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Home My WebLink About2005-04-27 IFC Regular Meeting Agenda Packet City of Palm Desert "' "" •.. City'and Redevelopment Agency Portfolios 74 a,� '\ COMPLIANCE ANALYSIS AND INVESTMENT REPORT try),l. ,_, March 2005 :�� , 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 March 22nd, and raised the Federal Funds Rate from 2.50%to 2.75%. The Committee adopted a more hawkish stance on inflation, and began to distance itself from "measured" rate increases. Although the FOMC's press release referenced language from earlier meetings that "... long-term inflation expectations were well contained," it qualified that with "... pressures on inflation have increased in recent months, and pricing power is more evident." The FOMC stated that short-term interest rate increases would continue at a pace that would likely be measured. The next FOMC meeting will be on May 3rd. A fundamental change has occurred in the corporate debt market. Unsecured corporate debt has become scarce due to the convergence of three events: an all-time high of corporate cash holdings; a shift towards issuing secured corporate debt; and aggressive buying by hedge funds. Since corporations are hoarding cash, there is little need for them to issue debt. If they do issue debt, then it is increasingly secured debt (asset-backed securities) since it represents the lowest cost of capital for them. Meanwhile, hedge funds are aggressively buying the remaining unsecured corporate debt in order to maximize profit for their clients. This explains why the City has had difficulty finding any unsecured corporate debt to buy over the last year. The City will accordingly shift to buying Agency securities and asset-backed securities. If there is an opportunity to buy high-quality, investment-grade, unsecured corporate debt, then the City will take it. pis Qtbaon, C..C.A/r. Treasurer PORTFOLIO STATISTICS Dollars in Thousands MAR-05 FEB-05 JAN-05 DEC-04 NOV-04 OCT-04 CITY Month-End Book Value*** $ 146,856 $ 142,687 $ 140,218 $ 124,724 $ 128,602 $ 130,550 Month-End Market Value"' $ 146,787 $ 142,852 $ 140,446 $ 124,992 $ 128,877 $ 130,866 Paper Gain (Loss) $ (69) $ 165 $ 228 $ 268 $ 275 $ 316 Prior Year Book Variance $ 20,165 $ 17,749 $ 12,381 $ (8,112) $ (3,536) $ (3,592) Interest Earnings $ 325 $ 283 $ 243 $ 222 $ 214 $ 200 Yield-To-Maturity 2.79% 2.66% 2.54% 2.26% 2.08% 1.96% Weighted Maturity(Days) 170 172 178 121 119 124 Effective Duration 0.28 0.30 0.32 0.14 0.15 0.17 RDA Month-End Book Value"` $ 158,324 $ 159,105 $ 160,560 $ 147,802 $ 148,730 $ 149,149 Month-End Market Value"' $ 158,129 $ 159,134 $ 160,623 $ 147,862 $ 148,761 $ 149,180 Paper Gain(Loss) $ (195) $ 29 $ 63 $ 60 $ 31 $ 31 Prior Year Book Variance $ (5,191) $ (5,466) $ (2,570) $ 6,079 $ 4,546 $ 4,929 Interest Earnings $ 375 $ 285 $ 268 $ 239 $ 221 $ 216 Yield-To-Maturity 2.58% 2.37% 2.23% 2.00% 1.84% 1.73% Weighted Maturity(Days) 80 136 127 65 65 65 Effective Duration 0.18 0.20 0.20 0.05 0.07 0.09 "` Omits SLGSs. City of Palm Desert-- Portfolio Characteristics 31 March 2005 Dollars in Thousands Ageing Interval Market Value < 1 M $ 55,637 [General Fund Ageing' <2M 3,038 <3M 8,037 100 - <6M 15,997 80 - < 1YR - 0 59 <2YR 3,183 2 60 - - <3YR 8,744 S 40 - <4Y R - ° a. 17 <5YR - 20 _ 8 9 >5YR - 0 ^ n 1-1 0 ^ n Total: $ 94,636 < 1M <2M <3M <6M < 1YR <2YR <3YR \ . Ratings• Market Value Credit Quality' AAA AAA $ 28,130 21% Unrated " 72,785 AA 6,160 BBB- Ilir Unrated'- A 2,4159% 53% A-1 133,991991 i BBB- 11,929 A 1 10% A • Total: $ 135,410 AA 2% 5% J Sector Market Value [Asset Allocation' Loan Money Market Funds $ 19,056 LAIF a ,RD 4% LAIF 40,000 RDA Loan 32,785lillo MTNs MTNs 20,503 Money Market 15% Federal Agency 9,075 Funds Commercial Paper 13,991 14% Commercial Federal Total: $ 135,410 Paper Agency K 10% 7% J Month City Yield LAW Yield Variance [Performance' Apr04 1.54 1.45 0.09 May 1.53 1.43 0.11 3.0 Jun 1.58 1.47 0.11 _ Jul 1.68 1.60 0.07 2.6 - _ _ Aug 1.74 1.67 0.06 Sep 1.84 1.77 0.07 i 2.2 - Oct 1.96 1.89 0.07 a - Nov 2.08 2.00 0.08 1.8 rn ,{� r _ Dec 2.26 2.20 0.06 1.4 ,f l l I ' Jan05 2.54 2.26 0.28 Apr04 May Jun Jul Aug Sep Oct Nov Dec Jan05 Feb Mar Feb 2.66 2.37 0.29 Mar 2.79 2.54 0.25 ❑LAIF Yield °City Yield K 2 Moody's Credit Ratings LAIF, and City Loan to RDA Page 2 of 8 City of Palm Desert Portfolio Holdings 28 February 2005 Market Ratings Par Value I Issuer 'Coupon' Maturity Cost YTM Price I Value Moody's' S&P Medium-Term Notes $ 2,406,000 ABBOTT LABS 6.80 5/15/05 $ 2,419,669 2.08 100.37 $ 2,414,825 Al AA $ 3,000,000 BANK ONE 4.13 9/1/07 $ 3,033,162 3.64 100.12 $ 3,003,483 Aa3 A+ $ 3,000,000 FORD MOTOR CREDIT 7.20 6/15/07 $ 3,084,319 5.75 101.99 $ 3,059,676 A3 BBB- $ 2,500,000 FORD MOTOR CREDIT 7.20 6/15/07 $ 2,570,265 5.75 101.99 $ 2,549,730 A3 BBB- $ 1,610,000 FORD MOTOR CREDIT 6.75 5/15(05 $ 1,617,660 2.80 100.30 $ 1,614,788 A3 BBB- $ 4,612,000 FORD MOTOR CREDIT 7.20 6/15/07 $ 4,810,401 5.10 101.99 $ 4,703,742 A3 BBB- $ 3,000,000 GOLDMAN SACHS 7.20 3/1/07 $ 3,203,271 3.50 105.22 $ 3,156,648 Aa3 A+ $ 20,128,000 Subtotal $ 20,738,747 4.29 $ 20,502,892 Commercial Paper-- Discount $ 3,000,000 GENERAL ELECTRIC 2.56 5/13/05 $ 2,976,107 2.62 99.67 $ 2,990,074 P-1 A-1+ $ 3,000,000 GENERAL ELECTRIC 2.63 6/15/05 $ 2,968,221 2.70 99.90 $ 2,997,000 P-1 A-1+ $ 3,000,000 GENERAL ELECTRIC 2.71 7/15/05 $ 2,960,479 2.78 99.64 $ 2,989,220 P-1 A-1+ $ 5,050,000 GENERAL ELECTRIC 2.73 6/22/05 $ 4,999,067 2.80 99.31 $ 5,015,071 P-1 A-1+ $ 14,050,000 Subtotal $ 13,903,873 2.73 $ 13,991,365 Federal Agencies-Discount •$ 1,015,000 FED NATIONAL MTG ASSOC 1.92 5/2/05 $ 997,021 2.00 99.76 $ 1,012,564 Aaa AAA $ 3,045,000 FED NATIONAL MTG ASSOC 1.79 4/1/05 $ 2,999,427 1.86 100.00 $ 3,045,000 Aaa AAA $ 5,047,000 FED NATIONAL MTG ASSOC 2.71 6/15/05 $ 4,999,129 2.77 99.41 $ 5,017,223 Aaa AAA $ 9,107,000 Subtotal $ 8,995,577 2.38 $ 9,074,787 LGIP $ 40,000,000 L.A.I.F. 0.00 4/1/05 $ 40,000,000 2.54 100.00 $ 40,000,000 U U $ 40,000,000 Subtotal $ 40,000,000 2.54 $ 40,000,000 LGIP $ 9,438,878 C.A.M.P. 0.00 4/1/05 $ 9,438,878 2.43 100.00 $ 9,438,878 U AAA $ 9,438,878 Subtotal $ 9,438,878 2.43 $ 9,438,878 Pooled Funds--AIM $ 9,616,598 PRIME PORTFOLIO 0.00 4/1/05 $ 9,616,598 2.29 100.00 $ 9,616,598 Aaa AAA $ 9,616,598 Subtotal $ 9,616,598 2.29 $ 9,616,598 City Loan to RDA $ 32,785,480 CITY OF PALM DESERT 0.00 4/1/35 $ 32,785,480 2.54 100.00 $ 32,785,480 U U $ 32,785,480 Subtotal $ 32,785,480 2.54 $ 32,785,480 • Total Investments $ 135,125,956 $ 135,479,154 2.79 $ 135,410,000 U°= Unrated Page 3 of 8 City of Palm Desert Portfolio Holdings 28 February 2005 Market Ratings Par Value I Issuer 'Coupon' Maturity I Cost I YTM Price I Value Moody's! S&P Cash $ 10,003,995 CITY MAIN CHKG 0.00 4/1/05 $ 10,003,995 0.00 100.00 $ 10,003,995 N/A N/A $ 802,817 DESERT WILLOW CHKG 0.00 4/1/05 $ 802,817 0.00 100.00 $ 802,817 N/A N/A $ 570,476 RECREATIONAL FAC CHK 0.00 4/1/05 $ 570,476 0.00 100.00 $ 570,476 N/A N/A $ 11,377,287 Subtotal $ 11,377,287 $ 11,377,287 Total Cash and Investments $ 146,503,243 $ 146,856,441 $ 146,787,287 %of Portfolio Corporate Issuers (Market Value) • GENERAL ELECTRIC CAPITAL CORPORATION 9.53% FORD MOTOR CREDIT CORPORATION 8.13% GOLDMAN SACHS 2.17% BANK ONE 2.06% ABBOTT LABS 1.65% "U" = Unrated Page 4 of 8 Palm Desert Redevelopment Agency-- Portfolio Characteristics 31 March 2005 Dollars in Thousands Ageing Interval Market Value < 1 M $ 70,038 [Portfolio Ageing w/o SLGSsI <2M - <3M - 100 <6M 2,957 80 79 60 < 1YR 3,608 a 70- <2YR 6,155 2 60 - <3YR 5,879 '0 40 - E 40 - <4YR - a° 30 - <5YR - 20 3 4 7 7 >5YR - 10 , 0 . 0 , ^ ^ 1 1 1 1 . 0 Total: $ 88,637 <1M <2M <3M <6M < 1YR <2YR <3YR <4YR l 1 Quality• Market Value Credit Duality' AAA AAA $ 85,512 55% Unrated ** 60,704 Unrated** A-1 2,964 39% BBB- 6,603 BBB- i) Total: $ 155,783 q A-1 2% J Sector Market Value Asset Allocation' LAIF LAIF $ 60,704 ° Money Market 39/° Funds Money Market Funds 76,609 j 49% Federal Agency 8,903 Corporate Bonds , Commercial Paper 2,964 4% Corporate Bonds 6,603 Commercial U.S.Treasury - Paper Federal Agency Total: $ 155,783 2% 6,/° K. J Month RDA Yield LAIF Yield Variance Performance' Apr04 1.22 1.45 -0.23 May 1.17 1.43 -0.26 Jun 1.37 1.47 -0.10 2.6 Jul 1.53 1.60 -0.08 Aug 1.51 1.67 -0.16 .°.-. 