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Home My WebLink About2003-10-22 IFC Regular Meeting Agenda Packet 0 ! COMMITTEE MEETING WORKSHEET Meeting Description Investment Committee Meeting Date 10/22/03 Time 2:00 p.m. Location North Wing Conference Room Mailed Agenda 10/15/03 Posted Agenda 10115103 Time Convene Adjournment Staff Members Attending Y 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 a 14 Recording Secretary 5 Carlos Ortega, City Mgr. a vu 6 Thomas Jeffrey ✓ Public Members Attending Guests Attending 7 Russ Campbell 15 8 Murray Magloff 16 9 Bill Veazie 17 10 Everett Wood 18 19 20 Fallow-Ups/Tasks Assigned Person Responsible Due Date 1 C)'r 2 3 4 5 6 InaS 7 8 Spoke Mtn (1) 1 Mtn (2) MEETING NOTES I - Allh1 , a (o l I /3� .,<� .,," c r 167 -a �v If fUQ rt — o U pa a C D ,�w 0 0 Spoke Mtn (1) Mtn (2) MEETING NOTES bb 00 DA La ZW 6 c Spoke Mtn (1) Mtn (2) MEETING NOTES car ur _ IA� mizild ke Uo r � L L W U) 2` Spoke Mtn (1)1 Mtn (2) MEETING NOTES S re cou� f N s e c Sf ) -#Le O a 6 D 1 uphlAlon i �e r ten Vr Oa �. n r00 S • Spoke Mtn (1) Mtn (2) MEETING NOTESzqtr �P /L 7 ol 0 ( (4 o � W c 1=oa wn. d o a O0 ov ' ralt 1 a ai- Q0 a Spoke Mtn (1) Mtn (2) MEETING NOTES C i J S e .c VU No, TLT LA- , o to Wd • • Spoke I Mtn(1) Mtn (2) MEETING.NOTES VIA AJO Spoke Mtn(1) Mtn (2) MEETING NOTES • City Palm Desert • Desert Willow Budget Vs Actual For the month of October 2003 Budgeted Actual Budgeted Actual October October S Percentage Yearto Year to S Percentage Revenue 2003 2003 Variance Variance Date Date Variance Variance Course&Ground S 349,735 S 395.265 S 45,530 113.02% S 755,010 S 728.991 S (26.019) 96,55% Cans S 23395 S 31,445 S 8,050 134AI% $ 80,987 $ 85,315 S 4,328 105.34% Golf Shop S 63,283 $ 75,027 S 11,744 118.56% $ 162,932 S 156,216 $ (6,716) 95.88% Range $ 2,750 $ 2,045 $ (705) 74.36% $ 4,385 $ 5,025 S 640 114,60% Food&Beverage S 114,984 S 146,064 S 31,080 127.03% $ 317,427 S 324,187 $ 6,760 102.13% Interest Income $ 200 S - S (200) 0.00% $ 1,100 S - S (1,100) 0,00% Total Revenues 554 347 649 846 95 499 117.23% S 1321 841 S 1,299,734 $ 22 107 98.73 Payroll Proshop $ 5,915 S 6,666 S (751) 112.70% $ 19,527 $ 23.115 $ (3,588) 118.37% Can $ 17,966 S 18,132 S (166) 100.92% S 63,430 S 67044 S 386 99.39% Course&Ground S 138,441 $ 105,211 S 33,230 76.00% $ 504,155 S 517,063 S (12.908) 102.56% Golf Operations $ 28,5.40 S 19,484 S 9,056 68.27% $ 95,426 S 81,538 $ 13,888 85,45% General&Administration $ 36,556 S 37,468 S (9121 t02.49% $ t45 851 $ 153,353 S (7,502) 105.14% Food&Beverage $ 63,050 S 62,302 $ 748 99.81% $ 215.348 $ 224,638 S (9,290) 10,131% 'total pa roll S 290 468 249 263 S 41 205 85.81% $ 1043 737 $ 1062 75l 19 OI4 I OI.82•/a Other Expenditures Perimeter Landscaping S - S - S - 0.00% $ - S - $ - 0,00% Proshop S 3,650 S 6,192 $ (2,542) 169.64% S 7,730 S 26,843 S (19,113) 347.26% Proshop-COGS S 26,736 $ 30,186 $ (3,450) 112.90% $ 82,146 $ 52,619 $ 29,527 64,06% Can S 14,540 $ 0335 S (2,595) 117.95% S 50,450 S 50,969 S (419) 100.83% Course&Ground-North Course $ 66,934 S 125,682 S (58,748) 187.77% $ 356,661 S 281,479 S 75,182 78,92% Course&Ground-South Course $ 43,903 S 60,673 S (16,770) 139.20% $ 194,266 $ 382,672 S (188,406) 196.98% Course&Ground-Desert Pallet-N S 1,005 $ 1,004 S 1 99,90% $ 2,810 S 2,219 $ 591 78,97% Course&Ground-Desert Pallet-S $ 405 $ 396 S 9 97.78% S 2,810 S 1,817 S 993 64.66% Golf Operations S 2,425 $ 819 S 1,606 33.77% S 3.265 S 1.972 $ 1,293 60,40% General&Administration S 67,337 $ 69,643 $ (2,306) 103.42% $ 239,485 $ 229,765 S 9,720 95.94% Range $ 9,550 $ 9.199 $ 352 96.31% S 9,750 S 9,383 S 367 96,24% Food&Beverage $ 21,612 S 29,989 S (8,377) 138.76% $ 74,898 S 76,951 $ (2,053) 102.74% Food&Beverage COGS $ 35,717 S 45,926 S (10,209) 128.58% $ 99.486 S 105,430 $ (6,944) 107,05% Management Fee S 25,000 S 25.000 $ - 100.00% $ 100,000 $ 100,000 $ - 100.00% Financiog/Lease $ 5,699 $ 5,581 $ 118 97.93% S 22,860 S 22,419 S 442 98.07% Total Other Expenditures S 324 513 S 427 424 S 102 911 131.71% S i 245 617 $ 1 3d4 437 S 98 820 107.93% ,. „ �. ,y. , r - Desert Willow Golf Academy Desert Willow Golf Academy S 6,250 S 7,786 S 1.536 124,58% $ 23,250 S 28.127 $ 4,877 120.98% COGS-Merchandise $ (5,715) S (6,433) S (718) 112,56% S (22,439) S (22,966) S (527) 102.35% Other Expenditures $ (7,425) S (4,463) $ 2,962 60,11% $ (17,525) $ (17,170) $ 355 97.97% S Learning Center Income(Loss) $ (6,890) $ (3,110) S 3,780 45,14% $ (16,714) S (12,009) $ 4,705 71.85% Operating Income(Inss) $ (67,524) $ (29.951) S 37,573 44,36% $ (984,227) S (1,119,463) $ (135236) 113.74% Equipment Reserve Replacement S 71,955 S 68,064 S (3,891) 94.59% $ 287,820 S 277,217 S (10,603) 96,32% Net Inc me Loss $ 139 479) j98,0151 $ 41,464 70. 7% $ 1 272 047 $ 1 396 680 S (124,633) 109.80 Snapshot of Golf Rounds Budgeted mo Actual mo Variance Variance% Budgeted td Actual td Variance Variance% Resident 1,640 1.898 238 116% 3,135 3,102 (33) 99% Nan Resident 3,148 4,074 926 129% 13,025 13,240 215 102% Other - It 11 1000/0 - 44 44 100% Com limcntar 158 379 221 240% 913 I376 463 151% Total 4,946 6,362 1,416 129% 17.073 17,762 689 104% Faider:Dcurt Witlaw 2004:DW2004,Financial Statement Page L 0n 0 %C Om M 1!1 • � ++ N00 N � MM .Mi O �° 00 OMNO 00 v) O M 07 �p y mLO �o via ao t. y m v 0 ON rn it Na0 ^ NN N m r Om1° V ON �y m n M co m a ..; O r C7 } Q o N d 06 a d b d 'a q o T D i O O C7 aEi " d C7 m y u o t o u y a v .c .0 u mu v ❑ w Ei ❑ c UUc� ceac75 F Uc7 ¢ c� � �. aa [• a O � o y o l U \t c \ o � N � o ^ � C7 V O � a M O o'3 m C ca m o A O A 10 o A U m L �+ b 1� �" C N Co w p,m OC yN W ,Y'm, .to y d �i ° U O O ° O U � � c 6 a o o ro r r N v U ° co 'o s U K w v 0 0 N 3 M Y O4 m 6 - mOg 4 0 � y q a N N w N w N w N w w w N w w w w w w w w w w w w w N w w N Q ; dry,�,q � wwwwww wwwwww wNwwwNwwwNww Nww N w 6 U U e6 v �$, $, •• •� m o n _ o _ w w w w w w w w w w w N w N w y w w w w w N w w w w w w w N P S w y� w w O ry P F a w" • a` wwwwww wwwwww w� wwwwwwwwwwww wx www w w � 4 n - r '4a Z3. 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BIZ z N N ry gg B@B2N � 6Q N q e BF tR we q; N 3 az > Fa > _ o w^ vl b Q y YJ N oa b 'S N d Q V N v N W 00 O L o y p d U u GG F04 d � p d N O ry p O GG•J'' N O y? CPI N m q.` � 79 <CS F • }a a C F c F c F c F $ � Eo ; a' ' o` u 7 00 ( ; / ■ - ` . § § ! � 5 ! .. . ! « ) & © ! \ ` - a } ( t _ � ■ ! k <'t> a \ \ 22 » 2 . ; m 2 _ - | ] ! yam. & ) / # a Z91j k ) t - 0 � | ! 5 ! § (a 2 ] & | A a § a �k � ^ ) ( y- ; � o \ ) 7 / \ a ) LO \ \ Desert Willow • Breakdown of Rounds per point of sale system Desert Willow-Combined Analysis-October 2003 Resident 1,898 $ 85,410 $ 45.00 J83 Non-Resident 4,074 $ 339,815 $ 83.41 Other 11 $ 110 $ -Compliment 379 $ 1,695 $ 4.47 Desert Willow Totals 1 6,362 427,0301 $ 67.12 100.00% DW2004;POS AVG RD Page • Desert Willow • Breakdown of Rounds per point of sale system FIRECLIFF COURSE- OCTOBER 2003 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee 1,554 $ 69,930 $ 45.00 28.65% Total Resident 1,554 69,930 45.001 28.65% -Non-Resident Advance Prime 465 $ 60,620 $ 130.37 8.57% IROC Member/Guest 4 $ 240 $ 60.00 0.07% IROC Sunrise 35 $ 3,640 $ 104.00 0.65% IROC Prime 82 $ 8,528 $ 104.00 1.51% IROC Midday 16 $ 1,216 $ 76.00 0.29% Wholesale 1,125 $ 80,628 $ 71.67 20.74% Players Club 6 $ 330 $ 55.00 0.11% Sunrise 124 $ 16,120 $ 130.00 2.29% Midday 176 $ 16,720 $ 95.00 3.24% Sunset 524 $ 23,580 $ 45.00 9.66% Twilight 337 $ 22,655 $ 67.23 6.21% Fee Special Event Variable 783 $ 67,382 $ 86.06 14.44% Total Non Resident Rounds 3,677 301,659 82.04 67.79% Other Rounds Junior Walking 10 $ 100 $ 0.18% Total Other 101s 100 0.18% Complimentary VIP 70 $ - $ 1.29% PGA Member 60 $ 725 $ 12.08 1.11% PDHS/COD - $ 0.00% Employee 53 $ 50 $ 0.94 0.98% Total Complimentary 183 775 4.24 3.37% Total Rounds (FireCliff) 5,424 $ 372,464 $ 68.67 100.00% DW2004;POS AVG RD Page 10 • Desert Willow • Breakdown of Rounds per point of sale system MOUNTAINVIEW COURSE- OCTOBER 2003 Description No. Of Revenue Avg. Per Pet to Rounds Per POS Round Total Resident Rounds Resident Fee 344 $ 15,480 $ 45.00 36.67% Total Resident 344 15,480 45.00 36.67% Non Resident Posted Advance 4 $ 560 $ 140.00 0.43% IROC Member/Guest 4 $ 240 $ 60.00 0.43% IROC / Sunrise 2 $ 208 $ 104.00 0.21% IROC ( Prime 19 $ 1,976 $ 104.00 2.03% IROC / Midday 2 $ 152 $ 76.00 0.21% Wholesale 82 $ 5,975 $ 72.87 8.74% Players Club 1 $ 60 $ 60.00 0.11% Prime 115 $ 14,950 $ 130.00 12.26% Sunrise 23 $ 2,990 $ 130.00 2.45% Midday 33 $ 3,135 $ 95.00 3.52% Sunset 30 $ 1,350 $ 45.00 3.20% Twilight 36 $ 2,520 $ 70.00 3.84% Fee Special Event Variable 46 $ 4,040 $ 87.83 4.90% Total Non Resident Rounds 397 38,156 96.11 42.32% Other Rounds Junior Walking 1 $ 10 $ - 0.11% Total Other 1 10 0.11% Complimentary PGA Member 53 $ 805 $ 15.19 5.65% VIP 21 $ - $ - 2.24% COD / PDHS 85 $ $ - 9.06% Champion Club 19 $ - $ - 2.03% Employee/ Guest 18 $ 115 $ 6.39 1.92% Total Complimentary 196 920 4.69 20.90% Total Round (MountainvieW) 938 $ 54,566 $ 58.17 100% DW2004,POS AVG RD Page I I • City of Palm Desert • Desert Willow Cash Reserve Analysis for the month of October2003 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 Cash on Hand $ 517,255.38 Variance- Favorable Unfavorable $ 17,255.38 Page 12 PalmDOrt Recreation Facilities Corpora Income Statement Oct-03 Oct-03 # % Budget Actual Variance Variance Food & Beverage Revenues $114,984 $146,064 $31,080 127.03% Total Revenues $114,984 $146,064 $31,080 127.03% Salaries $63,050 $62,302 $748 98.81% Cost of Goods Sold-F&B $35,717 $45,926 ($10,209) 128.58% Food &Beverage Expense $21,612 $29,989 ($8,377) 138.76% Total Expenses $120,379 $138,217 ($17,838) 114.82% Net Income (Loss) ($5,395) $7,847 $13,242 -145.45% Note: The above revenues and expenditures are also included in the Desert Willow analysis. DW2004;PDRFC Budget Page 1 Ih Finance Department MEMORANDUM To: Rachelle Klassen, City Clerk From: Diana Leal, Administrative Secretary Subject: Investment and Finance Committee Date: November 21, 2003 Attached is a copy of the October 22, 2003 minutes of the Investment and Finance Committee approved by the Committee on November 19,2003. Please place on the next City Council agenda for approval thereof. Thank you for your assistance. Attachments (1) G.1FinancelDiana Leal\WpdocsVm estment CommitteeNemoslCity Clerk\10-22-03 minutcs.wpd • CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE Minutes October 22, 2003, 2:00 p.m. North Wing Conference Room I. CALL TO ORDER A regular meeting was called to order by Assistant Finance Director on Wednesday, October 22, 2003 at 2:05 p.m. II. ROLL CALL Present: Absent: Jose Luis Espinoza, Asst. Finance Director Paul S. Gibson, Finance Director Jean Benson, Mayor Dave Erwin, City Attorney Bob Spiegel, Mayor Pro-Temp Thomas Jeffrey, Deputy City Treasurer Carlos Ortega, City Manager Bill Veazie Everett Wood Murray Magloff Russ Campbell Also Present: Steve