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2005-06-22 IFC Regular Meeting Agenda Packet
CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY DATE: AUGUST 3, 2005 SUBJECT: APPROVED MINUTES OF THE JUNE 22, 2005 INVESTMENT & FINANCE COMMITTEE MEETING Please find attached the Minutes of the Investment & Finance Committee meeting which took place on Wednesday, June 22, 2005, and were approved by the Committee at the meeting of July 24, 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:Tinance%iaM OrtegaMpdo Mnvestm nt Com ttee\Memp Wassen012605.wpd Qtkl CIC�,fk_ MINUTES REGULAR MEETING OF THE PALM DESERT INVESTMENT & FINANCE COMMITTEE Wednesday, June 22, 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 Thomas Lee Wormley, Member Buford Crites, Mayor Dave Erwin, City Attorney Robert Spiegel, Councilmember Carlos Ortega, City Manager Justin McCarthy, ACM/Redevelopment Thomas Jeffrey, Deputy City Treasurer Russ Campbell, Member Bill Veazie, Member Everett Wood, Member Also Present: Mike Cavanaugh, Wedbush Mortgage Securities Dennis Coleman, RDA/Housing Finance Manager Luis Espinoza, Assistant Finance Director Niamh Ortega, Recording Secretary Rodney Young, Desert Willow Golf Resort III. ORAL COMMUNICATIONS None. IV, APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF MAY 25, 2005 MOTION was made by Mr. Veazie and seconded by Mr. Campbell to approve the Minutes of the May 25, 2005 regular meeting. Motion passed. INVESTMENT & FINANCE COMMITTEE MINUTES JUNE 22, 2005 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR MAY 2005 Mr. Jeffrey submitted the report for April 2005, and highlighted the following areas: For the month ended May 31, 2005, the book value of the City Portfolio was approximately $172.4 million. Interest earnings were approximately $359,000. Yield-to-maturity was approximately 3.06%. For the month ended May 31, 2005, the book value of the RDA Portfolio was approximately $124.4 million. Interest earnings were approximately $302,000. Yield-to-maturity was approximately 2.93%. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR MAY 2005 The reports were reviewed and placed on file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR MAY 2005 The reports were reviewed and placed on file. D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR MAY 2005 The reports were reviewed and placed on file. Permit revenue has increased significantly due to increased activity as well as a fee increase. Expenditures will be approximately $36.2 million by year-end. It is expected that the budget will reflect a surplus of $5 million at the end of the fiscal year, due to a difference in budgeted versus actual expenditures. Mr. Coleman highlighted that the April supplemental is approximately $602,000, and there will be approximately $3 million that may be available to put into reserves at the end of this fiscal year. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR MAY 2005 The report was reviewed and placed on file. Council approved Virginia Waring and Nastande Baxley as new tenants. UCR has vacated their space. 2 G:Tinancewiamh OdegaMpdocs1investment Committee120051MinutesWinutes 062205 finaLdoc INVESTMENT & FINANCE COMMITTEE MINUTES JUNE 22 2005 F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR MAY 2005 Mr. Young reported that the course continues to perform very well, and is currently 7,200 rounds ahead of budget. Losses in December, January and February have been offset by impressive income in March, April, May, and June with no rain at all during the last four months. The average daily rate has increased, and the goal will increase for next year. Marketing will play an important role in meeting goals next year. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A, PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Requests for Qualifications (RFQ) were received on May 13, 2005. A subcommittee meeting took place on June 7, 2005 and the RFQs were reviewed. Six firms were recommended for approval: Citigroup Global Markets, Inc.; Stone & Youngberg; Piper Jaffray; Kinsell, Newcomb and DeDios/Stinson Securities; Wedbush Morgan Securities; and Newman & Associates (Housing only). MOTION to include the following firms in an investment banking pool. Citigroup Global Markets, Inc.; Stone & Youngberg; Piper Jaffray; Kinsell, Newcomb and DeDios/Stinson Securities; Wedbush Morgan Securities; and Newman & Associates (Housing only) made by Member Spiegel, seconded by Member Wood, and unanimously approved. Vill. MEMBER COMMENTS Member Gibson noted that Mr. Wormley had missed three meetings of the Investment & Finance Committee during 2005, and in doing so, indicated his resignation from the Committee. 3 GAFinanceWiamh OrtegalWpdocsllnvestment Committoe120051MinuteslMinutos 062205 final.doc INVESTMENT & FINANCE COMMITTEE MINUTES JUNE 22, 2005 Member Gibson also announced that the Committee/Commission annual event is scheduled to take place on October 2, 2005, at Desert Willow Golf Resort Clubhouse and will be a brunch instead of a dinner this year. Mr. David Erwin will make a presentation at an upcoming meeting regarding the Brown Act and conflict of interest. IX. ADJOURNMENT Mr. Gibson adjourned the meeting at 10:55 a.m. Niamh Ortega, Recording S etary 4 G:IFinanceWiamh OrtegalWpdocsVnvestment Committee12005VOinutesWinutes 062205 final doc CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY DATE: AUGUST 3, 2005 SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS Please find attached the Compliance Analysis and Investment Reports for June 2005 which were presented and approved at the meeting of July 24, 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) r G:1FimnceWiamn Omega\Wpd=\Inv6s nt Ca ttftWem \rPJas inweportOt2605.wpd 1 AGENDA REGULAR MEETING OF THE PALM DESERT INVESTMENT & FINANCE COMMITTEE Wednesday, June 22, 2005 — 10:30 a.m. 