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Home My WebLink About2004-02-25 IFC Regular Meeting Agenda Packet ir `_ItQ 9hr : Finance 3 epartment MEMORANDUM To: Rachelle Klassen, City Clerk _ede, From: Diana Leal, Administrative Secretary • Subject: Investment and Finance Committee • Date: April 27, 2004 Attached is a copy of the February 25, 2004 minutes of the Investment and Finance Committee approved by the Committee on March 24,2004. Please place on the next City Council agenda for approval thereof. Thank you for your assistance. Attachments (1) G1Finance\Diana Leal\Wpdocs\Investment Committee\Memos\City Clerk\I-28-04 minutes.wpd • CITY OF PALM DART �1`T� INVESTMENT & FINANCE COMMITTEE +i Minutes : b ° lj. k • February 25, 2004, 10:30 a.m. '-1$ `KS,/' North WingConference Room I. CALL TO ORDER A regular meeting was called to order by Chairman Gibson on Wednesday, February 25, 2004 at 10:31 a.m. II. ROLL CALL Present: Absent: Paul S. Gibson, Finance Director None Bob Spiegel, Mayor Buford Crites, Mayor Pro-Temp Thomas Jeffrey, Deputy City Treasurer Carlos Ortega, City Manager Russ Campbell Everett Wood Bill Veazie Dave Erwin, City Attorney Also Present: Steve Aryan, Asst. to the City Manager Justin McCarthy, ACM/Director of Redevelopment Jose Luis Espinoza, Assistant Finance Director Dennis Coleman, RDA Finance Manager Diana Leal, Recording Secretary Guests: Richard Kikuchi, Lance, Soil & Lunghard III. ORAL COMMUNICATIONS Mr. Gibson introduced Richard Kikuchi, auditor representing Lance, Soli & Lunghard who will make a presentation of the City of Palm Desert's audit reports. IV. COMMITTEE MEMBER REPORTS None. 1 22504.wpd ' INVESTMENT & FINANCE MMITTEE • MINUTES February 25, 2004 V. CONSENT CALENDAR A. Approval of Minutes Motion was made by Mr. Spiegel and seconded by Mr. Crites to approve the Minutes of the January 28, 2004 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 January 2004 For the month ended January 31, 2004, Mr. Jeffrey reported that the book value of the City Portfolio was approximately $127.8 million. The City earned approximately $168,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.58%. For the month ended January 31, 2004, Mr. Jeffrey reported that the book value of the RDA Portfolio was approximately $163.1 million. The RDA earned approximately $151,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.24%. Mr. Jeffrey said that a separate handout was distributed reference the purchases made. The City purchased $35 million worth of securities in the month of January. Most of it was predominantly for the Redevelopment Agency portfolio. As usual, staff focused on guilt-edged corporate names. Mr. Wood asked if the investments were mostly short-term investments. Mr. Jeffrey replied that the longest term investments were for the Retiree Health Program. Those investments would mature in four-to-five years. Currently, the City Treasurer's Office is investing short-term (12 months or less) because Staff expects interest rates to rise by year-end. Mr. Wood stated that the City of Rancho Mirage has a portfolio yield of 2.2 percent, and asked how it had achieved it. Mr. Jeffrey responded that, in the current environment, Rancho Mirage could only achieve that yield if it were holding old, high-coupon securities or investing farther out on the yield curve, and thereby increasing interest-rate risk. Mr. Ortega suggested that the City of Palm Desert obtain Rancho Mirage's portfolio for comparison purposes, since it is in the public domain. 2 22504.wpd INVESTMENT & FINANC-;"""'?MMITTEE MINUTES — February 25, 2004 Mr. Jeffrey next discussed the annual review of the City's authorized commercial paper and medium-term note lists. This year, he had attached a short information summary on regional banks that were proposed additions to the lists. Mr. Spiegel asked why Duke University did not have any long-term credit ratings. Mr. Jeffrey replied that, based upon Bloomberg, Duke probably does not issue any long-term debt. Many elite universities have large endowments (e.g., Harvard University has a $14 billion endowment). Motion was made by Mr. Campbell and seconded by Mr. Spiegel to approve the proposed issuer lists for unsecured commercial paper and medium-term notes for 2004. Motion carried. Mr. Jeffrey then discussed the quarterly statements for the Deferred Compensation Plan statements that were included in Finance Committee packet. These were the latest 457 statements that the City had received, and they were being presented to the Finance Committee pursuant to formal notice requirements. C. State of California Local Agency Investment Fund Balance for the month of January 2004 Mr. Gibson stated that the City and RDA LAIF accounts were maxed out at $40 million each. Mr. Wood asked if the State could seize this money. Mr. Gibson responded that the City had successfully sponsored legislation two years ago that prevented the state from seizing local agency monies in LAIF. Mr. Jeffrey added that the City's legislation had completely severed LAIF deposits from the State's appropriation process. Prior to the passage of this legislation, the State had appropriated all money that local agencies had sent to LAIF for deposit. Now, there is explicit language stating that the State Treasurer holds local agency deposits in trust. D. California Asset Management Program (CAMP) January 2004 Statements Mr. Gibson said that Staff had recently withdrawn $10.5 million from the City C.A.M.P. so that it could be invested. E. Audit Reports for City of Palm Desert and the Palm Desert Redevelopment Agency Mr. Richard Kikuchi, a partner of the CPA firm of Lance, Soil, and Lunghard the City of Palm Desert's auditors said that he was in attendance to present the financial statements. During the audit, he sent four of his staff members to 3 22504 wpd INVESTMENT & FINANCE®MMITTEE • MINUTES February 25, 2004 the City of Palm Desert to look at the system of internal controls of the City and the Redevelopment Agency. They did a random sampling of the disbursement checks, revenue items, payroll, approval forms and computations. They were gearing up for the year end test work. The auditors returned to the City in the last week of August when they stayed for about two weeks. At that time, the auditors conducted an in depth balance sheet test work of the City and the Redevelopment Agency. Part of that audit was preparing an independent third party confirmations on cash and investments where they confirmed what was reported to be on bank reconciliations, etc. They performed cut-off procedures, to ensure that the revenues and expenditures are reported in the proper period. Their audit work entailed auditing and the preparation of the financial statements for the City, the Redevelopment Agency, the Housing Authority and Desert Willow. Recently, they completed the single audit which is mandated by the federal government any time a City receives federal grant funds and spends over $300,000. Mr. Wood asked if Lance, Soli and Lunghard came in to the City at different times of the year to perform test checking. Mr. Kikuchi agreed and said that they come to the City of Palm Desert two to three times a year. He said that the revenues exceeded the budgeted revenues by over $1 million. The general fund expenditures exceeded the budgeted by over $3.5 million.and the overall net assets increased about $112 million. Mr. Spiegel asked why the report showed an increase of $9 million, not $1 million under the City's governmental activities net assets. Mr. Kikuchi said that the report shows the amount prior to the period adjustment for fixed assets. Mr. Gibson said that the fixed asset adjustment was for the right of ways which are portions of land. Originally, when the GASB 34 ruling was done, the City put in the land for the streets, however, the right of way was not included. Mr. Kikuchi said that as a result of the audit they look at the supporting documentation and review how procedures are done. As a part of that process they tested 100 random tenant files at the Housing Authority properties. They tested the amount of rent paid, eligibility, etc. They found that two tenants were overcharged rent. This was reported to the City in a management letter. Mr. Kikuchi said that they look at internal controls. In the upcoming fiscal year, they are mandated by auditing standards to increase their test work as far as "fraud" is concerned. This mainly involves inquiry of various departments within the City. At this time, they randomly test payroll checks, disbursement checks, etc. Because of the new requirements, they will be required to select people within the City and ask certain questions to check if they noticed anything and document the information obtained. They will also be doing some work on the City's investment portfolio. 4 22504 wpd INVESTMENT & FINANCI.MMITTEE MINUTES February 25, 2004 Mr. Kikuchi thanked the Finance Department for being top notch individuals. He said that the City's staff is helpful, and very organized. His firm specializes in the audits of municipalities, a little under 40 cities in California, the City of Palm Desert is at the top as far as organization and working with his firm. He feels the City staff should be commended for a job well done. Mr. Spiegel asked what the City has in reserve. Mr. Kikuchi said that the reserve amount can be found on page 18 of the financial report provided. The first component of the fund balance shows the reserve portions. The far right shows the total governmental funds reserve. Mr. Spiegel asked if it was $220 million. Mr. Kikuchi said that the $220 million includes unreserved undesignated reserves as well. It was approximately $110 million at June 30, 2003. Mr. Gibson said that the City can count on the $23 million in the general fund as they are undesignated funds. The remaining amount for debt service and special revenue funds are restricted funds that cannot be used for any other purpose. A $32 million loan was issued to the Redevelopment Agency, however, in the future, the State can decide that all revenues/tax increments that are given to RDA need to be returned to the State, then funds cannot be expected to be repaid to the City. Mr. Gibson said that periodically the City requests that the auditors review the City's investments in more detail than what is done during the regular audit. He said that he was providing