Aryan, Assistant to the City Manager Justin McCarthy, ACM/Director of Redevelopment Anthony Hernandez, Senior Financial Analyst Rodney Young, General Manager Desert Willow Diana Leal, Recording Secretary Guests: None III. ORAL COMMUNICATIONS None. IV. COMMITTEE MEMBER REPORTS None. 1 102203.wpd INVESTMENT & FINANC+OMMITTEE MINUTES October 22, 2003 V. CONSENT CALENDAR A. Approval of Minutes Motion was made by Mr. Campbell and seconded by Ms. Benson to approve the Minutes of the September 24, 2003 meeting as submitted. VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for September 2003 Mr. Jeffrey noted that for the last two months, the Bank of New York (BONY) has been unable to send the City and RDA trust statements to the City Treasurer's Office over the Internet. Consequently, Mr. Jeffrey has had to request that BONY send the trust statements, in hard copy form, by courier. This has caused delays in the preparation of the City's monthly investment report. Mr. Jeffrey indicated that he is working with BONY and SymPro to create a software program that will download the BONY trust data directly into the City's SymPro investment program, thereby resolving the bottleneck. Mr. Jeffrey presented the investment reports for August and September 2003 since the Investment and Finance Committee had not met in August 2003. Mr Jeffrey reported that, for the month ended August 31, 2003, the book value of the City Portfolio was approximately $185.3 million. The City earned approximately $211,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.43%. For the month ended August 31, 2003, the book value of the RDA Portfolio was approximately $123.3 million. The RDA earned approximately $146,000 in interest during that month. Portfolio yield-to-maturity was approximately 1.26%. For the month ended September 30, 2003, the book value of the City Portfolio was approximately $183.4 million. The City earned approximately $176,000 in interest during that month. Portfolio yield-to-maturity was approximately 1.62%. 2 102201. pd INVESTMENT & FINANC,OMMITTEE MINUTES October 22, 2003 For the month ended September 31, 2003, the book value of the RDA Portfolio was approximately $152.9 million. The RDA earned approximately $161,000 in interest during that month. Portfolio yield-to-maturity was approximately 1.28%. Mr. Spiegel asked why the book value of the City Portfolio fell from $185 million to $138 million in September 2003. Mr. Jeffrey attributed this decline to the payment of $11.6 million in City debt service; the payment of several large check items; and a one-time $33.5 million from the City Portfolio to the RDA Portfolio to reflect the creation of a separate C.A.M.P. account for the RDA. Previously, City and RDA monies had been commingled in a single C.A.M.P. account. The segregation of City and RDA monies would make interest allocation much easier. Mr. Jeffrey observed that the inclusion of RDA monies in the City Portfolio via a single C.A.M.P. account had skewed performance reporting for the City and the RDA Portfolios. With a $33.5 million transfer of short-maturity, lower- yielding monies from the City Portfolio to the RDA Portfolio, the yield performance of the former had improved while that of the latter had declined. Yield is calculated based upon a weighted average of the yields of all portfolio investments. Motion made by Mr. Wood and seconded by Mr. Campbell that the Investment and Finance Committee forward the Investment Schedules and Summary of Cash Reports for August and September 2003 to the City Council. B. Quarterly Account Statements on Deferred Compensation Plans Mr. Jeffrey presented to the Deferred Comp statements from Nationwide and from ICMA for the quarter ended June 30, 2003, to the Committee. These statements were strictly an informational item since the City is not involved in the administration of the plans. City employees determine how much of their money they will invest; the investment option; and the plan administrator. Mr. Spiegel asked what was the difference between a contribution and a roll- in. Mr. Espinoza said that a roll-in is where funds are taken from ICMA or another entity (i.e., a 401 K plan) and transferred to Nationwide. Mr. Spiegel asked what percentage of the employees contribute to Deferred Comp. Mr. Espinoza responded that he believed that at least 80 percent of the employees participate in the plans. 3 102203.wp0 INVESTMENT & FINANC•OMMITTEE MINUTES October 22, 2003 Mr. Campbell asked what the vesting schedule was. Mr. Spiegel responded that City employees are 100 percent vested from Day One. This is a voluntary tax-deferred program offered to the employees. The monies are taxed when the employees withdraw them. C. State of California Local Agency Investment Fund Balance for the month of September 2003 Mr. Jeffrey said that the City and the RDA continue to invest the maximum amount in their respective L.A.I.F. accounts. D. California Asset Management Program (CAMP) September 2003 Statements Mr. Jeffrey said that, for the first time, there are two statements from C.A.M.P.: one for the City and one for the RDA. As of September 2, 2003, the RDA C.A.M.P. statement showed a fund transfer in the amount of$33.5 million. E. City and Redevelopment Agency Monthly Financial Report for City Council for September 2003 Mr. Espinoza said that Mr. Gibson was not able to attend the committee meeting. If there were any questions he could not answer, Mr. Gibson would be attending next month's committee meeting and would answer their questions then. Mr. Spiegel said that the sales tax and transient occupancy tax shown on the report is considerably more than was budgeted. He asked what "accrued to prior year" meant. Mr. Espinoza said that it is an entry that has not been made by staff to offset the money that came in for last year. On June 30, staff closes the books. Money received in July, August and September and is entered in the 2004 books. Once the books for 2003 are completed, those amounts are taken out. At this time, the amounts are showing up twice, in the 2003 and 2004 books. When the 2003 book is closed, these amounts will disappear. Mr. Spiegel said that it would mean that the amount would go down. Mr. Espinoza said that Mr. Gibson has assured him that sales tax, and TOT is up from last year. Ms. Benson asked if on 33% indicated for the DMV, the Committee needs to present anything in writing to indicate that they protest. If there is a refund and the City gets it, does the committee need to be on record if they don't accept it. Mr. Ortega said that he thinks that the State short-changed the City in July, however, they will catch up. He will speak with Mr. Gibson tomorrow regarding this matter and he will have Mr. Gibson e-mail the information to Ms. Benson. 4 f02203,w d INVESTMENT & FINANC,OMMITTEE MINUTES October 22, 2003 Ms. Benson said that she was concerned that it needed to be on record that the City knows that the refund is short and that the City will be receiving the difference soon. Mr. Espinoza said that he believes that the State is going to make the City whole soon. He will speak with Mr. Gibson to have him e-mail the information. Mr. Spiegel said that he would like to be included in the e-mail. Mr. Spiegel said that the expenditures shown for Public Safety under actual encumbered are higher than that budgeted for prior year and if this amount would also decrease. Mr. Espinoza said that "encumbered" means that Mr. Gibson has set aside funds in the budget item account. He is basically saying that as of today, he thinks the expenditures for police will be $9.2 million for the year. Every month that goes by, he will draw down from that encumbrance. This ensures that he does not go over budget for the year. Mr. Spiegel said that on year to date actual, it shows $1.534 versus a budget of $4.19. Mr. Espinoza said that he needs to check as it could include expenditures that should be reversed in the 2004 year. Next month's report will be more accurate as the books will close this month. Mr. Ortega said that staff had anticipated that by now, the City would pay the amount indicated. Mr. Espinoza said that, last year, the County of Riverside was behind in billing the City. Mr. Gibson might have thought that on a cash basis, the County would have only billed us once or twice. Mr. Campbell said that the first column, original budget, $12.148 is indicated then, it goes to $9.281 which is, basically, the difference for what was paid out for July, August and September. Mr. Espinoza said that the year to date actual is what was paid out. This is cash that has gone out of the City. Mr. Ortega said that the County has probably only billed for July and August. Mr. Campbell said that Mr. Gibson is running the budget down as if the City had been billed. Mr. Ortega said that the encumbrance means that the City has a contract to pay. The money is encumbered towards that contract. Mr. Espinoza said that the money has been set aside so that it will not be touched. Mr. Campbell said that he saw the difference and it looks like it is payment for three months as $12.148 is $1 million per month. Mr. Espinoza said that last year, $.396 was for one month. Last year they were consistent with not billing on a monthly cycle. At the end of the fiscal year, the County was able to bill by the time the next month arrived. Mr. Ortega said that the what is really important and needs to be looked at is how much was budgeted. When staff looks at what was anticipated to be used, there is no control over when money will be expended. 5 102203,w d INVESTMENT & FINANCSOMMITTEE • MINUTES October 22, 2003 Mr. Wood asked what would happen if the City went over budget. Mr. Ortega said that it was possible, however, it would not happen as the City has a contract. When the budget is adopted, the County is informed as to what was budgeted for them and it is based on the manpower and equipment. The only way that the City would have to pay more is if there is an activity that was not anticipated, staff will go to the Council to amend the budget. There is practically no way that they can overbill where the City would not have the money, unless the City authorizes a new activity and forgets to adjust the budget. Mr. Spiegel said that if there were a bikers' weekend and additional manpower was needed, it would warrant additional funds. Mr. Ortega said that the City has a contingency amount built into the contract for such events. Motion made by Mr. Wood and seconded by Mr. Campbell to forward to the City Council the City and Redevelopment Agency Monthly Financial Report for September 2003. F. Parkview Professional Office Buildings - Financial Report for September 2003 Mr. Espinoza introduced Anthony Hernandez and said that he is the Senior Financial Analyst that handles the Parkview Office Complex. Mr. Spiegel asked if there were any problems at Parkview. Mr. Hernandez said that everything is running smoothly. He said that he has noticed a 15% - 20% savings in the electric bill. Mr. Ortega said that the County Supervisor has asked the City if it can make 3,000 square feet available as they will be required to move all administrative functions out of the County court house. This is an excellent opportunity for the City to have a reliable source of revenue. The City will try to accommodate the County by moving tenants to other offices to make space available. The other option for the City to consider is to build more office space. Mr. Espinoza said that the next capital projects that will be undertaken will be the parking lot resurfacing which will commence in November. Mr. Spiegel asked what the County was going to do with the space that is being vacated at the court house. Mr. Ortega said that the space will go to other county departments. Motion made by Mr. Wood and seconded by Mr. Campbell to forward to the City Council the Parkview Professional Office Buildings - Financial Report for September 2003. 