22 j' ^; Sep 1.61 1.77 -0.17 a 18 r Oct 1.73 1.89 -0.16 5- T j Nov 1.84 2.00 -0.17 1.4 ' 13 ,� I I i ! , Dec 2.00 2.20 -0.20 1.0 Jan05 2.23 2.26 -0.03 Apr04 May Jun Jul Aug Sep Oct Nov Dec Jan05 Feb Mar Feb 2.37 2.37 0.00 Mar 2.58 2.54 0.04 OLAIF Yield ®RDA Yield K. 2 ' Moody's Credit Ratings LAIF Page5of8 • Palm Desert Redevelopment Agency Portfolio Holdings 31 March 2005 Market Ratings I Par Value I Issuer [Coupon' Maturity I Cost YTM Price I Value Moody'sI S & P Medium-Term Notes $ 3,000,000 FORD MOTOR CREDIT 6.50 1/25/07 $ 3,084,494 4.85 101.01 $ 3,030,429 A3 BBB- $ 3,525,000 FORD MOTOR CREDIT 6.88 2/1/06 $ 3,608,591 3.94 101.36 $ 3,572,933 A3 BBB- $ 6,525,000 Subtotal $ 6,693,085 4.36 $ 6,603,362 I Commercial Paper--Discount $ 3,000,000 GENERAL ELECTRIC 2.77 8/15/05 $ 2,952,448 2.87 98.82 $ 2,964,494 P-1 A-1+ $ 3,000,000 Subtotal $ 2,952,448 2.87 $ 2,964,494 Federal Agency--Coupon $ 3,000,000 FED FARM CREDIT BANK 2.63 9/17/07 $ 2,942,893 3.43 96.63 $ 2,898,750 Aaa AAA $ 3,000,000 FED HOME LOAN BANK 3.38 9/14/07 $ 2,993,237 3.82 98.44 $ 2,953,125 Aaa AAA $ 3,000,000 FED HOME LOAN MTG 4.88 3/15/07 $ 3,083,779 3.38 101.69 $ 3,050,625 Aaa AAA $ 9,000,000 Subtotal $ 9,019,909 3.54 $ 8,902,500 LGIP $ 40,000,000 L.A.I.F. (RDA) 0.00 4/1/05 $ 40,000,000 2.54 100.00 $ 40,000,000 U U $ 5,727,930 L.A.I.F. (HOUSING) 0.00 4/1/05 $ 5,727,930 2.54 100.00 $ 5,727,930 U U -$ 5,092,135 L.A.I.F. BOND PROCEEDS 0.00 4/1/05 $ 5,092,135 2.54 100.00 $ 5,092,135 U U $ 9,883,828 L.A.I.F. BOND PROCEEDS 0.00 4/1/05 $ 9,883,828 2.54 100.00 $ 9,883,828 U U $ 60,703,893 Subtotal $ 60,703,893 2.54 $ 60,703,893 LGIP $ 17,537,245 C.A.M.P. 0.00 4/1/05 $ 17,537,245 2.43 100.00 $ 17,537,245 U AAA $ 17,537,245 Subtotal $ 17,537,245 2.43 $ 17,537,245 Pooled Funds-AIM $ 59,072,068 PRIME PORTFOLIO 0.00 4/1/05 $ 59,072,068 2.29 100.00 $ 59,072,068 Aaa AAA $ 59,072,068 Subtotal $ 59,072,068 2.29 $ 59,072,068 Total Investments $ 155,838,206 $ 155,978,648 2.58 $ 155,783,562 Cash $ 2,017,977 HOUSING AUTH CHKG 0.00 4/1/05 $ 2,017,977 0.00 100.00 $ 2,017,977 N/A N/A $ 327,549 HOUSING AUTH TRUST 0.00 4/1/05 $ 327,549 0.00 100.00 $ 327,549 N/A N/A $ 2,345,525 Subtotal $ 2,345,525 $ 2,345,525 Total Investments and Cash 158,183,731 158,324,173 158,129,087 "U"= Unrated Page 6 of 8 Palm Desert Redevelopment Agency Portfolio Holdings 31 March 2005 Market Ratings Par Value Issuer ;Coupon; Maturity Cost YTM Price Value Moody's S& P %of Portfolio Corporate Issuers (Market Value) FORD MOTOR CREDIT CORPORATION 4.18% GENERAL ELECTRIC CAPITAL CORPORATION 1.87% • • "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 March 2005,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 27 April 2005, pauc4s Cjibion5 C.C.M. 7" City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS ICalifornia Government Code I 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 I No Limit I 0.0% 0.0% 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% 6% 6.6% 5.8% 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 10.3% 1.9% 53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - - 536010) Repos 1 Year No Limit 30 Days 20% AAA&Aaa - - 53601(i) Reverse Repos 92 Days 20% Not Authorized 53601(j) Medium-Term Notes 5 Years 30% A 5 Years 30% A 15.3% 4.3% 53601(k) Mutual Funds 90 Days 20% AAA&Aaa 90 Days 20% (2) AAA&Aaa 7.1% _ 37.9% 53601(1) Trust Indenture Debt Not Authorized 53601(m) Secured Bank Deposits_ 5 Years No Limit Not Authorized 53601(k) Local Government AAA&Aaa MA&Aaa Investment Pools 90 Days 20% or Advisor 90 Days 20% (2) or Advisor 7.0% 11.2% 53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized Securities AA(Security) LAIF No Limit No Limit _ 29.5% 38.9% (1) The City loan to RDA,which is not a bond, has been approved by the Palm Desert City Council. 75.8% 100.0% (2) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds. Certified California Municipal Treasurer Page 8 of 8 COMMITTEE MEETING WORKSHEET Meeting Description Investment Committee Meeting Date 4/27/05 Time: 10:30 a.m. Location North Wino Conference Room Mailed Agenda 4/20/05 Posted Agenda 4/20/05 Time Convene 4djournment 10 .)I C�- Staff Members Attending Yes No Others Attending Yes No 1 Paul Gibson, Chairperson V 12 Dennis Coleman ✓ 2 Council Member- Crites 13 Rodney Young ✓ 3 Council Member- Ferguson ✓ 14 Recording Secretary-Niamh O. 4 Dave Erwin, City Attorne 15 L1. s CcII- ttt///J 5 Carlos Ortega, City Mgr. V J 6 Thomas Jeffrey 7 Justin McCarthy Public Members Attending Guests Attending 8 Russ Campbell 1,Z 15 oerk 7\✓ 9 Bill Veazie 16 10 Everett Wood ✓ 17 11 Thomas Wormley / 18 VVV 19 20 Follow-Ups/Tasks Assigned Person Responsible Due Date 1 2 3 4 5 6 7 8 Spoke Mtn (1) Mtn (2) MEETING NOTES _ E1 A) Rc ifiUtitte Pica r l _ k 1 3In 3 � _ a - fYL� � 2�4 ibrJ ovn /cif 0 - ouv _ - 0 s)I i os mri l� MM c2 - tb, c m . 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Vlla�}) ell p � )cxa 'Q ito st,yer Vtrut tO 0 `11�r �n4 -Co bz 4rreA red '� 12�l11n , r u-Ihret 6�'0s pp (43 AO tti ntr, r.end m 'ard' ctn,i uvooPt ,rnw* j b iQ Qn - oederi rnyzcz ItReitAftg, imdatjve a4\oco.c. i\-Gn t•dl re�Kv ,. 4 e u rrwrll,1 �tAa(6 ARV `NauNestveld ^etd-te -2fAs1 c t l x�A� tci ncow.e Pit^e -to race etc ,., . &� cam .� ViI R ctte weAvvv\ P uvt ` )cfictNJe4 ..bn76-e91F in tut ck k cecewe S cca .s. f .670 (tutu-4 Tr Mfi \S+ "` is h-u C Coin t4.2 1^tu&w') C 1 pc asic\b Qd' in,I pczcs i tu noccuarv-e4 t ,, c- w n pc tom' ( 4ia- ( ,\olc ailai QC c sew iir'°k( I l:kern r L j / • w . § W ( \ 1- E 2 % ~ ` / § � � \ O E co ` ) • - u ¥ - § Q ® y 0 0 0 2 $ / ® 7 } R / & ` \ ZOR § a \ / --") lt/t:c:iI:l:e„l qcA)C • 0z = ( 3 § y I- / 0 © z \ t «« c ,� A /\ k $ \ / \ \ - § \ \ )C3 .6 r \ t � � } f � �� \ . 4 \ AGENDA 4/1 li► 1 REGULAR MEETING OF THE PALM DESERT INVESTMENT & FINANCE COMMITTEE - Wednesday, April 27, 2005 — 10:30 a.m. te' '' North Wing Conference Room, City Hall I. CALL TO ORDER II. ROLL CALL III. ORAL COMMUNICATIONS A. Any person who wishes to discuss an item not on the agenda may do so after he/she has given his/her name and street address for the record. Speakers must limit their remarks to three (3) minutes unless the Committee authorizes additional time. B. Any person who wishes to comment on an agenda item may do so. At the Committee's discretion, however, such comments may be deferred until the item is discussed on the agenda. Speakers must limit their remarks to three (3) minutes unless the Committee authorizes additional time. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF MARCH 23, 2005 Rec: By Minute Motion, approve the Minutes of the regular meeting of the Palm Desert Investment and Finance Committee of March 23, 2005, as presented. V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR MARCH 2005 Rec: By Minute Motion, recommend that the City Council approve the City and Redevelopment Agency Investment Reports for the periods ended March 31, 2005. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR MARCH 2005 Rec: Review and file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR MARCH 2005 Rec: Review and file. INVESTMENT & FINANCE COMMITTEE AGENDA APRIL 27, 2005 D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR MARCH 2005 Rec: Review and file. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR MARCH 2005 Rec: Review and file. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR MARCH 2005 Rec: Review and file. G. 457 DEFERRED COMPENSATION REPORTS FOR 1Q05 (NATIONWIDE & ICMA) Rec: Review and file. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS Rec: Review and file. B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Rec: Review and file. VIII. ADJOURNMENT Rec: By Minute Motion, adjourn the meeting. "' Next Meeting: Wednesday, May 25, 2005 at 10:30 a.m. in the North Wing Conference Room, City Hall. I hereby certify, under penalty of perjury, under the laws of the State of California that the foregoing agenda for the Palm Desert Investment and Finance Committee was posted on the City Hall bulletin board not less than seventy-two (72) hours prior to the meeting. Dated this 19`n day of April 2005. Niamh Ortega, Recap ing Secretary . 