the committee with 9 potential reviews that he wanted the committee to review and make recommendations at the next meeting so that staff can make a final decision before June 30. Mr. Kikuchi said that as part of the regular City audit, when they review the cash investments, they check if the City is in compliance with the City's investment policy. Mr. Wood asked why the reserves are not shown as reserves restricted or reserves unrestricted. Mr. Kikuchi said that the standard reporting format for Cities is used. Mr. Gibson said that more information can be included in the notes as the City is limited as to what can be included in the report. Motion was made by Mr. Spiegel and seconded by Mr. Campbell to approve the audit reports. Motion carried. Mr. Gibson requested to add onto the agenda taking an action on approving Lance, Soli & Lunghard as auditors for the City for next year. The contract is a 5-year contract that is reviewed on a yearly basis for renewal. Motion was made by Mr. Campbell and seconded by Mr. Spiegel to add the item onto the agenda. The item was added onto the agenda by 2/3rds vote. 5 22504.wpd INVESTMENT & FINANCE MMITTEE • MINUTES February 25, 2004 Motion was made by Mr. Spiegel and seconded by Mr. Erwin to approve the Lance, SoII & Lunghard to continue for one more year as the City's auditors. F. City and Redevelopment Agency Monthly Financial Report for City Council for January 2004 Mr. Gibson said that the City will be at $14 million. Until he receives the next quarter, he will not be able to give a better number. Mr. Spiegel said that the Westfield Shopping Mall is doing well. Mr. Gibson said that transient occupancy tax received from Marriott was received. Mr. Spiegel asked if the $800,000 given to the state would be returned to the City. Mr. Gibson said that the state is scheduled to return the money in 2006. G. Parkview Professional Office Buildings - Financial Report for January 2004 Mr. Gibson said that he met with Roy Wilson and walked the site. The only concern Mr. Wilson had was that most of his staff lives in North Shore and therefore Indio is a closer distance to those employees. Mr. Wilson is waiting to hear if this will be a deciding factor as to whether or not they will move into the Parkview office complex. He will notify City staff of his decision by May 1. Mr. Gibson said that Council took action on the use of parking funds to allocate the funds to the parks. Staff suggested using these funds to backfill the general fund if the State requests more money. This item will need to be brought before the Council for action. H. Palm Desert Golf Course Facilities Corporation Financial Information for January 2004 Mr. Gibson said that Mr. Young is out of state and asked if he could provide his report at the next meeting. Mr. Ortega said that Desert Willow did well in December and January. Revenues are above budget, especially, in food and beverage. VIII. CONTINUED BUSINESS - None. 6 22504.wpd INVESTMENT & FINANCE MMITTEE MINUTES • February 25, 2004 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. Ortega said that at a recent council meeting there was a question on whether the City utilizes the best procedures when issuing bonds. He said that a year ago Mr. Gibson prepared a report that referred to the various ways that bonds could be issued. If the City negotiates bonds with the underwriters ahead of time then seek out the best deals based on what is happening on the market. They use a consultant hired by City staff independent of the issuer and the people that are backing the bonds. The underwriter provides the City with up-to-the-minute information on what the best deals are for bond issues. One of the council members raised the question as to whether that was the best procedure. The Investment and Finance committee looked at the procedure and concurred with Council that the way the City issued bonds by negotiations was getting the City good results. Mr. Gibson said that Council asked if the City was charging Bighorn for doing the process. The City invoiced Bighorn $7,500 and said amount has been received. The City will also be charging $50,000 for formation. Mr. Coleman said that he is looking into getting costs back for refunding of the bond. A policy will be presented to the Committee in the near future for recommendation to the Council. This particular bond issue was closed on the 19'h of February. Bighorn is happy because the City will save them, in the long run, $5.4 million in future value dollars and $1.41 million in present value. The underwriter did a great job in moving the bond forward. Mr. Veazie asked if the true interest cost of 4.77% included everything. Mr. Coleman said that it doesn't include the underwriter's discounts and the cost of insurance which is in the all inclusive. Mr. Veazie asked what OIP and UD meant. Mr. Coleman said that OID is the Original Issue Discount and OIP is the Original Issue Premium of which there were none on this bond issue. The UD means the underwriter's discount. This was a non-rated and non-insured bond issue. The coupon was 5.10 discounted with a yield of 5.20. 7 22504 wpd • }NVESTMENT & FINANCEOMMITTEE MINUTES • February 25, 2004 Mr. Coleman said that he reported to the committee in February that he was to make a presentation at the bond conference. He has copies of the presentation available if anyone is interested. The power point provides statistics on the project areas, the outstanding indebtedness and the ratios of debt service. It also provides a conservative estimate on how much money they will bring in. This year it will be about $54 million with a chance of RDA receiving $55 million in increment as of fiscal year 2002. The Palm Desert Redevelopment Agency is no longer the 4th largest redevelopment agency, it is the 6"' largest agency in terms of tax increment. The statistics provided are not current by 18 months. At that time, the Palm Desert RDA was $300,000 behind San Diego. Last year, the PDRDA was at $50 million in increment. He thinks PDRDA will hit $54 million in tax increment this year. Mr. Coleman said that the ERAF payment to the state will be $2,113,000 this fiscal year. Last year, it was approximately $1.2 million. In the Governor's proposed budget it is $2.114 million with property tax escalating with the growth. X. NEXT MEETING - Wednesday, March 24, 2004 at 10:30 a.m. Xl. ADJOURNMENT There being no further business, the meeting was adjourned by Chairman Gibson at 11:12 a.m. Respectf submitted, Di Leal, c ding Secretary 8 22504 wpd '`,,,i • II iril ET. ....; . t_b N • fIl .nee Department IN / MIEMORANDUM �a,wwi To: Records Technician From: Diana Leal, Administrative Secret 1 Subject: Investment and Finance Committee Meeting Date: March 9, 2004 Attached, for your records, is a copy of the February 25, 2004 Investment and Finance Committee meeting attendance register. Thank you for your assistance. Attachments (1) G:Ninance\Diana Leal\Wpdocs\Investment Committee\2002 Memos\City Clerk\2003\2-24-04attend.wpd 11. Iv- a 0 / tv en" \ § b / \ \ 5 6 2 \ ; 2 ~ / \ k / ) \ ` k } \ ue ? jay ) § $ & { ® $ » \ UI zN\ z \\ [ 2 \ \ / \ . ) k§ \ \ o\ E. A" to ) / % x \/ .41 '.S., rib� \ A a Q s e * \ � � , [ Ks Vs 4 \ % N - r et / � � • I \ �� \ 0 2} N n wi N t ' . • \/ _ , a r w 00 a = — N r tn z � N- co 0 L �V, M • • ""••.. CITY OF PALM DESERT /KiIINVESTMENT & FINANCE COMMITTEE "`=�"A� AGENDA per,. 'Aih : February 25, 2004, 10:30 a.m. %..°sit ra #4 1 North Wing Conference Room kit nye," 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 January 28, 2004, as submitted. Action: 1 022504.WPd • INVESTMENT & FINANCEIMMITTEE AGENDA February 25, 2004 VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. 1. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for January 2004 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for January 2004. Action: 2. Securities Purchased January 2004 Rec: Informational item for the Committee to review. No action required 3. Proposed Issuer Lists for Unsecured Commercial Paper and for Medium-Term Notes for 2004 Rec: Review, approve and submit to the next City Council agenda. Action: 4. Quarterly Account Statements on Deferred Compensation Plans Rec: Informational item for the Committee to review. No action required B. State of California Local Agency Investment Fund Balance for the month of January 2004 Rec: Informational item for the Committee to review. No action required C. California Asset Management Program (CAMP) January 2004 Statements Rec: Informational item for the Committee to review. No action required 2 022504.wpd INVESTMENT & FINANCESMMITTEE • AGENDA February 25, 2004 D. Audit Reports for City of Palm Desert and the Palm Desert Redevelopment Agency Rec: Presentation by Lance, Soli and Lunghard E. City and Redevelopment Agency Monthly Financial Report for City Council for January 2004 Rec: Report and submit to City Council Action: F. Parkview Professional Office Buildings - Financial Report for January 2004 Rec: Review and file report Action: G. Palm Desert Golf Course Facilities Corporation Financial Information for January 2004 Rec: Review and file report Action: VIII. CONTINUED BUSINESS None. IX. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks Rec: Status report on background checks Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status report on issuing new bonds Action: 3 022504.wpd INVESTMENT & FINANCE•MMITTEE • AGENDA February 25, 2004 X. NEXT MEETING - Wednesday, March 24, 2004 at 10:30 a.m. XI. ADJOURNMENT I hereby certify under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Investment and Finance Committee was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this 18"' ay of February, 2004. i Dia a Leal, c rding Secretary 4 022504.uye } H F 0 0 0 08 0 0 0 z U U U U cc cc cc cc cc cc cc K cc m W V O(0 z J U 0 C7 CD C7 O O O O U Z Z Z Z 2 D d W CC J Q F' J J < < Q Q J F- O O O -J W CO J J LL LL W W J CO cc cc _ (/) Z _J J_ CO CO CO U) J_ Z CD CD COIZ 2' J Q W' J -J J J Q F- F- W W K w w W W W W w ° U U F o 0 0 0 0 0 0 0 0 0 0 0 0 d' F a a a - L L a a a a 3, H Q (i 7 2 Q Cv 2 7 Cl) 0) ) 2 2 Q co, N Le 4 N a0 N N co N 0) co6 N E N rN NNNN ON r N o 0 0 0 0 0 0 0 0 0 0 0 0 0 o o o 0 0 0 0 r 0 0 0 W O O 0 M o0 M 9 0 M M N o M M O O O O O 0 O O O O 0 O r .- r r r .