6 102203.wpd INVESTMENT & FINANCfffiOMMITTEE MINUTES 0 October 22, 2003 G. Palm Desert Golf Course Facilities Corporation Financial Information for September 2003 Mr. Young said that the restaurant and the golf has been separated. He said that on the third page of his report it shows the first quarter variance. This report shows what is being done in the next three months to recover the first quarter loss. The goal is to pick up by the end of the fiscal year. They are down to budget in revenues for the year by about $90,000. This is for the golf resort portion not the food and beverage. However, compared to last year, they are only down $14,000. The reason for the majority of the loss was due to the closing of the Firecliff Golf Course for overseeding. They lost some days in September. They will more than gain it back in October. They are predicting to beat budget by $60,000 in revenues in October for the golf resort. They are well ahead of budget. They are going to gain in the last week as there will be two golf courses open where they were budgeted to have one open. The golf courses are overseeded. They do not think it will be sold out, however, it will accommodate more people. It will not double the business, but it will increase revenue. They will be well ahead of last year's numbers by the end of October. The warm weather could affect the overseeding which in turn could affect the possible revenue. Mr. Campbell said that over the length of time it is still to Desert Willow's advantage as there will be a year here in there where the weather will be to warm or too cold. Mr. Young said that it seems to be staying warm later and later. They are scheduled to do the same next year as was done this year. As he goes through next year's budget process, he will do a mock budget to see where revenues come in. It is better for the bermuda grass to let it go as long as you can before you force it into dormancy and dollars can be saved because not as much will dry out. The percentage of seed to germinate will be better. The amount of work to prepare for overseeding would be less because it would be done later. This could save money for labor. He will figure out what will work best. He can move one of the golf courses back to the 151h of October and the other back to the 151h of November. In the meantime, he expects their revenue to be $40,000 to $50,000 ahead of last year. They will still be $40,000 short of budget by the end of October. Mr. Spiegel asked about the summer rates. Mr. Young said that the rates went up on October 1. He said that the rates for the whole summer are low and they are averaging $35 - $37 green fee due to the twilight golfers that come out to play after 3:00 p.m. The first few days of October the rates go up and golfers are shocked with the increase in price; the average rate goes from $35 - $70 (This is based on demand). There is less golf course available and due to the number of golfers coming in, the rates are increased. The rates 7 102203 wpd INVESTMENT & FINANCVOMMITTEE MINUTES 0 October 22, 2003 now are $130 if you play between 7:00 a.m. and noon, which a low percentage of golfers pay. There are also wholesalers that pay 20% off the price which is $104. Mr. Spiegel asked what rate the residents were paying. Mr. Young said that they pay $45. Ms. Benson asked if there was a report that shows the number of residents that play. Mr. Young said that there is a report. He said that there were 5,000 rounds in September which is about 4,700 which is consistent with prior year. The average dollar was down probably because the rate structure which focused more on increase in play during non-peak times such as between 12:00 p.m. and 1:00 p.m. They think that offering lower rates helped their rounds of golf. Last year, they had 4,700 rounds with two golf courses the entire month and this year the same amount of rounds was done with one golf course. He feels very strongly that if they had both golf courses open last month, they would have done another 700 to 1,000 rounds of golf. He hopes to gain in October what was lost in September. Majority of the reason they are $171,000 short with net operating income is due to the fact that they closed one golf course for early overseed. The labor overtime for October that fell in September, the seed cost and the additional sod that was purchased contributed to the budget shortage. They also had a seed purchase of $78,000 budgeted in November. Through December and early part of next year, they are looking at some expense savings and payroll adjustments to get money to get them consistent with budget by mid February. Ms. Benson said that she would like to know what the number of residents that play. Mr. Hernandez said that it averages about 27%. Mr. Young said that the numbers can be deceiving. In the summer time, they have numerous specials and they sometimes charge the residents the twilight fee as it is the same rate of$25. Mr. Young said that they are looking at doing something in the patio. At this time they have an eight foot banquet table that serves as a serving stating to refill waters, etc. It looks very tacky. They are looking to build some units and increasing the bar size. Brian from food and beverage has put together a design for a bar that they can use as a serving station outside in the afternoons and for parties they can roll it inside and it can double as a bar. It will help a lot. Brian will have some of the stone work that is on the outside of the clubhouse and the dark mahogany wood that is located inside the clubhouse built into the bar. He believes that it will be a very nice looking piece. Mr. Spiegel asked if there would be a second bartender. Mr. Young said that at the parties they plan to have a second bartender. For some parties, an additional bar service can be charged. This will also increase the amount of drinks they sell as people will not be waiting in line as long. 8 102203.wpt1 INVESTMENT & FINANCIffiOMMITTEE MINUTES October 22, 2003 Mr. Young said that the golf channel is airing the Frank Sinatra Celebrity which is a one hour show. It is a nice piece that shows a golf professional that raves about Desert Willow, the public golf course, owned by the City of Palm Desert; the best public golf course he has ever seen. He makes a very strong statement. They are sending Mr. Young three videos, one will be kept on site, one will be sent to Kemper and the other one will be sent to the City. In addition, an episode of the NBC reality show "Joe Average" was taped at Desert Willow. NBC was not charged to tape at Desert Willow as they will say "Desert Willow in Palm Desert". The show will air in early November. Also, the final episode of the Subaru event will air throughout the bay area. Mr. Wood said that the report provided to the committee only shows the loss. Mr. Young said that they make money January, February, March and April. They are hoping to break even two or three of the months. Mr. McCarthy asked if the report is based on an operating basis or fully depreciated. Mr. Hernandez said that before depreciation it shows a positive net income. Mr. Wood asked if the report shows the monies being received from the condos. Mr. Hernandez said that it does not include those monies. Mr. Ortega said that Finance has a report that shows the total Desert Willow operation. Mr. Spiegel asked Mr. Espinoza to bring the report to the next meeting. Mr. Young said that they applied to be included in the 'Top 100 golf shops" this year. He does not know if they will receive the award because the sales per square foot are not quite there yet. They hired a photographer to take the photos and sent in a book. Typically, the first year one applies you do not receive an award. The idea is to start applying now, that way when the hotel comes in and the dollars per square foot and per round start to climb and cost of goods start to improve they will qualify. The cost of goods were 56% last month. Even though the total sales and dollars per square foot are not sufficient to get into the top 100, the facility itself is sufficiently stunning to be considered. He thinks it may be a couple of years before an award is received. Mr. Spiegel asked about the sale Desert Willow recently held. Mr. Young said that at the academy, the sale went rather well. The stock is at about half of what it was three years ago. They have a small sales rack with 20% off. They sold well below cost and got rid of about $6,000 to $7,000 worth of product at cost that was up to three years old. They plan to have another sale in the late or early summer. Motion made by Mr. Campbell and seconded by Ms. Benson to forward to the City Council the Palm Desert Golf Course Facilities Corporation Financial Information for September 2003. 9 102203.wpd INVESTMENT & FINANCf#OMMITTEE MINUTES October 22, 2003 Vill. 