2 G:IFinancelNiamh OrtegalWpdocsllnvestment Committee120051Agendalagenda 042705.doe MINUTES •�' REGULAR MEETING OF THE PALM DESERT e "'Arse, INVESTMENT & FINANCE COMMITTEE < � Wednesday, March 23, 2005 I. CALL TO ORDER Chairman Gibson called to order a regular meeting of the Palm Desert Investment & Finance Committee at 10:30 a.m. II. ROLL CALL Present: Absent: Paul Gibson, Chairman Buford Crites, Mayor Carlos Ortega, City Manager Jim Ferguson, Mayor Pro-Tempore Justin McCarthy, ACM/Redevelopment Thomas Jeffrey, Deputy City Treasurer Bob Hargreaves, City Attorney Russ Campbell, Member Bill Veazie, Member Everett Wood, Member Thomas Lee Wormley, Member Also Present: Mike Cavanaugh, Guest Dennis Coleman, RDA/Housing Finance Manager Luis Espinoza, Assistant Finance Director Anthony Hernandez, Senior Financial Analyst Niamh Ortega, Recording Secretary III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF FEBRUARY 23, 2005 MOTION was made by Mr. Campbell and seconded by Mr. Veazie to approve the Minutes of the February 23, 2005 meeting. Motion passed. INVESTMENT & FINANCE COMMITTEE MINUTES MARCH 23. 2005 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR FEBRUARY 2005 Mr. Jeffrey submitted the report for February 2005, and highlighted the following areas: For the month ended February 28, 2005, the book value of the City Portfolio was approximately $142.7 million. Interest earnings were approximately $283,000. Yield-to-maturity was approximately 2.66%. For the month ended February 28, 2005, the book value of the RDA Portfolio was approximately $159.1 million. Interest earnings were approximately $285,000. Yield-to-maturity was approximately 2.37%. The City Yield is still maintaining above the LAIF benchmark, and the RDA portfolio is at the same level as the LAIF benchmark. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR JANUARY 2005 The reports were reviewed and placed on file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR JANUARY 2005 The reports were reviewed and placed on file. Mr. Gibson reported that CAMP would be pursuing non-profit entities following discussion at the last board meeting. D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR JANUARY 2005 The reports were reviewed and placed on file. Mr. Gibson highlighted that the first payment of the triple flip had been received from the State. DMV fees were also received. Building activity is still quite high. Mr. Coleman reviewed the RDA report. He pointed out that the revenue received for the month of February is mostly interest income with the exception of the Housing Authority, which received $384,000 for rental fees. Administrative costs are distributed between the Project Area No. 1 fund, Housing and Housing Authority. A debt service payment for Project Areas No. 1 and 4, and Housing in the amount of $8.9 million will be made on April 1, 2005. 2 G.IFinancelNiamh Ode galWpdocsllnvestment Committee120051MinutesiMinutes 032305.doc i INVESTMENT & FINANCE COMMITTEE MINUTES MARCH 23. 2005 E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR JANUARY 2005 The report was reviewed and placed on file. Discussion took place surrounding how the City acquired the Parkview building. It was mentioned that owning the building has offered an 8 to 10% return on investment. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR JANUARY 2005 Mr. Young reviewed the performance of the golf course, and stated that the cash balance this year was approximately $457,000 more than prior year. The courses used 303 acre feet less water this year than last year, partly due to the increase in rain. The month of March is performing very well. Food and beverage costs were high from December through February, and the restaurant has been averaging a 45-minute wait at lunchtime. Theft at the golf shop has been reduced due to an increase in staffing and the addition of security cameras, and the cost of goods is approximately 52%. G. RETIREE HEALTH STIPEND FUND • Mr. Gibson provided clarification with regard to the status of the retiree health stipend fund. H. AUDIT ENGAGEMENT LETTER — LANCE, SOLL & LUNGHARD The engagement letter was reviewed. Mr. Gibson noted that this was the fourth year of a five-year contract with Lance, Soli & Lunghard. MOTION to accept the annual engagement letter from Lance, Soil & Lunghard for audit services to be performed in the Fiscal Year 2005- 2006 made by Member Wormley, seconded by Member Campbell, unanimously approved. Motion passed. I. INVESTMENT POLICIES & PROCEDURES Mr. Jeffrey directed the Committee to replace the pages in their policy manual with the updated pages distributed with the agenda packet. No additional action was required on this item. 3 G:IFinancewiamh OrtegalWpdocsllnvestment Committee120051MinutesVMinutes 032305.doc k INVESTMENT & FINANCE COMMITTEE MINUTES MARCH 23, 2005 VI. CONTINUED BUSINESS A. UPDATE ON INVESTMENT SUBCOMMITTEE MEETING Mr. Coleman distributed a revised version of the Request for Qualifications (RFQ) draft for underwriting services. He expects that the RFQ will be distributed to approximately seventeen firms. The Committee reviewed the changes. The RFQ will be due by the end of April, and the subcommittee will review those received. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE No report. VIII. ADJOURNMENT Mr. Gibson adjourned the meeting at 11:05 a.m. Niamh Ortega, Recording Secretary 4 G:IFinancelNiamh OrtegalWpdocsllnvestment Committee120051MinutestMinutes 032305.doc • �..'... City of Palm Desert , VAC i _, City and Redevelopment Agency Portfolios l ;NI N71Ilia COMPLIANCE ANALYSIS AND INVESTMENT REPORT e *Erinpo c ,<. ?...: f March 2005 ` cz' t/ '-::AiS 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 March 22nd, and raised the Federal Funds Rate from 2.50%to 2.75%. The Committee adopted a more hawkish stance on inflation, and began to distance itself from "measured" rate increases. Although the FOMC's press release referenced language from earlier meetings that "... long-term inflation expectations were well contained," it qualified that with "... pressures on inflation have increased in recent months, and pricing power is more evident." The FOMC stated that short-term interest rate increases would continue at a pace that would likely be measured. The next FOMC meeting will be on May 3rd. A fundamental change has occurred in the corporate debt market. Unsecured corporate debt has become scarce due to the convergence of three events: an all-time high of corporate cash holdings; a shift towards issuing secured corporate debt; and aggressive buying by hedge funds. Since corporations are hoarding cash, there is little need for them to issue debt. It they do issue debt, then it is increasingly secured debt (asset-backed securities) since it represents the lowest cost of capital for them. Meanwhile, hedge funds are aggressively buying the remaining unsecured corporate debt in order to maximize profit for their clients. This explains why the City has had difficulty finding any unsecured corporate debt to buy over the last year. The City will accordingly shift to buying Agency securities and asset-backed securities. If there is an opportunity to buy high-quality, investment-grade, unsecured corporate debt, then the City will take it. Pau4s 6't4con, C.c.M.r 1 Treasurer PORTFOLIO STATISTICS Dollars in Thousands MAR-05 FEB-05 JAN-05 DEC-04 NOV-04 OCT-04 CITY Month-End Book Value*** $ 146,856 $ 142,687 $ 140,218 $ 124,724 $ 128,602 $ 130,550 Month-End Market Value*** $ 146,787 $ 142,852 $ 140,446 $ 124,992 $ 128,877 $ 130,866 Paper Gain(Loss) $ (69) $ 165 $ 228 $ 268 $ 275 $ 316 Prior Year Book Variance $ 20,165 $ 17,749 $ 12,381 $ (8,112) $ (3,536) $ (3,592) Interest Earnings $ 325 $ 283 $ 243 $ 222 $ 214 $ 200 Yield-To-Maturity 2.79% 2.66% 2.54% 2.26% 2.08% 1.96% Weighted Maturity(Days) 170 172 178 121 119 124 Effective Duration 0.28 0.30 0.32 0.14 0.15 0.17 RDA Month-End Book Value"' $ 158,324 $ 159,105 $ 160,560 $ 147,802 $ 148,730 $ 149,149 Month-End Market Value"' $ 158,129 $ 159,134 $ 160,623 $ 147,862 $ 148,761 $ 149,180 Paper Gain(Loss) $ (195) $ 29 $ 63 $ 60 $ 31 $ 31 Prior Year Book Variance $ (5,191) $ (5,466) $ (2,570) $ 6,079 $ 4,546 $ 4,929 Interest Earnings $ 375 $ 285 $ 268 $ 239 $ 221 $ 216 Yield-To-Maturity 2.58% 2.37% 2.23% 2.00% 1.84% 1.73% Weighted Maturity(Days) 80 136 127 65 65 65 Effective Duration 0.18 0.20 0.20 0.05 0.07 0.09 • "' Omits SLGSs. • City of Palm Desert-- Portfolio Characteristics 31 March 2005 Dollars in Thousands Ageing Interval Market Value < 1M $ 55,637 General Fund Ageing' <2M 3,038 <3M 8,037 100 <6M 15,997 80 - < 1YR - e 59 <2YR 3,183 a 60 - - <3YR 8,744 i 40 - <4YR - a 17 <5YR - 20 - 8 9 r CI Total: $ 94,636 < 1M <2M <3M <6M < 1YR <2YR <3YR / Ratings* Market Value Credit