- fV • } (o 0 COCDn 7 0 I e- LU M CO00 CO a o O r 0) CO r (O CO N CO n 00 r (D 0 N V CO N CO N N 10 O) :. -) a0 ci (O °i 06 V (o Oi ai 0 0 ai M 'la0 0 0 0) a) a) a) 0) a) 0 °) 0 °) 0) Z F- O v v v v CO v 'cr. at at 'I' at rn It IA Q 0 U N N N N N N N r N cO r N N o7 0 69 69 CS 69 69 69 EA 69 69 FA 63 69 69 1/9 1 W .4 Q W 0 coa) N N N- to N (o a) of co a) W 0 r coN co) 7 00 In In % co 2 -ca 0) O) C W 0) 0)00) 00) W 0 W 0) 0)0 �) a re D 0 0 0 0 0 6, o 0 0 0 0 0 0 0 o o 0 0 0 0 0 0 0 0 0 0 0 0 a W O O O o o O O O O o o o 0 o 1 W QJu) O M d O O O C'i O N V N N NN iO N O (O O oO N N O O O M _ H d ; N N N N CO N N N M M N M M N C el D EA 69 EA EA S S 49 69 EA 69 9 69 Si EA � U II W ea m • z r CZ CO ra o ¢ a a CO a a a a a o) pF + + + + + ad + + N o < Q Q ¢ Q Q Q Q Q Q Q W 7 F 0 0 Z" 0 0 O_ 0 0 0 0_ 0_ U � U 0 0 U 0 0 0 0 0 U W Cl) a) O U U } U a Z m W 2 2 a �, m m ~ H J 0 U m ° a ~ cp ` Z w J J H Q J ♦- F- F- J Q Q 0 o c C = F- D W W CO 2 J 0 0 0 w g 2 Wv m E a 'o a 6 (/) J J Z Z J } >- } J Z Z O E J U UI e2 v) Q Q < LL 2 0 0 0 ¢ W LL F E • : 000 111 I o a R 2 0 H F- 1- C _ MN W W it w W U. 0 4. Z Z F- m iki Z W O W UUO2IL 0 0 2 0 N M 4 6 (D IC co 0 .- r t- r CITY OF PALM DESERT OFFICE OF THE CITY TREASURER STAFF REPORT REQUEST: Review and approve proposed Issuer Lists for Unsecured Commercial Paper and for Medium-Term Notes for 2004. APPLICANT: N/A CASE NOS. N/A DATE: February 25th, 2004 CONTENTS: List of Unsecured Commercial Paper Issuers List of Medium-Term Note Issuers Recommendation: By Minute Motion: That the Finance Committee approve proposed Issuer Lists for Unsecured Commercial Paper and for Medium-Term Notes for 2004. Background: Each year, the Finance Committee reviews and approves revised Issuer Lists for Unsecured Commercial Paper and for Medium-Term Notes. For the current year, all proposed additions are highlighted with gray shading. While most of the proposed additions are household names, such as Lehman Brothers, Proctor & Gamble, and Duke University, a few may be less familiar to Committee members. Consequently, we are providing short, descriptive summaries on companies that are not national brand names, but are the equivalent within their region. • H:1§efrey1Word 20001MEMORANDAIFINANCE COMMITTEEIAPPROVE 2004 CP-MTN LIST dot Staff Report • • Approved Issuer Lists for Unsecured CP and MTNs February 25th, 2004 Page 2 of 3 ADP Tax Services Founded in 1949. Independent computing services company that offers support for human resources, payroll and benefits administration, auto dealerships, insurance claims, and securities processing. Headquartered in New Jersey. $7 billion of revenues. 90% of market is in North America, with no client accounting for more than 2% of revenue. Listed on New York Stock Exchange. 500,000 clients worldwide. 41,000 employees. Short-term debt rating: A1+/P1. Long-term debt rating: AAA/Aa1. First Tennessee (FTN) Founded in 1864. Regional bank holding company headquartered in Memphis, Tennessee. $28 billion in assets. 200 retail bank branches in Tennessee, Mississippi, and Arkansas. 31st largest U.S. bank holding company. No. 1 retail commercial bank in Tennessee with high customer retention rate. Has not missed a quarterly dividend for 105 years. Owns non-bank subsidiaries (mortgage banking, credit card, and capital markets) that operate in 30 states. Largest primary dealer in U.S. Agency securities. Five-year return on capital is 15% (second-highest in bank industry according to Forbes). FTN is one of stocks listed in Standard and Poor's 500 Index. 10,000 employees. Short-term debt rating: Al/P1. Long-term debt rating: A/A1. First Union (aka "Wachovia Corporation") Founded in 1866. Regional bank holding company headquartered in Charlotte, North Carolina. $342 billion in assets. 2,700 retail bank branches in Virginia, North Carolina, South Carolina, Georgia, Florida, Maryland, Delaware, Washington D.C., New York, New Jersey, and Pennsylvania. First Union recently acquired Wachovia Corp. and now uses Wachovia's name. Post-acquisition Wachovia is fourth-largest U.S. Bank, after Citigroup, J.P. Morgan Chase, and Bank of America. 81,000 employees. Short- term debt rating: A1IP1. Long-term debt rating: A/Aa3. SouthTrust Founded in 1887. Regional bank holding company headquartered in Birmingham, Alabama. $51 billion in assets. 700 retail bank branches in Alabama, Georgia, North Carolina, South Carolina, Florida, Virginia, and Texas. Offers retail banking, private banking, mortgage banking, insurance, investment, and trust services. S&P 500 company. 13,000 employees. Short-term debt rating: Al/P1. Long-term debt rating: A/A1. H:ItefreykWord 20001MEMORANOAIFINANCE COMMITTEEWPPROVE 2004 CP-MTN LIST dot Staff Report ® . Approved Issuer Lists for Unsecured CP and MTNs February 25th, 2004 Page 3 of 3 SunTrust Banks • Founded in 1811. Regional bank holding company headquartered in Atlanta, Georgia (Trust Company of Georgia was a predecessor). $117 billion in assets. 1,200 retail bank branches in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia, and Washington D.C. Second largest shareholder of Coca-Cola. Official bank of Walt Disney World Resort. Offers retail banking, investment banking, mutual funds, trust services, credit cards, mortgage banking, and securities underwriting. 28,000 employees. Short-term debt rating: Al/P1. Long-term debt rating: A+/Aa3. Proposed Approved Issuer Lists for Unsecured Commercial Paper and for Medium- Term Notes are attached. Submitted By: rittintuy Sat,,, Thomas W. Jeffr u City Treasurer Approved By: Paul S. Gibson, C.C.M.T., City Treasurer H:VjeffraylWor0 2000IMEMORANDAIFINANCE COMMITTEEIAPPROVE 2004 CP-MTN LIST.dot - 2/13/04 . CITY OF PALM DESERT • 3:51 PM APPROVED UNSECURED COMMERCIAL PAPER ISSUERS FEBRUARY 2004 S&P/MOODY'S S&P/MOODY'S COMPANY CP RATINGS INDUSTRY MTN RATINGS Abbott Labs (ABT) Al +/P1 Drugs AA/Aa3 ADP Tax Services (ADPTAX) Al +IP1 Finance AAA/Aa1 _} American Express (AXP) Al/P1 Finance A+/A1 American Honda Motor (HNDA) Al/P1 Auto A+/A1 Anheuser Busch (BUD) Al/P1 Beverage A+/A1 Associates Finance (ACAFIN) Al +/P1 Finance - Bank of New York (BK) Al/P1 Bank A+/Aa3 BankAmerica (BAC) Al/P1 Bank A+/Aa2 BellSouth (BLSCRP) Al/P1 Telecomm A+/A1 BP America (BPAME) Al +/P1 Petroleum AA+/Aal ChevronTexaco (CHVTX) Al +/P1 Petroleum AA/Aa2 Citicorp (CITICP) Al +IP1 Finance AA-/Aal Coca-Cola (KO) Al/P1 Beverage A+/Aa3 Colgate-Palmolive (CL) Al +/P1 Consumer AA-/Aa3 Columbia University (COLUNI) Al +/P1 Education - Du Pont (E.I.) de Nemours (DO) Al +/P1 Chemical AA-/Aa3 Duke University (DUKE) Al +/P1 Education - Eli Lilly ILLY) Al +/P1 Drugs AA/Aa3 Exxon-Mobil (XON) Al +/P1 Petroleum _ AAA/Aaa _ First Union (FTU) Al/P1 _ _ _ Bank /A Aa3 _J Fuji Photo Film Finance U.S.A. (FUJIUS) Al +/P1 Imaging AA/Aa3 General Electric (GECC) Al +/P1 Electric Equipmt AAA/Aaa Gillette (G) Al +/P1 Consumer AA-/Aa3 Goldman Sachs Group (GS) Al +/P1 Securities A+/Aa3 Guardian Industries (GUAIND) Al/P1 Manufacturing A+/A1 Harvard University (HARVRD) Al +/P1 Education AAA/Aaa Hershey Foods (HSY) Al/P1 Food A+/A1 Home Depot (HD) Al +/P1 Retail AA/Aa3 IBM (IBM) Al/P1 Computer A+/A1 Intel (INTO) Al +/P1 Computer A+/A1 International Lease Finance (ILFC) Al +/P1 Finance AA-/A1 J.P. Morgan Chase (JPMCC) Al/P1 Bank A+/A1 John Hopkins University (JHOPKC C) Al +/P1 Education - Johnson & Johnson (JNJPP) Al +/P1 Drugs AAA/Aaa Kimberly-Clark (KMBPP) A-1 +/P-1 Consumer AA-/Aa2 Lehman Bros (SLBROS) Al/P1 Securities A/A1 McDonald's (MCDPP) Al/P1 Restaurant A+/Aa3 McGraw-Hill (MHP) Al/P1 Publishing Al Page 1 of 2 2/13/04 • CITY OF PALM DESERT • 3:51 PM 1 APPROVED UNSECURED COMMERCIAL PAPER ISSUERS FEBRUARY 2004 S&P/MOODY'S S&P/MOODY'S COMPANY CP RATINGS INDUSTRY MTN RATINGS Mellon Funding (MELFDG) Al/P1 Bank A+/A1 Merck (MRK) Al +/P1 Drugs AAA/Aaa Merrill Lynch (MER) Al +/P1 Securities A+/Aa3 Minnesota Mining & Manufacturing (MMM) Al/P1 Manufacturing AA/Aal Morgan Stanley Dean Witter (MS) Al +/P1 Securities A+/Aa3 Northern Trust (NTRS) Al +/P1 Bank AA-/A1 Northwestern University (NWUNI) Al +/P1 Education - Paccar Financial (PCAR) Al +/P1 Finance AA-/A1 PepsiCo (PEP) Al/P1 Food A+/A1 Pitney Bowes (PBI) Al +/P1 Office Equipmt AA/Aa3 Princeton University (PRNCTN) Al +/P1 Education AAA/Aaa_ Proctor & Gamble (PG) Al +/P1 Consumer - AA-/Aa3 j Salomon Smith Barney (SSB) Al +/P1 Securities AA- SBC Communications (SBCCOM) Al/P1 Telecomm A+/A1 Shell Oil (SUOA) Al +/P1 Petroleum AAA/Aal Sony Capital (SNECAP) Al/P1 Electronics A+/Aa3 State Street Boston (SSBOST) Al +/Pl Bank _ _ AA-/Aa3 _ SunTrust Banks (STI) Al/P1 Bank A+/Aa3 Target (TGT) Al/P1 Retail A+/A2 Toyota Motor Credit (TOYCC) Al +/P1 Auto AAA/Aaa United Parcel Service (UPS) Al +/P1 Transportation AAA/Aaa University of California (UNCALB) Al +/P1 Education - University of Chicago (UNICHI) Al +/P1 Education - Wachovia (WBCORP) Al/P1 Bank A/Aa3 Wal-Mart Stores (WMT) Al +/P1 Retail AA/Aal Warner-Lambert (WLA) Al +/P1 Drugs AAA/Aaa Washington Gas Light Co. (WGL) Al +/P1 Utility AA-/A2 Wells Fargo (WFC) Al +/P1 Bank AA/Aaa Yale University (YALE) Al +/P1 Education - ** The preceding credit ratings were updated on 1-23-04, using Bloomberg Services. Page 2 of 2 2/17/04 • CITY OF PALM DESERT • 9:25 AM • APPROVED MEDIUM-TERM NOTE ISSUERS FEBRUARY 2004 S&P/MOODY'S COMPANY MTN RATINGS INDUSTRY Abbott Labs (ABT) AA/Aa3 Drugs American Express (AXP) A+/A1 Finance American Honda Motor (HNDA) A+/A1 Auto Anheuser Busch (BUD) A+/A1 Beverage Associates Finance (ACAFIN) AA-/Aa1 Finance Bank of New York (BK) A+/Aa3 Bank BankAmerica (BAC) A+/Aa2 Bank BellSouth (BLSCRP) A+/A1 Telecomm BP America (BPAME) AA+/Aa1 Petroleum Chevron/Texaco (CHVTX) AA/Aa2 Petroleum Citigroup Global (CGMH) AA-/Aa1 Finance Coca-Cola (KO) A+/Aa3 Beverage Colgate-Palmolive (CL) AA-/Aa3 Consumer Columbia University (COLUNV) AAA/Aaa Education Du Pont (E.I.) de Nemours (DO) AA-/Aa3 Chemical Eli Lilly ILLY) AA/Aa3 Drugs Exxon-Mobil (XOM) AAA/Aaa Petroleum First Tennessee-(FTN) A/A1' . 