HomeMy WebLinkAbout2004-11-24 IFC Regular Meeting Agenda Packet _ CITY OF PALM DESERT
INVESTMENT & FINANCE COMMITTEE
AGENDA
November 24, 2004, 11:30 a.m.
Desert Willow Golf Resort Conference Room
I. CALL TO ORDER
II. ROLL CALL
Ill. ORAL COMMUNICATIONS
A. Any person wishing to discuss any item not on the agenda may
address the Investment and Finance Committee at this point by
giving his/her name and address for the record. Remarks shall be
limited to a maximum of five minutes, unless the Investment and
Finance Committee authorizes additional time.
B. This is the time and place for any person who wishes to comment
on agenda items. It should be noted that at the Investment and
Finance Committee's discretion, these comments may be deferred
until such time on the agenda as the item is discussed. Remarks
shall be limited to a maximum of five minutes, unless the
Investment and Finance Committee authorizes additional time.
IV. COMMITTEE MEMBER REPORTS
V. CONSENT CALENDAR
ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE
CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE
ROLL CALL VOTE: THERE WILL BE NO SEPARATE DISCUSSION OF
THESE ITEMS UNLESS MEMBERS OF THE INVESTMENT & FINANCE
COMMITTEE OR AUDIENCE REQUEST ITEMS BE REMOVED FROM
THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND
ACTION UNDER SECTION V. CONSENT ITEMS HELD OVER, OF THE
AGENDA.
A. Approval of Minutes
Rec: Approve Minutes of the regular meeting of October 27, 2004,
as submitted.
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INVESTMENT & FINANCE COMMITTEE
AGENDA NOVEMBER 24, 2004
VI. CONSENT ITEMS HELD OVER
None.
VII. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and
Summary of Cash Reports for October 2004
Rec: Review and submit for the next City Council agenda.
Review the presentation on the investment graphs. Review
the investment activity for October 2004.
B. State of California Local Agency Investment Fund Balance for the
month of October 2004
Rec: Informational item for the Committee to review. No action
required
C. California Asset Management Program (CAMP) October 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 October 2004
Rec: Report and submit to City Council
E. Parkview Professional Office Buildings - Financial Report for
October 2004 (Reports will be distributed at the meeting)
Rec: Review and file report
F. Palm Desert Golf Course Facilities Corporation Financial
Information for October 2004 (Reports will be distributed at the
meeting)
Rec: Review and file report
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INVESTMENT & FINANCE COMMITTEE
AGENDA NOVEMBER 24, 2004
G. 2004 Certification of Brokers
Rec: That the Finance Committee reauthorize brokers who have
submitted certifications for 2004 to continue to do business
with the City of Palm Desert
Action:
H. 3Q2004 Deferred Compensation Statements
Rec: Review and file report
Vill. CONTINUED BUSINESS
None.
IX. OLD BUSINESS
A. Status of Public and Private Partnerships Background Checks
Rec: Status report on background checks
B. Bond Issuance by Palm Desert Financing Authority
Rec: Status report on issuing new bonds
X. NEXT MEETING - January 26, 2005, 10:30 a.m., North Wing Conference
Room
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 171h day of November 2004.
Niamh Ortega,R cordin cretary
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CITY OF PALM DESERT
INVESTMENT & FINANCE COMMITTEE
Minutes
October 27, 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, October
27, 2004 at 10:32 a.m.
II. ROLL CALL
Present: Absent:
Paul S. Gibson, Finance Director Bill Veazie
Bob Spiegel, Mayor
Buford Crites, Mayor Pro-Tempore
Carlos Ortega, City Manager
David Erwin, City Attorney
Russ Campbell
Everett Wood
Thomas Wormley
AI osent:
Dennis Coleman, RDA/Housing Finance Manager
Diana Leal, Accounting Technician
Niamh Ortega, Recording Secretary
Veronica Tapia, Redevelopment Accountant
Rodney Young, General Manager, Desert Willow
Guests:
None
III. ORAL COMMUNICATIONS
Mr. Gibson communicated that Mr. Jeffrey was recovering from surgery and would
not be in attendance. He also indicated that Mr. Veazie would not be present at this
meeting.
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INVESTMENT & FINANCE COMMITTEE
MINUTES October 27, 2004
IV. COMMITTEE MEMBER REPORTS
None.
V. CONSENT CALENDAR
A. Approval of Minutes
MOTION was made by Mr. Campbell and seconded by Mr. Wormley to
approve the Minutes of the September 22, 2004 meeting as submitted.
VI. CONSENT ITEMS HELD OVER
None.
VII. NEW BUSINESS
A. City and Redevelopment Agency Investment Schedules and Summary of
Cash Reports for September 2004
Mr. Gibson reported that the City had received the September 2004 trust
statements from the Bank of New York.
For the month ended September 30, 2004, Mr. Gibson reported that the book
value of the City Portfolio was approximately $133.1 million. Portfolio yield-to-
maturity was approximately 1.84%.
For the month ended September 30, 2004, Mr. Gibson reported that the book
value of the RDA Portfolio was approximately $159.4 million. Portfolio yield-to-
maturity was approximately 1.61%.
Mr. Gibson informed the Committee that the Federal government has
essentially placed a hold on rates until the election process is complete.
B. State of California Local Agency Investment Fund Balance for the month of
September 2004
Mr. Gibson announced that the City continues to be maxed out in both the City
and Redevelopment Agency accounts.
C. California Asset Management Program (CAMP) September 2004 Statements
Mr. Gibson communicated that he is now a CAMP Board member.
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INVESTMENT & FINANCE COMMITTEE
MINUTES October 27, 2004
D. City and Redevelopment Agency Monthly Financial Report for City Council for
September 2004
The sales tax and TOT accruals are reported at approximately $2.3 million
higher than they actually are because accruals have not yet been reversed. It
is anticipated that the City will break even. The police department has not
billed for the last two months, so it is expected that expenditures will increase
dramatically next month. It was explained that the police department contract
is billed based on hours worked, so if extra duty were required, the City would
be billed accordingly. Similarly, if officers assigned to Palm Desert are sent to
areas monitored by Riverside County, the County is billed accordingly.
Mr. Coleman reported that the Redevelopment Agency will provide monthly
financial reports beginning in November 2004. It was questioned if revenues
can be anticipated, to which Mr. Coleman responded that an estimate can be
determined in some areas, but the supplemental revenue is quite difficult to
project, and an estimate would be unreliable. A consultant provides a
conservative estimate each time a bond is issued.
E. Parkview Professional Office Buildings - Financial Report for September 2004
Mr. Gibson informed the Committee that no leaks were reported as a result of
the last storm. Landscape maintenance has been contracted out instead
being performed by City crews at no charge.
F. Palm Desert Golf Course Facilities Corporation Financial Information for
September 2004
Mr. Young reported that September's revenue exceeded the budget and the
prior year. October will be close to the prior year, but short on the budget.
Food and Beverage expenses have been quite high due to a large number of
parties requiring food displays. Inventory was roughly estimated due to the
large amount of food prepared during that time. He also explained that golf
shop expenses were higher than budgeted, but would improve in October.
Mr. Young expressed his satisfaction with the overseeding process, adding
that the fairways have grown in quite well. Less seed was used this year, and
the cost of seed was increased again this year to $141,000 for the month of
October. Simplot was the low bidder for seed. He cautioned that the
overseeding period covered a different portion of the year this year, and would
probably result in a $15,000 to $20,000 shortage over last year due to fewer
days of availability to golfers.
The Mountain View Golf Course will close on November 5, which allows
Habitat for Humanity to host a larger tournament with both courses open.
Another advantage to late overseeding is that the grass goes dormant,
minimizing renovation of the course.
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City of Palm Desert
City and Redevelopment Agency Portfolios
. COMPLIANCE ANALYSIS AND INVESTMENT REPORT
October 2004 {�
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
The Federal Open Market Committee (FOMC) met on 10 November, and raised the Federal Funds Rate by 25 basis points to
2.00%. This was the fourth increase since June 2004. These increases have been aimed at raising rates from the
emergency levels that were put in place to combat the risk of deflation. It is thought that the Federal Funds Rate needs to be
in the 3.00% range for sustainable economic growth.
Opinion is split on whether the FOMC will continue to raise short-term interest rates at"a measured pace,"or whether future
rate increases will be driven by economic data. If the FOMC adopts the former strategy, then there will probably be another
25 basis-point increase at the 14 December meeting, and the Federal Funds Rate could be at 3.00% by the end of 2005. The
futures market currently assigns a 78% probability to the likelihood that the FOMC will raise the Federal Funds Rate by
another 25 basis points at the December meeting. Recent statements by FOMC officials, however, suggest that rate
increases will more likely by driven by economic data.
Although the economy is in its third year of expansion, employment and wage growth have lagged. The labor force
participation of highly educated and well-paid workers has dropped sharply, while it has risen for less-educated workers. Strong
employment numbers in October might signal the end of this tepid job growth.
Pa 4S. 4ii 4o-Y4 C.C.M. r.
Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
OCT-04 SEP-04 AUG-04 JUL-04 JUN-04 MAY-04
CITY
Month-End Book Value` $ 130,550 $ 132,121 $ 136,973 $ 141,472 $ 142,417 $ 125,903
Month-End Market Value` $ 130,866 $ 132,403 $ 137,299 $ 141,687 $ 142,542 $ 126,048
Paper Gain(Loss) $ 316 $ 282 $ 326 $ 215 $ 125 $ 145
Prior Year Book Variance $ (3,592) $ (6,242) $ (48,236) $ (34,365) $ (35,770) $ (55,318)
Interest Earnings $ 200 $ 191 $ 195 $ 187 $ 174 $ 159
Yield-To-Maturity 1.96% 1.84% 1.74% 1.68% 1.58% 1.53%
Weighted Maturity(Days) 124 123 121 128 133 120
Effective Duration 0.17 0.18 0.19 0.22 0.23 0.18
RDA
Month-End Book Value""' $ 149,149 $ 158,671 $ 160,693 $ 175,311 $ 184,909 $ 179,643
Month-End Market Value"'" $ 149,180 $ 158,703 $ 160,783 $ 177,512 $ 187,083 $ 181,819
Paper Gain (Loss) $ 31 $ 32 $ 90 $ 2,201 $ 2,174 $ 2,176
Prior Year Book Variance $ 4,929 $ 5,778 $ 37,378 $ 74,760 $ 85,643 $ 77,086
Interest Earnings $ 216 $ 202 $ 217 $ 234 $ 183 $ 161
Yield-To-Maturity 1.73% 1.61% 1.51% 1.53% 1.37% 1.17%
Weighted Maturity(Days) 65 62 71 134 128 81
Effective Duration 0.09 0.10 0.12 0.13 0.15 0.02
"" Omits SLGSs.
City of Palm Desert--Portfolio Characteristics
31 October 2004
Dollars in Thousands
Ageing Intgrrv_al Market Value
< 1 M $ 59,660 General Fund Ageing
<2M 3,017
< 3M 5,450 too
<6M 8,327 80 69
< 1YR 3,462 e
<2YR - a 60
<3YR 5,944 40
<4YR - a°
<5YR - 20 4 6 10 4
>5YR - p .