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. Espinoza said that no report was being presented to the committee. X. NEXT MEETING - Wednesday, November 26, 2003 at 2:00 p.m. XI. ADJOURNMENT There being no further business, the meeting was adjourned by Mr. Campbell at 2:52 p.m. Respectful) submitted, Din eal, Re ring ecretary 10 102203.wptl CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE AGENDA October 22, 2003, 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 September 24, 2003, as submitted. Action: 1 f02203.w d INVESTMENT & FINANCEOMMITTEE • AGENDA October 22, 2003 VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for August and September 2003 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for August and September 2003. Action: B. Quarterly Account Statements on Deferred Compensation Plans Rec: Informational item for the Committee to review. No action required C. State of California Local Agency Investment Fund Balance for the month of September 2003 Rec: Informational item for the Committee to review. No action required D. California Asset Management Program (CAMP) September 2003 Statements Rec: Informational item for the Committee to review. No action required E. City and Redevelopment Agency Monthly Financial Report for City Council for September 2003 Rec: Report and submit to City Council Action: F. Parkview Professional Office Buildings - Financial Report for September 2003 Rec: Review and file report Action: 2 102203.wpd INVESTMENT & FINANCE C01 ITTEE AGENDA October 22, 2003 G. Palm Desert Golf Course Facilities Corporation Financial Information for September 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, November 26, 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 x ulletin board not less than 72 hours prior to the meeting. Dated this 1 h da Oct er, 2003. is a Leal a or ing Secretary 3 102203.wpd • CITY OF PALM DEST �•'� INVESTMENT & FINANCE COMMITTEE Minutes September 24, 2003, 2:00 p.m. North Wing Conference Room I. CALL TO ORDER A regular meeting was called to order by Chairman Gibson on Wednesday, September 24, 2003 at 2:08 p.m. II. ROLL CALL Present: Absent: Paul S. Gibson, Finance Director Dave Erwin, City Attorney Jean Benson, Mayor Bob Spiegel, Mayor Pro-Temp Thomas Jeffrey, Deputy City Treasurer Carlos Ortega, City Manager Bill Veazie Everett Wood Murray Magloff Russ Campbell Also Present: Steve Aryan, Assistant to the City Manager Justin McCarthy, ACM/Director of Redevelopment Rodney Young, General Manager Desert Willow Diana Leal, Recording Secretary Guests: None III. ORAL COMMUNICATIONS None. IV. COMMITTEE MEMBER REPORTS None. 1 92403,w d INVESTMENT & FINANCE COMITTEE • MINUTES September 24, 2003 V. CONSENT CALENDAR A. Approval of Minutes Motion was made by Mr. Spiegel and seconded by Mr. Veazie to approve the Minutes of the July 23, 2003 meeting as submitted. VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for July and August 2003 Mr. Jeffrey said that Bank of New York had not yet sent the City the trust data for August 2003. Consequently, Mr. Jeffrey could not present an investment report for that month. Mr Jeffrey reported that, for the month ended July 31, 2003, the book value of the City Portfolio was approximately $175,337,000. The City earned approximately $215,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.46%. For the month ended July 31, 2003, the book value of the RDA Portfolio was approximately $100,551,000. The RDA earned approximately $136,000 in interest during that month. Portfolio yield-to-maturity was approximately 1.56%. B. Refection of all "Primary Dealer Requests for Information" that the City has received for a primary securities dealer vacancy Mr. Jeffrey stated that, pursuant to City policy, a Primary Dealer Request for Information (RFI) had been sent to numerous brokers who had expressed an interest in doing business with the City. Eight brokers from seven firms had responded. The City was seeking a primary securities dealer with an institutional office, per City policy. Seven of the eight applicants did not qualify on that basis. Problems also emerged in the areas of capital adequacy, broker licensing in the State of California, and good faith acceptance of the terms and conditions of the City's Investment Certification. In all eight cases, documents and/or information that the City required was missing, triggering automatic rejection of all eight broker applications under the RFI's provisions. Consequently, the City's Treasurer's Office could not recommend any of the eight brokers for the vacant fifth broker position. 2 92403.wpd INVESTMENT & FINANCE I�MITTEE • MINUTES September 24, 2003 Mr. Magloff asked who the City's current authorized brokers were. Mr. Jeffrey named Citigroup, Morgan Stanley, Merrill Lynch and Wells Fargo Bank. Mr. Spiegel asked if the City could conduct its securities business with just four brokers. Mr. Jeffrey responded that this had basically been the situation for the last year-and-a-half. The City Treasurer's Office had distributed the RFI for the fifth vacant broker position because it was obligated to do so under the City's Statement of Investment Policy. Mr. Spiegel commented that it probably did not make sense to retain a fifth broker, based upon the City's current level of business activity. Motion was made by Mr. Spiegel and seconded by Mr. Campbell to recommend that the number of authorized brokers in the City's Statement of Investment Policy be changed from five to four. Motion carried. C. Approval of Revisions to Palm Desert Treasury Policies and Procedures 2003 Mr. Jeffrey said that revisions to the policies and procedures are made annually. Any items deleted strikeouts were used and redlined was used to indicate the additions. For policy 7, broker dismissal, two items were added with regard to turnover and the notification to the City in a timely manner with anything that will affect the broker-client relationship (i.e. bankruptcy or a change of account officers). Mr. Gibson said that the City experienced this with a previous bank that did not notify the City of the officer that left or who would handle the account. Mr. Jeffrey said that the corrections are primarily account title changes. Mr. Spiegel asked what happened with number 15. Mr. Jeffrey said that#15 is fine-tuned each year. It deals with how the City allocates interest. It is very technical and requires a set of series of steps that the City goes through using a computer program utilizing excel spreadsheets. Each year this section becomes more exact. These are basically operating guidelines to assist in making decisions. Mr. Gibson said that the reason this information is included in the policy is that they provide this information to the auditors. The auditors want to see a written policy of what the City's procedure is for allocating interest to all funds. Mr. Wood said that he thought that the policies and procedures manual really add to the audit report. The reports are so detailed that he doesn't believe that there is room for a misunderstanding. Mr. Gibson said that Councilman Dick Kelly has requested a copy so that he can forward it to Sunline as they are implementing similar policies. 3 92403.wp0 INVESTMENT & FINANCE COMITTEE • MINUTES September 24, 2003 Motion was made by Mr. Spiegel and seconded by Mr. Campbell to approve revisions made to the Palm Desert Treasury Policies and Procedures 2003 . Motion carried. D. Palm Desert Statement of Investment Policy 2004 Mr. Jeffrey said that the policy was being provided to the committee early. The cover memo, page 10, number 8, the proposal is to lengthen the maturity from three years to five years. Previous to about 2 years ago the City went out to five years and then it was decided to bring it to three years because it is generally a buying year. When the City recently went out to purchase Ford to fund the retiree health program, there was a delay of four to six weeks as staff had to present it to council for approval. This caused the City money. That is when staff thought that there should be language in the policy in case there is a need for a special request. Staff could immediately move on the request as opposed to having to go through the approval process. The other thing was that they got into a trading situation on the concentration as the state code does not have a concentration on the medium term notes. The City put in a 10% limit. When the City got up to 10% in Ford, there was approximately $2.5 million they had to invest. They really did not want to purchase General Motors because they thought they would only buy Ford. However, when they looked at all the alternative yields, it is where the money went. This money would turn over in short term. Their thinking was raising the concentration as they rather concentrate the risk in one company that they have done a lot of home work on than accidently get into a spill-over situation in another company. This is the reason for asking for going from three to five years and from 10% to 15%. Mr. Wood asked if the City regulated what was being purchased. Mr. Gibson said that staff provided a list of what companies the City will be looking at. Mr. Jeffrey said that Ford is not a choice which would have been made under a traditional market conditions. The rules went out the window a couple of years ago. This will give the City a little more flexibility should an unusual situation rise. Mr. Ortega said that this is a limit. Ms. Benson asked if the City participated in mutual funds. Mr. Jeffrey said that the City is in CAMP which is local agency funds and AIM which is mutual funds. This is where most of the City's liquid assets and trust accounts are located. Mr. Gibson said that the mutual funds are not in the stock market they are in money market funds. Mr. Jeffrey said that the City cannot buy stock under the code in any form whatsoever. The City does not even get into bond mutual funds as they do not have a fixed maturity as individual funds do. Mr. Jeffrey said that a section could be added into the policy that deals with stocks and bonds. Mr. Gibson said that maybe a specific definition can be included. Mr. Campbell said that #9 states money market. Mr. Jeffrey said 4 sz4oawua INVESTMENT & FINANCE C�ITTEE • MINUTES September 24, 2003 that section 8.1 indicates the prohibited investments. The City cannot buy any bond mutual funds, equity securities, stock mutual funds cannot be purchased. The City can buy bonds just not the mutual fund bonds. Motion was made by Mr. Spiegel and seconded by Mr. Campbell to approve the Palm Desert Statement of Investment Policy 2004 as submitted. Motion carried. E. State of California Local Agency Investment Fund Balance for the month of August 2003 Mr. Gibson said that all of the City's accounts are invested to the maximum limit. F. California Asset Management Program (CAMP) August 2003 Statements Mr. Gibson said that CAMP is close to being invested to the maximum limit. He said that each time there is a withdrawal, it is typically for expenditures at city hall (i.e. accounts payable, wires for debt service, etc.). Mr. Ortega said that this is a secondary fund that was opened due to fear that the State would freeze assets located in the Local Agency Investment Fund. G. Enactment of SIB 787 (Baffin) Mr. Jeffrey stated that SIB 787 (Baffin), which the City had sponsored, had been signed into law by Governor Davis, without any opposition. The City of l.os Angeles, the California Association of County Treasurers and Tax Collectors, and the Sacramento Municipal Utility District had officially supported the bill. The State Treasurer's Office had worked with the City Treasurer's Office in drafting it. As a result, effective January 1, 2004, the City would be legally authorized to buy asset-backed commercial paper, which is now 55% of the overall commercial paper market. Mr. Gibson said that staff would prepare a list of prospects for asset-backed commercial paper purchases, that would be presented to the Investment and Finance Committee for review and approval. Mr. Spiegel enquired about the safety of LAIF funds if the State were to default upon its bonds. Mr. Gibson responded that LAIF should not be affected since the City of Palm Desert had sponsored SIB 68 (Baffin) in 2002, which had been enacted, and which had dealt with this very issue. 