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2005-02-26 IFC Regular Meeting Agenda Packet
4 ikk '1160 CITY OF PALM DESERT r s 4 11 FINANCE DEPARTMENT ail - ..e/ 'MC" yt;. INTEROFFICE MEMORANDUM 3q3 , TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARYWD DATE: MARCH 24, 2005 SUBJECT: APPROVED MINUTES OF THE FEBRUARY 23, 2005 INVESTMENT & FINANCE COMMITTEE MEETING Please find attached the Minutes of the Investment & Finance Committee meeting which took place on Wednesday, February 23, 2005, and were approved by the Committee at the meeting of March 23, 2005. Please include on the upcoming agenda for review and acceptance by City Council. Please feel free to contact me at Ext. 382 if you have any questions. Thank you. nmo Attachment (as noted) G:W nan<eWianb Gnega\W pdoosllnvesimenl Comm11ee1MemoskklassenO12605.wpd INVESTMENT & FINANCE COMMITTEE MINUTES FEBRUARY 23, 2005 The report was reviewed and placed on file. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR JANUARY 2005 Mr. Espinoza reported that Mr. Young was out of state and would be able to answer any questions at the next regular meeting. Mr. Ortega reported that at the end of January, in spite of a few rainy days, the course was performing better than budgeted. G. 457 DEFERRED COMPENSATION REPORTS FOR 4Q04 (NATIONWIDE AND ICMA) The report was reviewed and placed on file. H. INDEPENDENT ACCOUNTANTS' REPORT — CASH AND INVESTMENT ACTIVITIES REVIEW Mr. Espinoza reported that there were no significant findings by the accountants, and will be reviewed again in three years. VI. CONTINUED BUSINESS A. UPDATE ON INVESTMENT SUBCOMMITTEE MEETING Mr. Coleman reported that the subcommittee met to discuss the Request for Qualifications (RFQ) draft for underwriting services. Once the changes are made, the RFQ will be distributed. A list of those receiving the RFQ was distributed to the Committee. The next meeting date has not yet been determined. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Mr. Coleman reported that staff was directed by Council to research the possibility of recovering funds for staff time expended on bond issues. He requested that the Committee approve staff to enter into discussions with the City Attorneys to explore this opportunity. 4 G:IFinanceWiamh OrtegalWpdocsllnvestment Committee120051Minutes\Minutes 0022305.doc INVESTMENT & FINANCE COMMITTEE MINUTES FEBRUARY 23, 2005 Member Wood questioned if the City is the only source for developers to recover these fees. Member Ortega indicated that the developer would typically have to pay for conditions placed on a development in cash, but the City of Palm Desert allows them to form an assessment district to do this. The purpose would be to obtain a legal opinion that designates how much the City could impose. MOTION to approve discussions between staff and the City Attorneys to explore recovery of funds for staff time spent on bond issues made by Member Wood, seconded by Member Campbell, unanimously approved. VIII. ADJOURNMENT Mr. Espinoza adjourned the meeting at 11:15 a.m. Niamh Ortega, Reco4j g Secretary 5 G:IFinancelNiamh OrtegalWpdocsllnvestment Committee12005WlinutestMinutos 0022305.doc .............. POSTED AGENDA it 4, '(I► °. REGULAR MEETING OF THE PALM DESERT 0011 . A4 ; INVESTMENT & FINANCE COMMITTEE ,,y .T1i•• 114 Wednesday, February 23, 2005 — 10:30 a.m. .C4A-P�tgtl} ...,. ,���;. 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 January 26, 2005 Rec: By Minute Motion, approve the Minutes of the regular meeting of the Palm Desert Investment and Finance Committee of January 26, 2005, as presented. V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR JANUARY 2005 Rec: By Minute Motion, recommend that the City Council approve the City and Redevelopment Agency Investment Reports for the periods ended January 31, 2005. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR JANUARY 2005 Rec: Review and file. INVESTMENT & FINANCE COMMITTEE AGENDA FEBRUARY 23. 2005 C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR JANUARY 2005 Rec: Review and file. D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR JANUARY 2005 Rec: Review and file. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR JANUARY 2005 (To be distributed at the meeting) Rec: Review and file. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR JANUARY 2005 (To be distributed at the meeting) Rec: Review and file. G. 457 DEFERRED COMPENSATION REPORTS FOR 4Q04 (NATIONWIDE & ICMA) Rec: Review and file. H. INDEPENDENT ACCOUNTANTS' REPORT — CASH & INVESTMENT ACTIVITIES REVIEW Rec: Review and file. VI. CONTINUED BUSINESS A. UPDATE ON INVESTMENT SUBCOMMITTEE MEETING Rec: Receive report. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS Rec: Review and file. 2 G:IFinanceWiamh OrtegalWpdocsVnvestment Committee120051Agendalagenda 022305.doc INVESTMENT & FINANCE COMMITTEE AGENDA FEBRUARY 23, 2005 B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Rec: Review and file. VIII. ADJOURNMENT Rec: By Minute Motion, adjourn the meeting. *** Next Meeting: Wednesday, March 23, 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 16th day of February 2005. Acon,tJL , Niamh Ortega, Recoring Secretary 3 G:IFinanceWiamh OrtegalWpdocslInvestment Committee120051Agendalagenda 022305.doc MINUTES REGULAR MEETING OF THE PALM DESERT I ' i INVESTMENT & FINANCE COMMITTEE l'oterr4 Wednesday, January 26, 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/Finance Director Everett Wood, Member Buford Crites, Mayor Jim Ferguson, Mayor Pro-Tempore Carlos Ortega, City Manager Justin McCarthy, ACM/Redevelopment Thomas Jeffrey, Deputy City Treasurer Bob Hargreaves, City Attorney Russ Campbell, Member Bill Veazie, Member Thomas Lee Wormley, Member (arrived 11:05 a.m.) Also Present: Dennis Coleman, RDA/Housing Finance Manager Luis Espinoza, Assistant Finance Director Richard Kikuchi, Lance, Soil & Lunghard Janet Moore, Housing Authority Administrator Niamh Ortega, Recording Secretary Shirish Patel, Lance, Soil & Lunghard Rodney Young, General Manager, Desert Willow III. ORAL COMMUNICATIONS None. INVESTMENT & FINANCE COMMITTEE MINUTES JANUARY 26. 2005 IV. APPROVAL OF MINUTES A. MINUTES of the meeting of November 24, 2004 MOTION was made by Mr. Campbell and seconded by Mr. Veazie to approve the Minutes of the November 24, 2004 meeting as submitted. Motion passed. V. NEW BUSINESS A. AUDIT REPORTS FOR CITY OF PALM DESERT AND PALM DESERT REDEVELOPMENT AGENCY Mr. Gibson indicated that each member had received a copy of the financial audit along with a report on findings. He introduced Richard Kikuchi and Shirish Patel of Lance, Soil & Lunghard, the company that performed the audit. Mr. Kikuchi informed the Committee that beginning in June 2004, a team of four auditors reviewed the internal procedures in place at the City. An independent count on the inventory was performed. At the end of August, an in-depth analysis of the balance sheet was conducted in order to produce the financial statement. In addition to typical procedures, auditors were required this year to test for fraud, which involved one person from each department taking part in an interview process to determine if fraud existed. The City, Redevelopment Agency, Housing Authority and Desert Willow were involved in the audit, and the procedure went smoothly. Mr. Kikuchi highlighted several areas of the financial report. As a result of the audit, the firm provided management feedback in three main areas as indicated in the letter addressed to the Investment & Finance Committee and distributed in the agenda packet. He indicated that there were no disagreements with management relative to procedures. Mr. Kikuchi drew particular attention to posting procedures during bid solicitations, and clarified issues surrounding sole source vendors. He also informed the Committee that the investment review was almost complete and would be presented at the Investment & Finance Committee meeting of February 23, 2005. 2 G:IFinancewiamh OrtegalWpdocsVnvestment Committee120051MinutestMinules 012605 final doc INVESTMENT & FINANCE COMMITTEE MINUTES JANUARY 26. 2005 B. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR NOVEMBER AND DECEMBER 2004 Mr. Jeffrey made the following reports for November and December 2004. For the month ended November 30, 2004, the book value of the City Portfolio was approximately $128.6 million. Interest earnings were approximately $214,000. Yield-to-maturity was approximately 1.08%. For the month ended November 30, 2004, the book value of the RDA Portfolio was approximately $148.7 million. Interest earnings were approximately $221,000. Yield-to-maturity was approximately 1.84%. For the month ended December 31, 2004, the book value of the City Portfolio was approximately $124.7 million. Interest earnings were approximately $222,000. Yield-to-maturity was approximately 2.26%. For the month ended December 31, 2004, the book value of the RDA Portfolio was approximately $147.8 million. Interest earnings were approximately $239,000. Yield-to-maturity was approximately 2.00%. Mayor Pro-Tempore Ferguson asked why the book value of the City and Redevelopment Agency portfolios had decreased over a six-month period. Mr. Gibson responded that the City is no longer receiving sales tax and DMV fees on a monthly basis from the State, so the City operates with a decrease in cash flow for the first six months of the fiscal year. It was not expected that this cash flow would increase toward the end of the year, due to numerous Capital Improvement projects that are scheduled over the coming months. The Redevelopment Agency receives funding in January and May, and at the end of the calendar year makes pass- through payments to the County and the school districts, resulting in monthly fluctuations. The sales tax will end up costing the City nothing in the long term, but will cost approximately $300,000 in the short term, because of the timing. The current year's increase will be received next year. ERAF payment to the state is approximately $680,000 for the City and $3.9 million for the Redevelopment Agency. Staff expects to receive approximately $30 million in property taxes in January 2005, so there will be a significant reduction in the difference on the January report. 3 G:IFinanceWiamh OrtegalWpdocsVnvestment Committee120051MinuteslMinutes 012605 finatdoc INVESTMENT & FINANCE COMMITTEE MINUTES JANUARY 26, 2005 C. CORPORATE SECURITIES ISSUER LISTS FOR 2005 Mr. Jeffrey reported that it was time for an annual review of the corporate commercial paper and medium-term note issuer lists. Five new additions are recommended: Emerson Electric; First Tennessee Bank; Sherwin- Williams; South TrusUWachovia Bank and USAA Capital Corporation. MOTION to approve both the medium term notes and the commercial paper issuer list for 2005 made by Mr. Campbell, seconded by Mr. Jeffrey, unanimously approved. D. PALM DESERT 2004 POLICIES AND PROCEDURES REVISIONS Mr. Jeffrey distributed and discussed the revisions to the Palm Desert Treasury Policies and Procedures for 2004. These revisions had been delayed due to unexpected staff illness. MOTION to recommend that the City Council approve the proposed revisions to the Palm Desert Treasury Policies and Procedures Manual retroactively to 2004, made by Mr. Campbell, seconded by Mr. Ortega, unanimously carried. E. ZIONS BANK'S 2005 BROKER CERTIFICATION Mr. Jeffrey indicated that Zions Bank of Salt Lake City, Utah had submitted all of the required documentation for broker certification. Mr. Jeffrey noted that Zions appeared to be particularly efficient at trade execution. F. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR NOVEMBER AND DECEMBER 2004 Mr. Gibson reported that the City and RDA accounts are still maxed out. The reports were reviewed and placed on file. G. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR NOVEMBER AND DECEMBER 2004 The reports were reviewed and placed on file. H. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR NOVEMBER AND DECEMBER 2004 Mr. Gibson reported that the State is taking their 0.25% portion of the sales tax. The ERAF payment has not been paid back yet, and should be received in April or May 2005. Building permit and business license fees 4 G:IFinancelNiamh OrtegalWpdocsVnvestment Committee120051MinuteslMinutes 012605 final.doc INVESTMENT & FINANCE COMMITTEE MINUTES JANUARY 26, 2005 have all increased. Transient Occupancy Tax is down from last year due to a one-time substantial payment received from a timeshare company in 2004. Expenditures are as projected in the budget. Mid-year budget request items have been received and will be reviewed in the coming week with the City Manager. Both reports were reviewed and placed on file. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR NOVEMBER AND DECEMBER 2004 Mr. Gibson reported that tenants who are private sector vendors have been informed of the requirement to pay market rate for their spaces at the Parkview building. One tenant has indicated that he will be giving his notice and relocating his office. J. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR NOVEMBER AND DECEMBER 2004 Mr. Young reported that Desert Willow's revenues are slightly down for the month of December, but are up overall for the year. While the golf course • was closed on Christmas Day, it was decided that it would remain open next year and offer limited play times. Rain closed the course on December 27, and resulted in approximately a $20,000 loss in green fee revenues, plus food, beverage and merchandise losses. Rounds were up by 200 over the same period last year, and the average rate showed an increase of $4.27. Year-to-date income through December had increased $87,000 net operating income to budget. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Mr. Coleman informed the Committee that the subcommittee formed to review the RFQ for underwriting services would be meeting on February 7, 2005. 5 G:IFinanceWiamh OrtegalWpdocsllnvestment Committee120051MinuteslMinutes 012605 final.doc INVESTMENT & FINANCE COMMITTEE MINUTES JANUARY 26. 2005 Staff had begun to review the reimbursement policy for staff time spent on bond issues. The Committee had previously recommended that Best, Best & Krieger and Richards, Watson & Gershon review the proposed policy. Best, Best & Krieger indicated that the policy was acceptable as presented. Richards, Watson & Gershon suggested numerous changes, and will submit a redlined version for staffs review. Mr. Coleman added that staff met with Moody's Rating Agency, and they are interested in performing a rating next time a bond is being issued. Staff will bring some suggestions to the Committee at a later date. Another rating agency, Fitch, has scheduled a visit for February 11 to tour Palm Desert, and staff anticipates a favorable meeting. Staff feels that a few adjustments could result in a strong underline, which could help when insuring bonds, possibly resulting in obtaining a lower premium. It would . be beneficial for staff to develop a strategy to lower the cost of bond insurance. VIII. ADJOURNMENT Mr. Gibson adjourned the meeting at 11:15 a.m. NiTtiN L 1 1 4.0�-- Niamh Ortega, Re*•rding Secretary 6 G:IFinancewiamh Ode galWpdocsllnvestment Committee 120051MinuteslMinutes 012605 final.doe City of Palm Desert iieHeCir ThStCity and Redevelopment Agency Portfolios rI 41;-(1. Ar 5-ep COMPLIANCE ANALYSIS AND INVESTMENT REPORT E7 \� <, January 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 February 2nd, and raised the Federal Funds Rate by 25 basis points to 2.50%. The FOMC said that it would continue to raise short-term interest rates at a "measured pace." The FOMC stated that economic growth was "moderate,"the job market was improving "gradually,"and inflation remained "well-contained." Although there had been some concern about signs of inflation in December, that was apparently no longer the case. Unless there are significant shifts in the economy, investors expect the Federal Funds Rate to rise to 2.75%at the March 22nd FOMC meeting; to 3.0% at the May 3rd meeting; and to 3.50% by year-end. Chairman Greenspan reportedly wants to ensure that when he leaves his post next year, his successor will have the ability to reverse course, and cut rates should the economy go into decline. The yield curve continues to flatten, with short- and intermediate-term interest rates rising modestly, and long-term interest rates declining slightly. The decline in long-term rates reflects the perception that the long-term inflation outlook remains under control. As a Wells Fargo investment letter recently noted,the"barbell" investment strategy that the City used to invest its property taxes in January, is becoming increasingly popular