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HomeMy WebLinkAbout2004-06-23 IFC Regular Meeting Agenda Packet CITY OF PALM DESERT INVESTMENT & FINANCE COMMITTEE AGENDA June 23, 2004, 10:30 a.m. North Wing Conference Room I. CALL TO ORDER It. 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 May 26, 2004, as submitted. Action: 1 062304.E INVESTMENT& FINANCE C IMITTEE • AGENDA June 23, 2004 VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. 1. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for May 2004 Rec: Review and submit for the next City Council agenda. Review the presentation on the investment graphs. Review the investment activity for May 2004. Action: 2. Certification of Palm Desert Investment Policy Rec: Informational item for the Committee to review. No action required 3. Legal Opinion on Legality of CAMP Investment Program Rec: Informational item for the Committee to review. No action required B. State of California Local Agency Investment Fund Balance for the month of May 2004 Rec: Informational item for the Committee to review. No action required C. California Asset Management Program (CAMP) May 2004 Statements Rec: Informational item for the Committee to review. No action required D. City and Redevelopment Agency Monthly Financial Report for City Council for May 2004 Rec: Report and submit to City Council Action: 2 062304.w d ® • INVESTMENT & FINANCE COMMITTEE AGENDA June 23, 2004 E. Parkview Professional Office Buildings - Financial Report for May 2004 Rec: Review and file report Action: F. Palm Desert Golf Course Facilities Corporation Financial Information for May 2004 Rec: Review and file report Action: Vill. CONTINUED BUSINESS None. IX. OLD BUSINESS A. Status of Public and Private Partnerships Background Checks Rec: Status report on background checks Action: B. Bond Issuance by Palm Desert Financing Authority Rec: Status report on issuing new bonds Action: X. NEXT MEETING - Wednesday, July 28, 2004 at 10:30 a.m. 3 0623N0.Pd INVESTMENT & FINANCE COMMITTEE AGENDA June 23, 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 17" day of June, 2004. ana ea , ordi g Secretary 4 062304,.N CITY OF PALM DEORT INVESTMENT & FINANCE COMMITTEE Minutes May 26, 2004, 10:30 a.m. North Wing Conference Room I. CALL TO ORDER A regular meeting was called to order by Chairman Gibson on Wednesday, May 26, 2004 at 10:31 a.m. II. ROLL CALL Present: Absent: Paul S. Gibson, Finance Director Bob Spiegel, Mayor Buford Crites, Mayor Pro-Temp Russ Campbell Carlos Ortega, City Manager Dave Erwin, City Attorney Thomas Jeffrey, Deputy City Treasurer Everett Wood Bill Veazie Thomas Wormley Also Present: David Yrigoyen, Director of Redevelopment Dennis Coleman, RDA Finance Manager Jose Luis Espinoza, Assistant Finance Director Rodney Young, General Manager Desert Willow Diana Leal, Recording Secretary Guests: Jennifer Larson, Desert Sun Reporter III. ORAL COMMUNICATIONS Mr. Gibson indicated that Jennifer Larson, a reporter from the Desert Sun was in attendance. IV. COMMITTEE MEMBER REPORTS None. 1 52604."d INVESTMENT & FINANCEOMMITTEE MINUTES • May 26, 2004 V. CONSENT CALENDAR A. Approval of Minutes Motion was made by Mr. Wood and seconded by Mr. Veazie to approve the Minutes of the April 28, 2004 meeting as submitted with Mr. Ortega and Mr. Crites abstaining. VI. CONSENT ITEMS HELD OVER None. VII. NEW BUSINESS A. City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for April 2004 For the month ended April 30, 2004, Mr. Jeffrey reported that the book value of the City Portfolio was approximately $130.3 million. The City earned approximately $156,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.54%. For the month ended April 30, 2004, Mr. Jeffrey reported that the book value of the RDA Portfolio was approximately $152.7 million. The RDA earned approximately $156,000 in interest during that month. Portfolio yield-to- maturity was approximately 1.22%. Mr. Wood asked if staff could e-mail the monthly investment report to committee members. Mr. Gibson responded that it would not be a speedy process at this point. Mr. Gibson suggested that committee members who might be interested in this option should provide their e-mail addresses to staff, so that staff could e-mail meeting agendas to them, and, eventually, the monthly investment report. Mr. Crites observed that not everyone might have a personal computer. If so, then e-mail would lead to an uneven dissemination of information among committee members. B. State of California Local Agency Investment Fund Balance for the month of April 2004 The City is maxed out in the LAIF accounts. 