0
Total: $ 85,860 <1M <2M <3M <6M <1YR <2YR
Ratings* Market Value Credit Quality AA
AAA $ 29.153 AAA
26% 0%
Unrated" 72,785
AA 4,658
A 8,402
A-1 6,034 A ® Unrated'"
Total: $ 121,032 8/° 66%
Sector Market Value Asset Allocation
Money Market Funds $ 19,682 LAIF
LAIF8°, 3
RDA Loan 32,785
MTNs 15,496 RDA Loan
U.S.Federal
Agency
30%
Federal Agency 7,035 Money Market
Funds
Commercial Paper 6,034 18% MTNs
Total: $ 121,032 14%
Month City Yield LAIF Yield Variance Performance
Nov03 1.61 1.57 0.03
Dec 1.58 1.55 0.03 1
Jan04 1.58 1.53 0.05 1.9
Feb 1.58 1.44 0.14
Mar 1.56 1.47 0.09 1.6
Apr 1.54 1.45 0.09 m
May 1.53 1.43 0.11 Y 1.3
Jun 1.58 1.47 0.11
Jul 1.68 1.60 0.07 1.0 °
Aug 1.74 1.67 0.06 NovG3Dec Jan04Feb Mar Apr May Jun Jul Aug Sep Oct
Sep 1.84 1.77 0.07
Oct 1.96 1.89 0.07 ®IAIF Yield ❑City Yield
* Moody's Credit Ratings
" LAIF, and City Loan to RDA Page 2 of 8
City of Palm Desert
Portfolio Holdings
31 October 2004
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value I Moody's S&P
Medium-Term Notes
$ 2,406,000 ABBOTT LABS 6.80 5/15/05 $ 2,466,269 2.08 102.15 $ 2,457,849 Al AA
$ 3,000,000 FORD 7.20 6/15/07 $ 3,100,248 5.75 108.08 $ 3,242,442 A3 BBB-
$ 2,500,000 FORD 7.20 6/15/07 $ 2,583,540 5.75 108.08 $ 2,702,035 A3 BBB-
$ 2,425,000 GENERAL ELECTRIC 4.25 1/28/05 $ 2,442,097 1.30 100.50 $ 2437,062 P-1 A-1+
$ 2,360,000 NORTHERN TRUST 6.65 11/9/04 $ 2,362,853 1.17 100.08 $ 2,361,803 Aa3 AA-
$ 1,270,000 PITNEY BOWES 5.95 2/1105 $ 1,284,544 1.32 100.75 $ 1,279,503 Aa3 AA
$ 1,000,000 WACHOVIA 7.70 2115105 $ 1,018,063 1.38 101.55 $ 1,015,473 Aa3 A
$ 14,961,000 Subtotal $ 15,257,613 3.07 $ 15,496,168
Commercial Paper--Discount
$ 3,025,000 GENERAL ELECTRIC 1.55 12/15/04 $ 2,999,603 1.61 99.74 $ 3,017,022 P-1 A-1+
$ 3,031,000 GENERAL ELECTRIC 1.64 1114105 $ 2,999,932 1.70 99.54 $ 3,017,171 P-1 A-1+
$ 6,056,000 Subtotal $ 5,999,535 1.66 $ 6,034,193
Federal Agencies--Discount
$ 1,015,000 FED NATIONAL MTG ASSOC 1.92 5/2/05 $ 997,021 2.00 98.90 $ 1,003,835 Aaa AAA
$ 3,035,000 FED NATIONAL MTG ASSOC 1.71 3/3/05 $ 2,995,644 1.78 99.30 $ 3,013,755 Aaa AAA
' $ 3,045,000 FED NATIONAL MTG ASSOC 1.79 4/1/05 $ 2,999,427 1.86 99.11 $ 3,017,900 Aaa AAA
$ 7,095,000 Subtotal $ 6,992,092 1.85 $ 7,035,490
LGIP
$ 40,000,000 L.A.I.F. 0.00 11/1/04 $ 40,000,000 1.89 100.00 $ 40,000,000 U U
$ 40,000,000 Subtotal $ 40,000,000 1.89 $ 40,000,000
LGIP
$ 11,350,526 C.A.M.P. 0.00 11/1/04 $ 11,350,526 1.56 100.00 $ 11,350,526 U AAA
$ 11,350,526 Subtotal $ 11,350,526 1.56 $ 11,350,526
Pooled Funds--AIM
$ 8,329,868 PRIME PORTFOLIO 0.89 11/1/04 $ 8,329,858 1.41 100.00 $ 8,329,858 Aaa AAA
$ 8,329,858 Subtotal $ 8,329,858 1.41 $ 8,329,858
City Loan to RDA
$ 32,785,480 CITY OF PALM DESERT 0.00 11/1/34 $ 32,785,480 1.89 100.00 $ 32,785,480 U U
$ 32,785,480 Subtotal $ 32,785,480 1.89 $ 32,785,480
Total Investments
$ 120,577,864 $ 120,715,103 1.96 $ 121,031,714
"U"= Unrated Page 3 of 8
City of Palm Desert
Portfolio Holdings
31 October 2004
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Cash
$ 9,107,708 CITY MAIN CHKG 0.00 1111/04 $ 9,107,708 0.00 100.00 $ 9,107,708 N/A N/A
$ 351,229 DESERT WILLOW CHKG 0.00 11/1/04 $ 351,229 0.00 100.00 $ 351,229 N/A N/A
$ 22,874 OFFICE COMPLEX TRUST 0.00 11/1/04 $ 22,874 0.00 100.00 $ 22,874 N/A N/A
$ 352,705 RECREATIONAL FAC CHKG 0.00 11/1/04 $ 352,705 0.00 100.00 $ 352,705 N/A N/A
$ 9,834,516 Subtotal $ 9,834,516 $ 9,834,516
Total Investments and Cash
$ 130,412,380 $ 130,549,620 $ 130,866,231
Corporate Issuer Concentrations in City Portfolio
GENERAL ELECTRIC 6.99%
FORD 4.71%
ABBOTT LABS 2.04%
NORTHERN TRUST 1.96%
PITNEY BOWES 1.06%
WACHOVIA 0.84%
"U"= Unrated Page 4 of 8
Palm Desert Redevelopment Agency-- Portfolio Characteristics
31 October 2004
Dollars in Thousands
Ageing Interval Market Value
Portfolio Ageing
< 1 M $ 70,853 w/o SLGSs
<2M -
<3M 1,982 100 87
<6M 9,049 80
< tYR - e 70
<2YR o 60
0 50
< 3YR 40
<4YR a° 30
<5YR 20 11
10 0 2 0 0 0 0
>5YR 0
Total: $ 81,884 < 1M <2M <3M <6M <1YR <2YR <3YR <4YR
ualit Market Value Credit Quality
AA
AAA $ 82,873 AAA 0%
Unrated"" 60,899
57% 0%A
AA 0%
A
A-1 3,016 A-1 Unrated"
Total: $ 146,788 2% 41%
Sector Market Value Asset Allocation Money Market
Money
$ 51,790 O Funds
Money Market Funds 51,790 38%
LAIF 60,898
Federal Agency 8,020 U.S.Treasury
Commercial Paper 3,016 17% LAIF
Corporate Bonds - 45%
Total: $ 146,788
Month RDA Yield LAW Yield Variance Performance
Nov03 1.29 1.57 -0.28
Dec 1.29 1.55 -0.25
Jan04 1.24 1.53 -0.29 1.9
Feb 1.20 1.44 -0.24
Mar 1.20 1.47 -0.28 ^ 1.6
Apr 1.22 1.45 -0.23 m
May 1.17 1.43 -0.26 1.3 I
Jun 1.37 1.47 -0.10
Jul 1.53 1.60 -0.08 1.0
Aug 1.51 1.67 -0.16 Nov03Dec JanO4Feb Mar Apr May Jun Jul Aug Sep Oct
Sep 1.61 1.77 -0.17
Oct 1.73 1.89 -0.16 OLAIFYield 13RDAYield
` Moody's Credit Ratings
" LAIF Page 5 of 8
Palm Desert Redevelopment Agency
Portfolio Holdings
31 October 2004
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Commercial Paper--Discount
$ 3,039,000 GENERAL ELECTRIC 1.73 3/1/05 $ 2,999,569 1.80 99.24 $ 3,016,018 P-1 A-1+
$ 3,039,000 Subtotal $ 2,999,569 1.80 $ 3,016,018
U.S.Treasury--Coupon
$ 23,107,000 UNITED STATES TREASURY 1.63 3/31/05 $ 23,084,757 1.86 99.81 $ 23,063,674 Aaa AAA
$ 23,107,000 Subtotal $ 23,084,757 1.86 $ 23,063,674
Federal Agency--Coupon
$ 1,983,000 FED HOME LOAN MTG 1.88 1/15/05 $ 1,983,701 1.70 99.97 $ 1,982,380 Aaa AAA
$ 1,983,000 Subtotal $ 1,983,701 1.70 $ 1,982,380
Federal Agency--Discount
$ 3,040,000 FED NATIONAL MTG ASSOC 1.75 3/4/05 $ 2,999,509 1.82 99.29 $ 3,018,416 Aaa AAA
$ 3,040,000 FED NATIONAL MTG ASSOC 1.71 3/1/05 $ 3,001,012 1.78 99.31 $ 3,019,024 Aaa AAA
$ 6,080,000 Subtotal $ 6,000,521 1.80 $ 6,037,"0
LGIPs
$ 40,000,000 L.A.I.F. 0.00 1111104 $ 40,000,000 1.89 100.00 $ 40,000,000 U U
$ 5,997,815 L.A.I.F. 0.00 11/1/04 $ 5,997,875 1.89 100.00 $ 5,997,875 U U
$ 5,066,620 L.A.I.F. BOND PROCEEDS 0.00 11/1/04 $ 5,066,620 1.89 100.00 $ 5,066,620 U U
$ 9,834,304 L.A.I.F. BOND PROCEEDS 0.00 11/1/04 $ 9,834,304 1.89 100.00 $ 9,834,304 U U
$ 60,898,799 Subtotal $ 60,898,799 1.89 $ 60,898,799
LGIP
$ 20,966,530 C.A.M.P. 0.00 11/1/04 $ 20,966,530 1.56 100.00 $ 20,966,530 U AAA
$ 20,966,530 Subtotal $ 20,966,530 1.56 $ 20,966,530
Pooled Funds --AIM
$ 30,823,217 PRIME PORTFOLIO 0.00 11/1/04 $ 30,823,217 1.41 100.00 $ 30,823,217 Aaa AAA
$ 30,823,217 Subtotal $ 30,823,217 1.41 $ 30,823,217
Total Investments
$ 146,897,546 $ 146,757,093 1.73 $ 146,788,058
Cash
$ 2,070,284 HOUSING AUTH CHKG 0.00 1111/04 $ 2,070,284 0.00 100.00 $ 2,070,284 N/A N/A
$ 321,784 HOUSING AUTH TRUST 0.00 11/1/04 $ 321,784 0.00 100.00 $ 321,784 N/A N/A
$ 2,392,068 Subtotal $ 2,392,068 $ 2,392,068
"U"= Unrated Page 6 of 8
Palm Desert Redevelopment Agency
Portfolio Holdings
31 October 2004
Market Ratings
Par Value Issuer Coupon MaturityT Cost YTM Price Value Moody's I S 8 P
Total Investments and Cash
$ 149,289,614 $ 149,149,161 $ 149,180,126
Corporate Issuer Concentrations in RDA Portfolio
GENERAL ELECTRIC 2.04%
"U"= Unrated Page 7 of 8
STATEMENT OF COMPLIANCE
The investment portfolios of the City of Palm Desert("City")and the Palm Desert Redevelopment Agency("RDA")are
governed by federal, state,and local law. The City Treasurer's"Statement of Investment Policy"is more restrictive than the
California Government Code. The Palm Desert Investment Committee and the Palm Desert City Council review the
Statement of Investment Policy annually.
For the month ended 31 October 2004,the City and the RDA investment portfolios were in compliance with all applicable
federal, state,and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment
strategies, based upon the stated objectives of safety, liquidity, and yield (in order of priority).
Barring unforeseen events,the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert
and the Palm Desert Redevelopment Agency over the next six months. In addition, portions of either the City or the RDA
portfolio could be liquidated in order to meet any significant, unexpected cash requirements.
Bloomberg L.P. and Interactive Data Corporation provided the data and the analytical tools that were used to calculate the
market value of all securities in the City and the RDA investment portfolios. State and Local Government Series securities
are held in escrow accounts and are therefore not included in this report as assets. All balances are bank balances.
Respectfully submitted on 24 November 2004,
;RatiaoiS. (j'l lis m C.C.M.r
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
• California Government Code City Investment Policy
CA Govt Maximum Maximum Quality Maximum Maximum Quality %of City %of RDA
Code Investment Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit Not Authorized(1)
53601(b) U.S.Treasuries 5 Years No Limit 5 Years No Limit I 1 0.0% 15.7%
53601(c) CA State Debt 5 Years No Limit Not Authorized
53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized
53601(e) Federal Agencies 5 Years No Limit 5 Years 30% 5.8% 5.4%
53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 &P-1 - -
53601(g) Commercial Paper 270 Days 25% A-1+or P-1 270 Days 25% A-1+or P-1 5.0% 2.0%
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - -
53601(i) Repos 1 Year No Limit 30 Days 20% AAA&Aaa -
53601(i) Reverse Repos 92 Days 20% Not Authorized
536010) Medium-Term Notes 5 Years 30% A 5 Years 30% 1 A 1 12.6% 0.00.
53601(k) Mutual Funds 90 Days 20% AAA&Aaa 90 Days 20% (2) 1 AAA&Aaa 1 6.9% 21.0%
53601(I) Trust Indenture Debt Not Authorized
53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA&Aaa AAA&Aaa
Investment Pools 90 Days 20% or Advisor 90 Days 20% (2) 1 or Advisor 9.4% 14.3%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized
Securities AA(Security)
LAIF No Limit I I I No Limit 33.1% 41.5%
(1) The City loan to RDA,which is not a bond, has been approved by the Palm Desert City Council. 72.8% 100.0%
(2) Maximum limit for mutual funds and local government investment pools,excluding bond proceeds.
Certified California Municipal Treasurer Page 8 of 8
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO C1 FY OF PALM DESERT �•'�
Local Agency Investment MUCE DEPARTMENT
PO Box 942809
Sacramento, CA 94209-6&1 NOV 15 AM I1- 26
(916) 653-3001
October, 2004 Statement
PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015
Ann: TREASURER
73-510 FRED WARING DRIVE
PALM DESERT CA 92260
Transactions
Effective Transaction Tran Confirm Authorized Amount
Date Date Type Number Caller
10-15-2004, 10-15-2004 QRD SYSTEM 168,586.35
10-21-2004 10-21-2004 RW 999673 THOMAS W. JEFFREY - 168,586.35
Account Summary
Total Deposit : 168,586.35 Beginning Balance : 40,000,000.00
Total Withdrawal : 168,586.35 Ending Balance : 40,000,000.00
Page : 1 of 1
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO CITY OF PALM DESERT
Local Agency Investment Fund FINANCE DEPARTMENT
PO Box 942809
Sacramento, CA 94209-0001 : IN NOV 15 AM 111 26
(916) 653-3001
October, 2004 Statement
CITY OF PALM DESERT
Account Number : 98-33-621
Attn: CITY TREASURER
73510 FRED WARING DRIVE
PALM DESERT CA 92260
Transactions
Effective Transaction Tran Confirm Authorized Amount
Date Date Type Number Caller
10-15-2004 10-15-2004 QRD SYSTEM 168,586.35
10-21-2004 10-21-2004 RW 324162 THOMAS JEFFREY 168,586.35
Account Summary
Total Deposit : 168,586.35 Beginning Balance : 40,000,000.00
Total Withdrawal : 168,536.35 Ending Balance : 40,000,000.00
Page : 1 of I
STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer
OFFICE OF THE TREASURER
SACRAMENTO
CGfY OF PALM DESERT
Local Agency Investment PWJCE DEPARTMENT
PO Box 942809
Sacramento, CA 94209-0M4 NOV 15 AM. I1: 16
(916) 653-3001
October, 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
10-15-2004 10-15-2004 QRD SYSTEM 26,029.47
Account Summary
Total Deposit : 26,029.47 Beginning Balance : 5,971,845.03
Total Withdrawal : 0.00 Ending Balance : 5,997,874.50
Page : 1 of 1
AOL CITY OF PAL%1 DESERT
FINANCE DEPARTMENT
C A III Ir0RN [ A AsseT STATEMENT
MANAGEMENT PROGRAM '}(n �1 1/
101N'1' yowrR.s AU'I FIOR�'�y Zffli tIOV
50 C:A IJFORNIA 5"fR£E'f 23RU FIAQR -9 AM SAN FRANCISCo CAUFORNIA 04111 FOR ACCOUNT
INFORMATION: 800-729-7665
STATEMENT DATE: 10/31/2004
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
10/31/2004 $116,468.02 $0.00 11,350,525.800 $11,350,525.80
jorls etlon S 0000
Beginning Balance Purchases Reinvestments Redemptions Ending Balance
$11,335,590.67 $0.00 $14,935.13 $0.00 $11,350,525.80
SETTLE
D E - U--D P OD T SAC T TAL
SHARES OWNED
10/01/04 Beginning Balance 11,335,590.670
10/31/04 11/1/2004 Accrual Income Div Reinvestment•DIV $14,935.13 $1.00 14,935.130 11,350,525.800
Message Line: The Monthly Distribution Yield is 1.55%.