since it can provide a performance advantage when the yield curve is flattening. Pauls. Ciiswon, C.C.M.T. Treasurer PORTFOLIO STATISTICS Dollars in Thousands JAN-05 DEC-04 NOV-04 OCT-04 SEP-04 AUG-04 CITY Month-End Book Value*** $ 140,218 $ 124,724 $ 128,602 $ 130,550 $ 132,121 $ 136,973 Month-End Market Value*** $ 140,446 $ 124,992 $ 128,877 $ 130,866 $ 132,403 $ 137,299 Paper Gain(Loss) $ 228 $ 268 $ 275 $ 316 $ 282 $ 326 Prior Year Book Variance $ 12,381 $ (8,112) $ (3,536) $ (3,592) $ (6,242) $ (48,236) Interest Earnings $ 243 $ 222 $ 214 $ 200 $ 191 $ 195 Yield-To-Maturity 2.54% 2.26% 2.08% 1.96% 1.84% 1.74% Weighted Maturity(Days) 178 121 119 124 123 121 Effective Duration 0.32 0.14 0.15 0.17 0.18 0.19 RDA Month-End Book Value*** $ 160,560 $ 147,802 $ 148,730 $ 149,149 $ 158,671 $ 160,693 Month-End Market Value*** $ 160,623 $ 147,862 $ 148,761 $ 149,180 $ 158,703 $ 160,783 Paper Gain (Loss) $ 63 $ 60 $ 31 $ 31 $ 32 $ 90 Prior Year Book Variance $ (2,570) $ 6,079 $ 4,546 $ 4,929 $ 5,778 $ 37,378 Interest Earnings $ 268 $ 239 $ 221 $ 216 $ 202 $ 217 Yield-To-Maturity 2.23% 2.00% 1.84% 1.73% 1.61% 1.51% Weighted Maturity(Days) 127 65 65 65 62 71 Effective Duration 0.20 0.05 0.07 0.09 0.10 0.12 *** Omits SLGSs. City of Palm Desert -- Portfolio Characteristics ` 31 January 2005 Dollars in Thousands Arming Interval Market Value / �l < 1M $ 60,928 General Fund Ageing" <2M 6,050 <3M - 100 <6M 13,980 80 - < 1YR a 65 <2YR 0 60- Cl <3YR 12,123 i 40 - <4YR - o. <5YR - 20 - 6 15 13 >5YR - 0 , II , 0 1-1 0 0 - Total: $ 93,081 <1M <2M <3M <6M < 1YR <2YR <3YR J Ratin s* Market Value Credit Quality' AAA $ 26,487 2 2 5% 0%5% Unrated " 72,785 AA 17,868 A 5,310 A 1117:9 A-1 8,965 5% Unrated** Total: $ 131,415 70% • Sector Market Value Asset Allocation Money Market Funds $ 19,417 T, LAIFRDA 32,785 LAIFO 35% RDA Loan 32,785 RDA Loan MTNs 23,178 28% U.S.Treasury - Federal Agency 7,070 Money Market 1111, Commercial Paper 8,965 Funds MTNs17% 20% Total: $ 131,415 2 Month City Yield LAW Yield Variance Performance, Feb04 1.58 1.44 0.14 1 Mar 1.56 1.47 0.09 2.6 _ Apr 1.54 1.45 0.09 May 1.53 1.43 0.11 22 - Jun 1.58 1.47 0.11 _ Jul 1.68 1.60 0.07 v 1'8 4 Augro 1.74 1.67 0.06 Fir Sep 1.84 1.77 0.07 1.41 ��. �lll i ll Oct 1.96 1.89 0.07 1.0 Nov 2.08 2.00 0.08 Feb04 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan05 Dec 2.26 2.20 0.06 Jan05 2.54 2.26 0.28 OLAIF Yield OCity Yield 2 Moody s Credit Ratings - LAIF,and City Loan to RDA Page 2 of 8 City of Palm Desert Portfolio Holdings 31 January 2005 Market Ratings Par Value I Issuer I Coupon! Maturity I Cost I YTM Price Value Moody's I S&P Medium-Term Note $ 2,406,000 ABBOTT LABS 6.80 5/15/05 $ 2,438,309 2.08 101.01 $ 2,430,354 Al AA $ 3,000,000 BANK ONE 4.13 9/1/07 $ 3,035,449 3.64 101.29 $ 3,038,589 Aa3 A+ $ 3,000,000 FORD 7.20 6/15/07 $ 3,090,690 5.75 105.15 $ 3,154,605 A3 BBB- $ 2,500,000 FORD 7.20 6/15/07 $ 2,575,575 5.75 105.15 $ 2,628,838 A3 BBB- $ 1,610,000 FORD 6.75 5/15/05 $ 1,628,105 2.80 100.95 $ 1,625,327 A3 BBB- $ 4,612,000 FORD 7.20 6/15/07 $ 4,825,393 5.10 105.15 $ 4,849,680 A3 BBB- $ 3,000,000 GOLDMAN SACHS 7.20 3/1/07 $ 3,220,947 3.50 105.97 $ 3,178,992 Aa3 A+ $ 1,270,000 PITNEY BOWES 5.95 2/1/05 $ 1,270,000 1.32 100.00 $ 1,270,000 Aa3 AA $ 1,000,000 WACHOVIA 7.70 2/15/05 $ 1,002,432 1.38 100.17 $ 1,001,726 Aa3 A $ 22,398,000 Subtotal $ 23,086,901 3.99 $ 23,178,110 Commercial Paper--Discount $ 3,000,000 GENERAL ELECTRIC 2.56 5/13/05 $ 2,976,107 2.62 99.25 $ 2,977,390 P-1 A-1+ $ 3,000,000 GENERAL ELECTRIC 2.63 6/15/05 $ 2,968,221 2.70 99.91 $ 2,997,270 P-1 A-1+ $ 3,000,000 GENERAL ELECTRIC 2.71 7/15/05 $ 2,960,479 2.78 99.67 $ 2,989,990 P-1 A-1+ $ 9,000,000 Subtotal $ 8,904,807 2.70 $ 8,964,650 Federal Agencies--Discount $ 1,015,000 FED NATIONAL MTG ASSOC 1.92 5/2/05 $ 997,021 2.00 99.35 $ 1,008,403 Aaa AAA $ 3,035,000 FED NATIONAL MTG ASSOC 1.71 3/3/05 $ 2,995,644 1.78 99.80 $ 3,028,930 Aaa AAA $ 3,045,000 FED NATIONAL MTG ASSOC 1.79 4/1/05 $ 2,999,427 1.86 99.59 $ 3,032,515 Aaa AAA $ 7,095,000 Subtotal $ 6,992,092 1.85 $ 7,069,848 LGIP $ 40,000,000 L.A.I.F. 0.00 2/1/05 $ 40,000,000 2.26 100.00 $ 40,000,000 U U $ 40,000,000 Subtotal $ 40,000,000 2.26 $ 40,000,000 LGIP $ 10,402,274 C.A.M.P. 0.00 2/1/05 $ 10,402,274 2.09 100.00 $ 10,402,274 U AAA $ 10,402,274 Subtotal $ 10,402,274 2.09 $ 10,402,274 Pooled Funds--AIM $ 9,014,730 PRIME PORTFOLIO 0.00 2/1/05 $ 9,014,730 1.95 100.00 $ 9,014,730 Aaa AAA $ 9,014,730 Subtotal $ 9,014,730 1.95 $ 9,014,730 City Loan to RDA $ 32,785,480 CITY OF PALM DESERT 0,00 2/1/35 $ 32,785,480 2.26 100.00 $ 32,785,480 U U $ 32,785,480 Subtotal $ 32,785,480 2.26 $ 32,785,480 "U"=Unrated Page 3 of 8 City of Palm Desert Portfolio Holdings 31 January 2005 Market Ratings IPar Value J Issuer !Coupon' Maturity 1 Cost 1 YTM Price 1 Value Moody's 1 S S P Total Investments $ 130,695,484 $ 131,186,283 2.54 $ 131,415,092 Cash $ 8,349,561 CITY MAIN CHKG 0.00 2/1/05 $ 8,349,561 0.00 100.00 $ 8,349,561 N/A N/A $ 301,332 DESERT WILLOW CHKG 0.00 2/1/05 $ 301,332 0.00 100.00 $ 301,332 N/A N/A $ 380,408 RECREATIONAL FAC CHKG 0.00 2/1/05 $ 380,408 0.00 100.00 $ 380,408 N/A N/A $ 9,031,301 Subtotal $ 9,031,301 $ 9,031,301 Total Investments and Cash $ 139,726,785 $ 140,217,584 $ 140,446,393 "U"=Unrated Page 4 of 6 Palm Desert Redevelopment Agency-- Portfolio Characteristics ' 31 January 2005 Dollars in Thousands Ageing Interval Market Value Portfolio Ageing wlo SLGSsI < 1 M $ 75,290 <2M 3,028 <3M - 100 <6M 90 - 81 80 - - < 1 YR 2,952 a 70 - <2YR 3,092 a 60 - <3YR 9,023 .2 50 - r 40 - <4YR - a 30 - <5YR - 20 - 10 >5YR - 10 - 3 0 0 3 ^ I� 0 Total: $ 93,385 <1M <2M <3M <6M <1YR <2YR <3YR <4YR J Quality' Market Value Credit Quality AA AAA $ 91,455 5�8°/A 0% Unrated** 60,704 A AA - 0% A - A-1 5,986 A-1 C Unrated** Total: $ 158,145 4% 38% J Sector Market Value Asset Allocation' Money Market U.S.Treasury $ 23,078 Funds Money Market Funds 50,223 37% LAIF 60,704 Federal Agency 15,066 U.S.Treasury 0:). Commercial Paper 5,986 17% LAIF Corporate Bonds 3,088 46% 46% Total: $ 158,145 2 Month RDA Yield LAIF Yield Variance Performance' Feb04 1.20 1.44 -0.24 Mar 1.20 1.47 -0.28 2.4 Apr 1.22 1.45 -0.23 May 1.17 1.43 -0.26 2.1 - IL Jun 1.37 1.47 -0.10 - 11tilitir 11 . Jul 1.53 1.60 -0.08 -6 t7 Aug 1.51 1.67 -0.16 1.a Sep 1.61 1.77 -0.17 Oct 1.73 1.89 -0.16 1.0 Nov 1.84 2.00 -0.17 Feb04 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan05 Dec 2.00 2.20 -0.20 Jan05 2.23 2.26 -0.03 OLAIF Yield ORDA Yield * Moody's Credit Ratings " LAIF Page 5 of 8 Palm Desert Redevelopment Agency Portfolio Holdings 31 January 2005 Market Ratings I Par Value I Issuer 'Coupon' Maturity I Cost I YTM Price I Value Moody'sI S&P Medium-Term Notes $ 3,000,000 FORD 6.50 1/25/2007 $ 3,092,246 4.85 102.95 $ 3,088,413 A3 BBB- $ 3,000,000 Subtotal $ 3,092,246 4.85 $ 3,088,413 Commercial Paper--Discount $ 3,039,000 GENERAL ELECTRIC 1.73 3/1/2005 $ 2,999,569 1.80 99.80 $ 3,032,855 P-1 A-1+ $ 3,000,000 GENERAL ELECTRIC 2.77 8/15/2005 $ 2,952,448 2.87 98.44 $ 2,953,287 P-1 A-1+ $ 6,039,000 Subtotal $ 5,952,017 2.33 $ 5,986,142 U.S. Treasury--Coupon $ 23,107,000 UNITED STATES TREASURY 1.63 3/31/2005 $ 23,098,399 1.86 99.88 $ 23,078,116 Aaa MA $ 23,107,000 Subtotal $ 23,098,399 1.86 $ 23,078,116 Federal Agency--Coupon $ 3,000,000 FED FARM CREDIT BANK 2.63 9/17/2007 $ 2,939,026 3.43 97.66 $ 2,929,688 Aaa MA $ 3,000,000 FED HOME LOAN BANK 3.38 9/14/2007 $ 2,992,777 3.82 99.47 $ 2,984,063 Aaa AAA $ 3,000,000 FED HOME LOAN MTG 4.88 3/15/2007 $ 3,090,919 3.38 102.81 $ 3,084,375 Aaa MA $ 9,000,000 Subtotal $ 9,022,722 3.54 $ 8,998,125 Federal Agency--Discount $ 3,040,000 FED NATIONAL MTG ASSOC 1.75 3/4/2005 $ 2,999,509 1.82 99.79 $ 3,033,616 Ma MA $ 3,040,000 FED NATIONAL MTG ASSOC 1.71 3/1/2005 $ 3,001,012 1.78 99.81 $ 3,034,224 Aaa MA $ 6,080,000 Subtotal $ 6,000,521 1.80 $ 6,067,840 LGIP $ 40,000,000 L.A.I.F. 4.96 2/1/2005 $ 40,000,000 2.26 100.00 $ 40,000,000 U U $ 5,727,930 L.A.I.F. (HOUSING) 1.70 2/1/2005 $ 5,727,930 2.26 100.00 $ 5,727,930 U U $ 5,092,135 L.A.I.F. BOND PROCEEDS 1.47 2/1/2005 $ 5,092,135 2.26 100.00 $ 5,092,135 U U $ 9,883,828 L.A.I.F. BOND PROCEEDS 3.53 2/1/2005 $ 9,883,828 2.26 100.00 $ 9,883,828 U U $ 60,703,893 Subtotal $ 60,703,893 2.26 $ 60,703,893 LGIP $ 21,067,877 C.A.M.P. 0.90 2/1/2005 $ 21,067,877 2.09 100.00 $ 21,067,877 U AM $ 21,067,877 Subtotal $ 21,067,877 2.09 $ 21,067,877 Pooled Funds --AIM $ 29,154,658 PRIME PORTFOLIO 0.63 2/1/2005 $ 29,154,658 1.95 100.00 $ 29,154,658 Ma AAA $ 29,154,658 Subtotal $ 29,154,658 1.95 $ 29,154,658 Total Investments $ 158,152,427 $ 158,092,332 2.23 $ 158,145,063 "U"= Unrated Page 6 of 8 Palm Desert Redevelopment Agency Portfolio Holdings 31 January 2005 Market Ratings I Par Value I Issuer !Coupon! Maturity I Cost I YTM Price I Value Moods I S&P Cash $ 2,161,827 HOUSING AUTH CHKG 0.00 2/1/2005 $ 2,161,827 0.00 100.00 $ 2,161,827 N/A N/A $ 315,697 HOUSING AUTH TRUST 0.00 2/1/2005 $ 315,697 0.00 100.00 $ 315,697 N/A N/A $ 2,477,524 Subtotal $ 2,477,524 $ 2,477,524 Total Investments and Cash $ 160,629,951 $ 160,569,856 $ 160,622,587 "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 Qalifornia 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 January 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 23 February 2005, pzabS. Qi- aon, c.c.M 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 0.0% 14.6% 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% _ 5.3% 9.5% 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 6.8% 3.8% 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 53601() Medium-Term Notes 5 Years 30% A 5 Years 30% A 17.6% 2.0% 53601(k) Mutual Funds 90 Days 20% AAA&Aaa 90 Days 20%(2) AAA&Aaa 6.9% 18.4% 53601(1) Trust Indenture Debt Not Authorized _ 53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized 53601(k) Local Government MA&Aaa AAA&Aaa Investment Pools 90 Days 20% or Advisor 90 Days 20% (2) or Advisor 7.9% 13.3% 53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized Securities AA(Security) LAIF No Limit No Limit 30.5% 38.4% (1) The City loan to RDA,which is not a bond,has been approved by the Palm Desert City Council. 75.0% 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 CITY OF PALM DESERT , :, 'g_ Local Agency Investment Fund FINANCE DEPARTMENT w PO Box 942809 Sacramento, CA 94209-0001 1(05 FEB I I API 5`2 (916) 653-3001 January, 2005 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions • Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 01-14-2005 01-13-2005 QRD 1009489 SYSTEM 201,616.38 01-21-2005 01-20-2005 RW 1011470 THOMAS W. JEFFREY - 201,616.38 Account Summary Total Deposit : 201,616.38 Beginning Balance : 40,000,000.00 Total Withdrawal : - 201,616.38 Ending Balance : 40,000,000.00 • Page : I of 1 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASUREi. SACRAMENTO CITY OF PALM DESERT ej Local Agency Investment Fund FINANCE ICE DEPARTMENT PO Box 942809 Sacramento, CA 94209-0001 2615 FEB I 0 AM I, 3J, - (916) 653-3001 January, 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 • Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 01-14-2005 01-13-2005 QRD 1009933 SYSTEM 30,055.59 Account Summary Total Deposit : 30,055.59 Beginning Balance : 5,697,874.50 Total Withdrawal : 0.00 Ending Balance : 5,727,930.09 Page : 1 of 1 STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 January, 2005 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Transactions Effective Transaction Tran Confirm Authorized Amount Date Date Type Number Caller 01-14-2005 01-13-2005 QRD 1008295 SYSTEM 201,616.38 01-21-2005 01-20-2005 RW 1011468 THOMAS JEFFREY - 201,616.38 Account Summary Total Deposit : 201,616.38 Beginning Balance : 40,000,000.00 Total Withdrawal : - 201,616.38 Ending Balance : 40,000,000.00 • • - cr.LU .-n cc � a a_ ti 0 z co Q Oct 8 Page : 1 of 1 CALIFORNIA ASSET STATEMENT MANAGEMENT PROGRAM JOINT POWERS AUTHORITY 50 CALIFORNIA STREET 930.1>FLOOR SAN FRANCISCO CALIF012NIA 94 I I 1 FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 1/31/2005 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 `..Al1v „aF+ry* .y Y r .�. .: e �r � ea. aL 3 u. ili171a 1.: ,. 1/'i�1/20D5.;� ' ''` Its, . rt�:'` Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 1/31/2005 $18,454.78 $0.00 10,402,274.010 $10,402,274.01 Arill_.rCti0 +TF ar F x tiw-••- 3 Y F' 't� Y 1 ... - ..,...,�. Fk.eA`a Beginning Balance Purchases Reinvestments Redemptions Ending Balance $10,383,819.23 $0.00 $18,454.78 $0.00 $10,402,274.01 • .,: CC5511 ;.I ,ry t AN. ..C. _ .' ,< -tt O TR S AQIION ,JtP ICE„,.; TR ACTION t'SHARES O1 Wf ED 01/01/05 Beginning Balance 10,383,819.230 01/31/05 2/1/2005 Accrual Income Div Reinvestment-DIV $18,454.78 $1.00 18,454.780 10,402,274.010 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 2.09%. THE ANNUALIZED YIELD IS 2.11%. Lirlt)L7Y.Iti 444° Ai kg CALIFORNIA ASSET STATEMENT MANAGEMENT PROGRAM JOINT POWERS AUTHORITY 50 CAll FORNIA STREET" 23110 FLOOR SAN FRANCISCO CALIFORNIA 94111 FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 1/31/2005 PALM DESERT REDEVELOPMENT AGENCY ACCOUNT NUMBER: 553-02 GENERAL FUND ATTN: PAUL GIBBON FUND NAME: Cash Reserve Portfolio 73-510 FRED WARING DRIVE PALM DESERT,CA 92260-2578 Page 1 of 1 Account Sum a as of 1F3112005 k' ,� ;n���` _ -"°� - f#" • � g�-� Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 1/31/2005 $37,376.81 $0.00 21,067,876.630 $21,067,876.63 �Transactldn3 mmary;or�fi12005 ASf31/2405 V Beginning Balance Purchases Reinvestments Redemptions Ending Balance $21,030,499.82 $0.00 $37,376.81 $0.00 $21,067,876.63 1 RADE+` ,SETTLE e . ;`>: DOLLJYR wouNT. HARE GA— ACTION g g_Wr 4 1 DAT .(DATE r TRA,NSACTIONr r � KOPITRANSACTION dPRICE TRANSACTION .II SHARE OINNED4 01/01/05 Beginning Balance 21,030,499.820 01/31/05 2/1/2005 Accrual Income Div Reinvestment-DIV $37,376.81 $1.00 37,376.810 21,067,876.630 • Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 2.09%. THE ANNUALIZED YIELD IS 2.11%. 0. 0. o 2 0 o v c- o Foo at p n' �; o woi ,e a C 0 C U 0. vi ~ 0 0 O w Pig e A w 't g ro 2 0 0' W a (J ILLAv o_ o Q c o p o 0 o e 0 o e e o 0.0 O• 'O^ '* \' c n '1 0 "v Dog W SO C 7t h 00 O ;t n'. as 10 rn � h N oo N ^ �w� '0 4 00 V1 CI n 00 01 N 4: 9 00 Q, �D Vl R h R M 'c C N ..., , A r ,0 rG GN A A p Y u R d O 4L L+`fll Fi T M Q e o -0f 00 — rv1 N 0, O .S R OS' Vl O 0 00 N V1 -. 'n 0 ;p CO vl a t� r/t �n O` 00 O et 5t T A N O N O, Ol N. N V1 N ,b 0 C W p f 'Cr, ¢+ O+ N. N 7 00 C< M F co N M r-. O O 7 h Cr) A (� I--- ANN, +n hl ^ -+ o o o o 4I 4 7 N --) M O Vi . co �›, . g MI („� 1+. �1 g a0i N it Q a ® co 1. ' • a 3 Liu Fcca An N M O O N O N V0 W O y N O, M N en ten Olin T +„ �+ �r �-+ ,�. . .-. V 7 0 0 0 O O CO O CO .� tn 0p O O N V1 O M in VI O N en '^ �D N 1p M V) R co 1D Vl O OO p 7 c0 O N O R ,t R M O D\ 00 In O\ CO 00 O as cg • .y co' 1 y 10 co In O 1O 9 10 (y O' �. O lD O M M O �O O �O ,e cO7 -re c1i rS cd co o ..,-. oo.. u, +n 7 -• en o rn o rn h ' A � in y 2- X X X X X X /-. y �G rG rG N 1/40 M �y en coOl VT O o V) o N'. 0L0 N 0 I-- N 0 N O N V.. ^ b O +/i O CD �0 a1 � N N N b o0 O h o ,0 0 -"' Do '� .0 M 1D ib tel V 00 O� Q. '� 0 N N en in O co O 00 +, r 0 7 cp 60 en •'+ 00 .. 4 h. 14 +n Vl b N 7 O 7 O V 0o0 p N A N N O ee; " N• b9 r o co co CN r 'Li R o 0 y ` y 0 0 O 0 4 00 O O • o O `71-N M .-. O -. .J k a+ 4 0 0 1/41 CO T y' o o 0. O R in Vn N O N 0 }C� �N R M +n Sr M O F+ Ol o 'lv V o co o M N O N H a l .fl 7 IR N M hi N N M b 4 O O N O O M O M w V d '— rp .-. N Q' O, O C\ 00 CO ON M R N Or y ' V.CO ¢ y C N N N N CO M N N ,0 M C O O W O - ., y O, 00 CO V en O M VI Ol 0 A O G b0 N R 10 M 40 .. 00 ))D 7 � y vOi o C K v .✓. Orp ^ en 7 .�t h CO N -�, U y � v O cq o .. • F ) C � TN u �' a O w v ¢w o v v at l UI t ,r +r c0+ T 9 O y G„ CO , v ,;; G�cS.1 C ro .. V K d '+7 '. U7 N g 44 t7 `V � o. W f ''n E ° vRt OdF pu > E� bq Waaa 4E " P. da S "G L flhltliul ! + ¢ p +0, 00• O N In 'y` tC G �.? da k7000y0ytp O o c. tC96) •• ¢l , v�.. u Z ' $ • F n 0 2 C vt F ,.7 A. k. :G uz d O.. W a. 0 a. a. U --' 0 W F v Z Palm Desert Redevelopment Agency January,2005 Budgeted January,2005 I%A 81 P/A 02 P/A 03 P/A e4 HSG HA Totals Revenue8: Tax lncretnen I 16,100,000.00 5,800,000.00 1000,IX0.00 4,000,000.00 - - 26,900,000.00 Other Income 33,33?.00 4,166.00 - - - 443,833.00 48133200 Transfer In 58333.00 - 15,41600 15,500.00 - - 69,249.00 Total 16,191,666.00 5,804,166.00 1A/15,416.00 4,015,500.10 - 443,833.00 27470581.10 Expenditures: Administrative Costs 140,596.00 10,950.00 1,249.00 499.00 62,176.00 146,796.00 362266.00 Professional Services 25,024.00 833.00 - 833.00 12,916.00 118,012.00 157,618.00 Other Professional Services 47,126.00 36,909.00 14,919.00 18,612.00 45,116.00 76,235.00 238,917.00 Capital Projects 1,247,998.00 400,649.00 159,441.00 2,049,523.00 2,039,907.00 302,119.00 6,199,634.00 6,666.00 Gehl Service 2,500.00 2,083.00 - 2,083.00 - - Transfer Out - - - - 358,27600 - 356,276.00 Total 1,463,241.00 451,424.00 175,6119.00 Z071,550.00 2,518,391.00 643,16200 7,323,377.00 Net Gaits,oss 14,728,42000 5,35274200 839,807.00 1,943,950.00 (2,518,391.00) (199,329.00) 20,147,264.00 Actual January,2005 P/A X1 P/A 82 I'/A 43 P/A 04 115G IIA Totals Revenues: Tax Increment 17,446,588.89 8193307.06 1,070,659.82 4,411,874.85 - - 29,112,430.62 Other Income 308,927.03 4,601,11 4,559.73 5,366.23 30,159.76 412,865.96 766,479.82 Transfer In - 15846.19 - - 5,824,486.12 - 5,839,832.31 Total 17,755 518.92 6,213,25436 1,1175,219.55 4,417,241.08 5,854,645.88 412865.96 35,728,742.75 • Expenditures: Administrative Costs 113,01306 879.47 1,075.08 - 44,603.41 153.69689 313,267.91 Professional Services 3,401.19 - - 64.75 4,779.09 148,536.68 156,781.71 Other Professional Services 6,917.46 - - - 6,900.00 77,791.48 91,608.94 Capital Projects 1365,113.88 211,07200 . 