2 52604.wpd INVESTMENT & FINANCWMMITTEE MINUTES • May 26, 2004 0 C. California Asset Management Program (CAMP) April 2004 Statements Mr. Gibson said that staff is monitoring the CAMP accounts to ensure that the cap is not exceeded. D. City and Redevelopment Agency Monthly Financial Report for City Council for April 2004 Mr. Gibson said that he was very pleased to see that the Transient Occupancy Tax was up $200,000 last month. Building permits continue to increase. The only negative footnote is the Department of Motor Vehicle funds taken by the state. Mr. Ortega asked if the $7.3 million was budgeted as of the end of April. Mr. Gibson said that companies typically have 30 days after the month closes to pay their bill, thus reporting is at least a month behind. He said that the City will easily reach the $7.3 million this year and may be slightly higher. Mr. Gibson said that the Riverside County Sheriffs department is now billing the City in a timely fashion which helps staff get a better picture as to expenditures. E. Parkview Professional Office Buildin-gs - Financial Report for April 2004 Mr. Gibson said that he wanted to provide an answer to Mr. Spiegel's question posed at the last meeting regarding the increase in expenditures for March. He said that the increase in improvements was due to slurry sealing of the parking lot. Mr. Ortega said that he understands that the County has made a request to increase their rental space in order to bring the Economic Development Agency. Mr. Gibson said that he was not aware of that request, however, a tenant would be moving out and that there should be sufficient space available. Mr. Gibson said that next year, once UCR completes their building, they will be moving out of Parkview. Numerous companies have contacted Mr. Gibson to express their interest in the space once it becomes available. F. Palm Desert Golf Course Facilities Corporation Financial Information for April 2004 Mr. Young said that their revenue is up. He said that in July, August and September of last year they had lots of problems. In November there were golf course issues. They are experiencing a strong recovery. They are well ahead of budget. He is optimistic about Memorial Day weekend. He expects 3 526N.wpd INVESTMENT & FINANCE&MITTEE MINUTES • May 26, 2004 that Food and Beverage will be at budget or better. However, they are ahead of local golf courses without.hotels. Golf courses with hotels have more rounds due to the packages they can offer along with hotel stays. Desert Willow's (DW) rounds are up (80,000 rounds). Course conditions are better than they have been, they have received positive comments from customers. They are using less than 700,000 gallons of water per day due to better water management. Mr. Ortega said that he believes it is due to the hiring of the new golf course superintendent. Mr. Young said that during that time he and his staff met with Coachella Valley Water District to review the Desert Willow's water usage and compared DW with other local golf courses. He thinks they will do a better job at utilizing the water. Mr. Young said that they are changing from two computer software packages to one computer so that all of the irrigation will be on a much improved irrigation system. They are also using new sprinkler heads and irrigation equipment. 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 meeting, the Investment and Finance Committee recommended to the City Council the hiring of Citigroup Global Markets, Inc. to refund the 1995 Project Areas No. 1 and 2 bond issues. At the meeting of the City Council, the City Council acting as the Finance Authority, hired Citigroup. In terms of the refunding, Mr. Coleman had previously reported refunding for Project Area No. 1 and Project Area No. 2, however, they have decided to only refund Project Area No. 1 as the savings in Project Area 2 were not sufficient enough to pursue. For the past five years, the rates have been low and have afforded the opportunity to refund bonds and issue bonds for new money at a significantly low rate. As the rates rise, this affects the savings on refunding of the bonds_ When staff was first alerted as to the savings for both of the bonds, Project Area No. 1 savings was about $2.2 million and now it is down to about 4 526N,. d INVESTMENT & FINANCE4rMITTEE MINUTES • May 26, 2004 0 $600,000 plus. There was a significant change in the market where the stocks soared, the treasuries took a dive. Staff is monitoring the market so that they can issue bonds for the same debt service to pull out a savings of $600,000. Staff is looking at restructuring the bond. By doing so, they can lower their maximum annual debt service. The maximum annual debt service is that point at which all of the Agency bonds in parity have the highest amount of debt service. This is important as whenever the Agency issues new bonds, it is based on the current income against the proposed maximum annual debt service. At this time, the maximum annual debt service in parity on these bonds is about $10.8 million. By restructuring the bond, they can bring it down to a $9.4 or$9.6 million. This is lower by$1.5 million. On Monday, the insurers came to the City of Palm Desert for a presentation. Citigroup felt that it was a strong enough credit that the Agency should have other insurers involved. In the past the Agency has tried to do this. They have had AMBAC take a look at insuring the Agency's bonds. FSA at some point also had the opportunity to review the bonds. Fidget was never approached to do this, however, when Fidget was owned by GE Capital they were very conservative and did not insure tax allocation bonds. XL Capital is a new company that