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 MAY 25, 2005 Rec: By Minute Motion, approve the Minutes of the regular meeting of the Palm Desert Investment and Finance Committee of May 25, 2005, as presented. V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR MAY 2005 Rec: By Minute Motion, recommend that the City Council approve the City and Redevelopment Agency Investment Reports for the periods ended April 30, 2005. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR MAY 2005 Rec: Review and file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C A.M.P.) ACCOUNT STATEMENTS FOR MAY 2005 Rec: Review and file. INVESTMENT & FINANCE COMMITTEE AGENDA JUNE 22, 2005 D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR MAY 2005 Rec: Review and file. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR MAY 2005 Rec: Review and file. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR MAY 2005 Rec: Review and file. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS Rec: Review and file. B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Rec: Review and file. Vill. ADJOURNMENT Rec: By Minute Motion, adjourn the meeting. Next Meeting: Wednesday, July 27, 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 15' day of June 2005. Niamh Ortega, Recording retary 2 GlFinancewiamh OrtegalWpdocsllnvestment Committee120051Agendalagenda 062205.doc U MINUTES REGULAR MEETING OF THE PALM DESERT INVESTMENT & FINANCE COMMITTEE Wednesday, May 25, 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. 11. ROLL CALL Present: Absent: Paul Gibson, Chairman Thomas Lee Wormley, Member Buford Crites, Mayor Jim Ferguson, Mayor Pro-Tempore Carlos Ortega, City Manager Justin McCarthy, ACM/Redevelopment Thomas Jeffrey, Deputy City Treasurer Dave Erwin, City Attorney Russ Campbell, Member Bill Veazie, Member Everett Wood, Member Also Present: Mike Cavanaugh, Wedbush Mortgage Securities Dennis Coleman, RDA/Housing Finance Manager Luis Espinoza, Assistant Finance Director Niamh Ortega, Recording Secretary Rodney Young, Desert Willow Golf Resort III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF APRIL 27, 2005 MOTION was made by Mr. Wood and seconded by Mr. Campbell to approve the Minutes of the April 27, 2005 regular meeting. Motion passed, Mr. Ortega abstained. b INVESTMENT & FINANCE COMMITTEE MINUTES MAY 25, 2005 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR APRIL 2005 Mr. Jeffrey submitted the report for April 2005, and highlighted the following areas: For the month ended April 30, 2005, the book value of the City Portfolio was approximately $146.3 million. Interest earnings were approximately $321,000. Yield-to-maturity was approximately 2.94%. For the month ended April 30, 2005, the book value of the RDA Portfolio was approximately $125.2 million. Interest earnings were approximately $283,000. Yield-to-maturity was approximately 2.80%. Mr. Jeffrey pointed out that the RDA Portfolio reports a significant drop due to the maturation of a $23 million treasury note that was used to refund a project area, and approximately $9 million in debt service. Mr. Ortega referenced the Ford report included in the agenda packet, and stated that he agreed with staffs analysis and recommendation. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR APRIL 2005 The reports were reviewed and placed on file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR APRIL 2005 The reports were reviewed and placed on file. D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR APRIL 2005 The reports were reviewed and placed on file. Mr. Gibson emphasized that the State's payment of sales tax has not yet been received. Year-to- date expenditures are similar to last years expenditures. Mr. Gibson also informed the Committee that the State is in the process of changing the method for calculations of DMV increases. The same increase percentage will be applied to DMV fees as to property tax fees rather than basing the calculation on the auto volume and value within the City. 2 GAFinanceWiamh OrtegalWpdocsVnvestment Commiftee12005AMinutesMinutes 052505 draft.doc O INVESTMENT & FINANCE COMMITTEE MINUTES MAY 25, 2005 Mr. Coleman highlighted that supplemental income in the amount of $1.527 million was received. The most significant expenditures occur in capital projects, a large portion being for Wallaroo Childcare Center. Mr. Coleman also informed the Committee that in response to a query at the previous meeting, College of the Desert has retained approximately $1 million in non-obligated funds over the past five years. Approximately $1.924 million remains outstanding. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR APRIL 2005 The report was reviewed and placed on file. Two tenants are vacating and an item is being placed on the Council agenda to discuss prospective tenants. CVAG has the option to take part of the space formerly occupied by UCR, and Virginia Waring is being considered for the remainder of the space. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR APRIL 2005 Mr. Young reported that the course continues to do well, as evidenced by its cash flow of $1.8 million, $815,000 more than last year. 85,000 rounds of golf were sold this year, as opposed to 81,000 last year and 72,000 two years ago. The good weather in March and April compensated for poor weather at the beginning of the year. Group business has doubled for June, and the course is within 15,000 rounds of capacity. Broker rates will be increased next year. Mr. McCarthy asked how many of the 85,000 rounds would be considered low-value capacity that could be offset by captive demand rounds. It was estimated that about 50% were lower-paying rounds, and about 70% of those are non-resident players. It was agreed that the Senior Financial Analyst would conduct additional research with Mr. Young to evaluate the uses at Desert Willow. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. 