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Home My WebLink About2004-01-28 IFC Regular Meeting Agenda Packet Mnanee Department MEMORANDUM To: Rachelle Klassen, City Clerk From: Diana Leal, Administrative Secretary Subject: Investment and Finance Committee Date: March 9, 2004 Attached is a copy of the January 28, 2004 minutes of the Investment and Finance Committee approved by the Committee on February 25, 2004. Please place on the next City Council agenda for approval thereof. Thank you for your assistance. Attachments (1) C9Finance\Diana LeaMpdocs\Investment Committee\Memos\City Clerk\12-17-03 minutes.wpd i CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE Minutes January 28, 2004, 9:30 a.m. North Wing Conference Room I. CALL TO ORDER A regular meeting was called to order by Chairman Gibson on Wednesday, January 28, 2004 at 9:33 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: Justin McCarthy, ACM/Director of Redevelopment Jose Luis Espinoza, Assistant Finance Director Dennis Coleman, RDA Finance Manager Rodney Young, General Manager Desert Willow Diana Leal, Recording Secretary Guests: None III. ORAL COMMUNICATIONS None. IV. COMMITTEE MEMBER REPORTS None. 1 12804.wpd INVESTMENT & FINANCIOMMITTEE • MINUTES January 28, 2004 V. CONSENT CALENDAR A. Approval of Minutes Motion was made by Mr. Spiegel and seconded by Mr. Campbell to approve the Minutes of the December 17, 2003 meeting as submitted. VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. biscussion of time of future Investment and Finance Committee meetings Mr. Gibson said that this was the first time the Investment and Finance Committee has met at 9:30 a.m. The time of the meeting was changed to meet Mr. Crites' schedule. Mr. Veazie said that he would prefer to hold the meeting at 10:30 or 11:00 a.m. Mr. Crites said that council member Jim Ferguson can be appointed to attend the Investment and Finance Committee in his absence. He said that he believes that an Entrada Committee meeting is held on Wednesdays at 10:30 a.m. Mr. Crites suggested that the Investment and Finance Committee meeting be held at 10:30 a.m. and on the dates that the Entrada Committee meets, he can ask council member Jim Ferguson to attend the Investment and Finance Committee meeting. The committee unanimously agreed to hold the Investment and Finance Committee meetings at 10:30 a.m. on the 4`" Wednesday of every month. B. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for December 2003 Mr. Jeffrey reported that the City had recently acquired $10 million of securities (two General Electric medium-term notes, one piece of Morgan Stanley commercial paper and one Fannie Mae discount note). Security yields were between 1.00 percent and 1.3 percent for maturities of less than 12 months. Mr. Gibson stated that the City had to buy the notes since it had reached its limit on C.A.M.P., and it would soon be receiving $24 million of property taxes from the County. 2 12804.wpd INVESTMENT & FINANC(#OMMITTEE MINUTES January 28, 2004 For the month ended December 31, 2003, Mr. Jeffrey reported that the book value of the City Portfolio was approximately $132.8 million. The City earned approximately $172,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.58%. For the month ended December 31, 2003, Mr. Jeffrey reported that the book value of the RDA Portfolio was approximately $141.7 million. The RDA earned approximately $159,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.29%. Mr. Wood asked Mr. Jeffrey when he thought short-term interest rates would rise. Mr. Jeffrey replied that he had recently attended an economic conference in Indian Wells, and Merrill Lynch's chief economist had indicated that short-term interest rates would likely be raised before the 2004 Presidential election. There was historical precedent for the Federal Reserve taking such action. Mr. Spiegel observed that the declining U.S. dollar might present a problem. Mr. Jeffrey replied that, in the short term, a declining dollar would make U.S. manufacturing more competitive. Mr. Crites asked if the U.S. had any manufacturing left. Mr. Jeffrey replied that he was specifically thinking of Detroit (Ford Motor Co.). Mr. Jeffrey advised the Committee that Ford had exceeded its breakeven target for 2003, and had actually made a $500 million profit. This was a dramatic improvement in performance (Ford had lost $6.4 billion during 2001- 2002). Mr. Jeffrey then discussed the dramatic design changes that Ford had made to the 2003 Ford F-150 pick-up truck, enabling it to rise from the bottom of the safety rankings to the top within one year, displacing Toyota. Ford is also using Volvo, a wholly-owned subsidiary, to design the interior of a new Ford sedan, the "Five Hundred", so that it will be one of the safest cars in the industry. Ford's strategy appears to be that it will take safety and reliability, two of its historical weaknesses, and transform them into strengths. These actions show that when Ford wants to make the effort, it can be very competitive. C. State of California Local Agency Investment Fund Balance for the month of December 2003 Mr. Gibson said that the account is maxed out at $40 million. 3 128N wPd INVESTMENT & FINANC#OMMITTEE MINUTES January 28, 2004 D. California Asset Management Program (CAMP) December 2003 Statements Mr. Gibson said that the City received $24 million from the County in property taxes. Staff is reinvesting in short term investments in order to stay within the CAMP limits. E. Audit Reports for City of Palm Desert and the Palm Desert Redevelopment A enc Mr. Gibson said that he was planning to have the auditors make a presentation to the committee. Unfortunately, the auditors had a schedule conflict and were unable to attend the meeting. He said that he could answer the committee's questions or have the auditors attend the next regularly scheduled Investment and Finance Committee meeting. Mr. Wood suggested that the auditors attend the Investment and Finance Committee meeting scheduled for February. Mr. Gibson asked if there were any specific items that the committee wished to discuss. Mr. Ortega said that the auditors' management letter denied finding any shortcomings. Mr. Gibson said that one of the findings was dealing with the apartment complexes. The auditors found that RPM, a third party management firm, overcharged some residents. Mr. Espinoza said that the auditors tested 200 files and only 2 errors were found. Mr. Gibson said that in the future, RPM will not only have the person responsible for billing review the items, they will also have a manager review and sign off on the items to prevent overcharging of tenants and other errors from occurring. F. City and Redevelopment Agency Monthly Financial Report for City Council for December 2003 Mr. Gibson said that the monthly payment for the Department of Motor Vehicles fees have been received. The governor backfilled payments to the City. Mr. Spiegel asked about the prior money that was lost and if the money would be reimbursed to the City. Mr. Gibson said that the City gave a three-month loan to the State and staff does not expect payment until 2006. Mr. Spiegel inquired as to the loan amount. Mr. Gibson said that the loan was approximately $600,000. 