6,600.00 17,776.40 12,666.10 8613,228.38 Delo Service - - - TranshvOut 3,489,311.28 2,088,419.18 214,131.96 882,374.97 - - 6,674,343.e9 Total 4,977,76337 2,300,379.65 215,207.04 889,039.72 74A58.90 392,691.15 8,849,130.83 Net Gain/Loss 12,777,752--55 3,912883.71 860,012.51 3,528201.36 5,780,586.98 20,174.81 26,879,611.92 Year-to-Date July 04-Jan 05 P/A 01 P/A 42 P/A 03 P/A N4 HSG HA Totals Revenues: _ e Tax Increment 17,447861.25 6,208,971.60 I,070,663.32 4.411887.55 - - 29,139,389,72 Other Income 685,643.11 24,897.48 16,874.35 81,347.72 646,263.93 2340,849.67 3,795876.26 Transfer In 6,07988 15,346.19 4,323.16 20,655.96 5,824,816.89 - 5871,222.08 Total 18,139,58424 6,249,221.27 1,091860.83 4513,891.23 6,471,080.82 2,340049.67 38,806,488.06 Expenditures: Administrative Costs 842,174.57 5,846.12 615.63 14.16 348,195.91 748,336.36 1,945,182.75 Professional Services 30,876.28 - - 967.13 22,659.53 672,565.71 727,070.65 Other Professional Sorvins 19,29228 129,908.62 9,343.62 4,887.01 83,759.75 371,168.06 618,359.34 Capital Projects 2,106,904.88 939,707.08 584,604.38 2,073,285.23 1,628800.34 532,992.96 7,866,294.87 Doti Service 11,958.34 8,816.66 2,9318.33 3841 66 27,524.99 Transfer Ow 6.183,378,45 3,649,349.16 317,618.58 1,885,466.87 2,828,272.68 - 14,864,085.74 'final 9,194,586,80 4,733,627.64 915,090.54 3,966462.06 4,911,688.21 2„325,063.09 26,048518.34 Net Gain/toss N 944,997.44 1,515,593.63 176,770 29 545,429.17 1,559,392.61 15,786.58 12,757,969.72 Current Capitol Projects P/A 01 P/A 42 P/A 03 P/A 44 HSG HA 12 Aeer.Site Ohm Willow Country Club Village Feted:'",Pork Rohr Village Apartments None al this into 5ntrada Del Paseo Pad Mali uenance Street Improvements Warner Trail Porfolu Palms Mobile Conic Park Visitors Information Center Lake/Pump Repairs San Morino Properly Inc Johnson Gardens Well Site Improvements 42tul Avenue Hone Interoacnerrf Projects Witham,Child Care Center wank 9nalrn IIudergmunfing Sidewalk Improvements Dewy/Rose Repurchase Refinance Relocation Bentfts Palm Desert Redevelopment Agency December,2004 Budgeted November,2004 P/A 91 P/A 92 I'/A 13 P/A#4 HSG 11A Totals Revenues: Tax Increment - - - - - - Other Income 33,33300 4,166.00 - - - 443,833.00 481,332.00 Transfer In 58,333.00 - 15,416.00 15,500,00 - - 89,249.00 Total 91,666,011 4,166.00 15,416.00 15,500.00 - 943,833.00 570,581.00 . Expenditures: Administrative Costs 140,596.00 10,950.00 1,249,00 499.00 62,176.00 146,796,00 362,266.00 Professional Services 25,024.00 833.00 - 833.00 12,916.00 118,012.00 157,618,00 Other Professional Services 47,126.00 36,909.00 14,919.00 18,61200 45,116.00 76,235.00 238,917.00 Capital Projects 1,017,136.00 366,470,00 159,441.00 2,049,523.00 1,506,574.00 302,119.00 5,431,263.00 47e1'l Service 2,500.00 2,083.00 - 2,083,00 - - 6,666.60 Transfer Out - - - - 358,276.00 - 358,276.00 Total 1,262,382.00 417,245.00 175,609.00 2,071,550.00 1,985,058.00 643,162.00 6,555,0116.00 Net Gain/Loss (1,170,716.00) (413,079.00) (160,19300) (2,056,050.00) (1,985,058.00) (199,329.00) (5,984,425.00) Actual December,2004 [TA 41 P/A 42 I'/A 93 P/A 44 HSG HA Totals - Revenues: Tax Increment - - - - - - - Other Income 45,294.42 (2,832.75) 644.71 61,515.61 114,21281 393,380.92 612,215.72 Transfer In 6,079.88 15,346.19 4,323.16 20,655.96 1.13 - 46,406.32 'fa131 51374,30 12,513.44 4,967.87 82,171.57 114,213.94 393,380.92 658,62209 Lxpendihlres: Administrative Costs 188,061.26 3,364.01 550.88 - 62,635.12 (65,056.00) 189,555.27 professional Services 7,420.59 - - 661.88 7,384.94 105,828.26 121,295,67 Other Professional Services 10,283.69 4,275.28 4,455.59 3,268.75 5,815.00 45,625.81 73,724,12 Capital Projects 394,011.05 143,489.20 19,812.65 804,390.97 799,569.22 273,927.40 2,435,230,49 Debt Service - 3,000.00 - - - - 3,000.00 'boaster Out - - - - - - - Total 599,806.59 154,128.49 24,819.12 806321.60 875,404.28 360,325.47 2,822,805.55 Net Gain/Loss (548,432.29) (141,615.05) (19,851.25) (726,150.03) (761,190.39) 33,055.45 (2,164,183.51) Year-to-Date July-December,2004 P/A 41 1'/A#2 P/A#3 P/A 1t4 HSG HA Totals Revenues: Tax Increment 1,542.36 89.66 3.50 12,70 - - 1,648.22 Other Income 377,116.08 20,296.37 12,314.62 75,981 49 616,104.17 1,927,983.71 3,029,796.49 Transfer In 6,079.88 15,346,19 4,323.16 20,655,96 330.77 - 46,735.96 Total .784,7.78.32 35,73222 16,641.28 96,650.15 616,434.94 1,927,983.71 3,078,180.62 Expenditures: Ad ministrative Costs 729,161.51 4,966,65 550.88 14.16 303,592.50 594,639.47 1,632,925.17 professional Services 38,706.92 - - 902.38 17,880.44 524,029.03 581518.77 Other Professional Services 3,269.99 129,908.62 8,333.29 4,887.01 76,859.75 293,376.58 516,635.24 Capital Projects 743,072.00 728,635.08 584,604.38 2,066,685.23 1,611,023.94 520,326.86 6,254,347.49 Debt Service 11,958.34 8,816,66 2,908.33 3,841.66 - - 27,524.99 Transfer Out 2,694,060.67 1560,929,98 103,486.62 5,153,807.90 2,828,272,66 - 12,340557.85 Total 4,220,229.43 2,433,256,99 699,883.50 7,230,138,34 9,837,629.31 1,932,171.94 21353,509.51 Net Gain/Loss (3.835,491.11) (2,397,524.77) (683,24222) (7,133,48819) (4,221,194.37) (4,388.23) (18,275,328.89) Current Capital Projects I'/A#1 I'/A 412 P/A 43 P/A k4 HSG HA 12 Acre Site Prsrrr Willow Country Choir Village Freedom Park Palm Village Apartments None at this line Entrada Del Paseo Pad Ala i ntenance Street bnprovemenls Warner Trail Laguna Palm Apartments Visitors Information Center Lake/Pump Repairs San Marina Property Eric Johnson Gardens Well Site hn provemenls 42iu1 Armin(' Improvement Projects v5ilianaa Child Gem Crider Sidewalk Improvements Desert Rose Repurchase Refinance Relocation Benefits Palm Desert Redevelopment Agency November,2004 Butlseted November,2004 P/A#1 P/A#2 P/A#3 P/A#4 HSC HA TotaLs Revenues: Tax Increment - - - - - - Other Income 33,333.00 4,166.00 - - - 443,833.00 481,33200 Tenter In 58,333.00 - 15,416.00 15,500,00 - - 89,249.00 Total 91,666.00 4,166.00 15,916.00 15,5110.00 - 443,833.00 570,581.00 Expenditures: Administrative Costs 146,980.00 5,000.00 1,249,00 499.00 62,176.00 146,796.00 362,700.00 Professional Services 71,983.00 833.00 14,919.00 19,445.00 12,916.00 118,012.00 238,108.00 Other Professional Services 833.00 36,909.00 - - 45,116.00 76,235.00 159,093.00 Capital Projects 1,047,468.00 366,470.00 159,441.00 2,049,523.00 1,420,860.00 302,119.00 5,345,881.00 Debt Service 2,500.01) 2,083.00 - 2,083.00 - - 6,666.00 Transfer Out - - - - 358,276.00 - 358,276.00 Total 1,269,764.00 411,295.00 175,609.00 2,071,550.00 1,899,344.00 643,16200 6,470,724.00 Net Gain/Loss (1,178,098.00) (407,129.00) (160,193.00) (2,056,050.00) (1,899,344.00) (199,329.00) (5,900,143.00) Actual November,2004 P/A#1 P/A#2 P/A#3 P/A#4 IISG HA Totals Revenues: Tax Increment - - - - - - Other Income 70,631.12 18,010.90 7,170.69 4,251.91 246,176.61 755,360.38 1,101,601.61 Transfer In - - - - -Total 70,631.12 18,010.90 7,170.69 9,251.91 246,176.61 755,360.38 1,101,601.61 Expenditures: Administrative Coos 1117,552,88 129.50 - - 43,812.42 357,826.82 509,321.62 Professional Services 3,087.49 - - 92.50 6,333.00 210,044.98 219,557.97 Other Professional Services - 821.25 821.25 821.25 26,515.65 124,060.46 153,039.86 Capital Projects 277,423.31 38,667.82 - 615,945.98 311,474.54 37,912.41 1,281,424.06 Debt Service - 3,000.00 - - - 3,000.00 Transfer but - - - - - - - Total 388,063.68 42,618.57 821.23 616,859.73 388,135.61 729,894.67 2,166,343.51 Net Gain/Loss (317,432-56) (24,607.67) 6,349.44 (612,607.82) (141,959.00) 25,515.71 (1,064,741.90) Year-to-Date July-November,2004 l'/A#1 P/A#2 P/A#3 P/A#4 HSC HA Totals Revenues: Tax Increment 17,230.40 89.66 3.50 12.70 - - 17,336.26 Other Income 331,821.66 23,129.12 11,669.91 14,465.88 502,221.00 1,534,602.79 2,417,910.36 Transfer In - - - 329.64 - 329.64 Total 349,052.06 23,218.78 11,673.41 14,478.54 502,550.64 1,534,60279 2,435,576.26 Expenditures: Administrative Costs 535,180.39 1,60164 - 14.16 240,957.38 659,695.47 1,437,450.04 Professional Services 22,522.63 - - 240.50 10,495.50 418,200.77 451A59.40 Other Professional Services 1,750,00 125,633.34 3,877.70 1,618.26 71,044.75 247,750.77 451,674.82 Capital Projects 349,030,95 585,195.88 56/,791.73 1,262,294.26 811,454.72 246,399.46 3,819,117,00 Debt Service 11,958.34 8,816.66 2,908.33 3,841.66 - - 27,524.99 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 3,614,50298 2,282,128.50 675,064.38 2,271,100,74 3,962,225.03 1,572,096.97 14,377,068.10 Net Gain/Loss (3,265,450.92) (2,258,909.72) (663,390.97) (2,256,622.16) (3,459,674.39) (37,443.68) (11,941,491.84) Current Capital Pro/ects P/A#1 P/A#2 P/A#3 P/A#4 HSG HA 12 A en:Site Desert Wiliest' Country Chili Village FnrAonr Perk NMI Village Apartments None el this lime Entrada Del Paseo Pad A fa intenaoce Street Improvements IMuser Trail Legion,Palms Aportmels Visitors Information Center Lake/Pump Repairs &m Merino Property Eric Johnson Gardens Well Site Improvements 42a11 AVOW Home bnprovemenl Projects Sidewalk Improvements Desert Rose Repurchase Refinance _ Relnmlion Brmjiils City of Palm Desert Parkview Office Complex Financial Statement for Fiscal Year 2004-2005 January-05 January-05 # % YTD YTD # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 69,000 $ 74,476 $ 5,476 107.94%1i $481,500 $ 515,709 $ 34,209 107.10% Dividends/Interest $ 700 $ - $ (700) 0.00% $ 4,900 $ - $ (4,900) 0.00% I Total Revenues $ 69,700 $ 74,476 $ 4,776 106.85%4 I $ 486,400 $ 515,709 $ 29,309 106.03% Expenses Professional-Accounting&Auditing $ 8,500 $ 8,829 $ (329) 103.87% $ 59,500 $ 61,803 $ (2,303) 103.87% Professional-Consultants $ 6,000 $ 5,652 $ 348 94.20% .. $ 42,000 $ 38,842 $ 3,158 92.48% Tenant Improvements $ 3,000 $ - $ 3,000 0.00% $ 21,000 $ 39,597 1 $ (18,597) 188.56% Repairs&Maintenance Building $ 8,000 $ 3,247 $ 4,753 40.59% $ 56,000 $ 58,696 $ (2,696) 104.81% Repairs&Maintenance-landscaping $ 2,300 $ - $ 2,300 0.00% , $ 16,100 $ 1,300 $ 14,800 8.07% Utilities-Water $ 150 $ 117 $ 33 78.23%t h. $ 1,050 $ 720 $ 330 68.54% Utilities-Gas/Electric $ 7,000 $ 3,890 $ 3,110 55.58%t $ 49,000 $ 38,544 $ 10,456 78.66% Utilities-Waste Disposal $ 600 $ 561 $ 39 93.43%f r $ 4,200 $ 3,813 $ 387 90.78% Telephone $ 250 $ 276 $ (26) 110.54%° , $ 1,750 $ 1,892 $ (142) 108.11% Insurance $ 521 $ - $ 521 0.00% $ 3,645 $ - $ 3,645 0.00% I , 1 Total Expenses $ 36,321 $ 22,573 $ 13,748 62.15% -J $ 254,245 $ 245,206 $ 9,039 96.44% Operating Meanie . ''Sc, 33;379. $ $1,903 $ 18c$24 1,$550°(uil„i" $232,155,,.,$32705,02`4;„ $ 38347;1u4116.$2,A Equipment Replacement Reserve $ 16,700 $ 16,666 $ 34 99.80% $ 116,900 $ 116,662 $ 238 99.80% ;Cie-Incorne $. 16,679. ,$ 35,237 $ 18558,, 211.27% $ 1151255.,.$ 153,840k,, te$w 3858$L `133.48°% 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 January 2004 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2) Story Building 100 Hanover , 1,915 100A William Bonneheim 645 102 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 January 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 City of Palm Desert Parkview Office Complex Financial Statement for Fiscal Year 2004-2005 January-05 January-05 tt % YTD YTD q % Budget Actual Variance Variance Budget Actual Variance Variance Revenues Rental $ 69,000 $ 74,476 $ 5,476 107.94% .. $ 481,500 $ 515,709 $ 34,209 107.10% Dividends/Interest $ 700 $ - $ (700) 0.00% $ 4,900 $ - $ (4,900) 0.00% Total Revenues $ 69,700 $ 74,476 $ 4,776 106.85%l _ } $ 486,400 $ 515,709 $ 29,309 106.03% Expenses Professional-Accounting&Auditing $ 8,500 $ 8,829 $ (329) 103.87% $ 59,500 $ 61,803 $ (2,303) 103.87% Professional-Consultants $ 6,000 $ 5,652 $ 348 94.20% >., $ 42,000 $ 38,842 $ 3,158 92.48% Tenant Improvements $ 3,000 $ - $ 3,000 0.00% ( $ 21,000 $ 39,597 1 $ (18,597) 188.56% Repairs&Maintenance Building $ 8,000 $ 3,247 $ 4,753 40.59% $ 56,000 $ 58,696 $ (2,696) 104.81% Repairs&Maintenance-Landscaping $ 2,300 $ - $ 2,300 0.00% ' $ 16,100 $ 1,300 $ 14,800 8.07% Utilities-Water $ 150 $ 117 $ 33 78.23% :`_ $ 1,050 $ 720 $ 330 68.54% Utilities-Gas/Electric $ 7,000 $ 3,890 $ 3,110 55.58% !. $ 49,000 $ 38,544 $ 10,456 78.66% Utilities-Waste Disposal $ 600 $ 561 $ 39 93.43% 'j, $ 4,200 $ 3,813 $ 387 90.78% Telephone $ 250 $ 276 $ (26) 110.54% r :( $ 1,750 $ 1,892 $ (142) 108.11% Insurance $ 521 $ - $ 521 0.00%t $ 3,645 $ - $ 3,645 0.00% Total Expenses $ 36,321 $ 22,573 $ 13,748 62.15% , $ 254,245 $ 245,206 $ 9,039 96.44% 1 Operating income $. . . 33,379;. $ .=51,_903, $ 18524 , 155.50°/u P'fn@ d$323245,5„, t$a;g270,50Zd;a $, 38;347fl 11652"/0� Equipment Replacement Reserve $ 16,700 $ 16,666 $ 34 99.80% $ 116,900 $ 116,662 $ 238 99.80% (Wet ln6ome $.. 16,679 $ 35,237 $ 18,538 „-211.27% $115;255, -$ 153,84 133,48%.1 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 January 2004 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2) Story Building 100 Hanover , 1,915 100A William Bonneheim 645 102 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 Bailin 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 January 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 Ili J -- I _ C) < W ` O r CO O 0 O N 8 : f 0 [f [7 N O) O o .- O r 1 c O f tarp, O O N O O N N C') Q m S 0 O O tO N OI O O Q OI O) O m A M C7 N Q O m r V7 I CO N O N ' N • {O �n N N Y'1 O CO 0 40 O) A. 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Y I- W e1 I- Z z < < Z x City of Palm Desert Desert Willow Budget Vs Actual For the month of December 2004 Budgeted Actual Budgeted Actual November November S Percentage Year to Year to $ Percentage Revenue 2004 2004 Variance Variance Date Date Variance Variance Course&Ground $ 422,560 $ 414.516 $ (8,044) 98.10% $ 1,503,282 $ 1,615,125 $ 111,843 107.44% Carts $ 28,158 $ 28,515 $ 357 101.27% $ 133,992 $ 120,240 $ (13,752) 89.74% Golf Shop $ 78,445 $ 82.055 $ 3,610 104.60% $ 335,070 $ 311.757 $ (23,313) 93.04% Range $ 4,500 $ 4,395 S (105) 97.67% S 13,100 $ 12,418 $ (682) 94.79% Food&Beverage $ 136,069 S 143,810 $ 7,741 105.69% S 590,667 $ 645,848 $ 55,181 109.34% Interest Income S - $ - $ - 0.00% $ - $ - $ - 0.00% Total Revenues $ 669,732 S 673,291 $ 3559 100.53% $ 2576,111 5 2,705388 S 129277 105.02%I Payroll Proshop $ 3,014 S 1,546 $ 1,468 51.29% $ 16,756 $ 9,405 $ 7,351 56.13% Cart $ 22,581 $ 22,795 $ (214) 100.95% S 112,838 S 106,279 $ 6,559 94.19% Course&Ground $ 136,835 S 133,436 $ 3,399 97.52% S 781,888 S 763,780 $ 18,108 97.68% Golf Operations $ 25,843 S 21,745 $ 4,098 84.14% $ 147,524 $ 126.223 $ 21,301 85.56% General&Administration $ 41.035 $ 35,820 $ 5,215 87.29% S 247,637 S 228.892 $ 18,745 92.43% Food&Beverage S 67.586 S 74,418 S (6,832) 110.11% $ 359,807 $ 375,933 S (16,126) 104.48% Total Pay roll Z$ 296,894 $ 289,760 $ 7.134 97.60% S I 666 450 S 1.610,512 S 55,938 9664%j Other Expenditures Perimeter Landscaping $ - S - $ - 0.00% $ - $ - $ - 0.00% Proshop $ 5,850 $ 4,411 $ 1,439 75.40% S 23,225 S 25,474 S (2,249) 109.68% Proshop-COGS $ 29.161 .