5 92403.WAd INVESTMENT & FINANCE C�ITTEE • MINUTES September 24, 2003 Mr. McCarthy enquired about the liquidity of LAIF if a financial catastrophe were to occur at the State level. Mr. Jeffrey responded that SIB 68 (Baffin) had completely removed LAIF monies from the State appropriation and budget process. SIB 68 had also added language to the Government Code, which clearly stated that the State Treasurer held local agency monies in trust. SB 68 had been enacted with the State Treasurer's support, and without opposition. H. Citvand Redevelopment Agency Monthly Financial Report for City Council for August 2003 Mr. Gibson said that he received the sales tax report from May to August. It was up 11% cash-wise ($366,000 over last year). He said that he thinks it may have come from sales at Westfield Shopping mall. Mr. Spiegel said that the Gardens on El Paseo were doing well. Mr. Gibson said that the numbers presented are for August. The biggest footnote regarding revenues is that staff has not adjusted for the accruals to compare the difference to last year. Staff is waiting for the final numbers which will be provided by the auditors. Mr. Gibson said that the "triple flip" whereby the State takes 50% of the sales taxes and gives the City back the money in property taxes. However, the state has to appropriate the money in order to give it to the City. If the state does not appropriate the money, the money does not have to be given back to the City. The general fund is a wash, accounting-wise and cashflow-wise. Mr. Spiegel said that the triple flip will not start until July of 2004. He expects that there will be more changes between now and then. He said that he understands that the City of Cerritos is suing. Hopefully, the League of California Cities will be placing an amendment to the California Constitution in the November election stating that the State cannot take any money from the cities without the majority of the California voters agreeing to it. Mr. Gibson said that one step that the City is taking is on the transient occupancy tax (TOT). The City is planning on going to the voters to have the TOT increased under a two-tier system whereby the commission hotels pay a higher rate than the non-commission hotels. This will increase the City's revenues. He received a report on all the cities in the State of California for all the commission hotels. They are charging 10% throughout the State of California. The City of Palm Desert is one of the cities that charges the least for TOT. Staff will present a report to the Council. Mr. Ortega said that whether there is a change to the fee or not, the matter needs to be presented to the voters for ratification. 6 92403.wp0 INVESTMENT & FINANCE CWITTEE • MINUTES September 24, 2003 I. Parkview Professional Office Buildings - Financial Report for July and August 2003 Mr. Gibson said that they are close to 100% occupancy. They received notification from one tenant that she is retiring and wants to get out of her lease. They have a prospective tenant that would like to take over the lease. Due to the installation of the roof, the August energy bills were down 20%. He is very impressed with the work done by Petronella Roofing. J. Palm Desert Golf Course Facilities Corporation Financial Information for July and August 2003 Mr. Young said that the numbers compared to prior year indicates that the revenues are up. They are not up as much as budget. In he last four years, they have had issues with the greens in the summer time due to the transition and the bermuda coming in. Even though they budgeted, once again this year they experienced problems. They are conducting numerous analysis of the turf along with soil samples in hopes of finding a solution to plan for next year. They changed the program two years ago. They were told it would be a two to three year program. He said that the Fire Cliff transitioned much better this year. Last year they had issues at both golf courses. Mr. Young said that the payroll and expenses are over in the golf course maintenance area which is a bad combination when the revenues are short of budget. They budgeted $8,000 for the normal heavy compacted areas, edge of the greens and perimeters, however, they spent close to $20,000. The greens for Mountain View were completely re-sodded. Mr. Spiegel said that the food and beverage is doing well. He said that there was some discussion about increasing the size of the bar area and asked if this was still being considered. Mr. Young said that there is no concrete solution. The biggest issue, as far as the operation standpoint, is when they hold large events. In season, they have up to 200 covers. Local business people stop by to have lunch. In addition, various groups come in at the same time and the bar cannot be used. There is discussion of re-doing the snack bar to accommodate the golfers on a regular basis. An option is to close down the restaurant at certain times to free up the bar. Another option would be to increase the banquet size so that banquets can have another bar at the end of the hallway or in another building. There are various solutions. They will need to take into account what the hotel will do and how it will affect the dynamics of the operation. Mr. Spiegel said that when there are banquets there is a loss of revenue because the bar is not available. Mr. Young said that temporary bars are set up from time to time on the banquet tables. They have been looking at a portable bar that can be used outside for a serving station during busy 7 9240Z.Pd INVESTMENT & FINANCE MITTEE MINUTES • September 24, 2003 lunches. It costs about $8,000-$9,000 to get the front and back bar to provide better service. They are hoping to obtain more bids to bring to the City to see what direction the City would like them to take. Mr. Young said that the golf shop continues to do better. Revenues are up. Costs of goods are about the same. He said that their director of golf left. They are looking for a new director. Mr. Campbell said that the golf shop has dropped from being number one to number two. Mr. Young said that Bandon Dunes of Oregon, which Kemper Sports manages and is part owner of, now has the number one ranked and number four ranked golf courses in the country. It does very well. They say that it is the only golf course in the united states that is truly like european/british golf. Huge groups from Britain traveled to Oregon to experience the golf. It is a unique facility that is a two and a half hour drive from the nearest airport. Once you arrive, you stay at a lodge. Where Desert Willow gets $9 - $10 per round in merchandise, they get about $30. They have a uniqueness as did PGA West when they first opened. Mr. Young said that because of the condition of the greens on the Mountain View golf course overseeding was moved up a week. A lot of the overtime and expenses that were budgeted for October were moved to September. Because it closed in September rather than the 151 of October, a few weekends went to revenue thus revenues will be quite a bit short in September. They will be over in expenses and payroll significantly. They will gain it back in October by not having the expenses and payroll. They will also gain seven days in October which is a month of much higher demand. At the next meeting he will provide the September actuals along with a forecast for October. He expects to be back on track on the 15' of November. Mr. Magloff asked if the scalping of the course is done for overseeding. Mr. Young said that they do scalping and it is a very expensive item. Mr. Magloff asked if there were a way to obtain more expensive grass that does not require scalping. Mr. Young said that there are a lot of companies offering products that claim to not require scalping. He believes that a breakthrough will happen, however, it has not happened to date. The grass would have to be tested. He does not know if it is a grass that can be put on an existing golf course that can compete with the bermuda grass and not be damaged in the winter or summer time. Mr. Ortega said that he agrees with Mr. Young that one of these days a hybrid grass will be developed. U.C. Riverside is experimenting with various types of grasses. The problem that Desert Willow has is that the grass they install will need to withstand 130' as well as 25°. Ms. Benson asked about the covered parking. Mr. Ortega said that Council will be receiving a study involving ways to cut back to save energy. One of the proposals is to cover a large part of the Desert Willow parking lot because they 8 92403.wpa INVESTMENT & FINANCE C?#ITTEE MINUTES September 24, 2003 fall under a category whereby if they use more kilowatts, they receive a penalty. The proposal includes several retrofits at Desert Willow. The cover will provide shade and save energy. Mr. Wood said that condos in that development are paying a fee. He asked where the money was being expended. Mr. Gibson said that the money was placed into a special fund that pays for all the construction maintenance items that need to be done at Desert Willow. The company that contributes is Intrawest. The City has spent approximately $3 million in the last 4 years toward capital projects. Mr. Young said that at the end of the year they make money even though they lose money in the summer time. Mr. Wood asked if this was being done for a reason. Mr. Gibson said that this is done for the auditors and finance officer's group as this is an enterprise fund which requires depreciation. Mr. Ortega said that the reason for the account to be shown as such is that when the deal was negotiated with Kemper, it was agreed that Kemper would receive a fee, and over a certain revenue, the City would receive additional money. When it was negotiated, the City did not count the money coming in as revenue. Kemper does not get a percentage of the money that is received from other agencies. Vill. 