Quality' AAA AAA $ 28,130 21, Unrated** 72,785 AA 6,160 BBB- Unrated** A 3,9 9% 53% A-1 13,99191 A_1 1 BBB- 11,929 10% A / - Total: $ 135,410 2`% 5A K. / r Sector Market Value Asset Allocation, MoneyMarket Funds $ 19,056 LAIF ph,RDA Loan 30% 24% LAIF 40,000 RDA Loan 32,785 ` ; MT MTNs 20,503 Money Market ' 15% Funds i Federal Agency 9,075 14% Commercial Federal Commercial Paper 13,991 Paper Agency Total: $ 135,410 7% Month City Yield LAIF Yield Variance Performance" Apr04 1.54 1.45 0.09 May 1.53 1.43 0.11 3.0 Jun 1.58 1.47 0.11 r Jul 1.68 1.60 0.07 2.5 - Aug 1.74 1.67 0.06 73 Sep 1.84 1.77 0.07 m 2.2 - Oct 1.96 1.89 0.07 i Nov 2.08 2.00 0.08 Dec 2.26 2.20 0.06 1.4 li 11 II il sr Jan05 2.54 2.26 0.28 Apr04 May Jun Jul Aug Sep Oct Nov DecJan05 Feb Mar Feb 2.66 2.37 0.29 Mar 2.79 2.54 0.25 ❑LAIF Yield ®City Yield K " Moody's Credit Ratings ** LAIF, and City Loan to RDA Page 2 of 8 • City of Palm Desert Portfolio Holdings 28 February 2005 Market Ratings I Par Value I Issuer 'Coupon' Maturity I Cost I YTM Price I Value Moody'sl S&P Medium-Term Notes $ 2,406,000 ABBOTT LABS 6.80 5/15/05 $ 2,428,989 2.08 100.70 $ 2,422,755 Al AA $ 3,000,000 BANK ONE 4.13 9/1/07 $ 3,034,306 3.64 100.54 $ 3,016,308 Aa3 A+ $ 3,000,000 FORD MOTOR CREDIT 7.20 6/15/07 $ 3,087,504 5.75 104.13 $ 3,124,014 A3 BBB- $ 2,500,000 FORD MOTOR CREDIT 7.20 6/15/07 $ 2,572,920 5.75 104.13 $ 2,603,345 A3 BBB- $ 4,612,000 FORD MOTOR CREDIT 7.20 6/15/07 $ 4,817,897 5.10 104.13 $ 4,802,651 A3 BBB- $ 1,610,000 FORD MOTOR CREDIT 6.75 5/15/05 $ 1,622,882 2.80 100.64 $ 1,620,283 A3 BBB- $ 3,000,000 GOLDMAN SACHS 7.20 3/1/07 $ 3,212,109 3.50 106.12 $ 3,183,573 Aa3 A+ $ 20,128,000 Subtotal $ 20,776,608 4.28 $ 20,772,929 Commercial Paper-Discount $ 3,000,000 GENERAL ELECTRIC 2.56 5/13/05 $ 2,976,107 2.62 99.44 $ 2,983,227 P-1 A-1+ $ . 3,000,000 GENERAL ELECTRIC 2.63 6/15/05 $ 2,968,221 2.70 99.90 $ 2,997,110 P-1 A-1+ $ 3,000,000 GENERAL ELECTRIC 2.71 7/15/05 $ 2,960,479 2.78 99.66 $ 2,989,885 P-1 A-1+ $ 5,050,000 GENERAL ELECTRIC 2.73 6/22/05 $ 4,999,067 2.80 99.08 $ 5,003,784 P-1 A-1+ $ 14,050,000 Subtotal $ 13,903,873 2.73 $ 13,974,006 Federal Agencies-Discount - $ 1,015,000 FED. NATIONAL MTG ASSOC 1.92 5/2/05 $ 997,021 2.00 99.55 $ 1,010,433 Aaa AAA $ 3,035,000 FED. NATIONAL MTG ASSOC 1.71 3/3/05 $ 2,995,644 1.78 99.99 $ 3,034,697 Aaa AAA $ 3,045,000 FED. NATIONAL MTG ASSOC 1.79 4/1/05 $ 2,999,427 1.86 99.78 $ 3,038,301 Aaa AAA $ 5,047,000 FED. NATIONAL MTG ASSOC 2.71 6/15/05 $ 4,999,129 2.77 99.19 $ 5,006,119 Aaa AAA $ 12,142,000 Subtotal $ 11,991,221 2.23 $ 12,089,550 LGIP $ 40,000,000 L.A.I.F. 0.00 3/1/05 $ 40,000,000 2.37 100.00 $ 40,000,000 U U $ 40,000,000 Subtotal $ 40,000,000 2.37 $ 40,000,000 LGIP $ 9,419,473 C.A.M.P. 0.00 3/1/05 $ 9,419,473 2.28 100.00 $ 9,419,473 U AAA $ 9,419,473 Subtotal $ 9,419,473 2.28 $ 9,419,473 Pooled Funds-AIM $ 9,678,194 PRIME PORTFOLIO 0.00 3/1/05 $ 9,678,194 2.13 100.00 $ 9,678,194 Aaa AAA $ 9,678,194 Subtotal $ 9,678,194 2.13 $ 9,678,194 City Loan to RDA $ 32,785,480 CITY OF PALM DESERT 0.00 3/1/35 $ 32,785,480 2.37 100.00 $ 32,785,480 U U $ 32,785,480 Subtotal $ 32,785,480 2.37 $ 32,785,480 • 'U' Unrated Page 3 of 8 • City of Palm Desert Portfolio Holdings 28 February 2005 Market Ratings f Par Value I Issuer !Coupon' Maturity I Cost I YTM Price I Value Moody's' S& P Cash $ 10,003,995 CITY MAIN CHKG 0.00 4/1/05 $ 10,003,995 0.00 100.00 $ 10,003,995 N/A N/A $ 802,817 DESERT WILLOW CHKG 0.00 4/1/05 $ 802,817 0.00 100.00 $ 802,817 N/A N/A $ 570,476 RECREATIONAL FAC CHK 0.00 4/1/05 $ 570,476 0.00 100.00 $ 570,476 N/A N/A $ 11,377,287 Subtotal $ 11,377,287 $ 11,377,287 Total Cash and Investments $ 146,503,243 $ 146,856,441 $ 146,787,287 %of Portfolio Corporate Issuers (Market Value) GENERAL ELECTRIC CAPITAL CORPORATION 9.53% FORD MOTOR CREDIT CORPORATION 8.13% GOLDMAN SACHS 2.17% BANK ONE 2.06% ABBOTT LABS 1.65% • "U"= Unrated Page 4 of 8 Palm Desert Redevelopment Agency-- Portfolio Characteristics 31 March 2005 Dollars in Thousands • Ageing Interval Market Value < 1 M $ 70,038 Portfolio Ageing w/o SLGSs' <2M - <3M - 100 <6M 2,957 80 79 < 1YR 3,608 0 70 - <2YR 6,155 0 60 a 50 - <3YR 5,879 r 40 - <4YR - a° 30 - <SYR 20 - 7 7 >5YR - 0 . 10 - 0 0 ^ 1 r-I 1 I--1 0 Total: $ 88,637 <1M <2M <3M <6M < 1YR <2YR <3YR <4YR r 'Credit Quality'Quality' Market Value AAA $ 85,512 AAA 55% Unrated" 60,704 Unrated" A-1 2,964 r39% BBB- 6,603 BBB- Total: $ 155,783 4% A-1 2% 2 1 Sector Market Value IAsset Allocation' LAIF 1 LAIF $ 60,704 39% Money Market . Funds Money Market Funds 76,609 49, Federal Agency 8,903 Corporate Commercial Paper 2,964 Bonds 4% Corporate Bonds 6,603 Commercial U.S.Treasury - Paper Federal Total: $ 155,783 2% Agency K. 6/ l 1 L Month RDA Yield LAIF Yield Variance Performance' Apr04 1.22 1.45 -0.23 May 1.17 1.43 -0.26 Jun 1.37 1.47 -0.10 2.6 Fly Jul 1.53 1.60 -0.08 a 2.2 F; Aug 1.51 1.67 -0.16 .. Sep 1.61 1.77 -0.17 m 1.8 - r-, , i i Oct 1.73 1.89 -0.16 i- f' i ' II Nov 1.84 2.00 -0.17 1.4- =�_ �. II 1 It 1. . .. lf 1 I i1'' _ , . .G Dec 2.00 2.20 -0.20 1.0 - Jan05 2.23 2.26 -0.03 Apr04 May Jun Jul Aug Sep Oct Nov Dec Jan05 Feb Mar Feb 2.37 2.37 0.00 Mar 2.58 2.54 0.04 DLAIF Yield ®RDA Yield K 2 " Moody's Credit Ratings LAIF Page 5of8 • Palm Desert Redevelopment Agency Portfolio Holdings 31 March 2005 Market Ratings IPar Value 1 Issuer 'Coupon' Maturity 1 Cost 1 YTM Price 1 Value Moody's1 S& P Medium-Term Notes $ 3,000,000 FORD MOTOR CREDIT 6.50 1/25/07 $ 3,084,494 4.85 101.01 $ 3,030,429 A3 BBB- $ 3,525,000 FORD MOTOR CREDIT 6.88 2/1/06 $ 3,608,591 3.94 101.36 $ 3,572,933 A3 BBB- $ 6,525,000 Subtotal $ 6,693,085 4.36 $ 6,603,362 Commercial Paper- Discount $ 3,000,000 GENERAL ELECTRIC 2.77 8/15/05 $ 2,952,448 2.87 98.82 $ 2,964,494 P-1 A-1+ $ 3,000,000 Subtotal $ 2,952,448 2.87 $ 2,964,494 Federal Agency--Coupon $ 3,000,000 FED FARM CREDIT BANK 2.63 9/17/07 $ 2,942,893 3.43 96.63 $ 2,898,750 Aaa AAA $ 3,000,000 FED HOME LOAN BANK 3.38 9/14/07 $ 2,993,237 3.82 98.44 $ 2,953,125 Aaa AM $ 3,000,000 FED HOME LOAN MTG 4.88 3/15/07 $ 3,083,779 3.38 101.69 $ 3,050,625 Aaa MA $ 9,000,000 Subtotal $ 9,019,909 3.54 $ 8,902,500 •LGIP $ 40,000,000 L.A.I.F. (RDA) 0.00 4/1/05 $ 40,000,000 2.54 100.00 $ 40,000,000 U U $ 5,727,930 L.A.I.F. (HOUSING) 0.00 4/1/05 $ 5,727,930 2.54 100.00 $ 5,727,930 U• U $ 5,092,135 L.A.I.F. BOND PROCEEDS 0.00 4/1/05 $ 5,092,135 2.54 100.00 $ 5,092,135 U U $ 9,883,828 L.A.I.F. BOND PROCEEDS 0.00 4/1/05 $ 9,883,828 2.54 100.00 $ 9,883,828 U U $ 60,703,893 Subtotal $ 60,703,893 2.54 $ 60,703,893 LGIP $ 17,537,245 C.A.M.P. 0.00 4/1/05 $ 17,537,245 2.43 100.00 $ 17,537,245 U AAA $ 17,537,245 Subtotal $ 17,537,245 2.43 $ 17,537,245 Pooled Funds-AIM $ 59,072,068 PRIME PORTFOLIO 0.00 4/1/05 $ 59,072,068 2.29 100.00 $ 59,072,068 Aaa AAA $ 59,072,068 Subtotal $ 59,072,068 2.29 $ 59,072,068 Total Investments $ 155,838,206 $ 155,978,648 2.58 $ 155,783,562 Cash $ 2,017,977 HOUSING AUTH CHKG 0.00 4/1/05 $ 2,017,977 0.00 100.00 $ 2,017,977 N/A N/A $ 327,549 HOUSING AUTH TRUST 0.00 4/1/05 $ 327,549 0.00 100.00 $ 327,549 N/A N/A $ 2,345,525 Subtotal $ 2,345,525 $ 2,345,525 Total Investments and Cash 158,183,731 158,324,173 158,129,087 "U" =Unrated Page 6 of 8 Palm Desert Redevelopment Agency Portfolio Holdings 31 March 2005 Market Ratings Par Value I Issuer N Couponj Maturity I Cost I YTM Price I Value Moody's] S & P To of Portfolio Corporate Issuers (Market Value) FORD MOTOR CREDIT CORPORATION 4.18% GENERAL ELECTRIC CAPITAL CORPORATION 1.87% • '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 March 2005,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 27 April 2005, pis G'cbson c.c.Al.r. City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS • I California Government Code I 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 0.0% 0.0% 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% 6% 6.6% 5.8% 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 10.3% 1.9% 53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - - 536010) Repos 1 Year No Limit 30 Days 20% AAA&Aaa - - 53601(i) Reverse Repos 92 Days 20% Not Authorized 53601(j) Medium-Term Notes 5 Years 30% A 5 Years 30% A 15.3% 4.3% 53601(k) Mutual Funds 90 Days 20% AAA&Aaa 90 Days 20%(2) AAA& Aaa 7.1% 37.9% 53601(1) 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) or Advisor 7.0% 11.2% 53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized Securities AA(Security) LAIF No Limit I No Limit I 29.5% 38.9% (1) The City loan to RDA,which is not a bond, has been approved by the Palm Desert City Council. 