3 GARnanceWiamh OrtegalWpdocsVnvestment Committee12005minutesminutes 052505 draft.doc 1 INVESTMENT & FINANCE COMMITTEE MINUTES MAY 25 2005 B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Requests for Qualifications (RFQ) were received on May 13, 2005. A meeting has been scheduled for June 7, 2005 to review the RFQs. Vill. ADJOURNMENT Mr. Gibson adjourned the meeting at 10:55 a.m. Niamh Ortega, Recording Secretary 4 G:IFinancewiamh OrtegaMpdocslinvestment Committee120051MinutesWinutes 052505 draR.doc w CD e- M O O M C aI N Q N N N e- N N a- N N O co N a) v N 1C+ co C r GC N C r CU U N C 04 } } Z Z } } } } } } Z a0 Cl)m C c C LL Q H } } } } } } } } } } Z O t_ LO NN } } } Z } } ZZ } } } mcy 0 N m y N } Z } Z N T C M E N } } } } Z N N } } } } } } } } } ZZ rncv Z > J z l N c m W z N N C v CD. = H E c - w � a E E � o o ° �pw 5 o � _ L m o w o m EL TU [� > ~ a .oww ¢ Z a 00 p c f co ai W G 'p U U o aD a � .c v'� 0 o m rn •N p E h aCi w O X Q a w E E .. � _a °' moo m 0 } zwc� cnw m m C o m o o a) � Z Q 0 W W (� O > aQ } ZW0cnQ� / \ \ / 0 / § \ i / « 'Its \7 uee0 Q ! « L / \ & t / ® z w o D & � $ CIJ w ) \ G § ; \ / o ƒ ( © 3 § y § >, \ \ � I E % 2 \ $ ¥k F- k \ \ ® / ? E \ ~ k \ \ $ \ da 7 ' 7 \ 2 ® 3 f COMMITTEE MEETING WORKSHEET Meeting Description Investment Committee Meeting Date 6/22/05 Time: 10:30 a.m. Location North Wino Conference Room Mailed Agenda 6/15/05 Posted Agenda 6/15/05 Time Convene Adjournment 0.3a 1 0.<-,3 Staff Members Attending Yes No Others Attending Yes No 1 Paul Gibson, Chairperson 12 Dennis Coleman 2 Council Member- 13 Luis Espinoza 3 Council Member- a 14 Anthony Hernandez 4 Dave Erwin, City Attorney 15 Rodney Young 5 Carlos Ortega, City Mgr. 16 Recording Secretary-Niamh O. 6 Thomas Jeffrey 7 Justin McCarthy Public Members Attending Guests Atttteen'din " 8 Russ Campbell 17 9 Bill Veazie 18 10 Everett Wood 19 11 Thomas Wormley 20 21 22 Follow-UpsJTasks Assigned Person Responsible Due Date 1 2 3 4 5 6 7 8 Spoke Mtn (1) Mtn (2) MEETING NOTES C -3-CUla 1 4 � •� b 0 a I VAM tl�#, '3" '1, wo CLO 5m a� end. mwnkl\� \ -\ -- 3 m rN etah 1 KN M44& VA c- Wsg m Spoke Mtn.(1) .Mtn (2) MEETING NOTES cv) moves a Oc � � o � P AGENDA REGULAR MEETING OF THE PALM DESERT INVESTMENT & FINANCE COMMITTEE Wednesday, June 22, 2005 — 10:30 a.m. North Wing Conference Room, City Hall I. CALL TO ORDER It. 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 MAY 25, 2005 Rec: By Minute Motion, approve the Minutes of the regular meeting of the Palm Desert Investment and Finance Committee of May 25, 2005, as presented. V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR MAY 2005 Rec: By Minute Motion, recommend that the City Council approve the City and Redevelopment Agency Investment Reports for the periods ended April 30, 2005. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR MAY 2005 Rec: Review and file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P ) ACCOUNT STATEMENTS FOR MAY 2005 Rec: Review and file. INVESTMENT & FINANCE COMMITTEE AGENDA JUNE 22, 2005 D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR MAY 2005 Rec: Review and file. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR MAY 2005 Rec: Review and file. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR MAY 2005 Rec: Review and file. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS Rec: Review and file. B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Rec: Review and file. Vill. ADJOURNMENT Rec: By Minute Motion, adjourn the meeting. Next Meeting: Wednesday, July 27, 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 15h day of June 2005. Niamh Ortega, Recording retary 2 G:WinanceWiamh OrtegalWpdocsllnvestment Committee1200514gendalagenda 062205.doc MINUTES REGULAR MEETING OF THE PALM DESERT INVESTMENT & FINANCE COMMITTEE Ar Wednesday, May 25, 2005 1,OCRIVE I. CALL TO ORDER Chairman Gibson called to order a regular meeting of the Palm Desert Investment & Finance Committee at 10:30 a.m. 11. ROLL CALL Present: Absent: Paul Gibson, Chairman Thomas Lee Wormley, Member Buford Crites, Mayor Jim Ferguson, Mayor Pro-Tempore Carlos Ortega, City Manager Justin McCarthy, ACM/Redevelopment Thomas Jeffrey, Deputy City Treasurer Dave Erwin, City Attorney Russ Campbell, Member Bill Veazie, Member Everett Wood, Member Also Present: Mike Cavanaugh, Wedbush Mortgage Securities Dennis Coleman, RDA/Housing Finance Manager Luis Espinoza, Assistant Finance Director Niamh Ortega, Recording Secretary Rodney Young, Desert Willow Golf Resort 111. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF APRIL 27, 2005 MOTION was made by Mr. Wood and seconded by Mr. Campbell to approve the Minutes of the April 27, 2005 regular meeting. Motion passed; Mr. Ortega abstained. INVESTMENT & FINANCE COMMITTEE MINUTES MAY 25, 2005 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR APRIL 2005 Mr. Jeffrey submitted the report for April 2005, and highlighted the following areas: For the month ended April 30, 2005, the book value of the City Portfolio was approximately $146.3 million. Interest earnings were approximately $321,000. Yield-to-maturity was approximately 2.94%. For the month ended April 30, 2005, the book value of the RDA Portfolio was approximately $125.2 million. Interest earnings were approximately $283,000. Yield-to-maturity was approximately 2.80%. Mr. Jeffrey pointed out that the RDA Portfolio reports a significant drop due to the maturation of a $23 million treasury note that was used to refund a project area, and approximately $9 million in debt service. Mr. Ortega referenced the Ford report included in the agenda packet, and stated that he agreed with staff's analysis and recommendation. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR APRIL 2005 The reports were reviewed and placed on file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR APRIL 2005 The reports were reviewed and placed on file. D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR APRIL 2005 The reports were reviewed and placed on file. Mr. Gibson emphasized that the State's payment of sales tax has not yet been received. Year-to- date expenditures are similar to last year's expenditures. Mr. Gibson also informed the Committee that the State is in the process of changing the method for calculations of DMV increases. The same increase percentage will be applied to DMV fees as to property tax fees rather than basing the calculation on the auto volume and value within the City. 2 G:IFinancewiamh OrtegakftdocsVnvestment Committee12005WinutesMinutes 052505 draR.doc INVESTMENT & FINANCE COMMITTEE MINUTES MAY 25, 2005 Mr. Coleman highlighted that supplemental income in the amount of $1.527 million was received. The most significant expenditures occur in capital projects, a large portion being for Wallaroo Childcare Center. Mr. Coleman also informed the Committee that in response to a query at the previous meeting, College of the Desert has retained approximately $1 million in non-obligated funds over the past five years. Approximately $1.924 million remains outstanding. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR APRIL 2005 The report was reviewed and placed on file. Two tenants are vacating and an item is being placed on the Council agenda to discuss prospective tenants. CVAG has the option to take part of the space formerly occupied by UCR, and Virginia Waring is being considered for the remainder of the space. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR APRIL 2005 Mr. Young reported that the course continues to do well, as evidenced by its cash flow of $1.8 million, $815,000 more than last year. 85,000 rounds of golf were sold this year, as opposed to 81,000 last year and 72,000 two years ago. The good weather in March and April compensated for poor weather at the beginning of the year. Group business has doubled for June, and the course is within 15,000 rounds of capacity. Broker rates will be increased next year. Mr. McCarthy asked how many of the 85,000 rounds would be considered low-value capacity that could be offset by captive demand rounds. It was estimated that about 50% were lower-paying rounds, and about 70% of those are non-resident players. It was agreed that the Senior Financial Analyst would conduct additional research with Mr. Young to evaluate the uses at Desert Willow. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. 3 G:1Financewiamh OrtegalWpdocstinvestment Commifee120051MinutesMinutes 052505 draR,doc INVESTMENT & FINANCE COMMITTEE MINUTES MAY 25, 2005 B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Requests for Qualifications (RFQ) were received on May 13, 2005. A meeting has been scheduled for June 7, 2005 to review the RFQs. VIII. ADJOURNMENT Mr. Gibson adjourned the meeting at 10:55 a.m. Niamh Ortega, Recording Secretary 4 G:Tinancewiamh OrtegaUpdocstinvestment Committee120051MinutesWinutes 052505 draft.doc ♦ City of Palm Desert �♦� City and Redevelopment Agency Portfolios COMPLIANCE ANALYSIS AND INVESTMENT REPORT May 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)will meet on June 30th to review short-term interest rates. It is expected that the FOMC will raise the Federal Funds Rate 25 basis points to 3.25 percent--the ninth consecutive rate increase. Despite press statements to the contrary, Chairman Greenspan has indicated that the FOMC will continue to raise short-term interest rates. He is increasingly concerned about a "bubble" in the real estate market, especially with interest-only floating rate loans becoming the dominant form of home financing. Creative financing usually signifies the end of a housing cycle. The yield curve continues to flatten, with 10-Year U.S.Treasury Notes yielding below 4.00 percent. For the first time in recent economic history, there appears to be a disconnect between short-term and long-term interest rates. Usually, for every two basis points that short-term rates rise, long-term rates rise by one basis point. This is not happening, however. The City Treasurer's Office recently invested $30 million of property taxes through competitive bidding. The results were quite interesting. The regional brokers, Wells Fargo Bank and Zions Bank, sold seven of the 11 securities that the City bought. Both banks had ample inventories of Agencies, and some corporates as well. The primary dealers, Citigroup and Merrill Lynch, in contrast, often had little inventory for the dates that the City required. In a complete surprise, Zions was the most price - competitive, and sold the greatest number of securities to the City (four). Zions just missed selling another two to the City. ;PaU,1V Cir.')-a C.C.M. r Treasurer PORTFOLIO STATISTICS Dollars in Thousands MAY-05 APR-05 MAR-05 FEB-05 JAN-05 DEC-04 CITY Month-End Book Value— $ 172,413 $ 145,753 $ 146,856 $ 142,687 $ 140,218 $ 124,724 Month-End Market Value" $ 172,196 $ 145,498 $ 146,787 $ 142,852 $ 140,446 $ 124,992 Paper Gain (Loss) $ (217) $ (255) $ (69) $ 165 $ 228 $ 268 Prior Year Book Variance $ 46,510 $ 15,413 $ 20,165 $ 17,749 $ 12,381 $ (8,112) Interest Earnings $ 359 $ 321 $ 325 $ 283 $ 243 $ 222 Yield-To-Maturity 3.06% 2.94% 2.79% 2.66% 2.54% 2.26% Weighted Maturity(Days) 134 166 170 172 178 121 Effective Duration 0.21 0.25 0.28 0.30 0.32 0.14 RDA Month-End Book Value "`" $ 124,373 $ 125,433 $ 158,324 $ 159,105 $ 160,560 $ 147,802 Month-End Market Value"" $ 124,233 $ 125,251 $ 158,129 $ '159,134 $ 160,623 $ 147,862 Paper Gain(Loss) $ (140) $ (182) $ (195) $ 29 $ 63 $ 60 Prior Year Book Variance $ (52,270) $ (27,263) $ (5,191) $ (5,466) $ (2,570) $ 6,079 Interest Earnings $ 302 $ 286 $ 375 $ 285 $ 268 $ 239 Yield-To-Maturity 2.93% 2.80% 2.58% 2.37% 2.23% 2.00% Weighted Maturity(Days) 101 101 80 136 127 65 Effective Duration 0.21 0.22 0.18 0.20 0.20 0.05 "' Omits SLGSs. City of Palm Desert- Portfolio Characteristics 31 May 2005 Dollars in Thousands Ageing Interval Market Value < 1 M $ 104,503 General Fund Ageinj <2M 2,989 <3M 2,977 too <6M 5,933 80 80 < 1 YR 3,000 0 <2YR 3,156 0 60 <3YR 8,505 ao - <4YR - p° <5YR 20 2 2 