insures California bonds. It was not until the year 2002 that they were allowed to insure California bonds. Staff participated in the presentations to the insurance companies. They had a conference call with Fidget of New York for an hour and a half to go over the presentation. In addition, a second firm, XL Capital sent Tammy Ames, an Analyst to view the presentation. Ms. Ames understands not only, the Redevelopment tax allocation credit, but the state budget considerations as well. Agency staff provided a presentation to MBIA, the third firm, over the phone. AMBAC and XL Capital was given a tour of Project Area No. 1. Mr. Coleman said that they were fortunate that Big Horn allowed the insurers to visit Big Horn. He said that he would provide the committee members with a copy of the 42- page presentation prepared by Citigroup. The presentation was the fiscal consultant's report. The fiscal consultant was hired to verify the Agency's revenue. The Agency has extremely good credit. In Project Area No. 1, the Agency is allowed to issue bonds according to every dollar of debt service. The Agency has to only have $1.15 covered. Most project areas in California do not have this. They are at about $1.20 - $1.25 for every dollar. The $1.15 coverage make some insurance companies uneasy. This is one of the few project areas in the state that has a $1.15 coverage. Staff expects to receive three bids. Fidget has expressed their interest in bidding. XL Capital indicate that if the Agency can obtain $1.15 through the credit committee, they will 5 526N<. pd INVESTMENT & FINANCE JrMITTEE MINUTES • May 26, 2004 9 submit an aggressive bid because they want to increase their fixed rate portfolio in terms of California bonds. MBIA stated that they have no problem in providing a bid. The finalized fiscal consultant report will be sent out today. The preliminary official statement is being sent to a few insurers. The documents will go to the City Council, the Redevelopment Agency and the Financing Authority to authorize the specifics of the bond deal, in general, subject to being changed and subject to form. If the City Council approves, staff will be gbtaining insurance commitments next week. After the insurance commitments are received, staff will reevaluate the savings and at that time will decide if they should go into the market. If everything goes well by the end of this month, the bond should be refunded. By the next Investment and Finance Committee staff will be able to inform the committee as to whether or not staff will be able to price and close the bond. Staff is scrambling to take advantage of this window of opportunity period because the economy has been strong. The producer price index numbers came out higher than what was expected. What typically happens is that the bonds get oversold. The bonds went down and the stock market took off. Everything balances out afterwards. The 30-year treasury was trading at 5.56%, today, they are closer to 5.38%. The 20 -year AAA municipal index, nationwide, was at a 5.08%. The Agency will not be issuing any new money for 2 or 3 years. On another note, the Governor has proposed a budget to local governments for another $1.3 billion a year for two years. The Governor will work with the legislature to place the state constitutional amendment on the ballot which he will stand behind and endorse. The amendment would be such that after two years of ERAF it will prohibit the State from touching local government income. Local cities and the County were asked to give $350 million per year. This bill allows for the City to have the Redevelopment Agency pick up the City's share of cost. The Agency's portion for next year will be about $3,896,840. Earlier this month, the Agency sent a check to the County in the amount of $2,113,709. Previously, the Agency spent $1,184,000. This project area's portion is $2.4 million. Staff told the insurance companies that once ERAF goes away, the Agency will go back to the market and obtain new money. It is much easier when you don't have to worry about quantifying the ERAF cost. In 2006-2007 the Agency will have the capacity to bring in new money for all of the project areas. Staff is looking at Project Area No. 1 with a 6% interest rate overall. Mr. Veazie asked if staff would be requesting three bids. Mr. Coleman said that he believed that they would be able to obtain three bids. One of the issues is how will the surety work if MBIA is not hired. Perhaps the can have a surety on the basis of a stand-alone bond issue. MBIA has been insuring most 6 52604.wpd INVESTMENT & FINANCEWMITTEE MINUTES • May 26, 2004 1 of the Agency's bond issues with the exception of one done in 1985. The difference in the new surety versus the old surety is that the old surety that will disappear is $1,955,000 and staff is looking at a new surety of$400,000 by restructuring. By restructuring the principal, staff will bring the coverage for maximum annual debt service from $1.33 to $1.55. The reason it is high even though there is a coverage requirement of$1.15, is because staff has to bond around ERAF the last time out to satisfy the insurance company