75.8% 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 TREASURE. _ • 1 SACRAMENTO + Local Agency Investment Fund aW1 PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 March, 2005 Statement CITY OF PALM DESERT Account Number : 98-33-621 Atm. 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 STATE OF CALIFORNIA _ PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURE/. :5t. SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 March, 2005 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 40,000,000.00 Total Withdrawal : 0.00 Ending Balance : 40,000,000.00 Page : 1 of 1 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASUREd • SACRAMENTO Local Agency Investment Fund \<w N� PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 March, 2005 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 : 5,727,930.09 Total Withdrawal : 0.00 Ending Balance : 5,727,930.09 Page : 1 of I FINANCE C DEPARTMENT RESENT FIId�,i.10E ALtvl DESERT CALIFORNIA ASSET STATEMENT MANAGEMENT PROGRAM 2[D5 APR JOINT POWERS AUTFIt)RITY I I PM I: 04 su CALI ntNIA Sr REP I' 2311,F1.0oR FAN FRANCISCO CALIFORNIA•.411 I FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 3/31/2005 PALM DESERT REDEVOLPMENT AGENCY ACCOUNT NUMBER: 553-02 GENERAL FUND ATTN:THOMAS JEFFREY FUND NAME: Cash Reserve Portfolio FINANCE DEPARTMENT 73-510 FRED WARING DRIVE PALM DESERT,CA 92260-2578 Page 1 of 1 Account Suromaly,aspAo1R3/31120pt .i : ,; ;# +r /mot'• Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid Thls Year Owned Value 3/31/2005 $106,744.90 $0.00 17,537,244.720 $17,537,244.72 Clxd-il'.iC4D'LlQ u : gcos r_r o?t it eizi J - Beginning Balance Purchases Reinvestments Redemptions Ending Balance $17,501,192.16 $0.00 $36,052.56 $0.00 $17,537,244.72 owa - ... :aj. '. TaU. ;-1E .OTIN RANSACTI -3C7t1t144 . 03/01/05 Beginning Balance 17,501,192.160 03/31/05 4/1/2005 Accrual Income Div Reinvestment-DIV $36,052.56 $1.00 36,052.560 17,537,244.720 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 2.43%,THE ANNUALIZED YIELD IS 2.45%.Shares of the fund are distributed by PFM Fund Distributors.Inc..member NASD.NASD has a Public Disclosure brochure.hotline at 800-289-9999.and website at www.nasdr.com. PCfiY PALM DESERT CALIFORNIA n s s e r OF DEPARTMENT STATEMENT MANAGEMENT PROGRAM IOINT POWERS AUTHORITY 2035 APR I I PM I: 04 50 CALIFORNIA STREET 2)1(I'FI.U,1R SAN I'RANCISCO CALIFORNIA 04I I I FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 3/31/2005 CITY OF PALM DESERT ACCOUNT NUMBER: 553-00 OPERATING FUND ATTN:THOMAS JEFFREY FUND NAME: Cash Reserve Portfolio FINANCE DEPARTMENT 73-510 FRED WARING DRIVE PALM DESERT,CA 92260-2578 Page 1 of 1 ;ACCOUTT bSumm>w as of 31•43, 05 + +t•" �l Statement Income Dividends Capital Gains Total Shams Account Date Paid This Year Paid This Year Owned Value 3/31/2005 $55,058.36 $0.00 9,438,877.590 $9,438,877.59 Q1 CCU • Beginning Balance Purchases Reinvestments . Redemptions Ending Balance $9,419,473.42 $0.00 $19,404.17 $0.00 $9,438,877.59 E !:'arui . . 1 I ^,J', AMOU,,n (9,Lr.:zs SHARE 1THI TOTAL 17Th ° '` C.L"" - . ° °1 TRANSACTION (•9e a:I*:1OWNED 03/01/05 Beginning Balance 9,419,473.420 03/31/05 4/1/2005 Accrual Income Div Reinvestment-DIV $19,404.17 $1.00 19,404.170 9,438,877.590 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 2.43%,THE ANNUALIZED YIELD IS 2.45%.Shares of the fund are distributed by PPM Fund Dis_Mbutorsjnc.,member NASD.NASD has a Public Disclosure brochure,hotline at 800-289.9999,and website at www.nasdr.com. oo .-" o p » o m rt 02 O Ytoo . "a0r -3 ci) r c --_ aLliII n a =. oLi,h7 o z -j `� 0- •< un pp ° ° x g a I ! p x 0 F w Z7 r„ - CO U 2 O] _ c' a cn Y �••._ = IUD, 8 a ° Y m .n O t m .� Now m Y VI ^I A 01 7 0 0 �.� n w ' .0 G p < "- ac 0 o -. 4, N - 7. - O 00 .- Os w 01 J N m E - O O. 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C. -A N cc V O N V " A City of Palm Desert , ✓ Parkview Office Complex Financial Statement for Fiscal Year 2004-2005 March-05 March-O5 # % YTD Yl'D # % Budget Actual Variance Variance Budget Actual Variance Variance • Revenues , .Rental $ 69,000 $ 73,708 $ 4,708 106.82% $ 619,500 $ 663,834 $ 44,334 107.16% Dividends/Interest $ 700 $ - $ (700) 0.00%' $ 6,300 $ - $ (6,300) 0.00% Total Revenues $ 69,700 $ 73,708 $ 4,008 105.75%: j $ 625,800 $ 663,834 $ 38,034 106.08% Expenses Professional-Accounting&Auditing $ 8,500 $ 8,829 $ (329) 103.87%t, $ 76,500 $ 79,461 $ (2,%1) 103.87% Professional-Consultants $ 6,000 $ 6,419 $ (419) 106.98%! $ 54,000 $ 50,827 $ 3,173 94.12% Tenant Improvements $ 3,000 $ - $ 3,000 0.00%I $ 27,000 $ 39,597 $ (12,597) 146.66% Repairs&Maintenance Building $ 8,000 $ 17,034 $ (9,034) 212.92%' $ 72,000 $ 86,432 $ (14,432) 120.05% Repairs&Maintenance-Landscaping $ 2,300 $ 650 $ 1,650 28.26% $ 20,700 $ 2,600 $ 18,100 12.56% Utilities-Water $ 150 $ 121 $ 29 80.41% $ 1,350 $ 956 $ 394 70.85% Utilities-Gas/Electric $ 7,000 $ 3,900 $ 3,100 55.71%, $ 63,000 $ 46,162 $ 16,838 73.27% Utilities-Waste Disposal $ 600 $ 561 $ 39 93.43%/ $ 5,400 $ 4,934 $ 466 91.37% Telephone $ 250 $ 423 $ (173) 169.35% $ 2,250 $ 2,400 $ (150) 106.67% Insurance $ 521 $ - $ 521 0.00% $ 4,687 $ - $ 4,687 0.00% I Total Expenses $ 36,321 $ 37,936 $ (1,615) 104.45%t )M $ 326,887 $ 313,370 $ 13,517 95.86% Operating Income $ 33,379 $ 35,772 $ 2,393 107.17% $ 298,913 $ 350,465 $ 51,552 117.25%, Equipment Replacement Reserve $ 16,700 $ 16,666 $ 34 99.80% $ 150,300 $ 149,994 $ 306 99.80% Net Income - Y. $ 16,679 $ 19,106 $ 2,47/ 11435% $148,613 $ 200,471 $ 51,858 13489%, 2005 Investment Reportlnv Report 2005 s City of Palm Desert .3 Parkview Office Complex Vacancy Rate Schedule by Suite March 2005 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,Pesota&Pichardo 3,040 211 State of California Department of Food &Agriculture 937 217 Joe B.McMillan,.Esq. 775 2005 Investment ReportVacancy Report 0 V City of Palm Desert Parkview Office Complex Vacancy Rate Schedule by Suite March 2005 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 City of Palm Desert Desert Willow Budget VS Actual For the month of March 2005 Budgeted Actual Budgeted Actual March March $ Percentage Year to Year to $ Percentage Revenue 2005 2005 Variance Variance Date Date Variance Variance Course&Ground $ 831,930 $ 934,780 $ 102,850 112.36% $ 3,677,382 $ 3,827,942 S 150,560 104.09% Carts $ 49,737 S 60,015 $ 10,278 120.66% $ 265,279 $ 263,400 8 (1879) 99.29% Golf Shoo 5 116,191 S 131,115 $ 14,924 112.84% $ 660,543 $ 666,414 $ 5,871 100.89% Range S 5.000 $ 7,745 $ 2,745 154.90% $ 27,100 S 32,915 S 5.815 121.46% Food&Beverage $ 232,446 S 267,512 S 35,066 115.09% S 1,188,430 S 1.253,306 S 64,876 105.46% Interest Income $ - S - $ - 0.00% $ - $ - $ - 0,00% Total Revenues S 1 235 304 401 167 65863 113.43% 5 818 734 S 6043 977 225 243 103.87% Payroll Proshop $ 4,651 $ 1,848 $ 2,803 39.73% $ 29,142 S 15,234 S 13,908 52.28% Can $ 37,128 S 29.109 S 8,019 78.40% $ 214,117 $ 186,845 $ 27,272 87.26% Course&Ground S 133,732 $ 127.703 $ 6.029 95.49% $ 1,170,255 S 1.123,451 $ 46,804 96.00% Golf Operations $ 38,257 S 32,888 S 5,369 85.97% S 244,174 S 213,661 $ 30,513 87.50% General&Administration $ 43,520 S 41,788 S 1,732 96.02% $ 376,864 $ 342,120 $ 34,744 90.78°ro Food&Beverage $ 85,033 5 88.970 $ (3,937) 104.63% S 599.211 S 609.596 5 (10,3851 101.73% Total Payroll $ 342,321 $ 322.306 $ 20.015 94.15% $ 2,633.763 S 2,490 907 $ 142,856 94.58%f Other Expenditures Perimeter Landscaping $ - $ - S - 0.00% $ - S - S - 0.00% Proshop $ 4,400 S 9.037 S (4.6371 205.39% $ 41,875 $ 44,708 S (2,833) 106.77% Proshop-COGS $ 58.289 S 56,742 $ 1,547 97.35% S 292,586 $ 274,292 S 18,294 93.75% Can S 14,990 $ 15,123 $ (133) 100.89% S 132,410 $ 129,505 $ 2,905 97.81% Course&Ground-North Course $ 34,654 S 38,038 $ (3,384) 109.77% $ 512,945 $ 515,908 $ (2,963) 100.58% Course&Ground-South Course $ 34,405 $ 38,721 $ (4,316) 112.54% $ 466,824 S 458,309 S 8,515 98.18% Course&Ground-Desert Pallet-N S 425 $ 1.331 $ (906) 313.18% $ 4,425 S 6,138 $ (1,713) 138.71% Course&Ground-Desert Pallet-S S 425 $ 1.336 S (911) 314.35% S 6,225 S 4,247 $ 1,978 68.22% Golf Operations S 725 S 1,245 $ (520) 171.72% S 13,925 $ 9,939 S 3,986 71.38% General&Administration 5 67,379 $ 80,962 $ (13,583) 120.16% $ 571,850 $ 593,050 $ (21,200) 103.71% Range $ (45 S 55 $ 90 37.93% S 12,135 $ 12.729 $ (594) 104.89% Food&Beverage $ 24,748 $ 38,410 $ (13,662) 155.20% $ 202,662 $ 295,034 $ (92.372) 145.58% Food&Beverage COGS $ 71,416 S 80,706 S (9,290) 113.01% $ 366,550 $ 396,286 $ (29,736) 108.11% Management Fee $ 25.000 $ 25,000 S - 100.00% $ 225,000 $ 222,787 S 2,213 99.02% Financing/Lease $ 3,938 $ 5,832 S (1,894) 148.10% $ 38,459 $ 38.505 $ (46) 100.12% 'Total Other Expenditures $ 340.939 $ 392,538 $ (51.599k 115.13% S 2.887.871 $ 3.001,437 $ (113,566) 103.93,' Desert Willow Golf Academy Desert Willow Golf Academy S 22,650 S 15,816 $ (6,834) 69.83% S 125,950 S 109,662 S (16,288) 87.07% COGS-Merchandise $ (6,605) S (4,837) $ 1,768 73.23% $ (58,379) $ (58,855) $ (476) 100.82% Other Expenditures S (8,025) S (5,384) $ 2,641 67.09% S (45,850) S (43,014) $ 2,836 93.81% $ Learning Center Income(Loss) $ 8,020 $ 5,595 $ (2,425) 69.76% S 21,721 S 7,793 $ (13,928) 35.88% Operating Income(Loss) S 560,064 $ 691,918 S 131,854 123.54% $ 318,821 S 559,426 $ 240,605 175.47% Equipment Reserve Replacement $ 70,000 $ 69,823 S (177) 99.75% S 630,000 $ 626,968 $ (3,032) 99.52% I Net Income Loss 490 064 622 095 32 031 26 9.