5 2 2 6 >5YR 0 Total: $ 131,063 <lM <2M <3M <6M < 1YR <2YR <3YR Ratings Market Value Credit Quality AAA AAA $ 64,565 39% Unrated" 72,786 BB+ Unrated" AA 6,167 6% 44% A-1 12,014 A-1 BB+ 10,102 7% AA Total: $ 165,634 4% Sector Market Value Asset Allocation RDA Loan 20 MMFs $ 18,589 LAIF 40,000 LAIF MTNs 10% RDA Loan 32,785 24% MTNs 16,269 Agencies 45,977 CID 12,014 MMFs Agencies Total: $ 165,634 11% CP 28% 7% Month Cily Yield LAIF Yield Variance Performance Jun04 1.58 1.47 0.11 Jul 1.68 1.60 0.07 3.2 Aug 1.74 1.67 0.06 Sep 1.84 1.77 0.07 2s Oct 1.96 1.89 0.07 Nov 2.08 2.00 0.08 '- Dec 2.26 2.20 0.06 a 2.0 Jan05 2.54 2.26 0.28 Feb 2.66 2.37 0.29 1.4 Mar 2.79 2.54 0.25 Jun04 Jul Aug Sep Oct Nov Dec Jan05 Feb Mar Apr May Apr 2.94 2.72 0.21 May 306 2.86 0,21 OLAIF Yield OCity Yield Standard and Poors " LAIF, and City Loan to RDA Page 2 of 8 City of Palm Desert Portfolio Holdings 31 May 2005 Market Ratings Par Value Issuer lCouponj Maturity I Cost YTM I Price Value Moody's S&P Medium-Term Notes $ 3,000,00( BANK ONE 4.13 1-Sep-07 $ 3,030,875 3.64 100.57 $ 3,017,097 Aa3 A+ $ 3,000,00( FORD MOTOR CREDIT CORP 7.20 15-Jun-07 $ 3,077,947 5.75 99.90 $ 2,996,985 Baal BB+ $ 2,500,00( FORD MOTOR CREDIT CORP 7.20 15-Jun-07 $ 2,564,956 5.75 99.90 $ 2,497,488 Baa2 BB+ $ 4,612,00( FORD MOTOR CREDIT CORP 7.20 15-Jun-07 $ 4,795,408 5.10 99.90 $ 4,607,365 Baa2 BB+ $ 3,000,00( GOLDMAN SACHS 7.20 1-Mar-07 $ 3,185,596 3.50 105.01 $ 3,150,213 Aa3 A+ $ 16,112,0011 Subtotal $ 16,654,782 4.75 $ 16,269,148 Commercial Piper-Discount $ 3,000,00( GENERAL ELECTRIC 2.63 15-Jun-05 $ 2,968,221 2.70 99.90 $ 2,997,000 P-1 A-1+ $ 3,000,00( GENERAL ELECTRIC 2.71 15-Jul-05 $ 2,960,479 2.78 99.62 $ 2,988,730 P-1 A-1+ $ 5,050,00( GENERAL ELECTRIC 2.73 22-Jun-05 $ 4,999,067 2.80 99.81 $ 5,040,340 P-1 A-1+ $ 1,000,00( GENERAL ELECTRIC 3.29 7-Oct-05 $ 987,206 3.38 98.80 $ 987,996 P-1 A-1+ $ 12,050,001 Subtotal $ 11,914,972 2.82 $ 12,014,066 Federal Agenc as-- Discount $ 2,060,00( FED HOME LOAN BANK 3.41 20-Mar-06 $ 2,000,681 3.59 97.15 $ 2,001,290 Aaa AAA $ 30,000,00( FED HOME LOAN BANK 2.89 1-Jun-05 $ 29,985,550 2.93 100.00 $ 30,000,000 Aaa AAA $ 2,000,00( FED HOME LOAN MTG CORP 3.13 15-Sep-05 $ 1,978,786 3.21 99.07 $ 1,981,400 Aaa AAA $ 5,047,00( FED NATIONAL MTG ASSOC 2.71 15-Jun-05 $ 4,999,129 2.77 99.88 $ 5,040,944 Aaa AAA $ 3,000,00( FED NATIONAL MTG ASSOC 3.13 19-Sep-05 $ 2,967,135 3.21 99.03 $ 2,970.900 Aaa AAA $ 3,000,00( FED NATIONAL MTG ASSOC 3.09 10-Aug-05 $ 2,977,045 3.16 99.40 $ 2,982,000 Aaa AAA $ 1,023,00( FED NATIONAL MTG ASSOC 3.36 18-Jan-06 $ 999,798 3.54 97.81 $ 1,000,596 Aaa AAA $ 46,130,00( Subtotal $ 46,130,000 3.00 $ 45,977,130 LGIP $ 40,000,00( L.A.I.F. 0.00 1-Jun-06 $ 40,000,000 2.86 100.00 $ 40,000,000 U U $ 40,000,001 Subtotal $ 40,000,000 2.86 $ 40,000,000 LGIP $ 11,297,99' C.A.M.P. 0.00 1-Jun-05 $ 9,480,881 2.72 100.00 $ 9,480,881 U AAA $ 11,297,99� Subtotal $ 9,480,881 2.72 $ 9,480,881 LGIP $ 9,106,962 AIM 0.00 1-Jun-05 $ 9,106,962 2.64 100.00 $ 9,106,962 Aaa AAA $ 9,106,962 Subtotal $ 9,106,962 2.64 $ 9,106,962 City Loan to RDA $ 32,785,480 CITY OF PALM DESERT 0.00 1-Jun-06 $ 32,785,480 2.86 100.00 $ 32,785,480 U U $ 32,785,480 Subtotal $ 32,785,480 2.86 $ 32,785,480 "U' =Unrated Page 3 of 8 City of Palm Desert Portfolio Holdings 31 May 2005 Market Ratings Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P Total Investments $ 167,482,436 $ 166,073,077 3.06 $ 165,633,667 Cash $ 4,555,088 CITY MAIN CHKG 0.00 1-Jun-05 $ 4,555,088 0.00 100.00 $ 4,555,088 N/A N/A $ 1,356,965 DESERT WILLOW CHKG 0.00 1-Jun-05 $ 1,356,965 0.00 100.00 $ 1,356,965 N/A N/A $ 650,233 RECREATIONAL FAC CHKG 0.00 1-Jun-05 $ 650,233 0.00 100.00 $ 650,233 N/A N/A $ 6,562,286 Subtotal $ 6,562,286 $ 6,562,286 Total Cash and Investments $ 174,044,722 $ 172,635,363 $ 172,195,953 %of Portfolio Corporate Issuers Market Value) GENERAL ELECTRIC CAPITAL CORPORATION 6.98% FORD MOTOR CREDIT CORPORATION 5.87% GOLDMAN SACHS 1.83% BANK ONE 1.75% "U°= Unrated Page 4 of 8 Palm Desert Redevelopment Agency-- Portfolio Characteristics 31 May 2005 oollars rn Thousands Ageing Interval Market Value < 1 M $ 62,968 Portfolio Ageing w/o SLGSs <2M - <3M 2,972 100 <6M - 90 77 80 < 1YR 3,566 -. 70 <2YR 6,054 05060 <3YR 5,878 0 50 E 40 <4YR - i 30 <5YR 20 10 0 4 0 4 7 7 0 >5YR 01-1 Total: $ 81,438 <1M <2M <3M <6M <1YR <2YR <3YR <4YR Quail Market Value CredR Quality AAA $ 51,634 AAA Unrated" Unrated" 60,913 42% 51% A-1 2,979 BB+ 6,569 BB+ Total: $ 122,095 5% A-1 2% Sector Market Value Asset Allocation LAIF $ 60,913 MMFs 42,681 LAIF MMFs Agencies 8,953 51% 35% CP 2,979 MTNs 6,569 MTNs Treasuries - 5% CP Total: $ 122,095 2% Agencies 7% Month RDA Yield LAIF Yield Variance Pertormance Jun04 1.37 1.47 -0.10 Jul 1.53 1.60 -0.08 3.1 Aug 1.51 1.67 -0.16 Sep 1.61 1.77 -0.17 j 2.5 Oct 1.73 1.89 -0.16 Nov 1.84 2.00 -0.17 a Dec 2.00 2.20 -0.20 > 1.9 Jan05 2.23 2.26 -0.03 Feb 2.37 2.37 0.00 1.3 Mar 2.58 2.54 0.04 Jun04 Jul Aug Sep Oct Nov Dec Jan05 Feb Mar Apr May Apr 2.80 2.72 0.08 May 2.93 2.86 0.07 DLAIFYield MRDAYield Standard and Poors LAIF Page 5 of 8 Palm Desert Redevelopment Agency Portfolio Holdings 31 May 2005 Market Ratings Par Value Issuer lCouponj Maturity Cost YTM I Price I Value Moody's S&P Medium-Term Notes $ 3,000,000 FORD MOTOR CREDIT CORP 6.50 25-Jan-07 $ 3,076,742 4.85 100.16 $ 3,004,869 Baa2 BB+ $ 3,525,000 FORD MOTOR CREDIT CORP 6.88 1-Feb-06 $ 3,591,873 3.94 101.12 $ 3,564,618 Baa2 BB+ $ 6,525,000 Subtotal $ 6,668,615 4.36 $ 6,569,486 Commercial Paper--Discount $ 3,000,000 GENERAL ELECTRIC 2.77 15-Aug-05 $ 2,952,448 2.87 99.31 $ 2,979,163 P-1 A-1+ $ 3,000,000 Subtotal $ 2,952,448 2.87 $ 2,979,163 Federal Agency--Coupon $ 3,000,000 FED FARM CREDIT BANK 2.63 17-Sep-07 $ 2,946,760 3.43 97.41 $ 2,922,188 Aaa AAA $ 3,000,000 FED HOME LOAN BANK 3.38 14-Sep-07 $ 2,993,696 3.82 99.13 $ 2,973,750 Aaa AAA $ 3,000,000 FED HOME LOAN MTG CORP 4.88 15-Mar-07 $ 3,076,639 3.38 101.91 $ 3,057,188 Aaa AAA is 9,000,000 Subtotal $ 9,017,095 