and the investment community. Mr. Veazie said he is not optimistic about interest rates going down when he considers the outlook of energy, crude oil and gasoline. Mr. Crites said that the City of Palm Desert is fortunate to have the means to have projects. Other cities are not as fortunate. He said that the City's projects are reviewed by outside expertise brought in by the members of the Investment and Finance Committee. He thanked staff and members of the committee for a job well done. Mr. Coleman said that the other news he had to offer is that the preliminary numbers as of fiscal year 2001-2002 show that the Agency was 6"' in the State in terms of gross increment. San Francisco jumped from $35 million to $59 million. According to the numbers provided, San Francisco is down to $41 million, this places the Agency at 5° place. San Jose is first at $198 million, Los Angeles second at $89 million, Industry is at $60 million and San Diego is $55 million. The City of Palm Desert was at $50 million at the end of last fiscal year, slightly ahead of Oakland who is at$48 million. The City of Palm Desert's payment to ERAF is $3 million while Sari Jose's payment to ERAF is $18 million, plus they will pay for their City's portion which is another $11 million for a total of$29 million. ERAF depends on pass thru. X. NEXT MEETING - Wednesday, June 23. 2004 at 10:30 a.m. XI. ADJOURNMENT There being no further business, the meeting was adjourned by Mr. Gibson at 11:13 a.m. Respectfully submitted, Diana Leal, Recording Secretary 7 52W0 pd WILL BE DISTRIBUTED AT THE MEETING CI�Y OF P,4lt� [.);''SERT Fli„a;VCE DES a11ib9ENT 00 16, fMY 28 kfl Q: 38 ASSOCIATION OF PUBLIC TREASURERS UNITED STATES & CANADA March 10,2004 Mr.Paul S. Gibson,C.C.M.T. City Treasurer City of Palm Desert 73-510 Fred Waring Drive Palm Desert,CA 92260-2578 Dear Mr. Gibson: The Association of Public Treasurers of the United States and Canada is pleased to present the City of Palm Desert,California with the Association's Investment Policy Certification. Members of the Association's Investment Policy Certification Committee congratulate your government for its success in developing a comprehensive written investment policy that meets the criteria set forth by the Association's Investment Policy Certification Committee. Our review of your investment policy is limited to the documentation submitted. The Certification is not a guarantee against loss due to economic.and market conditions or human behavior. Governments are welcome to submit their investment policies for review on an annual basis. However,the Investment Policy Certification Committee recommends that a certified government submit its investment policy once every three years or sooner if major revisions are made to the existing policy. The Association's Investment Policy Certification Committee Chairman,Ernie O'Dell,will be presenting the Investment Policy Certification plaque to all recipients at the Association's 2004 Annual Conference, August 8-August 10. Your government will be recognized during the Awards Luncheon on Tuesday, August 10. As a treasury/financial officer from a government whose investment policy has been certified by the Association,you are eligible to apply to become a reviewer for the Investment•Policy,Certification Committee. Please contact the Association's headquarters at(202)737-0660,or visit www.aptusc nrg if you are interested. The City of Palm Desert is to be commended for enhancing its fiscal responsibility in the management of public funds. Sincerely, 56 �w Keith Sawdon Interim Executive Director Enclosures 1029 Vermont Avenue, NW, Suite 710,Washington, DC 20005 Phone 202-737.0660 Fax 202-737-0662 vwvw.aptu5c.org 5o califaml t 415 982-5544 M° • San Francisco, 94111 V'WW.pfm.com quThe PFM Group Public Financial Mawli menq Inc. PFM neaot Mana9omenl llc PFM AdAGM Fax To ho're S 7!6r'1 Finn Fax C166) 34) -qSj y Phone Date to • ) - 04 Client# Pages f including cover From Lawt ) 6r-,%a ❑ Adam Aranda ❑ Jan Mazyck ❑ Lauren Brant ❑ Peter Shellinberger ❑ Alex Burnett ❑ Janet An ❑ Melissa Brizendine ❑ Ron Romero ❑ Carmen Chu ❑ Jim Meyede ❑ Monica rng ❑ Sarah Hollenback ❑ Elena Zaretsky ❑ Joe Litten ❑ Nancy Jones ❑ Sean Boyea ❑ Erin Tam ❑ Katherine Keicher ❑ Natalie Tran ❑ Tyson Strutzenberg ❑ Evelyn Dwyer ❑ Kathryn Masterson ❑ Nsesa Kazadi ❑ Yani Kisoki ❑ Helen Jun ❑ Krista Husar ❑ Peter Miller ❑ Miles Mercer ❑ Urgent ❑ As Requested XFor Review ❑ Please Reply Message '[hCrn�s , As Aea--td e, 4te. LA4. fv�, C1'tTvNf'S 4 114 ?Le act- c cl � r np-, ��o�i°e �a� av, '��y.:�+�t 't'tiu ►-eat �„�-_ The Information contained in this facsimile message is privileged and confidential information,Intended only for the use of the Individual or entity named above, if the reader of this message is not the intended recipient,you am hereby notified that any disseminallon,distribution or copy of this communication Is strictly prohibited. If you have received this communication In error,please immediately notify us by telephone. LAW OFFICES NOSSAMAN, GUTIINER, KNOX & ELLIOTT, LLP THIRTY-FOURTH FLOOR 50 CALIFORNIA STREET SAN FRANCISCO, CALIFORNIA 94111-4799 TELEPNONE 1415) 