% 3 1 79 67 542 243 637 21.71% Snapshot of Golf Rounds Budgeted(mo) Actual(mo) Variance Variance% Budgeted(vtd) Actual(ytd) Variance Variance% Resident 3,100 3,031 (69) 98% 14,885 14,356 (529) 96% Non Resident 7,019 8,765 1,746 125% 38,644 43,599 4,955 113% Other - 110 110 100% - 520 520 100% Complimentary 375 476 101 127% 2,832 2,533 (299) 89% Total 10,494 12,382 1,888 118% 56,361 61,008 4.647 108% Folder Desert Willow 2000:DW2005;Financial Statement Page 1 ) 2 /\ / ® }f } /0 2 \) }e ( ® / } ! 60 : V 0 * k g \ o $ \ 2 / ( {� \ / , f '4 ` � ° E \ \ 2 g ( 2 \ \ �) � + 2 ooC a 2 a JC < Ocx. ) a O. o • o ) 0- � 0 0. \ , � � g ) ) Q ) � ; ± g \ / £ ! .2 „1/40 \ . � a § 2 4a 7 ) I. ` V 0 ) o _ � V fi r g ) }( P. 9 . � V Ck < N 0 - 0 ) \ \ / I al AI • / \ CC•Xi \% ) ` -ti 0 tic Z $ 2y Cc. \ ° ( ] ® ; ` \ � 0 \ ± ! 001 iii o • I IY m x g x n g T e x x x nXm ST � Xm � gmu•_ a a. _ u2 $ ao^ ^ ' g 7a8amS m = oamoSm o 5amm _ _ Y e> Same ,2 3 c $^ ^ ^ &e . h $ a a o <^ , bg. 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AAaP( ° an • > P : > .. r xo A c =,9 At°- z `Y� i� �2 ,IA i a og $�R�-t'0 ? 3�Pz $§.5 �R3ag 4 a E _.4§m.mr- g 31a EE" <�s i .- � qq5r I IC9y _ e c t 4 Z - 2 r a 1- . yr rY 26 02qq1 ' y pp p < 011 0 pII 03q U tAAiAf �6 026^gI U • • co cu • E 0 ` r . fli , : . ! k k ! « � k 2 � ^ & , /e ) � ° ) ` E . ] J— CI - - - _ ) _ \ . / ) � 2r . . ae k §k - 2 ~ _ fA. { � � � . 0 wa el 22 A , 22 ; S ° . 0Li a - - ~ | § | 0 § ) & ce 0 E : _ | ! ® . o bO o IF . a « k } Ez ; ! J ~ kk ` ® ; 0 as c sa Scl ƒ / \ X 0 I Desert Willow Breakdown of Rounds per point of sale system Desert Willow - Combined Analysis- MARCH 2005 Resident 3,031 I $ 136,395 $ 45.00 24.50% Non-Resident 8,765 p $ 852,976 1 $ 97.32 I 70.80% Other j 110 I $ 2,623 1 $ 23.85 0.90% Complimentary 476 $ 1,450 L $ 3.05 3.80% Desert Willow Totals 12,382 $ 993,444 I $ 80.23 100.00% DW2005;POS AVG RA Page 9 Desert Willow Breakdown of Rounds per point of sale system FIRECLIFF COURSE- MARCH 2005 • i Description No. Of I Revenue I Avg. Per Pct to Rounds Per POS I I Round I Total Resident Rounds Resident Fee 1,390 I $ 62,550 j $ 45.00 22.00% I Total Resident 1,390 I $ 62,550 I $ 45.00 22.00% 1 � Non Resident E I I IROC Member/ Guest 61 $ 6,900 $ 113.11 0.97% IROC Designated Party 153 $ 12,623 I $ 82.50 2.42% Sunrise 283 $ 35,375 $ 125.00 4.48% Prime 487 $ 80,355 $ 165.00 7.71% Midday 191 $ 23,250 $ 121.73 3.02% Sunset I 416 1 $ 27,040 $ 65.00 1 6.59% Wholesale 1,719 $ 143,095 $ 83.24 I 27.21% ,Outing 881 1 $ 101,210 , $ 114.88 1 13.95% Twilight ( 280 $ 26,420 $ 94.36I 4.43% Fee Special Event Variable 142 I $ 8,867 I J $ 62.44 I 2.25% Total Non Resident Rounds 4,613 I $ 465,135 I I $ 100.83 73.03% Other Rounds I Junior Walking 54 $ 1,483 $ 27.46 I 0.85% Total Other T 54 $ 1,483 I I $ 27.46 0.85% Complimentary I I VIP 24 $ - $ - 0.38% PGA Member 29 I $ 1,050 I $ 36.21 0.46% USGA Kids on Course - I $ - I I $ - 0.00% Champions Club 3 $ - I I $ - 0.05% Donation 2 $ - $ - 1 0.03% PDHS/COD 178 $ - I $ - 2.82% Employee / Employee Guest 24 $ - I $ - 0.38% I Total Complimentary 260 I $ 1,050 $ - I 4.12% • L Total Rounds (FireCliff) 6,317 $ 530,218 I $ 83.94 I 100.00% DW2005;POS AVG RD Page 10 Desert Willow Breakdown of Rounds per point of sale system MOUNTAINVIEW COURSE- MARCH 2005 I I 1 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee 1,641 I $ 73,845 _ $ 45.00 27.06% Total Resident 1,641 I $ 73,845 $ 45.00 27.06% Non Resident IROC Member/ Guest 60 $ 6,800 $ 113.33 0.99% IROC Designated Party 137 $ 11,303 $ 82.50 2.26% Sunrise 216 I $ 26,000 $ 120.37 3.56% Prime 315 I $ 51,975 $ 165.00 5.19% Midday 154 $ 19,250 I $ 125.00 2.54% Sunset 430 $ 27,950 $ 65.00 I 7.09% Wholesale 1,809 $ 147,385 $ 81.47 29.83% Outing 573 $ 57,005 $ 99.49 9.45% Twilight 312 $ 29,220 $ 93.65 5.14% Fee Special Event Variable 146 $ 10,953 I $ 75.02 2.41% Total Non Resident Rounds 4,152 $ 387,841 I $ 93.41 I 68.46% I I Other Rounds I Junior Walking 56 $ 1,140 $ 20.36 I 0.92% Total Other 56 $ 1,140 $ 20.36 0.92% Complimentary i PGA Member 14 $ 400 $ 28.57 I 0.23% VIP 19 [$ - $ - 0.31% Donations 6 $ - I $ - 0.10% Champions Club - $ - I $ - 0.00% PDHS/COD 158 $ - $ - 2.61% Employee / Employee Guest 19 $ - $ - 0.31% Total Complimentary 216 $ 400 $ 1.85 I 3.56% _ I Total Rounds (Mountainview) 6,065 $ 463,226 I $ 76.38 I 100% DW2005;POS AVG RD Page 11 City of Palm Desert Desert Willow Cash Reserve Analysis for the month of March 2005 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 II Cash on Hand $ 1,426,981.19 II Variance- Favorable Unfavorable I $ 926,981.19 Page 12 PalmDesert Recreation Facilities Corporation Income Statement Mar-05 Mar-05 # % Budget Actual Variance Variance Food & Beverage Revenues $232,446 $267,512 $35,066 115.09% Total Revenues $232,446 $267,512 $35,066 115.09% Salaries $85,033 $88,970 ($3,937) 104.63% Cost of Goods Sold-F&B $71,416 $80,706 ($9,290) 113.01% Food & Beverage Expense $24,748 $38,410 ($13,662) 155.20% Total Expenses $181,197 $208,086 ($26,889) 114.84% Net Income (Loss) $51,249 $59,426 $8,177 115.96% Note: The above revenues and expenditures are also included in the Desert Willow analysis. DW2005;PDRFC Budget Page 1 • CITY OF PALM DESERT Afirt tn ! �i OFFICE OF THE CITY TREASURER %St INTEROFFICE MEMORANDUM ~%..tbat!,0,fix•. • To: Members of the Investment and Finance Committee From: Paul S. Gibson, C.C.M.T., City Treasurer Date: April 27, 2005 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 March 31, 2005. I am providing these statements to you for your review and information. The State Treasurer of California, Philip Angelides, has issued an opinion which states that local agencies should provide their governing bodies with periodic disclosure reports on all 457 Plan assets that are held in trust for employees. Although City employees determine: (1) how many of their cafeteria credits, if any, are to be applied to a 457 Plan; (2) who the plan administrator shall be; and (3) the investment option(s) to be selected, 457 Plan assets are technically considered to be City assets since they are held in the City's name. While this affords 457 Plan assets favorable tax treatment under the Internal Revenue Code, it also triggers a reporting requirement for the City. Attachments: 1) ICMA 457 Deferred Compensation Report 2) Nationwide Deferred Compensation Program (457) Report N:ITJEFFRETIWORD 20001MEMORANDAIFINANCE COMMITTEEUI57 PLAN ACCOUNT STATEMENTS.DOC : Quarterly Financial Report for ICM/CRC Your 457 Deferred Compensation Plan s..wtua...,.,Saw.;n 01/01/2005 through 03/31/2005 Page 1 of 7 A Message 1CMA io t . . .. It is important that all of your plan contact PAUL S GIBSON -0363 information be current.You can update it yourself. — CITY OF PALM DESERT Simply log in to EZLink at www.lcmarc.org. If you -- 73 510 FRED WARING DRIVE don't have EZL1nk access,contact Employer Services = PALM DESERT CA 92260-2564 at 800-326-7272 for information. II,11,1,I11,11,1111„I I,,,•,11111011111111111111111111111111111 Alas Sammy Info--- 'on For the Period Ending 06/31,/2005 Ending Fund Balance 3,929,768.91 Plan No 302129 Contributory 3,665,149.43 Rollover 264,619.48 Total Contributions this Period $69,141.63 Pre-Tax 264,619.48 Contributory $69,141.63 — Total Plan Assets $3,929,768.91 r Saakmaty by Fond ",` Near t 4 Sav-trglF conservative Txaaltlofittil ''o-gate a i Paeiod OTiestroa Sl*uartri igti* Beginning Balance $3,961,074.68 < $3,981,074.66 $288,884.87 $99,937.48 $77,281.05 Contributions fi9,14163 69,141.63 7,334.66 4,778.80 3,809.72 Roll-Ins 2211,3,5,7 22,711.35 0.00 0.00 11.56 Distributions 56,9$7.16 56,987.16- 42,558.92- 0.00 0.00 Fund-to-Fund Transfers 'Q 00 0.00 0.00 29,474.39 16,078.37- Earnings 68,171.57 j 66,171.57- 1,977.03- 1,054.94- 1,079.13- Ending Balance Ealitaa90.001V $3,929,768.91 $251,683.58 $133,135.73 $63,944.83 Percentage Invested 6% 3% 2% Fund apt ]Longterm iif4 quity P iUS Cash Core Bond 1:oarttFi:igmetowitigiEii; :wiiivmpliiidiimiiiiiii:i3,:impaiiiiiigeollintii::]ii:::;]gbutiitmot Beginning Balance $28,324.18 $114,047.72 $1,464,444.18 $3,635.74 $40,482.07 Contributions 1,897.50 5,292.30 23,562.22 3,122.64 659.10 Rdl-Ins 0.00 0.00 7,505.02 0.00 0.00 Distributions 1,711.78- 0.00 12,716.46- . 