3.54 $ 8,953,125 LGIP $ 40,000,000 L.A.I.F. 0.00 1-Jun-05 $ 40,000.000 2.86 100.00 $ 40,000,000 U U $ 5,761,496 L.A.I.F. (HOUSING) 0.00 1-Jun-05 $ 5,761,496 2.86 100.00 $ 5,761,496 U U ' $ 5,151,818 L.A.I.F. BOND PROCEEDS 0.00 1-Jun-05 $ 5,151,818 2.86 100.00 $ 5,151,818 U U $ 9,999,673 L.A.I.F. BOND PROCEEDS 0.00 1-Jun-05 $ 9,999,673 2.86 100.00 $ 9,999,673 U U $ 60,912,987 Subtotal $ 60,912,987 2.86 $ 60,912,987 LGIP $ 17,615,287 C.A.M.P. 0.00 1-Jun-05 $ 17,615,287 2.72 100.00 $ 17,615,287 U AAA $ 17,615,287 Subtotal $ 17,615,287 2.72 $ 17,615,287 LGIP $ 25,065,137 AIM 0.00 1-Jun-05 $ 25,065,137 2.64 100.00 $ 25,065,137 Aaa AAA $ 25,065,137 Subtotal $ 25,065,137 2.64 $ 25,065,137 Total Investments $ 122,118,411 $ 122,231,569 2.93 $ 122,095,185 Cash $ 1,818,964 HOUSING AUTH CHKG 0.00 1-Jun-05 $ 1,818,964 0.00 100.00 $ 1,818,964 N/A N/A $ 319,096 HOUSING AUTH TRUST 0.00 1-Jun-05 $ 319,096 0.00 100.00 $ 319,096 N/A N/A $ 2,138,060 Subtotal $ 2,138,060 $ 2,138,060 "U'=Unrated Page 6 of 8 Palm Desert Redevelopment Agency Portfolio Holdings 31 May 2005 Market Ratings Par Value r Issuer 1couponj Maturity Cost YTM Price I Value IMoody'sl S&P Total Cash and Investments $ 124,256,470 $ 124,369,629 $ 124,233,245 %of Portfolio Corporate Issuers (Market Value) FORD MOTOR CREDIT CORPORATION. 5.29% GENERAL ELECTRIC CAPITAL CORPORATION 2.40% "U"= Unrated Page 7 of 8 STATEMENT OF COMPLIANCE The investment portfolios of the City of Palm Desert("City")and the Palm Desert Redevelopment Agency("RDA") are governed by federal, state, and local law. The City Treasurer's 'Statement of Investment Policy" is more restrictive than the California Government Code. The Palm Desert Investment Committee and the Palm Desert City Council review the Statement of Investment Policy annually. For the month ended 31 May 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 22 June 2005, )9auLS. i cVVOM C.C.M. r City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS California Government Code I City Investment Policy CA Govt Maximum Maximum Quality Maximum Maximum Quality %of City %of RDA Code Investment Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Portfolio Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit Not Authorized(1) 53601 b U.S.Treasuries 5 Years No Limit 5 Years No Limit I r 0.0% 0.0% 53601(c) CA State Debt 5 Years No Limit Not Authorized 53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized 53601(e) Federal Agencies 5 Years No Limit 5 Years 30% 6°% 27.7% 7.4% 53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 &P-1 - - 53601(9) Commercial Paper 270 Days 25% A-1+or P-1 270 Days 25% A-1+or P-1 7.2% 2.4% 53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aaa - - 53601 i Repos 1 Year No Limit 30 Days 20% AAA&Aaa - 53601(1) Reverse Re os 92 Days 20% Not Authorized 53601 ) Medium-Term Notes 5 Years 30% A ' 5 Years 30% 1 A 1 10.0% 5.5% 53601(k) Mutual Funds 90 Days 20% AAA&Aaa 90 Days 20% (2) 1 AAA&Aaal 5.5% 1 20.5% 53601(I Trust Indenture Debt Not Authorized 53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized 53601(k) Local Government AAA&Aaa I AAA&Aaa 5.7% 1 14.4% Investment Pools 90 Days 20% or Advisor 90 Days 20%(2) or Advisor 53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& Not Authorized Securities AA(Security) LAW No Limit I I No Limit 24.1% 49.80/6 (1) The*Ciloan to RDA, which is not a bond, has been approved by the Palm Desert City Council. 80.2% 100.0% (2) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds. 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V) 63 V) V) cod (fl V) 0) V) V) 'V3 ".J co CO) cca m m m cc ca cc m m m m m m co m m 0. p Z Q Q Q Q Q Q Q Q Q Q Q Q Q Q y � I m a z d F FZ F F H F Fz Z I Z U U Z Z Z 0 Q m Q U U W w W m m U w O J J z O z 2 2 2 2 2 Q Q 2 J W W Q J Q _W W W_ W_ W -i - W N W J QJ Z W Z_ o 0 Z Z Z W W v) 2 W 2 W W 0 z z z rL m c O W W af O w 2' w < < < U O 1 v, 2 z z W 2 W W U- S 2 rL J J R mry W (D 0 = W =LL �W 1W �- N M (n (D r a0 0) l— �] 4 4 4 ( \I w § ! ! o§ a o \ EaoZMZZ k k § IL \z0 w / t t o o : , , w o § e S ) § / & . j j / \ \ ° § ) w 7 °l § ' I \ 7 9 K § 2z < 6 ( zi ■ Ic ® ( § Ccq l) ) / � § �i . z \I [ / § ) q N 2 u w N — / _ _ _ ; \ § K r < ¥ $ « \ § E 0 g z z & z /' \ § . E LU ( \ k \ � § ) § \ \ \ \ �1 m _ _ _ 69 __ � co \ \CL 0 \� ■ § § � w / ( ( � § � m o § } < § \ -i § a u g m w; � ! 2 § ) § $: o — § < o $ <� zLL 2 � �I o ƒ STATE OF CALIFORNIA PHILIP ANGELIDES, Treasurer OFFICE OF THE TREASUREK SACRAMENTO CI[Y OF PALNI DESERT Local Agency Investment Fund FINANCE DEPARTMENT PO Box 942809 Sacramento, CA 94209-0001 21D5 JUN 10 All 9: 40 (916) 653-3001 May, 2005 Statement CITY OF PALM DESERT Account Number : 98-33-621 Attn: CITY TREASURER 73510 FRED WARING DRIVE PALM DESERT CA 92260 Account Summary Total Deposit : 0.00 Beginning Balance : 40,000,000.00 Total Withdrawal : 0.00 Ending Balance : 40,000,000.00 Page : 1 of I STATE OF CALIFORNIA PHILIP ANGEUDES. Treasurer`' OFFICE OF THE TREASURER SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 May, 2005 Statement PALM DESERT REDEVELOPMENT AGENCY Account Number : 65-33-015 Attn: TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA §2260 Account Summary - Total Deposit : 0.00 Beginning Balance : 40,000,000.00 Total Withdrawal : 0.00 Ending Balance : 40,000,000.00 RECEIVED JUN 10 2"'7 Palm Desert RDA- Page : 1 of 1 STATE OF CALIFORNIA PHILIP ANGELIDES. Treasurer OFFICE OF THE TREASURE SACRAMENTO Local Agency Investment Fund PO Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 May, 2005 Statement PALM DESERT HOUSING AUTHORITY Account Number : 25-33-003 Att¢ DEPUTY CITY TREASURER 73-510 FRED WARING DRIVE PALM DESERT CA 99260-2578 Account Summary Total Deposit : 0.00 Beginning Balance : 5,761,496.42 Total Withdrawal : 0.00 Ending Balance : 5,761,496.42 RECEIVED JUN 10 2075 Palm Desert RDA Page : I of 1 CAA MS, CITY OF PALM DESERT FINANCE DEPARTMENT CA I_ I F O R N I A A SS E T STATEMENT MANAGEMENT PROGRAM JOIN-I I'O,t'CISS ,"J I'HORI-1', 2915 JUN -7 PM 2: 43 SO CA LI FORNIA Sl RCV 1 331U1 FIAJR SAN YRANOIsCO CAuronmA S)4111 FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 5/31/2005 PALM DESERT REDEVELOPMENT AGENCY ACCOUNT NUMBER: 553-02 GENERALFUND ATTN: PAUL GIBSON FUND NAME: Cash Reserve Portfolio 73-610 FRED WARING DRIVE PALM DESERT,CA 92260-2578 Page 1 of 1 Acc t nt a as of 5/37t1/20Q5 .. _ - _ Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 5/31/2005 $184,786.79 $0.00 17,615,286.610 $17,615,286.61 ,Transaction: umr�i„vauyforg5%a1720Q5��5/31I2005 �' ;r�'� _ _ Beginning Balance Purchases Reinvestments Redemptions Ending Balance $17,574,736.59 $0.00 $40,551.02 $0.00 $17,615,286.61 'fFiAD -' SETTLE ' = O°�ARfAM�0UN7 SHARE SMAREu 1 H S TOTAL DATE Dp E _ ACIA@-6- _ -_ O R SAOTION flOE TRANSACTION SHARES WNED . 