4 12804.wPC INVESTMENT & FINANCIPOMMITTEE • MINUTES January 28, 2004 Mr. Gibson said that the City received the December payment for the sales tax. The City was $100,000, cash wise, greater than the last year quarter end which was 3.8% over the prior year. G. Parkview Professional Office Buildings - Financial Report for December 2003 Mr. Ortega asked about the issue of Roy Wilson's desire to occupy the office complex. Mr. Gibson said that he has provided all the paper work including a potential lease and Mr. Wilson said that it may take two to three months to be processed. The earliest Mr. Wilson needs to vacate his current facility is June which will be no problem to accommodate as there is a tenant that is scheduled to leave in May. H. Palm Desert Golf Course Facilities Corporation Financial Information for December 2003 Mr. Young said that the first quarter was weak and the second quarter was very strong. In December, the golf, minus food and beverage, had $403,000 in revenue which is $45,000 ahead of budget. It was also $60,000 ahead of prior year. They are very happy with the significant increase. Overall, they have had a great quarter as they are ahead of budget going into the second half of the year. They are behind right now, however, they have a big Friday and Saturday coming up. Mr. Wood asked if the equipment replacement reserve was the same in the financial statement as is noted in the Parkview Office Complex. Mr. Gibson said that it is depreciation as it is treated as an enterprise fund. Mr. Wood said that it adds to the balance sheet. Mr. Gibson said that Mr. Wood was correct, however, the golf course has golf equipment that needs to be replaced every 3-5 years. Mr. Young said that the resident percentage has increased. This is probably due to more competition. They are making up the loss from other areas because the rounds are up. In December of 2001, Desert Willow had 22% resident rounds and December 2003 they have 37% rounds which can be contributed to the increase of people that are moving to Palm Desert. Mr. Crites asked if there is a computer program that tracks residents by street because he is interested in finding out what impact Palm Desert Greens will have when it finishes annexation. Mr. Gibson said that the Coachella Valley Recreation and Park District (CVPRD) is responsible for providing the resident cards to the residents. Desert Willow tracks by address so they could come up with a listing of who is playing from Palm Desert Greens. Mr. Ortega said that Mr. Crites is seeking information on actual usage as opposed to permitted usage. Mr. Young said that they can track how many 5 12804,.pd INVESTMENT & FINANCOOMMITTEE MINUTES January 28, 2004 additional residents come from that area to obtain resident cards from CVRPD and Desert Willow can track the addresses. Mr. Young said that hopefully in the slower, summer months, as the rounds decrease there will be more availability because there are more residents that can fill in the vacant spots. During the season, he does not see an impact. Yesterday they had a few spots open, but rarely do they have anything open before 1:00 p.m. A resident can be displaced by another resident. If you live on Haystack, you will have more competition for the 60 tee times on Saturday morning as there are more people going for those tee times. This time of year they receive complaints from people because they are not able to get on the golf course. Mr. Ortega said that he answered a letter to a gentlemen where he informed him that he will not be able to get good tee times at this time of the year at $45/round. This is the way the council set it up and the City wants you to come back and play during the shoulder months. Mr. Young said that they rarely turn around residents on Monday, Tuesday, Wednesday, Thursday even Sunday. There are a lot of Friday and Saturdays during mid March and mid April where the course is not available for them. Mr. Campbell said that the golf at Palm Desert Greens is technically free. Mr. Wood said that some residents play at Santa Rosa next door. Mr. Wood said that a lot of people got tired of playing there. He spoke with a few people that are on the board. One of the main reasons was that they wanted to get fire coverage across the street and the golf course privileges because at the time the cost of joining the City of Palm Desert was not a problem. Mr. Campbell said that he is on the board at Santa Rosa. They picked up new members, rearranged loans and did some cutbacks. This has made them solvent. He said that the owners of the land next door have been down to the City to discuss the installation of a small strip mall along Frank Sinatra. They will use about 4 or 5 acres and the remaining 12 acres will be townhouses. The board had a meeting to discuss land swapping as their land extends out about 50 feet further from the fence line. Mr. Spiegel asked Mr. Young if the second bar was installed. Mr. Young said that the second bar has been installed and they are using the bar every day, during the day, as a water station. They have used the second bar for several other functions as well. The last event they used the second bar was at a Merrill Lynch dinner where 400 guests attended. They had tables outside, inside, at the grill area and at the driving range. They had 12 heaters set up at the driving range and placed heaters around the putting greens. They set up 6 bars that night. The group spent approximately $47,000 with $6,000 in gratuity. The group stayed 10 days in the valley: the first few days at the Marriott and the remainder of their stay at La Quinta Resort. 6 128N.wptl INVESTMENT & FINANCP70MMITTEE MINUTES �J 0 January 28, 2004 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. Coleman said that at the last City Council meeting, the Bighorn refunding was approved with discussion. Staff signed off on the Preliminary Official Statement and the bonds should be refunded at the end of next month. One of the issues that was brought up was recovering costs for staff time. Staff will be looking at a policy to charge for staff time for bond issues done on behalf of property owners. Usually, when a new bond issue is done $50,000 is charged with only one exception which is for the formation of districts to place underground utilities. Staff has approached the developer and are talking about the reimbursement of costs for staff time. The estimates indicate that this will bring about $5,000 to $10,000 for personnel time involved. The developer indicated that they will entertain paying the City back for staff time. Mr. Coleman said that a bond conference will be held next week in San Francisco which will be hosted by an alternative group to the Bond Buyer. It is the second annual California Municipal Finance Conference. One of the panels will be looking at Redevelopment Agencies. Three redevelopment agencies will be participating: San Jose, San Francisco and Palm Desert which he will be representing. He will be speaking about redevelopment bonds and the current environment with the State budget. X. NEXT MEETING - Wednesday, February 25, 2004 at 10:30 a.m. XI. ADJOURNMENT There being no further business, the meeting was adjourned by Chairman Gibson at 10:06 a.m. Respectf y submitted, *aaeal, Re act- g Secretary 7 128N,.pd COMMITTEE MEETING WORKSHEET Meeting Description Investment Committee Meeting Date 1/28/04 Time 9:30 a.m. Location North Wing Conference Room Mailed Agenda 1/21/04 Posted Agenda 1/21/04 C 0I cLM Time / Convene Adjournment t Staff Members Attending Yes No Others Attending rYesNo 1 Paul Gibson, Chair erson 11 Dennis Coleman 2 Council Member 12 Justin McCarthy 3 Council Member 1/ 13 Rodney Young 4 Dave Erwin, City Attorney 14 Recording Secretary 5 Carlos Ortega, City Mgr. 6 Thomas Jeffrey � 4Attendln Public Members Guests Attending 7 Russ Campbell 15 8 Bill Veazie 16 ere Wood 17 10 18 19 20 Follow-Ups/Tasks 4signed Person Responsible Due Date 1 2 6 _ 3 4 5 6 7 8 r-�i- Br 7� 6 Vow L- 4q& etn Spoke Mtn(1) Mtn (2) MEETING NOTES w � Al 0 v l Al _ QD Sb n G 000 00 M OEM I Mil All WW,, I III all ON I 1 Pal v do NEW triM rid ff ;.r ! MI___ __i� �� Spoke Mtn (1) Mtn (2) MEET NG NOTES :J I -- -04 T ld ri 'Licifler ( t 46 47) U O ® • Spoke Mtn (1) Mtn (2) MEETING NOTES All Ifo noo r ® • Spoke Mtn (1) Mtn (2) MEETING NOTES Spoke Mtn (1) Mtn (2) MEETING NOTES Spoke Mtn (1) Mtn (2) MEETING NOTES Spoke Mtn (1) Mtn (2) MEETING NOTES _ CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE AGENDA January 28, 2004, 9:30 a.