The Monthly Effective Annual Yield is 1.56%.
CI P� 0:= PAUA DESERT
ID FINAIN10E DEFARTMEN T
CAL I P OR N I A ASS LT STATEMENT
MANAGET9ENT PROGRAM ��pp �tf1 pp
J o i N'r POW r R s a u'r l o R i'r Y ZWL' IYUV -9 H� ,.� 4✓.
su cAi-rnoRniA Win:Hsr z.1 'IFF-0n
snN FRANCISCO CALIFORNIA 41 It FOR ACCOUNT
INFORMATION: 800-729-7665
STATEMENT DATE: 10/31/2004
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
Ac unt ummary as of 10%31/200
Statement Income Dividends • Capital Gains Total Shares Account
Date Paid This Year Paid This Year Owned Value
10/31/2004 $248,776.30 $0.00 20,966,629.810 $20,966,529.81
ansaetion Sum a for .0li! 0
Beginning Balance Purchases Reinvestments Redemptions Ending Balance
$20,938,941.85 $0.00 $27.587.96 $0.00 $20,966,529.81
LE. DO
SH SHARES THIS 70YAL
ATE DA , S N PR16E 7R S ¢'rION SHARES OWNED
10/01/04 Beginning Balance 20,938,941.850
10/31/04 11/1/2004 Accrual income Div Reinvestment-DIV $27,587.96 $1.00 27,587.960 20,966,529.810
Message Line: The Monthly Distribution Yield is 1.55%.
The Monthly Effective Annual Yield is 1.56%.
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City of Palm Desert
Parkview Office Complex
Financial Statement
for Fiscal Year 2004-2005
October-04 October-04 q % YTD YPD N %
Budget Actual Variance Variance Budget Actual Variance Variance
Revenues j
Rental $ 69,000 $ 74,393 $ 5,393 107.82%1 $ 274,500 $ 292,740 $ 18,240 106.64%
Dividends/Interest $ 700 $ - $ (700) 0.o0%E $ Z800 $ - $ (2,800) 0.00%
Total Revenues $ 69,700 $ 74,393 $ 4,693 106.73%1 $ 277,300 $ 292,740 $ 15,440 105.57%
e
Expenses
Professional-Accounting&Auditing $ 8,500 $ 8,829 $ (329) 103.87% $ 34,000 $ 35,316 $ (1,316) 103.87%
Professional-Consultants $ 6,000 $ 5,722 $ 278 95.37% $ 24,000 $ 21,642 $ 2,358 90.18%
Tenant Improvements $ 3,000 $ - $ 3,000 0.00%. $ 12,000 $ 39,597 1 $ (27,597) 329.98%
Repairs&Maintenance Building $ 8,000 $ 15,049 $ (7,049) 188.11% $ 32,000 $ 39,015 $ (7,015) 121.92%
Repairs&Maintenance-Landscaping $ 2,300 $ - $ Z300 0.00%. $ 9,200 $ - $ 9,200 0.00%
Utilities-Water $ 150 $ 123 $ 27 81.95% $ 600 $ 341 $ 259 56,78%
Utilities-Gas/Electric $ 7,000 $ 7,830 $ (830) 111.86%j $ 28,000 $ 25,426 $ Z574 90.81%
Utilities-Waste Disposal $ 600 $ 538 $ 62 89.72%1{ $ 2,400 $ 2,692 $ (292) 112.15%
Telephone $ 250 $ 317 $ (67) 126.86%d iii $ 1,000 $ 1,384 $ (384) 138.41%
Insurance $ 521 $ - $ 521 0.00%, $ 2,082 $ - $ Z082 0.00%
)
Total Expenses $ 36,321 $ 38,409 $ (2,088) 105.75%1 $ 145,282 $ 165,414 $ (20,132) 113.86%
,
Operating lncome�. 2,606 107.810/4� $:132,018 $ 127,326 $ , (4,692).�46953!a
Equipment Replacement Reserve $ 16,700 $ 16,666 $ 34 99.80% $ 66,800 $ 66,664 $ 136 99.80%
Net lncosn¢ $ 16,679 $ 19,319 $ 2,640 115.&3°Iv $ 65,216 $ 60,662 $ (4556) 93.01%!
1-Note:The tenant improvements for The Riverside County Supervisor, Roy Wilson are recorded as an expenditure for the purpose of this investment report,
however,at the end of the year the tenant improvements will be capitalized as fixed assets and depreciated over the useful life of the asset.
2005 Investment Reportlnv Report 2005
City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
October 2004
Suite Square
No. Tenant Feet
73-710 Fred Waring Drive-Two (2) Story Building
100 Hanover 1,915
100A William Bonneheim 645
102 Cove Commission-Fire Marshal 1,360
103 National Multiple Sclerosis 488
104 Arthritis Foundation 960
106 Coachella Valley Economic Partnership 928
log 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
211 State of California Department of Food &Agriculture 937
217 Joe B. McMillan,. Esq. 775
2005 Investment ReportVacancy Report
City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
r October 2004
220 Environmental Products Applications 1,607
222 Riverside County Supervisor-Roy Wilson 3,348
Total square footage(2 story Building) 31,929
Vacancy Rate-0.00% 0.00%
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--0.00% 0.00%
Occupancy Rate-100% 100.00%
2005 Investment ReportVacancy Report
t City of Palm Desert
Parkview Office Complex
Financial Statement
for Fiscal Year 2004-2005
October-04 October-04 # % Yf"D YTD # %
Budget Actual Variance Variance Budget Actual Variance Variance
I {i
Revenues Jf
Rental $ 69,000 $ 74,393 $ 5,393 107.82%1 $ 274,500 $ 292,740 $ 18,240 106.64%
Dividends/Interest $ 700 $ - $ (700) 0.00%I $ Z800 $ - $ (2,800) 0.00%
Total Revenues $ 69,700 $ 74,393 $ 4,693 106.73% $ 277,300 $ 292,740 S 15440 10557°/
Expenses
Professional-Accounting&Auditing $ 8,500 $ 8,829 $ (329) 103.87%i $ 34,000 $ 35,316 $ (1,316) 103.87%
Professional-Consultants $ 6,000 $ 5,722 $ 278 95.37%{ $ 24,000 $ 21,642 $ 2,358 90.18%
Tenant Improvements $ 3,000 $ - $ 3,000 0.00%i $ 12,000 $ 39,597 1 $ (27,5q 329.98%
Repairs&Maintenance Building $ 8,000 $ 15,049 $ (7,049) 188.11%� $ 32,000 $ 39,015 $ (7,015) 121,92%
Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 0.00%, $ 9,200 $ - $ 9,200 0.00%
Utilities-Water $ 150 $ 123 $ 27 81.95% .� $ 600 $ 341 $ 259 56.78%
Utilities-Gas/Electric $ 7,0D0 $ 7,830 $ (830) 111.86% $ 25,600 $ 25,341 $ 2,259 56.78%
Utilities-Waste Disposal $ 600 $ 538 $ 62 89.72%i E! $ 2,400 $ Z692 $ (292) 112.15%
Telephone $ 250 $ 317 $ (67) 126.86%[! $ 1,000 $ 1,384 $ (384) 138.41%
Insurance $ 521 $ - $ 521 0.00%{ - $ 2,082 $ - $ 2,082 0.00%
Total Expenses $ 36,321 $ 38,409 $ (2,088) 105.75% $ 145,282 $ 165,414 $ (20,132) 113.86%
__ ____. ------
- ___. hv--- 127
pperatinglnco'M $ 33,379 $ 35;98$ $ 2,606 1D7.8 '. $:132,018 '$ .127,326
Equipment Replacement Reserve $ 16,700 $ 16,666 $ 34 99.80% $ 66,800 $ 66,664 $ 136 99.80%
'Net Income $,. 26;679 $ -- 19;329 $ z640 115:83V $.: (s5,228$ 60,662 i$.(4,5$6):.: 93.61
t-Note:The tenant improvements for The Riverside County Supervisor, Roy Wilson are recorded as an expenditure for the purpose of this investment report,
however,at the end of the year the tenant improvements will be capitalized as fixed assets and depreciated over the useful life of the asset.
2005 Investment Reporllnv Report 2005
' City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
October 2004
Suite Square
No. Tenant Feet
73-710 Fred Waring Drive-Two (2) Story Building
100 Hanover 1,915
100A WilliamBonneheim 645
102 Cove Commission-Fire Marshal 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 Baffin 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
211 State of California Department of Food &Agriculture 937
217 Joe B. McMillan,. Esq. 775
2005 Investment ReportVacancy Report
City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
October 2004
220 Environmental Products Applications 1,607
222 Riverside County Supervisor-Roy Wilson 3,348
Total square footage(2 story Building) 31,929
Vacancy Rate-0.00% 0.00%
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--0.00% 0.00%
Occupancy Rate-100% 100.00%
2005 Investment ReportVacancy Report
r
City of Palm Desert
Parkview Office Complex
Financial Statement
: for Fiscal Year 2004-2005
October-04 October-04 # % YTD YTD #
Budget Actual Variance Variance Budget Actual Variance Variance
Revenues
l
Rental $ 69,000 $ 74,393 $ 5,393 107.82% $ 274,500 $ 292,740 $ 18,240 106.64%
Dividends/Interest $ 700 $ - $ (700) 0.00%1 i $ 2,800 $ - $ (2,800) 0,00%
i f
Total Revenues $ 69,700 $ 74,393 $ 4,693 106.73%1 ( $ 277,300 $ 292,740 $ 15,440 105.57%
Expenses )
Professional-Accounting&Auditing $ 8,500 $ 8,829 $ (329) 103,87% $ 34,000 $ 35,316 $ (1,316) 103.87%
professional-Consultants $ 6,000 $ 5,722 $ 278 95,37% I $ 24,000 $ 21,642 $ 2,358 90.18%
Tenant Improvements $ 3,000 $ - $ 3,000 0.00% $ 12,000 $ 39,597 1 $ (27,597) 329.98%
Repairs&Maintenance Building $ 81000 $ 15,049 $ (7,049) 188.11%' $ 32,000 $ 39,015 $ (7,015) 121,92%
Repairs&Maintenance-landscaping $ 2,300 $ - $ 2,300 0.00%... $ 9,200 $ - $ 9,200 0.00%
Utilities-Water $ 150 $ 123 $ 27 81.95%1 $ 600 $ 341 $ 259 56.78%
Utilities-Gas/Electric $ 7,000 $ 7,830 $ (830) 111.86%1 $ 28,000 $ 25,426 $ 2,574 90.81%
Utilkies-Waste Disposal $ 600 $ 538 $ 62 89.72%1 $ 2,400 $ 2,692 $ (292) 112.15%
Telephone $ 250 5 317 $ (67) 126.86%, $ 1,000 $ 1,384 $ (384) 138.41%
Insurance $ 521 $ - $ 521 0.00%! )� $ 2,082 $ - $ 2,082 0.00%
t
Total Expenses $ 36,321 $ 38,409 $ (2,088) 105.75%1 $ 145,282 $ 165,414 $ (20,132) 113.86
_. .__.a, __. _ __ _ _.J ! _.w _ .. _
;ONeratinglnco_ $ 33,379 $ 3598E $ 2,606 3Q7.81_% $132,018 $ 127,326 . $ (4,692). 96.45%i;
Equipment Replacement Reserve $ 16,700 $ 16,666 $ 34 99.80% $ 66,800 $ 66,664 $ 136 99.80%
iNe#Income $ 14,679�u 19,319 $ 2;G40 115.83% $ 65,218 $ 6092 $ (4;556) 93.01%,
1-Note:The tenant improvements for The Riverside County Supervisor, Roy Wilson are recorded as an expenditure for the purpose of this investment report,
however,at the end of the year the tenant improvements will be capitalized as fixed assets and depreciated over the useful life of the asset.