390.3600 FACSIMILE 1415) 399-2435 May 25, 2004 Board of Trustees California Asset Management Trust 50 California Street, Suite 2300 San Francisco, CA 94111 Ladies and Gentlemen: You have asked for our views on whether contributions from California public agencies made to the California Asset Management Trust(the "Trust"), a joint exercise of powers authority and common law trust as created by the Declaration of Trust dated December 15, 1989 and as subsequently amended ("Trust Agreement"), may be invested in accordance with provisions of the California Government Code I applicable to the investment by such agency of such public agencies' surplus funds. I. Conclusion Subject to the discussion that follows, we believe that the participants may enter into a joint exercise of powers authority for the purpose of investing surplus funds, and may contribute surplus funds for investment. As a separate entity the Trust may invest its funds in investments authorized by Section 53601, subject to the conditions in that section. II. Background Information The Trust was formed by two California public agencies as a joint exercise of powers authority and as a common law trust for the purpose of investing certain surplus funds of the participating agencies in a common pool. Since the formation of the Trust, additional California public agencies have joined the Trust as participants (collectively "Participants"). Participants may contribute to the Trust by depositing surplus funds with the Trust. The Trust issues transferable units representing an equal proportionate share of beneficial interests in the 1 All references hereinafter are to the Government Code,unless otherwise specified. 169248_2.DOC NOSSAMAN, GUTHNER, IIOX &ELLIOTT, LLP California Asset Management Trust May 25, 2004 Page 2 assets of the common pool to Participants. The Trust manages and administers the pool and is solely accountable to its Participants. III. Legal Analysis A. Formation and Powers of a JPA Section 6500 et seq., the Joint Exercise of Powers Act ("Act'), permits the formation of a joint powers authority ("JPA"). The JPA's powers are limited to the powers held in common by all the public agencies. Under Section 6502, a JPA can be created between public agencies through the formation of a joint powers agreement ("JPA Agreement"). A JPA may be organized as a separate entity. (Section 6507) In the alternative,the participants in the JPA may designate one of its members as the operating agency without creating a separate entity. (Sections 6506 and 6509) The Trust was formed as a JPA and as a separate entity. Section 11 of the Trust Agreement states that the purpose of the Trust Agreement is to provide California public agencies with an agency in which to pool their funds for investment of and accounting for such funds. By executing the Trust Agreement, the public agencies in question became Participants in the Trust. The Trust Agreement qualifies as a JPA Agreement because Section 1.2 limits participants to those public agencies whose governing bodies have become participants by adopting and executing the Trust Agreement. B. Investments of Surplus Funds under Section 53601 The parties to a.IPA Agreement may provide that(a) contributions from their treasuries may be used for the purpose set forth in the JPA Agreement, (b)public funds may be used to defray the cost of the purpose, (c) advances of public funds may be made for the purpose set forth in the JPA Agreement, and (d)personnel, equipment or property of one or more of the parties to the agreement may be used in lieu of other contributions or advances. (Section 6504). The funds may be paid to and disbursed by the agency or entity agreed upon. Id. Section 1.1 of the Trust Agreement states that the Trust was created pursuant to Section 6507 as a separate public entity. As such, in addition to the authority to exercise any power commonly held by its members, including the investment powers held by the agencies pursuant to Section 53601 discussed below, the Trust has the separate and express authorization under Section 6509.5 to invest in Section 53601 investments under the Act. Section 6509.5 provides as follows: Any separate agency or entity created pursuant to this chapter shall have the power to invest any money in the treasury pursuant to Section 6505.5 169248 2.DOC NOSSAMAN, GUTHNER, KNOX & ELLIOTT, LLP • California Asset Management Trust May 25, 2004 Page 3 that is not required for the immediate necessities of the agency or entity, as the agency or entity determines is advisable, in the same manner and upon the same conditions as local agencies pursuant to Section 53601 of the Government Code. (Emphasis added.) Accordingly, the JPA has the power under Section 6509.5 to make investments "in the same manner and upon the same conditions as local agencies pursuant to Section 53601 of the Govemment Code". These powers include the right to invest surplus funds, subject to the restrictions of Section 53601. Please address any questions to us. 