5B'ank First'Union (WB) ` • A+/Aa2 . . . " Bank' General Electric (GECC) AAA/Aaa Electric Equipmt Gillette (G) AA-/Aa3 Consumer Goldman Sachs (GS) A+/Aa3 Securities Harvard University (HARVRD) AAA/Aaa Education Hershey Foods (HSY) A+/A1 Food Home Depot (HD) AA/Aa3 Retail IBM (IBM) A+/A1 Computer J.P. Morgan Chase (JPMCC) A+/A1 Bank Johnson & Johnson (JNJ) AAA/Aaa Drugs Kimberly-Clark (KMB) AA-/Aa2 Consumer McDonald's (MCD) A+/Aa3 Restaurant Merck (MRK) AAA/Aaa Drugs Merrill Lynch (MER) A+/Aa3 Securities Minnesota Mining & Manufacturing (MMM) AA/Aa1 Manufacturing Morgan Stanley Dean Witter MS) A+/Aa3 Securities Northern Trust (NTRS) AA-/A1 Bank Paccar Financial (PCAR) AA-/A1 Finance Pepisco (PEP) A+/A1 Food Pitney Bowes (PBI) AA/Aa3 Office Equipmt Proctor & Gamble (PG) AA-/Aa3 Consumer Salomon Smith Barney (SSB) AA-/Aal Securities Page 1 of 2 2/17/04 I CITY OF PALM DESERT • 9:25 AM APPROVED MEDIUM-TERM NOTE ISSUERS FEBRUARY 2004 S&P/MOODY'S COMPANY MTN RATINGS INDUSTRY Shell Oil (RDNA) AAA/Aa1 Petroleum fSouthTrust (SOTR) A/A1 Bank State Street Boston (SST) _ AA-/Aa3 Bank SunT,rust Banks (Si]) _ _ AA-/Aa3 Bank, Toyota Motor Credit (TOYCC) AAA/Aaa Auto United Parcel Service (UPS) AAA/Aaa Transportation Wachovia (WBCORP) A/Aa3 Bank Wal-Mart Stores (WMT) AA/Aa1 Retail Wells Fargo (WFC) AA/Aaa Bank • Yale University (YALUNI) AAA/Aaa Education ** The preceding credit ratings were updated on 1-24-04, using Bloomberg Services. Page 2 of 2 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 Treasurer4 kit Date: January 28', 2004 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 December 31th, 2003. I 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. H:ITJEFFREYIWORD 20001MEMORANDAIFINANCE COMMrrtEE1457 PLAN ACCOUNT STATEMENTS.DOC ' Nationwide® di CITY OF PALM DESERT Retirement Solutions wdaf Financial Deft d Compensation Program 57) Statement of Account 11119rrr19Ir1111,11.11....,I.I.I.I...I.I.1.1.1.lr' I.lrlrllI PAUL GIBSON 99 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 cepted more than 30 days after the closing date of the statement.ac , Your Account Value A Of December 31, 2003 $2,796,093.61 Your Total I efe raIs/T-a_nsfers:ln To late T _ $2,843,072.47 Your,Total, Wtttidrarwais/ ransfers Out To Date - $899,546.92 Your Total Charges/C„redlts"Tb Date. i - $422.00 Your Total Gainf.I,oss To Date #egg` - $852,990.06 • The amount shown above in Total Charges/Credits To Date is the total amount of charges or credits since you have joined the plan. If applicable, Total Gain/Loss To Date' includes asset fees charged against core accounts and/or asset fees associated with Self Directed Option (SDO). For information about asset fees, contact your customer service center. `" Report Period: October 01, 2003 Thru December 31, 2003 0 cn 0 Your 457 Defered CompensationgPlanAccou€st Value$ By FUnd=Are I sio 09/30/2003 Deferrals/ Withdrawals/ Charges/ 12/31/2003 eeeimi Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value amm - Am Cent Value Ic 16,132.30 458.71 - 139.83 -280.19 0.00 2,168.74 18,339.73 Brwn Cap Mgmt Sml Co Fd Ic 11,239.94 404.60 0.00 0.00 0.00 1,335.32 12,979.86 Drey Appreciation Fnd Inc 8,201.40 399.35 -302.14 -288.02 0.00 831.85 8,842.44 - Drey Prem Mdcapstk CIs A 2,717.12 140.00 -215.25 - 13.39 0.00 310.87 2,939.35 Drey S&P 500 Index Fund 39,283.52 1,216.74 -252.75 - 198.24 0.00 4,651.26 44,700.53 imemee Drey Prm3rdcnt Fnd as Z 11,695.52 . 469.28 0.00 0.00 0.00 1,305.51 13,470.31 - Fid Asset Manager 34,996.36 1,125.39 0.00 -314.60 0.00 2,089.79 37,896.94 smili 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 99987995P000000451 0 Report Period: October 01, 2003 thrcember 31, 2003 . •Page: 2 of 3 CITY OF PALM DESERT Entity: 0516 'I Your 4S7 Deferred;Compensation Plan Account Values sy Fund Are. 09/30/2003 Deferrals/ Withdrawals/ Charges/ 12/31/2003 Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value Rd Contrafund 85,585.63 3,582.05 - 1,802.92 -369.14 0.00 9,504.63 96,500.25 Fid Equity Income Fnd 45,700.56 10,475.58 - 1,829.91 -451.77 0.00 7,196.38 61,040.84 Fed US G'tsc Fnd 2-5 Ys Is 8,309.92 603.75 0.00 0.00 0.00 -52.16 8,881.51 Nationwide Fixed Account 1.605.009.96 56,398.69 36,932.98 -65,932.93 0.00 18,656.27 1,651.064.97 Fid Magellan Fnd 79,135.75 745.22 -352.36 ' - 13.39 0.00 8,395.89 . 87,911.11 Franklin Balsheet Inv Fd A 18,273.71 228.83 0.00 -244.80 0.00 2,341.62 20,599.36 . Grwlh Fnd of America, Inc. 30,663.87 766.71 0.00 -331.20 0.00 3,668.61 39,767.99 Gartmore Invdes Aggr Sc 7,915.17 1,213.10 0.00 0.00 0.00 1,093.36 10,221.63 Gartmore Invdes Modcons Sc 2,983.59 331.80 0.00 0.00 0.00 165.50 3,480.89 Invesco Dyn Fnd Ic 23,721.99 3,164.22 - 1,724.22 -31.55 0.00 3,247.42 28,377.86 Garlmore Invdes Modaggr Sc 4,938.92 460.60 0.00 0.00 0.00 554.41 5,953.93 Gartmore Invdes Mod Sc 983.00 110.60 0.00 0.00 0.00 81.28 1,174.88 Gartmore Invdes Cons Sc • 1,001 90 110.60 0.00 0.00 0.00 27.70 1,190.20 Incm Fnd of America, Inc. 31,311.42 859.60 - 166.09 - 14.87 0.00 3,338.29 35,328.35 Am Cent Income&Grwth Ic 3,915.53 481.25 -404.93 - 1,270.81 0.00 398.50 3,119.54 Janus Adv Intl Grth I Shs 443.17 0.00 -399.65 - 11.90 0.00 40.47 72.09 Janus Fund 88,282.23 7,688.46 - 1,986.88 - 160.69 0.00 11,512.79 105,335.91 Ms Ift Fixed Incm Port Ic 319.23 70.00 173.19 -26.77 0.00 6.23 591.88 Ms Ift Equity Grth Port B 0.00 0.00 9.92 - 1.49 0.00 0.30 8.73 Mass Inv Grthstk Fnd Cls A 15,152.06 0.00 1,937.56 - 1.49 0.00 1,190.80 18,278.93 Gartmore Money Mkt Fd Ps 32,683.80 20,627.13 0.90 - 1.49 0.00 -37.26 53,273.08 Grtmre Mod Stable Val Ret . 10,314.71 235.41 303.64 - 1,377.26 0.00 69.18 9,545.68 Nat Bnd Indx Fnd Cls A 1,966.18 122.50 0.00 0.00 0.00 - 1.24 2,087.94 Gartmore Nationwide Fund D 72,790.72 3,136.52 -0.55 -307.98 000 7,892.01 83,510.72 Neu Ber Genesis Fd Tc 389.83 0.00 0.00 0.00 0.00 50.13 439.96 Nat S&P 500 Indx Inst Sry 12,428.49 1,705.97 - 183.17 - 102.83 0.00 1,545.34 15,393.80 Nat Mdcap Mkt Idx Fnd Clsa 549.75 0.00 -386.02 -31.23 0.00 46.73 _ 179.23 Nat Smcap Indx Fnd Cls A 434.84 61.25 -274.52 -26.77 0.00 52.84 247.69 Opp Global Fnd as A 6,483.04 378.35 -304.56 -20.82 0.00 1,091.19 7,627.20 One Group Mddcap Grth Fd A 438.58 0.00 -280.71 -28.26 0.00 31.15 160.76 lGrp Midcapval Fnd CIs A 108.90 0.00 - 109.16 - 1.49 0.00 7.07 5.32 Putnam Ininatl Equity Fd A 4,825.78 0.00 -691.44 -25.28 0.00 619.20 4,728.26 Natwde Lg Cap Gr Inst Sry 2,625.72 0,00 -2,760.04 0.00 0.00 134.32 0.00 Pimco Ttlretrn Fnd Cis A 71,487.76 580.72 0.00 0.00 0.00 296.49 72,364.97 Natwde Small Cap Inst Sry 7,639.62 2,804.77 - 1,699.79 0.00 0.00 1,137.44 9,882.04 Ptnm Voyager End Cls A 60,396.42 3,174.77 -21,607.21 -255.36 0.00 4,660.61 46,369.23 Gvit Small Company I 17,454.08 262.50 0.00 0.00 0.00 2,229.28 19,945.86 Strg Oppor Fnd 653.89 0.00 -501.62 -29.75 0.00 45.01 167.53 Am Cent Growth Fnd Ic 10,462.35 1,056.86 -78.35 - 1.49 0.00 1,125.43 12,564.80 Am Cent Intl Disc Ic 4,624.43 0.00 -60.07 -2.97 0.00 669.38 5,230.77 Am Cent Ultra Ic 83,886.87 1,983.80 -283.93 - 1,588.30 0.00. 7,540.91 91,539.35 Temp Foreign Fnd Cls A 31,953.35 568.75 -94.55 -210.69 0.00 3,709.78 35,926.64 Vankamp Growth&Inc Fd A 9,751.73 572.11 -320.47 -26.77 0.00 1,243.33 11,219.93 W&R Advisor High Income Y 622.82 235.41 - 145.10 -4.46 0.00 24.72 733.39 Totals: 2,622,887.43 129011.95 0.00 -74,000.44 0.00 118,194.67 2,796,093.61 As-Of December 31,;2Qd3 Your Deferrals Are being t •nvesie •d'As Follows Fund Description Percent Unit Value Units ACV Am Cent Value Ic 1.4768 12,418.2098 BSC Brwn Cap Mgmt Sml Co Fd Ic 1.4426 8,997.3596 DAF Drey Appreciation Fnd Inc 1.0343 8,549.1873 DPM Drey Prem Mdcapstk as A 1.4217 2,067.5553 DSP Drey S&P 500 Index Fund 1.3933 32,081.8068 DTC Drey Prm3rdcnt Fnd Cls Z 3.3751 3,991.1135 FAM Fid Asset Manager 2.0029 18,921.1372 FCN Fid Contrafund 3.6734 26,269.9212 FEI Fid Equity Income Fnd . 8.7235 6,997.2734 FIG Fed US G'tsc Fnd 2-5 Ys Is 1.6536 5,358.9394 FIX Nationwide Fixed Account FMG Fid Magellan Fnd 2.8681 30,650.8600 FRB Franklin Balsheet Inv Fd A 1.2004 17,161.0429 GFA Grwth Fnd of America, Inc. 5.9949 5,799.6085 DA Gartmore Invdes Aggr Sc 1.0202 10,019.4388 DC Gartmore Invdes Modcons Sc 1.0665 3,263.7222 DF Invesco Dyn End Ic • 1.1084 25,602.1878 DM Gartmore Invdes Modaggr Sc 1.0357 5,748.6611 DS Gartmore Invdes Mod Sc 1.0490 1,120.0378 DV Gartmore Invdes Cons Sc 1.0720 1,063.5770 FA Incm Fnd of America, Inc. 3.7743 9,360.3055 GF Am Cent Income&Grwth Ic 1.0657 2,927.3226 JAI Janus Adv Intl Grth I Shs 0.8613 83.7037 JF Janus Fund 2.2566 46,678.0189 MFI Ms Ift Fixed Incm Port Ic 1.8463 293.4982 90987995P000000462 Report Period: October 01, 2003 thru Deter 31, 2003 'age: 3 of 3 CITY OF PALM DESERT Entity: 0516• n IF II , ... - s r .: I r1 As Qf �I> ember 31,r2t... Your De[erraEs lore Becng inites4ed ks Fellows Fund Description Percent Unit Value Units MIE Ms Ift Equity Grth Port B 1.0081 8.6646 MIG Mass Inv Grthstk Fnd Cis A 18.1466 1,007.2896 MMF Gartmore Money Mkt Fd Ps • 3.5162 15,150.9037 MSU Grtmre Mod Stable Val Ret 1.2122 7,874.3734 NBI Nat Bnd Indx Fnd Cis A 1.1519 1,812.1921 NF Gartmore Nationwide Fund D 23.2875 3,586.0716 NGS Neu Ber Genesis Fd Tc 1.2453 353.3048 NIY Nat 5&P 500 Indx Inst Sry 0.9911 15,531.4907 NMC Nat Mdcap Mkt Idx Fnd Clsa 1.1493 155.9406 NSC Nat Smcap Indx Fnd CIs A 1.1692 211.8017 OGF Opp Global End Cls A 1.7157 4,445.4102 OGG One Group Midcap Grth Fd A 1.2898 124.6452 ' OGV 1Grp Midcapval Fnd Cls A 1.3574 3.9204 PIG Putnam Intnatl Equity Ed A 0.7616 6,208.3147 PMT Plmco Ttlretrn Fnd Cis A 1.1951 60,553.4195 PRS Natwde Small Cap Inst Sry 1.5562 . 6,350.1762 PVF Ptnm Voyager Fnd Cis A 4.1953 11,052.7379 SCE Gvit Small Company I 1.6757 11,902.8791 SOP Strg Oppor Fnd 0.9449 177.2979 TCG Am Cent Growth Fnd Ic 6.4814 1,938.5989 TCI Am Cent Intl Disc Ic 1.7394 3,007.2336 TCL Am Cent Ultra Ic 3.0016 30,497.2892 TFF Temp Foreign Fnd Cls A 2.5061 14,335.6022 VKG Vankamp Growth & Inc Fd A 1.0782 10,406.0386 WHI W&R Advisor High Income Y 1.1496 637.9707 r:I plioN l ,-IIr' IT ng rl l I r Yr E e ..nsanC e �R 'R3t0A III - , 'r sl rt ' r il ! h IgIP C fi . r Policy Premium Report Period Account Surrender Death Life Option Number Per Pay Premiums Value Value Benefit Universalife 106.67 532.05 20,118.39 14,791.34 326,139.00 Plan I (Universal Life) 97.48 682.36 11,798.82 8,660.49 261,616.00 • ii III F r iiIti '.rift -0 II rI Impor:.t�pt InforI:MikiorA�F ! n� i F IniH l ill Irk ,l lI PIIFI N f- '11'IripI II"fi Ibri III _ 1 I :i I1L,4.. 1iUl'F'.I� I Ii F ;L 1 Nil f r, I ,10 I' r I III l rR ii O t cn o Our Reps-on-Call can help you maximize contributions for retirement, based on what you can afford. To learn how you can 'Do the Max", contact a Rep-on-Call m.o. toll-free at 1-877-677-3678. • The 1st quarter effective interest yield for the Nationwide fixed return option is 4.55%. The 2004 guaranteed minimum effective interest yield in 4.00%. 