2005 Investment Reportlnv Report 200E
City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
October 2004
Suite Square
No. Tenant Feet
73-710 Fred Waring Drive-Two (2) Story Building
100 Hanover 1,915
100A William Bonneheim 645
102 Cove Commission-Fire Marshal 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,Peseta &Pichardo 3,040
211 State of California Department of Food&Agriculture 937
217 Joe B. McMillan,.Esq. 775
2005 Investment ReportVacancy Report
City of Palm Desert
Parkview Office Complex
Vacancy Rate Schedule by Suite
October 2004
220 Environmental Products Applications 1,607
222 Riverside County Supervisor-Roy Wilson 3,348
Total square footage(2 story Building) 31,929
Vacancy Rate-0.00% 0.00%
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--0.00% 0.00%
Occupancy Rate-100% 100.00%
2005 Investment ReportVacancy Report
PalmDesert Recreation Facilities Corporation
Income Statement
Oct-04 Oct-04 # %
Budget Actual Variance Variance
Food & Beverage Revenues $144,443 $150,225 $5,782 104.00%
Total Revenues $144,443 $150,225 $5,782 104.00%
Salaries $64,349 $68,159 ($3,810) 105.92%
Cost of Goods Sold-F&B $45,113 $44,556 $557 98.77%
Food & Beverage Expense $27,058 $37,691 ($10,633) 139.30%
Total Expenses $136,520 $150,406 ($13,886) 110.17%
Net Income (Loss) $7,923 ($181) ($8,104) -2.28%
DW2005;PDRFC Budget Page 1
PalmDesert Recreation Facilities Corporation
Income Statement
Oct-04 Oct-04 N %
Budget Actual Variance Variance
Food & Beverage Revenues $144,443 $150,225 $5,782 104.00%
Total Revenues $144,443 $150,225 $5,782 104.00%
Salaries $64,349 $68,159 ($3,810) 105.92%
Cost of Goods Sold-F&B $45,113 $44,556 $557 98.77%
Food & Beverage Expense $27,058 $37,691 ($10,633) 139.30%
Total Expenses $136,520 $150,406 ($13,886) 110.17%
Net Income (Loss) $7,923 ($181) ($8,104) -2.28%
DW2005;PDRFC Budget Page 1
PalmDesert Recreation Facilities Corporation
Income Statement
Oct-04 Oct-04 # %
Budget Actual Variance Variance
Food & Beverage Revenues $144,443 $150,225 $5,782 104.00%
Total Revenues $144,443 $150,225 $5,782 104.00%
Salaries $64,349 $68,159 ($3,810) 105.92%
Cost of Goods Sold-F&B $45,113 $44,556 $557 98.77%
Food & Beverage Expense $27,058 $37,691 ($10,633) 139.30%
Total Expenses $136,520 $150,406 ($13,886) 110.17%
Net Income (Loss) $7,923 ($181) ($8,104) -2.28%
DW2005;PDPFC Budget Page 1
CITY OF PALM DESERT
OFFICE OF THE CITY TREASURER
STAFF REPORT
REQUEST: Reauthorize brokers who have submitted certifications for 2004, to
continue to do business with the City of Palm Desert.
APPLICANT: N/A
CASE NOS. N/A
DATE: 24 November 2004
CONTENTS: 1) Citigoup Certification
2) Morgan Stanley Certification
3) Merrill Lynch Certification -
4) Wells Fargo Certification
Recommendation:
By Minute Motion: That the Finance Committee reauthorize brokers who have
submitted certifications for 2004, to continue to do business
with the City of Palm Desert.
Background:
The City of Palm Desert's ("City') "Statement of Investment Policy" requires that
Treasury staff annually solicit fully executed certifications and annual reports from
brokers who have been authorized to do business with the City.
The following brokers have fully complied with these requirements, and are
recommended for reauthorization:
➢ Wells Fargo.
➢ Citigroup.
➢ Morgan Stanley.
➢ Merrill Lynch.
The only firm that remains to be certified is Zions Bank, which the Investment and
Finance Committee recently relisted. This will hopefully be done by the December
Investment and Finance Committee meeting.
Staff Report
Annual Certification of Brokers
24 November 2004
Page 2 of 2
Submitted By:
L f' , r
r i&rn" oW . yx to -
Thomas W. Jeffrey, p City Treasurer
Approved By:
Paul S. Gibson, C.C.M.T., City Treasurer
CITY OF Ra,L��� DESERT
FI I�,NCF DF' I MEN i
BROKER CERTIFICATION 2004
201 OCT 12 Idl H: 43
I hereby certify that I have read and that I understand the investment policies and
objectives of the City of Palm Desert, the Palm Desert Redevelopment Agency, the Palm
Desert Housing Authority, the Palm Desert Financing Authority, and the Palm Desert
Recreational Facilities Corporation (hereafter referred to collectively as the "City"), as
represented in the City's "Statement of Investment Policy", adopted 10 March 2004. My
firm will ensure that all affected sales personnel will be routinely informed of the City's
investment objectives, horizon, outlook, strategies, and risk constraints, as the City
provides such information.
My firm will notify the City Treasurer in the event of a'material adverse change in its
financial condition, or of any violation of Municipal Securities Rulemaking Board Rule
G-37, upon request.
My firm pledges to exercise due diligence in informing the City Treasurer of all
foreseeable risks associated with any financial transactions that my firm undertakes with
the City
This section must be signed by the Sales Representative who is assigned to the City.
Firm: Citigroup Global Markets Inc.
Signed:
Title: Sr. Vice President—Investments
Date: /D/e,10 y
This section must be countersigned by the Managing Director or by the most senior
person in charge of the government securities operations section.
Firm: Citigroup Global Markets Inc.
Signed:
Gt
Title: Vice Pre ent—Investments
Control Administrator
Date: ����
BROKER CERTIFICATION 2004
I hereby certify that I have read and that I understand the investment policies
and objectives of the City of Palm Desert, the Palm Desert Redevelopment
Agency, the Palm Desert Housing Authority, the Palm Desert Financing
Authority, and the Palm Desert Recreational Facilities Corporation (hereafter
referred to collectively as the "City"), as represented in.the City's
"Statement of Investment Policy", adopted 10 March 2004. My firm will
ensure that all affected sales personnel will be routinely informed of the
City's investment objectives, horizon, outlook, strategies, and risk
constraints, as the City provides such information.
My firm will notify the City Treasurer immediately, by telephone, and, in
writing, in the event of a material adverse change in its financial condition, or
of any violation of Municipal Securities Rulemaking Board Rule G-37.
My firm pledges to exercise, due diligence in informing the City Treasurer of
all foreseeable risks associated with any financial transactions that my firm
undertakes with the City.
This section must be signed by the sales representative who is assigned to
the City.
Firm:
Signed:
Title:
Date:
This section must be countersigned by the Managing Director or by the most
senior person in charge of the government securities operations section.
Firm:
Signed:
Title.
Date:
CITY OF PALM DESERT
BROKER CERTIFICATION 2004
I hereby certify that I have read and that I understand the investment policies
and objectives of the city of Palm Desert, the Palm Desert Redevelopment
Agency, the Palm Desert Housing Authority, the Palm Desert Financing
Authority, and the Palm Desert Recreational Facilities Corporation (hereafter
referred to collectively as the "City"), as represented in the City's "statement
of Investment Policy", adopted 10, March 2004. My firm will ensure that all
affected sales personnel will be routinely informed of the City's investment
objectives, horizon, outlook, strategies, and risk constraints, as the City
provides such information.
My firm will notify the City Treasurer immediately, by telephone, and, in
writing, in the event of a material adverse change in its financial condition, or
of any violation of Municipal Securities Rulemaking Board Rule G-37.
My firm pledges to exercise due diligence in informing the City Treasurer of
all foreseeable risks associated with any financial transactions that my firm
undertakes with the City.
This section must be signed by the sales representative who is assigned to
the City.
Please note that our signature hereto is subject to the attached letter dated October 4,2004 which identifier Merrill Lynch's
obligations.y'�. q
Firm: 7 /L
Signed: i�
Title: ne* Vi(X eKt- -
Date: fD f ZD1bV
This section must be countersigned by the Managing Director or by the most senior
person in charge of the government securities operations section.
Firm:
Signed:
.
Title:
�s
Date:
BROKER CERTIFICATION 2004
I hereby certify that I have read and that I understand the investment policies
and objectives of the City of Palm Desert, the Palm Desert Redevelopment
Agency, the Palm Desert Housing Authority, the Palm Desert Financing
Authority, and the Palm Desert Recreational Facilities Corporation (hereafter
referred to collectively as the "City"), as represented in the City's
"Statement of Investment Policy", adopted 10 March 2004. My firm will
ensure that all affected sales personnel will be routinely informed of the
City's investment objectives, horizon, outlook, strategies, and risk
constraints, as the City provides such information. ,
My firm will notify the City Treasurer immediately, by telephone, and, in
writing, in the event of a material adverse change in its financial condition, or
of any violation of Municipal Securities Rulemaking Board Rule G-37.
My firm pledges to exercise. due diligence in informing the City Treasurer of
all foreseeable risks associated with any financial transactions that my firm
undertakes with the City.
This section must be signed by the sales representative who is assigned to
the City.
Firm: �Qrjjo 75t -1 a�`o ",� 5ecur �zs LLB
Signed: `-Fb-L ,1
Title: V lb
-, o^�s
Date: /0/12/64
This section must be countersigned by the Managing Director or by the most
senior person in charge of the government securities operations section.
Firm:
Signed: S,
Title:
Date:
CITY OF PALM DESERT
�•� CITY OF PALM DESERT
/ OFFICE OF THE CITY TREASURER
INTEROFFICE MEMORANDUM
To: Members of the Investment and Finance Committee
From: Paul S. Gibson, C.C.M.T., City Treasurer
Date: 24 November 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 30 September 2004. 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.
Attachments: 1) ICMA 457 Deferred Compensation Report
2) Nationwide Deferred Compensation Program (457) Report
N:RJEFFREY,WORO 2000MEMORANOAIFINANCE COMMITTEEAS]PLAN ACCOUNT STATEMENTS.000
< Quarterly Financial Report for
IGMA RETIREMENT CORPORATION Your 457 Deferred Compensation Plan
07/01/2004 through 09/30/2004 Pagel of
li It3e6sage from ...)QItfA if�C ... .. ..
It is important that all of your plan contact PAUL S GIBSON 001-0371
information be current. You can update it yourself. = CITY OF PALM DESERT
simply log in to EZLink at www.icmarc.org. If you 73 510 FRED WARING DRIVE
don't have EZLink access, contact Employer Services PALM DESERT CA 92260-2564
at 800-326-7272 for information.
Il,ltrllllllrl,Irllrlllrll,Il,lrlllllllllllrllllllllllr,ll,III
Plan Summary Infaxenation Fat the periid Ending 09 j30/2004
Ending Fund Balance 3,664,539.34 Plan No 302129
Contributory 3,476,754.63
Rollover 187,784.71 Total Contributions this Period $60,864.00 _
Pre-Tax 187,784.71 Contributory $60,864.00
Total Plan Assets $3,664,539.34
Summary by Fond Year IGurrent 5av#ugs Coasetyativa ;7'radltiouiai :
u`Ii&tE 1�11.Arter 1 lntCd Grocvih i.... ll`
-..> ...
Beginning Balance $9538t5317$ $3,685,0214t'!'; $260,801.12 $101,239.22 $66,584.51
Contributions 193i42MOM 7,570.26 3,438.42 2,731.84
Roll-Ins 3767ztY6 126$87; 0.00 0.00 11.33
Distributions T�4$t63?: "d4 d2T T9;` 0.00 12,327.58- 0.00
Adjustments 00i7 0i3U' 0.00 0.00 0.00
Fund-to-Fund Transfers OObI 0......:' 0.00 0.00 0.00
Earnings5$S$4+ $7$8$22< 935.10 435.54- 921.95-
EndingBalance $3S64,S393 $ 16$4599$tl::r:' $269,306.48 $91,914.52 $68,405.73
Percentage Invested 7% 3% 2%
S1a 11rrlaa Y bq Fund Cbrit IAng Tatra .A$>aghity p U& Ca4h Y bF< ...... i!
Gro 8.wth 1taartlt B'dt�d i,<anagerttent Index
Beginning Balance $24,024.81 $96 089.23 $1,385,166.87 $32,522.18 $37 362.40
Contributions 1,048.92 4,765.40 21,379.10 806.68 793.54
Roll-Ins 0.00 0.00 720.42 0.00 0.00
Distributions 0.00 0.00 12,600.21- 0.00 0.00
Adjustments 0.00 0.00 0.00 0.00 0.00
Fund-to-Fund Transfers 0.00 0.00 32,522.18 32,522.18- 0.00
Eamings 473.56- 3,247.96- 11,622.86 0.57 1,110.64
Ending Balance $24,600.17 $97,606.67 $1,438,811.22 $807,25 $39,286.58
Percentage Invested 1% 3% 39% Lessthan1% 1%
Please review your statement carefully. If you believe there is an error due to a transaction not previously confirmed.please notify 1CMA-RC at
800-326-7272 ten Espanol 800-669-8216)within 90 days of quarter end. Failure to do so may prevent 1CMA-RC from adjusting your account.
777 North Capitol Street, NE•Washington, DC•20002-4240•www.icmarc.org -
ICMA-RC Services,LLC.is a brokertdealer affiliate of the ICMA Retirement Corporation,member NASD and SIPC.