05/01/05 Beginning Balance 17,574,735.590 05/31/05 6/l/2005 Accrual Income Div Reinvestment-DIV $40,551.02 $1.00 40.551.020 17,615,286.610 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 2.72%. THE ANNUALIZED YIELD IS 2.75%. Cam/, Cf,A OF PALM DESERT FIfdANCE DEPARTMENT CALIFORNIA ASSET STATEMENT MANAGEMENT PROORA..1 2Q15 .lUN -7 PM 101.'i POW ERS AU"1"110R11-,' 21 43 Stl(:ALIFOIiNL\�FIiEF"I' 2JIatl FLl%J1t sAN FRANCuco Cn1.IF01kNIA of 111 FOR ACCOUNT INFORMATION: 800-729-7665 STATEMENT DATE: 5/3 112 0 0 5 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 Aoi ount Sugt%M - fj5/31F/2005 Statement Income Dividends Capital Gains Total Shares Account Date Paid This Year Paid This Year Owned Value 5/31/2005 $97,061.99 $0.00 9,480,881.220 $9.480,881.22 TransactionSummarYfor,5/aV/2Q05. =b/31/2U05- Beginning Balance Purchases Reinvestments Redemptions Ending Balance $9,459,055.89 $0.00 $21,825.33 $0.00 $9,480,881.22 ADS SETTLE' '-` ' " .- -' , O LiAR -OUNi SHARE SHARES THIS TOTAL -ATE DATE R SAC 0` .,,r Q_ ANSAGTION PRIES TRANSACTION SHARES OWNED _._ . 05/01/05 Beginning Balance 9,459,055.890 05/31/05 6/1/2005 Accrual Income Div Reinvestment-DIV $21,825.33 $1.00 21,825.330 9,480,881.220 Message Line: THE DIVIDEND YIELD FOR THE MONTH IS 2.72°h. THE ANNUALIZED YIELD IS 2.75%. 0 T m 3 O F v c. `m .7 in O O ._1 y a y O y A i U CL ® R 3 r x T � a � CO C O Z LU y o P o 0 0 o O C o d o 0 0 0 0 0 0 p L+J W d W y, ,- wMrvNo V CG � ¢ ao LU d m b N o�0 m O m O lz�® m T « N„ Ip>= e In N N Q\ O W O h m N N m 7 r m p D\ O m D\ b M O M' Ol� 00 7 W O �hi rn ct (I Iq OF -o r.. i 't �O m O m m r O 7 M o N O N m., Q 00 r �n N �/1 N m M U A O y iD A ^ A w a „ . ,. a ' m A M q m � O rn r •N• 4Y O C C O 001 M Vl 't, M O r O! N "aO ^ E b h N cn N N N m 0�... .0 y 0 N O O 7 0 7 y ti b C N fy CL W Ol CO �O V M O M vt G1 O A O d N r o m �O .-. 00 �O 7 .� y C U ,W .p m 't Ua � � c d W OW o � F• .a O u o � a � ° on u `" ud6r a U) E °� � W ate° — � 00 oQ A23ocm" �n ea y>•, .. a e�i m c oC7 'G c C7 c c Q Q a8F � NC) N a n F a rz. S n d o W w 7 n a U 0 w F " z City of Palm Desert Parkvlew Office Complex Financial Statement for Fiscal Year 2004.2005 May-05 May-05 N % YI'D YTD # % Budget Actual Variance Variance Budget Actual Variance Variance Revenues i . Rental $ 69,000 $ 72,448 $ 3,448 105.00%! $ 757,500 $ 808,516 $ 51,016 106.73% Dividends/Interest $ 700 $ - $ (700) 0.00%j- $ 7,700 $ - $ (7,700) 0,00% Total Revenues $ 69,700 $ 72,448 $ Z748 103.94% $ 765,200 $ 808,516 $ 43,316 105.66% Expenses Professional-Accounting&Auditing $ 8,500 $ 8,829 $ (329) 103.87%1 $ 93,300 $ 97,119 $ (3,619) 103.87% Professional-Consultants $ 6,000 $ 5,562 $ 438 92.69%1 $ 66,000 $ 62,073 $ 3,927 94.05% Tenant Improvements $ 31000 $ - $ 31000 0.00%1 $ 33,000 $ 126,126 $ (93,126) 382.201 Repairs&Maintenance Building $ 81000 $ 9,166 $ (1,166) 114,57% ,. $ 88,000 $ 104,657 $ (16,657) 118.93% Repairs&Maintenance-Landscaping $ Z300 $ 650 $ 1,650 28.26%( ' $ 25,300 $ 4,550 $ 20,750 17.98% Utilities-Water $ 150 $ 121 $ 29 80.41%1 $ 1,650 $ 1,241 $ 409 75.19% Utilities-Gas/Electric $ 71000 $ 4,207 $ Z793 60.11% $ 77,000 $ 54,220 $ 22,780 70.42% Utilities-Waste Disposal $ 600 $ 561 $ 39 93.43% - $ 6,600 $ 6,055 $ 545 91,74% Telephone $ 250 $ 193 $ 57 77.08% $ Z750 $ 2,787 $ (37) 101.35% Insurance $ 521 $ - $ 521 0.00% , $ 5,729 $ - $ 5,729 0.00% Total Expenses $ 36,321 $ 29,288 $ 7,033 80.64°!°', _ $ 399,529 $ 458.828 $ (59,299) 114.M% i ) "tt .._._. _..... �. _._ E� _..._....._-3.____e__ Operating.Income ... ..._ _ "_...__.-_..�.�. S 33,379 S 43,160 $ 9,781 129.30"(g 5:3(5,671. $ 349,688 $ {15983) 95.639/. Equipment Replacement Reserve $ 16,700 $ 16,666 $ 34 99.80% $ 183,700 $ 183,326 $ 374 99.80% Net Income ' - - " ' � $ t6,679 S 26;494 S 9,815 158.8$q!e, S 181,972 $'166,3fi2. S "(15,609). .91.420!v 2005 Investment Reportlnv Report 2005 P City of Palm Desert Parkviewr Office Complex Vacancy Rate Schedule by Suite May 2005 Suite Square No. Tenant Feet 73-710 Fred Waring Drive-Two (2) Story Building 100 Hanover 1,915 100A William Bonneheim 645 102 Cove Commission-Fire Marshal 1,360 103 National Multiple Sclerosis 488 104 Arthritis Foundation 960 106 Coachella Valley Economic Partnership 928 108 Assembly Rules Committee-Assemblyman Benoit 450 112 Senator Battin 1,741 114 Chamber of Commerce 1,478 118 Goodwill Industries 1,250 119 City/CVAG Conference Room 1,380 120 Duke Gerstal 1,750 200 CVAG 4,292 200A Vacant 841 201 Viginia Waring Intemantional Piano Competition 604 (Council Approve lease with tenant on May 28,2005) 203 Mountain Conservancy 480 205 Adopt-A-Class 700 208 Nestande-Baxley 960 (Council approved lease with tenant on May 28,2005) 210 Wilson,Pesota&Pichardo 3,040 211 State of California Department of Food &Agriculture 937 2005 Investment ReportVacancy Report 0 r City of Palm Desert Parkview Office Complex Vacancy Rate Schedule by Suite May 2005 217 Joe B. McMillan,.Esq. 775 220 Environmental Products Applications 1,607 222 Riverside County Supervisor-Roy Wilson 3,348 Total square footage(2 story Building) 31,929 Vacancy Rate 3.00% 3.00% 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--0.001/6 0.00% Overall