$ 28,237 $ 924 96.83% $ 139,679 S 133,540 S 6.139 95.60% Cart $ 13,890 $ 12,994 $ 896 93.55% S 89,190 $ 83,832 $ 5,358 93.99% Course&Ground-North Course S 39,628 $ 33,300 S 6,328 84.03% $ 414,993 $ 418,426 $ (3,4331 100.83% Course&Ground-South Course $ 146,389 S 120,509 $ 25,880 82.32% $ 372,919 $ 374,870 $ (1,951) 100.52% Course&Ground-Desert Pallet-N $ 425 $ 585 $ (160) 137.65% $ 3,150 $ 4,634 $ (1.484) 147.11% Course&Ground-Desert Pallet-S $ 425 S 574 $ (149) 135.06% $ 4,350 S 2,841 $ 1,509 65.31% Golf Operations S 325 S 497 S (172) 152.92% $ 4,300 $ 7,033 $ (2,733) 163.56% General&Administration $ 67,423 $ 65,189 $ 2,234 96.69% $ 359,313 $ 337,106 $ 22,207 93.82% Range S 145 $ 35 $ 110 24.14% $ 11,700 $ 13,369 $ (1,669) 114.26% Food&Beverage $ 22,083 $ 45,060 S (22,977) 204.05% $ 124,723 $ 191,737 $ (67,0141 153.73% Food&Beverage COGS $ 42.585 $ 51,100 $ (8.515) 120,00% $ 183,618 $ 217,531 $ (33,913) 118.47% Management Fee $ 25,000 $ 25,000 $ - 100,00% $ 150,000 S 147,787 $ 2,213 98.52% Financing/Lease $ 4,329 $ 4,108 S 221 94.89% $ 26.092 $ 24.838 $ 1.254 95.19% Total Other Expenditures $ 397,658 $ 391,599 $ 6,059 ry9848% $ IDI 907,252 $ 1 983,018 $ L5,766) 10J.97%1 r wnu ,o _._ -, Desert Willow Golf Academy Desert Willow Golf Academy S 16,650 $ 13,623 S (3,027) 81.82% $ 61.650 $ 65,219 $ 3,569 105.79% COGS-Merchandise $ (5,863) S (5,052) S 811 86.17% $ (38,081) $ (43,260) $ (5,179) 113.60% Other Expenditures $ (3,800) $ (1,407) $ 2,393 37.03% $ (22,800) $ (24,490) $ (1,690) 107.41% $ - LearningCenterIncome(Loss) 1 6,987 $ 7,164 S 177 102.53% $ 769 $ (2,531) S (3,300) -329.1'3% Operating Income(Loss) $ (17,833) $ (904) $ 16,929 5.07% $ (996,822) $ (890,673) $ 106,149 89.35% Equipment Reserve Replacement $ 70.000 $ 69,183 S (817) 98.83% $ 420,000 S 415,237 $ (4,763) 98.87% Net Income(Loss $ (87.833 $ (70 087) $ 17,746 79.80% $ 1 4 6 822) $ (1 305 910) $ 110 912 92.17%I Snapshot of Golf Rounds Budgeted(mo) Actual(mo) Variance Variance% Budgeted(Oct) Actual(ytd) Variance Variance% Resident L790 1,613 (177) 90% 6,410 6,317 (93) 99% Non Resident 2,558 3,071 513 120% 20,408 23,434 3,026 115% Other - 67 67 100% - 312 312 100% Complimentary 341 229 (I12) 67% 1,792 1,495 (297) 83% Tout 4,689 4,980 291 106% 28,610 31,558 2,948 110% Felder:Desert Willow 2004:DW2005;Financial Statement Page 1 / \\. { o. o ' ! r c 'c o - a ci > 'a. . & « co GI E ( 0cce � ) ] E! ) \ + ) i - | . ® { liNr , { / , : 0 » « 7 - ( 2 ) \ k7 k ! , \ ) \ }) \ ) ) oO < OcZ ) ) J 04 0 N- Z k � \ /J0 o § B K - e - < } Go� \ �2 it) ) , I ! y z0 f - 4 % o � { © L 78i J { . © - ) o a ° w).04 0 0 | 0 ) � � ] k § { k (1•1' ) ! © Ili \ • # 1 « V (a ) i X y § ` ( § \ ) /• E ra ` C4 \< N acif tri ! o 0 m n • m g gteg 47 s xtx - ss ^< < � xx 7 gex x x x x gxxx s O a t • g $ NCN PbO NgOPPp P'- V O - P Pp PP _ N _ _ m W V 5. 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N 2 _ S$ r1 g.Ni1 o e n V1 e e o-. - n r a „ v1 0 ._ C V1 v1 ,^9 N vt vt it L Q. N v1 V - N -. n N V N M 'C O0 N .r Nv1 ..: ti .. 0 8 c N - Nm- 4 - QL Nmm rl O9 V '- M a 00 iii F 0 - F _ F 0 c k, a �' c >' c ›. ° 0 - 0 - m 0 w a W - EPEEL - _ -' EgENE tL - .gEE u '- E= ft.gEE d ° . .) 828 u a, < rX8z & u .3 <,3Ezg u 4 <cNoz°g u J 0 ! { , , ° Wil - ii lb § 2 p « sa ; \! ` E 45} } g ! c � � es 2 & a . 2 \ / _ ea 0 , ! | o�Z | 02 00 cli \ ! ! 77 a a ! ® a ~ ` Co CO ) ! {k 4 Z � - a » i 0 a § | kg { !Ii J a0 - ( ~2 \ ° P ) ® ) \ o \ Desert Willow Breakdown of Rounds per point of sale system Desert Willow - Combined Analysis- DECEMBER 2004 Resident 1,613 $ 72,585 $ 45.00 32.40% Non-Resident 3,071 $ 263,177 $ 85.70 61.70% Other 67 $ 814 $ 12.15 1.30% Complimentary 229 $ 2,290 $ 10.00 4.60% Desert Willow Totals 4,980 $ 338,866 $ 68.05 100.00%1 • DW2005;POS AVG RD Page 9 Desert Willow Breakdown of Rounds per point of sale system FIRECLIFF COURSE- DECEMBER 2004 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee 1,407 $ 63,315 $ 45.00 32.00% Total Resident 1,407 $ 63,315 $ 45.00 32.00% Non Resident IROC Member/ Guest 132 $ 13,480 $ 102.12 3.00% Sunrise 73 $ 9,220 $ 126.30 1.66% Prime 464 $ 59,108 $ 127.39 10.55% Midday 187 $ 19,083 $ 102.05 4.25% Sunset 242 $ 12,230 $ 50.54 5.50% Wholesale 587 $ 38,504 $ 65.59 13.35% Outing 625 $ 43,988 $ 70.38 14.21% Twilight 167 $ 12,540 $ 75.09 3.80% Fee Special Event Variable 257 $ 17,152 $ 66.74 5.84% Total Non Resident Rounds 2,734 $ 225,305 $ 82.41 62.18% Other Rounds Junior Walking 49 $ 562 $ 11.47 1.11% Total Other 49 $ 562 $ 11.47 1.11% Complimentary VIP 120 $ - $ 2.73% PGA Member 15 $ - $ - 0.34% USGA Kids on Course - $ - 0.00% Champions Club 51 $ 1.16% PDHS/COD - $ 0.00% Employee / Employee Guest 21 $ 0.48% • Total Complimentary 207 $ - $ - 4.71% Total Rounds (FireCliff) 4,397 $ 289,182 $ 65.77 100.00% DW2005;POS AVG RD Page 10 Desert Willow Breakdown of Rounds per point of sale system MOUNTAINVIEW COURSE- NOVEMBER 2004 Description No. Of Revenue Avg. Per Pct to Rounds Per POS Round Total Resident Rounds Resident Fee 206 $ 9,270 $ 45.00 35.33% Total Resident 206 $ 9,270 $ 45.00 35.33% Non Resident IROC Member/ Guest 16 $ 1,860 $ 116.25 2.74% Sunrise 30 $ 3,563 $ 118.77 5.15% Prime 87 $ 11,093 $ 127.51 14.92% Midday 17 $ 2,125 $ 125.00 2.92% Sunset 17 $ 1,105 $ 65.00 2.92% Wholesale 29 $ 5,269 $ 181.69 4.97% Outing 78 $ 7,410 $ 95.00 13.38% Twilight 29 $ 2,755 $ 95.00 4.97% Fee Special Event Variable 34 $ 2,692 $ 79.18 5.83% Total Non Resident Rounds 337 $ 37,872 $ 112.38 57.80% Other Rounds Junior Walking 18 $ 252 $ 14.00 3.09% Total Other 18 $ 252 $ 14.00 3.09% Complimentary PGA Member 1 $ 165 $ 165.00 0.17% Champions Club 15 $ 2,125 $ 141.67 2.57% Employee / Employee Guest 6 $ - $ - 1.03% Total Complimentary 22 $ 2,290 $ 104.09 3.77% Total Rounds (Mountainview) 583 $ 49,684 , $ 85.22 100% DW2005;POS AVG RD Page 11 City of Palm Desert Desert Willow Cash Reserve Analysis for the month of December 2004 Cash Reserve Analysis One Month Required Reserve $ 500,000.00 Cash on Hand $ 516,055.23 II Variance- Favorable Unfavorable) $ 16,055.23 Page 12 PaimDesert Recreation Facilities Corporation Income Statement Dec-04 Dec-04 # % Budget Actual Variance Variance Food & Beverage Revenues $136,069 $143,810 $7,741 105.69% Total Revenues $136,069 $143,810 $7,741 105.69% Salaries $67,586 $74,418 ($6,832) 110.11% Cost of Goods Sold-F&B $42,585 $51,100 ($8,515) 120.00% Food & Beverage Expense $22,083 $45,060 ($22,977) 204.05% Total Expenses $132,254 $170,578 ($38,324) 128.98% Net Income (Loss) $3,815 ($26,768) ($30,583) -701.65% Note: The above revenues and expenditures are also included in the Desert Willow analysis. DW2005;PDRFC Budget Page 1 PalmDesert Recreation Facilities Corporation Income Statement Jan-05 Jan-O5 /t % Budget Actual Variance Variance Food & Beverage Revenues $170,025 $148,003 ($22,022) 87.05% Total Revenues $170,025 $148,003 ($22,022) 87.05% Salaries $76,798 $72,682 $4,116 94.64% Cost of Goods Sold-F&B $51,847 $42,700 $9,147 82.36% Food & Beverage Expense $28,633 $31,288 ($2,655) 109.27% Total Expenses $157,278 $146,670 $10,608 93.26% Net Income (Loss) $12,747 $1,333 ($11,414) 10.46% Note: The above revenues and expenditures are also included in the Desert Willow analysis. DW2005;PDRFC Budget Page 1 CITY OF PALM DESERT ffit '.. i �,qm.f OFFICE OF THE CITY TREASURER \.rL 'b INTEROFFICE MEMORANDUM To: Members of the Investment and Finance Committee From: Paul S. Gibson, C.C.M.T., City Treasurer Date: 16 February 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 31 December 2004. 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 H:ITJEFFREVIWORD 20001MEMORANDAIFINANCE COMMITTEEU57 PLAN ACCOUNT STATEMENTS.DOC • Annual Financial Report for • rI;MA RETIREMENT CORPORATION You' 457 Deferred Compensation Plan 01/01/2004 through 12/31/2004 Page 1 of 4 A Message".fronf}:1CMA.RC: It is important that all of your plan contact PAUL S GIBSON 001-0197 information is current. Updating it yourself is easy. 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. Plan Summary Information For the Period:Ending 12/31/2004 taionernanagnangieingeSgemsaggstaggemiossigfiloni Ending Fund Balance 3,961,074.66 SENVmeggsggs Plan No 302129 Contributory 3,712,938.50 Rollover 248,136.16 Total Contributions this Period $271,628.43 Pm-Tax 248,136.16 Contributory $271,628.43 — Total Plan Assets $3,961,074.66 — Snmmarq by Fund Year Current Savings onservative traditional o-Data period Oriented Growth Growthx irgaio Beginning Balance $3,538,53i 75i. $3,538,531.79 $240,515.84 $92,059.72 $46,348.94 Contributions aztest49, 271,628.43 34,836.32 14,524.44 12,563.78 Roll-Ins i 9,42 O0 ti 49,428.00 0.00 0.00 431.90 Distributions ..... ,.„.„86,g16. 86,916.58- 0.00 12,327.58- 9,371.70- Adjustments " ,j.,,>..;0,O0°# 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers O OO:.;; 0.00 0.00 0.00 22,241.89 Earnings ti$.40302 ; 188,403.02 13,532.71 5,680.90 5,066.24 Ending Balance $3,961,074 66- $3,961,074.66 $288,884.87 $99,937.48 $77,281.05 c Percentage Invested ' , 17/ 3% 2% Summary by Fund tort:" Long Term » ` m. Equtty, PLUS Cash :: Cure Bond Growth Growth Fund Management Index wj` Beginning Balance $40,748.57 $84,322.75 $1,349,485.86. $24,514.17 $36,417.40 Contributions 7,311.80 20,065.44 81,650.83 11,638.06 3,203.02 Roll-Ins 128.96 0.00 2,865.78 0.00 0.00 Distributions 0.00 0.0D 50,984.44- 0.00 0.00 Adjustments 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 22,241.89- 0.00 33,274.91 32,522.18- 404.81- Earnings 2,376.74 9,659.53 48,151.24 5.69 1,266.46 Ending Balance $28,324.18 $114,047.72 $1,464,444.18 $3,635.74 $40,482,07 7ercentageInvested 1% 3% 37% Less than 1% 1% • ase review your statement carefully. If you believe there is an error due to a transaction not previously confirmed,please notify ICMARC at )0.326.7272 fen Espanol 800-669-6216)within 90 days of quarter end. Failure to do so may prevent ICMA-RC from adjusting your account 777 North Capitol Street, NE•Washington,DC•20002-4240•wun••;--- Annual Financial Report for Your 457 Deferred Compensation Plan 01/01/2004 through 12/31/2004 Page 2 of 4 Plan Name CfTYOF FALMt DESERT Plan No 302124 ... 4,,A ary by Ftehrl cunt US" r :; Asset VT Fidelity Equity S001Stock .. C*4'Ycrnfheat ;Allocation ', Purita'h Income tntio Beginning Balance $1,529.84 $106,457.89 $1,191.66 $12,337.29 $43,936.56 Contributions 893.88 1,600.04 87.50 2,047.76 10,288.36 Roll-Ins 0.00 0.00 0.00 0.00 63.49 Distributions 0.00 0.00 0.00 6,049.47- 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 24.71 10,747.55 104.65 1,341.59 5,107.03 Ending Balance $2,448.43 $118,805.48 $1,383.81 $9,677.17 $59,395.44 Percentage Invested Less than 1 % 3% Less than 1% Less than 1% 1% 'Summary by Fund coot Growth' Broad Market `NT Amer Cent s VT I:otnt Abbet Gro' WLh lneame lades I Value Co Tdaltte lYtud Beginning Balance $39,948.61 $115,453.15 $12,746.55 $405.15 $1,011,456.62 Contributions 1,874.99 2,199.86 7,609.49 130.00 25,079.16 Roll-Ins 900.73 0.00 0.00 0.00 297.94 Distributions 3,209.18- 0.00 0.00 0.00 0.00 Adjustments 0.00 0.00 0.00 0.00 23,093.05 Fund-to-Fund Transfers 0.00 0.00 0.00 145.74 1,142.49 Earnings 3,347.60 13,285.89 2,438.23 76.60 28,640.80 Ending Balance $42,862.75 $130,938.90 $22,794.27 $757.49 $1,089,710.06 Percentage Invested 1% 3% 1% Less than 1% 27% Summarylby Fund conL 'VT ldelity VT.Amer Cent EP MPs Vr:`Fidelity V't Gabeili Contra : Ultra ., 14 Cc Growth : Magellan Value Beginning Balance $24,463.63 $46,261.56 $22,235.22 $34,836.17 $15,287.16 Contributions 1,397.56 4,249.96 1,717.12 2,249.91 0.00 Roil-Ins 585.93 44,048.53 55.23 0.00 0.00 Distributions 0.00 0.00 0.00 4,974.21- 0.00 Adjustments 0.00 0.00 23,093.05- 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 1,609.94- 0.00 0.00 Earnings 3,700.69 6,200.83 695.42 2,300.07 1,836.06 Ending Balance $30,147.81 $100,760.88 $0.00 $34,411.94 $17,123.22 Percentage invested 1% 3% 0% 1% Less than 1% • I II!11111111 IIIII1111111111111111111111111111111111 II111I1I111III1111111111111111111111111111111111I g" ,_ Annual Financial Report for ICMA RETIREMENT CORPORATION Your 457 Deferred Compensation Plan 01/01/2004 through 12/31/2004 Page 3of4 Plan Name CITY OF PALM DESERT:'.: igimivommime Flan No 302129 Surnma=y by Fund 4iiiNNtal4i045,ENgef ifiiiaiiiWaintEF AppRommensmo Oppor Sm Gap Stock Sna Co Growth .' ltsternational Beginning Balance $59,103.34 $1,062.72 $3,444.70 $71,960.72 Contributions 13,928.26 436.28 60.00 9,984.61 Roll-Ins 0.00 0.00 0.00 49.51 Distributions 0.00 0.00 0.00 0.00 Adjustments 3,757.99 0.00 3,757.99- 0.00 Fund-to-Fund Transfers 315.15- 0.00 0.00 288.94 Earnings 10,644.02 241.81 253.29 11,676.67 Ending Balance $87,118.46 $1,740.81 $0.00 $93,960.45 Percentage Invested 2% Less than 1% 0% 2% 'Note:Amounts shown net of applicable fees and expenses. Earnings include dividends, interest and realized and unrealized gains and losses. Share Yalu, .. Shares on 01/01/2004* Shares on 01/E11/2004r Shares on I2/31/2004,' # Shares Value of #Shares :Value of #Shares Value o;f? i t . Owned thre Sham Owned Ono Sham =ca One Shaine '., \ t: .vn..,.....J. JMrv. aa,v. ...wna.....nw... .,,...va,,.J '. . . .n .i .,.. ., . � Savings Oriented 13,619.2439 $17.66 13,619.2439 $17.66 15,556.5357 $18.57 Conservative Growth 5,613.3977 16.40 5,613.3977 16.40 5,743.5332 17.40 Traditional Growth 2,718.4138 17.05 2,718.4138 17.05 4,223.0084 18.30 Long-Term Growth 2,294.4019 17.76 2,294.4019 17.76 1,467.5741 19.30 All-Equity Growth 4,482.8681 18.81 4,482.8681 18.81 5,528.2462 20.63 Cash Management 1,728.7849 14.18 1,728.7849 14.18 255.6781 14.22 Core Bond Index 2,020.9426 18.02 2,020.9426 18.02 2,174.1184 18.62 US Government 88.9440 17.20 88.9440 17.20 140.6333 17.41 Asset Allocation 4,482.4374 23.75 4,482.4374 23.75 4,548.4488 26.12 VT Fidelity Puritan 56.8810 20.95 56.8810 20.95 60.8803 22.73 Equity Income 403.0472 30.61 403.0472 30.61 276.9651 34.94 500 Stock Index 3,244.9454 13.54 3,244.9454 13.54 3,991.6291 14.88 Growth & Income 2,560.8.080 15.60 2,560.8080 15.60 2,537.7588 16.89 Broad Market Index 4,501.0974 25.65 4,501.0974 25.65 4,584.6951 28.56 . VT Amer Cent Value • 822.8895 15.49 822.8895 15.49 1,292.1925 17.64 VT Lord Abbet Lg Co Valu 39.5264 10.25 39.5264 10.25 66.0990 11.46 Growth Fund 38,473.0555 26.29 38,473.0555 26.29 40,359.6320 27.00 VT Fidelity Contra 1,121.6705 21.81 1,121.6705 21,81 1,209.2990 24.93 VT Amer Cent Ultra 2,802.0331 16.51 2,802.0331 16.51 5,551.5637 18.15 EF MFS Lg Co Growth 2,068.3928 10.75 2,068.3928 10.75 0.0000 0.00 VT Fidelity Magellan 2,069.8849 16.83 2,069.8849 16.83 1,914.9661 17.97 VT Gabelli Value 570.2037 26.81 570.2037 26.81 570.2037 30.03 Aggressive Oppor 2,337.0242 25.29 2,337.0242 25.29 2,986.5777 29.17 VT T Rowe Pr Sm Cap Sto 88.0467 12.07 88.0467 12.07 122.5062 14.21 EF AIM Sm Co Growth 589.8457 5.84 589.8457 5.84 0.0000 0.00 International 5,334.3747 13.49 5,334.3747 13.49 6,077.6481 15.46 . 777 North Capitol Street, NE•Washinntnn nC•onnnnx-mn- - • Annual Financial Report for Your 457 Deferred Compensation Plan 01/01/2004 through 12/31/2004 Page 4 of 4 Plan Name CITY OF!ALM DESERT :; Pl.arfNit10249gSWIMOngflmigiUmimaNiimo • Summary b y Account 3y*pe >;. TOTAL Contributory Rollover Beginning Balance $3,538,531.79 $3,339,830.47 $198,701.32 Contributions 271,628.43 271,628.43 0.00 Roll-Ins 49,428.00 0.00 49,428.00 , Distributions 86,916.58- 69,646.03- 17,270.55- Earnings 188,403.02 171,125.63 17,277.39 Ending Balance $3,961,074.66 $3,712,938.50 $248,136.16 Percentage by Type 100% 94% 6% Contribution Listing, z ♦ z u Date TOTAL Contributory: 01/16/2004 $10,547.29 $10,547.29 01/30/2004 10,547.29 10,547.29 02/12/2004 10,371.08 10,371.08 02/26/2004 10,371.08 10,371.08 03/12/2004 10,371.08 10,371.08 03/29/2004 10,496.08 10,496.08 04/08/2004 10,249.90 10,249.90 04/21/2004 10,824.90 10,824.90 05/06/2004 10,499.90 10,499.90 05/21/2004 10,499.90 10,499.90 06/02/2004 10,499.90 10,499.90 06/16/2004 10,499.90 10,499.90 06/30/2004 10,499.90 10,499.90 07/14/2004 10,169.16 10,169.16 07/28/2004 10,169.16 10,169.16 08/11/2004 10,097.83 10,097.83 08/25/2004 9,664.75 9,664.75 09/08/2004 10,068.09 10,068.09 09/23/2004 10,695.01 10,695.01 10/07/2004 10,495.01 10,495.01 10/20/2004 10,879.63 10,879.63 11/03/2004 10,441.27 10,441.27 11/18/2004 10,829.63 10,829.63 12/02/2004 10,829.63 10,829.63 12/16/2004 10,475.09 10,475.09 12/28/2004 10,535.97 10,535.97 Cash received from Employer 271,628.43 Total Contributions $271,628.43 ;, n Quarterly Financial Report for ICMA RETIREMENT CORPORATION Your 457 Deferred Compensation Plan 10/01/2004 through 12/31/2004 Page 1 of 7 A Message from ICMA.Rc ..> :< . Reminder--New 457 contribution limits for 2005 PAUL S GIBSON 001-0197 "Normal" 457 Contribution Limit - $14,000"Pre- CITY OF PALM DESERT Retirement"457 Catch-Up Limit -- $28,000"Age 50" 73 510 FRED WARING DRIVE 457 Catch-Up Limit -- $4,000 Call 1-800-669-7400 for PALM DESERT CA 92260-2564 details. Plan Summary Information For the Period Rndtng 12/3 t/2004 Ending Fund Balance 3,961,074.66 Plan No 302129 Contributory 3,712,938.50 Rollover 248,136.16 Total Contributions this Period $74,486.23 Pre-Tax 248,136.16 Contributory $74,486.23 - -Total Plan Assets $3,961,074.66 Suxnrnary'by+,Fund Year Current gad#ngrg Conservative , Traditional To-Date. Period Oriented Grrawth ,' Growth Beginning Balance $3r5384T 31 9..' $3,664,539.34 $269 306.48, $91,914.52 $68,405.73 Contributions 27162843;. 