Quarterly Financial Report for
Your 457 Deferred Compensation Plan
07/01/2004 through 09/30/2004 Page 2 of 7
Flan Name GkTYQF PALM OESERT S
Ptan No:302M2B
&umxnary by Fnnd court US Asset Z/T kldellty £qulty '300 Stock
Government; �llluaatlan Puritan lncbme Index:
Beginning Balance $1,961.24 $109,486.66 $1,254.34 $7,838.68 $49,331.50
Contributions 206.28 386.10 0.00 472.56 2,846.20
Roll-Ins 0.00 0.00 0.00 0.00 15.95
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 42.90 445.80- 0.59- 20.08- 952.86-
Ending Balance $2,210.42 $109,426.96 $1,253.75 $8,291.16 $51,240.79
Percentage Invested Less than 1 % 3% Less than 1% Less than 1% 1%
$urgir4grl'b end aunt Crrowtk Hmad Market'; VT Rorer(,e#t V'l`1.ord•Abbet Growth
&!income Indeg Vatuc 1gCaValtte Fund:
Beginning Balance $40,040.85 $120,482.71 $17,774.85 $634.31 $1,049,224.28
Contributions 0.00 507.66 1,716.44 30.00 6,190.82
Roll-Ins 226.65 0.00 0.00 0.00 88.82
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 1,101.17- 2,489.57- 187.75- 12.69- 51,727.83-
Ending Balance $39,166.33 $118,500.80 $19,303.54 $651.62 $1,003,776.09
Percentage Invested 1% 3% 1% Less than 1% 27%
5tiunrnary tiq Fnnd eons vT Fidelity vT Amer Cunt: uT P9delltq vT Gahetti aggressive
Contra ultra Magultan Yaiue Appor1.
.,
Beginning Balance $26,948.88 $51,302.54 $32,841.67 $15,606.47 $75,219.01
Contributions 336.36 343.02 0.00 0.00 3,125.52
Roll-Ins 147.42 46.83 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 0.00
Fund-to-Fund Transfers 0.00 0.00 . 0.00 0.00 0.00
Earnings 204.14- 2,306.41- 976.63- 484.68- 3,928.74-
Ending Balance $27,228.52 $49,385.98 $31,865.04 $15,121.79 $74,415.79
Percentage Invested 1°% 1% 1% Less than 1% 2%
11 104A202 001-a371 IIIIII IIIII IIIII IIIII IIIII IIIIII IIII IIIII IIIII IIII IIIIII IIIII IIIII IIII IIIIII IIIII IIIII IIIIIIIII IIII
K
Quarterly Financial Report for
ICMA RETIREMENT CORPORATION Your 457 Deferred Compensation Plan
07j01J2004 through 09j30j2004 Page 3of 7
P#an Name C# :'{f}P'PALnA'f?ES6#1T :.!
Ptar:No 3p$12g
MMMMsi a
WteruaL#o Va
Beginning Balance $1,358.84 $79,904.31
Contributions 100.68 2,068.20
Roll-Ins 0.00 12.45
Distributions 0.00 0.00
Adjustments 0.00 0.00
Fund-to-Fund Transfers 0.00 0.00
Earnings 19.92- 1,462.42-
Ending Balance $1,439.60 $80,522.64
Percentage Invested Less than 1 % 2%
Note:Amounts shown net of applicable lees and expenses. Earnings include dividends,interest and realized and unrealized gains and losses.
iA,:ccnune Batattee artarls 'compares goiEr tcsza itt:plim leasset»aiances yy Pp+testmenr;lgpef to FeM,;Y-ncp7arrs natu natty
Fatty iCMA RC hM.-Ws Hal aC� Al1;ICMA RC Ptah 4 NatEanell�
e\ta
®Domestic Equities 47% ® Domestic Equities 13�
Q Fixed Income 49% Q Fixed Income International 4'6 Q Intemational Cash Management 0% Cash Management
Fund category must equal at least 0.5%of assets to be displayed. Due to rounding,percentages may not sum to 100%.
Sh>ue X�BIu�e ^+:�i�ze:<oil O1fUi/20D4 Stases on�?j6L12004 SLare:s on 09j30/2004 is
#Sb'axGs .'-;V'atae of � #BfiaseR i'#ettwe of r. #Sl�eses Qatue e# , .
^, i Cllwied pii#Bha1ti pwuGQ Dne Share p'nvued pne Shssei:<
Savings Oriented 13,619.2439 $17.66 14,545.5175 $17.93 14,969.7881 $17.99
Conservative Growth 5,613.3977 16.40 6,058.6011 16.71 5,527.0306 16.63
Traditional Growth 2,718.4138 17.05 3,815.7310 17.45 3,977.0778 17.20
Long-Term Growth 2,294.4019 17.76 1,319.3203 18.21 1,378.9333 17.84
All-Equity Growth 4,482.8681 18.81 4,950.5013 19.41 5,208.4673 18.74
Cash Management 1,728.7849 14.18 2,293.5244 14.18 56.8886 14A9
Core Bond Index 2,020.9426 18.02 2,080.2666 17.97 2,123.5988 18,50
US Government 88.9440 17.20 114.8937 17.07 126.8168 17,43
Asset Allocation 4,482.4374 23.75 4,516.7765 24.24 4,533.0142 24.14
VT Fidelity Puritan 56.8810 20.95 58.6414 21.39 58.6414 21.38
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.
Quarterly Financial Report for
Your 457 Deferred Compensation Plan
07/01/2004 through 09/30/2004 Page 4of7
P.lae Name.CiTYgI=PALM OESEH7 .�:
Plan No 302129
Shato Value Shares on 01101f2004 Shaios on 07/01/200A Shares on 09/3Of2004
#Shares .Value of #Shares Value oI # Shares Value of
owned ! One ShaYe Occnetl Ono shame owned Ono Shs3ce
Equity Income 403.0472 30.61 245.2654 31.96 260.4006 31.84
500 Stock Index 3,244.9454 13.54 3,538.8455 13.94 3,751.1548 13.66
Growth & Income 2,560.8080 15.60 2,508.8250 15.96 2,523.6041 15.52
Broad Market Index 4,501.0974 25.65 4,543,0886 26.52 4,562.9881 25.97
VT Amer Cent Value 822.8895 15.49 1,081.1954 16.44 1,187-9109 16.25
VT Lord Abbet Lg Co Valu 39.5264 10.25 59.9537 10.58 62.8973 10.36
Growth Fund 38,473.0555 26.29 39,833.8753 26.34 40,086.9047 25.04
VT Fidelity Contra 1,121.6705 21.81 1,167A241 23.09 1,189.0190 22.90
VT Amer Cent Ultra 2,802.0331 16.51 2,963.7514 17.31 2,987.6571 16.53
EF MFS Lg Cc Growth 2,068.3928 10.75 0.0000 10.98 0.0000 0.00
VT Fidelity Magellan 2,069.8849 16.83 1,914.9661 17.15 1,914.9661 16.64
VT Gabelli Value 570.2037 26.81 570.2037 27.37 570.2037 26.52
Aggressive Oppor 2,337.0242 25.29 2,746.2212 27.39 2,868.7655 25.94
VT T Rowe Pr Sm Cap Sto 88.0467 12.07 105.5002 12.88 113.8020 12.65
VT Invesco Sm Co Growth 589.8457 5.84 0.0000 6.01 0.0000 0.00
International 5,334.3747 13.49 5,765.1012 13.86 5,920.7765 13.60
6ummarq by Account Type
TCt'ClIY. ' Coutributary 12opovor
Beginning Balance $3,685,021.48 $3,493,659.44 $191 362.04
Contributions 60,864.00 60,864.00 0.00
Roll-Ins 1,269.87 0.00 1,269.87
Distributions 24,927.79- 23,930.76- 997.03-
Eamings 57,688.22- 53,838.05- 3,850.17-
Ending Balance $3,664,539.34 $3,476,754.63 $187,784.71
Percentage by Type 100% 95% 5%
Centsibutinn listing
T1ate .. TOTAL .': .tJ.Pntributo -
07/14/2004 $10,169.16 $10,169.16
07/28/2004 10,169.16 10,169.16
O8/11/2004 10,097.83 10,097.83
O8/25/2004 9,664.75 9,664.75
09/08/2004 10,068.09 10,068.09
09/23/2004 10,695.01 10,695.01
Cash received from Employer 60,864.00
Total Contributions $60,864.00
1 104A 02-001-0371 111111111�111 HE III III 11111III 11111111111111IIIII111IN
K
Nationwide" CITY OF PALM DESERT
Retirement Solutions -
a Naiomrlde Finandal Company Deferred CCff . ti,orrRmgram (457)
St a�t��e>�t�sfir'i4��bjla nt
20)4 OCT -7 IN 10: 26
PAUL GIBSON 99 Page: 1 of 3
FINANCE DIRECTOR Entity; 0516
73510 FRED WARING DR
PALM DESERT CA 92260-2524
Please review your statement carefully. Corrections may not be accepted
more than 30 days after the closing date of the statement.
Or 4 ,t $2,841 682.90
Maur Total 7efen`�IsFf ransfer In -I otafie w{r $2,928,887.71
�`burTcifal )NltdtairtalsJl r�rufsyCtt Ta Oat"e ' s' - $1,000,214.28
' our Ta#a140 I7asar �iitsjT � a nyf F,� ° , - $422.00
IF, Mt
�'a€1r Ta#a[, syns3ss'I D&rilafiel . ,, a f, $913,431.47
...i .H .._.. a :.
The amount shown above in Total Charges/Credits To Date is the total amount of charges
or credits since you have joined the plan.
If applicable, 'Total Gain/Loss To Date' includes asset fees charged
against core accounts and/or asset fees associated with Self Directed Option (SDO).
For information about asset fees, contact your customer service center.
Report Period: July 01, 2004 Thru September 30, 2004
N
njui
O
V
O
Youi 4S7 DeEerre3 Ccmpensattan Ptan Accaint Ya[u6 s 6y Fund Mn
06/30/2004 Deferrals/ Withdrawals/ Charges/ 09/30/2004
eFund Name Value Transfers Exchanges Transfers Credits Gal"/Loss Value
Am Cent Value Ic 20.335.15 810.95 0.00 -285.00 0.00 -238.94 20,622.16
Brwn Cap Mgmt Sml Co Fd Ic 12,547.29 773.78 17,080.18 0.00 0.00 -596.18 29 835.15
Dray Appreciation Fnd Inc 8,738.20 399.35 0.00 0.00 0.00 -335.43 8,802.12
Grey Priem Mdcapstk Cis A 3.268.87 175.00 343.22 0.00 0.00 •20.39 3,766.70
DM S&P 500 Index Fund 45,083.33 1,332.80 0.00 -46.25 0.00 -982.26 45.387.62
Fid Asset Manager 21,773.53 125.00 636.24 0.00 0.00 -359.14 22,175.63
Fid Contratund 103,884.28 1,887.83 0.00 -46.75 0.00 -845.08 104,080.28
e Fid Equity Income Fnd 55,759.28 1,186.08 0.00 -465.80 0.00 -918.46 55,561.10
Fed US G'tsc Fnd 24 Ys Is 9,492.82 468.75 • 1,372.08 0.00 0.00 152.26 8,740.95
CUSTOMER SERVICE (877)677-3678
(ESPANOL) (800)649-9494
TOO: (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
89937995P000000559
Report Period: July 01, 2004 thru September 30, 2004 Page: 2 of 3
CITY OF PALM DESERT
Entity: 0516
..............
Yeur
... ............
F . .. ......
............
T, Defe r C S tj KIP Ud r
................
...........
a.Mpen a
06/3012004 Deferrals/ Withdrawals/ Charges/ 09/30/20(
Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value
Nationwide Fixed Account 1,688,114,58 31,058.55 45,689.55 -20,287.08 0.00 18,792.2t 1,763,367
Fid Magellan Fnd -
90,547.07 525.00 91,98 0.00 0.00 2,720.45 88,443.
Franklin Balsheet Inv Fit A 17,265.21 288.46 0,00 -265.20 0.00 2a2.52 17,570.
Grwth find of America, Inc. 15,210,60 194.60 0.00 0.00 0.00 -386.20 15,016
Gartmore Invites Aggr Sc 12.839.99 863.10 0.00 0.00 0.00 - 192.17 13510
Gartmore Invdes Modcon*Sc 4,091.36 331.80 0.00 0,00 0.00 15.15 4:438-
Invesco Dyn Fnd to 31,155.30 1,064.32 0.00 -30.50 0.00 • 1,527.90 30,661
Gartmore Invites Modaggr Sc 7,530.43 460.60 0.00 0.00 0.00 -69.26 7,921
Gartmore Invites Mod Sc 1.390.31 110.60 000 0.00 0.00 .4,67 1,496.
Gartmore Invites Cons Sc 1.337.36 110.60 0.00 0.00 0.00 9.58 1,457
Incm Frill of America, Inc. 37,408.41 859.60 0.00 0.00 0.00 942.00 39,210
Janus Fund 121,416.51 5,130.23 0.00 -214.21 0.00 -8.909.89 117,422
Jpm Midcap Value A 181,48 0.00 0.00 0.00 0.00 3.27 184
Jpm Fern Intl Eq fid Select 4.697.81 0.00 -91.93 0.00 0.00 9.81 4,615.,
Ms III Fixed Incm Port Ic 745.38 25.00 0.00 0.00 0:00 16.42 786.:
Ms In Equity Grth Port 8 8.91 0.00 0.00 0.00 0.00 -0A3 fl-
Mass Inv Grlhstk Frill Cis A 18,688.87 0.00 0,00 0.00 0.00 -791.98 17,896!
Gartmore Money Mkt Fit Ps 28,603.20 300.00 636.24 0.00 0.00 5.37 28,272.:
GrImre Mori Stable Val Ret 9,621.77 235.41 -42.53 0.00 0.00 61.21
Gartmore Bond Index Fund A 9,875.1
2.281.62 12151) 0.00 0�00 0.00 61.04 2.465,
Neu Ber Eq Soc Resp Fd Ic 14,609.49 469,28 0oo 0.00 0.00 35.65 15,114.,
Gartmore Nationwide Fund D, 87,509,69 2,690.19 0.00 -37.55 0.00 -2,623.18 87,539.