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 December 17, 2003, as submitted. Action: 1 012804.wpd INVESTMENT & FINANCE CITTEE • AGENDA January 28, 2004 VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. Discussion of time of future Investment and Finance Committee meetings B. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for December 2003 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for December 2003. Action: C. State of California Local Agency Investment Fund Balance for the month of December 2003 Rec: Informational item for the Committee to review. No action required D. California Asset Management Program (CAMP) December 2003 Statements Rec: Informational item for the Committee to review. No action required E. Audit Reports for City of Palm Desert and the Palm Desert Redevelopment Agency Rec: Review and approve Action: F. City and Redevelopment Agency Monthly Financial Report for City Council for December 2003 Rec: Report and submit to City Council Action: 2 012804,w d ® • INVESTMENT & FINANCE COMMITTEE AGENDA January 28, 2004 G. Parkview Professional Office Buildings - Financial Report for December 2003 Rec: Review and file report Action: H. Palm Desert Golf Course Facilities Corporation Financial Information for December 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 - To be discussed. 3 012804.wpd INVESTMENT & FINANCE COMMITTEE AGENDA January 28, 2004 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 2151 day of January, 2004. Di n Leal, Re r ng Secretary 4 0128N.w d CITY OF PALM DESRT INVESTMENT & FINANCE COMMITTEE Minutes January 28, 2004, 9:30 a.m. North Wing Conference Room I. CALL TO ORDER A regular meeting was called to order by Chairman Gibson on Wednesday, January 28, 2004 at 9:33 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: Justin McCarthy, ACM/Director of Redevelopment Jose Luis Espinoza, Assistant Finance Director Dennis Coleman, RDA Finance Manager Rodney Young, General Manager Desert Willow Diana Leal, Recording Secretary Guests: None III. ORAL COMMUNICATIONS None. IV. COMMITTEE MEMBER REPORTS None. 1 12B04.wptl INVESTMENT & FINANCE Q&MITTEE MINUTES January 28, 2004 V. CONSENT CALENDAR A. Approval of Minutes Motion was made by Mr. Spiegel and seconded by Mr. Campbell to approve the Minutes of the December 17, 2003 meeting as submitted. VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. Discussion of time of future Investment and Finance Committee meetinos Mr. Gibson said that this was the first time the Investment and Finance Committee has met at 9:30 a.m. The time of the meeting was changed to meet Mr. Crites' schedule. Mr. Veazie said that he would prefer to hold the meeting at 10:30 or 11:00 a.m. Mr. Crites said that council member Jim Ferguson can be appointed to attend the Investment and Finance Committee in his absence. He said that he believes that an Entrada Committee meeting is held on Wednesdays at 10:30 a.m. Mr. Crites suggested that the Investment and Finance Committee meeting be held at 10:30 a.m. and on the dates that the Entrada Committee meets, he can ask council member Jim Ferguson to attend the Investment and Finance Committee meeting. The committee unanimously agreed to hold the Investment and Finance Committee meetings at 10:30 a.m. on the 4" Wednesday of every month. B. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for December 2003 Mr. Jeffrey reported that the City had recently acquired $10 million of securities (two General Electric medium-term notes, one piece of Morgan Stanley commercial paper and one Fannie Mae discount note). Security yields were between 1.00 percent and 1.3 percent for maturities of less than 12 months. Mr. Gibson stated that the City had to buy the notes since it had reached its limit on C.A.M.P., and it would soon be receiving $24 million of property taxes from the County. 2 128N4 d INVESTMENT & FINANCE JVMITTEE MINUTES • January 28, 2004 For the month ended December 31, 2003, Mr. Jeffrey reported that the book value of the City Portfolio was approximately $132.8 million. The City earned approximately $172,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.58%. For the month ended December 31, 2003, Mr. Jeffrey reported that the book value of the RDA Portfolio was approximately $141.7 million. The RDA earned approximately $159,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.29%. Mr. Wood asked Mr. Jeffrey when he thought short-term interest rates would rise. Mr. Jeffrey replied that he had recently attended an economic conference in Indian Wells, and Merrill Lynch's chief economist had indicated that short-term interest rates would likely be raised before the 2004 Presidential election. There was historical precedent for the Federal Reserve taking such action. Mr. Spiegel observed that the declining U.S. dollar might present a problem. Mr. Jeffrey replied that, in the short term, a declining dollar would make U.S. manufacturing more competitive. Mr. Crites asked if the U.S. had any manufacturing left. Mr. Jeffrey replied that he was specifically thinking of Detroit (Ford Motor Co.). Mr. Jeffrey advised the Committee that Ford had exceeded its breakeven target for 2003, and had actually made a $500 million profit. This was a dramatic improvement in performance (Ford had lost $6.4 billion during 2001- 2002). Mr. Jeffrey then discussed the dramatic design changes that Ford had made to the 2003 Ford F-150 pick-up truck, enabling it to rise from the bottom of the safety rankings to the top within one year, displacing Toyota. Ford is also using Volvo, a wholly-owned subsidiary, to design the interior of a new Ford sedan, the "Five Hundred", so that it will be one of the safest cars in the industry. Ford's strategy appears to be that it will take safety and reliability, two of its historical weaknesses, and transform them into strengths. These actions show that when Ford wants to make the effort, it can be very competitive. C. State of California Local Agency Investment Fund Balance for the month of December 2003 Mr. Gibson said that the account is maxed out at $40 million. 