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. Gibson said that two bonds were issued in July (Project Area No. 1 and Project Area No. 3.). Mr. Coleman is at a bond buyer's conference and was unable to attend the committee meeting. Mr. Gibson said that they did very well due to the current interest rates. The City took advantage of the low rates and were able to obtain new money to be able to fund other projects. X. NEXT MEETING - Wednesday, October 22, 2003 at 2:00 p.m. 9 92403,"d INVESTMENT & FINANCE MITTEE MINUTES . September 24, 2003 XI. ADJOURNMENT There being no further business, the meeting was adjourned by Mr. Veazie at 2:51 p.m. Respectfully submitted, Diana Leal, Recording Secretary 10 92403.wpd ♦ _ y ��`k a�;y,; 9, Lei �t . Dgs'®' _ ��Y.. n� Firy a ent Agent: Rortfoli s - ` 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 16 September and decided to keep the Federal Funds Rate at one percent. The FOMC commented that it still viewed the risk of deflation as its predominant concern for the foreseeable future. The stock market has hit its highest level in 2003, supported by booming department store sales and declining national unemployment. In contrast to prior rallies, this one appears to be broad-based and not dependent upon a single economic sector (e.g.,technology). The theory that modern presidential elections generally correspond with a period of favorable economic growth appears to be playing out. The question now is whether the recovery is sustainable. During the month of September, the City Portfolio decreased by approximately$46.8 million and the RDA Portfolio increased by approximately$29.6 million. The decline in the City Portfolio reflected a one-time transfer of$33.5 million to the RDA Portfolio;the payment of$7.9 million of City debt service; and the payment of several large outstanding checks. The $33.5 million transfer was made in order to record the opening of a separate CAMP account for the RDA. Previously, City and RDA monies had been commingled in a single CAMP account. Pis tiawP4 c.c.M r. Treasurer PORTFOLIO STATISTICS Dollars in Thousands SEP-03 AUG-03 JUL-03 JUN-03 MAY-03 APR-03 CITY Month-End Book Value- $ 138,363 $ 185,209 $ 175.837 $ 178,187 $ 181,221 $ 156,385 Month-End Market Value"' $ 138,561 $ 185,222 $ 175,744 $ 178,198 $ 181,196 $ 166,385 Paper Gain (Loss) $ 198 $ 13 $ (93) $ 11 $ (25) $ - Prior Year Book Variance $ (32,060) $ 4,466 $ (13,531) $ (17,680) $ (7,959) $ (8,227) Interest Earnings $ 176 $ 211 $ 213 $ 225 $ 199 $ 185 Yield-To-Maturity 1.62% 1.43% 1.46% 1.58% 1.62% 1.45% Weighted Maturity(Days) 93 69 71 71 69 1 Effective Duration 0.19 0.14 0.15 0.16 0.16 0.00 RDA Month-End Book Value "' $ 152,893 $ 123,315 $ 100,551 $ 99,266 $ 102,557 $ 103,387 Month-End Market Value"" $ 155,033 $ 125,431 $ 102,881 $ 101,611 $ 104,887 $ 105,700 Paper Gain (Loss) $ 2,140 $ 2,116 $ 2,330 $ 2,345 $ 2,330 $ 2,313 Prior Year Book Variance $ 53,672 $ 23,190 $ (14,515) $ 6,618 $ (1,091) $ (2,671) Interest Earnings $ 161 $ 146 $ 136 $ 144 $ 152 $ 137 Yield-To-Maturity 1.28% 1.36% 1.56% 1.71% 1.71% 1.74% Weighted Maturity(Days) 82 102 139 140 135 132 Effective Duration 0.04 0.06 0.07 0.08 0.08 0.09 "' Omits SLGSs. City of palm Desert- portfolio Characteristics• 30 September 2003 Dollars in Thousands Ageing Interval Market Value < 1 M $ 61,950 General Fund Ageing <2M - <3M - 100 <6M 5,393 60 60 < 1 Y R 4,636 <2YR o <3YR - 40 <4YR 5,786 a0 <5YR 20 >5YR 0 0 0 7 6 0 Total: $ 77,765 <1M <2M <3M <6M <1YR <2YR Ratings Market Value Credit Quality AAA AAA $ 41,47232°/O Unrated" 72,786786 BBB 15,962 A BBB Unrated•• Al/Pi 12°r 56 i Total: $ 130,220 Sector Market Value Asset Allocation LAW Money Market Funds 41,472 ' 31% LAIF 40,000 RDA Loan 32,786 MTNs 15,962 Money Market Federal asuryAgency Funds ® RDA Loan 50/6 Federal Agency - 25i> Commercial Paper - Total: $ 130,220 MTNs 12% Month City Yield LAIF Yield Variance performance Oct02 2.15 2.49 -0.33 Nov 2.00 2.30 -0.31 2.9 Dec 1.93 2.20 -0.27 Jan03 1.63 2.10 -0.47 2.5 Feb 1.63 1.95 -0.32 7 Mar 1.48 1.90 -0.43 'a 2.1 Apr 1.45 1.86 -0.41 5. 1.7 May 1.62 1.77 -0.15 Ell Jun 1.58 1.70 -0.12 1.3 Jul 1.46 1.65 -0.20 Oct02 Nov Dec Jan03 Feb Mar Apr May Jun Jul Aug Sep Aug 1.43 1.63 -0.20 Sep 1.62 1.64 -0.01 INLAIF Yield E3 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 September 2003 Market Ratings rParyaIu-e7 Issuer Coupon Ma-tu-777 Cost YTM Price Value I Moody's S&P Medium-Term Notes $ 3,300,000 FORD MOTOR 5.75 2/23104 $ 3,341,836 2.48 101.63 $ 3,353,952 A3 BBB $ 3,000,000 FORD MOTOR 7.20 6/15/07 $ 3,141,664 5.75 107.78 $ 3.233,343 A3 BBB $ 2,500,000 FORD MOTOR 7.20 6/15/07 $ 2,618,053 5.75 107.78 $ 2,694,453 A3 BBB $ 2,500,000 FORD MOTOR 7.50 6/15/04 $ 2,580,330 2.84 103.24 $ 2,580,983 A3 BBB $ 2,000,000 FORD MOTOR 6.70 7/16/04 $ 2,054,367 3.17 103.43 $ 2,068,584 A3 BBB $ 2,000,000 GENERAL MOTORS 6.38 1/30/04 $ 2,028,363 2.04 101.55 $ 2.031,098 A2 BBB $ 15,3 00,000 Subtotals $ 15,764,613 3.77 $ 15,962,412 LGIP $ 40,000,000 L.A.I.F. 0.00 10/1/03 $ 40,000,000 1.64 100.00 $ 40,000,000 NR NR $ 40,000,000 Subtotals $ 40,000,000 1.64 $ 40,000,000 LGIP $ 21,285,379 C.A.M.P. 0.00 10/1/03 $ 21,285,379 0.90 100.00 $ 21,285,379 N/A AAA $ 21,285,379 Subtotals $ 21,285,379 0.90 $ 21,285,379 Pooled Funds--AIM $ 20,457,062 PRIME PORTFOLIO 0.00 10/1/03 $ 20,457,062 0.67 100.00 $ 20,457,062 Aaa AAA $ 20,457,062 Subtotals $ 20,457,062 0.67 $ 20,457,062 City Loan to RDA $ 32,785,480 CITY OF PALM DESERT 0.00 10/1/03 $ 32,785,480 1.64 100.00 $ 32,785,480 NR NR $ 32,785,480 Subtotals $ 32,785,480 1.64 $ 32,785,480 Total Investments $ 129,827,921 $ 130,292,534 1.62 $ 130,490,334 Cash $ 5,957,257 CITY MAIN CHKG 0.00 10/l/03 $ 5,957,257 0.00 100.00 $ 5,957,257 NR NR $ 1,833,969 OFFICE COMPLEX CHKG 0.00 10/1/03 $ 1,833,969 0.00 100.00 $ 1,833,969 NR NR $ 157,988 DESERT WILLOW CHKG 0.00 10/1/03 $ 157.988 0.00 100.00 $ 157,988 NR NR $ 22,293 OFFICE COMPLEX TRUST 0.00 10/1/03 $ 22,293 0.00 100.00 $ 22,293 NR NR $ 83,111 RECREATIONAL FAC CHKG 0.00 10/1/03 $ 83,111 0.00 100.00 $ 83,111 NR NR $ - VACATION INN CHKG 0.00 10/1/03 $ - 0.00 100.00 $ - NR NR $ 8,054,616 Subtotals $ 8,054,616 0.00 $ 8,054,616 Total Cash and Investments $ 137,882,537 $ 138,347,150 $ 138,544,950 NR=Not Rated Page 3 of 6 Palm Desert Redevelopment Agency- Portfolio Characteristics 30 September 2003 Dollars in Thousands Aaeina Interval Market Value < 1 M $ 96,77B Portfolio Ageing w/o SLGSs <2M <3M 100 <6M 180 90 80 <1YR 7,055 70 <2YR 0 60 <3YR $ 50 � ao <4YR y° 30 <5YR 20 7 10 0 0 0 0 0 0 >5YR 017-1 Total: $ 104,013 <1M <2M 43M <6M <1YR <2YR <3YR <4YR Quality Market Value CredR Duality AAA $ 91,956 Unrated" 60,791 AAA AA 60°/ A A1/P1 Unrated Total: $ 152,747 40% Sector Market Value Asset Allocation U.S.Treasury $ 7,259 Money Market Funds 84,697 Money Market LAIF 60,791 Funds Federal Agency 55% Commercial Paper Corporate Bonds - U.S.Treasury LAIF Total: $ 152,747 5% 40% Month RDA Yield LAIF Yield Variance Pertormance OctO2 2.23 2.49 -0.25 Nov 2.06 2.30 -0.25 Dec 1.95 2.20 -0.25 JanO3 1.76 2.10 -0.34 - 2.2 Feb 1.66 1.95 -0.28 Mar 1.64 1.90 -0.26 m Apr 1.74 1.86 -0.12 F 1.7 May 1.71 1.77 -0.06 Lik L I I Jun 1.71 1.70 0.01 1.2 W1.0111.11. K.IkLlil Jul 1.56 1.65 -0.09 OctO2 Nov Dec JanO3 Feb Mar Apr May Jun Jul Aug Sep Aug 1.36 1.63 -0.27 Sep 1.28 1.64 -0.36 ■LAIF Yield O RDA Yield ' Standard and Poor's Credit Ratings " LAIF and HighMark Sweep Page 4 of 6 Palm Desert Redevelopment Agency Portfolio Holdings 30 September 2003 Market Ratings Par Value Issuer Coupon Maturity Cost I YTM I Price I Value I Moody'sl S&P U.S.Treasury-Discount $ 181,000 UNITED STATES TREASURY 4.63 2115/04 $ 130,168 5.51 99.63 $ 180,329 Aaa AAA $ 7,143,000 UNITED STATES TREASURY 4.59 8/15/04 $ 4,989,671 5.54 99.10 $ 7,078,663 Aaa AAA $ 7,324,000 Subtotals $ 5,119,839 5.54 $ 7,258,992 LGIPs $ 40,000,000 L.A.I.F. 0.00 10/1/03 $ 40.000,000 1.64 100.00 $ 40,000,000 NR NR $ 9,644,975 L.A.I.F. BOND PROCEEDS 0.00 10/1/03 $ 9,644,975 1.64 100.00 $ 9,644,975 NR NR $ 4,969,078 L.A.I.F.BOND PROCEEDS 0.00 1011/03 $ 4,969,078 1.64 100.00 $ 4,969,078 NR NR $ 6,177,006 L.A.I.F. (HOUSING) 0.00 10/1/03 $ 6,177,006 1.64 100.00 $ 6,177,006 NR NR $ 60,791,059 Subtotals $ 60,791,059 1.64 $ 60,791,059 LGIP $ 33,523,920 C.A.M.P. 0.00 10/1/03 $ 33,523,920 0.90 100.00 $ 33,523,920 N/A AAA $ 33,523,920 Subtotals $ 33,523,920 0.90 $ 33,523,920 • Pooled Funds-AIM $ 51,173,062 PRIME PORTFOLIO 0.00 10/1/03 $ 51.173,062 0.67 100.00 $ 51,173,062 Aaa AAA $ 51,173,062 Subtotals $ 51,173,062 0.67 $ 51,173,062 Total Investments $ 152,812,041 $ 150,607,881 1.28 $ 152,747,034 Cash $ 1,961,802 HOUSING AUTH CHKG 0.00 10/1/03 $ 1.961,802 0.00 100.00 $ 1,961,802 NR NR $ 322,138 HOUSING AUTH TRUST 0.00 10/1/03 $ 322,138 0.00 100.00 $ 322,138 NR NR $ 1,543 COUNTRY CLUB CHKG 0.00 10/1/03 $ 1,543 0.00 100.00 $ 1,543 NR NR $ 2,285,484 Subtotals $ 2,285,484 0.00 $ 2,285,484 Total Cash and Investments $ 155,097,526 $ 152,893,365 $ 155,032,518 NR=Not Rated Page 5 o16 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 September 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 23 October 2003, ,aa d'S. CiilWM 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 I t 0.0% . 3.4% 53601(c) CA State Debt 5 Years No Limit Not Authorized 53601 d CA Local Agency Debt 5 Years No Limit Not Authorized 53601 a Federal Agencies 5 Years No Limit 5 Years 30% 0.0% 0.0% 53601 f Bankers's Acceptances 180 Days 40% 180 Days 40% 1 A-1 & P-1 - 53601 Commercial Paper 270 Days 25% A-1+or P-1 270 Days 25% A-1+or P-1 0.0% 0.0% 53601(h Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - 53601(i Re os 1 Year No Limit 30 Da Vs, 20% AAA&Aaa - 53601 Reverse Re os 92 Da s 20% Not Authorized 53601 j Medium-Term Notes 5 Years 30% A 5 Years 30% A 12.1% 0.0% 53601 k) Mutual Funds 90 Da s 20% AAA&Aaa 90 Days 20% (2 AAA&Aaa 32.0% 56.2% 53601 1 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 Securi 16429 LAIF No Limit No Limit 30.70/6 (1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 74.8% 100.0% 2) Maximum limit for mutual funds, excluding bond proceeds. Certified California Municipal Treasurer Page 6 of 6 �•� CITY OF PALM DESERT / OFFICE OF THE CITY TREASURER INTEROFFICE MEMORANDUM To: Members of the City Council Members of the Investment and Finance Committee From: Paul S. Gibson, C.C.M.T., City Treasurer Date: October 23, 2003 Subject: Quarterly Account Statements on Deferred Compensation Plans Enclosed are quarterly account statements from Nationwide Retirement Solutions and from ICMA Retirement Corporation on the 457 Deferred Compensation Plans that they are administering on behalf of the City of Palm Desert ("City"). They are for the quarter ending June 30, 2003. 