Neu Ber Genesis Fd Tc, 481.64 62.50 D.00 0.00 0.00 5.64
Gartmore Intl Index Fund A 538.!
528.46 198.39 0.00 0,00 0.00 0.12 726!
Gartmore S&P 500 Index Isc 19,019.57 1,833.03 0.00 36.60 0.00 391.38 20,424.1
Gartmore Midcap Mkt Indx A 188.72 0.00 0.00 0.00 0.00 .4.65 184.1
Gartmore Small Cap Index A 370.51 61.25 0.00 0.00 0.00 -9.48 422.:
Opp Global find Cis A 8,504.02 440.85 0,00 0.00 0.00 -85.20 8,859.1
One Group Midcap Grth Fd A I68.94 0.00 0.00 0.00 0.00 -7.67 161.:
IGrp Midialival Fnd Cis A 38.76 0.00 0.00 0.00 0.00 -0.75 38.1
Pimco TtIretm find Cis K 67,29166 370.72 -46,346.33 0.00 0.00 1,937.14 24,253
Gartmore Small Cap Fit Isc 11" 18,216.55 61.53 17.080.16 0.00 0.00 . 1,197.92
Ptnnn Voyager Fnd Cis A. 0.1
42,671.53 1,27TS0 0.00 0.00 0.00 -2,223.96 41,725.4
Gvit Small Company I 21,683.130 262.50 0.00 0.00 0.00 -417.61 21,528.1
Am Cent Growth Fnd Ic 14,070.12 1,042.51 0.00 0.00 0.00 -287.20 14.825.,
Am Cent I nt'l Disc Ic 5,469,34 0.00 0.00 0.00 0.00 -99.84 5,369A
Am Cent Ultra Ic 98,102.34. --2.041.95 42.53 304.95 0.00 -4,475.06 95"=.!
Temp Foreign Find Cis A 36.704.40 175.00 0.00 0,00 0.00 264.98 37,144.:
Vankamp Growth&Inc I'd A 1,239.66 0.00 0.00 0.00 0.00 1.37 1,241.1
W&R Advisor High Income Y 688.84 360.41 686.44 0.00 0.00 4&25 1.783A
Totals: 2,811,577,06 60.187.51 0.00 22,019.87 0.00 -8.061.80 2,841,682.1
........... iT::1:i ... ........
+4s ................................................... A's Qi September101200XYour; D 41SAY B Vested
Folfby
..........
Fund Description Percent Unit Value Units
ACV Am Cent Value Ic 1.5439 13,356.8294
BSC Brwn Cap Mgmt SmI Cc Fall Ic 1.3076 22,816.0750
DAF Drey Appreciation find Inc 1.0120 8,697.9651
DPM Drey Prenn Mdcapstk Cis A 1.4408 2,614.2395
DSP Drey S&P 500 Index Fund 1.3997 32,427.3271
FAM Fid Asset Manager 1.9857 11,167.4495
FCN Fid Contrafund 3.8492 27,247.4317
FEI Fid Equity Income Fnd 8.8290 6,292.9890
FIG Fed US G'tsc Fnd 2-5 Ys Is 1.6678 5,240.9232
FIX Nationwide Fixed Account
FMG Fid Magellan Find 2.8298 31,254.5632
FRB Franklin Balsheet Inv Fd A 1.3246 13,264.8701
GFA Gmth Fnd of America, Inc. 6.0785 2,470A826
IDA Gartmore Invdes Aggr Sc 1.0395 12,997.8000
IDC Gartmore Invdes Moccons Sc 1.0821 4,101,6558
IDF Invesco Dyn find Ic 1.0868 28,211.2411
IDM Gartmore Invdes; Moclaggr Sc 1.0542 7,514.1965
IDS Gartmore Invdes Mod Sc 1.0662 1,403.3329
IDV Gartmore Invdes Cons Sc 1.0863 1,341.7922
IFA Incm Fnd of America, Inc. 3.9324 9,970.9054
JF Janus Fund 2.1309 55,105.7141
JPM Jpm
Midcap Value A 1.0863 170.0639
JPS Jpm Flem Intl Eq Fd Select 0.9960 4,634.2085
MR Ms Ift Fixed Incm Port Ic 1.8950 415.1962
MIE Ms fit Equity Grth Port B 0.9782 8.6646
MIG Mass Inv Grthstk Fnd Cis A 17.7674 1,007.2896
MMF Gartmore Money Mkt id Ps 3,5121 8,050.0138
MSU Grtmre Mori Stable Val Ret 1.2351 7,996.1845
NBI Gartmore Bond Index Fund A 1.1745 2,099.1145
-----------
Rvport Period: July 01, 2004 thru September 30, 2004 Page: 3 of 3
CITY OF PALM DESERT
Entity: 0516
...........ifir,'
r WESfiferh stAre' englhOdRfA'd 9As"Fd
lr Niii
...........
Fund Description Percent Unit Value Units
NBS Neu Ber Eq Soc Resp Fd Ic 0.9877 15,302.7707
MF Gartmore Nationwide Fund D 22.9774 3,809.8001
NGS Neu Ber Genesis FdTc 1.3415 401.4295
NII Gartmore Intl Index Fund A 0.9747 745.8541
MY Gartmore S&P 500 Index Ise 0.9973 20,479.3900
NMC Gartmore MidCap Mkt Indx A 1.1804 155.9406
NSC Gartmore Small Cap Index A 1.2023 351.2451
OGF Opp Global Fnd Cis A 1.7433 5,082.2697
OGG One Group Midcap Grin Fd A 1.2936 124.6452
OGV IGrp Midcapval Fnd Cis A 1.4095 26.9630
PMT Pimco Ttlretrn Fnd Cis A 1.2278 19,753.3802
PVF Ptnm Voyager Fnd Cis A 4.0176 10,385.5294
SCF GvIt Small Company 1 1.7477 12,318.0581
TCG Am Cent Growth Fnd Ic 6,4749 2,289.6718
TCl Am Cent Int'l Disc le 1.7855 3,007.2336
TCL Am Cent Ultra Ic 2.9993 31,809.7349
TFF Temp Foreign Fnd Cis A 2.5601 .14,396.3773
VKG Vankamp Growth & Inc Fd A 1.1101 1,117.9776
WHI W&R Advisor High Income Y 1.2015 1,484.7600
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The 4th quarter effective interest yield for the Nationwide fixed return option
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Palm Desert Redevelopment Agency
Income Statement
October,2004
Budgeted
October,2004 P/A#1 P/A#2 P/A 03 P/A#4 HSG HA Totals
Revenues:
Tax lrurernent - - - - - -
Otherincome 33,33300 4,16600 - - - 413,833.00 481,332.00
Transferin 58,333.00 - 15,416.00 t5,500.00 - - 89,249.00
Total 91,666.0 4,166.00 15,416.00 15,500.010 - 443,633.00 570,581.00
Expenditures:
Administrative Costs 147,813.00 3,000.00 1,249.00 1,332.00 62,176.00 146,796.00 364,366.00
Professional Services 18,607.00 moo 14,919.00 18,612.00 12,916.00 118,012.00 183,899.00
Other Professional Services 53,376.00 36,909.00 - - 45,116.00 76,235.00 211,636,00
Capital Projects 1,047,46800 357,12400 159,441.00 1,743,273.00 1,420,860,00 301,994,00 5,030,160.00
Debt Service 2,500.00 2,D83.00 - 2.083W - - 6,666.00
Transfer Out - - - - 358,276.00 - 358,276.00
Total 1,269,764.00 401,949.00 175,609.00 1,765,300.00 1,899,344.00 643,037.00 6,155,003.00
Net GaicJLoss (1,178,098.00) (397,783.00) (160,193.00) (1,749,800.00) (1,899,344.00) (199,204.00) (5,584,422.00)
Actual
October,2004 P/A#1 P/A#2 P/A#3 P/A 94 HSG HA Totals
Revenues:
Tax baretnenl (3D3,67D.96) (210,303.29) (66,680.78) (92,776.59) - - (673,43162)
Other Income 140,080.26 3060.37 2,542.51 4,360.43 183.486.13 779,241.43 1,112,791.13
Trarufer In - - - - - - -
Total (163,590.70) (207,222.92) (64,138.27) (88,416.16) 183,486.13 779,241.43 439,359.51
Expenditures:
Adnurustralive Costs 110,641.73 14.16 - 14,16 45,030.03 301,618,65 457,318.73
Professional Services 1,804.93 - - - 2,886m 208,155.79 212,846.72
Other Professional Services 8,155.88 681.87 2,431.87 681,87 2,08T50 123,690.31 137,729.30
Capital Projects 25,397.49 21,719.85 168,4M.47 21,719.85 365,91296 78,324.82 681529.44
Debt Service 1,975.00 - 1,975.00 - - - 3,950.00
Trarufer Orrt - - - - - - -
Total 147,975.03 22,415.88 172,861.34 22,415.88 415,916.49 711,789.57 1,493,374.19
Net GA./Loss (311,565.73) (229,638.80) (236,999.61) (110,832.04) (232,430.36) 67,451.86 (1,054,014.68)
1
Year-to-Date j
JWv-October,2004 P/A#1 P/A#2 PIA#3 PIA#4 HSG HA Totals
Revenues:
Tax Increment 172M.40 89.66 3.50 12.70 - - 17,336.26
Other Income 261,190.54 5,118.22 4,499.22 10,213.97 255,714.75 779,242.41 1,315,979.11
Trmaferla - - - 329.64 - 329.M
Total 278,420.94 5,207.88 4,502.72 10,226.67 2%,N4.39 779,242.41 1,333,645.01
Expenditures:
Adrrwustrative Costs 456,347.27 1,473.14 - 162.16 197,144.96 301,868.65 956,996.18
Professional Services 5,780.26 - - - 4,162.50 208,155.79 218,098.55
Other Professional Services 7,249.00 124,323.06 3,056.45 797.01 44529.10 123,690.31 303,644.93
Capital Projects 65,979.14 51 A718.% 564,791.73 646,348.2s 499,980.18 155.935.92 2,179,513.21
Debt Service 111958.M 5,816.66 2,908.33 3,84I.66 - - 24524.99
Transfer Out 2,694,060.67 1560,929.98 103,486.62 1,003,091.90 2,828,272.68 - 8,189,841.85
Total 3,241,374.68 2,239,020.90 674,243.13 1,654,241.01 3,574,089.42 789,650.57 12,172,619.71
Net Gain/Loss (2,962,953.74) (22M,813.02) (869,740Al) (1,644,014.34) (3,318,045.03) (10,408.16) (10,838,974.70)
Current Capital Projects
P/A#1 P/A#2 P/A#3 P/A#4 HSG HA
f2 Acre Site Desert Wi(law Country Club Village free dorn Park Pabn Village Apine,nrts Non.at this time.