3 12BOJ.w d INVESTMENT & FINANCE MaIUMITTEE MINUTES ® • January 28, 2004 D. California Asset Management Program (CAMP) December 2003 Statements Mr. Gibson said that the City received $24 million from the County in property taxes. Staff is reinvesting in short term investments in order to stay within the CAMP limits. E. Audit Reports for City of Palm Desert and the Palm Desert Redevelopment Aaencv Mr. Gibson said that he was planning to have the auditors make a presentation to the committee. Unfortunately, the auditors had a schedule conflict and were unable to attend the meeting. He said that he could answer the committee's questions or have the auditors attend the next regularly scheduled Investment and Finance Committee meeting. Mr. Wood suggested that the auditors attend the Investment and Finance Committee meeting scheduled for February. Mr. Gibson asked if there were any specific items that the committee wished to discuss. Mr. Ortega said that the auditors' management letter denied finding any shortcomings. Mr. Gibson said that one of the findings was dealing with the apartment complexes. The auditors found that RPM, a third party management firm, overcharged some residents. Mr. Espinoza said that the auditors tested 200 files and only 2 errors were found. Mr. Gibson said that in the future, RPM will not only have the person responsible for billing review the items, they will also have a manager review and sign off on the items to prevent overcharging of tenants and other errors from occurring. F. City and Redevelopment Agency Monthly Financial Report for City Council for December 2003 Mr. Gibson said that the monthly payment for the Department of Motor Vehicles fees have been received. The governor backfilled payments to the City. Mr. Spiegel asked about the prior money that was lost and if the money would be reimbursed to the City. Mr. Gibson said that the City gave a three-month loan to the State and staff does not expect payment until 2006. Mr. Spiegel inquired as to the loan amount. Mr. Gibson said that the loan was approximately $600,000. 4 1004mpd INVESTMENT & FINANCE I MITTEE MINUTES • January 28, 2004 Mr. Gibson said that the City received the December payment for the sales tax. The City was $100,000, cash wise, greater than the last year quarter end which was 3.8% over the prior year. G. Parkview Professional Office Buildings - Financial Report for December 2003 Mr. Ortega asked about the issue of Roy Wilson's desire to occupy the office complex. Mr. Gibson said that he has provided all the paper work including a potential lease and Mr. Wilson said that it may take two to three months to be processed. The earliest Mr. Wilson needs to vacate his current facility is June which will be no problem to accommodate as there is a tenant that is scheduled to leave in May. H. Palm Desert Golf Course Facilities Corporation Financial Information for December 2003 Mr. Young said that the first quarter was weak and the second quarter was very strong. In December, the golf, minus food and beverage, had $403,000 in revenue which is $45,000 ahead of budget. It was also $60,000 ahead of prior year. They are very happy with the significant increase. Overall, they have had a great quarter as they are ahead of budget going into the second half of the year. They are behind right now, however, they have a big Friday and Saturday coming up. Mr. Wood asked if the equipment replacement reserve was the same in the financial statement as is noted in the Parkview Office Complex. Mr. Gibson said that it is depreciation as it is treated as an enterprise fund. Mr. Wood said that it adds to the balance sheet. Mr. Gibson said that Mr. Wood was correct, however, the golf course has golf equipment that needs to be replaced every 3-5 years. Mr. Young said that the resident percentage has increased. This is probably due to more competition. They are making up the loss from other areas because the rounds are up. In December of 2001, Desert Willow had 22% resident rounds and December 2003 they have 37% rounds which can be contributed to the increase of people that are moving to Palm Desert. Mr. Crites asked if there is a computer program that tracks residents by street because he is interested in finding out what impact Palm Desert Greens will have when it finishes annexation. Mr. Gibson said that the Coachella Valley Recreation and Park District (CVPRD) is responsible for providing the resident cards to the residents. Desert Willow tracks by address so they could come up with a listing of who is playing from Palm Desert Greens. Mr. Ortega said that Mr. Crites is seeking information on actual usage as opposed to permitted usage. Mr. Young said that they can track how many 5 12804.wpd INVESTMENT $ FINANCE MITTEE MINUTES • January 28, 2004 additional residents come from that area to obtain resident cards from CVRPD and Desert Willow can track the addresses. Mr. Young said that hopefully in the slower, summer months, as the rounds decrease there will be more availability because there are more residents that can fill in the vacant spots. During the season, he does not see an impact. Yesterday they had a few spots open, but rarely do they have anything open before 1:00 p.m. A resident can be displaced by another resident. If you live on Haystack, you will have more competition for the 60 tee times on Saturday morning as there are more people going for those tee times. This time of year they receive complaints from people because they are not able to get on the golf course. Mr. Ortega said that he answered a letter to a gentlemen where he informed him that he will not be able to get good tee times at this time of the year at $45/round. This is the way the council set it up and the City wants you to come back and play during the shoulder months. Mr. Young said that they rarely turn around residents on Monday, Tuesday, Wednesday, Thursday even Sunday. There are a lot of Friday and Saturdays during mid March and mid April where the course is not available for them. Mr. Campbell said that the golf at Palm Desert Greens is technically free. Mr. Wood said that some residents play at Santa Rosa next door. Mr. Wood said that a lot of people got tired of playing there. He spoke with a few people that are on the board. One of the main reasons was that they wanted to get fire coverage across the street and the golf course privileges because at the time the cost of joining the City of Palm Desert was not a problem. Mr. Campbell said that he is on the board at Santa Rosa. They picked up new members, rearranged loans and did some cutbacks. This has made them solvent. He said that the owners of the land next door have been down to the City to discuss the installation of a small strip mall along Frank Sinatra. They will use about 4 or 5 acres and the remaining 12 acres will be townhouses. The board had a meeting to discuss land swapping as their land extends out about 50 feet further from the fence line. Mr. Spiegel asked Mr. Young if the second bar was installed. Mr. Young said that the second bar has been installed and they are using the bar every day, during the day, as a water station. They have used the second bar for several other functions as well. The last event they used the second bar was at a Merrill Lynch dinner where 400 guests attended. They had tables outside, inside, at the grill area and at the driving range. They had 12 heaters set up at the driving range and placed heaters around the putting greens. They set up 6 bars that night. The group spent approximately $47,000 with $6,000 in gratuity. The group stayed 10 days in the valley: the first few days at the Marriott and the remainder of their stay at La Quinta Resort. 6 i2BOa.wpd INVESTMENT & FINANCE qJWMITTEE MINUTES January 28, 2004 VIII. CONTINUED BUSINESS - None. IX. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks There being no business issues to report, discussion ensued to the next agenda item. B. Bond Issuance by Palm Desert Financing Authority Mr. Coleman said that at the last City Council meeting, the Bighorn refunding was approved with discussion. Staff signed off on the Preliminary Official Statement and the bonds should be refunded at the end of next month. One of the issues that was brought up was recovering costs for staff time. Staff will be looking at a policy to charge for staff time for bond issues done on behalf of property owners. Usually, when a new bond issue is done $50,000 is charged with only one exception which is for the formation of districts to place underground utilities. Staff has approached the developer and are talking about the reimbursement of costs for staff time. The estimates indicate that this will bring about $5,000 to $10,000 for personnel time involved. The developer indicated that they will entertain paying the City back for staff time. Mr. Coleman said that a bond conference will be held next week in San Francisco which will be hosted by an alternative group to the Bond Buyer. It is the second annual California Municipal Finance Conference. One of the panels will be looking at Redevelopment Agencies. Three redevelopment agencies will be participating: San Jose, San Francisco and Palm Desert which he will be representing. He will be speaking about redevelopment bonds and the current environment with the State budget. X. NEXT MEETING - Wednesday, February 25, 2004 at 10:30 a.m. XI. ADJOURNMENT There being no further business, the meeting was adjourned by Chairman Gibson at 10:06 a.m. Respectfully submitted, Diana Leal, Recording Secretary 7 128N,wpd 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. 01 Sources of Funds Par Amount of Bonds 2,955,000.00 Less: (DID)/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 9/2104 (See Cash Flow Calculations Below) (3)See Attached Schedule Cash Flow Calculations Dollar Amount Apt 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 690,339A0 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 35,000.60 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 LID) 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 21955,000 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) 9/2/2011 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) N d OI �mnN��NQONmm m QN m. 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a M Z 0 tq O Q n O O A O N N n m P P P n ry N e m P N N N P m m m m m P N m m O N r m P O A n h n n O N O N n P C tp O O O p O O O p yy yy pp p y p N m N N N N 10 N N 1x N N N N N N 1'f G F m m 0 ry n m in m m n m n o e 7 in C P P P P P P P O P Cl N Q m m N N W W 0 C - - - - - - N - N m Q ^ - f N n Z Z Q 6 d A . . . . . .. . . . . . . . . . . . . . . r A n A P Z O n F n A N N N N N N N N n A n 1 N N r A N N n A N ry N Q h i(f N N m m m m m m m m at m N N N N m m N N m m i(f N m m m A n m f P P Q Q m m Q n m m m m A r O O P P m m m m P P m m fO IO m 00 m mn< Qm mQ Qr nNm N_0O 0O 0N N Q . 00 ; 00NmMN m<m 0C'f 0t'i mN mN N�p m_ NQ m m m P pp n N N Q m r O P m N n m m O O m m N N N d m P m P m P m P N O N O N O N O N O - Q N - m � M (+ (O a` m e LL x ^ M m n to n n ^ n m m m m m m ^m n m m m m M m m ^ ^ m P m c m S N C N N N N N N N N N N N N N N N N N N N N N N N N N N N N N m I N N N N N 22 N N N NW N N N N N N N N N IQ N N h N N N N N N N n n m N m 16 LL V d q O O O O O O O O O O O O O O O O O O O O O O O O N O O p O O O O O O N N N N O O N N O O N O O O O O A n n A N N O O N N N N O O n n n n O O r n O O n n O O N N O LL '� n Q N m mN Q h N P O m m m N Q m N O P m m P N N Q A n m P Q P m P m O N O N O N O � P d q N N N N N N N N N N N N N A Z c m m m m m m m m m m m m o I ci Q p d N m M N O P N P P m O n 'ry m P J q N N m M Q P P N m P Q C m N N N N N N N N N N N N N r m N N N N N N ry N N N N N N y Q ri Z m m m 0 0 0 m m m v OI Z O C] M m m 17 m m m m m m m m m m m N m N N O O J 9 N� P P N P P Q Q m m O Q P OI N N O O Ip m m m n P m LL = O m N O m !p N N O o m N N N N N pi Q N N N N m m m m m t�j t7 P m V V M c U Z o � L Q O mN a LL N m r F r n A n Q n A n A n A V N-N N N N m N N N N- -N N N -C m N m m n H N C m n A r A A F F n n r A n n A A n A r A n n n Q N N 0 C N N V H N 0 N V ; C C N LL L O ry O m m m p m m m 61 m m m m m m m m m m m m m m m m O O O O O m m M M m m m m m (']M m m m m m m N m N N N N P .q o 2 t O LL ; 3 0 U Zi LL 2 m 'C m vmv my `m� vmm m mmnm `m mNm rvoO1ry � o oviNN N 9 V R' Z LL m N ' N N N m N m m _ ' G O 0 t m m o 0 0 0 0 0 0 0 0 0 o p 0 m x d o 0 0 0 0 0 0 0 0 0 0 0 . . 0 . 0 .. . 000 . 00C . . 00 9 N N to Of f7 6f t7 O)Cf Of m S m Of t7 P Cf S�T t7 O�[7 P C]O+ !7 S i7 O� !�1 N L N d V U Qd'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: (DID)/ Plus: DIP (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 44,738M 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 3/2/2007 43,879.38 38,334.50 9/2/2007 183,879.38 157,108.69 3/2/2008 41,919.36 35,028.36 9/2/2008 181,919.38 148,669.49 3/2/2009 39,714.38 31,741.58 912/2009 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 91212011 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 197,699.38 129,338.19 3/2/2014 23,916.88 15,302.55 9/2/2014 203,916.88 127,599.91 3/2/2015 19,754.38 12,089.22 9/2/2015 204,754.38 122,547.97 3/212016 15,360.63 8,991.24 9/2/2016 210,360.63 120,424.01 3/2/2017 10,607.50 5,938.81 9/2/2017 215,607.50 118,056.04 312/2018 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: (DID)/ 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 9/212007 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 3/2/2010 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 3/212012 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: (DID)/ 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 9/2/20 06 180,634.38 156,571.64 3/2/2007 43,879.38 36,977.07 9/2/2007 183,879.38 150,648.37 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 0 u a u voi '^ m N C d Q EQO N N m m ^ N n d 0 u u v0i "? o Z v a m W W N N N M M - E o E m a` Qp 9 w O O O O O O O O O O O O O O O O O O O O O O O Q. O O O M. O O t`l N G O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O U m O O O O O O O O O O O O O O O O m W O M Lp O O c m O O O O O O O O r O M r �p rn Q W n r M O W O m W W W n n n W m N N M N W cli o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c O ui vi 0 0 0 0 0 ui vi 0 vi o vi o 0 0 C �" rn rn M Q rn M W �p O M W rn W M N a W n n Q h W O W m CO N O N W N 17 O O W rn N (V O O O M n O a7 Q t0 M M M M M M W Q Q Q O M n 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 p O O O O N m N (l O O O O O O O h n n n �t1 th 0 0 ip m 6 6O O n n n n O O n n O O r n 0 0 m i(l G a w w m m m m n n N N 0 0 0 0 cN9 M r m m W W O O W fQp Q V N r n N W Q Q W W W W W Ip N N N M M O O y p n r W m 1 r i[1m N mOOOOOOOOOO � W N m OO N N OO �p N 0000 O r n r n m N O O �p �p W uJ O O r n n r O O n n O Orr O O LL'S N O C �mr Q Q W O) W W N N 01 0) Q QQ N N W m N N Q Q Q Q Q Q W t W W m W W W n n N N Q Q O O M M n n W W N N r n M M 0 0 ^ n r of m on m N 16 A m w m w C � C O j.N 'w m O O O O O O O O O O O o O O O c 43 m o 0 0 0 0 o m w o m Q m u m 0 N M Q 6 W r n W m rn O o 0 0 0 a � vi 0 0 vi 0 0 N 0 N vi m m (6 0 m t o A n ~ U o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 C O O O O O O O O O O O O O O O O yp, O1 C R p m W h O O O O O m O O O O O O O M o W o (j Z p a W W W W n n r m W N n ao M d � CN E d E o 0 0 0 o m o 0 0 °ppJ o 0 0 0 0 - - - - - - - v - - W W - - m m w A w 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 r 6 G N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N p o w w N N N N N N N N N N N N N N N N N N N N N N - N N N N N N N N f" t��i M M T t7 M N N M a" pi as [7 W N T c� T l J rn M a) M a t7 W N Y@I C vaaa O tp (p 0 m U) m 0 (p (p V) to Ut O O O .p. V I� r- f- rr Ir I- I- t` I` r r- N O O C) C p 01 O W N 6 O M N O 00 M 6 6 6 (O C F M O) O lfi M N N N O) M O N c0 co Q M c0 N I. W v. M I`: M M W 0 N m Cl) O 00 cp h (1) V V OD h 1n r c (p 00 (n r M N N N N N N N N N N N N N N (p (O N N N N N N N N N N N N N N OD M A VI O cp m 1p cp (p m (p cp cp cp cp cp O O O 7 d