74,486.23 10,751.33 3,691.10 3,975.09 Roll-Ins ,",49,428..00 45,660.94 0.00 0.00 398.32 Distributions 669*658-'.; 12,600.21- 0.00 0.00 0.00 r Adjustments 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers : 000;» 0.00 0.00 , 0.00 0.00 Earnings i;18840302Fii: 188,988.36 8,827.06 4,331.86 4,501.91 Ending Balance $3 961,074,66,. $3,961,074.66 $288,884.87 $99,937.48 $77,281.05 MaanigiPercentage Invested 7% 3% 2% Summary by Fund cent Long Term Ail;l yuity PLU$ Cash Core Bond:,: Growth Growth Fund Management Index, Beginning Balance $24,600.17 $97,606.67 $1,438,811.22 $807.25 $30,286.58 Contributions 1,523.74 6,300.00 23,225.90 2,823.38 938.35 Roll-Ins 128.96 0.00 727.93 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 0.00 0.00 0.00 Earnings 2,071.31 10,141.05 14,279.34 5.11 257.14 Ending Balance $28,324.18 $114,047.72 $1,464,444.18 $3,635.74 $40,482.07 Percentage Invested 1% 3% 37% Less than 10/ 1% Please review your statement carefully. If you believe there is an error due to a transaction not previously confirmed,please notify ICMA-RC at 800-326-7212(en Espanol 800-669-8216)within 90 days of quarter end. Failure to do so may prevent ICMA-RCfrom adiucnn...,...._----- TT> Quarterly Financial Report for Your 457 Deferred Compensation Plan 10/01/2004 through 12/31/2004 Page 2 of 7 . • Plan Name CITY OF PALM DESERT': Plan No301`t3 !$umxnaiy by Fund cant < US Asset VT Fidelity Equity 500 Stock Government tlllacation Puritan IncOrne exiMMW Beginning Balance $2,210.42 $109,426.96 $1,253.75 $8,291.16 $51,240.79 Contributions 240.66 386.09 50.00 551.32 3,421.04 Roll-Ins 0.00 0.00 0:00 0.00 16.14 Distributions 0.00 0.00 0.00 0.00 0.00 Adjustments 0.00 0.00 0.00 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 0.00 0.00 0.00 Earnings 2.65- 8,992.43 80.06 834.69 4,717.47 Ending Balance $2,448.43 $118,805.48 $1,383.81 $9,677.17 $59,395.44 Percentage Invested Less than 1 % 3% Less than 1% Less than 1% 1% Summary try Fund cant Growth Broad Market VT Amer Cent' , VT Lox Abbet Growth Income Index Value 14 Ca value Fund 4 „::., v Beginning Balance $39,166.33 - $118,500.80 $19;303.54 $651.62 $1,003,776.09 Contributions 0.00 592.27 1,751.17 35.00 7,027.21 Roll-Ins 228.81 0.00 0.00 . 0.00 89.72 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 3.467.61 11,845.83 1,739.56 70.87 • 78,817.04 Ending Balance $42,862.75 $130,938.90 $22,794.27 $757.49 $1,089,710.06 Percentage Invested 1% 3% 1% Less than 1% 27% :.::$40iiiiiiifklikkiiiii cant 'IfT Fidelity::.: VT Amer Cent i VT Fidelity ;. 'VT ttiahelll ,: Aggressive j Contra Ultra Magellam Value Qgpo Beginning Balance $27,228.52 $49,385.98 $31,865.04 $15,121.79 $74,415.79 Contributions 332.42 1,243.03 0.00 0.00 3,234.68 Roll-Ins 148.83 43,909.64 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 2,438.04 6,222.23 2,546.90 2,001.43 9,467.99 Ending Balance $30,147.81 $100,760.88 $34,411.94 $17,123.22 $87,118.46 Percentage Invested 1% 3% 1% Less than 1% 2% • Quarterly Financial/� Report for ICMA RETIREMENT CORPORATION' Your 457 Deferred Compensation Plan 10/01/2004 through 12/31/2004 Page 3 of 7 Plan Name CtTYOF PALM DESERta Plan Na 302123 S ummary by Fund Gant VT T Row! P€, • Sib Cap Stock' ;international Beginning Balance $1,439.60 $80,522.54 • Contributions 117.46 2,274.99 Roll-Ins 0.00 12.59 Distributions 0.00 0.00 Adjustments 0.00 0.00 Fund-to-Fund Transfers 0.00 0.00 Earnings 183.75 11,150.33 Ending Balance $1,740.81 593,950.45 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. Account Balance Charts::compares your ICftM RC plank asset balances:ryy Investment type)to ICItfA-RC plans nationally :,_ iniigiMiM Your ICMA-RIC Alan'e Balance n11 ICMA RC Pi s Nation Jy mossik \\`ten ',4'.t ,\ .� ,Q � . i c' RR Domestic Equities 49% Domestic Equities 56% Ei Fixed Income 47% Q Fixed Income 36% it International 4% r. International 5% Q Cash Management 0% 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%. 9haze'Value Shares on 01/01/2004 Shares on 10/01/2004 -^ Shares on 12/S1/2004 # Shorres Value of:`; #li#4400illigiiii0AtiOSOBAli)04iikliMigii!*iQiiil iligiSidligimontomninootaitem•ton'icshaie:,, Owned One Share°Niksiiigiempsiiggiiiigi.' Savings Oriented 13,619.2439 $17.66 14,969.7881 $17.99 15,556.5357 $18.57 Conservative Growth 5,613.3977 16.40 5,527.0306 16.63 5,743.5332 17.40 Traditional Growth 2,718.4138 17.05 3,977.0778 17.20 4,223.0084 18.30 Long-Term Growth 2,294.4019 17.76 1,378.9333 17.84 1,467.5741 19.30 All-Equity Growth 4,482.8681 18.81 5,208.4673 18.74 5,528.2462 20.63 Cash Management 1,728.7849 14.18 56.8886 14.19 255.6781 14.22' Core Bond Index 2,020.9426 18.02 2,123.5988 18.50 2,174.1184 18.62 US Government 88.9440 17.20 126.8168 17.43 140.6333 17.41 Asset Allocation 4,482.4374 23.75 4,533.0142 24.14 4,548.4488 26.12 VT Fidelity Puritan 56.8810 20.95 58.6414 21.38 60.8803 22.73 777 North Capitol Street, NE•Washinntnn nn•onnrn-none_.....--.:_ • Quarterly Financial Report for Your 457 Deferred Compensation Plan 10/01/2004 through 12/31/2004 Page 4 of 7 Ptan Name;EETV OF PALM iiiStiffilHOWINEMOM . Plan No 3t12125 Share Value Shares on>Of/01/2004 Shares on 10/01/2004 Shares on 12/31/2004" :_ iF Shares Value:of t ff Shares - Vaiue<Of #S1tares Value of Owned ::.. One Share$ Owned One Share Owned One Share- Equity Income 403.0472 30.61 260.4006 31.84 276.9651 34.94 500 Stock Index 3,244.9454 13.54 3,751.1548 13.66 3,991.6291 14.88 Growth & Income 2,560.8080 15.60 2,523.6041 15.52 2,537.7588 16.89 Broad Market Index 4,501.0974 25.65 4,562.9881 25.97 4,584.6951 28.56 VT Amer Cent Value 822.8895 15.49 1,187.9109 16.25 1,292.1925 17.64 VT Lord Abbet Lg Co Valu 39.5264 10.25 62.8973 10.36 66.0990 11.46 Growth Fund 38,473.0555 26.29 40,086.9047 25.04 40,359.6320 27.00 VT Fidelity Contra 1,121.6705 21.81 1,189.0190 22.90 1,209.2990 24.93 VT Amer Cent Ultra 2,802.0331 16.51 2,987.6571 16.53 5,551.5637 18.15 EF MFS Lg Co Growth 2,068.3928 10.75 0.0000 N/A 0.0000 0.00 VT Fidelity Magellan 2,069.8849 16.83 1,914.9661 16.64 1,914.9661 17.97 . VT Gabelli Value 570.2037 26.81 570.2037 26.52 570.2037 30.03 Aggressive Oppor 2,337.0242 25.29 2,868.7655 25.94 2,986.5777 29.17 VT T Rowe Pr Sm Cap Sto . 88.0467 12.07 113.8020 12.65 122.5062 14.21 EF AIM Sm Co Growth 589.8457 5.84 0.0000 N/A 0.0000 0.00 International 5,334.3747 13.49 5,920.7765 13.60 6,077.6481 15.46 Summary by Accountlypa ,A raTnr, cpnir;linicory '> KomOceef Beginning Balance $3,664,539.34 $3,476,754.63 $187,784.71 Contributions 74,486.23 74,486.23 0.00 Roll-Ins 45,660.94 0.00 45,660.94 Distributions 12,600.21- 12,114.25- 485.96- Earnings 188,988.36 173,811.89 15,176.47 Ending Balance $3,961,074.66 $3,712,938.50 $248,136.16 Percentage by Type 100% 94% 6% Contribution Mating:, Datea ,:. .�,,..TQTAL .•.�:<�. Contributory::.: 10/07/2004 $10,495.01 $10,495.01 10/20/2004 10,879.63 10,879.63 11/03/2004 10,441.27 10,441.27 11/18/2004 10,829.63 10,829.63 12/02/2004 10,829.63 10,829.63 12/16/2004 10,475.09 10,475.09 12/28/2004 10,535.97 10,535.97 Cash received from Employer 74,486.23 Total Contributions $74,486.23 • • Fund Performance Report for Your 457 Deferred Compensation Plan ICMA RETIREMENT CORPORATION Page 5 of 7 Parr Nam CETY QF PALM©ESERT>? Ptah No 302423 w ..., . As of DECEMBER 31, 2004 AVERAGE ANNUAL RETURNS ICMA-RC 4th Qtr Year- I-Year 3-Year 5-Year 10-Year Inception Funds 2004 to- or Since Date Date Inception MEN Model Portfolio Funds Savings Oriented 3.22% 5.15% 5.15% 4.08% 4.10% 6.45% 02/09/1995 Conservative Growth 4.63% 6.10% 6.10% 3.95% 3.12% 6.53% ' 04/01/1996 Ak\ Traditional Growth 6.40% 7.33% 7.33% 3.61% 1.81% 7.15% 0410111996 Long Term Growth 8.16% 8.67% 8.67% 3.87% 0.40% 7.80% 04/01/1996 t. All-Equity Growth 10.09% 9.68% 9.66% 3.14% - -2.02% 10/02/2000 Benchmarks: U.S.30 Day T-Bills 0.43% 1.20% 1.20% 1.29% 2.70% 3.90% Lehman Aggregate Bond Index 0.95% 4.34% 4.34% 6.20% 7.71% 7.72% --- Dow Jones Wilshire 5000 Index 10.19% 12.49% 12.49% 5.43% -1.44% 11.90% MSCI EAFE Index 15.37% 20.70% 20.70% 12.31% -0.80% 5.94% Money Market&Fixed Income PLUS Fund(2) 3.91% 3.48% 3.48% 3.75% 4.29% 5.00% 01/01/1991 , Cash Management 0.21% 028% 0.28% 0.35% 1.92% 3.41% 02/01/1989 Core Bond Index 0.65% 3.33% 3.33% 5.10% 6.78% 6.54% 12/01/1974 US Government Securities -0.11% 1.22% 1.22% 3.42% 5.64% 5.96% 07/01/1992 VT PIMCO Total Rehm 1.14% 4.16% 4.16% - - 6.00% 07/292002 VT PIMCO High Yield 3.96% 8.41% 8.41% - • 18.02% 07/292002 Benchmarks: 91-Day T-Bills 0.48% 1.33% 1.33% 1.43% 2.96% 4.15% Lehman Aggregate Bond Index 0.95% 4.34% 4.34% 6.20% 7.71% 7.72% Merrill Lynch US High Yld BB-B 3.61% ' 9.93% 9.93% 10.09% 6.22% - 2-Because there is no trading market for investment contracts,PLUS Fund returns consist of yield only.Returns are annualized for ease of comparison with other stable value investments.Mninum annualized effective yield for the three month period ending 12/31/2004 is 3.40%. Asset Allocation & Balanced Asset Allocation 8.20% 9.98% 9.98% 4.88% 1.39% 9.98% 12J01/1974 VT Fidelity Puritan 6.31% 8.50% 8.50% 6.40°/ 4.82% 8.93% 06/06/1995 Benchmarks: 60%SAP500/40%Lehman Gov/Cr 5.82% 8.25% 8.25% 5.16% 2.11% 10.71% Equity Income_&Value Equity Income 9.74% 14.15% 14.15% 8.51% 8.86% 12.98% 04/01/1994 VT H&W Large Cap Value - - - - - 2.40% 12/062004 Benchmarks: S&P/BARRA Value Index 9.93% 15.72% 15.72% 6.47% 2.48% 12.24% Russell 1000 Value Index 10.38% 16.49% 16.49% 8.56% 5.27% 13,82% y Funds available inu your plan may be offered by several Sources and are designated es follows:All funds managed by the ICMA Retirement Corporation are denoted by the Vanlagepoint .GW� togo. ICMA-RC funds with a VP prels are V neither point Mutual Funds. All other ICMA-RC hmds are VantaguTrust Finds.tageTr MA-BC funds(no logo)with e'/T prefix are offered by me your employer Corporation. Funds with the logo nor a VT prefix are non-ICMA-RC funds offered outside the Vantagetrust Corporation. Funds preceded by'EF'are selected by employer and are offered outside the ICMA Retirement Corporation and the VentageTrusl Corporation. 777 North Canitol Street NF •Waehin,,is., nr-nnnnn .rnn. - Fund Performance Report for Your 457 Deferred Compensation Plan Page 6 of 7 Plan Name CiiY OF PALM DESERT Plan Nn3o2129 FUND PERFORMANCE CONTINUED As of DECEMBER 31, 2004 AVERAGE ANNUAL RETURNS ICMA-RC 4th QIr Year- I-Year 3-Year 5-Year 10-Year Inception Funds 2004 to- or Since Date Date Inception Growth&• income 500 Stock Index Fund 8.93% 9.90% 9.90% 257% -3.29% 5.38% 06/02/1997 Growth B Income 8.83% 8.27% 8.27% 2.49% 1.10% 8.74% 10/01/1 998 Broad Market Index 9.97% 11.35% 11.35% 4.19% -2.54% 10.70% 10/01/1994 VT Lord Abbett Large Co Value 10.62% 11.80% 11.80% 5.46% - 3.26% 10/02/200D VT American Century Value 8.55% 1359% 13.59% 8.06% 10.66% 8.05% 09/02/1997 Benchmarks: S&P 500 Index 9.23% 10.87% 10.87% 3.59% -2.30% 12.07% Dow Jones Wilshire 5000 Index 10.19% 12.49% 12.49% 5.43% -1.44% 11.90% Grouvth .. Growth 7.83% 2.70% 2.70% -0.33% -4.15% 10.35% 04/01h983 VT Fidelity Contrafund 8.86% 14.31% 14.31% 9.23% 0.92% 10.68% 01/02/1996 VT Fidelity Magellan 7.99% 6.77% 6.77% 0.11% -4.54% 6.73% 01/02/1996 VT Gabelli Value 13.24% 12.01% 12.01% 6.98% 3.24% 12.62% 10/02/1995 VT Calvert Social Investment 8.71% 5.89% 5.89% - - 13.04% 077262002 VT TRPrice Growth Stock Adv - - - - - 2.30% 12/062004 VT American Century Ultra 9.80% 9.93% 9.93% 1.59% -6.71% 6.85% 01/02/1996 Benchmarks: r- S&P 500 Index 9.23% 10.87% 10.87% 3.59% -2.30% 12.07% • Dow Jones Wilshire 5000 Index 10.19% 12.49% 12.49% 5.43% -1.44% 11.90% S&PBARRA Growth Index 8.51% 6.14% 6.14% 0.63% -7.07% 11.44% Agg essive Growth &Smalt Co VT Rainer Small/Mid Cap Eq - - - - - 4.10% 12/062004 Mid/Small Company Index Fund 13.27% 17.25% 17.25% 10.39% 0.38% 7.24% 06/02/1997 AL Aggressive Opportunities 12.45% 15.34% 15.34% 0.51% -4.72% 10.77% 10/01/1994 - VT Fidelity Sm Cap Retirement - - - - - 3.00% 12/062004 VT T.Rowe Price Small Gap Val 12.18% 24.59% 24.59% - - 23.43'/ 07/29/2002 VT T.Rowe Price Small Gap Sik 12.33% 17.73% 17.73% 9.48% - 8.62% 10/022000 Benchmarks: Dow Jones Wilshire 4500 Index 13.61% 18.08% 18.08% 11.80% 1.32% 11.94% Russell 2000 Index 14.09% 18.32% 18.32% 11.48% 6.61% 11.53% aFunds available in your plan may be offered by several sources and are designated as follows:All funds managed by the ICMA Retirement Corporation are denoted by the Vantagepoint logo. ICMA-RC funds with a VP prolix are Vantagepoint Mutual Funds. All other ICMA-RC funds are Vantageimst Funds.Non-ICMA-RC funds(no logo)with a VT prefix are offered by the VantageTmst Corporation. Funds with neither the logo nar a VT prefix are non-ICMA-RC funds offered outside the VentageTrusl Corporation. Funds preceded by'EP are selected by your employer and are offered outside the tCMA Retirement Corporation and The VantageTrust Corporation. • I111111Iwe1 Nell tell uw auu;+u um,..-..................._ • Fund Performance Report for Your 457 Deferred Compensation Plan ICMA RETIREMENT CORPORATION Page 7 of 7 PIahNameGE.TY06PALMIIESEAT �. plan Na 3O2129 FUND PERFORMANCE CONTINUED As of DECEMBER 31, 2004 AVERAGE ANNUAL RETURNS ICMA-RC 4th Qtr Year- I-Year 3-Year S-Year 10-Year Inception Funds 2004 to- or Since Date Date Inception International &Global Overseas Equity Index Fund 1455% 18.98% 16.98% 10.49% -2A2% 3.09% 06/02/1997 International 13.68% 14.60% 14.60% 7.69% -3.42% 4.85% 1D/01/1994 VT Fidelity Diversified Intl - - - - - 2.90% 12/062004 VT Templeton Growth A - - - - - 2.20% 12/052004 Benchmarks: MSCI EAFE Index 15.37% 20.70% 20.70% 12.31% -0.80% 5.94% • MSCI Wort Index 12.06% 15.25% 15,25% 7.44% -2.05% 8.53% Specialty VT American Cent Real Est Inv - - - - - 1.60% 12/032004 - Benchmarks: • S&P 500 Index 9.23% 10.87% 10.87% 3.59% -2.30% 12.07% u Funds available n your plan may be offered by several sources end ere Designated as follows.All funds managed by the ICMA Retirement Corporation am tlonatd by the Vamegepoint �O• logo. ICMA-RC lunch wiN a VP prelb era Ventagepoinl Mutual Funds All other ICMA RC funds are VentageTmat Funds.Non-ICMA-RC funds(no logo)with a Vi prefix are armed by the VanlegeT rust Corporation. Funds wit,neither the logo nor a VT prefix are non-ICMA-RC tends offered outside the VentageTrust Corporation. Funds preceded by'EF'are selected by your employer and are offered outside the ICMA Retirement Corporation and the VantagaTrust Corporation. This information is being provided for educational purposes only and is not intended to be construed as or relied upon as investment advice.This information was compiled from various sources and is presumed to be correct and accurate.Performance for benchmarks may not reflect the same time periods as for the funds themselves and therefore should not be used solely when evaluating performance or determining an appropriate investment selection.Individuals seeking more current performance are advised to view the daily fund performance available through the VantageLink website: www.icmarc.org.Performance reflected above represents past performance.Investment returns and principal value of an investment will fluctuate so that an investors shares,when redeemed,may be worth more or less than their original cost.Past performance is not indicative of future returns. Returns are annualized for periods greater than 1 year.Individuals are advised to consider any new investment strategies carefully prior to implementing.Please consult both the current Vantagepoint Funds prospectus and MAKING SOUND INVESTMENT DECISIONS:A Retirement Investment Guide. which contains additional information on management fees,other fund expenses,and investment risks and objectives carefully prior to investing any money.Vantagepoint securities are distributed by ICMA-RC Services,LLC,a broker dealer affiliate of ICMA-RC,member NASENSIPC- 777 Mnrth Canitnl Strom MC-u, -- -- • Nationwide" cll-y CITY OF PALM DESERT Retirement Solutions C, P4Ltt. • rill' eft F,ia F sensation Program (457) a Nationwide Financial Company r 1©5 �A�i Statement of Account 12 AM 11: 13 II,I,,,,I,I„III,IIItililSt ltliltl1,tLI11tt1,I,1t1t111,,,ill PAUL GIBSON 9a 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. �, va rnr Ilalyr ry.. urrv ,m`ry f Plnl�}* Yr#,f�'�1'J,{I nMk(,� Ir� �� ,Lh iT�yvu, '"�y�L'{}rv� I` .. • 611n rr n r�d "i' iourA`eWiintry'1ta'Iue Asp' " t Decor bet 37;..................................... $3,006,966.03 • YourM�TotalDeferrals/�T'ranslersi nfipitNie, aFa „rxl�{II �i,I{ {I` $3,001,677.32 • w ti Igr r �{ Ili b n,i ,r.i �IH{ler Fua9iliAH'UI Hill sas nl fd ill -a rt r hula .t a:' Your ;?,fatal aWithdraiwal rrrattsfe;r5 Out,To Date£it ta ibi - $1,025,497.32 <^�r,a t: r a,u to r r -... w .� 7: .A . r . roar .. 9 -n. Y`dtira oYtaf�Ghacges/L sdi4ts--gat€mate , ' eareTM;F a x8, L - $422.00 ;��Your Total ,Gain#RiousIS Ta Oatsj } �ts a� d_isst mi $ $1,031,208.03 The amount shown above in Total Charges/Credits To Date is the total amount of charges or credits since you have joined the plan. . • If applicable, Total Gain/Loss To Date'includes asset fees charged against core accounts and/or asset fees associated with Self Directed Option (SDO). For information about asset fees, contact your customer service center. Report Period: October 01, 2004 Thru December 31, 2004 N O r7 O rrll rIW r A r ti w . riu , ¢ ar........................................ 1 p i v:i io''a3'`ao nF fr s�. r; ry _ .