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La z / / L @ 9 / $ _ _ STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund " PO Box 942909 Sacramento, CA 94209-0001 (916) 653-3001 May, 2004 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 40,000,000.00 Total Withdrawal : 0.00 Ending Balance : 40,000,000.00 Page : 1 of 1 bI A I L UV UALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fundl PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 May, 2004 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Attn: TREASURER 93-510 FRED WARMG DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 40,000,000.00 Total Withdrawal : 0.00 Ending Balance : 40,000,000.00 Page : 1 of 1 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASUREi SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 May, 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 Account Summary Total Deposit : 0.00 Beginning Balance : 6,249,492.52 Total Withdrawal : 0.00 Ending Balance : 6,249,492.52 Page : 1 of 1 CAAARIF CALIFORNIA ASSGT --�- � STATEMENT MANAGEMENT PROGRAM. LI', ,.,.I t i, , • r1(I JOIN"1" POWE&% Au rHORITI �' 1 50 CALIFOANIA SMEET 23&D FLOOR sAN ERANclscO C.ALIFORNIA 44111 FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 5/31/2004 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 4Ac-_ urit'Surnrrnary/asfot5/31(20Q4 Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 5/31/2004 $54,760.41 $0.00 13,288,818.190 $13,288,818.19 Tiansat tion$urnmar foP S/1/2©04 St31/200,4€ :. _ Beginning Balance Purchases Reinvestments Redemptions Ending Balance $13,279,005.89 $0.00 $9,812.30 $0.00 $13,288,818.19 '^_,~fRgpE SEFTL "`'' `"" DOL1LAR`AMOUN'f SHARE 8i AAES THIS TOT/il- �OATE DAT T AtdS'�A O O NSACTION ,= ICE TAANSAC,TiON SHARESOWNED 05/01/04 Beginning Balance 13,279,005.890 OS/31 f04 6/1/2004 Accrual Income Div Reinvestment•DIV $9,812.30 $1.00 9,812.300 13,288,818.190 Message Line: The Monthly Distribution Yield is 0.87°h. The Monthly Effective Annual Yield is O.B7%. CALIFORNIA A S S L r STATEMENT MANAGEMENT PROGRAM JOIY"f POWERS AU H1 R1'1'Y ' SALT ANC[SC 4TCAF I 2RNJI PIAOR SeAN t�ANCIISC:CJ CALIFOAA+IA 9g1ll FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 5/31/2004 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 pia",,. " , ';` Accoun Summary as l /31/ 664 w -p' Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 5/31/2004 $111,507.30 $0.00 29,529,260.810 $29,529,260.81 r x ;action Summary for 5G1 2004 /3172004 Beginning Balance Purchases Reinvestments Redemptions Ending Balance $29,507,456.76 $0.00 $21,804.05 $0.00 $29,529,260.81 ISET'rL '-"-:`-, OLI:Ait l � SHARE SHARES THIS TOTAL OA E DATE S O 0, �,xSAGTION PR,i _ TgfWSAC I,�.,mN SHARES OWNED 05/01/04 Beginning Balance 29,507,456.760 05/31/04 6/1/2004 Accrual Income Div Reinvestment-DIV $21,804.05 $1.00 21,804.050 29,529,260.810 Message Line; The Monthly Distribution Yield is 0.87%. The Monthly Effective Annual Yield is 0 87% r o U p _ W C W O W ato H w m F a zJ <`+ e a N N V" +O N (n {`" �O N Co M N .d Cl O Ml C� O' O Vt b W W O IL 07 O! O p o cd v � ..•. q h rn � o -� � b uJ f! C< C Fy 7 N SV t" i N w O F„i 'AR 0 � �„ � � t*Y N .-; o ar .•, .-.. � °i oo � N v1 vi o9 N �. 0 'tHrJll � N N O C; O O� O �n h N' �. l� -+ �O a� � l� 00 M N N O N00 U �-+ 00 V; b3 K�:. _ .-. g , N p r vT N M ° R y Vl O CO O O M O O� Vf O O M 0 0 0 M O .�f 6 0 0 0 0 0 0 1� O d d M W Op .--� 1p O� V�� j= 0 0 0 0 0 O O N ' � '� M h 2+i N N N N ^' �' 'p 6 0 L O C O •--� O `� ' O 7 � � e. W O O ��'1 N � N p "•.. V m •'p 00 b M �O M � D o x �,. .� .` a CL �v c � i + oNL � c U o `° e . . ...b� a rs( on w d. y a O d F >i 6 x " o G 9. y u > N v > y Y E-' Z v's o°` e ' C6 N CZ as° C7awU � C � z • City of Palm Desert Parkview Office Complex Financial Statement • for Fiscal Year 2003-2004 May-04 May-04 # % YI'D YTD # Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 68,500 $ 71,285 $ 2,785 104.07% ;. $ 753,500 $ 783,917 $ 30,417 104.04% Dividends/Interest $ 4,375 $ - $ (4,375) 0.00% $ 48,125 $ 216 $ (47,909) 0.45% Total Revenues $ 72,875 $ 71,285 $ (1590) 97.82%1 _ 1 $ 801,625 $ 784,132 $ (17,493) 97.82% Expenses Professional-Accounting&Auditing $ 8,000 $ 8,000 $ - 100.00% -: {' $ 88,000 $ 88,000 $ - 100.00% Professional-Consultants $ 6,000 $ 5,553 $ 447 92.55% $ 66,000 $ 61,802 $ 4,198 93.64% Tenant Improvements $ 3,000 $ - $ 3,000 0.00% �'' $ 33,000 $ 7,120 $ 25,880 21.58% Repairs&Maintenance Building $ 81000 $ 9,089 $ (1,089) 113.61% $ 88,000 $ 117,203 $ (29,203) 133.18% Repairs&Maintenance-Landscaping $ 2,3W $ - $ Z300 0.00% $ 25,300 $ - $ 25,300 0.00% Utilities-Water $ 150 $ 109 $ 41 72.85% $ 1,650 $ 1,183 $ 467 71.71% Utilities-Gas/Electric $ 8,000 $ 4,147 $ 3,853 51.83% s?-., $ 88,000 $ 70,310 $ 17,690 79.90% Utilities-Waste Disposal $ 700 $ 530 $ 170 75.77% ;�. $ 7,700 $ 6,011 $ 1,689 78.06% Telephone $ 200 $ 185 $ 15 92.53% g,;.,_._.. � $ Z200 $ 2,030 $ 170 92.26% Insurance $ 521 $ - $ 521 0.00% $ 5,729 $ - $ 5,729 0.00% Total Expenses $ 36,871 $ 27,613 $ 9,258 74.890/u'+3w,6.. ;' $ 405,579 $ 353,658 $ 51,921 87.20°/u r� s Operating Income g. , - $ 36,004 $ 43,673 $ 7,669 °-121.30"/0 €- `a :=r$396,046A�?$ 430 474 V$ 34'428 ', 108.69%� Equipment Replacement Reserve $ 14,000 $ 13,306 $ 694 95.04% $ 154,000 $ 146,366 $ 7,634 95.04% Net InGmne - $ 22,004 $ 30,367 $ 8,363 138.00% ; $ 242,M6.,-.S. 284,10&i'..