C I� r f` h (� ti n r r r N O O Of. O N 00 CO N 00 CO N CC) 00 M CO I cn KI C d M m (O cp M N (p N N M M o N — (O OD p Q C M cc N Il c0 V M I-- M M 00 OP- N (3 M L Ip M I- M m -q 00 N cp I- O) O O N p)O M O O 00 O r h (O (O cp V M M N O m O O N O ) O1 c O yN T d 0 0 0 O O O O O O O c p O c fi O O O O O O O cp O O u7 N ip IO O O N p � � iIl c0 (O Ou — (p O N 7 (O CO O U O C N N CO M M '7 V V C V It (p M d N C L ` Q F O v tm d O O o O O O o O O o o o O o o O � 'v9 000000000000000 0 _ c 6Li (rioo (rioovioouivi (6 ui •- � L c MM (nvvvlp (ocpl- m00a) 0 Ln AZ d V 'C CO (D U « a: U) 0 N u v N ; A O 0 c d EadN _ _ c 4E ° o0000000 - - - - ) (O ^ 0J d IL E 0 0 Q m N N N N N N N N N N N N N N N G N N N ^ QlmmmmmmO) mmMMC3) F T N O1 p U4o: t9 _ STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund ri i 1i PO Box 942809 Sacramento, CA 94209-0001 jf':i; FEI I I �, in: 05 (916) 653-3001 January, 2004 Statement CITY OF PALM DESERT Account Number : 98-33-621 Ann: 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 TH�-,.TREASURER WO 'I cq !,(- SACRAMENTO PA 4"� : I :-��—iJT Jtii :1 F�. ifiI .F r _h Local Agency Investment Fund PO Box 942809 r 11 Sacramento, CA 94209-0001 (916) 653-3001 January, 2004 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Atta: 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 : l of 1 STATE OF CALIFORNIA ® PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund f 6,:" !._a_ f ,.` --;' ,;;, j;l PO Box 942809 r Sacramento, CA 94209-0001 �' ' �' ?�: '0 (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 0 0 CH), Ul: PAI fl�i FINN\TCE INEzi-11"j- CALIFORNIA AS SET STATEMENT MANAGEMENT PROGRAM JOIN [ POWERS AU'1'110RII 21A FEB 10 Fil 2: 52 'V0J1.N'AS'VRF.F11 231ttIrl01111 SANFRANCISCO CALIFORNIA 94- 31 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 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 Beginning Balance Purchases Reinvestments Redemptions Ending Balance $23,334,057.78 $0.00 $16,794-01 $10,500,000.00 $12,850,851.79 D LLARVAMOU - -SHARE.— SHARES THIS iT&%l �FAN SHARES O�VNkp ANSACTION- S THIS I ACTION RES OW PH�"A .N 01/01/04 Beginning Balance 23,334,057.780 01/27104 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%. l'i f';' C A L 1 17I N I .A A RANI F�, .'.`.P r t>,3 IS'.Lf!T STATEMENT \1ANAGEMkNT ['KOGl2AM 101 NY ro W Eiis .,U"1'Fl o lx l'fY NAS'5011: I_IN. F<Jl( 1 "1RFl_T 1 q SA FK INCISCO CALIFORNIA'141 11 L�ii 1 i'L.El { �;' 4: R ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 1131f2004 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 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 Transct�anSirrnmary Beginning Balance Purchases Reinvestments Redemptions Ending Balance $29,767,753.51 $0.00 $23,058.50 $0.00 $29,790,812.01 i.e TRADE ' ETTL' "-'� "' �.,x DO vAMOUNT'x SHARE SHARESTHIS TOTAL DA• DATE TRAt3, CTION{ `` = O qN ACTION PR C TRANSACTION SHARES OWNED-r: c� 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%. o A � C O o O x N 'c7 \ O U4 N -+V I \ l a O O 1D o e o o e o t V O O O O O O O` N O to W %�Lu cart ci' CN.+D +n N O 9 0�o Obi 7 O 'U ryQp 7 c e to {� ^ 7 t0 O h Ol t� M M O N N N N O\ d Q O �O �D 7 a O d' m tli Q N vi p� 7 -' M O ��pp11 Q O O F �D LU o o Z L h N O N M O N O LL E N- rynv °no m P 0 v5 h O� •-. GO O 7 � Oi N O N O� O� h N �n C. h fV st oo_ h.m OT m d vl f'1 00 Op 1p O„ Yj, � O O O O O O O O N ' 'O m a o0 0 0o V M p Col- s vi O n N ^ N O 0 N .5 N 1� b M �O U ^ Op C Un `m � To m ''�� T J c CO � p, V oo e W ?, :� aLi W.. rn a oovu, ai u N Uj *.C- " 7 a N � rnE ,-7afs. (ndo W n. C7aaU -' � w • City of Palm Desert Parkview Office Complex r Financial Statement for Fiscal Year 2003-2004 January-04 January-04 # % YTD YTD # Budget Actual Variance Variance Budget Actual Variance Variance i Revenues Rental $ 68,500 $ 71,106 $ 2,606 103.80% I $ 479,500 $ 498,041 $ 18,541 103.87% Dividends/Interest $ 4,375 $ - $ (4,375) 0.00% $ 30,625 $ 216 $ (30,409) 0.70% Total Revenues $ 72,875 $ 71,106 $ (1,769) 97.579/. ( $ 510,125 $ 498,257 $ (11,868) 97.67% 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%1 $ 56,000 $ 56,511 $ (511) 100.91% Repairs&Maintenance-landscaping $ 2,300 $ - $ 2,300 0.00%1 $ 16,100 $ - $ 16,100 0.001 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%E $ 1,400 $ 1,137 $ 263 81.19% Insurance $ 521 $ - $ 521 0.00%1 j $ 3,645 $ - $ 3,645 0.00% Total Expenses $ 36,871 $ 21,250 $ 15,621 57.63% $ 258,095 $ 217,028 $ 41,067 84.099/6 i Operating Income.. $. 36;004 $ 49,856 $ 13,_ 2 338.47°f° $ 252,030 $ 281,229 $ 29,199' 11159°/a Equipment Replacement Reserve $ 14,000 $ 13,306 $ 694 95.04% $ 98,000 $ 93,142 $ 4,858 95.04% ,Net lricome. =$ 22,004 $ 36,550 $ 14,546 166.11% $154,030',..$ 188,097 $ 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 u • 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,Q81/51,191 2.11% Occupancy Rate-50,110/51,191 97.89% 2004 Investment ReportVacancy Report 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 Treasurer I Date: January 281", 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 31 th, 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. HATJEFFREVIWORD 200MMEMORANDAWINANCE COMMITTEEW57 PLAN ACCOUNT STATEMENTS.DOC Nationwide' CITY OF PALM DESERT Retirement Solutions Rat w; ut Defe ed Compensation Program'057) • Statement of Account 11111111111111111119�IIIrr,Ilrlrl�lr,llrlrllllrlrlrr1111r1�111 PAUL GIBSON 96 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 closing date of the statement. Y;b r Acedunt U lue' Asfl4 f Dec b r a , t 0 $2,796,093.61 Y_00,111 T0.0 Def rrals(Ti nsf rs"i;n T Gf fe $2,843,072.47 Your T�rtl 1N# hdralislTrnnsfeyrx Cru fc� f?ste - $899,546.92 Four Trrtalhares�l redlts T Date, - $422.00 Maur Tptal Gala, oss T �R ta, y $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. 0 Report Period: October 01, 2003 Thru December 31, 2003 tmn YQnrdS7 Ie(arred Gpmpnsa4lart Ptan AFvunt Vatuea 07 FuttdAre ... i— .4 09/30/2003 Deferrals/ Withdrawals/ Charges/ 12/31/2003 s Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value Am Cent value Ic 16,132.30 458.71 - 139.83 -280.19 0.00 2,168.74 18,339.73 � Brwn Cap Mgmt 8ml Co Ftl 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 831A5 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 -262.75 - 198.24 0.00 4,651.26 44.700.53 Drey Prm3rdcnt Fnd CIS 21 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 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 99997995P000000461 Report Period: October 01, 2003 threember 31, 2003 Page: 2 of 3 r CITY OF PALM DESERT Entity: 0516 Your 4 1 geferl ed C mpensatton Plan Account Ua(ues By Fund Are: 09/30/2003 Deferrals/ Withdrawals/ Charges/ 12/31/2003 Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value Fid 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 7,146.38 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 8,861.51 Nationwide Fixed Account 1.606.009.96 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 Grwth Fnd of America, Inc. 30,663.87 76&71 0.00 -331.20 0.00 3,668.61 34.767.99 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 29,377.86 Gartmore 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 8128 1,174.88 Gartmore Invdes Cons Sc - 1,001.90 110A0 0.00 0.00 0.00 27.70 1,140.20 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 40A7 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 6,23 541,88 Ms Itt Equity Grth Port B 0,00 0.00 9.92 - 1.49 0.00 0.30 8,73 Mass Inv Grlhstk Fnd CIS A 15.452.06 e00 1,937.56 - 1.49 Loo 1.190.60 18,278,93 Gartmore Money Mkt Fd Ps 32,683.80 20,627.13 0.90 - 1,49 0,00 -37.26 53,272 08 Grtmre Mori Stable Val Ret 10,314.71 235.41 