999979951,000000463 98987995 P000000464 rt Financial Report for ill ICMA RETIREMENT CORPORATION Your ' Deferred Compensation Pl 10/01/2003 through 12/31/2003 Page 1 of 8 ,A Message from TCNIEi RC EZLink provides electronic access to a wide range of PAUL S GIBSON 001-0210 plan specific information, reporting and transaction CITY OF PALM DESERT processing capabilities. Log on to 73 510 FRED WARING DRIVE www.icmarc.org/ezllnk/ to view a demonstration and PALM DESERT CA 92260-2564 sign-up today. Plan Summary Information For;the Period Ending 12/31/2003 Ending Fund Balance 3,538,531.79 Plan No 302129 Contributory 3,339,830.47 Rollover 198,701.32 Total Contributions this Period $67,355,38 Pre-Tax 198,701.32 Contributory $67,355.38 - Total Plan Assets $3,538,531.79 Smnmary byFund .Year Current Savings Conservattive Traditional; To Date Quarter Oriented Growth ;Growth Beginning Balance $2.,812,942 57 $3,270,950 83:'. $224,783.22 $61,874.01 $40,506.48 Contributions 2$3,90321 s 67 35.a 38: 7,423.53 3,981.88 2,709.28 : IiRoll-Ins 50,746 42 ' 41,754 79 0.00 10,527.53 10.94 Distributions 42 482 64 8 74$66- 0.00 0.00 0.00 Adjustments 6 558 81 6 00 ; 0.00 0.00 0.00 Fund-to-Fund Transfers 0 00 000: 0.00 11,957.38 0.00 Earnings 456,96342 1912164$ 8,309.09 3,718.92 3,122.24 $Ending Balance 3,538,531.79 $3538,531 79;r, $240,515.84 $92,059.72 $46,348.94 Percentage Invested 7% 3% 1% $nmmnrybyFund emit Lang Term Ail-Equity PLUS Gash; . Core Bond ?. Growth Growth Fund Management lades Beginning Balance $35,263.18 $70,843.07 $1,337,878.33 $20,674.17 $35,693.07 Contributions 1,920.03 4,361.56 20,123.40 3,840.00 739.66 Roll-Ins 0.00 0.00 696.30 0.00 0.00 Distributions 0.00 0.00 8,745.66- 0.00 0.00 Adjustments 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 11,957.38- 0.00 0.00 Earnings 3,565.36 9,118.12 11,490.87 0.00 15.33- Ending Balance $40,748.57 $84,322.75 $1,349,485.86 $24,514.17 $36,417.40 Percentage Invested 1% 2% 38% 1% 1'/o Please review your statement carefully. If you believe there is an error due to a transaction not previously confirmed.please notify ICMA-RC at 800-326.7272len Espanol 800-669-8216)within 90 days of quarter end. Failure to do so may prevent ICMA-RC from adjusting your 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. •uarterly Financial Report foS Your 457 Deferred Compensation Plan 10/01/2003 through 12/31/2003 Page 2 of 8 a Pfau Name CITY OF PALM DESERT Plan No.302129 gumntary by Fund copt VS ' Asset VT Fidelity Equity 500 Stock:: vernment Allocat on i ' Puftan IncomeInde a Go . Beginning Balance $1,370.42 $96,611.38 $1,073.82 $10,433.10 $36,954.16 Contributions 165.34 360.00 10.00 400.68 2,461.98 Roll-Ins 0.00 0.00 0.00 0.00 15.44 Distributions 0.00 0.00 0.00 0.00 0.00 Adjustments 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 5.92- 9,486.51 107.84 1,503.51 4,504.98 Ending Balance $1,529.84 $106,457.89 $1,191.66 $12,337.29 $43,936.56 Percentage Invested Less than 1 % 3% Less than 1% Less than 1% 1% Summary by Fund coat Growth .' Broad Market; VT Lord Abbeti.:iiiii,iiiiidiZiggingigEigaikiniiin FRINFININNiiiiiiiiNinfin income :Indea Lg Co Value Value :'s Fund Beginning Balance $34,392.33 $102,251.34 $323.84 $9,611.58 $887,518.66 Contributions 1,009.61 592.27 35.00 1,773.81 4,245.72 Roll-Ins 218.96 0.00 0.00 0.00 0.00 Distributions 0.00 0.00 0.00 0.00 0.00 Adjustments 0.00 0.00 0.00 0.00 25,308.37 Fund-to-Fund Transfers 0.00 0.00 0.00 0.00 0.00 Earnings 4,327.71 12,609.54 46.31 1,361.16 94,383.87 Ending Balance $39,948.61 $115,453.15 $405.15 $12,746.55 $1,011,456.62 ._ Percentage Invested 1% 3% Less than 1% Less than 1% 29% Summary by Fund coat V!I Fidelity VT lFidelity VT Gabelli VT MA'S VT Amer Cent (. Contra : Magellan 'Value I.g Co Growth Ultra Beginning Balance $21,548.01 $30,336.17 $13,371.27 $19,379.02 $41,065.75 Contributions 358.61 1,211.49 0.00 1,342.32 1,391.56 Roll-Ins 142.44 0.00 0.00 40.89 45.28 Distributions 0.00 0.00 0.00 0.00 0.00 Adjustments 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 2,414.57 3,288.51 1,915.89 1,472.99 3,758.97 Ending Balance $24,463.63 $34,836.17 $15,287.16 $22,235.22 $46,261.56 Percentage Invested 1% 1% Less than 1% 1% 1% 10031 A403-001-0210 IIIIII III 1111111111111111111111111111111111111110111111113 31111131111111111111 IIII R U terly Financial Report for Your Deferred Compensation Pla 1p ICMA RETIREMENT CORPORATION 10/01/2003 through 12/31/2003 Page 3 of 8 • Plan Name Ct7YOF PALM DE$ERT Plan No302129 ,,, .A. ,_, Summary by Fuad cone Aj gressiv�e i VT T Rome Fr`. VT Putnam . VT Invesco Oppor Sm Cap Stock; Voyages Sm Co GrO vtb International Beginning Balance $49,588.23 $843.98 $23,433.40 $3,051.81 $51,384.48 Contributions 3,564.69 100.59 340.56 105.00 2,613.29 Roll-Ins 0.00 0.00 44.98 0.00 12.03 Distributions 0.00 0.00 0.00 0.00 0.00 Adjustments 0.00 0.00 25,308.37- 0.00 9,989.66 Fund-to-Fund Transfers 0.00 0.00 0.00 0.00 0.00 Earnings 5,950.42 118.15 1,489.43 287.89 7,961.26 Ending Balance $59,103.34 $1,062.72 $0.00 $3,444.70 $71,960.72 Percentage Invested 2% Less than 1% 0% Less than 1% 2% Summary by:Fund coutL V'r Pufnath Intl Equity ,) Beginning Balance $8,892.55 Contributions 173.52 Roll-Ins 0.00 Distributions 0.00 Adjustments 9,989.66- Fund-to-Fund Transfers 0.00 Earnings 923.59 Ending Balance $0.00 Percentage Invested 0% Note:Amounts shown net of applicable fees and expenses. Earnings include dividends,interest and realized and unrealized gains and losses. Aaaoant Batunce Ctmr a compares your ir`.MARC plan 5 aesot-.tiatancaa Thy.ufwstment type/to ICRfa•RC plans nationatlp enEggilEIN:4WICbIA RC Ptaa q;falaacs A!t IQM U Plana iiiiiigiRiOinigini l El Domestic Equities 48% tg Domestic Equities 55% 0 Fixed Income 47% 0 Fixed Income 38% 0 International 3% Q International 4% EiCash Management 1% 0 Cash Management 3% Fund category must equal at least 0.5%of assets to be displayed. Due to rounding,percentages may not sum to 100%. 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. •uarterly Financial Report fol. Your 457 Deferred Compensation Plan 10/O1/2003 through 12/31/2003 Page 4 of 8 Plan Name CITY OF PALM DESERT Plan No 302129 Share Value:::: Shares on 01/01/2003 Shares on i0/0i/2003 Shares on 12/31/2003 # Shares Value of s, mmt Shares Vabie of # Shares Vat4e of `: MERMigEMOMMMMM :0*.a.4.0Mci.P.eShatei] Owned One Share: Owned One Share; Savings Oriented 11,786.1048 $16.15 13,191 5034 $17.04 13,619.2439 $17.66 Conservative Growth 3,318.8569 14.38 3,971.3744 15.58 5,613.3977 16.40 Traditional Growth 2,068.7598 14.21 2,554.0029 15.86 2,718.4138 17.05 Long-Term Growth 1,820.1954 14.04 2,182.1270 16.16 2,294.4019 17.76 All-Equity Growth 2,841.4515 14.19 4,239.5610 16.71 4,482.8681 18.81 Cash Management 668.0164 14.17 1,457.9812 14.18 1,728.7849 14.18 Core Bond Index 1,897.3405 17.49 1,979.6493 18.03 2,020.9426 18.02 US Government 51.7215 17.02 79.3068 17.28 88.9440 17.20 Asset Allocation 4,406.5862 18.96 4,466.5455 21.63 4,482.4374 23.75 VT Fidelity Puritan 50.7979 17.26 56.3684 19.05 56.8810 20.95 Equity Income 340.6149 23.13 389.1497 26.81 403.0472 30.61 500 Stock Index 2,901.0108 10.64 3,051.5418 12.11 3,244.9454 13.54 Growth & Income 1,611.2763 12.03 2,477.8341 13.88 2,560.8080 15.60 Broad Market Index 4,400.2486 19.68 4,476.8535 22.84 4,501.0974 25.65 VT Lord Abbet Lg Co Valu 23.8747 7.88 35.9028 9.02 39.5264 10.25 VT Amer Cent Value 409.6267 12.12 702.0891 13.69 822.8895 15.49 Growth Fund 36,654.83.16 20.54 37,322.0631 23.78 . 38,473.0555 26.29 VT Fidelity Contra 915.6462 17.17 1,097.7076 19.63 1,121.6705 21.81 VT Fidelity Magellan 1,758.0871 13.58 1,994.4878 15.21 2,069.8849 16.83 VT Gabelli Value 242.3211 20.47 570.2037 23.45 570.2037 26.81 VT MFS Lg Co Growth 2,492.4562 8.82 1,935.9660 10.01 2,068.3928 10.75 VT Amer Cent Ultra 2,426.9451 13.21 2,712.4007 15.14 2,802.0331 16.51 Aggressive Oppor 1,890.4065 17.58 2,190.2930 22.64 2,337.0242 25.29 VT T Rowe Pr Sm Cap Sto 49.5924 9.21 79.3213 10.64 88.0467 12.07 VT Putnam Voyager 902.5093 15.63 1,313.5311 17.84 0.0000 19.37 VT Invesco Sm Co Growth 345.1777 4.41 571.5011 5.34 589.8457 • 5.84 International 4,555.2977 10.33 4,365.7142 11.77 5,334.3747 13.49 VT Putnam Intl Equity 815.4969 8.34 955.1607 9.31 0.0000 10.62 Summary byACeount type TOTAL <Contribulory Rollover Beginning Balance $3,270,950.83 $3,098,895.02 $172,055.81 Contributions 67,355.38 67,355.38 0.00 Roll-Ins 11,754.79 0.00 11,754.79 Distributions 8,745.66- 8,259.72- 485.94- • • Earnings 197,216.45 181,839.79 15,376.66 Ending Balance $3,538,531.79 $3,339,830.47 $198,701.32 Percentage by Type 100% 94% 6% crmtslbutiali Listing Date TOTAL Contributory 10/10/2003 $9494.65 ? $9,494.85 10/24/2003 9,494 85 >: 9,494.85 11/10/2003 1029787 ; 10,297.87 1oW,naaa-oa,-o2,0 1IIIIII Dill IIII NMI 1113 IIIIIIMII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIDIIIIIIIIII R U Quarterly Financial Report for Your RETIREMENT CORPORATION • Deferred Compensation Flail '10/01/2003 through 12/31/2003 Page 5 of 8 P#aQ Name CITY OF PALM DESERT Pfan No302i29 Cmi tadbutian List3ag ' Date.' TOThL. . .:: ..Contributory...; 11/19/2003 $10,€16 ..s $10,116.08 12/05/2003 9,688 04 . 9,868.04 12/19/2003 $fi21 $$. 9,621.86 12/30/2003 8 467 83;> 8,461.83 • Cash received from Employer 67,355.38 Total Contributions $67,355.38 • • • • • • • 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. STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER ® I �-• SACRAMENTO C„-� - i,��' c ,?' I,i !F1 t SE-FiT Local Agency Investment Fund PM'! LE L I P`';=!I MF_N I w°'- PO Box 942809 Sacramento, CA 94209-0001 HJt r ri I I tdl !O: 05 (916) 653-3001 January, 2004 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 01-15-2004 01-14-2004 QRD SYSTEM 157,227.24 01-21-2004 01-20-2004 RW 150773 THOMAS JEFFREY - 157,227.24 Account Summary Total Deposit : 157,227.24 Beginning Balance : 40,000,000.00 Total Withdrawal : - 157,227.24 Ending Balance : 40,000,000.00 • • Page : 1 of 1 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE.TREASURER ® • �.,�•�� SACRAMENTO � . [r°�-i 3 ?� "•I Local Agency Investment Fund rnii I t 4 1 i� I, Sacramento, CA 9 209-0001 (916) 653-3001 January,2004 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Ann: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 01-15-2004 01-14-2004 QRD SYSTEM 157,227.24 01-21-2004 01-20-2004 RW 555351 THOMAS W. JEFFREY - 157,227.24 Account Summary Total Deposit : 157,227.24 Beginning Balance : 40,000,000.00 • Total Withdrawal : - 157,227.24 Ending Balance : 40,000,000.00 • Page : 1 of 1 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer • OFFICE OF THE TREASURER II SACRAMENTO C`iY Cl FJN.n.