$.y 42,062„_r11T:38% 2004 Investment Reportlnv Report 2004 ® City of Palm Desert • Parkview Office Complex Vacancy Rate Schedule by Suite May 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 i ® City of Palm Desert Parkview Office Complex Vacancy Rate Schedule by Suite May 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 WILL BE DISTRIBUTED AT THE MEETING s r City of Palm Desert Desert Willow Budget Via Actual For the month of May 2004 Budgeted Actual Budgeted Actual May May $ Percentage Yearto Year to S Percentage Revenue 2004 2004 Variance Variance Date Date Variance Variance Cause&Ground $ 401,960 S 402,775 S 815 100.20% S 4,393.035 S 4,506,710 S 113,675 102.59% Carts S 29,795 $ 38.020 $ 8,225 127.61% S 319.958 $ 368,020 $ 48,062 115.02% Golf Shop $ 62,644 $ 76,416 S 13,772 121.98% S 757.850 $ 835.477 $ 77,627 110.24% Range $ 1,500 $ 2,332 S 832 155.47% $ 35.585 $ 37,311 $ 1.726 104.85% Food&Beverage $ 137,678 $ 155,377 S 17,699 112.86% S 1,492.595 S 1,590,044 $ 97,449 106,53% Interest Income $ 300 S - S ODD) 0.00% $ 2,450 $ - $ 12.450) (iDD% Tota Revenues S 6$877 $ 674 920 S 41,043 106.47% S 7.001.473 S 7,337,562 S 336 089 104.80 Payroll Proshop $ 4,708 S 2,090 S 2,618 44.39% $ 58,159 $ 48,323 $ 9,836 83,09% Can $ 27,047 $ 24.813 $ 2,234 91,74% $ 251,019 S 253,688 S (2,669) 101.G6% Course&Ground $ 126,270 $ 116,359 $ 9,911 92.15% $ 1,377,373 $ 1,360,068 $ 17,305 98.74% Golf Operations $ 31,230 $ 24,148 $ 7,082 77.32% $ 311869 $ 273,743 $ 38,126 97.77% General&Administration $ 37.248 $ 40,908 S (3,660) 109.83% S 402,035 S 440,910 $ (38,875) 109,67% Food&Beverage $ 73,911 S 72,228 $ 1,683 97.72% S 722,284 S 745.220 $ (22,936) 103.18% Total Pa roll S 300,414 S 280.546 S 19.868 93.39% S 3,122,739 S 3,121,952 S 787 99.97% Other Expenditures Perimeter Landscaping $ - $ - $ - 0,00% S - $ - $ - 0.00% Proshop $ 1,740 $ 2,804 S (1,064) 161,15% $ 43,860 S 61928 $ (18068) 141,19% Proshop-COGS $ 32,298 S 36,539 $ (4,251) 113.17% $ 357,492 $ 353.122 $ 4,370 99.79% Can $ 11,720 $ 13,781 S (2,061) 117,59% S 141,560 $ 149,108 S (7,548) 105.33% Course&Ground-North Course $ 70,040 $ 43,094 S 26,946 61,53% $ 643,295 S 570.479 S 72,816 88.68% Course&Ground-South Course S 52,813 $ 41,844 $ 10,969 79.23% $ 566,759 $ 634,559 $ (67,800) 111,96% Course&Ground-Desert Pallet-N $ 405 S 104 S 301 25.68% S 7,450 S 4,187 $ 3,263 56.20% Course&Ground-Desert Pallet-S $ 1,005 $ 104 S 901 10.35% $ 8,050 $ 5,395 S 2,655 67.02% Golf Operations $ 475 $ 1,313 S (838) 276.42% $ 12,435 $ 12,652 $ (217) 101,75% General&Administration $ 57,090 $ 50.856 S 6,234 89.08% $ 715,779 $ 664,622 $ 51,157 92.85% Range $ 50 S 35 S 15 70,00% $ 11600 $ 9,038 '$ 2,562 77.91% Food At Beverage $ 21.387 $ 22,326 S (939) 104,39% $ 246,176 $ 271,713 S (25,537) 110.37% Food&Beverage COGS $ 41,795 $ 55,030 S (13,235) 131.67% $ 457,294 $ 505,713 $ (48,419) 110.59% Management Fee S 25.000 $ 25.000 $ - 100.00% 5 275,000 $ 275,000 S - 100.00% Financing/Lease $ 4.912 $ 4,514 $ 408 91.71% 5 60,692 $ 57,171 $ 3,521 94.20% TMaI Other Ex enditures $ 320,730 $ 297 44 S 23,386 92.71% 3 47 442 S 3,514 687 $ 27 114N I00,77% Desert Willow Golf Academy Desert Willow Golf Academy $ 7,450 $ 6,970 S (480) 93.56% $ 131,650 $ 141,760 $ 10,110 107.68% COGS-Merchandise $ (6.769) $ (5,364) S 1,405 79.24% $ (72,656) $ (78,394) S (5,738) 107,90% Other Expenditures $ (3A25) $ (3,471) $ (46) 101.34% $ (57,425) S (60,483) S (3,058) 105.33% Learning Center Income(I-oss) $ (2,744) S (1,869) $ 879 67.97% $ 1,569 S 2,883 S 1,314 183,75% Operating Income(Lass) $ 9,989 $ 95,165 S 85,176 952.70% S 332,861 $ 643,806 $ 310,945 193,42% Equipment Reserve Replacement $ 71,955 S 66,937 S (5,018) 93.03% $ 791,505 $ 749,486 $ (42.019) 94.69% Net Income Loss S 161,966 $ 28 228 S 90.194 45.5516 $ M 644 $gccr 105,6801 S 352,964 23.04 Sna sot of Golf Rounds Budgeted(me) Actual mo Variance Variance% Budgeted td Actual td Variance Variance% Resident 1,200 1,723 523 144% 18,025 19,607 1,582 l09% Non Resident 4,801 5,391 590 112% 46,713 51,015 4,302 109% Other - 37 37 100% - 406 406 100% Complimentary 325 448 123 139% 3,019 4,036 1,017 134% Total 61326 71599 1,273 120% 67,757 75,064 7,307 Folder:Desert Willow 20040W2004;Finarcial Statement Page 1 0 \w(D } 0 0Clm00 } 7 kul� " r: � � ^ � £ § dt / / / r » ) \ ) { \ { } \ / 2 ( -0 0CE / 2 a ; 3a ! ! a aa ) 3 § ; ± ; a j � E � a � ° ) § 7 6 — f2 ` ° j ± § 0 \ � § ; � � / a � \ /^ 0 - , G & ; ° 96 : E 0a | 2 2 ! t " k d \ ® ` \ \ 0 \� [ § ® ; 3 { \ m u - - '" - 6 > th ` q r a ww»www w»www» »»wwww»wwwww »ww w » < 'o,C1ryF www»ww w»www» »» »wwww»wwww www w w 6 0 U e e om8 $ P > > L Q C pp qq 6 E � a { 6 wwww»w »»wwww wwww»»www»ww »ww w w 4 uuS uuc�i c� z WE 'a � JSo .+ o W z' �`, szou � \ \ / cq R Ek 7 Lri ! ! 