303,64 - 1.377.26 0.00 69,18 9.545.68 Nat End Indx Fnd Cis A 1,966,18 122.50 0.00 0.00 0.00 - L24 2,087.44 Gartmore Nationwide Fund D 72,790.72 3.136,52 -0.55 -307.98 0.00 7,892,01 83.610.72 Neu Ber Genesis Fd Tc 389.93 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 4,545.34 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 Cis A 434.84 61.25 -274.52 -26,77 0.00 52.84 247.64 Opp Global Fnd Cis A 6,483.04 378.35 -304.56 -20.92 0,00 1,091.19 7.627.20 One Group Midcap Grin Fd A 438.58 0,00 -280.71 -28.26 0.00 31.15 160,76 1Grp Midcapval Fnd Cis A 108.90 0.00 - 109.16 - 1.49 0.00 7.07 5,32 Putnam Intnatl 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 Fnd Cis A 60,396.42 3,174.77 -21,60Z21 -255.36 0,00 4,660.61 46,369.23 Gvit Small Company 1 17,454.08 262.50 0,00 0.00 0,00 2,229,28 19,945.86 Sing 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 Int'I 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 Cis A 31,953.35 568.75 -94.55 -210.69 0,00 3.709,78 35.926,64 Vankamp Growth&Inc Fd A 9,761.73 572.11 -320A7 -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: 2.622.887.43 129,011.95 grog -74,000.44 0.00 118,194.67 2.796.093,61 Aslff.pecetnher 31, 2g03 Your geFerra}s/#re E�etng Invested As FnClows. 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 6,997.3596 DAF Orey Appreciation Fnd Inc 1.0343 8,549.1873 DPM Drey Prem Mdcapstk Cis A 1.4217 2,067.5553 DSP Drey S&P 500 Index Fund 1.3933 32,081.8068 OTC Drey Prm3rdcnt Fnd Cis Z 3.3751 3,991.1135 FAM Fid Asset Manager 2.0029 18,921.1372 FCN Fid Contrafuntl 3.673a 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 2.6681 30,650.8600 FRB Franklin Balsheet Inv Ftl A 1.2004 17,161.0429 GFA Grwth Fntl of America, Inc. 1.0202 0,019.4388 IDA Gartmore Invdes Aggr Sc 1.0202 10,019.4388 IDC Gartmore Invdes Modcons Sc 1.0665 3,263.7222 IDF Invesco Dyn Fnd Ic 1.1084 25,602.1878 IDM Gartmore Invdes Modaggr Sc 1.0357 5,748.6611 IDS Gartmore Invdes Mod Sc 1.0490 1,120,0378 IDV Gartmore Invdes Cons Sc 1.0720 1,063.5770 IFA Incm Fnd of America, Inc. 3.7743 9,360.3055 IGF Am Cent Income &Grwth Ic 1.0657 2,927.3226 JAI Janus Adv Intl Grth I Sins 0.8613 83.7037 JF Janus Fund 2.2566 46,678.0189 MR Ms ift Fixed Incm Port Ic 1.8463 293A962 58987995P000000462 Report Period: October 01, 2003 thru Deer 31, 2003 Ope: 3 of 3 IT OF PALM DESERT Entity: 0516 fig.A 8 Invested Au. - ' 02 Y IT A GUO mbe-31p.20 I Your-_ . _;�*, R1, ,gallows.. ...................... n 4 ................ ........... - ......................... 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 I'd Ps 3.5162 15,150.9037 MSU Grtmre Mori Stable Val Rat 1.2122 7,874.3734 NBI Nat Brid Indx Fnd Cis A 1.1519 1,812.1921 NF Gartmore Nationwide Fund D 23,2875 3,586.0716 NGS Neu Ber Genesis Fcl Tc 1.2453 353.3048 NIY Nat S&P 500 Indx Inst Sry 0.9911 15,531.4907 NMC Nat Mdcap Mkt Wx Fnd Clsa 1.1493 155.9406 NSC Nat Smcap Indx Fnd Cis A 1.1692 211.8017 OGF Opp Global Fnd Cis A 1.7157 4,445.4102 OGG On,Group Mldcap Grin I'd A 1.2898 124.6452 OGV 1Grp Mldcapval Fnd Cis A 1.3574 3.9204 PIG Putnam Intnatl Equity I'd A 0.7616 6,208.3147 PMT Pimco Ttlretrn Fnd CIS A 1.1951 60,553.4195 PRS Nalvide Small Cap Inst Sry 1.5562 6,350.1762 PVF Ptnm Voyager Fnd Cis A 4.1953 11,052.7379 SCF Gvit Small Company 1 1.6757 11,902.8791 SOP Strg Op or Fnd 0.9449 177.2979 TCG Am Cent Fnd Ic 6.4814 1,938.5989 TCI Am Cent Int'l Disc Ic 1.7394 3,007.2336 TCL Am Cent Ultra Ic 3.0016 30,497.2892 TFIF Temp Foreign Fnd Cis A 2.5061 14,335.6022 VKG Vankamp Growth & Inc Fc! A 1.0762 10,406.0386 WHI W&R Advisor High Income Y 1.1496 637.9707 in .......... YourMfg Insurance In#ormattan, Policy Premium Report Period Account Surrender Death Life Option Number Per Pay Premiums Value Value Benefit Universalife 106.67 532.05 20,118.39 14791.34 326,139.00 Plan I (Universal Life) 97.48 682.36 11,798.82 8:660.49 261,616.00 .......... .......... �!Tr; Win 0.0- floWin I .............. . c . . ................. O . . .. ........... 5111 H. ................... =:MM 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 toll-free at 1-877-677-3678. The 1 st quarter effective interest yield for the Nationwide fixed return option is 4.55%. The 2004 guaranteed minimum effective interest yield in 4.00%. 98981995P000000463 9828799SP000000464 1terly Financial Report for v ICMA RETIREMENT CORPORATION our Deferred Compensation Pl 10/01/2003 through 12/31/2003 Pagel of A Message from ICMA EZLink provides electronic access to a wide range of PAUL S GIBSON ool-o2m plan specific information, reporting and transaction CITY OF PALM DESERT processing capabilities. Log on to 73 510 FRED WARING DRIVE www.icmare.org/ezfnk/ to view a demonstration and PALM DESERT CA 92260-2564 sign-up today. Pfau Summary lnfaruiatien yur the Perlad Eroding 2/31Jx003 Ending Fund Balance 3,538,531.79 Pan 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 8�tmaryby'Fnnd 'Year Ghrtent Savtng4 <COnSerVal3ve 17aditional:; TrY I1ats Qgarter priepted Growtti :0 owth Beginning Balance $2,812,9425T3270,95083. , $224,783.22 $61,874.01 $40,506.48 Contributions 7,423.53 3,981.88 2,709.28 Roll-Ins 5U,?4642 11,75479':' 0.00 10,527.53 10.94 Distributions 42d$24 8,y45.6S 0.00 0.00 0.00 Adjustments 6,5S8t3.f O,pO; 0.00 0.00 0.00 Fund-to-Fund Transfers t100 OOOt;> 0.00 11,957.38 0.00 Earnings 456863a #9X21645"r.< 8,309.09 3,718.92 3,122.24 Ending Balance $ ,536,531 79 ` $3588,53179': $240,515.84 $92,059.72 $46,348.94 Percentage Invested 7% 3% . 1% StitFltltary by Fund cone! Laift Term Ali=E9'�1LY .FLIJS Cash::: Goro HnnH (3rowtfl Growth ) ltad 17lanagetnent Index 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% Please review your statement carefully. If you believe there is an error due to a transaction not previously confirmed,please notify ICMA RC at 800-326-7272 fen 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 Corooration,member NASD and SI PC. Quarterly Financial Report foo , Your 457 Deferred Compensation Plan 10/01/2003 through 12/31/2003 Page 2of8 f Pfan Name CITY C1F PALM RESERT• Plan No 302129}: Sruumary by Fund coat- 1JS Asset 4T Fidelity Equity 5P0 Stock! Gavemmeat Alioeatioa Puritan lncome 'r� Index : 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% Lessthan 1% 1% Summary bp:Ft><ad Cont. :Growth Eroad MarkeC V2 Lord Abbet T.Amer Cent Groarth income Index Lg Co Value value 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 bp;Fund+:0:1A O T Fldelliq„ VT Fidelity YT Gabelli VT MPS VT Amer Cent Contra MlageUan • Value Lg Co Growth 1lttra 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% 10031A403.001-0210 �111 HE ifil 11111�111 HE 111111111 II I1111 III R U GgWerly Financial Report for ICMA RETIREMENT CORPORATION Your Deferred Compensation Pl 10/01/2003 through 12/31/2003 Page 3of8 PlariName ckTYI1F BALM AESEAT PIdRNo 302124.1; $unwary hg;;�tmd Gnnf AgleS6ive UT T Ramie Pr VT Putnam Y1 In oe5rn pppar $m•Cap$took Voyager. Srn( o Gracgth - Inernatiag8l j Beginning Balance $49588.23 $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% Snmmary bpI and Goxtti V1 Putnam InYi Lquttg 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. .Spi}Raat bafanco Clrn+ts cartiparos yolust479lr1-RCp2paS asset ttiuraaoas lbg:irivesfmaat tgpel to tCMA=7lC plans. . aftp 1`onr IGA'1q;ltC Platt aEaJQtlet All ICMA RC Plaits lVaUaaaUy ott. IX a Ea Domestic Equities 48% LDq itiesFixed Income 47%El International 3%IF Cash Management % ment 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 SIRC. quarterly Financial Report foo , Your 457 Deferred Compensation Plan 10/01/2003 through 12/31/2003 Page 4of 8 Plan Name ci 0P PALM EIESERT Plan No 302124. sliare A qe shares an 01101 ZOO_. shares an 10J07 J2003 :i shares an 12J31l2003 ';i' # $hares ;`.traiue of #$hares 'l1'aiue of P # Shares :Value of I'< Owned One:share: Awned Qne share:: Owned oneshare : 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 36,654.8316 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 Cc 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 2529 VT T Rowe Pr Sm Cap Sic 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 Cc Growth 345A777 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 by;Account Type TOTAL CantrlbuEory Rottovel 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- Eam ings 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% t antr117uCion LiSttrig Date TOTAL Contrfbuwry 1 0/1 0120 0 3 $9,Q94.65 ,`: $9,494.85 10/24/2003 9,G9Q.85 9,494.85 11/10/2003 ... 