Entrails Del Easeo Pad Maintenance Street Improvements Ingu.Pal Aparhnerrts
Visitors hdormation Center Lake/Pump Repairs San Marina Property
Eric lolurson Gardens Well Site Improvements 42nd Avenue Horne hrrerounnnrt projects
Sidewalk Improvements Desert Rose
Repurchase
Refinance
Relocation Benefits
I ,
City of Palm Desert
Desert Willow
Budget Vs Actual
For the month of
October 2004
Budgeted Actual Budgeted Actual
October October .S Percentage year to Year to S Percentage
Revenue 2004 2004 Variance Variance Date Date Variance Variance
Course&Ground $ 417,505 $ 418,000 $ 495 100.12% $ 808,717 $ 880919 $ 72,202 108.93%
Carte $ 27,455 $ 480 S (26,975) 175% $ 83,796 $ 67,730 $ (16,066) 80.83%
Golf Shop $ 76,953 S 70.841 S (6,112) 92.06% $ 176,457 $ 158,911 S (17,546) 90,06%
Range $ 2,500 $ 2,610 $ 110 104,40% S 4,600 $ 4,996 $ 296 106.43%
Food&Beverage $ 144,443 S 150,225 $ 5,782 104.00% $ 322,876 $ 369.792 $ 46,916 114,53%
Interest Income $ - S - $ - 0.00% $ - $ - $ - 0,00%
T taI Revenues S 668,856 S 642,156 $ (26,700) 96.01% S 1 396 446 S 1,482,248 S 85,802 106.14%
Payroll
Proshop S 3,115 $ 1,624 S 1,491 52.13% $ 10,573 $ 4,797 S 5,776 45.37%
Can S 20,022 S 18,628 S 1.394 93.04% S 66,599 S 61411 S 4,697 92.96%
Course&Ground $ 135,758 $ 144,547 S (8,789) 106.47% $ 514,087 S 506.182 $ 7,905 98.46%
Golf Operations $ 25.976 $ 22.317 $ 3,659 85.91% S 89,869 $ 81,772 $ 8,097 90.99%
General&Administration $ 41,298 S 35,530 $ 5,768 86,03% S 164,819 $ 156,994 $ 7,825 95.25%
Food&Beverage S 64,349 $ 68,159 S (3,810) 105.92% $ 222,793 $ 231,697 $ (8,894) 103.99%
'f tat Pa r II S 290,518 S 290,805 S 28 100.10% S 1 068 739 $ 1,043,343 $ 25,396 97.62
Other Expenditures
Perimeter Landscaping S - $ - S - 0.00% $ - $ - $ - 0,00%
Proshop $ 3,250 $ 7,246 S (3,996) 222.95% $ 10,650 $ 12,272 $ (1622) 115.23%
Proshop-COGS $ 30,815 $ 29,994 $ 821 97.34% $ 92,914 $ 78298 $ 4,616 94.43%
can $ 19,190 $ 17,301 $ 1,889 90,16% S 60,860 $ 56,462 $ 4,399 92,77%
Course&Ground-North Course S 187,348 $ 192.033 $ (4,685) 102.50% $ 338,097 $ 344,421 $ (6,324) 101,87%
Course&Ground-South Course $ 35,399 $ 4 L337 S (5,938) 116.77% S 186,501 S 21 L188 $ (24,687) (13.24%
Course&Ground-Desert Pallet-N $ 425 $ 1,668 $ (1,243) 392.47% $ 2,300 $ 3,496 S (1,196) 152.00%
Course&Ground-Desert Pallet-S $ 1,025 S 1,124 $ (99) 109.66% S 2,900 S 1,701 $ 1,199 58.66%
Golf Operations $ 875 $ 5,614 S (4,739) 641.60% $ 3,250 $ 6,172 $ (2,922) 189,91%
General&Administration S 65.574 S 60,776 S 4,799 92.69% S 235,961 S 213,060 $ 22,901 90.299/6
Range $ 10,620 $ 12,345 $ (1,725) 116.24% $ 11.410 $ 13,304 S (1,994) 116.60%
Food&Beverage $ 27,058 S 37,691 $ (10,633) 139,30% $ 78,132 $ 117,627 $ (39,495) 150.55%
Food&Beverage COGS $ 45,113 $ 44.556 S 557 98.77% $ 100,726 $ 125,394 $ (24.668) 124.49%
Management Fee $ 25,000 S 25,000 $ - 100.00% $ 100,000 S 100,000 S - 100.00%
Financing/Lease $ 4,343 $ 4.129 $ 214 95.07% $ 17,436 S 16,644 $ 792 9546%
Taal Other Ex eoditures $ 456035 S 480814 S 24779 105.43% 1231137 $ 1300039 $ 68902 105.60%
Desert Willow Golf Academy
Desert Willow Golf Academy $ 5,150 $ 4,701 S (449) 91,28% $ 33,200 $ 35,343 $ 2,143 106.45%
COGS-Merchandise $ (5,951) $ (7,246) $ (1,295) 121.76% S (26,234) $ (31,562) $ (5,328) 120.31%
Other Expenditures S (6,025) $ (5,073) $ 952 84.20% $ (15,050) S (14,178) $ 872 94.21%
Learning Center Income(Loss) $ (6,826) $ (7,618) $ (792) 111.60% S (8,084) S (10,397) S (2,313) 129.61%
Operating Income(Loss) $ (84,523) S (137,081) $ (52,558) 162.18% $ (911514) $ (87I531) $ 39,983 95.61%
Equipment Reserve Replacement $ 70.000 S 69,157 $ (843) 98.80% $ 280,000 $ 276,971 $ (3,129) 98,88%
Ne[Income Loss 154523 S (206,238) S 51 715 133.47% 1191 514 S (1,148 402 S 43,112 96.38%
Sandishot of Gulf Rounds Budgeted mo Actual mo Variance Variance% Budgeted(yid) Actual td Variance Variance%
Resident 1,650 1.651 1 100% 2,995 3,381 386 113%
Non Resident 3,938 4,362 424 111% 13,808 16,100 2,292 117%
Other - 44 44 100% - 212 212 100%
Com limenta 326 222 104 68% 1,126 I087 39 97%
Total 5,914 6,279 365 106% 17,929 20,780 2,851 116%
Folder:Desert Willow 2004OW2005;Financial Statement Page 3
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Desert Willow
Breakdown of Rounds
per point of sale system
Desert Willow - Combined Analysis- OCTOBER 2004
Resident 1,651 $ 74,295 $ 45.00 26.30%
Non-Resident 4,362 $ 343,011 $ 78.64 69.50%
Other 44 $ 440 $ 10.00 0.70%
Complimentary 222 $ 14,395 $ 64.84 3.50%
Desert Willow Totals 6,279 432,141 68.82 100.00%
DW2005;POS AVG RD Page 9
Desert Willow
Breakdown of Rounds
per point of sale system
FIRECLIFF COURSE- OCTOBER 2004
_ Description No. Of Revenue Avg. Per Pct to
Rounds Per POS Round Total
Resident Rounds
Resident Fee 52 $ 2,340 $ 45.00 14.57%
Total Resident 52 2,340 45.00 14.57%
Non Resident
IROC Member/ Guest 18 $ 1,048 $ 58.22 5.04%
Sunrise 16 $ 1,348 $ 84.25 4.48%
Prime 68 $ 4,360 $ 64.12 19.05%
Midday 18 $ 990 $ 55.00 5.04%
Sunset 91 $ 2,795 $ 30.71 25.49%
Wholesale 20 $ 1,076 $ 53.80 5.60%
Outing 45 $ 2,485 $ 55.22 12.61%
Twilight 12 $ 640 $ 53.33 3.36%
Fee Special Event Variable 14 $ 785 $ 56.07 3.92%
Total Non Resident Rounds 302 15,527 51.41 84.59%
Other Rounds
Junior Walking 3 $ 30 $ 10.00 0.84%
Total Other 3 30 10.00 0.84%
Complimentary
VIP $ $ 0.00%
PGA Member $ $ 0.00%
USGA Kids on Course $ $ 0.00%
Champions Club $ $ 0.0o%
PDHS/COD $ $ - 0.00%
Employee / Employee Guest - $ $ 0.00%
Total Complimentary - Is 0.00%
Total Round (FireCliff) 357 $ 17,897 7TEEE�I—JAO-0.00%
DW2005;POS AVG RD Page 10
Desert Willow
Breakdown of Rounds
per point of sale system
MOUNTAINVIEW COURSE- OCTOBER 2004
Description No. Of Revenue Avg. Per Pet to
Rounds Per POS Round Total
Resident Rounds
Resident Fee 1,599 $ 71,955 $ 45.00 27.00%
Total Resident 1,599 71,955 45.00 27.00%
Non Resident
IROC Member/ Guest 58 $ 5,080 $ 87.59 0.98%
Sunrise 153 $ 19,428 $ 126.98 2.58%
Prime 659 $ 81,282 $ 123.34 11.13%
Midday 252 $ 23,556 $ 93.48 4.26%
Sunset 725 $ 32,545 $ 44.89 12.24%
VIP Card 1 $ 80 $ 80.00 0.02%
Wholesale 840 $ 58,561 $ 69.72 14.18%
Outing 743 $ 64,225 $ 86.44 12.55%
Twilight 447 $ 30,876 $ 69.07 7.559%
Fee Special Event Variable 182 $ 11,851 $ 65.12 3.07%
Total Non Resident Rounds 4,060 327,484 80.66 68.56%
Other Rounds
Junior Walking 41 $ 410 $ 10.00 0.69%
Total Other 41 410 10.00 0.69%
Complimentary
VIP 65 $ 6,860 $ 105.54 1.10%
PGA Member 28 $ 1,435 $ 51.25
Employee / Employee Guest 49 $ 2,500 $ 51.02 0.83%
PDHS/COD 80 $ 3,600 $ 45.00 1.35%
Total Complimentary 222�$ 14,395 64.84
Total Round (Mountainview) 1 5,922 $ 414,244 $ 69.95 100%
DW2005;POS AVG RD Page 11
City of Palm Desert
Desert Willow
Cash Reserve Analysis
for the month of
October 2004
Cash Reserve Analysis One Month
Re uired Reserve $ 500,000.00
Cash on Hand $ 517,255.38
Variance- Favorable ( Unfavorable $ 17,255.38
Page 12
City of Palm Desert
Desert Willow
Budget Vs Actual
For the month of
October 2004
Budgeted Actual Budgeted Actual
October October S Percentage Year to Year to S Percentage
Revenue 2004 2004 Variance Variance Date Date Variance Variance
Course&Ground $ 417,505 $ 418,000 $ 495 100.12% $ 808,717 $ 880,919 $ 72.202 108.93%
Carts $ 27,455 $ 490 $ (26,975) 175% $ 93,796 $ 67,730 $ (16.066) 80.83%
Golf Shop $ 76,953 S 70,841 $ (6,112) 92,06% $ 176,457 $ 158,911 S (17,546) 90,06%
Range $ 2.500 $ 2,610 S 110 104.40% $ 4,600 $ 4.896 $ 296 106.43%
Food&Beverage 'S 144,443 S 150,225 S 5,782 104.00% $ 322,876 $ 369,792 $ 46,916 114.53%
Interest Income $ - $ - S - D.00% S - $ - $ - 0,000/0
T ml Revenues $ 668856 S 642156 26700 96.01% S 1396446 1482248 5 85802 106.14%
Payroll
Preston $ 3.115 $ 1.624 $ 1,491 52.13% $ 10,573 $ 4,797 $ 5,776 45.37%
Cart $ 20,022 S 18,628 S 1,394 9304% S 66,598 $ 61,911 $ 4,687 92.96%
Course&Ground $ 135,758 $ 144,547 $ (8,789) 106,47% $ 514,087 $ 506,182 $ 7,905 98 46%
Golf Operations $ 25,976 $ 22.317 S 3,659 85.91% $ 89,869 $ 81,772 $ 8,097 90,99%
General&Administration S 41,298 $ 35,530 $ 5,768 86,03% $ 164,819 $ 156,994 S 7,825 9525%
Food&Beverage S 64,349 $ 68,159 S (3,810) 105.92% S 222,793 $ 231,687 $ (8,894) 103 99%
Tpta1 Pa roll $ 290,518 S 290,805 S 287 100.10% S 1,068,739 S 1,043,343 $ 25,396 97.62%
Other Expenditures
Perimeter Landscaping $ - $ - S - 0,00% $ - S - $ - 0.00%
Proshop S 3,250 $ 7,246 S (3,996) 222.95% $ 10,650 $ 12,272 $ (1,622) 115.23%
Proshop-COGS $ 30,815 $ 29,994 5 821 97 34% $ 82,914 $ 79,298 $ 4,616 94A3%
Cart $ 19,190 $ 17.301 $ L889 90.16% $ 60,860 $ 56,462 $ L398 92.77%
Course&Ground-North Course S 187,348 $ 192,033 $ (4.685) 102.50% $ 338,097 $ 344,421 $ (6,324) 10L87%
Course&Ground-South Course $ 35,399 S 41,337 $ (5,938) 116.77% $ 186,501 S 211,188 $ (24,687) 113.24%
Course&Ground-Desert Pallet-N $ 425 S 1,668 $ (1,243) 392.47% $ 2,300 $ 3,496 S (1,196) 152.00%
Course&Ground-Desert Pallet-S $ 1,025 S 1.124 S (99) 109.66% $ 2,900 $ 1,701 $ 1,199 59.66%
GalfOperations $ 875 S 5.614 $ (4,739) 641.60% $ 3,250 $ 6,172 $ (2,922) 189,91%
General&Administration $ 65,574 $ 60,776 S 4,799 92.689/. $ 235,961 $ 213,060 $ 22,901 90.29%
Range $ 10,620 $ 12,345 S (1,725) 11&24% $ 11,410 S 13,304 $ (1,894) 116,60%
Food&Beverage $ 27,058 S 37,691 $ (10,633) 139.30% S 72,132 $ 117,627 $ (39,495) 150.55%
Food&Beverage COGS $ 45.113 $ 44,556 $ 557 98.77% $ 100,726 $ 125,394 $ (24,668) 124.49%
Management Fee $ 25,000 $ 25,000 $ - 100,00% $ 100,000 S 100,000 $ - 100.00%
Financing/Lease $ 4,343 S 4,129 S 214 95.07% S 17,436 $ 16,644 $ 792 95A6%
To al Other Ex endit res S 456,035 S 480,814 $ (24,779) 105.43% S 1,231,137 S 1,300,039 S 8 902 105.60%
Desert Willow Golf Academy
Desert Willow Golf Academy $ 5,150 $ 4,701 S (449) 91.28% S 33,200 S 35,343 $ 2,143 106.45%
COGS-Merchandise $ (5,951) $ (7,246) $ (1,295) 121.76% $ (26,234) S (31,562) S (5,329) 120.31%
Other Expenditures $ (6,025) S (5,073) S 952 84.20% $ (15.050) $ (14,178) $ 872 94.21%
Learning Center Income(Loss) $ (6,826) S (7,618) $ (792) 11 L60% $ (8,084) S (10,397) S (2,313) 128.61%
