\Wpdocs\Investment Committee\2002 Memos\City C1erk\5-28-03attend.wpd . � . ` � \{ \ \ � \ y \ ~ 00 E\ 7 { j ] \ � . & ) e \ \ \ § « ( � OP « $ 2 9 \ ) § & \ ® § \ § \ & m \ f _ _ CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE AGENDA May_28, 2003, 2:00 p.m. North Wing Conference Room I. CALL TO ORDER II. ROLL CALL Ill. 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. COMMITTEE MEMBER REPORTS V. 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 April 23, 2003, as submitted. Action: 1 52W3,.pd INVESTMENT & FINANCEOMMITTEE • AGENDA May 28, 2003 VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for April 2003 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for April 2003. Action: B. State of California Local Agency Investment Fund Balance for the month of April 2003 Rec: Informational item for the Committee to review. No action required C. California Asset Management Program (CAMP) April 2003 Statement Rec: Informational item for the Committee to review. No action required D. City and Redevelopment Agency Monthly Financial Reports for City Council for April 2003 Rec: Report and submit to City Council Action: E. Parkview Professional Office Buildings - Financial Report for April 2003 Rec: Review and file report Action: 2 52803.wpd ' INVESTMENT & FINANCEOMMITTEE • ' AGENDA May 28, 2003 F. Palm Desert Golf Course Facilities Corporation Financial Information for March 2003 Rec: Review and file report Action: Vill. CONTINUED BUSINESS None. IX. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks Rec: Status report on background checks Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status report on issuing new bonds Action: X. NEXT MEETING - Wednesday, June 25, 2003 at 2:00 p.m. XI. 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 21 d'ay of May, 2003. e o ding ecret iry 3 52803.wpd