10,297.87.I', 10,297.87 . . ... . ..................... .. 10031A403-001-0210 R U \ Q erly Financial Report for ICMA RETIREMENT CORPORATION 1 ou Deferred Compensation Plas .10/01/2003 through 12/31/2003 Page 5of8 PIaR Name 01TY CIF PALM DESERT P1aR No 302124 .... .... .. ....................... Cou�r�th#tClou xiatimg t \ T3at;e 'rUTAIt .. Coutrlbutory 11/19/2003 $ip}#:13fl$;< $10,116.08 12/05/2003 9,$6,$fl4 : 9,868.04 12/19/2003 9,624.86 12/30/2003 & 481:;93 ' 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. • City tthn 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% $ 1964,385 S 1,948,029 $ (16,356) 99,17% Cans S 33,843 $ 36,310 $ 2,467 107,29% $ 162,045 $ 176,210 $ 14,165 108,74% GolfSmP S 106,261 $ 89,178 $ (17,083) 83,92% $ 405,408 $ 410,894 S 5,486 101.35% Range S 7,000 S 5,510 $ (1,490) 78.71% $ 21385 $ 21,000 $ (385) 99.20% Food&Beverage $ 171,005 $ 181,964 S 10,959 106.41% S 765,073 S 775,317 $ 10,244 101.34% Interest Income $ 100 $ - $ (100) 0.00% $ 1,600 $ - $ (1,600) 0.00% Total Revenues 5 848 684 S 834346 S (14.338) 98.31% S 3 319 896 $ 3,331,450 5 11,554 100.35% Payroll � � - - - - Proshop S 5,915 S 3,254 S 2,661 55.01% $ 37,198 $ 38,041 $ (843) 102.27% Cart $ 26,803 $ 26,748 S 55 99.79% S 131,709 $ 13069 $ (2,360) 101.79% Course&Ground $ 124,107 $ 126,491 $ (2,384) 101,92% $ 888,407 $ 881,083 S 7,324 99,18% Golf Operations $ 31,058 $ 27,140 S 3.919 87.38% $ 183,491 $ 15V73 $ 24,718 86,53% General&Administration 5 36.734 S 42,368 $ (5,634) 115,34% $ 255,466 $ 276,339 $ (20,873) 108.17% Food&Beverage $ 72,293 $ 76,339 $ (4,046) 105.60% S 426,188 $ 435,231 $ (9,043) 102,12% Total Pa roll 296,910 $ 302,340 $ [5,4301 101.83% S 1.922.459 S 1.923.536 $ 1 077 100.06% Other Expenditures Perimeter Landscaping $ - S - S - 0.00% $ - $ - $ - 0,00% Proshop $ 18,450 $ 4,245 $ 14,205 23.01% $ 33,280 $ 42,006 $ (8,726) 12622% Proshop-COGS $ 41.706 $ 39,362 $ 2.344 94.38% S 176,373 $ 153,947 $ 22,426 87.28% Can $ 12,595 $ 1L965 S 630 95.00% $ 89,305 $ 87,402 $ 1903 97.87% Course&Ground-North Course $ 43,480 $ 54,238 $ (10,758) 124.74% S 473,620 $ 432,000 $ 41,620 91.21% Course&Ground-South Course $ 40,519 $ 49,364 $ (9,945) 121.83% $ 416,709 $ 503,174 5 196.466) 12075% Course&Ground-Desert Pallet-N $ 390 $ 296 $ 94 75.90% $ 4,645 S 3,233 $ 1.412 69,60% Course&Ground-Desert Pallet-S $ 990 $ 295 $ 695 29,80% $ 5,245 $ 4.590 5 655 87,51% Golf Operations $ 4,775 $ 3.321 S 1.454 69.55% S 9,055 $ 6,842 $ 2,213 75,56% General&Administration $ 79.744 $ 74,109 S 5,635 92.93% S 455,582 $ 416,697 $ 38,885 91.46% Range $ 125 $ 6 S 119 4.91)% $ 10,175 $ 9,952 $ 1323 97.00% Food&Beverage $ 22,262 $ 30,590 S (8,328) 137.41% S 155,703 $ 162.769 S (7,066) 104.54% Food&Beverage COGS S 51,957 $ 51,993 S (36) 100,07% $ 235,688 $ 246,840 S I11,152) 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% $ 39,992 $ 38.891 $ 1,001 97.49% Total Other Ex enditures S 347,657 S 350 144 S (2.4871 100.72% S 2.280.271 $ 2.282.243 $ 1 972 100.09 Vescrt Willow Golf Academy Desert Willow Golf Academy $ 25,450 $ 25.792 S 342 101,34% $ 71,950 $ 81,307 $ 9,357 113,00% COGS-Merchandise $ (7,668) $ (9,658) S (1,990) 125.95% S (43,550) $ (47,418) $ (3868) 108,88% Other Expenditures $ (10,000) $ (8.546) S 1,454 85.46% $ (34,150) $ (35,656) $ (1,506) 104.41% Learning Center Income(Loss) $ 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% $ 1888,584) $ (876,096) S 12,488 98.59% Equipment Reserve Replacement $ 71,955 $ 68,089 S (3,866) 94.63% S 503,685 S 481,472 $ (22,213) 95.59% Net Inc rme Loss S 139,944 S 121,361 $ (18,5831 86.72% S 1 392 269 $ 1 357 568 S 34,701 97.51 Snapshot of Golf Rounds Budgeted am Actual am Variance Variance% Budgeted(vtdD Actual td 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 1026 104% Other - 54 54 100% - 161 161 100% Coen Iimentary 300 265 35 88% 1669 2335 666 14096 Total 7,155 7,287 132 102% 34,211 36,274 2,063 106% Folder,Desert Wffl w 2W4.DW2004{Finan6al Statement Page 1 o� oao � c- n • Mrncoao o in • N 0� 0 � 0 LO 000 [� 00� 7 (4 O N � OMM �. 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F 9e gtce exce � y� �' o' A" � 888888 g `Y 7 a S n r � v Sm O .. 3 56 O g o v N o c - N F � � om U ate ^ 00 Fo< Q qqq - v_ o^ ^ u lac tl, ce tlt �e� 0 " e > «B p i e�eece e= ocece S° � ceMet� cew o q we a mffiin- U � � E nN n N•� Pv� nN $ PP a � �C.^� - �i L1 o j j U ❑ Z r Z O m 1 Q . _ - oEm n � cece� ee � ce_ ce �e o � G� � m �A a ce_ cececececeae � Z > ow > ceaceG Fe tlt G �S V' V � 2 o &,& �oF, aC o ° qo F �m Fl Y Z K > a Z O NO w P of N O NO w U v1 N 0 N NO r r N �'1 N _ n 'u 9 o a� zYQ a.�cg8 a. � 9 iE r � gm � EgE vta` < �Xgzo" S U � a'�XBz°o U' ; a'�X �z° c b do ; a' .X� z° �A Um / 2 ; { • . § - ) ° � ] � E k m } ! a $ ) / v , — CO) 0 3E � « \ ! 2 $ ( V\ § | . ¥ f $ co x ^ a ƒ $ ! J § ] § o a £ | � 7 ! &4 z 0 \ ~ § � k Cd � , ! \ / ƒ � ! ® Desert Willow • Breakdown of Rounds per point of sale system Desert Willow - Combined Analysis- January 2004 i Resident 2,672 $ 120,240 $ 45.00 36.67% Non-Resident 4,296 $ 435,255 $ 101.32 58.95% Other 54 $ 540 $ - 0.746/. Complimentary 265 $ 170 $ 0.64 3.64% Desert Willow Totals 7,287 556,205 76.33 100.00% 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 22,595 45.00 33.02% Non Resident Posted Rate 17 $ 2,975 $ 175.00 0.40% IROC Des. PRTY 20 $ 1,650 $ 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 4.770%/. 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 I Junior Walking 41 $ 410 $ 10.001 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 4.01% Total Round (FireCliff) 4,212 $ 337,662 $ 80.171 100.00% DW2004;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 j 41.66% Total Resident 1,281 57,645 45.00 41.66% Non Resident IROC Des. PRTY 24 $ 1,980 $ 82.50 0.78% IROC Mbr./ Guest 90 $ 9,960 $ 110.67 2.93% Wholesale 286 $ 25,181 $ 88.05 9.30% Prime 226 $ 29,453 $ 130.32 7.35% Sunrise 118 $ 11,875 $ 100.64 3.84% Midday 452 $ 37,813 $ 83.661 14.70% Twilight 127 $ 12,115 $ 95.39 4.13% Sunset 99 $ 6,435 $ 65.00 3.22% Outing 156 $ 16,989 $ 108.90 Players Club 1 $ 60 $ 60.00 0.03% Fee Special Event Variable 106 $ 8,907 $ 84.03 3.45% Total Non Resident Rounds 1,685 160,768 95.41 54.80% Other Rounds Junior Walking 13 $ 130 $ 10.00 0.42% Total Other 13 130 10.001 0.42% Complimentary VIP 8 $ - $ - 0.26% PGA Member 3 $ - $ 0.10 0 PDHS/COD 48 $ - $ - 1.56% COMP Champions Club 4 $ - $ - 0.13% Employee/ Employee Guest 33 $ $ 1.07% Total Complimentary 96 - , 3.12% Total Rounds (Mountainview) 3,075 $ 118,543 $ 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 ash on Hand $ 548,143.26 Variance- Favorable Unfavorable $ 48,143.26 Page 12 Palm9sert Recreation Facilities Corporon Income Statement Jan-04 Jan-04 # % 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