+ Pi IN OSIV 1:04Ylnur 4571Deferrlec Compensaogmmlan Ac�ro................................................. " ?I/"r L , �, �a 1 Ilq i^ ,.�-il,, il �, 4ry,.n t :�r"'>SS"171 r"rA'riN rn r,rW *: n.v ,' Il vWs! .., iiftAA r. ilidi ,ei �6: ,.�}`�', �,:�. L .. 09/30/2004 Deferrals/ Withdrawals/ Charges/ 12/31/2004 m▪ ol Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value S . . - Am Cent Value Ic 20,622.16 910.95 0.00 -290.20 0.00 1,782.03 22.924.94 .:_, arwn Cap Mgmt Sml Co Ed Ic 29,935.15 915.33 0.00 0,00 0,00 2,938.78 33,099.26 Drey Appreciation End Inc 8,802.12 399.35 0,00 0.00 . 0.00 633.32 9,834.78 � Drey Prom Mdcapstk Cls A 3,766,70 87.50 0.00 0.00 0,00 442.78 4,296.96 Drey 5812 500 Index Fund 45,387.62 1,332.60 0.00 -47.80 0.00 4,069.67 50 741.29 Rd Asset Manager 22,175.63 87.50 0.00 D.00 0.00 1,178.17 23,441.30 va~' Fid Contrafund 104.880,29 1,799.84 0.00 -49.20 0.00 9,280.71 115.911.63 .:a, Rd Equity Income Fnd 55,561.10 1,188.09 0.00 -478,00 0.00 4,985,00 B1,254.25 Fed US G'tsc End 2-5 Ys Is 8,740.95 393.75 0,00 0,00 0,00 -20.27 9.114.43 rwoe 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 Small company funds:Stocks of email or emerging companies may have less liquidity than those of larger,established companies and may be subject to greater price volatility and risk than the overall stock market. High yield bond funds:Portfolios that Invest In high-yield securities are subject to greater credit risk and price fluctuations • than portfolios that Invest h higher-quality securities. Non-dtvertlflsd funds:Funds that concentrate in a specific sector or focus on a retattvey small number of securities may be subject to greater volatility than a more diversHkd Investment • Government bond funds:While the fund Invests primarily In the securities of the U.S.government and its agencies,the funds value Is not guaranteed by these entitles. Real estate fends:Real estate investing entails the risks of real estate business generally,Including eenaltWtty to economic and business cycles,changing demographic patterns and government actions. Footnotes a) These funds ore not open to new participants. b) The Gartmore Investor Destinations Funds are designed to provide&ersillcation and asset allocation across several types of Investments end asset classes,primarily by Investing in underlying funds. Therefore,In eddttlon to the expenses of the Investor Destination Funds,you are indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds. c) The money market current yield Is the annualized historical yield for the 7-day period ending on the last day of the calendar gaarter. Yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. d) This fund may not be available in all plans. This option Is offered outside the group variable annuity contract.The funds Initial investments will be In units of Morley Financials Stable Value Fund. Rehm history pertains to the Stable Value Fund managed by the same fund manager since Inception In December 1993. .. Fee Disclosures The Standardized illustration represents performance based on a 61,000 hypothetical investment,and reflects the deduction of the following fees: 'denotes a Fee of 0.95% If denotes a Fee of 0.110% 4.denotes a Fee of 0.70% The participant account maintenance charge,up to a maximum of 650,will not be assessed unless agreed to by the entity. Options In bold are options h a group variable annuity contract Fees indicated for those options are Variable Account Expense Fees end are In addition to the lees disclosed In the underybrg fund prospectus. Some mutual funds may Impose a short term trade fee. Please read the underlying prospectus carefully. Important Disclosures Investing may involve market risk,Including the possible loss of principal.Certain underlying funds discussed here are only sveltebla as Investment options In group variable annuity contracts issued by life insurance companies:They are not offered or made available directly to the general pubes.These portfolios contain different Investments then similarly named mutual funds offered by the money manager and investment returns may be higher or lower. Inception Date is the date the underlying fund was established.Non-Standardized performance for UIOs Includes hypothetical performance for periods before the UIO was available In the annuity,where applicable,applying contract • charges to actual fund NAVs to determine the performance the U1O would have achieved Inside the separate account For Standardized performance Adoption Date Is the date the underlying fund was included In the separate account Performance numbers in the YTD(Year To Date)column are not annualized returns and represent the total percentage change In unit value from the beginning of the year to the date o this report. Fund category data provided by Momhgstar...02003 Morningstar,Incl.All Rights Reserved.The Morningstar Information contained herein:(1)Is proprietary to Morningstar and/or as content providers;(2)may not be copied or distributed;and(3)is not warranted to be accurate,complete or timely.Neither Morningstar nor Its content providers are responsible for any damages or losses arising from any use of this Information.Although data Is gathered from reliable sources,data accuracy and completeness cannot be guaranteed. Securities offered through Nationwide investment Services Corporation,member NASD.In Michigan only:Nationwide Investment Svcs.Corporation.Group variable and fixed annuities ere issued by Nationwide Life Insurance Company, Columbus,OH. Contract es:TSP-556;TSP-557;APO.2355;APO.2424 • Report Period: October 01, 2004 thru December 31, 2004 Page: 3 of 3 CITY OF PALM DESERT Entity: 0516 . t 4Il i .�. :r 6fi Ar5sal OfDecember M1 ec em- hrer 311,2004Yr aui r T6ef er rnac lst lA re i.Be1 g Invested r {Ar sti FF oIr llows I ii Irn 4 r)rL i ysa giwini ;rI1ug i,I i e uF { r4'dgi � , � a{ fM �,i` y 3 b b r, ei -41lxl'l Fund Description Percent Unit Value Units NF Gartmore Nationwide Fund D 25.3595 3,905.1143 NGS 'Neu Bar Genesis Fd Tc 1,4661 14,446.2304 Nil Gartmore Intl Index Fund A 1.1176 934.5245 NIV Gartmore S&P 5D0 Index!so 1.0857 22,256.5322 NMC Gartmore Madcap Mkt Indx A 1,3178 155.9406 NSC Gartmore Small Cap Index A 1.3659 398.9708 OGF Opp Global Fnd Cls A 2.0199. 5,328.7368 OGG One Group Madcap Grth Ed A 1.4408 124.6452 OGV 1Grp Midcapval Fnd Cls A 1.5508 26.9690 PMT Pimco Ttiretrn Fnd Cis A 1.2405 20,053.2476 PVF Ptnm Voyager End Cls A 4.3614 10,708.4021 SCF Gvit Small Company I 1.9786 12,459.0976 TCG Am Cent Growth Fnd Ic 7.0562 2,443.4904 TCI Am Cent Intl Disc Ic 2.0061 3,007.2336 TCL Am Cent Ultra Ic 3,2911 32,375,9232 TFF Temp Foreign Fnd Cis A 2.9372 14,459.4863 VKG Vankamp Growth& Inc Fd A 1.2187 • 1,117.9776 WHI W&R Advisor High income Y 1.2415 1,747.8799 rrr Fnd' rLII1 . S,ira Arry�l . I O-.. kt-AfeI a c,.._ rr —+pnu rqr r i • �... rsymi . .. ttw�T�i' y ei 'tit oesAOlf:r E1ft. ...Gr.IlC2 TA:Olrr17�t07l.F __ it -" yf''rf' a{{� r 'k a' 96 utr ._ ., lii>'�r.s..F f'I. r g:_lif rlai::e��i..n alligr;; iiri c'ru� a �o- lift 1 i9 9Riii'r r rrN�'Ir. -'Intl "i°I x i ..�:.� ' dlir9699�I� rmi ii Bran. Policy Premium Report Period Account Surrender Death Life Option Number Per Pay Premiums Value Value Benefit Plan I (Universal Lite) 9748 682.36 13,959.02 11,317.35 261,616.00 Universallfe 93.63 343.91 18,270.64 14,103.68 301,139.00 el�l l'. ilaPI' I�,y1i •Paird g6p*r'ni` fi-e, it '*. �P14 . Tianiirf p etaikt pllfF.fahatibl:rWar9.r bsr� TSIIS � a' 170raf t° via{e,�7 gi, iTeli0r s r�ix r-_n hliVi�4x' ri firth. .rixi�: � k raildi a- .r --- " _. E:prf, r. li�, Ih' i 'k`.r!beg irE NIWgriti i I '--- ,....7;�t.ah'a .t pj.7;';..,, xn,Lr..... i,, ,.lr i4!f:a ifTNi=:'1wo-,.mnhlP arnuv,:.: frill;11 Our Reps-On-Call can help you maximize contributions for retirement. It's not - investment advice. It's education and information that you use to decide for yourself. To learn how you can 'Do the Max,call toll-free at 1-877-677-3678. N cm o The 1st quarter effective interest yield for the Nationwide fixed return option o is 4.35%. The 2005 guaranteed minimum effective interest yield is 3.80%. vnlms a— mama �mi • ami e:� . .+— • • CITY OF PALM DESERT Average Annualized Total Return:Standardized 4th Quarter 2004 The results shown represent past performance and do not represent expected future performance or experience.Past performance does not guarantee future results.Investment return and principal value of an Investment will fluctuate so that an investor's units,when redeemed,may ad worth more or less than their original cost.Current performance may be lower or higher than the data quoted.Performance data current to the most recent month-end may be obtained by visiting:WWW.NRSFORU.COM.Please consider the fund's investment objectives,risks,and charged and expenses carefully before investing.Both the underlying fund prospectuses and informational brochure contain this and other important Information,and are available by calling 1-877-677-3678.Read carefully before investing. Please see other important disclosures at the end of this report. 1 Year S Years 10 Years Since Inception/ Morningstar 01/01/04- 01/01/00. 01/01/95- Incept! Adoptio Investment Options Category 12/31/04 12/31/04 12/31/04 Adoption Date n'NEE .u._EM vl♦ a (�i��EEMERQ47��MEREE"4 ML. • ?�I:1L"@ll':.a giR _,n"�l'9i�p:;a9, a ffi '"1 ml�.:. "r .. . I N"AS' t,;. ICO@-, Id � I' '1118M1. Fl 1 .v1U .._aJk+vlu9l_uiu1�C... �.4'thd.v.._i. �"i ta - ' 624 Gartmore InvDes Aggr SC(b)(+) N/A 1321% N/A WA 426% 07/19/0• 620 Gartner*InvDes Cons SC(b)(+) WA 4.04% N/A N/A " 3.21% 07/19/01 622 Garbeore InvDes Mod SC(b)(+) WA 8.65% N/A N/A 3.86% 07/19/01 622 Gartnlore InvDes ModAggr SC(b)(9) NIA 11.31% WA N/A 421% 07/19/01 621 Gartmore lnvDes ModCons SC(b)(+) N/A 6.31% N/A N/A 3.71% 07/19101 • i wigsgrenelcell&tiA.l`tYt-Ortics= 4.iihrl''-' calif,imalGioiii, W. "ticira:,r-a= fiairg = fa. 4.4k bier r lifijg ........................... 538 Am Cent Intl Disc IC(a)(C) Foreign Stock 1523% •0.22% N/A 12.0290 11/13l98 529 Temp Foreign Fnd CH A(ft) Foreign Stock 1720% 3.72% 7.89% 9.32% 11/02/92 612 Gartmare Intl Index Fund A(9) N/A 18.19% N/A WA 3.06% 0425(01 316 JPM Rem Intl Eq Fd Select(s) N/A N/A . N/A IUA 13.36% 0123/04 408 Opp Global End Cls A(B) World Stock 17.73% 9.03% • N/A 12.15% 11/13/98 cr ISFEgi11191F.J.api5tb-egi8 anti N.n q:'ZZ )iiLu.= nitr ;Sw w �i.�'.:1m raimaiI.EF ! ' PTI.R�„nx- un1�6 - Iwiv:=,�L»Lu ... .• Small Cap Index A(V) N/A 16.82% WA WA 8.83% 0425101 384 GVIT Small Company I(0) N/A 18.07% 626% N/A , 10.02% 01/02/98 388 Neu Ber Genesis Fd TC(a) Small Blend 17.73% N/A N/A 1422% 02/14/02 130 Brwn Cap Mgmt Sml Co Fd IC(0) Sma9 Growth •0.56% 124% N/A 7.11% 10/01/99 214 Franklin BalSheetlnv Fd A(B) Small Value 24.31% WA WA 14.92% 02/14)02 Eu fitlLm."LQI?f eiro sire( arwrmo.!"ynim PIThi! s"= P° e-pmmo"urim d-ft _ _ ::rj r' " zrz.iiu:. 158 Dray Prom MdCapStk Cls A(0) Mid-Cap Bend 13.13% 527% N/A 8.06% 17/13/98 278 AIM Dynamics Fund IC(0) Mid-Cap Growth 11.05% -9.24% N/A 3.45% 11/13/98 632 One Group MldCap GNh Fd A(0) Mid-Cap Growth 11.71% WA N/A 20.77% 0124/03 530 Am Cent Value IC(a) Mid-Cap Value 13.45% WA N/A 11.69% 05901/00 6301Grp MldCapVal Fnd Cls A(0) Mid-Cap Value 1425% N/A WA 25.44% 0124/03 613 Garlmore MidCap Mkt Indx A(it) N/A 14.66% N/A N/A 7.78% ' 0425/01 314JPMMIdCap Value A(0) NIA WA • WA WA 1905% 01/05/04 -" rfl %ice „azia 149 Drey APPrec6tion Fnd Inc(Si) - Large Blend' 4.73% •7.67% WA 1.31% 11/13/98 160 Drey S&P 500 Index Fund(') large Blend 9.34% -3.71% N/A 5.64% 05/01/97 181 Rd Comratund 0 Large Blend . 13.98% 0.66% 12.73% 12.50% 11/02/92 193 Fld Magellan Fnd(') Large Blend 6.48% •4.78% 9.12% 8.97% 01i02/92 367 Gartmore Nationwide Fund D(0) Large Wend 8.90% -0.90% 10.38% 11.77% 01/02/85 372 Garbnore S&P 500 Index ISC(0) Large Wend 954% -3.53% N/A 1.35% 11/13/98 392 Nett Bar Eq Sac Rasp Fd IC(0) Large Blend N/A N/A N/A 9.34% 01/23/04 r, 599 Am Cent Growth End IC(') Large Growth 8.87% •7.75% 7.70% 11.05% 0/102/85 543 Am Cent Ultra IC(') Large Growth 9.65% -6.94% 9.35% 9.50% 11/15/91 cal + 259 Growth End of America A(') Large Growth 10.89% 0.85% 13.70% 12.02% 05/31/91 289 Janus Fund(') Large Growth 3.70% -9.75% 829% 756% 05/03/93 343 Mass Inv GrthStk Fnd Cl,A(it) Large Growth 8.76% -8.39% 10.90% 1155% 01)02J85 _e 356 MS IFT Equity Grth Port B(0) Large Growth 659% -6.82% N/A 1.18% 11/13/98 m 459 Ptnm Voyager Fnd Cl,A(0) Large Growth 3.96% -9.86% 823% 10.63% 04r,10/90 fr-' 183 Fid Equity Income Fnd(•) Large Value 1024% 3.33% 10.88% 11.19% 01/02/85 , 586 Yankamp Growth a Inc Ed A(U) Large Value 13.03% NIA NIA 7.12% 02114/02 r.Iz°.lii Delaltcacii'I..a ......n1oL;..PW .Ali..iti._i...... ....k_;_. rlu 3 ... . 'j m,.:_.1u�W a. .e.e ......- a rq: 277/ncm End of America,Inc.(a)(•) conservative _ _ `-"'" re Allocation 1)25% 8.38% 11.04% 10.47% 04/30/90 "^ 173 Rd Asset Manager C) Moderate Allocation 4A0% 127% 8.11% 6.83% 11I01/93 I"oTIIIMOTIE S'i BLIFESIIII!..u.11}F Y'1 RE Wi�E_ MMIEF� '1:/:antha.lei Nu " 2� 'r .I wnS T-:tgati " �i.li 4'S.,�,�.E-."",� :v - , .-z T� Cr�.y L�r Pi r. 355 MFS High Incm Fnd Cls A(a)(') High Yield Bond 8.35% 3.96% 641% 7.60% 01/02B5�.l 428 PIMCOTttRebn Fnd Cls A(9) lntemnedlato•Te 3.80% N/A N/A 5.91% 03/30/01 + 323 MS IFT Fixed lucre Port IC(•) Intermediate-Term Bond 3.63% 657% 6.91% 6.48% 09101/94 imco 611 Garlmore Bond Index Fund A(F) N/A 2.90% N/A N/A 4.63% 03/30/01 --- 642 WAR Advisor High Income Y(U) N/A 8.00% N/A N/A 11.82% 0124/03 171 Fed US GtSc Fnd 2-5 Ys ISO Short Government 0.63% 5.37% 5.31% 4.46% 04/30/93 r.+.s....CCSrl_- ;:ifilk ,._i iRlig'Iv.ia..iiti.ER.;L ' iEllai'a.:e mca1 ..... el . bawd'.....Jw.....;_ .... R......... ._....'._..,t..............................._. 373 Gartmore Money Mid Fd PS(c)(0)CURRENT YIELD: .88% N/A 0.03% 155% 2.88% 3.98% 01/02/85 354 Gtmre Mod Stable Val Ret(d)(#) N/A 2.54% 4.01% 4.51% 4.07% 07/31/89 Risk Disclosures Money market funds:Investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal government agency.Although the fund seeks to preserve the value of your investment at 41.00 per share,it is possible to lose money by investing in the fund InternationaVemerging markets funds:Investing internationally invokes risks not associated with investing solely in The U.S., such as currency fluctuation,po0tbat risk,differences in accounting and the limited availability of niormation. ' Report Period: October 01, 2004 thru December 31, 2004 Page: 2 of 3 CITY OF PALM DESERT Entity: 0516 r III .. I , f 1 "�II Ill}}r �n .2illlnlll.!„wile EIi11111,.1 °III 1. II�i i 1p1 111 II nglllir III�I�IIII I I' I,111 1 ?Now kill. 1.�1 11 till �111ii IIr"'h 14 I lil�tl�l�I Itl! Ll II Isr111111, ,i. ��li I.tll ���� 11��!f'll Iti lip I �iI:�a 0 I1 i�1110II� is, , ', 11 00/30/2004 Deferrals/ Withdrawals/ Charges/ 12/31/20 Fund Name Value Transfers Exchanges Transfers Credits Gain/Loss Value Nationwide Fixed Account 1,703,367.03 43,449.62 0.00 -20,547.43 0.00 19,103.82 1,605,472. Fid Magellan Fad 88,443,60 900,00 0.00 0.00 0.00 7,031.29 90,374. Franklin Balsheet Inv Fd A 17,570,99 744.23 18,705.68 •201.40 0.00 4,543.13 41,282. Grwth Fnd of America,Inc. 15,016.92 194.60 0.00 0.00 0.00 1,414.92 18,629. Gartmore Invdes Agar Se 13,510,92 763.10 0.00 -3,010.34 0.00 1,449.46 12713. Gartmore Invdes Modcons Sc 4,438.31 331.80 0.00 0.00 0.00 219.89 4,989.: AIM Dynamics Fund le 30,661.22 1,172.57 0,00 •32.25 0.00 4,124.75 35,938.: Gartmore'nodes Modeggr Sc 7,921.77 460.00 0.00 0.00 0.00 70t.41 9,143J Gartmore Invdes Mod Sc 1,496,24 110.60' 0,00 0.00 0.00 106.74 t,713.t Gartmore Invdes Cons Sc 1,457.54 110.60 • 0.00 0.00 0.00 40.39 1,608.: them Fad of America, Inc. 39,210.01 859.60 0.00 0.00 0.00 2,000.46 42,979.1 Janus Fund 117,422.64 5,098.24 •37,411.30 - 155.57 0.00 8,284.01 93,2372 Jpm Mldcap Value A 184.75 0,00 0,00 0.00 0.00 17,72 202.1 Jpm Flom Intl Eq Fd Select 4,015.64 0.00 0.00 0.00 0.00 637.87 5,253.5 Ms Kt Fixed teem Port Ic 788,80 0.00 000 0.00 0.00 7.61 794.4 Ms In Equity Grth Port B 8.48 0.00 0.00 0.00 0.00 0.03 9.3 Mass Inv Gnhslk Fnd Cis A 17,896.89 0,00 0.00 . 0.00 0.00 1,992.00 10,879.5 Gartmore Money Mkt Fd Ps 20,272.33 0.00 0.00 0.00 0.00 40.80 28,313.1 Grtmre Mon Stable Val Ret 9,875.90 235.41 D,00 0.00 •0.00 04.68 ' ' 10,175.9. Gartmore Bond Index Fund A 2,485.40 122.50 0.00 ' 0.00' 0.00 23.00 2,610.91 Neu Bar Eq Soc Resp Ed le 15,114.42 469,28 0.00 0.00 0.00 1,637.84 17,221.5. Gartmore Nationwide Fund 0 87,539.15 2,341.67 0.00 � -39.00 " 0.00 9,189.83 ante: •Neu Ber Genesli Fd Tc 538.50 175.00 19,705.68 0.00 0.00 1,760,16 21,I79.3. Gartmore Intl index Fund A 726.90 198.38 0.00 0.00 • 0.00 119.10 1,044.4r Gartmore SOP 500 Index lac - 20,124.62 1,089.51 0.00 ' -37.85 0.00 1,808.17 24,164.45 Gartmore Mldcap Mkt IndxA 184.07 0.00 0.00 0.00 0.00 21.43 205.5C Gartmore Small Cap Index A 422.28 61.25 . 