`.CF I i1ERI l , Local Agency Investment Fund PO Box 942809 r Sacramento, CA 94209-0001 t1 ' ` ' EH ��` 3� (916) 653-3001 January, 2004 Statement PALM DESERT HOUSING AUTHORITY Account Number : 25-33-003 Attn: DEPUTY CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 99260-2578 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 01-15-2004 01-14,2004 QRD SYSTEM 24,356.61 Account Summary Total Deposit : 24,356.61 Beginning Balance : 6,202,323.45 Total Withdrawal : 0.00 Ending Balance : 6,226,680.06 Page : 1 of 1 • 411 _ Gi R (A- EFL::r, Fk="tN vENT CA LIFORNI A ASSET STATEMENT NIA NAGEMENT FROG RAM FEB1 JOINT ROWERS AUTHORITY 201I E ` O Pi'l 2• 2 SO CALIFORNIA STRERT 23RO F40UF l SAN FRANCISCO CALIFORNIA n1I I FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 1/31/2004 CITY OF PALM DESERT ACCOUNT NUMBER: 553-00 OPERATING FUND ATTN: PAUL GIBSON FUND NAME: Cash Reserve Portfolio 73-510 FRED WARING DRIVE PALM DESERT,CA 92260 Page 1 of 1 l Account=Summary,as:of 1/31/2004 - trx A rn JFLr ,> Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 1/31/2004 $16,794.01 $0.00 12,850,851.790 $12,850,851.79 Transaction Summatiffor 1/1/2004-.1/31/2004 rg '�'-f ' :a Beginning Balance Purchases Reinvestments Redemptions Ending Balance $23,334,057.78 $0.00 $16,794.01 $10,500,000.00 $12,850,851.79 I ar TRADE �-S_ETR pm/A-R'A im SHARE RES SHAFTHIS TOTS'�' ." t T DATEI ' 1. ��r TiRANSACTIO[J7 '' OPTRANS%1CTION' `p CIR TRA S NSACTION SHARES ARES OWNED 01/01/04 Beginning Balance 23,334,057.780 01/27/04 1/27/2004 Redemption-Wire Red. $10,500,000.00- $1.00 10,500,000.000- 12,834,057.780 01/31/04 2/1/2004 Accrual Income Div Reinvestment-DIV $16,794.01 $1.00 16,794.010 12,850,851.790 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 0.91%. THE ANNUALIZED YIELD IS 0.92%. C • • , GINC I I G SERT CAI_ IPORNIA ASSET RN/ I' EDrI 1-3li;EINT STATEMENT MI A AC•ENIENT PROCRAMI. IOINT POWERS AUTHORITY SO CALIF[)NIA STREET 23RIS FLOOR ' lti r1 1 1 G1 SAN FRANCISCO CALIFORNIA 941 I 1 j�')`' 1'C�7 f D �f"l L' -FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 1/31/2004 PALM DESERT REDEVELOPMENT AGENCY ACCOUNT NUMBER: 553-02 GENERAL FUND ATTN: PAUL GIBSON FUND NAME: Cash Reserve Portfolio 73-510 FRED WARING DRIVE PALM DESERT,CA 92260-2578 Page 1 of 1 Account tSumma . •asof1/31/2004 Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 1/31/2004 $23,058.50 $0.00 29,790,812.010 $29,790,812.01 Transaction Summary'for 1/,1/2004-.1/31/2004 ; . ...: Beginning Balance Purchases Reinvestments Redemptions Ending Balance $29,767,753,51 $0.00 $23,058.50 $0.00 $29,790,812.01 BADE'' SETTL ;', t. 7 a "s610s, a .ti - DOLLAR AMOUNT SHARE SHARES&THIS "TOTAL _r g-- DATE '�y•'• Pk 1ITR S�C,T1ON&> rg�^% r .t hOF. RANSACTION PRICE ". WTRANSACTioNlill SHARES OWNED-; 01/01/04 Beginning Balance 29,767,753.510 01/31/04 2/1/2004 Accrual Income Div Reinvestment-DIV $23,058.50 $1.00 23,058.500 29,790,812.010 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 0.91%. THE ANNUALIZED YIELD IS 0.92%. 4 A • co C Y N N Ee ® - s a co x u x W v W '0 to e ro u o c o 0 0 0 0 0 0 o o 0 0 0 0 o 050 '- - 7 ' N M 7 N - to coOO r O O T L W o - M - n N - a OO c, 7 \O O r O ice p .... Q 0 M N -^ V V O t� 0 N en en 0 N N N N C\ '� p a Q 0 rV 0 • 0 D\ b 0 N - in C\ V - en O •O y-+ Qn p f„i O 'V O.. in 7 vl ct 'n en 7 7 M N O .-. cD O ro I`� >, In N — — O O -- 0 7 ,y nt 7 7 •-• M (V oO T IL Liza ca M. V Q 0 0 7 a t 0. Cotri ® Z +U d N O N M cc N N N CO CO O 0O as.), LL 0 M o CO O 00 .. u 1� 0 0 0 0 0 00 .� O. eeeoe O � co — M t� D` O 7 N Ol kn 0 \0 00 1-- in — Vt 0 f C Y D\ T l� N V W r M O N 0 N O\ 0 0 N In �, .„, O h M -+ O O N VI CIett QLi (n N — — co 0 0 0 7 0 7 4 N -- n O ^ — U h Q 0 F } Yy E btV 0 0 C 0 0 O\ Ot en 0 b0L CO — V 00 N 0o V' 7 '«. O O CO CO 0 00 •0 0 (V 00 0 M 00 0 N — 0 tw V V R u— l ul ten — 7 r a I--oO O — in L. m V N — — 0 0 — 0 en gc et d' V — M 0 O\ — C C } F- k 0 Vl O 00 O O M O O`. Vl O O en O O O M O .0 ` in M tr)00. I-- n 0 e en co. O o' O 1-- O O O N 0 a) 0O O O O O O co N E -0 M r M N N N N — VD 0 CI. 0 — 0 0 0 — •O in • r CO — en et Q. y0j L 13 oo O\ C\ M r 00 en y j CJ -- oo Vl On O to N —vie en OO O N C b0 N N v3 M b — N M N O .00 .o ^ M Y 0 C y .. L 7 '0. U en •c :a v c'.� 0 Oa o ..t,.: c � LLo tr F S C 0. m 2 N u z Z 0 Fry M. �y� �y� yak P Q o e. V• a w it l P a °�° u ''�� c"i v E i v� E a>i c a o ea 14 et: .0 d P_ 411 0co a .. N l01 h a y � C7 � U m ¢ 0 i no 00 E • y d r c7 fl v 3 n ya a • a ' 0 e Li) 0 el u IO C .2 O r G •O a O 0 F '� N vaF .7n. r+. vcQO W O. 0O. n. U ^ 0 ` --- r F W 72. me • City of Palm Desert • • Parkview Office Complex k Financial Statement . for Fiscal Year 2003-2004 January-04 January-04 # % YID YCD it Budget Actual Variance Variance Budget Actual Variance Variance 1 Revenues Rental $ 68,500 $ 71,106 $ 2,606 103.80%! $ 479,500 $ 498,041 $ 18,541 103.87% Dividends/Interest $ 4,375 $ - $ (4,375) 0.00%I $ 30,625 $ 216 $ (30,409) 0.70% I Total Revenues $ 72,875 $ 71,106 $ (1,769) 97.57%01 $ 510,125 $ 498,257 $ (11,868) 97.67% 1 Expenses Professional-Accounting&Auditing $ 8,000 $ 8,000 $ - 100.00% - $ 56,000 $ 56,000 $ - 100.00% Professional-Consultants $ 6,000 $ 6,163 $ (163) 102.71% $ 42,000 $ 39,775 $ 2,225 94.70% Tenant Improvements $ 3,000 $ - $ 3,000 0.00% $ 21,000 $ 7,120 $ 13,880 33.90% Repairs&Maintenance Building $ 8,000 $ 3,080 $ 4,920 38.50% $ 56,000 $ 56,511 $ (511) 100.91% Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 0.00% $ 16,100 $ - $ 16,100 0.00% Utilities-Water $ 150 $ 103 $ 47 68.52% $ 1,050 $ 753 $ 297 71.71% Utilities-Gas/Electric $ 8,000 $ 3,523 $ 4,477 44.04% $ 56,000 $ 52,373 $ 3,627 93.52% Utilities-Waste Disposal $ 700 $ 177 $ 523 25.26% $ 4,900 $ 3,359 $ 1,541 68.55% Telephone $ 200 $ 204 $ (4) 102.04% $ 1,400 $ 1,137 $ 263 81.19% Insurance $ 521 $ - $ 521 0.00% $ 3,645 $ - $ 3,645 0.00% Total Expenses $ 36,871 $ 21,250 $ 15,621 57.63%) $ 258,095 $ 217,028 $ 41,067 84.09% 1 Operating Income $ 36,004 $ 49,856 $ 13,852 138.47% $ 252,030 $ 281,229 $ 29,199 . 111.59%, Equipment Replacement Reserve $ 14,000 $ 13,306 $ 694 95.04% $ 98,000 $ 93,142 $ 4,858 95.04% Net Income $ 22,004 $ 36,550 $ 14,546 166.11% $ 154,030 $ 188,087 $ 34,057. 122.11% 2004 Investment Reportlnv Report 2004 • City of Palm Desert Parkview Office Complex Vacancy Rate Schedule by Suite. January 2004 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 January 2004 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 • City of Palm Desert • • Desert Willow Budget Vs Actual • • For the month of January 2004 ' Budgeted Actual Budgeted Actual January January $ Percentage Year to Year to $ Percentage Revenue 2004 2004 Variance Variance Date Date Variance Variance Course&Ground $ 530.475 $ 521,384 $ (9,091) 98.29% $ 1,964,385 $ 1,948,029 $ (16,356) 99.17% Carts S 33,843 $ 36,310 S 2,467 107.29% $ 162,045 $ 176,210 $ 14,165 108.74% Golf Shop $ 106,261 $ 89.178 $ (17,083) 83.92% $ 405,408 $ 410,894 $ 5,486 101.35% Range $ 7,000 $ 5.510 $ (1,490) 78.71% $ 21,385 $ 21,000 $ (385) 9820% Food&Beverage $ 171,005 $ 181,964 $ 10,959 106.41% $ 765,073 $ 775,317 $ 10,244 101.34% Interest Income $ 100 $ - $ (100) 0.00% $ 1,600 $ - $ (1,600) 000% Total Revenues $ 848,684 S 834,346 S (14,338) 98.31% $ 3,319,896 $ 3,331,450 $ 11,554 100.35%I _. .mow .. ... ,.. . . . ,�_. y ., >.. .. ,�... ..� ... Payroll Proshop $ 5,915 $ 3,254 $ 2,661 55.01% $ 37,198 $ 38,041 $ (843) 102.27% Can $ 26,803 $ 26,748 $ 55 99.79% $ 131.709 $ 134,069 $ (2,360) 101.79% Course&Ground $ 124,107 $ 126,491 $ (2,384) 101.92% $ 888,407 $ 881,083 $ 7,324 99.18% Golf Operations $ 31,058 $ 27,140 S 3,918 87.38% $ 183,491 $ 158,773 $ 24,718 86.53% General&Administration $ 36,734 $ 42,368 $ (5,634) 115.34% $ 255,466 $ 276,339 $ (20.873) 108,17% Food&Beverage S 72.293 $ 76,339 $ (4,046) 105.60% $ 426,188 S 435,231 $ 19,043) 102,12% Total Payroll $ 296910 $ 302,340 S (5,430) 101.83% $ 1,922,459 $ 1,923,536 $ (1,077) 100.06%I Other Expenditures Perimeter Landscaping S - $ - $ - 0.00% $ - S - $ - 0.00% Proshop $ 18.450 $ 4.245 $ 14.205 23.01% $ 33,280 S 42,006 $ (8,726) 126.22% Proshop-COGS $ 41.706 $ 39,362 S 2,344 94.38% $ 176,373 $ 153,947 $ 22,426 87.28% Cart $ 12,595 $ 11,965 $ 630 95.00% $ 89,305 $ 87,402 $ 1,903 97.87% Course&Ground-North Course $ 43,480 $ 54,238 S (10,758) 124.74% $ 473,620 $ 432,000 S 41,620 91.21% Course&Ground-South Course $ 40,519 $ 49,364 $ (8,845) 121.83% $ 416,708 $ 503,174 $ (86,466) 120.75% Course&Ground-Desert Pallet-N $ 390 $ 296 $ 94 75.90% $ 4,645 $ 3,233 $ 1412 69.60% Course&Ground-Desert Pallet-S $ 990 $ 295 $ 695 29.80% $ 5,245 $ 4,590 $ 655 87.51% Golf Operations $ 4,775 $ 3,321 $ 1,454 69.55% S 9,055 $ 6,842 $ 2,213 75.56% General&Administration $ 79,744 $ 74,109 $ 5,635 92.93% $ 455,582 $ 416,697 $ 38,885 91.46% Range $ 125 $ 6 $ 119 4.80% $ 10,175 $ 8,852 $ 1,323 87.00% Food&Beverage $ 22,262 $ 30,590 $ (8,328) 137.41% $ 155,703 $ 162.769 $ (7,066) 104.54% Food&Beverage COGS $ 51,957 $ 51,993 $ (36) 100.07% $ 235,688 5 246,840 5 (11,152) 104.73% Management Fee $ 25.000 $ 25,000 $ - 100.00% $ 175,000 $ 175,000 S - 100.00% Financing/Lease $ 5,664 $ 5.360 $ 304 94.63% $ 39,892 $ 38.891 S 1.001 97.49% (Total Other Expenditures S 347,657 $ 350,144 5 (2,487) 100.72% $ 2,280,271 S 2,282 243 $ (1,972) 100.09%I i .-,... ...C. . . ..: I Desert Willow Golf Academy Desert Willow Golf Academy $ 25,450 $ 25,792 $ 342 101.34% $ 71,950 $ 81,307 $ 9,357 113.00% COGS-Merchandise $ (7,668) $ (9,658) $ (1,990) 125.95% $ (43,550) $ (47,418) $ (3,868) 108.88% Other Expenditures $ (10,000) S (8,546) $ 1,454 85.46% $ (34,150) $ (35,656) $ (1,506) 104.41% $ - LearningCenterIncome(Loss) S 7,782 $ 7,588 $ (194) 97.51% $ (5,750) $ (1,767) $ 3,983 30.73% Operating Income(Loss) $ 211.899 $ 189,450 $ (22,449) 89.41% $ (888,584) $ (876,096) $ 12,488 98.59% Equipment Reserve Replacement $ 71,955 $ 68.089 $ (3,866) 94.63% S 503,685 $ 481,472 ' $ (22,213) 95.59% Net Income(Loss) $ 139,944 $_ 121,361 $ (18,583) 86.72% S (L 392,269) $ (1,357,568) $ 34,701 97.51%I ... _ ::. „ :...,. -,�.. .. .. I Snapshot of Golf Rounds Budgeted(mo) Actual(mo) Variance Variance% Budgeted(ytd) Actual(ytd) Variance Variance% Resident 2,800 2,672 (128) 95% 9,175 9.385 210 102% Non Resident 4,055 4,296 241 106% 23,367 24,393 1,026 104% Other - 54 54 100% - 161 161 100% Complimentary 300 265 (35) 88% 1,669 2,335 666 140% Total 7,155 7,287 132 102% 34,211 36,274 2,063 106% Folder:Desert Willow 2004:0W2004;Financial Statement Page 1 te- _ _ 2 0 � ` ` ka C ` - I ttO CV o o ] / § | C _ to ) ) E ) /\ 10.