04 ka ) � Q � > cli - � 2kk � k y| fe % e / ) f \ ) A§ \ J § n Cl . k } ) \ ) ^ \ N d 0 a o 0 0 N N N � O O O O N N ❑ ❑ O O O O O M m O � O n O N N N N eR va n o 0 N � N N O � o O o N o � o R N Cl oU 7LL d _ V EA O O .1 C O o m C A Q N[�� X A N N U W a a s E m U d O C % c V w od N O •a O m N o a C;, o E o 0 00 () N m T R U o N o LL. o O v m m m m c o o m C LL O a CQ O C N O C_ U y �m '� o U o E rn o `m c U a a c E m n c5 C O O "O V`�! J 6 m a c Q E m $ (7 m 'o `v U E r m a o C7 AO6aleo o t m 5 w wwwcecewwwww � �� =ggsgg8g888 s �m �a � wwwwwwwwwww yP S > ug� �Sm ce wwcewwwwceww w u° � wwwwwwcewceww pe cececewcewcecece Z ce wcewwwcewwww z F��"a im E i �856b� wwa w�wcewwwce�ce a e wwwe. awwwww � by _ _ o � -an_ n^e Aa_m y ❑a� _ _ms�mS S � �dNm��Rnasa w wcerwmwwxmw p `oS - - .� ,. eS.oRarvm m ng�Xpa#�A' R rv.��B=AGiB=: - __a.,ery u rs�_� - A- F = (J �I > 5 +py9 a a y o8888$88888 $ g2 sm 5a rececececererecececere � �Ca � om n 3A rererere_rererewrerere ces FE< '_m_Sv-,3.�i� � 6rR tlt eR 6 Ct&^tl!'N eE B4 ce cece -rereceacexce � ce�rvwee __ - �'c aV s' cc^Cscoc 3�m :8N^�N�r�,n z° cewsxrerecee�ce�w N _ z° °P„tervwreSPNtl.'P � re cexeceoceYxcere �E > 5 � u _ mg_von_mnyy Frv�f6m^p6� .� dtlz°o n u"a J OD i ! kk u ) ( 0 k � \ 0 £ Cd 060 - _ ) § ! � LO i a ` / �) k - ` � 2 § � £ ID \{ : £ a ! 0 ( 13 ■ 0 ® 2 a u 2 a � 0 7 u ) k 0/ ° 2 ! � � ) ] � � & } ) _ 4 � \ ® Desert Willow Breakdown of Rounds per point of sale system Desert Willow - Combined Analysis- MAY 2004 Resident 1,723 $ 77,535.00 $ 45.00 22.70% Non-Resident 5,391 $ 360,350.00 $ 66.84 70.90% Other 37 $ 370.00 $ 0.50% Complimentary 448 $ 110.00 $ 0.25 5.90% Desert Willow Totals 7,599 438,365 57.69 100.00% DW2004;POS AVG RD Page 9 • Desert Willow • Breakdown of Rounds per point of sale system FIRECLIFF COURSE- MAY 2004 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee-Weekday 867 $ 39,015 $ 45.00 22.31% Total Resident 867 39,015 45.00 22.31% Non Resident IROC Des. PRTY 44 $ 2,8607$-65.00 1.13% IROC Member Guest 77 $ 5,775 $ 75.00 1.98% Sunrise 130 $ 16,328 $ 125.60 3.34°/u Prime 181 $ 22,290 $ 123.15 4.660 Midday 86 $ 8,056 $ 93.67 2.21% Sunset 606 $ 27,250 $ 44.97 15.59% Wholesale 676 $ 39,610 $ 58.59 17.39% Twilight 254 $ 17,745 $ 69.86 6.53°/u Outing 463 $ 33,040 $ 71.36 11.91% Fee Special Event Variable 202 $ 12,757 $ 63A5 5.20% Total Non Resident Rounds 2,719 185,711 68.30 69.95% Other Rounds Junior Walking 23 $ 230 $ 10.00 0.59% Total Other 23 230 - 0.59% Complimentary VIP 141 $ - $ - 3.63% PGA Member 30 $ $ - 0.77% Champions Club 37 $ $ - 0.95% Employee / Employee Guest 70 $ 110 $ 1.57 1.80% Total Complimentary 278 110 0.40 7.15% Total Round (FireClifi) 3,887 $ 225,066 $ 57.90 100.00% DW2004;POS AVG RD Page 10 . Desert Willow Breakdown of Rounds per point of sale system MOUNTAINVIEW COURSE- MAY 2004 Description No. Of Revenue Avg. Per Pet to Rounds Per POS Round Total Resident Rounds Resident Fee-Weekday 856 $ 38,520 $ 45.00 23.06% Total Resident 856 38,520 45.00 23.06% Non Resident Posted 1 $ 75 $ 75.00 0.03% IROC Des. PRTY 30 $ 1,950 $ 65.00 0.81% IROC Member/ Guest 81 $ 6,075 $ 75.00 2.18% Sunrise 109 $ 13,572 $ 124.51 2.94% Prime 147 $ 18,590 1 $ 126.461 3.96% Midday 79 $ 7,189 $ 91.00 2.13% Sunset 445 $ 20,025 $ 45.00 11.99% VIP Card 1 $ 30 $ 30.00 0.03% DIN Players Club 1 $ 60 $ 60.00 0.03% Wholesale 490 $ 27,007 $ 55.12 13.20% Outing 1,024 $ 63,443 $ 61.96 27.59% Twilight 167 $ 11,655 $ 69.79 4.50% Fee Special Event Variable 97 $ 4,968 $ 51.22 2.61% Total Non Resident Rounds 2,672 174,639 55.36 71.98% Other Rounds Junior Walking 14 $ 140 $ 10.00 0.38% Total Other 14 140 0.38% Complimentary VIP 87 $ $ 2.34% PGA Member 11 $ $ 0.30% PDHS/COD 30 $ $ 0.81% Champions Club 10 $ $ 0.279% Employee / Employee Guest 32 $ $ 0.86% Total Complimentary 170 - Total Round (Mountainview) 3,712 $ 213,299 $ 57.46 100% DW2004;POS AVG RD Page 11 City of Palm Desert Desert Willow Cash Reserve-Analysis for the month of May 2004 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 ash on Hand $ 1,029,085.28 Variance- Favorable Unfavorable $ 529,085.28 Page 12 Palm9sert Recreation Facilities Corpor on Income Statement May-04 May-04 # % Budget Actual Variance Variance Food & Beverage Revenues $137,678 $155,377 $17,699 112.86% Total Revenues $137,678 $155,377 $17,699 112.86% Salaries $73,911 $72,228 $1,683 97.72% Cost of Goods Sold-F&B $41,795 $55,030 ($13,235) 131.67% Food & Beverage Expense $21,387 $22,326 ($939) 104.39% Total Expenses $137,093 $149,584 ($12,491) 109.11% Net Income (Loss) $585 $5,793 $5,208 990.26% Note: The above revenues and expenditures are also included in the Desert Willow analysis. DW2004;PDRFC Budget Page 1 0 lListin2 of Hotels to audit and POC Classic Desert Vacation Rentals 77-920 Country Club, Suite 6, Palm Desert, CA 92211 POC - Morgan Knudsen (760) 341-3466 Emerald Desert C.C. 76-000 Frank Sinatra Drive, Palm Desert, CA 92255-0416 POC—Karen Malloy (760) 345-4770 Sunrise Vacation /Resortquest International 76-300 Country Club Drive, Palm Desert CA 92260 POC—Kathi Butzbach (760) 345-5695 ext 301 Marriott Desert Springs 74-855 Country Club Drive, Palm Desert, CA 92260 POC—Mike Collins (760) 341-1741 Deep Canyon Inn 74-470 Abronia Trail, Palm Desert CA 92260 POC—Linda Carter (760) 346-8061 Other Audits: Waste Management— Franchise Fee Time Warner Cable— Franchise Fee o Q I o V Ono i �5 `z o d d g i 0 i " I L 40CL c CO ►'( � g � Q U) r. G G o® i � { ! \ { � ! � t Q � 2 � f / 2 ° % 2 2 § \ LL 7 am 2 2 o d , f .2 $ £ ƒ f k v co \ k k k E_ \ § @ n Y. 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