0.00 0.00 ' 0.00 01.43 544.9E Opp Global Fad as A 8,859.67 465.85, 0.00 0.00 0,00 1,437.86 10,763.4C One Group Mldcap Orth Fd A 161.27 0.00 0.00 0.00 0.00 18.32 179.59 IGrp Mldcapval Fad Gs A 38.01 0,00 0,00 0,00 0.00 3.81 41.82 Pimco Ttlretrn Fad Cis A 24,253.19 370.72 0.00 0.00- 0.00 252.02 20,870.53 Plain Voyager Fnd Cis A 41,725.07 1,357.50 0,00 0.00 0.00 3,621.13 48,703.70 Gvit Small Company I 21,520.69 282.50 0.00 0.00 0.00 2,800.23 ,24,851.42 Am Cent Grown Fad to 14,825.43 1,042,51 0,00 0,00 0.00 1,373.70 17,241,69 Am Cant Intl Disc Ic 5,389.50 0.00 0.00 0.00 0.00 663.26 0,032.78 Am Cent Ultra lc . 95,400.81 2,091.95 - 0.00 -314.00 0.00 9,369,06 • 100,553.82 • Temp Foreign Fnd Cis A • 37,144.38 ': 175.00 ' ' " ''0.00 ' • - 0.00' ' • ' 0.00 5,150.44 42,409:82 •Vankamp Growth&Inc Ed A 1,241.03 0.00 ' 0.00 0.00 0.00 121.48 1,362.51 W&R Advisor High Income V 1,783.04 322.91 0.00 . 0.00 0.00 63.11 2,169.0E Totals: 2,841,682.90 72,789.01 0.00 -25,203.04 0.00 117,776.5G 3900,968.03 • • 2:1 9 �2i e..,,3212 it k 212 rr .i �ff i t igforg arks i xrl ?Ggil an 21112131 '1 ,221 ��F� f 1231 12132218 n r1I ��1' 1 3213 r l 1411r2r , 1f((f,,` e...1lhr a AS2ei PecOmtienyp7�;TY"004 ckumuaterrail Are tieing ltivestintla Failaws�,- ir1 �14'I I'£: o111;1'Iyrklill����I�ilp�r,�; l{ clli;r i mi fr11,1ig=s 1�ii p.r {;pih ,Ath mrl i.- d=inrit:�itilAILHRir ifiVit$ 1lr�tl1 st}5"wiiLl rplOgmlul mi,.'::111 i 4Pilll�iik!t „iP r.:,_ :'; W ... k� I I IIIrl"ul h11WA 'fi m__ Fund Description Percent Unit Value Units ACV Am Cent Value Ic 1.8755 13,682,2003 BSC Brwn Cap Mgmt Sin) Co Fd Ic 1.4345 23,484.9397 DAF Drey Appreciation End Inc 1.0832 9,079,2480 DPM Drey Pram Mdcapstk Cis A 1.6083 32,871.7581 OSP Drey S&P 500 Index Fund 6 FAM Fld Asset Manager . 2,0910 11,210,3651 FCN Fid Contrafund 4.1870 27,883.6987 FEI Fld Equity Income End 9.6164 8,369,7581 FIG Fed US G'tsc End 2-5 Ys Is . 1.6641 5,477.1362 FIX Nationwide Fixed Account FMG Fid Magellan Fnd 3.0539 31,557.8327 FRB Franklin Balsheet Inv Ed A 1.4921 27,666.9703 GFA Grwth End of America, Inc. 6.6479 2,501.0045 DA Gartmore Invdes Aggr Sc 1.1549 11,007.6727 DC Gartmore Invdes Modcons Sc 1.1339 4,400.7700 DF AIM Dynamics Fund Ic 1.2309 29,195,6436 DM Gartmore Invdes Modaggr Sc 1.1529 7,931.1701 DS Gartmore Invdes Mod Sc 1.1397 1,503.4834 DV Gartmore Invdes Cons Se 1.1153 1,442,1775 FA incm Fnd of America, Inc. 4.2214 10,181.3367 JF Janus Fund 2.3401 39,843.9505 JPM Jpm Mldcap Value A 1,1905 170,0639 JPS Jpm Fiem Intl Eq Ftl Select 1.1338 4,634.2085 MFI Ms IR Fixed Incm Port Ic 1,9133 415,1962 MIE Ms Ih Equity Grth Port B 1,0746 8.6646 MIG Mass Inv Grthstk Fnd Cls A 19.7357 1,007,2896 MMF Gartmore Money Mkt Ed Ps 3.5172 8,050.0138 MSU Grtmre Mori Stable Val Ret 1,2431 8,186,1228 NBI Gartmore Bond Index Fund A 1.1853 2,202.7501 NBS Neu Ber Eq Soc Resp Fd Ic 1.0934 15,750.1969 CITY OF PALM DESERT STAFF REPORT REQUEST: Cash And Investment Activities Review DATE: February 23, 2004 CONTENTS: Independent Accountants' Report Recommendation: Staff recommends that the Finance and Investment Committee review and file the Independent Accountants' Report on Investments. Background: The City contracted with the audit firm of Lance, Soil & Lunghard, LLP to perform certain procedures that were agreed upon with the Finance and Investment Committee on the City's cash and investment activities. Lance, Soil & Lunghard, LLP independent accountants' report indicates that the City is following all cash and investment procedures to their satisfaction, and is maintaining accurate and organized records of such activities. Submitted By: Finance Director Investment Report 2004 Lance Brandon W.Burrows S011 & Donald L.Parker Michael K.Chu Lunghard David E.Hale A Corporation LLP Donaldonald G.G.Slater Richard K.Kikuchi Certified Public Accountants Retired Robert C.Lance 1914-1994 Richard C.Soll Fred J.Lunghard,Jr. 1928-1999 June 17,2004 Paul S. Gibson, CCMT, Director of Finance/City Treasurer City of Palm Desert Palm Desert, California INDEPENDENT ACCOUNTANTS' REPORT We have performed the procedures enumerated below, which were agreed to by the City Treasurer's Office of the City of Palm Desert (the City), California, solely to assist the City in evaluating certain aspects of its cash and investment activities as of the date of our field work on June 14, 2004, for the year ended June 30, 2004. This engagement to apply agreed upon-procedures was performed in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the City Treasurer's Office of the City of Palm Desert. Consequently, we make no representation regarding the sufficiency of the procedures described below, either for the purpose for which this report has been requested, or for any other purpose. The procedures performed and the results obtained from the performance thereof were as follows: 1. Procedures Performed: We reviewed all investment transactions for the fiscal year up to the date of our field work on June 14, 2004, as listed in the'Trades"three-ring binders provided by the City, to verify that all transactions were in conformity with legal restrictions imposed by law, contract and the Citys investment policy, including the limits on security types and concentrations. Findings: Based on our review, all transactions in the "Trades" binder appear to be in conformity with legal restrictions imposed by law, contract and the City's investment policy, including the limits on security types and concentrations. 2. Procedures Performed: We reviewed all investment transactions for the fiscal year, as listed in the "Trades" three-ring binder provided by the City, to determine if there was evidence of questionable transactions related to the "churning" of investments, the use of a particular broker or any excessive premiums paid to brokers. Findings: Based on our review of all transactions in the "Trades" binder, the City uses several brokers to process its investment purchases. No excessive premiums were noted, no churning was noted and no questionable transactions were noted. 3. Procedures Performed: We randomly selected 24 bank wires from the bank statements and traced them to the outgoing wire log to determine if repetitive and non-repetitive wires were initiated, either by a City employee or by an authorized third party, and verified by a second City employee. We also scanned the outgoing wire log for unusual activities or pattems that should be reported to you. Findings: All 24 bank wires selected from the bank wire confirmation folder were traced to the outgoing wire log without exception. All outgoing wires were initiated by a City employee and signed by a second City employee other than the employee initiating the wire. Based on our review of the outgoing wire log,the outgoing wire activity appears reasonable. 75 Years 1929� j��2004 of Excellence 203 N. Brea Blvd.,Suite 203• Brea,CA 92821-4056• (714)672-0022 • Fax(714) 672-0331• www.lslcpas.com Lance �Is Lunghard LLP CEATIEiEO PUBLIC ACCOUNTANTS Paul S. Gibson, CCMT, Director of Finance/City Treasurer City of Palm Desert Palm Desert, California 4. Procedures Performed: We reviewed all investment transactions for the fiscal year up to the day of our field work on June 14, 2004, as listed in the "Trades"three-ring binder provided by the City, to determine if all executed trades were properly documented and cleared by an independent third party. Findings: Based on our review of the "Trades" binder, all documents related to the purchase of an investment are stapled together and include, at the minimum, the trade ticket and the confirmation from the broker. Trades with pending documentations were clearly indicated. Trade activity in the binder is segregated by month with a tab. Overall, we found the documents for the trade activity well organized and easy to review. 5. Procedures Performed: We reviewed all investment transactions for the fiscal year up to the date of our field work on June 14, 2004, as listed in the'Trades"three-rings binder provided by the City to verify that an employee other than the Deputy City Treasurer authorized trades and to review the recording of amounts in the accounting records for 15 trades by someone independent of the investment purchase function. Findings: Based on our review of the"Trades" binder, all trades were initiated by the Deputy City Treasurer and approved by either the Treasurer/Finance Director or the Assistant Finance Director. The 15 trades randomly selected from the 'Trades" binder were properly posted to the general ledger.All investment transactions are recorded by someone independent of the person initiating the transactions and the persons authorizing the investments. 6. Procedures Performed: We reviewed the sale of investments to determine if proper authorization was made in order to authorize the sale for any loss, and that the loss, if any,was reported to the Finance and Investment Committee. Findings: All sales of investments were approved by the Treasurer/Finance Director or the Assistant Finance Director. Per our conversation with the Deputy City Treasurer, there was no loss on sales of investments, and per our review of the sale of transactions, there appears to be no loss on sales of investments. 7. Procedures Performed: We reviewed investment reports to determine if all investment reports for the fiscal year were filed with the Finance and Investment Committee, the City Council, and the California Debt and Investment Advisory Commission. Findings: As of the date of our fieldwork on June 14, 2004, investment reports were prepared for each month of the fiscal year up to April 2004. All investment reports are kept in a binder in the Deputy City Treasurer's office. Per our conversation with the Deputy Treasurer, ail investment reports are properly filed. 8. Procedures Performed: We reviewed the bank signature cards and the signatures that the City made available, to verify if all bank cards were kept current, and if two signatures were required for each bank account. Findings: Per our review of the authorized bank signatures, the City's Union Bank accounts have four authorized signatures and the list of authorized signatures was last updated on November 18, 2003. 9. Procedures Performed: We reviewed the charges under the Bank of New York agreement for each debt issue, and the Union Bank agreement to determine that administrative fees were properly charged. Lance LLuunnghard LLP CERTIFIED PUBLIC ACCWNTAN IS Paul S. Gibson, CCMT, Director of Finance/City Treasurer City of Palm Desert Palm Desert, California Findings: Per Protocol No. 00-01, Bank of New York's maximum total fees shall not exceed 0.20%. Anything over that level should be rebated. For the period July 1, 2003 through June 30, 2004,we selected all statements received by the City and the Redevelopment Agency from Bank of New York for the months of November 2003 and April 2004. We reviewed the statements for investment sweep fees charged and amounts rebated. Based on our test work,we noted the following: o For the statements reviewed, all accounts charged an investment sweep fee do not get rebated for the excess charged. We found one exception to this. It is account no. 209036 for the month ended April 30, 2004 where the investment sweeping fee was $3.80 and the rebate $1.04 for a net fee of$2.76,which exceeds the maximum fee allowed of$2.03 per our calculation. o For the statements reviewed, all accounts getting a rebate do not get charged a sweep fee except for the account noted above. o The rebate is calculated as 10 basis points annualized on the average AIM money market balance for the month. Per our test work and conversation with Gonzalo Urey, Assistant Vice President at Bank of New York, when the rebate is less than $1.00, the amount is not posted to the account. o When we lumped the investment sweep fees and the rebates for all the accounts of the City and the Redevelopment Agency,we found the following: November 30, April 30, 2003 2004 Maximum total fee allowed $ 9,428.95 $ 8,713.74 Investment sweep fees $ 4,271.14 $ 4,552.06 Rebates (3,283.52) (2,362.73) Net fees charged $ 987.62 $ 2,189.33 Union Bank is the custodian for the City and the Redevelopment Agency. Union Bank charges transaction fees for both accounts. If transaction fees are insufficient to reach a minimum annual fee threshold, then Union Bank will charge quarterly administrative fees to make up the difference. We reviewed the City and the Redevelopment Agency statements for the fiscal year up to April 2004. Union Bank appears to charge an appropriate amount of fees, based upon its agreement with the City and the Redevelopment Agency. Lanc e aWnyharo LLP CERTIFIED PUBLIC ACCOUNTANTS Paul S. Gibson, CCMT, Director of Finance/City Treasurer City of Palm Desert Palm Desert, California 10. Procedures Performed: We reviewed the City's bank reconciliations for timeliness in preparation. Findings: As of the date of our field work on June 14, 2004, the City's bank accounts appeared fairly reconciled as of April 30,2004. 11. Procedures Performed: We verified that material unidentified bank reconciliation variances were not present. Findings: Based on our review of the April 30, 2004 bank reconciliations, we did not note any material unidentified variances in the accounts that City personnel reconcile. However,we noted that certain checking accounts for the Housing Authority, Desert Willow and Palm Desert Recreational Facility were under the control of third party management companies.The cash balance on the City's general ledger for these entities reflects the transactions reported by the management companies and does not necessarily agree with the bank reconciliation due to timing difference between the management companies reporting the information to the City and the City recording the transactions in its system. Conclusion We were not engaged to, and did not, perform an audit of the City's cash and investments, the objective of which would have been the expression of an opinion on the City's cash and investments. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the use of the City and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of these procedures. However, this report is made a matter of public record,and its distribution is not limited. Although this type of engagement may occasionally disclose defalcation and similar irregularities, it is not designed for such purposes and should not be relied upon for disclosure of fraud, should any exist. CAV % 44e CITY OF PALM DESERT FINANCE DEPARTMENT STAFF REPORT REQUEST: Status on subcommittee review on Request for Qualifications of Bond Underwriters. Date: February 23, 2005 Recommendation: Receive and file status update on subcommittee of the Investment and Finance Committee. Background: On Monday, February 7, 2005 the Investment and Finance Subcommittee met relative to the Bond Underwriters Request for Qualifications bid specifications. The subcommittee agreed upon several modifications to the Request for Qualifications. Upon making the modifications, the RFQ will be mailed to the attached Bond Underwriters and will be advertised in the local newspaper. By May 2005, the subcommittee will meet again to review all proposals and make a recommendation in June to the Investment and Finance Committee. Submitted By: Paul S. Gibson • Director of Finance/City Treasurer REQUEST FOR QUALIFICATIONS INVESTMENT BANKING FIRMS Kinsell, Newcomb & DeDios Stinson Securities, LLC Citigroup Global, Inc. Wedbush Morgan Securities UBS Financial Services Stone & Youngberg LLC First Albany Capital E. J. De La Rosa & Co., Inc. Hutchinson Shockey, Erley & Co. RBC Dain Rauscher Piper Jaffray Backstrom McCarley Berry & Co., LLC Hoefer & Arnett Public Finance Brandis Tallman LLC COMMITTEE MEETING WORKSHEET Meeting Description Investment Committee Meeting Date 2/23/05 Time: 10:30 a.m. Location North Wing Conference Room Mailed Agenda 2/16/05 Posted Agenda 2/16/05 Time Convene Adjournment Staff Members Attending Yes No Others Attending Yes No 1 I LIST b�,chairperson / 11 Dennis Coleman 2 Council Member- Crites ✓ 045 12 Justin McCarthy 3 Council Member- Ferguson / 13 Rodney Young 4 Dave Erwin, City Attorney V tcy•ya- 14 Recording Secretary-Niamh O. 5 Carlos Ortega, City Mgr. 00:40 6 Thomas Jeffrey ✓ Public Members Attending Guests Attending 7 Russ Campbell 15 Akip^,, *arnica 41163 V 8 Bill Veazie 16 9 Everett Wood ✓ 17 10 Thomas Wormley 18 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 t � C;Lc W c11-t0 am oa431000 ascot:, ,cast Grn a ,ceo a3°10 W 4cn..& -6Qt o cyf (.(suay-, 4l rw ClS ,l.o C,V Gncer1.1 n se.'. geft4 Mfr nsT} be ra, co- ¢cq„. otvk 1Tldrek 'Rc ththeo cF C ne , Waw _Svccesscia tnara,,4 v0t0/0 btt -cc scorn tz kr h tilittarriaazi- coin 0. Sr 242190se CLaanCe4 414 t. V 1 3t5 pts Wt, new ae,..,,.p A Ica,it n, eh . ' AAt-o dated )1-4 ceceL.x ate. tslicaa . .: ateer110; gyn., , /ta,s t5D'W1'11 N1di ct'DU44utniO242f4F ✓3 n* C1e SaCta Cott a *is w-I. (�k ut`e.