1 am providing these statements to you for your review and information. The State Treasurer of California, Philip Angelides, has issued an opinion which states that local agencies should provide their governing bodies with periodic disclosure reports on all 457 Plan assets that are held in trust for employees. Although City employees determine: (1) how many of their cafeteria credits, if any, are to be applied to a 457 Plan; (2) who the plan administrator shall be; and (3) the investment option(s) to be selected, 457 Plan assets are technically considered to be City assets since they are held in the City's name. While this affords 457 Plan assets favorable tax treatment under the Internal Revenue Code, it also triggers a reporting requirement for the City. WMEFFREMORO 200MMEMORANOAIFINANCE COMMITTEEW57 PLAN ACCOUNT STATEMENTSAOC fkarterly Financial Report for • Your 457 Deferred Compensation Plan ICMA RETIREMENT CORPORATION 04/01/2003 through 06/30/2003 Paget at Important Notification for Wire Transfer users: PAUL S GIBSON 002-0024 Effective July 7, 2003, when remitting plan CITY OF PALM DESERT contributions by wire, the new routing and transit 73 510 FRED WARING DRIVE number (ABA number), will be 022-000-046. This PALM DESERT CA 92260-2564 change does not apply when using ACH transmission. 1PIan 9uttima.y tnfurm�tion:kar file P1�iad IAadlmg 06j30J�003 Ending Fund Balance 3,121,743.04 Plan No 302129 Contributory 2,961,987-66 Rollover 159,755.38 Total Contributions this Period $54,801.10 Pre•Ta 159,755.38 Contributory $54,801.10 Total Plan Assets $3,121,743.04 Sungritary by Fimd Peak i"11rk<n : 3$vi figs Lo7aSe �tkve ., rraditla P1 To-hate ' � �vatteY t?it�eatt�d"; fi��Qh tr%otrrklt Beginning Balance $197,180.50 $52,452.59 $31,065.88 Contributions ttl; 4$06 ..' ` 54,BUf 10 6,838.74 3,913.04 2,097.24 Roll-Ins 3Q 68S 95 1 302 93; 0.00 0.00 10.69 Distributions 24SQ4$ t1,?456 : 0.00 0.00 0.00 Fund-to-Fund Transfers D00 pQO 0.00 3,672.51- 0.00 Earnings t$2; 757$ t779 05:', 10,076.93 4,026.44 3.548.84 Ending Balance $3 Y1799 04 $3r12Yt7g3 04,; $214,096.17 $56,719.56 $36,722.65 Percentage Invested 70/, 2% 1% &..1t1i4ml#1'y'by Ft.ndrn1:, iyautg T�hiut ' t1,it 8gaitiq 'R'LIJ$ Calf. > CorC,Band :` 1;'rropYt�l Growth; $+'ttad ;; Man@$ement � Int1eX Beginning Balance $27,070.05 $41,713.90 $1,294,949.82 $12,353.09 $34,464.16 Contributions 1,941.54 3,438.48 14,135.66 3,360.00 715.02 Roll-Ins 0.00 0.00 683.95 0.00 0.00 Distributions 0.00 0.00 11,745.66- 0.00 0.00 Fund-to-Fund Transfers 0.00 3,672.51 715.29 0.00 999.53- Earnings 4,105.25 8,031.62 11,412.71 0.00 743.72 Ending Balance $33,116.84 $56,856.51 $1,310,151.77 $15,713.09 $34,923.37 Percentage Invested 1% 2% 42% 1% 1% Please review this statement carefully. If you believe there is an error due to a transaction not previously confirmed,please notify ICMA-RC at1=800.326=7272-within 90-daysaf.ht-end oflhe quark: Failure to do so willprevent ICMA7SCfrom adjus my y—f our account' 777 North Capitol Street, NE•Washington, DC•20002-4240•www.icmarc.org ICMA-RC Services, LLC.is a broker/dealer affiliate of the ICMA Retirement Corporation, member NASD and SIPC. arterly Financial Report for • Your 457 Deferred Compensation_Plan 04/01/2003 through 06/30/2003 Paget of :Plan Name CITY OF PALM CtESERT; C?laq No3b2lE9 5anttmsr5 by Ft1 #cOni U$ Asset Y7 F#de#igtlg3ty QUO Sdotk a GoV'er1ftKient . `,A�lotatlo# Pi#�'ltaX1 Tri;r9nlM.e IatlelG Beginning Balance $1,052.33 $81,098.95 $882.31 $7,843.04 $29,379.42 Contributions 141.72 360.00 30.00 283.44 1,266.24 Roll-Ins 0.00 0.00 0.00 40.39 15.11 Distributions 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 0.00 0,00 0.00 44.72 0.00 Earnings 16.75 12,106.01 107.76 1,490.79 4,485.74 Ending Balance $1,210.80 $93,564.96 $1,020.07 $9,702.38 $35,146.51 Percentage Invested Less than 1 % 3% Less than 1% Less than 1% 1% «T*ttan tine ty fiY F11q#Corif Ht»ad MaI'llrlcei Ir1 7 ord AbheC YT AFp e1r GCgnt G#ozutb Sc lssnoMe lfide p TgGo Ye1i1e vatuo Fund Beginning Balance $28,178.96 $84,198.34 $211.73 $4,988.97 $734,990.41 Contributions 865.38 507.66 30.00 1,233.18 4,451.40 Roll-Ins 236.14 0.00 0.00 0.00 0.00 Distributions 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 0.00 0.00 82.97 Earnings 4,632.85 13,658.78 39.55 822.82 105,321.25 Ending Balance $33,913.33 $98,364.78 $281.28 $7,044.97 $844,046.03 Percentage Invested 1% 3% Less than 1% Less than 1% 27% mom Y7'R#deait"3" : :V�Gahe);1•# V1';FjaetF :: v't't1�k'S T,Aaaiexti0.i : Gorttta Vaitip gC11d74 TgCoa:tow#h ilatts;; Beginning Balance $17,560.50 $10,857.36 $24,248.84 $14,311.12 $32,932.34 Contributions 307.38 186.54 1,038.42 1,337.04 1,21 B.48 Roll-Ins 138.50 0.00 38.25 39.95 44.23 Distributions 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 0.00 0.00 0.00 Earnings 2,060.84 1,913.61 3,443.75 2,143.34 4,552.06 Ending Balance $20,067.22 $12,957.51 $28,769.26 $17,831.45 $38,747.11 Percentage Invested 1% Less than 1% 1% 1% 1% e009A903.002-0026 IIIIIiI II IIII 11111111111111111111111111111111111rIIIIIIIIIIIIIIIIIII IlllllllClllllill 5 A U I49tionwidee CITY OF PALM DESERT Retirement Solutions a Def*ed Compensation Progra 57) Nations•Ide'Firundal Campeny Statement of Account PAUL GIBSON 9e Page: 1 of 3 FINANCE DIRECTOR Entity: 0516 73510 FRED WARING DR PALM DESERT CA 92260-2524 Please review your statement carefully. Corrections`may..not be accepted more than 30 days,after the ciosing date of the statement. ' irg a1�rtiAci31rritME alt s � ) e Q203 � y $2,539,000 99. n rrleralssFITesJe $2,658 438 92 --av F �^ r �: r �o1aGEtNltlydfHi[wia s`ire f r €IyL�Tt Da �� xir� $813 717 25 M.¢- sn sc r sf I�rhfi-`5�+n1� �w fs r 's* yi€'4e�„mNyi __ _ .. .. Yotraf1� 'I�ag� red � $422.00 'e $694701.32arff Qr001 WE isimces rays The amount shown above in Total ChargesfCredits To Date Is the total amount of charges or credits since you have joined the plan. . Report Pericid:'Aprit 01, 2003 Thru June 30, 2003 y air I r I� I r fll nr^rl illfi i r { rylrn r�7ww,, 4xr�' III r xrinh".31i.1 h ilr i' m arxixFa.LLrll r IUax^I'v 'II aft'. �� ' I� l Ir �ih : �n ry� i�i n U�r I'q6 !VDeEef: t]rr,,�� „S;at drt rt3l,ld1S:Aci Il3ntif, �ttiESrgi►iu�ij If�I1f,Are"ir mtl'.reir SHIP.i�^'„Igfiry�r rl r. h 1 ,a� Ic.. Ihr1i aI ¢ '@ .. ul -:d L' Nir FI ,I xY.. fiMl SHIP. :�'1: I,:'il i,:ui, i, III ,ury. : I II lilr till �I".1 a.a LRI :r'�I'i f��Jl�li yI ix::+..._Ifi i'.1hlk'rII1iFc_ilfrl,l':uii.I"r�•,rn 4'1{File�;3lr r1f1I r1 r 6rr� t 'II 1 I � ,.. ..11 1' f Il ,r. . e i..1 . . 03alt2003 Deterrals/ Withdrawals?. Charges/ e 60/30/2603 - Fund Name - Value Transfers - Exchanges Transfers " Credits - ' GaInAoss - .Value Am Cent Value lc 15,924.14 393.18 0.00 -244.80 0.00 'Z471-01 18,544.13 amn Cap Mgmt.Sent Cc Fd to 8,121.51 166.80 0.00 '0.00 0,00 1,778.60 10,004.81 Dray Appreciation Fnd Inc 8,548.91 342.30 -457.00 -692.88 - 0.00 . .' 1,002.86 8,824.13 Drey.Prem Mdcapstk Cis A 2.294.91 0100 -550.21 0.00 0.00 318.13 2,060.83 ems'Drey S&P 500 Index Fund 35,081.32 952.92 -1,777.99 -624.40 " 0,00" S,284.44 38,868.28 Dray Prm3rdcnt Fnd Cis Z 9,309.63 426.24 0.00 0,00 0.00 1,207el 10,943.48 .�. Fid Asset Manager 19,809.30 31g.77 12,339.00 -31200 0.00 1,839.18 34,085.23 Fld Contralund 81,550.83 1,929.47 -11,388.35 -774.89 0.00 0.588.68 80,903.92 Rd Equity Income Fnd 25.781.00 635.92 -96.85 -451.11 0.00 6,310.39 42,187.21 -- Fed US G'tsc Fnd 2-5 Ys Is 8.409.24 502.50 0.00 0,00 0.00 121.35 9,033.08 Nationwide Fixed Account I,5t4,968.29' 29,111.62 11.091.89 - 19,603.51 0.00 17,525.20 1,554,124.19 Fld Magellan Fnd 68,236.74 638.76 .424.56 -42.39 0.00 9,549.35 77,957.90 _- Franklin Balsheet Irw Fd A 12,70144 32.09 3,084.75 -215.20 0.00 1,681,67 17,206.35 i� CUSTOMER SERVICE (877)677-3678 (ESPANOL) (800)649-9494 TDD: (800)848-0833 Web Site: WWW.NRSFORU.COM If you have any questions or concerns about your account, please call the Customer Service number, or write to the following address: NATIONWIDE RETIREMENT SOLUTIONS PO BOX 182797 COLUMBUS OH 43218-2797 32987996P000000445 Report Period:April 01, 2003 thru June 3 03 age: 2 of 3 TY )F PALM DESERT ntity: 0516 03/31/2003 Deferrals/ Withdrawals/ charges/ - 06/30/2003 Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value Grwth Fnd of America,Inc. 18,574,40 248.53 7.711.97 •301.00 0.00 2,992.64 29,220.50 Gartmore lnvdes Aggr Sc 4,64173 774.90 0,D0 0.00 0.00 788.86 6.207.39 Gartmore Imides Modcons Sc 2,220,00 224.40 0.00 0,00 - 0.00 163.00 2,607.40 Invesco Dyn Fnd is 18,560,71 285.60 0.00 -27.35 .0.00 3,152.48 21,971.44 Gartmore lnvdes Modaggr Sc 3,151.00 424.00 0.00 0.00 0.00 433.81 4,009.67 Gartmore lnvdes Mod Sc 009.35 74.80 0.00 0.00 0.00 74.00 848.15 Gartmore lnvdes Cons Sc 777.54 74.00 0.00 _ 0.00 0.00 31.Sf 983.95 Incm Fnd of America, Inc. 27.152.18 730,90 -524.34 0.00 0.00 3.034.32 30,398.De Am Cent Income a Grwth It 3,244.78 360,00 .364.17 0.00 0.00 520.35 3,778.06 Janus Adv Intl Gish I Shs 1,375.57 0,00 -510.93 0.00 0.00 225.30 1,003.94 Janus Fund 67,728.85 3,079.52 -953.90 •202.80 0.00 %474,60 80,026.IS Me In Fixed Incm Port It 097.14 75.00 0.00 0.00 0.00 17.46 1,089.60 Mass Inv Gr ik Fnd Cis A 13.101.64 0.00 0.00 0.00 0.00 1,907.87 15,009.41 Gartmore Money Mkt Fd Ps 33.011.94 180.00 • 1.387.59 0.00 0.00 - 14.00 31.010.27 0rtmre Mon Stable Val Rat 2.010.36 195.79 9.279.23 0.00 0.00 53.87 11.545.24 - Nat.Bnd Indx Fnd CIS A 5.843.82. 707.34 0.00 0.00 0.00 123.95 6,075.11 "Gartmore Nationwide Fund D 72,318.85 2,782,79 -•14,912.18 - 1,024.59 0,00 11.495.32 70,067.99 `Neu Bar Genesis Fd Te 324.85 0.00 . 0.00 0;00 - 0.00 . 43.11 387.06 ,Nat'S&P 500 Indx Fnd Cis Y 11.952.99 577.20 -2,083.74 •33.15 0.00 1,712.93 12,126.29 Nat Mdcap Mid Idx Fnd Clss 1,287.08 0.00 -274.73 0.00 0.00 105.20, 1,207.01 Nat Smell)Indx Fnd Cis A 798.38 0.00 - 70.69 0.00 .. 0.00 rIS0.85. 900.63 " OPP OIoDel:Fnd:Cls A. .:.i 5,254.70- .18180 :285.05-- �`+0.00 :'<."000 -�7106370'- 8,284.61 "One Orovp,,MLdcap GrtD Fd A':`. :.;.1,777.31. 0.06 .: 899.88 0,00 �- 0 00 193.90' 1,057.23 iGrp Mldeapval Fad Cis A ` 1911:90 0.09 1743,�, 000 """000 3t10.'.' 210.57 Putnam IntnatPSquity Fd A - 4,368;65 0.00 .,. 141.08, , 0,00 .000 70236. 4,020.05 Natwde Lg Cap Growth Fd Y 3,083.49 0.00 •344:33" 0.00 0.00. 05.58:. 3,154.75 Pimco Ttlratm Fnd Cis A 69.974.34 . - 943.90 - 0:00 0.00 0.00. : 1i755.60 : 72,573.84. WallSmall Cep Fd Y - 4,27t.e7 300,00 0.00. 0,00 - 0.00 - 1.018.47 5,590.44 Pinm Voyage Fnd Cis A 59,337.23 1,254.40' 8,610.69 -.-222.00 .0.00 7.489.91 58,248AS Gvlt Small Company 1 13.213.54 150.00 0.00. 0.00 - 0.00 . 2,500.26, 15,923.80 Strg Oppor Fnd 031.07 0.00 - 152.93 0.00 0.00 '195.27 073.51 Am Cam Growth Fnd to 9,666.63 639.98 _4,949,19 0.00 0.00 1,108.80 .9,383.91. Am Cent lnt'I Disc is 3,475.9t 0.00 :.:0,00 0:00 - 0.00 . . 