§ \ {� �� r ° k \ 0 ` 6 ya! / § 2 ■ ` ` � ° ® { : ooc o / a ) ) ) \ ) } ) ) / }a / / o f¥ J j CV ES) \ 2 ! § { § _ \ , Q � ! _ \ /. 0 Cd t 0 Q �§ ` • � I. \ § � ] ! \� , /` k § cr ■ ! 4 & ] ; , •\ ) u an ^ �` #7 0 / � a u © I E ■ £ / ! -- § a ■ " : � � I. ; < ; # ) ) . { as C E § i tu 0 ! . cti cd \ � • ot ) L.44 u & ) » ; / o / 0 • XXX < mX g- gXXXXX g- egX ^ aergosgX x- a $ * X X X a- XXe X c ^ae, n & - s - ^ aV , ,, Ag n saX P oz o _ aa � aoo ag = ese B a A - - - c>d > N Cv - �w c n yy qq > i - - NN «'. = a - c ' a « 4»»»« » » w»»w» w »»w»»»»»»»» » »... . » » » » u E. ap � ma Sgo mR ^a „, „ 0 _' �� a n e - vo ,. 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I. ) § ! & / a a ! a ƒ) \ ( 9 ƒ � N ` ° a / , </ , . 0 ` ) !] ®; a/ \ } { co PG \ Desert Willow Breakdown of Rounds • per point of sale system Desert Willow - Combined Analysis- January 2004 Resident 2,672 1 $ 120,240 $ 45.00 36.67% Non-Resident 4,296 $ 435,255 $ 101.32 58.95% Other 54 $ 540 $ - 0.74% Complimentary 265 $ 170 $ 0.64 3.64% 'Desert Willow Totals 7,287 I $ 556,205 $ 76.33 p 100.00% DW2004;POS AVG RD Page 9 • Desert Willow Breakdown of Rounds • per point of sale system FIRECLIFF COURSE- JANUARY 2004 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee 1,391 $ 62,595 $ 45.00 33.02% Total Resident 1,391 $ 62,595 $ 45.00 33.02% Non Resident Posted Rate 17 $ 2,975 $ 175.00 0.40% IROC Des. PRTY 20 $ 1,650 J $ 82.50 0.47% IROC MBR. /Guest 126 $ 14,232 $ 112.95 2.99% Prime 702 $ 78,903 $ 112.40 16.67% Sunrise 139 $ 16,813 $ 120.96 3.30% Midday 164 $ 20,500 $ 125.00 3.89% Sunset 201 $ 12,963 $ 64.49 4.77% Wholesale 442 $ 41,161 $ 93.12 10.49% Twilight 218 $ 20,068 $ 92.06 5.18% Outing 421 $ 51,212 $ 121.64 10.00% -Players Club 1 $ 60 $ 60.00 0.02% Fee Special Event Variable 160 $ 13,950 $ 87.19 3.80% 'Total Non Resident Rounds 2,611 $ 274,487 $ 105.13 61.99% Other Rounds Junior Walking 41 $ 410 $ 10.00 0.97% Total Other 41 $ 410 $ - 0.97% Complimentary VIP 42 $ 90 $ 2.14 1.00% PGA Member 13 $ 25 $ 1.92 0.31% Champions 24 $ - $ - 0.57% Employee/ Employee Guest 90 $ 55 $ 0.61 2.14% Total Complimentary 169 $ 170 $ 1.01 I 4.01% Total Round (FireCliff) 4,212 $ 337,662 $ 80.17 100.00% 0W2004;POS AVG RD Page 10 • • Desert Willow Breakdown of Rounds • per point of sale system MOUNTAINVIEW COURSE- JANUARY 2004 _ Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee-Weekday 1,281 $ 57,645 $ 45.00 41.66% Total Resident 1,281 $ 57,645 $ 45.00 41.66% Non Resident _ 1 IROC Des. PRTY 24 $ 1,980 $ 82.50 0.78% IROC Mbr./ Guest 90 $ 9,960 $ 110.67 2.93% Wholesale 286 i $ 25,181 $ 88.05 I 9.30% Prime 226 $ 29,453 $ 130.32 7.35% Sunrise 118 $ 11,875 $ 100.64 3.84% Midday 452 $ 37,813 $ 83.66 14,70% Twilight 127 $ 12,115 $ 95.39 4.13% Sunset 99 $ 6,435 $ 65.00 ' 3.22% Outing 156 $ 16,989 $ 108.90 5.07% Players Club 1 $ 60 $ 60.00 0,03% Fee Special Event Variable ., 106 $ 8,907 $ 84.03 3.45% Total Non Resident Rounds 1,685 I $ 160,768 $ 95.41 54.80% Other Rounds Junior Walking 13 $ 130 $ 10.00 0.42% Total Other 13 $ 130 $ 10.00 0,42% Complimentary VIP 8 $ - $ - 0.26% PGA Member 3 $ - $ - 0.10% PDHS/COD 48 $ - $ - 1.56% COMP Champions Club 4 ' $ - $ - 1 0.13% Employee/ Employee Guest 33 $ - $ - 1.07% Total Complimentary 96 $ - p $ - 3,12% Total Rounds (Mountainview) 3,075 $ 218,543 $ 71.07 100% DW2004;POS AVG RD Page 11 City of Palm Desert • Desert Willow Cash Reserve Analysis for the month of January 2004 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 I [Cash on Hand $ 548,143.26 r Variance- Favorable Unfavorable $ 48,143.26 I Page 12 Palmert Recreation Facilities Corpoon Income Statement Jan-04 Jan-04 N % Budget Actual Variance Variance Food & Beverage Revenues $171,005 $181,964 $10,959 106.41% Total Revenues $171,005 $181,964 $10,959 106.41% Salaries $72,293 $76,339 ($4,046) 105.60% Cost of Goods Sold-F&B $51,957 $51,993 ($36) 100.07% Food & Beverage Expense $22,262 $30,590 ($8,328) 137.41% Total Expenses $146,512 $158,922 ($12,410) 108.47% Net Income (Loss) $24,493 $23,042 ($1,451) 94.08% Note: The above revenues and expenditures are also included in the Desert Willow analysis. DW2004;PDRFC Budget Page 1 wIIII • COMMITTEE MEETING WORKSHEET Meeting Description Investment Committee Meeting Date 2/25/04 Time 10:30 a.m. Location North Wing Conference Room Mailed Agenda 2/18/04 Posted Agenda 2/18/04 _ Time Convene Adjournment /b' 31 I - a-- _ Staff Members Attending Yes/No Others Attending Yes No 1 Paul Gibson, Chairperson / 11 Dennis Coleman 2 Council Member 6 t// 12 Justin McCarthy Le/ / 3 Council Member 6 >✓ / 13 Rodney Young 4 Dave Erwin, City Attorney (/, 14 Recording Secretary 5 Carlos Ortega, City Mgr. t/v, p{.0 rL p�yi 6 Thomas Jeffrey / _ J 6Se Lugo FpVIAt ✓ Public Members Attending Vet Guests Attending ,15 �� 01 7 Russ Campbell , �((�(fl kl �{/ehit _ 8 Bill Veazie / 16 9 Everett Wood V 17 10 18 19 — 20 Follow-Ups/Tasks Assigned p�, Person Responsible Due Date 44 maiio : 1st- OS I on, 2 t to,U4 .. it/ -l: r-e I- J2tn mod C mid thval _ 3 lag• VA t - i kK, p rim �� -(42 — 4 0- 1 1 cp4). 1 Yn r Z1f 11NY) - 5 I q,v,6 lATTOned, & pit-e Z rip , l avi/P 7 p R irorec� n e 8 al iv / 14,01,V n Spoke Mtn (1) Mtn (2) MEETING NOTES TT C6tnd an iv -i ge nie lkot IN° 4� �l `t/ ad /2/k/p/ 0Y1 ben?. cge c Wm� i'1 U tav t? Ahrn .� l�a.� q ti-izv/�- r//1od,� I dt'B-UU 4/4 /2-MD, "1 /y/1 r U ��/ r _ fl b l ity Lard ferns- ,04 rcp<_, TJ - snr 4 ii. cc Mar - grn ?et 9na ,c Apr o.ra l Paw-t e-Fvt--p /ID (AM/710J n V'C- 9/frt7l1W' y/ / ew) 1- pg � Ka LI nt Mf'09 gin- a !if pi/- t /rr fkJ y 'nA1 , La t rrl as "/ - Cia b' 4 f ' (`S h� T) _ u frl 00 Jo f rp n�2n. rr , c d, Pir l n f" -1) IOWA, fro Arg rAgifirternft, for p Iss Lc 4 o1u 3 )n a; it gtisc> P)`� 1'''�- , Apr, �p_ zipii,,ni d tv!,08pictliza.e.c4fist 00/A4ty ? 6 a raA n4 WY L1 f-„b'GinnI i-ktv ad it /23 rti Urn _sue What f‘ecc rod 01l020re� es- Vrr,,u . of e,Gu,0 0--o T DOI J sr JI7 IBI h__ . • • • Spoke Mtn (1) Mtn (2) 2pst. MEETING NOTES —f-- W (+--e iii Qfr Cc 25(57 bi (oaf N t _ori riyorif, or / t IP a-XP •?1 1 4 rnlbhO in am • e Treaa e k(17 ? ' ' Q * P-wJ-' few 8ti, inA LION" SO / ePi birthal?" Aor' / fric o ,fin thr, Na.t.i- ,oro re 0, tritsr- /60 n ..y 1 f- S �- 71s6. c7 , PO-A roil i f r r - -ef� I'- .eorz rr �c�i- S t 4-�e 6 q',/zL) r (Th i) yr - Os 6 � V � LO .y��vt� rd)► y eV/ �Cvt•- tn, Pry c ill �� i Vi ink4 , e s� tl. 71r;--6,11a 4 CIOcr{- CAP c d -i h 4 r_etiou 4_, ,,,e' ,4-- 3 e G-/W Pr � 14 /W Pry mitt�mitt i. Aw /- - rt-�6 m/ pa M tfrit" 1(9h 4=r r)y . Spoke Mtn (1) Mtn(2) MEETING NOTES r- 1 f ev) to 1nok 4.0 4 fe I ' q-el /IS9 $ /off �,' ' / xtd rQ n I� ` �,C� f,ley ��llf'� 2 1-CM Sr. t%l�! rPriA- a a p (i .dvcc- _ =i7 inr- 0i;' hit y l?W/ c 9�v.� m�-nQ�cf h - y�� J 11 ( i e lac rner-c arn- rr -el rgel a - Pb al . 00 udgeto , *mom &f ik- ei �. �y/ ? C rit -- ) r d . (P( & 'Fn e&f s 0A 4 . .23 to . berg • 4 ( ova, rrsl-nc .odV u/�eP�.s1-aP&i,�U. c a.� iI� Pie cleztorUnr in - ( oe t )4 .4fr w tve di K t. c,-en -P( - J2-�-- t 3 a--n4i9 MAC), 4 � Cp W(ga ! ern . Ile (a4G1 th- r • -e.v, !if Pvj I Oco-RQlAeLo _flake 15 I(r4- ei `) LW t' ` -C �C-( eitia fq h,U. Cam, / t�c7 (A 410 t4 �0 -P. LOOM4- -fr (aA�a w4, , Spoke Mtn (1) Mtn (2) MEETING NOTES FPSeOki' aA res g botr.Qc r Et , ejth after Sfra751 1)G . n- Inj Val) te4r v-.err�, rfac ruipmes. pi,,- a. net AStiO Lan t4 (IfP. � , pr . --iv a a( l! ��a . b3 4J o,er✓ p a - /Legr ezr y a r 11<C iiS S? -bbe. a -rrnLt + Galli_ id/�' s/L �6 e, 7 107) , , mod- a mairri Oine#47 -�f Geer �[� R . Q.xceao ?O2U rekivrj'1‘ &dd NA-t- tioevy td2efor cod p4,,r4- Lit 1{,e, /ii nth Laaric dot 9 4'll , S%2yrj e_r r. �� ,, ,�� i �/2 - '� ifrn°° & i fi g7.1 lid/, Of U-dit P 4044,td /10 veV. >/1 • Spoke Mtn (1) Mtn(2) MEETING NOTES s 6(9 .Iet)-C (4) 4- ir PC. 0.11 an kAali 1-)2-r k-OL �roC aye c�•c � / , - l�n 11l�j,��' r f 'IF I,3 / C /n a rvt,( I- pi(�-P�,/_ 'Spool( c 4 Up ) rn0 - I/ F0 dsi f pp Pam , leaf k , ref- _ pe _ .ram maro Soo reel rP-C _ a e4. -/o d , - ('C L E-- t: d P. •ar. QC i i - - kiT( Se/ [66? e lei k h n SnA(d as a. _ ., yit_ ri /4._volt4Q yo borm-rd' g- V l/1 T CQ y r -f-VW. (Ail- roil if-tin hie( taja be pill (t y 4-r3-yi .b iefr, ,freer � ,.!, t k - te.a.ertel ( 62fl`?f' IvvQ JQR Lia �i .2e000 L n1J ` -`fg / 4P W(IP he h', . ifrIV Lir I z Zvi r ��►-rn�sf, I (' I�.a,in ' Ccdj 0 , ,. • CITY OF PALM DESERT • RECOMMENDED AUDIT PROCEDURES FOR CASH AND INVESTMENTS FY 2004 The City Treasurer's Office recommends that the following audit procedures be performed on the City's cash and investments for the year ended June 30th, 2004: 1. Review all investment transactions for the fiscal year, as listed in the "Trades" three-ring binder that the City will provide, to verify that all transactions were in conformity with legal restrictions imposed by law, contract, and the City's investment policy, including the limits on security types and concentrations. 2. Review all investment transactions for the fiscal year, as listed in the "Trades" three-ring binder that the City will provide, to determine if there was any evidence of questionable transactions related to the "churning" of investments, the use of a particular broker, or any excessive premiums paid to brokers. /4-i dd.lay 3. Review the bank wire activity, based on 24 wiresardtyselected from bank statements and a review of the Outgoing Wire Log, to determine if repetitive and non-repetitive wires were initiated either by a City employee or by an authorized third party, and verified by a second City employee. 4. Review all investments transactions for the fiscal year, as listed in the "Trades" three-ring binder that the City will provide, to determine if all executed trades were properly documented and cleared by an independent third party. 5. Review all investment transactions for the fiscal year, as listed in the "Trades" three-ring binder that the City will provide, to verify that an employee other than the Deputy City Treasurer authorized trades, and to review the recording of amounts in the accounting records for 15 trades by someone independent of the investment purchase function. 6. Review the sale of investments to determine if proper authorization was made in order to authorize a sale for any loss, and that the loss, if any, was reported to the Finance and Investment Committee. 