0.00 0.00 Fund-to-Fund Transfers 0.00 . 0.00 13,084.11- 0.00 0.00 Earnings 488.79- 2,630.75- 13,234.98 18.79 265.90- Ending Balance $28,021.11 $116,709.27 $1,482,945.83 58,777.17 $40,875.27 Percentage Invested 1% 3% 38% Less than 1% 1% Please review your statement carefully. ff you believe there to an error due to a transaction not previously confirmed,please notify ICMA-RC at 600326-7272(en Espanol 800 689-8216/within 90 dayn of quarter end. Failure to do so may prevent ICMA-RC from adjusting your account. 777 North Capitol Street, NE•Washington,DC•20002-4240•www.icmarc.org ICMA-RC Services,LLC.is a broker/dealer affiliate of the ICMA Retirement Corporation, member NASD and SIPC. Quarterly Financial Report for Your 457 Deferred Compensation Plan O1/01/20O8 through 03/31/2005 Page 2 of 7 'Plan Nmne CITY OF PALlt DESERT Ptah Ne 302104 .. Bwanaary by Fuud,,tout IIB S et VT;Fidelity Ey dty 800 Stuck ernment wson :I Puritan tncom indetc Beginning Balance $2,448.43 $118,805.48 $1,383.81 $9,677.17 $59,395.44 Contributions 109.47 432.00 60.00 341.47 2,167.11 Roll-Ins 0.00 0.00 0.00 0.00 16.30 Distributions 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 0.00 157.72- 0.00 Earnings 24.81- 2,413.56- 21.74- 52.78 1,450.61- Ending Balance $2,533.09 $116,823.92 $1,422.07 $9,913.70 $60,128.24 Percentage Invested Less than 1 % 3% Less than 1% Less than 1% 2% g by F ans4 Growth i BsiaoC fiaarkat VT Amer Cent 'tf1'Lord Abbot Growth It YlaceAsn 3; YRtlall 'Yalga I,g Cp VUIue Fund Beginning Balance $42,862.75 $130,938.90 $22,794.27 $757.49 $1,089,710.06 Contributions 0.00 507.66 1,835.86 30.00 6,561.39 Roll-Ins 231.50 0.00 4,684.82 0.00 3,752.01 Distributions 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 0.00 0.00 26.49 Earnings 1,068.89- 3,211.62- 277.91- 21.36- 55,496.03- Ending Balance $42,025.36 $128,234.94 $29,037.04 $766.13 $1,044,553.92 Percentage Invested 1% 3% 1% Less than 1% 27% S>nnmaryby Fund aunt n Fidelity VT. cent v 'Fldeaiy VT Gabes Aggre*+dnn ENHESOMMii!ii',.INAMati!$C00*.SIOgiumggposegams.10414ilw:EmelowEYakswimona5.v.rntsigo Beginning Balance $30,147.81 $100,760.88 $34,411.94 $17,123.22 $87,118.46 Contributions 246.36 1,116.00 0.00 0.00 3,078.19 Roll-Ins 150.56 47.81 0.00 0.00 3,661.29 Distributions 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 0.00 0.00 97.41- Earnings 50.09 5,127.20- 976.63- 393.45- 647.88- Ending Balance $30,594.82 $38,797.49 $33,435.31 616,729.77 $93,112.65 Percentage Invested 1% 2% 1% Less than 1% 2% ,2080A202-001-0363 1111111 VIII 11311111111111111111111111118181111111111111111111111118 A IAQuarterly Financial Report for icMAcRC Your 457 Deferred Compensation Plan auuit ad,r,..,,Sing 01/01/2005 through 03/31/2005 Page 3 of 7 FN.git Wane CtTY OF.PALM DESERT Pitnf Nu 3021R9 t►Y Pund suet VT T Rarse IAr Salt Gap shock: later saational Beginning Balance $1,740.81 $93,960.45 Contributions 100.68 2,098.50 Roll-Ins 0.00 2,650.48 Distributions 0.00 0.00 Fund-to-Fund Transfers 0.00 83.27- Earnings 64.01- 835.97- Ending Balance $1,777.48 597,790.19 Percentage Invested Less than 1 % 2% Note:Amounts shown net of applicable fees and expenses.Earnings include dividends,interest and realized and unrealized gains and losses. .ianamttl�aldna tbwls.::aura''' ''--- lOi aCiika+lasset;$atanwMTt&inamanaMt;4ppc)t010444ICFtansrat&marffr - Y4e0cY jidikiiit! r1Mn0e INl trtg . i W NatinR llf 1 re iii:iiiiiMINAM Wrib S 1\ Domestic Equities 48% M Domestic Equities 55% 0 Fixed Income 47% 0 Fixed Income 37% ■International 4% ■ International 5% ❑Cash Management 0% ❑ Cash Management 3% Fund category must equal at least 0.5%of assets to be displayed. Due to rounding,percentages may not sum to 100%. Share Vale Ok on O]J01120 . . Shorn on o1/01J2005 SharT.es oa 03/31/20 N skim "Velwe oS y d Sbbwra Valuo of : M Shuea Value of :.' owned One Shoe:' Owned One Share'; Owned One Sham Savings Oriented 15,556.5357 $18.57 15,556.5357 $18.57 13,656.1904 $18.43 Conservative Growth 5,743.5332 17.40 5,743.5332 17.40 7,731.4588 17.22 Traditional Growth 4,223.0084 18.30 4,223.0084 18.30 3,546.5796 18.03 Long-Tenn Growth 1,467.5741 19.30 1,467.5741 19.30 1,479.4677 18.94 All-Equity Growth 5,528.2462 20.63 5,528.2462 20.63 5,789.1505 20.16 Cash Management 255.6781 14.22 255.6781 14.22 474.9241 14.27 Core Bond Index 2,174.1184 18.62 2,174.1184 18.62 2,209.4735 18.50 US Government 140.6333 17.41 140.6333 17.41 146.9312 17.24 Asset Allocation 4,548.4488 26.12 4,548.4488 26.12 4,565.2179 25.59 VT Fidelity Puritan 60.8803 22.73 60.8803 22.73 63.5420 22.38 Equity Income 276.9651 34.94 276.9651 34.94 282.2005 35.13 777 North Capitol Street, NE•Washington, DC•20002-4240•www.icrnarc.org ICMA-RC Services,LLC.is a broker/dealer affiliate of the ICMA Retirement Corporation,member NASD and SIPC. Quarterly Financial Report for Your 457 Deferred Compensation Plan 01/01/2005 through 03/31/2005 Page 4 of 7 0467 Name CITY OF PALM DESERT; Plan No 30212Y fibre Va1iiii Shares ii ri/oil200$ i hares an'O11o1J200$. ,;flare.on 0313*1200$ 't:Shank Vali o4 i.Shares '., Vi'of p Shares Value:bt , Owned One®here Owned One Share Owned Oae Shire 500 Stock Index 3,991.6291 14.88 3,991.6291 14.88 4,141.0629 14.52 Growth &Income 2,537.7588 16.89 2,537.7588 16.89 2,551.6296 16.47 Broad Market Index 4,584.6951 28.56 4,584.6951 28.56 4,602.8335 27.86 VT Amer Cent Value 1,292.1925 17.64 1,292.1925 17.64 1,664.0130 17.45 VT Lord Abbet Lg Co Valu 66.0990 11.46 66.0990 11.46 68.7728 11.14 Growth Fund 40,359.6320 27.00 40,359.6320 27.00 40,755.1278 25.63 VT Fidelity Contra 1,209.2990 24.93 1,209.2990 24.93 1,225.2628 24.97 VT Amer Cent Ultra 5,551.5637 18.15 5,551.5637 18.15 5,617.9622 17.23 VT Fidelity Magellan 1,914.9661 17.97 1,914.9661 17.97 1,914.9661 17.46 • VT Gabelli Value 570.2037 30.03 570.2037 30.03 570.2037 29.34 Aggressive Oppor 2,986.5777 29.17 2,986.5777 29.17 3,214.1063 28.97 VT T Rowe Pr Sm Cap Sto 122.5062 14.21 122.5062 14.21 129.8382 13.69 International 6,077.6481 15.46 6,077.6481 15.46 6,379.0081 15.33 Sr asy by Aoaou*t-'type TOTAL Contributory ltalbnnr Beginning Balance $3,981,074.66 $3,712,938.50 $248,136.16 Contributions 69.141.63 69,141.63 0.00 Roll-Ins 22,711.35 0.00 22,711.35 Distributions 56,987.16- 56,501.21- 485.95- Earnings 66,171.57- 60,429.49- 5,742.08- Ending Balance $3,929,768.91 $3,665,149.43 5264,619.48 Percentage by Type 100°i° 93% 7% coatrlbt lwm iJstiog Date t . .TOTAL .•. Co aat=lD aay 01/12/2005 $11,269.29 $11,269.29 01/26/2005 11,731.89 11,731.89 02/10/2005 11,731.89 11,731.89 02/24/2005 11,454.52 11,454.52 03/10/2005 11,439.52 11,439.52 03/24/2005 11,514.52 11,514.52 Cash received from Employer 69,141.83 Total Contributions $69,141.63 12080A202-001-0363 II0IIICIIINIII IiiiINIII IIIII1 IIIIVIII HIll NII IIIIII HIIII HIII flII IIIIII IIIIIIIIII Illll llll 101 A • Nationwide' CITY OF PALM DESERT Retirement Solutions a N,tionwide Founds!CompanyDeferred Compensation Program (457) Statement of Account II,I„„I.I„I,LII,JIi,,,,LIJJ„dd,f„6I,6„IJ,,,III PAUL GIBSON w 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. '",� L.t s{''- '�I��t wf wmttrir ei e4 '4�I' h"k�a-r ili 'A.,,n "'i, ,�u'z."'' {�. `gbh'atit Account'Val ue0A Ol March}31,.2O35 i $2,882,259.65 You Toal i Jsf erfrals�T ansfersil l'o Date d y 347 p $3,041,636.07 Yourgottaf )t drawalik r rso9tit toDe el k ithiIP rm 'q ! - $1,182,348.33 € xf pri x ,,,,a,.N,, y, „n� of n-n om µ i wi�ttikvi t• p,.s,F. i F' ' IT 1 i�, Ti,gPYouryTotal Charges/Credits T Date ,� ,, �i!ee F,E3 - $422.00 wYour idtai Gate t ss,To nat�J' - a $1 023,393.91 .