Operating Income(Loss) $ (84,523) S (137,081) $ (52,558) 162.18% $ (911,514) $ (871,531) $ 39,983 95.61%
Equipment Reserve Replacement $ 70,000 S 69,157 S (843) 98.80% $ 280,000 $ 276,871 $ (3,129) 98,88%
Net Income Loss S 54 523 $ (206,238) S (51,715) 133.47% $ 1191 514 S 148 402 S 43,142 96.38%
Sna shot of Golf Rounds Budgeted mo ActualImo) Variance Variance% Budgeted td Actual td Variance Variance%
Resident 1,650 1,651 1 100% 2,995 3381 386 113%
Non Resident 3,938 4,362 424 111% 13,808 I6,100 2,292 117%
Other - 44 44 100% - 212 212 100%
Cora limenta 326 222 104 68% 1126 1087 39 97%
Total 5,914 6,279 365 106% 17,929 20,780 21851 116%
Folder:Desert Willow 2004:13W2005oinancial Statement Page 2
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Desert Willow
Breakdown of Rounds
per point of sale system
Desert Willow - Combined Analysis- OCTOBER 2004
Resident 1,651 $ 74,295 $ 45.00 26.30%
Non-Resident 4,362 $ 343,011 $ 78.64 69.50%
Other 44 $ 440 $ 10.00 0.70%
Complimentary 222 $ 14,395 $ 64.84 3.50°l°
Desert Willow Totals 6,279 432,141 68.82 1100.00%
DW2005;POS AVG RD Page 9
Desert Willow
Breakdown of Rounds
per point of sale system
FIRECLIFF COURSE- OCTOBER 2004
_ Description No. Of Revenue Avg. Per Pct to
Rounds Per POS Round Total
Resident Rounds
Resident Fee 52 $ 2,340 $ 45.00 14.57%
Total Resident 52 2,340 45.00 14.57%
Non Resident
IROC Member/ Guest 18 $ 1,048 $ 58.22 5.04%
Sunrise 16 $ 1,348 $ 84.25 4.48%
Prime 68 $ 4,360 $ 64.12 19.05%
Midday 18 $ 990 $ 55.00 5.0406
Sunset 91 $ 2,795 $ 30.71 25.49%
Wholesale 20 $ 1,076 $ 53.80 5.60%
Outing 45 $ 2,485 $ 55.22 12.61%
Twilight 12 $ 640 $ 53.33 3.36%
Fee Special Event Variable 14 $ 785 $ 56.07 3.92%
Total Non Resident Rounds 302 15,527 51.41 84.59%
Other Rounds
Junior Walking 3 $ 30 $ 10.00 0.84%
Total Other 3 30 10.00 0.84%
Complimentary
VIP - $ - $ 0.00%
PGA Member - $ $ 0.00%
USGA Kids on Course - $ $ 0.00%
Champions Club $ $ 0.00%
PDHS/COD $ $ 0.00%
Employee / Employee Guest $ $ 0.00%
Total Complimentary 0.00%
Total Round (FireCliff) 357 $ 17,897 $ 50.13 100.00%
DW2005;POS AVG RD Page 10
Desert Willow
Breakdown of Rounds
per point of sale system
MOUNTAINVIEW COURSE- OCTOBER 2004
Description No. Of Revenue Avg. Per Pct to
Rounds Per POS Round Total
Resident Rounds
Resident Fee 1,599 $ 71,955 $ 45.00 27.00 o
Total Resident 1,599 71,955 45.00 27.00%
Non Resident
IROC Member/ Guest 58 $ 5,080 $ 87.59 0.98%
Sunrise 153 $ 19,428 $ 126.98 2.58%
Prime 659 $ 81,282 $ 123.34 11.13%
Midday 252 $ 23,556 $ 93.48 4.269%
Sunset 725 $ 32,545 $ 44.89 12.24%
VIP Card 1 $ 80 $ 80.00 0.02%
Wholesale 840 $ 58,561 $ 69.72 14.18%
Outing 743 $ 64,225 $ 86.44 12.55 o
Twilight 447 $ 30,876 $ 69.07 7.55%
Fee Special Event Variable 182 $ 11,851 $ 65.12 3,07%
Total Non Resident Rounds 4,060 327,484 80.66 68.56%
Other Rounds
Junior Walking 41 $ 410 $ 10.00 0.699%
Total Other 41 410 10.00 0.69%
Complimentary
VIP 65 $ 6,860 $ 105.54 1.10%
PGA Member 28 $ 1,435 $ 51.25 0.47%
Employee / Employee Guest 49 $ 2,500 $ 51.02 0.83%
PDHS/COD 80 $ 3,600 $ 45.00jj3.75%
Total Complimentary 222 14,395 64.84
Total Round (1Kountainview) 5,922 $ 414,244 $ 69.95 100%
DW2005;POS AVG RD Page 11
City of Palm Desert
Desert Willow
Cash Reserve Analysis
for the month of
October 2004
Cash Reserve Analysis One Month
Required Reserve $ 500,000.00
Cash on Hand $ 517,255.38
Variance- Favorable Unfavorable) $ 17,255.38
Page 12
City of Palm Desert
Desert Willow
Budget Vs Actual
For the month of
October 2004
Budgeted Actual Budgeted Actual
October October S Percentage Year to Year to S Percentage
Revenue 21104 2004 Variance Variance Date Date Variance Variance
Course&Ground $ 417,505 S 418.000 $ 495 100.12% $ 808,717 $ 880,919 $ 72,202 108.93%
Cans $ 27,455 $ 480 S (26,975) 1.75% S 93,796 $ 67,730 $ (16,066) 8083%
Golf Shop S 76,953 S 70,841 $ (6,112) 92.06% $ 176,457 S 158911 $ (17,546) 90.06%
Range $ 2,500 $ 2,610 $ 110 104.40% S 4,600 $ 4,896 S 296 106,43%
Food&Beverage $ 144,443 S 150,225 S 5,782 104.00% $ 322,876 $ 369,792 $ 46,916 11433%
Interest Income S - $ - S - 0.00% $ - S - S - 0.00%
�TQtal Revenues $ 668,856 S 642,156 S (26,700) 96.01% S 1,396 446 $ 1,482,248 S 85802 106.14 r
C Payroll
Proshop $ 3.115 S 1,624 $ 1,491 52,13% $ 10,573 $ 4797 S 5,776 45.37%
Can S 2U22 $ 18628 S 1,394 93.04% $ 66,598 S 61,911 $ 4,687 92.96%
Course&Ground $ 135,758 S 144,547 $ (8,789) 106.47% S 514,087 $ 506,182 $ 7,905 98.46%
Golf Operations $ 25.976 $ 22,317 S 3,659 85.91% S 89,969 $ 81,772 S 8,097 90.99%
General&Administration S 41,298 $ 35,530 $ 5.768 86.03% $ 164.819 $ 156,994 S 7,825 95.25%
Food&Beverage $ 64,349 S 68,159 $ (3,810) 105.92% $ 222.793 $ 231,687 S (8,994) 103.99%
Total Pa roll S 290,518 S 290,905 $ 287 100.10% S 1,068,739 S 1,043,343 S 25,396 97.62
Other Expenditures
Perimeter Landscaping S - S - S - 0.00% $ - S - $ - 0,00%
Proshop S 3,250 $ 7,246 S (3,996) 222.95% $ 10,650 S 12,272 S (1,622) 115.23%
ProshopCOGS S 30,915 $ 29,994 $ 921 97.34% S 82,914 $ 79,299 $ 4,616 94.43%
Cart S 19,190 $ 17,301 S 1,889 90.16% $ 60,860 $ 56,462 $ 4,398 92,77%
Course&Ground-North Course S 187,348 S 192.033 S (4,685) 102.50% S 338,097 S 344.421 $ (6,324) 101.87%
Course&Ground-South Course $ 35,399 $ 41,337 S (5,938) 116.77% $ 186.501 S 211,188 $ (24,687) 113.24%
Course&Ground-Desert Pallet-N S 425 S 1,668 5 11,243) 392.47% $ 2,300 $ 3496 $ (1,196) 152.00°%
Course&Ground-Desert Pallet-S $ 1025 S 1,124 S (99) 109,66% S 2,900 $ 1,701 S 1,199 58.66%
Golf Operations $ 875 $ 5,614 S (4,739) 641.60% $ 3,250 $ 6,172 S (2,922) 189,91%
General&Administration $ 65,574 $ 60,776 $ 4,798 92.68% $ 235,961 S 213,060 $ 22,901 90.29%
Range $ 10,620 S 12,345 $ (1,725) 116.24% S 11,410 $ 13,304 S (1,894) 116,60%
Food&Beverage $ 27,058 S 37,691 $ (10,633) 139.30% S 78,132 $ 117,627 $ (39,495) 150.55%
Food&Beverage COGS S 45.113 $ 44,556 $ 557 98.77% S 100,726 $ 125,394 $ (24,668) 124.49%
Management Fee $ 25,000 S 25.000 $ - 100,00% $ 100,000 $ 100000 $ - 100.00%
Financing)Lease $ 4,343 S 4,129 $ 214 95.07% $ 17,436 $ 16,644 $ 792 95 46%
To al Other Ex endit r $ 456035 S 480814 24779 105.43% S 1231137 S 1300039 $ 68902 105.60%
Desert Willow Golf Academy
Desen Willow Goh'Academy $ 5,150 $ 4,701 S (449) 91.28% $ 33,200 S 35,343 $ 2,143 106,45%
COGS-Merchandise $ (5951) $ (7,246) S (1,295) 121.76% S (26,234) S (31562) $ (5328) 120.31%
Other Expenditures S (6,025) S (5,073) $ 952 84.20% S (15,050) $ (14,179) $ 972 94.21%
Learning Center Income(Loss) $ (6,826) $ (7,618) S (792) 111.60% S (8084) $ (10,397) $ (2313) 128,61%
Operating Income(Loss) S (84.523) S (137,081) $ (52,558) 162.18% $ (911,514) S (871,531) $ 39,983 95.61%
Equipment Reserve Replacement $ 70.000 $ 69,157 S (843) 98.80% $ 280,000 S 276,871 S (3,129) 98,88%
Net Income Lass 154 523 S (206,238) $ (51,715) 133.478/o S 1 191 514 $ 1 148 402 S 43 112 96.38
Sna shot of Golf Rounds Budgeted mo Actual mo Variance Variance% Bud eted [d Actual td Variance Variance 7
Resident 1,650 1,651 1 100% 2,995 3,381 386 113%
Non Resident 3,938 4,362 424 I11% 13,808 16,100 2,292 117%
Other - 44 44 100% - 212 212 100%
Com Iimenta 326 222 104 68% 1,126 1087 39 97%
Total 5,914 6,279 365 106% 17,929 20,780 2,851 116%
Folder:Desert Willow 2004:DW2005;Finamsal Statement Page l
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Desert Willow
Breakdown of Rounds
per point of sale system
Desert Willow - Combined Analysis- OCTOBER 2004
Resident 1,651 $ 74,295 $ 45.00 26.30%
Non-Resident 4,362 $ 343,011 $ 78.64 69.509/.
Other 44 $ 440 $ 10.00 0.70%
Complimentary 222 $ 14,395 $ 64.84 3.500/.
Desert Willow Totals 6,279 T 4 22,141 68.82 100.00%
DW2005;POS AVG RD Page 9
Desert Willow
Breakdown of Rounds
per point of sale system
FIRECLIFF COURSE- OCTOBER 2004
Description No. Of Revenue Avg. Per Pet to
Rounds Per POS Round Total
Resident Rounds
Resident Fee 52 $ 2,340 $ 45.00 14.57%
Total Resident 52 2,340 45,00 14.57%
Non Resident
IROC Member/ Guest 18 $ 1,048 $ 58.22 5.04%
Sunrise 16 $ 1,348 $ 84.25 4.48%
Prime 68 $ 4,360 $ 64.12 19.05%
Midday 18 $ 990 $ 55.00 5.04%
Sunset 91 $ 2,795 $ 30.71 25.49%
Wholesale 20 $ 1,076 $ 53.80 5.60%
Outing 45 $ 2,485 $ 55.22 12.61%
Twilight 12 $ 640 $ 53.33 3.36%
Fee Special Event Variable 14 $ 785 $ 56.07 3.92%
Total Non Resident Rounds 302 15,527 51.41 84.59%
Other Rounds
Junior Walking 3 $ 30 $ 10.00 0.849%
Total Other 3 30 10.00 0.84%
Complimentary
VIP - $ $ - 0.00%
PGA Member - $ $ - 0.00%
USGA Kids on Course - $ $ - 0.00%
Champions Club - $ $ - 0.00%
PDHS/COD $ $ - 0.00%
Employee / Employee Guest $ $ - 0.00%
Total Complimentary - 0.00%
Total Round (FireClift) 357 $ 17,897 $ 50.13 1 100.00%
DW2005',POS AVG RD Page 10
Desert Willow
Breakdown of Rounds
per point of sale system
MOUNTAINVIEW COURSE- OCTOBER 2004
Description No. Of Revenue Avg. Per Pet to
Rounds PerPOS Round Total
Resident Rounds
Resident Fee 1,599 $ 71,955 $ 45.00 27.00%
Total Resident 1,599 71,955 45.00 27.00%
Non Resident
IROC Member/ Guest 58 $ 5,080 $ 87.59 0.98%
Sunrise 153 $ 19,428 $ 126.98 2,58%
Prime 659 $ 81,282 $ 123.34 11.13%
Midday 252 $ 23,556 $ 93.48 4.269/1.
Sunset 725 $ 32,545 $ 44.89 12.24%
VIP Card 1 $ 80 $ 80.00 0.02%
Wholesale 840 $ 58,561 $ 69.72 14.18%
Outing 743 $ 64,225 $ 86.44 12.55%
Twilight 447 $ 30,876 $ 69.07 7.55%
Fee Special Event Variable 182 $ 11,851 $ 65.12 3.07%
Total Non Resident Rounds 4,060 327,484 80.66 68.56%
Other Rounds
Junior Walking 41 $ 410 $ 10.00 0.69%
Total Other 41 410 10.00 0.69%
Complimentary
VIP 65 $ 6,860 $ 105.54 1.100%
PGA Member 28 $ 1,435 $ 51.25 0.47%
Employee / Employee Guest 49 $ 2,500 $ 51.02 0.83%
PDHS/COD 80 $ 3,600 $ 45.00
Total Complimentary 222 14,395 64.84 3.75%
Total Round (Mountainview) 5,922 $ 414,2441 1 $ 69.95 1 100%
DW2005;POS AVG RD Page I I
City of Palm Desert
Desert Willow
Cash Reserve Analysis
for the month of
October2004
Cash Reserve Analysis One Month
Required Reserve $ 500,000.00
ash on Hand $ 517,255.38
Variance- Favorable ( Unfavorable) $ 17,255.38
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