7. Review to determine if all investment reports for the fiscal year were filed with the Finance and Investment Committee, the City Council, and the California Debt and Investment Advisory Commission. I. Review the bank signature cards and the signatures that the City makes available, to verify if all bank cards were kept current, and if two signatures were required for each bank account. S. Review the charges under the Bank of New York agreement for each debt issue and the Union Bank agreement to determine that administrative fees were properly charged for four applicable fiscal quarters. • • 4) U a) O Ecct 4-J o O p d O U U O a,40 N C • sr,' o E o cu . � U .., ° o . 5 1 , H N ct . ct 1-1- at . � C) U Ct 'Tit ` � 0 Ct a to • • U O O C.) CT O O bA Ltec O . p N O N CT N O cn o0 E N fZI C) vp — E--4 t N CD re ' U a.) O °' � G4 w N ct b ) 4D CZ; 0 i '4,1..4, H ;Li \a° Cn CD U M Ct E .� ®' O O O 2 A-4 O O ctct N N ct * * * * * • • U cn 0 � N O N O O M C O 00 O O 47r o� o� kn O\ O M `O M 00 N k LO `O 00 O >'' d' O `O N `O Ni EU 00 - `O 01 P E 4o 00 N `O kr) d' 1-4 Q O EA 9, EA LA 9, EA cu o rti 'c, CD c:4 F-�I N , 0 ' Q i .1 $U-+ C t N O U c�3 0 ci) 0_ &D .0 0 Q czt O C ript ho Q r--� ti Q c- 0 ct o Ct Ct ct H CA a N re) 'It `O 0 • N N 0 0 E co 4 N a. 0 o N _I •,-; vn U ®4 GO `=-) 0 0 U k 1 a) j Ct ct 0 0 . 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(.4, ,.. 0 T4 g U N 7, 7, . 0 , .- .4. t t ct ti, tin < t N .7,- re, , 0 0 a , kn (NI H ct I I I < * Ct 4cip • N _Ct .\ � •E ° ,� en 0 ® I t E pczt • 0 . , I czt ;.=1 a Ezi 0 4-4 rTi I I I City of Palm Desert, California Assessment District No.98-1 (The Canyons at Bighorn) Reassessment and Refunding of 2004, Series 2004 Sources and Uses of Funds Maximum Reassessment 12,225,000.00 Sources of Funds Par Amount of Bonds 2,955,000.00 Less: (OID)/Plus:OIP (22,380.15) Less: Underwriter's Discount(1) (44,325.00) Net Bond Proceeds at Closing 2,888,294.85 Outstanding Reserve Fund 1,540,230.76 Outstanding Revenue Fund 88.86 Outstanding Redemption Fund 1.35 Outstanding Assessment Fund 12,480.86 Outstanding Costs of Issuance Fund 10.79 Outstanding Prepayments(City) 181,194.58 Outstanding Residual(City) 367,351.24 Prior Issue Project Fund 7,862,656.88 December 2003 Collection 693,458.75 Total Prior Issue Funds 10,657,474.07 Total Sources of Funds 13,545,768.92 Uses of Funds Cost to Payoff Prior Issue (Cash) 13,172,847.50 Beginning Escrow Cash Balance _ Reserve Fund (2) 225,609.40 Cost of Issuance(3) 143,500.00 Total Uses of Funds 13,541,956.90 Adjustment 3,812.02 Assumptions (1) 1.50% ($15.00/bond)of the Par Amount of Bonds (2) Maximum Annual Debt Service(MADS)After 9/2/04(See Cash Flow Calculations Below) (3)See Attached Schedule Cash Flow Calculations Dollar Amount April 2004 Collection 693,458.75 Less: 9/2/04 Refunding DS (690,339.40) Net Contribution to RF 3,119.35 Reserve Fund at Closing 225,609.40 Total Reserve Fund 228,728.75 Reserve Fund Calculation Closing After 9/2/04 MADS 690,339.40 228,728.75 10.00%of the Par Amount 295,500.00 232,000.00 1.25 x Avg.Ann. DS 331,707.26 282,772.10 Run Date February 5,2004 Run Time 8:37 AM • City of Palm Desert, California Assessment District No. 98-1 (The Canyons at Bighorn) Reassessment and Refunding of 2004, Series 2004 Proposed Construction Contribution Existing Prior Construction Fund 8,697,458.18 Less: Remaining Improvements (550,000.00) Less: Construction Management Retention (284,801.30) Total 7,862,656.88 Proposed Prepayment Rebate Outstanding Prepayments (City) 187,345.07 Less: Premium Overcharge (6,150.49) Net to Sources and Uses 181,194.58 City of Palm Desert, California Assessment District No. 98-1 (The Canyons at Bighorn) Reassessment and Refunding of 2004, Series 2004 Proposed Costs of Issuance Bond Counsel 42,500.00 Disclosure Counsel 21,000.00 Financial Advisor 35,000.00 Fiscal Agent/Trustee 5,000.00 Printing/Miscellaneous 15,000.00 Reassessment Engineer 15,000.00 City Administration Fee 7,500.00 Verification Report 2,500.00 Total 143,500.00 • • City of Palm Desert, California Assessment District No. 98-1 (The Canyons at Bighorn) Reassessment and Refunding of 2004, Series 2004 Summary Statistics Arbitrage Yield 4.499447 % True Interest Cost(TIC) 4.774424 % "All-in"True Interest Cost (AIC) 5.717219 % NIC (Includes OID, OIP, and UD) 4.747145 % NIC (Average Coupon) 4.420386 % Average Life 6.908 Years City of Palm Desert, California Assessment District No. 98-1 (The Canyons at Bighorn) ,Reassessment and Refunding of 2004, Series 2004 , Price /Yield/ Production Calculation Total Principal (OID) /OIP Serials 2,955,000 (22,380.15) Term One 0 0.00 Total 2,955,000 (22,380.15) Delivery Date 2/19/2004 • Mat Date Coupon Yield Price Principal (OID)/Premium 9/2/2004 1.500 1.700 99.893 635,000 (679.45) 9/2/2005 1.800 2.000 99.698 135,000 (407.70) 9/2/2006 2.600 2.800 99.513 135,000 (657.45) 9/2/2007 2.800 3.000 99.333 140,000 (933.80) 9/2/2008 3.150 3.300 99.371 140,000 (880.60) 9/2/2009 3.500 3.650 99.253 145,000 (1,083.15) 9/2/2010 3.750 3.900 99.140 150,000 (1,290.00) 9/2/2611 4.000 4.150 99.036 160,000 (1,542.40) 9/2/2012 4.200 4.350 98.938 165,000 (1,752.30) 9/2/2013 4.450 4.600 98.850 170,000 (1,955.00) 9/2/2014 4.625 4.750 98.971 180,000 (1,852.20) 9/2/2015 4.750 4.900 98.688 185,000 (2,427.20) 9/2/2016 4.875 5.000 98.844 195,000 (2,254.20) 9/2/2017 5.000 5.125 98.788 205,000 (2,484.60) 9/2/2018 5.100 5.200 98.986 215,000 (2,180.10) • • ID Y T .- n) N co , N d O N co O co Q N .- Q Q 0 N O N 0 1D r n n n O e e qC D co000Q N Nn 0ID C) Q 00NN00 NOOQ 0000 Q N 00 N 00 d co 01 R 0 0 O 0 N C) IN O < N r n O N O O d , co 0) N N d 0 O) 'Q TiN 72 y ` .. 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CO C O C U 0 j 0 N 0 G C N N O)C - LL 9 O W O 0 CO CO CO CO CO CO 0 CO 0 0 0 CO CO CO CO CO CO CO CO 0 CO Cl C. O CD Op ': ^ C A N O: m 3 V l7 Cr)Cl C) C) C7 Cr)O N r) CO 0 N N t7 U, 17 f7 CO OJ N C) C b 0 0 0 N 0) ` 00 C Y C ) F O) 0) O) V V O) O)N OI ' n 0 ^ V V V p O)OI t0 CO p V O O N N 0 3 17 V V M C) n f 0 CO 0 CO O)CO b 0 0 0 0 0 0 0 CO q O . 2 O LL ; 3 Q Cl b b CO W CO Oln n .- nn 000) O.FNN C700 V V n U Z 6 L 1L z 0 O V CO n CO V CO V 0 C) 0 n n0 n'1 OI N O N OI N O ' O . o.O O 0 b N N �y O to) O: T' 0. 0 N N f N ' N N W N _N C 0 N CI C C C Z•E 11 y N O O 3 000 0 000 00m 0 . . N NCC V V N N00n n 0 0 N G NE F.y O N N N N N N N N N N N O N N N N N N N N N N N N N N N N N N O 0 NG coN NN(� Nf7` f7` NN � N(�� N [� N N(� NN [� NN(V NNNf7. F 0 N N N f7 O)Cl O)N O) C) O)C)O) C) O) fi p) Cl 0) C) W C7 O) 0 0) C)O) C) 0) C) O) C)CI U Q C Z City of Palm Desert, California Assessment District No. 98-1 (The Canyons at Bighorn) ,Reassessment and Refunding of 2004, Series 2004 Arbitrage Yield Calculation Par Amount of Bonds 2,955,000.00 Less: (010)/ Plus: OIP (22,380.15) Total Target Value 2,932,619.85 Discount Rate 4.49945 Future Present Date Value Value 2/19/2004 (2,932,619.85) (2,932,619.85) 3/2/2004 - - 9/2/2004 690,339.40 674,066.43 3/2/2005 46,849.38 44,738.53 9/2/2005 181,849.38 169,835.14 3/2/2006 45,634.38 41,681.73 9/2/2006 180,634.38 161,358.51 3/212007 43,879.38 38,334.50 9/2/2007 183,879.38 157,108.69 3/2/2008 41,919.38 35,028.36 9/2/2008 181,919.38 148,669.49 3/2/2009 39,714.38 31,741.58 9/2/2009 184,714.38 144,384.08 3/2/2010 37,176.88 28,420.35 9/2/2010 187,176.88 139,941.50 3/2/2011 34,364.38 25,127.00 9/2/2011 ,194,364.38 138,991.01 3/2/2012 31,164.38 21,795.47 9/2/2012 196,164.38 134,173.24 3/2/2013 27,699.38 18,529.07 9/2/2013 197,6 99.38 129,338.19 3/2/2014 23,916.88 15,302.55 9/2/2014 203,916.88 127,599.91 3/2/2015 19,754.38 12,08 9.22 9/2/2015 204,754.38 122,547.97 3/2/2016 15,360.63 8,991.24 9/2/2016 210,360.63 120,424.01 3/2/2017 10,607.50 5,938.81 912/2017 215,607.50 118,056.04 3/2/2018 5,482.50 2,935.90 9/2/2018 220,482.50 115,471.34 Totals 924,767.05 0.00 City of Palm Desert, California Assessment District No. 98-1 (The Canyons at Bighorn) Reassessment and Refunding of 2004, Series 2004 True Interest Cost (TIC) Calculation Par Amount of Bonds 2,955,000.00 Less: (OID)/Plus: OIP (22,380.15) Less: Underwriter's Discount (44,325.00) Target Value 2,888,294.85 Discount Rate 4.77442 Future Present Date Value Value 2/19/2004 (2,888,294.85) (2,888,294.85) 3/2/2004 - - 9/2/2004 690,339.40 673,095.95 3/2/2005 46,849.38 44,614.13 9/2/2005 181,849.38 169,135.47 3/2/2006 45,634.38 41,454.27 9/2/2006 180,634.38 160,262.48 3/2/2007 43,879.38 38,022.98 9/2/2007 183,879.38 155,622.73 3/2/2008 41,919.38 34,650.47 9/2/2008 181,919.38 146,868.12 3/2/2009 39,714.38 31,314.87 9/2/2009 184,714.38 142,251.82 3/212010 37,176.88 27,963.04 9/2/2010 187,176.88 137,504.81 3/2/2011 34,364.38 24,656.33 9/2/2011 194,364.38 136,204.34 3/2/2012 31,164.38 21,329.81 9/2/2012 196,164.38 131,130.28 3/2/2013 27,699.38 18,084.52 9/2/2013 197,699.38 126,065.63 3/2/2014 23,916.88 14,895.33 9/2/2014 203,916.88 124,037.54 3/2/2015 19,754.38 11,735.93 9/2/2015 204,754.38 118,806.92 3/2/2016 15,360.63 8,705.06 9/2/2016 210,360.63 116,434.47 3/2/2017 10,607.50 5,734.35 9/2/2017 215,607.50 113,838.60 3/2/2018 5,482.50 2,827.21 9/2/2018 220,482.50 111,047.39 Totals 969,092.05 0.00 City of Palm Desert, California Assessment District No. 98-1 (The Canyons at Bighorn) Reassessment and Refunding of 2004, Series 2004 "All-In"True Interest Cost(AIC) Calculation Par Amount of Bonds 2,955,000.00 Less: (OID)/Plus: OIP (22,380.15) Less: Underwriter's Discount (44,325.00) Less: Costs of Issuance (143,500.00) Target Value 2,744,794.85 Discount Rate 5.71722 Future Present Date Value Value 2/19/2004 (2,744,794.85) (2,744,794.85) 3/2/2004 - - 9/2/2004 690,339.40 669,788.93 3/2/2005 46,849.38 44,191.47 9/2/2005 181,849.38 166,765.35 3/2/2006 45,634.38 40,686.04 9/2/2006 180,634.38 156,571.64 3/2/2007 43,879.38 36,977.07 9/2/2007 183,8 79.38 150,648.37 3/2/2008 41,919.38 33,389.16 9/2/2008 181,919.38 140,873.42 3/2/2009 39,714.38 29,899.04 9/2/2009 184,714.38 135,197.76 3/2/2010 37,176.88 26,454.59 9/2/2010 187,176.88 129,491.03 3/2/2011 34,364.38 23,112.95 9/2/2011 194,364.38 127,093.36 3/2/2012 31,164.38 19,811.80 9/2/2012 196,164.38 121,239.75 3/2/2013 27,699.38 16,643.87 9/2/2013 197,699.38 115,491.20 3/2/2014 23,916.88 13,583.37 9/2/2014 203,916.88 112,594.06 3/2/2015 19,754.38 10,604.37 9/2/2015 204,754.38 106,859.76 3/2/2016 15,360.63 7,793.80 9/2/2016 210,360.63 103,768.17 3/2/2017 10,607.50 5,087.12 9/2/2017 215,607.50 100,526.90 3/2/2018 5,482.50 2,485.17 9/2/2018 220,482.50 97,165.31 Totals 1,112,592.05 0.00 to 0 u n u oi U) m 0 0 n e O• N co O N- d V. 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