==� } a-y- x .,jit �' c y'-e. t gl nPfu 'YL 1 ri , _-�-:-f'��'P,x.__E:Gn,,.lr?e,u.�s nx4._��Iwi�r...'AJY � �.u�s :w...ibltny5"!.mAr �,yu-.F'I:.n..u_i.=��.:,:cE�L 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: January 01, 2005 Thru March 31, 2005 0 0 en asim'Ihr- -,y a"cx u 5 -6 .r-- a`'i -0'3: P ° wpfir 1 ,, „a.,,,,_ ; . 'w mi. p " l }1'pr � r Your 457D ►erred m e nlattRi [ Um s id i 1 h) Jlt- s anisshnsimi ibigan 110104bi, knu 12/31/2004 Deferrals/ 1N1thdrawals/ Charges/ 03/31/2005 Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value St eeeMII•, - Am Cent Vista Fd Ic 0.00 348.51 36,825.17 - 11.30 0.00 - 1,127.88 35,834.50 _ Am Cent Value Ic 22,924.94 1,172.50 2,000.00 -298.80 0.00 -210.70 25,587.94 __� Brwn Cap Mgmt Sml Co Ed Ic 33,689.26 466.80 0.00 - 1,175.13 0.00 •3,129.84 29,851.09 ass Drey Appreciation Fnd Inc 9,834.79 342.30 0.00 -575.00 0.00 -20.11 9,581.98 _ Dray Pram Mdcapstk Cls A 4,296.98 12.50 •83.66 -4,207.20 0.00 - 18.00 0.00 _ Dreyfus Pram Sm Cap Valu R 0.00 361.40 32,955.76 - 101.20 0.00 -273.08 32,942.8E r Drey S&P 500 Index Fund 50,741.29 782.40 0.00 -728.01 0.00 - 1,263.05 49,532.63 pram Ad Asset Manager 23,441.30 12.50 0.00 - 1,560.87 0,00 •543.31 21,349.62 e� Fd Contralund 115,911.63 1.333.50 96,281.80 -4,35703 0,00 - 1,819.43 207,329.67 era imam CUSTOMER SERVICE (877)677-3678 (ESPANOL) (800)649-9494 TDD: (800)848-0833 Web Site: WWW.NRSFORU.COM If you have any questions or concerns about your account, please call the Customer Service number, or write to the following address: NATIONWIDE RETIREMENT SOLUTIONS PO BOX 182797 COLUMBUS OH 43218-2797 • Report Period: January 01, 2005 thru March 31, 2005 Page: 2 of 3 CITY OF PALM DESERT Entity: 0516 :Aiini1 F3 rto ,5j'F, -R 4'- '��i/`5-}�2P'`Yt -E� [ '°?t-R.. r�-•°ee/g�raa y i ra r. �Ix rr s,V�, �33 F r- ingtir gi,ii #; ix li & Y ifr F,S M1°7. g �"t liz i;e- ry ri._ n iris, iShi'7 A,.iaml�ii a �"il 12/31/2004 Deferrals/ Withdrawals/ Charges/ 03/31/2005 Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value Rd Equity Income Fnd 61,254.25 756.40 0,00 -480.20 0.00 - 1,276.61 60,243.84 Fed US G'tsc Fnd 2-5 Ys Is 9,114.43 337.50 0.00 0.00 0.00 • 118.47 9,333.40 Nationwide Fixed Account 1,805,472.84 19,650.91 13.091.79 - 133,071,35 0.00 18,555.66 1,722,699.75 Rd Magellan Fnd 88,374.80 450,00 -98,281.80 -488.74 0,00 -96.35 0.00 Franklin Balsheet Inv Ed A 41,282,03 139.48 -40,586,26 - 194.60 0.00 -040.23 0.00 Growth Fnd of America A 16,828.34 168.80 0.00 -738.75 0.00 -335.44 15,719,95 Gartmore Invdes Aggr Sc 12,713.14 619.80 0,00 0.00 0.00 -260.59 13,072.35 Gartmore Invdes Modcons Sc 4,989.89 284.40 0,00 0.00 0.00 -47.66 5,226.73 AIM Dynamics Fund Ic 35,938.29 348.51 -30,443,49 -22.25 0.00 180.94 0.00 Gartmore Invdes Modaggr Sc 9,143.78 694.80 0.00 0.00 0.00 - 148.39 9,692.19 Gartmore Invdes Mod Sc 1,713.58 94.80 0.00 0.00 0.00 -23.21 1,785,17 Gartmore Invdes Cons Sc 1,608.53 94.80 0.00 0.00 0.00 -9.49 1,693.84 Incm Fnd of America, Inc. 42,079.07 245.60 0.00 0.00 0.00 -858,31 42,568.36 Janus Fund 93,237.98 3,858.42 -3,889.88 -297.51 0.00 -2,847.43 90,072,58 Jpm Midcap Value A 202.47 1,192,16 42.60 0.00 0.00 9,88 1,446,91 Jpm Intl Equity Fd Slot Sh 5,253,51 0,00 0,00 0.00 0,00 -83.80 5,169.71 Ms hi Fixed Incm Port Ic 794,41 0,00 0,00 -459.59 0.00 4.68 339.50 Ms III Equity Grth Port B 9.31 0.00 -9.03 0.00 0,00 -0.28 0.00 Mass Inv Grthstk Fnd Cls A 18,878,55 0.00 0.00 0.00 0.00 -889.96 18,989.59 Gartmore Money Mkt Al Ps 28,313.13 0.00 - 1,658.14 0.00 . 0,00 73.78 20,728,77 Grtmre Mod Stable Val Rat 10,175.95 321.78 0.00 0.00 0.00 68.34 10,584.07 Gartmore Bond Index Fund A 2,610,98 105,00 0.00 0,00 0.00' -22.16 2,693.80 Neu Bar Eq Soc Resp Ed Ic 17,221,54 402.24 0.00 0.00 0.00 -339.30 17,284.48 Gartmore Nationwide Fund D 99,031.85 1,638.78 0.00 -4,284.10 0,00 -680.14 95,724.17 Neu Ber Genesis Fd Tc 21,179.34 1,078.70 0.00 -804.62 0.00 546.21 21,999,63 Gartmore Intl Index Fund A 1,044.44 170.04 0.00 0.00 0.00 -7.16 1,207,32 Gartmore S&P 500 Index Ise 24,184.45 1,639.08 0.00 -38,35 0.00 -588.54 25,178.04 Gartmore Midcap Mid Indx A 205.50 0.00 83,86 0,00 0.00 -3.12 298.04 Gartmore Small Cap Index A 544.98 52.50 0.00 0.00 0.00 -31.37 568.09 Opp Global Fnd as A 10,783.40 336.80 0.00 -888.92 0.00 -377,54 9,833.74 Jpm Diversd Mdcp Gwth Ed A 178,59 0,00 - 181.68 0.00 0.00 2,09 0.00 Jpm Divers/d Mdcp Val Fd A 41.82 0,00 -42.60 0.00 0.00 0.78 0.00 Pimco Ttlretrn Fnd CIs A 24,876,53 317.70 0,00 0.00 0.00 - 126.11 25,068.18 Ptnm Voyager End Cis A 48,703.70 842.48 0,00 •2,585.53 0.00 -2,123.54 42,637,09 Gvit Small Company I 24,851.42 225,00 0.00 0.00 0.00 -230,35 24,646.07 Am Cent Growth Fnd Ic 17,241.84 1,026.18 0,00 0.00 0.00 -744.50 17,523,32 Am Cent Intl Disc Ic 6,032,78 0.00 0.00 000 0.00 -39,56 5,993.20 Am Cent Ultra Ic 100,553,82 1,073.50 - 1,913.27 -861.41 0.00 -5,427.97 99,424,67 Temp Foreign Fnd Cis A 42,489,82 170,00 0.00 •505.00 0.00 - 181.15 41,953.67 T Rowe Price Grwth Stk Adv 0.00 0,00 9.03 0.00 0,00 -0.29 8.74 Vankamp Growth&Inc Fd A 1,362,51 0.00 0.00 -200.39 0.00 -2.25 1,159,87 W&R Advisor High Income Y 2,189.96 334,28 0.00 -96070 0.00 - 18,67 1,518.87 Totals: 3,006,886.03 42.498,75 0.00 - 159,861.35 0.00 -7,343.78 2,882,259.65 s hascr�>ca ys x��.zfi_.,-^ ik I m.,'�, � wMe" e°1Eiliir Tre r lEEN6tittgi t sr tit SIT u'e- "Ia,""9 1 iiii4r , 141011P. r"p4' k-lckttra� f• "1511 llarcl�lifer r . fetttai a ing ifir d%W a lows- tg a s� ' 4x� ^� gi.. �`2@" .._ `.-.w- --��,,�'�. - !- �_ Asti -�[� c ;3-"' p r"�s Fund Description Percent Unit Value Units ACI Am Cent Vista Fd Ic 1.0385 34,505.9535 ACV Am Cent Value Ic 1.6573 15,439.4931 BSC Brwn Cap Mgmt Sml Co Fd Ic 1.2991 22,978.7178 DAF Dray Appreciation Fnd Inc 1.0805 8,868.4330 DPS Dreyfus Prem Sm Cap Valu R 1.0105 32,600.3549 DSP Drey S&P 500 Index Fund 1,4854 33,345.6870 FAM Fid Asset Manager 2.0398 10,468.4660 FCN Fld Contrafund 4.1912 49,467.9802 FEI Fid Equity Income Fnd 9.4156 6,398.2866 FIG Fed US G'tsc End 2-5 Ys Is 1.6428 5,681.4062 FIX Nationwide Fixed Account GFA Growth Fnd of America A 6.5112 2,414.1447 DA Gartmore(nudes Aggr Sc 1.1316 11,551.9878 DC Gartmore Invdes Modcons Sc 1.1233 4,652.8161 DM Gartmore Invdes Modaggr Sc 1.1349 8,540.3150 DS Gartmore Invdes Mod Sc 1.1246 1,587.3546 DV Gartmore Invdes Cons Sc 1.1090 1,527.4100 FA Incm Fnd of America, Inc. 4.1566 10,240.6705 JF Janus Fund 2.2700 39,679.7529 JPM Jpm Midcap Value A 1.2065 1,199.2531 JPS Jpm Intl Equity Fd Slot Sh 1,1156 4,634.2085 MFI Ms lit Fixed Incm Port Ic 1.9138 177.3918 MIG Mass Inv Grthstk End Cis A 18.8522 1,007.2896 MMF Gartmore Money Mkt Fd Ps 3.5267 7,578.9948 MSU Grtmre Mori Stable Val Ret 1.2511 8,444.0772 NBI Gartmore Bond Index Fund A 1.1756 2,291.4287 NBS Neu Ber Eq Soc Resp Fd Ic 1.0718 16,126.2975 99987004P000000 Report Period: January 01, 2005 thru March 31, 2005 Page: 3 of 3 CITY OF PALM DESERT Entity: 0516 Ff-a 31t r u_.ST -�,'r i y_ �i r ems' a. i *+'i i- p :.. ,e i s .= y �s r lig2 �r #1s o iaref�y3 251/5 You eferrais Are Bing tlyeestec 4s-Fgitnws r e r ' Fund Description Percent Unit Value Units NF Gartmore Nationwide Fund D 25.1747 3,802.3908 NGS Neu Bar Genesis Fd Tc 1.5040 14,627.4292 Nil Gartmore Intl Index Fund A 1.1107 1,086.9470 NW Gartmore S&P 500 Index Isc 1.0598 23,755.5621 NMC Gartmore Midcap Mkt lndx A 1.3074 218.7835 NSC Gartmore Small Cap Index A 1.2891 439.1275 OGF Opp Global Fnd Cis A 1.9469 5,050.9887 PMT Pima Ttiretrn Fnd Cs A 1.2343 •20,309.9965 PVF Ptnm Voyager End Cis A 4.1589 10,300.1522 SCF Gvit Small Company I 1.9601 12,574.0907 TCG Am Cent Growth End is 6.7575 2,593.1754 TCI Am Cent Intl Disc Ic 1.9929 3,007.2336 TCL Am Cent Ultra Ic 3.1220 31,845.9752 TFF Temp Foreign End Cis A 2.9242 14,346.9469 TRR T Rowe Price Grwth Stk Adv 0.9892 8.8306 VKG Vankamp Growth& Inc Ed A 1.2152 954.4470 WED W&R Advisor High Income Y 1.2209 1,244.1102 al a bx s `a- £ a'ta, cfi z ��'i€ t bur a attra Ace fiforina oh r"5-s i .blige ,+ ' lb th1 k�� b '� „_e:_:_�'�r-"fil-". _ s� Mo 16 ,fir-._..�. r Wi . .+WI _ -�ill " aH !i� �., r.ar r 1 _ l . , iii Lraa: �i'a: _ ad 'x .. Polley Premium Report Period Account Surrender Death Life Option Number Per Pay Premiums Value Value Benefit Plan I (Universal Life) 97.48 584.88 14,543.75 12,054.07 261,616.01 Universalite 85.90 294.78 17,909.23 14,227.02 276,139.0t 0 c4 O in O • alias alit rMO=