030.00 4,105.91 Am Cent Ultra It 70.699.99 1,3S7.90 -935,14 -722.81 0.00 8,623.33- 90.022.27 Temp Foreign Fnd Cis A 25,231.73 225.00 -485.88 - i8D.60 0.00 4,403.12 29,213.36 Vankamp Growth 4 Inc Fd A 1,771.90 81.73 "7.401,63 0,00 0.00 109.00 .9,463.00 WXR Advisor Hlgh Income Y 1,395.19 195.70 -451,S0 01 0.00 - 67.28 1,206A5 Totals: 2,305,109.37 52,375.70 0:W' -25,270:14' 0.06 128,791.90 2,539,009.99 Fund Description Percent Unit Value Units ' qLy/ Am Cent Value Ic 1.2575 14,T4B.3273'. '; BSC Brwn Cap Mut Sml Co Fd Ic 1,1893 8,463,2241.. DAF Dray Apprec atlon Fnd Inc 0.9327 9,460.6457' DPM Dray Prom Mdcapstk Cis A 1.2136 1,698.1047 - DSP Dray S&P 500 Index Fund 1.2194 31,873.2467 DTC Drey Prm3rdcnt Fnd Cis Z 2.9656 3,690.0987 FAM Fld Asset Manager 1.8857 ' 18,075,9949 FCN Fld Contrail 3.1559 25,635.8310 FEI Fld Equity Income Fnd 7.4514 5,661.6135 FIG Fed US G'tsc Fnd 25 Ys Is 1.6690 5,412.3768 FIX Nationwide Fixed Account FMG Fid Magellan Fnd 2.5619 30,429.3279 FRET Franklin Balsheet Inv Fd A 1,0051 17,179.1246 GFA Grwth Fnd of America, Inc, 5,1603 51641.8037 IDA Gartmore lnvdes Aggr Sc 0.8615 7,205.1425 IDC Gartmore invdes Modcons Sc 0,9973 211 IDF Invesco DYn Fnd Ic 0,9347 23506.3961 IDM Gartmore lnvdes Modaggr Sc 0,8993 4:458.6420 IDS Gartmore lnvdes Mod Sc 0.9463 896.2708 IDV Gartmore Invdes Cons Sc 1,0371 852.3534 IFA Incm Fnd of America, Inc. 3.3336 9,119.0061 IGF Am Cent Income&Grwth Ic 0.9258 4,079,4979 JAI Janus Adv Intl Grin I Shs 0.6794 1595.4148 JF Janus Fund 1.9284 41:499.7365 MFI Ms Ift Fixed Incm Port It 1.8158 600.0743 MIG Mass Inv Grthstk Fnd Cis A . 16,7391 $96.6684 MMF Gartmore Money Mkt Fd Ps 3.5214 9,033.5326 MSU Grtmre Mori Stable Val Ret 1.1954 9,657.7831 NBI Nat End Indx Fnd Cis A 1.1588 5,760.4597 NF Gartmore Nationwide Fund D 20.6384 3,394.5409 NGS Neu Ber Genesis Fd Tc 1.0415 353.3048 NIY Nat S&P 500 Indx Fnd Cis Y 0.8673 - -13981-.2381 - NMC Nat Mdcap Mkt Idx Fnd Cisa 0.9614 1:256.1039 -BPBB7BBBPOOD000448 Report Period: April 01, 2003 thru June*003 *Page: 3 of 3' CITY OF PALM DESERT -Entity: 0516.. . @+i W. k'y5 �a3,m, rr v R. y s W�mryy !9 � r�>rt s, c �.a �arsa.r�y s:ASq �tlnQ s]��Si{Is[c0'€�DefeTralB} rB, B11ig 9�flYESIAS �"'QIICIWS: ' "} a si j. , a Fund Description 'Percent Unit Value Units NSC Nat Smcap Indx Fnd Cis A 0.9451 952.9548 OGF Opp Global Fnd Cis A 1.3429 4,664.9666 OGG One Group Midcap Grth Fd A 1.1354 931A074 OGV 'Grp Midcapval Fnd Cis A 1.1226 187.5732 PIG Putnam Intnatl Equity Fd A 0.6339 7,(71.5721 PLG Natwde Lg Cap Growth Fd Y 0.7375 4,277.4335 PMT Pimco Ttlretrn Fnd Cis A 1.1961 60,573.3265 PRS Natwde Small Cap Fd Y - 1.2394 4,510.6948 PVF Ptnm Voyager Fnd Cis A 3.7445 15,555.7818 SCF Gvit Small Company 1 1.3743 11,586.7210 SOP Strg Oppor Fnd 0.8018 1,214.1890 TCG Am Cent Growth Fnd Ic 5.7610 1,628.8685 TCI Am Cent Int'I Disc Ic 1.3271 3.093.7960 TCL Am Cent Ultra Ic 2.6957 29,685.4614 TFF Temp Foreign Fnd Cls A - 2.0602 14,180.0894 VKG Vankamp Growth& Inc Fd A 0.9368 10,092:2711 WHI W&R Advisor High Income Y. x 1.0766 '1,120.5968 ;RHFes,.. Policy Premium Report Period Account surrender Death. Ufa Option Number Per Pay Premiums Value Value Benefit Unlversallfe 105.67 " 467.22 19,533.22 13,511.08 326,139.00 Plan I (Universal Ufa) - 97.48 564.68 - ID.739.44 7,474.82 261,616.0C .`�'II 'igy (M,�+`tsrssx4r �`l�s iPa7l�rlrro"sirMM r ire �"'��tfl�p��an� l�Ilorm$�YIVO��rr �r��3'�-�esti!�i. !�Fu4. �P �( � �yir,�! � a r.. fig �E,.sn's.:n 5-{',.,wY i_.a s�iT1�a at'„Rz $i ems. � rrL'n"r}.3![wryL...E�y�t!„ er' E: rsb. ;uirra� The newly enacted tax-cut plan may mean unexpected extra cash in your take-home pay. Consider putting that'extra' to work for your retirement. Call 1-877-677-3678 toll-free to ask a Rep-on-Call how you can increase deferrals using the extra cash you get from the tax cut. The 3rd quarter effective interest yield for the Nationwide fixed return option Is 4.60%. The 2003 guaranteed minimum effective Interest yield is 4.35%. in 9298799ePcoeo99ea7 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO CTY OF tNIM D'cEE,9T Fli�'At�?CE DE AR MIENT Local Agency Investment Fund PO Box 942809 MIJ OCT 10 kill ii: 54 Sacramento, CA 94209-0001 (916) 653-3001 September, 2003 Statement PALM DESERT HOUSING AUTHORITY Account Number : 25-33-003 Attn: DEPUTY CITY TREASURER 73-5I0 FRED WARING DRIVE PALM DESERT CA 99260-2578 Account Summary Total Deposit : 0.00 Beginning Balance : 6,177,005.65 Total Withdrawal : 0.00 Ending Balance : 6,177,005.65 Page:Lof STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER WV SACRAMENTO � L1�Y Gi= Pr1.�nil FINIANK,E DE �AHl%iEN, Local Agency Investment Fund PO Box 942809 20 Or."! 10 AN H: 54 Sacramento, CA 94209-0001 (916) 653-3001 September, 2003 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attu: CITYTREASURER 73510 FRED WAKING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 40,000,000.00 Total Withdrawal : 0.00 Ending Balance : 40,000,000.00 ---Page--. I—of—I STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER WI W SACRAMENTO r„ (a Local Agency Investment Fund PO Box 942809 Sacramento, 901 49-0001 916) 653 September, 2003 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 . Account Summary Total Deposit : 0.00 Beginning Balance : 40,000,000.00 Total Withdrawal : 0.00 Ending Balance : 40,000,000.00 Page : -1 of I Crry r: R 3."! i sERT -�rYi`r��r�� rlCP'VQ'l lvjLN I CALIFORNIA ASSET STATEMENT MANAGEMENT PROGRAM )O1NT PONDERS AUTHORITY OCT 50 C' UFORNIA YTREP_T 23RU FLOUR 703 v ^ ](] AM 9: 43 SAN FRANCFSCO CALIFORNIA 94111 FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 9/30/2003 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 c t S mm o !3 0 Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 9/30/2003 $429,474.31 $0.00 21,285,379.290 $21,285,379.29 s c on 5u ry r 9 f204 /3 Beginning Balance Purchases Reinvestments Redemptions Ending Balance $61,218,233.40 $5,000,000.00 $17,145.89 $44,950,000.00 $21,285,379.29 A go MOU S AR N RES 1 TOTAL S O PRI• AN O SHAR S O NED 09/01/03 Beginning Balance 61,218,233.400 09/02/03 9/2/2003 Redemption-Wire Red. $750,000.00- $1-.00 750,000.000- 60,468,233.400 09/02/03 9/2/2003 Transfer Redemption-Trans.Out $33,500,000.00- $1.00 33,500,000.000- 26,968,233.400 09/05/03 9/5/2003 Redemption-Wire Red. $500,000.00- $1.00 500,000.000- 26,468,233.400 09/10/03 9/10/2003 Redemption-Wire Red. $1,700,000.00- $1.00 1,700,000.000- 24,768,233.400 09/16/03 9/16/2003 Redemption-Wire Red. $8,500,000.00- $1.00 8,500,000.000- 16,268,233.400 09/25/03 9/25/2003 Purchase-Wire Pur. $5,000,000.00 $1.00 5,000,000.000 21,268,233.400 09/30/03 10/1/2003 Accrual Income Div Reinvestment-DIV $17,145.89 $1.00 17,145.890 21,285,379,290 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 0.90% THE ANNUALIZED YIELD IS 0.90%. • • olry OF f ,I-m L EtiEHT FfNWEE !-)ER;`%R1VLNi STATEMENT CALIFORNIA,E ASSET MANAGMENT PROGRAM _ JOINT POWERS AU7k10RIT Y' � � OCT •Ii el('J SO CAUFORNIA STREET 23RD FLOOR ! I SAN PMANCISCO CALIFORMA 94111 FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 9/30/2003 PALM DESERT REDEVELOPMENT AGENCY ACCOUNT NUMBER: 553-02 GENERALFUND ATTN: PAUL GIBSON FUND NAME: Cash Reserve Portfolio 73.510 FRED WARING DRIVE PALM DESERT,CA 92260-2578 Page 1 of 1 IRWIAc S mma a11, s 9 30 20 Statement Income Dividends Capital Gains - Total Shares - Account Date Paid This Year Paid This Year Owned Value 9/30/2003 $23,920.31 $0.00 33,523,920.310 $33,523,920.31 a sa io Su ma 91 2 .1 3 ` .0 Beginning Balance Purchases Reinvestments Redemptions Ending Balance $0.00 $33,500,000.00 $23,920.31 $0.00 $33,523,920.31 - A POS - O' S ARE SHARES IS OT D O O C •N P I E ANS C O S ARES OWNED 09102t03 9/2/2003 Transfer Purchase-Trans.In $33,500,000.00 $1.00 33,500,000.000 33,500,000.000 09/30/03 10/l/2G03 Accrual Income Div Reinvestment-DIV $23,920.31 $1.00 23,920.310 33,523,920.310 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 0.90%. THE ANNUALIZED YIELD IS 0.90% pnbbm �o x o > cn O_ d 9mcZoo H er'3 '�°. 'p' Yyy ' p. eb7 a0 .p. o ..m 'w C7 x 3 � a � o c d � U,� � � „ ; C1f✓ O T o tv _ a .. c p w A � vNi o0o O ono A m � �_ m 3 Q7 (D U O a W G O 3 O ? ut ul at .— —• Go Oo W U A N a 0 0 O O O O O p O OO W y O C 0 0 0 0 0 p V"D 0 w O 0 oo yO tn. :O: o C b o !,+ 000000a — � 0 CD b 0 O U J 1O ut W W A — N N O O W W O O al ut A Q\ ON 0 a,1 O D\ Q, W o Ut O A � N ONO ONO w — Q' T W J 00 d\ Oq A W W O O N W A w °� a 00000 � oo -Z'o 10 m G� o > > a K o a w y o e • City of Palm Desert • Parkview Office Complex Financial Statement for Fiscal Year 2003-2004 September-03 September-03 # % YTD YI'D # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 68,500 $ 71,647 $ 3,147 104.59%, $ 205,500 $ 212,035 $ 6,535 103.18% Dividends/Interest $ 4,375 $ - $ (4,375) 0.00%', 1 $ 13,125 $ 216 $ (12,909) 1.64% t Total Revenues $ 72,875 $ 71,647 $ (1,228) 98.31%1 f $ 218,625 $ 212,251 $ (6,374) 97.08%, Expenses Professional-Accounting&Auditing $ 8,000 $ 8,000 $ - 100.00% $ 24,000 $ 24,000 $ - 100.00% Professional-Consultants 5 6,000 S 5,500 $ 500 91.67%, I $ 18,000 $ 16,599 $ 1,401 92.22% Tenant Improvements $ 3,000 $ - $ 3,000 0.00%, f $ 9,000 $ 2,120 $ 6,880 23.56% Repairs&Maintenance Building $ 8,000 $ 8,058 $ (58) 100.72%; $ 24,000 $ 24,807 $ (807) 103.36% Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 0.00% $ 6,900 $ - $ 6,900 0.00% Utilities-Water $ 150 $ 109 $ 41 72.91%i - $ 450 $ 320 $ 130 71.10% Utilities-Gas/Electric $ 8,000 $ 9,708 $ (1,708) 121.35%I $ 24,000 $ 31,661 $ (7,661) 131.92% Utilities-Waste Disposal $ 700 $ 1,061 $ (361) '151.53%'!! $ 2,100 $ 2,121 $ (21) 101.02% Telephone $ 200 $ 321 $ (121) 160.68% $ 600 $ 480 $ 120 80.07% Insurance $ 321 $ - $ 521 0.00%'. $ 1,561 $ - $ 1,561 0.00% l t k Total Expenses $ 36,871 § 32,757 $ 4,114 88.84% $ 110,611 $ 102,109 $ 8,502 92.310/. i 'operating Income $ 36,004 $ 38,890 $ 2,886 108.02°1° $ 108;014 $ 110,142. -$ 2,128 101.97% Equipment Replacement Reserve $ 14,000 $ 13,306 $ 694 95.04% $ 42,000 $ 39,918 $ Z082 95.04% Net Income $ 22,004 $ 25,584 $ 3,580 116.27% $ 66,014. $ 70,224 5 4,210 106.38% 2004 Investment Reportlnv Report 2003 p City of Palm Desert • ®Parkview Office Complex Vacancy Rate Schedule by Suite September 2003 Suite Square No. Tenant Feet 73-710 Fred Waring Drive -Two (2) Story Building 100 Hanover 1,915 100A William Bonneheim 645 102 Bergren&Associates 1,360 103 National Multiple Sclerosis 488 104 Arthritis Foundation 960 106 Coachella Valley Economic Partnership 928 108 Assembly Rules Committee-Assemblyman Benoit 450 112 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 Adopt-A-Class 700 208 Alzheimer's Association 960 210 Wilson,Pesota & Pichardo 3,040 2004 Investment ReportVacancy.Report 1 City of Palm Desert • ®Parkview Office Complex Vacancy Rate Schedule by Suite September 2003 211 State of California Department of Food&Agriculture 937 217 Joe B. McMillan, Esq. 775 220 EPA-Moved From Suite 101A 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-1,081/31,562= 3.43% 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--1,081/51,191 2.11% Occupancy Rate-50,110/51,191 97.89% 2004 Investment ReportVacancy Report 2 J �- pp Q W UmN m ' N,y A OQ m N rAO NAm NNr tNN�cO WAA Veei mN pO> ON N00`N� �m^ OOm r Wmm rD Z O O " mQqON Z7 N mm T c p m A Q RI A A A O A m m O u r m N m N m m N Lq m Ci u'f C� O1 r O � m sT Q � N Q c O N 0 0 0 v'i O m N N r tU q m � � � C v n N m N v r N 10 m m m v m V W n n n n A n A A n n n n n n n n 1pJy m [O N N Y7 O O ^ A OI m m e N m N O e O m O m Q N Q N m O m U tml pmjr � poi OO mN �m Z _ m h or �nm L N -Kr C; [m0 V ^_m I- f7 V _m Q p a Q t0 V N V ! 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