-.si- tg io aigidt 15•okvc$sy.1 LC_ C_t.s iota � t ctco r ,..a +o wQ. 6 AC i'tc per.. 4- nt Spoke -Mtn (1-) Mtn (2) ; MEETING NOTES ZIZ4w, ce rie.La, c 409 ' {Vov Oec i:Tca,• Qom 941) Not rod` w, -&u-4 cs- te44._ -ar 6wt ee vim.+ . aq19 a georesl ho S aY. CIS e/ryl i dialn A rther kori Gip 1'r 00 sly-Ai-am-1- AlAtheiS ret) CV" 3 be Ar em+irQ . rrac(.e. Serk¢ ttaincel ariA will otA . `IcQ soon . c- a - — �,, * � recover LO3 rt4 �e o. mac"m ;'1 re- 4.r-e_ e Como:Ace to wLlow ko ct ss c \ toriNwA ON1C EV) ONC - q ) 2 Ao_ cow, szw .. 6612, _ occt7.„44,4s cell - akalw, =cickkutd. / ( to § ta ,S 1— § w§ \ j `o § » \§ cc / ti § \ \ b \ \ / / ± \ 2 I / ® K } \ 2 \ \ j [ / z $ % b0 ° CI 4- ƒ § ` \ , z ai ) ` ~ 1- Ea- ¥ 4m E % / Act \ /\ 2 \ k ( o > _ / , \ 2 4 ,At\ s E I \ e \ \ % sl & \ \ : It>� \ ^c3 A ttc9_ �� . � — r in » 00 a 0 = 2 en a & 3 2 z ®� AGENDA �iy �� `• MEETING OF THE PALM DESERT INVESTMENT & 1 rips mi is 1 t.kssziw ih FINANCE SUBCOMMITTEE • - 4; Monday, February 7, 2005 —2:00 p.m. \�' `pi 3y � 1 North Wing Conference Room, City Hall s-ay I. CALL TO ORDER II. ROLL CALL III. ORAL COMMUNICATIONS IV. NEW BUSINESS A. REVIEW OF PROPOSED REQUEST FOR QUALIFICATIONS FOR BOND UNDERWRITING SERVICES Rec: Review and approve as presented. V. CONTINUED BUSINESS None. VI. OLD BUSINESS None. VII. ADJOURNMENT *** Next Meeting: To be determined Niamh Ortega, Recording Secretary PALM DESERT REDEVELOPMENT AGENCY * MEMORANDUM vtnit S .h.o 9/9 n• TO: INVESTMENT AND FINANCE COMMITTEE FROM: DENNIS M. COLEMAN, REDEVELOPMENT/HOUSING FINANCE MANAGER DATE: SEPTEMBER 22, 2004 SUBJECT: REQUEST FOR QUALIFICATIONS FOR BOND UNDERWRITING SERVICES Recommendation: That the Investment and Finance Committee approve the Request for Qualifications(RFQ) for Bond Underwriting Services. Discussion: As you may recall from previous meetings of this Committee, staff had stated that we would bring back to the Committee an RFQ for Bond Underwriting Services. We have attached an RFQ for your review and discussion. If the substance of the RFQ is approved, then staff would recommend that we set up a subcommittee to review and short list the respondents for presentations to the Investment and Finance Committee. The full committee could then decide on which firms to recommend to the City Council/Agency Board for selection to the pool. Staff would like to discuss with the Committee the number of firms to be solicited and the size of the underwriting pool at their September 22 meeting. mh Attachment (1) G RDA\Denniz Coleman\DATA1WP\REPORTS1d922Wj R.rfq.underwrlingwpd • • CITY OF PALM DESERT/PALM DESERT REDEVELOPMENT AGENCY REQUEST FOR QUALIFICATIONS BOND UNDERWRITING SERVICES The City of Palm Desert and the Palm Desert Redevelopment Agency are interested in establishing a pool of underwriting firms to conduct all underwriting transactions over the next three years. If your firm is interested in responding to this RFQ, please read the RFQ carefully and fully respond to each question. Please pay particular attention to the proposal submission and presentation requirements listed below: 1. UNDERWRITER RFQ REQUIREMENTS AND QUESTIONS Responses to this RFQ will be used to establish a pool of eligible qualified firms to provide underwriting services for General City/Agency finance transactions to be undertaken within the next three years. A. General Underwriter Minimum Qualification Requirements Firms must have a minimum of five (5) years of satisfactory experience in providing underwriting services to California public agencies and have at least one office located in California. If the firm has been in business for less than five years, the experience of its principals may be used to meet this requirement. Detailed information regarding experience in these areas must be provided. B. General Underwriter Scope of Services From time to time, the City/Agency may require services from pre- qualified bond underwriting firms who are members of the pool established as a result of this RFP. The members may be selected for a particular project on any basis that meets the interests of the City/Agency. Members may be asked to submit specific qualifications and a fee proposal for specific transactions. All fees are contingent upon the closing of the transaction. The City/Agency also reserve the right to select firms for individual transactions on a rotating basis. The City/Agency anticipate that any firm selected will be called upon to: Provide customary underwriter services in connection with the City/Agency finance transactions; including specific project review, preparation, and implementation of rating agency and insurance company presentations. • ii. Propose or review and comment upon transaction documents to the extent they relate to the issuance of obligations by the City/Agency. iii. Propose or review and comment upon the structure, alternatives, and feasibility of any proposed transactions. iv. Advise City/Agency staff on the size and timing of transactions and issuance of additional obligations, redemption prior to maturity and call premiums. v. Participate in meetings with and presentations to the City Council, City/Agency staff, consultants, rating agencies, and insurance companies. This may include appearances at meetings of the City Council. vi. Other underwriter services that the City/Agency may request. The above list is not meant to constitute an exhaustive list of duties. Firms selected may be called upon to provide other services not identified here in connection with a particular transaction. C. Proposal Questions In a table, list the last three (3) years of California debt experience (broken out by new issue COPs / leases, new issue revenue bonds, new issue tax allocation bonds (80% and 20%), new issue land-based assessment district, Mark- Roos Pools, Mello-Roos bonds and all refundings including the par, agency, date, and name of issue. Indicate whether your firm was a senior manager or co-manager. ii. List any transactions in which PROPOSER has participated on behalf of Palm Desert City/Agency. The City/Agency will review all contracts the PROPOSER has performed for the City/Agency, as PROPOSER'S past performance will be considered in the evaluation process. As such, the PROPOSER must list and describe all work performed for the City/Agency. iii. Describe your firm's technical capability in optimizing bond portfolios and what software your firm utilizes in structuring bond issues. 2 • • iv. Describe your firm's capabilities and strategies to market and sell Palm Desert paper. Include a discussion of your firm's retail and institutional distribution capabilities in California and a description of the number of personnel in the sales force, both nationally and in California. v. Name 1-3 financings that the firm, and preferably the project manager, has been involved in during the last 3-5 years that demonstrate the firm's creativity or of which you are especially proud. What were some of the challenges you encountered and how did you overcome them? vi. Describe how your firm distinguishes itself from other firms. List any issues you see concerning the marketing and sales of Palm Desert paper. vii. Describe the experience, qualification and other vital information, including relevant experience on previous similar projects, of all key individuals who may be assigned to a City/Agency transaction. Key personnel include partners, managers, associates and other professional staff that will perform work and/or services in this project. This information shall include functions to be performed by the key individuals. viii. What is your maximum underwriting liability pursuant to SEC guidelines? Please explain how you derived this figure. During the last three (3) years, describe any situation where you underwrote unsold bonds for a client, including the amount you underwrote and the client. Describe your secondary market activities. ix. Describe any other experience in areas such as: • Synthetic refundings ▪ Auction Rate /VRDOs • Any other creative structures you wish to discuss x. Please disclose whether the firm, or any of its partners, members, associates, or employees, has within the last five (5) years been convicted of any crime or offense arising directly or indirectly from the conduct of the firm's business, or whether any of the firm's partners, members, associates or employees has, within the last five (5) years, been convicted of any crime or offense involving financial misconduct or fraud. If so, please describe any such indictments or charges and surrounding circumstances in detail. 3 Please disclose whether the firm, or any of its partners, members, associates or employees, has ever been indicted or otherwise charged in connections with any criminal matter arising directly or indirectly from the conduct or the firm's business which is still pending, or whether any of the firm's partners, associates or employees has ever been indicted or otherwise charges in connection with any criminal matter involving financial misconduct or fraud which is still pending. If so, please describe any such indictments or charges and surrounding circumstances in detail. xi. Fees: Include proposed gross spread and any pre-sale hourly rates by title. Would the fee compensation for certain types of transactions be different and what the range might be for those transactions (e.g. tax allocation vs. land-based, etc.). Please note that for specific transactions, the City/Agency may solicit a detailed cost proposal from a number of pool members. The range of compensation asked for at this time is to provide general information to assist in selecting firms to participate in the pool. Additionally, please provide a list and any cap on expenses for which the firm would expect to be reimbursed. Note that all fees will be paid on a contingent basis upon successful closing of the transaction. xii. Supplemental Information - Any additional information the PROPOSER wishes to include. xiii. PROPOSER is required to submit five (5) references for which these services have been performed within the last three (3) years. 2. PROPOSAL SUBMISSION A. General All interested and qualified PROPOSERS are invited to submit a proposal for consideration. Submission of a proposal indicates that the PROPOSER has read and understands this entire RFP, to include all appendixes, attachments, exhibits, schedules, and addendum (as applicable) and all concerns regarding this RFP have been satisfied. 4 • ii. Proposal must be submitted in the format described below. Proposals are to be prepared in such a way as to provide a straightforward, concise description of capabilities to satisfy the requirements of this RFP. Expensive bindings, colored displays or promotional materials, are neither necessary nor desired. Emphasis should be concentrated on conformance to the RFP instructions, responsiveness to the RFP requirements, and on completeness and clarity of content. iii. Proposals must be complete in all respects as required in this section. A proposal may not be considered if it is conditional or incomplete. iv. All proposals and materials submitted become the property of the City/Agency. All proposals received are subject to the "California Public Records Act". v. - If any PROPOSER, in his/her response, has trade secrets or other information, which is proprietary by law, the • PROPOSER must notify the City/Agency of its request to keep said information confidential. This request must be made in writing and attached to the envelope containing the proposal response. The proprietary or confidential data shall be readily separable from the response in order to facilitate eventual public inspection of the non-confidential portion of the response. The City/Agency will review this request and notify the PROPOSERS in writing of its decision as to whether confidentiality can be maintained under law, in the event a public records request is made for the PROPOSER's response. B. Proposal Presentation i. All proposals must be submitted on 8 %" x 11" paper, neatly typed, double-sided on recycled paper, with normal (1-inch) margins, and single-spaced. Each page, including attachments and exhibits, must be clearly and consecutively numbered at the bottom center of the page. ii. One (1) marked as original and nine (9) copies (total of 10) of the complete proposal must be received by the deadline below for receipt of proposals. The original and all copies must be in a sealed envelope or container and submitted to the City/Agency: 5 • Due Date: Place: City of Palm Desert Attn: Dennis M. Coleman Title: Redevelopment/Housing Finance Manager 73-510 Fred Waring Dr. Palm Desert, CA 92260 (760) 776-6341 Phone (760) 341-6372 Fax dcoleman(a.ci.palm-desert.ca.us Questions regarding the RFQ may be addressed via email, phone or to the Financial Advisor Del Rio Advisors Kenneth L. Dieker 1325 Country Club Drive Modesto, CA 95356 (209) 543-8704 Phone • (209) 545-1754 Fax kdieker(a�munisoft.com iii. Hand carried proposals may be delivered to the address above ONLY between the hours of 8:00 a.m. to 5:00 p.m., Monday through Friday, excluding holidays observed by the City/Agency. PROPOSERS are responsible for informing any commercial delivery service, if used, of all delivery requirements, and for ensuring that the address information appears on the outer wrapper or envelope used by such service. PROPOSERS are solely responsible for ensuring that the responses are delivered in a timely manner. City/Agency is not responsible for any incorrect or late deliveries. 3. EVALUATION/SELECTION PROCESS A. Introduction Following the opening of the proposal packages, the proposals will be evaluated by an Evaluation Committee. The committee will be comprised of appropriate City/Agency personnel from several departments, and members of the Investment and Finance Committee. 6 B. Proposal Evaluation i. Initial Review Staff will initially review each proposal for adherence to the minimum requirements. If a proposal does not meet these minimum requirements, it may be rejected as non- responsive to the RFP. Proposals deemed non-responsive at this point will not be further evaluated. ii. Technical Review The Evaluation Committee will evaluate responsive proposals on the experience and qualifications of the firm, the approach to the services and the fees for services, using the following criteria: Criteria 1. Experience (20%) — Firm has strong CA financing experience relevant to our needs: including COPs, revenue bonds, new issues, refundings, short-term financings, swaps, synthetic and forward refundings, variable and auction rate structures; good bond proceed and escrow investment experience and modeling capabilities, etc. 2. Approach (15%) — Proposal demonstrates a clear understanding of the scope, ability to work with staff is evident, demonstrated ability to take initiative in performing transaction duties, clear identification of ability and tools used to estimate refunding savings, escrow earnings, to market and sell CA paper, etc. 3. Assigned Professionals (35%) — have clear city/agency and related transactional experience, are available to provide services as needed, Firm has staffing resources to meet City's/Agency's needs and can commit staff named in proposal, named professional has managed relevant projects, etc. 4. Cost (20%) — Hourly rates and cost ranges are reasonable and comparable to industry norms and other proposals. 5. Strong Customer Service Ethic (10%) — References indicate that named professionals are responsive to requests for additional analysis and information, met or exceed all performance expectations, and would be hired again. Upon completion of the Initial and Technical (qualifications) evaluation, the Committee may require oral presentation(s) of those PROPOSER(s) the Evaluation Committee deem to warrant further consideration 7 • C. Award Following the evaluation of the proposals, the Evaluations Committee will present the Investment and Finance Committee with a list of firms recommended for admittance to the Pool. Upon concurrence of the Investment and Finance Committee, the list of prospective Pool members will be submitted to the City Council for its approval. • G:1RDA\Dennis Cdrran\DATA\Word Data\Undenmter RFQ 5-5-04.doc 8 W N r 3 g #na n m z o re ,3 6 §' zH E. S 1. 1 gill - ms ii: _ -0 1 - m G3 3 s 11 0 s _ .T a ^ r� r �5 M 'h , cn =sa,� j F G m p 13 D nH n o�3a I • ` E 3 a" mwre 4 D / •U za =53m 1 r C7 I ti m ' a §�.€m --) Z Ul m 5,g R • 3 Frill Ir ci ` Yie 8agi 9 9 D 3 • gC1% (T n 3 v is — .a- ... 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