Vacancy Rate for Both Buildings: Vacancy Rate-3.00% 3.00% Occupancy Rate-97.00% 97.00% 2005 Investment ReportVacancy Report s City of Palm Desert Desert Willow Budget VS Actual For the month of May 2005 Budgeted Actual Budgeted Actual May May S Percentage Year to Year to S Percentage Revenue 2005 2005 Variance Variance Date Date Variance Variance Course&Ground S 401,960 S 453.915 S 51.955 112.93% S 4,767,957 S 5,026,145 $ 258,188 105.42% Cans S 30.049 S 38,245 S 8,196 127.28% S 344,272 S 359,705 $ 15.433 104.48% Golf Shop $ 63,593 S 69,113 S 5,520 108.68% S 826,826 S 959.819 S 32,992 103,99% Range S 2,500 S 2A45 S (55) 97.80% S 33.600 $ 39,577 S 5,977 117.79% Food&Beverage S 151,493 S 198,071 S 46,578 130.75% S 1.555,543 S 1 735,463 S 179,920 11 1.57% Interest Income S - $ - $ - 0,00% $ - $ - S - 0.00% Total Revenues S 649,595 S 761.789 S 112.194 1 7.27% S 7.528.198 S M.020.708 492.510 106.54% Payroll Proshop $ 4,651 S 2,664 S 1997 5T28% S 38,294 S 20,298 $ 17,996 53.01% Can S 32,796 $ 26.743 S 6,053 91.54% S 282,843 5 243,189 S 39,654 85.98% Course&Ground $ 135,120 S 120,844 $ 14,276 89,43% S 1,433,718 S 1,363,881 S 69.837 95,13% Golf Operations S 28480 $ 21,014 S 7,466 73,79% S 303,904 $ 270,530 S 33,374 89.02% General&Administration S 43,957 $ 37,404 S 6,553 85,09% S 463,942 S 413,635 S 50.307 89.16% Food&Beverage $ 78,066 S 74,317 S 3,749 95.20% S 763,883 S 766,228 S (2,345) 100.31% T0ta1 Pa roll S 323,070 S 282.986 S 40.084 87.59% S 3.286.584 S 3.077.761 S 208 823 93.65 Other Expenditures Perimeter Landscaping $ - S - S - 0.00% S - $ - S - 0.00% Proshop S 1490 S 7.524 S (6,034) 504.97% S 46,905 S 54,442 S (7,537) 116.07% Proshop-COGS $ 33,971 S 29.800 S 4,171 87.72% S 382,817 S 360,166 S 22,651 94.08% Can S 13790 S 20,096 $ (6,296) 145.66% S 164,140 S 167,882 $ (3,742) 102.28% Course&Ground-North Course $ 50.924 S 60,269 S (9,345) 118.35% S 600.443 S 602,207 $ (1,764) 100,29% Course&Ground-South Course $ 47,475 $ 47,126 S 349 99,26% S 547,624 S 541,075 S 6.549 98.80% Course&Ground-Desert Pallet-N S 425 $ 134 S 291 31.53% S 5.275 S 6,272 $ (997) 118,90% Course&Ground-Desert Pallet-S $ 425 S - S 425 0.00% S 7.675 S 4,247 $ 3,428 55.34% Golf Operations $ 725 S - S 725 0.00% $ 15.825 $ 10,638 S 5,187 67.22% General&Administration $ 60,679 $ 62,875 S (2,196) 103,62% S 692,439 S 737,359 S (44,920) 106.49% Range S 120 S 160 S (40) 133.33% S 12,400 S 13,898 $ (1,498) 112.08% Food&Beverage S 22,273 S 26.832 S (4,559) 120.47% S 249,358 S 362,303 S (112,945) 145.29°/ Food&Beverage COGS S 46,421 S 63,615 S (17,194) 137.04% S 479,102 $ 540,395 S (6L293) 112,79% Management Fee S 25,000 S 2500 S - 100.00% $ 275,000 S 272,787 S 2,213 99.20% Financing/Lease $ 3,566 S 3,655 S (89) 102.50% S 45.776 S 45,660 $ 116 99.75% "Total Other Ex nditurea 307,294 S 347.076 (39.792) 112.95% S 3.524.779 3.719.331 S (194,552) 105.52% Desert Willow Golf Academy Desert Willow Golf Academy S 7,600 S 2,970 S (4,630) 39.08% $ 150,350 $ 126.660 S (23.690) 8424% COGS-Merchandise $ (6,156) S 5,907 S 12.063 -95,96% S (71996) S (65,124) S 6,872 90,46% Other Expenditures S (3,475) $ (4,835) S (1,360) 139.14% $ (57,375) $ (52,954) S 4A21 92.29% Learning Center Income(Loss) $ (2,031) S 4.042 S 6.073 -199.02% S 20,979 $ 8,582 $ (12,397) 40.91% Operating Income(Loss) S 17,210 $ 135,769 S 118,559 788.90% S 737,814 S 1,232,198 $ 494,384 167.01% Equipment Reserve Replacement $ 70,000 S 68,544 S (1,456) 97.92% S 770,000 $ 764,746 $ (5,254) 99.32% Net Income Loss (52,7901 67.225 S 120.015 -127.34% (32.1861 467.452 5 499 638 -1452.35% assauss Snapshot or Golf Rounds Budgeted mo Actual am Variance Variance% Budgeted ul Actual td Variance Variance% Resident 1.200 1,661 461 138% 18,210 18,023 (187) 99% Nan Resident 4,801 6,152 I351 128% 51,275 58,484 7,209 114% Other - 44 44 100% - 665 665 100% Complimentary 325 212 113 65% 3507 3138 369 89% Total 6,326 8,069 1,743 128% 72.992 80.310 7,318 110% Folder:Deaen Willow 2004;DW2005;Fm=ciW Statement Page I ci } | \) } * (j } / 2 {/ /§ [ ® } [ cq £ § § !93 0 d 13 � ( { \ \ 2 / { 2 ( /) ) 2 2 au3a & a _ a aa ; ! 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(® ; a ; , % 2 | 2 ± ] 0 � , 3 ! � \ Desert Willow Breakdown of Rounds per point of sale system Desert Willow - Combined Analysis- MAY 2005 Resident____ 1,661 $ 74,745 I $ 45.00 20.50% Non-Resident _ 6,152 1 $ 415,409 11 $ 67.52 1 76.10% Other 43 $ 430 $ 10.00 0.60% Complimentary 229 $ $ 2.80% Desert Willow Totals 8,085 490,584 60.68 100.00% DW2005;POS AVG RD Page 9 Desert Willow Breakdown of Rounds per point of sale system FIRECLIFF COURSE- MAY 2005 Description _ No. Of Revenue Avg. Per f Pet to Rounds Per POS 1 Round Total Resident Rounds Resident Fe_a 814 $ 36,630 $ 45.00 18.33% Total Resident 814 1 36,630 1 45.001 18.33% Non Resident IROC Member/ Guest 23 $ 2,332 _ $ 101.39 1 0.52% IROC Designated Party 54 $ 3,455 $ 63.98 1.22% Sunrise 75 . $ 8,980 $ 119.73 1.69% Prime 325 1 $ 40,0001 1 $ 123.08 1 7.32% Midday 62 $ 5,690 1 $ 91.77 1 1.40% Sunset 689 $ 30,085 1 $ 43.661 15.51% Wholesale 473 $ 34,185 $ 72.27 1 10.65% Outing 1,344 $ 85,385 $ 63.53 30.26% Twilight 178 1 $ 12,145 1 $ 68.23 4.01% Fee Special Event Variable 235 1 $ 13,542 1 $ 57.63 1 5.29% I Total Non Resident Rounds 3,458 235,799 68.191 77.85% Other Rounds 1 Junior Walking 28 $ 280 1 1 $ 10.00 0.63% Total Other 28 280 10.001 0.63% I I I Complimentary 1 1 VIP _ 91 Is 1 $ - 2.05% PGA Member 8 I $ $ 0.18% USG_A Kids on Course is 1 — 0.00% Champions Club 1 $ $ - 1 0.00% Donation 17 $ $ 0.38% PDHS/COD $ 1 $ 0.00% Employee / Employee Guest 26 $ $ - 0.59% i 1 I Total Complimentary 142 1 - 1 3.207 _ I Total Rounds We—cliff)(F 4,442 1 $ 272,709 1 $ 61.39 1 100.00% DW2005;POS AVG RD Page 10 Desert Willow Breakdown of Rounds per point of sale system MOUNTAIPMEW COURSE- MAY 2005 Description No. Of Revenue ; Avg. Per I Pet to Rounds Per POS 1 Round i Total Resident Rounds j Resident Fee 847 I $ 38,115 1 ' $ 45001 23.25% Total Resident 847 1 38,115 1 45.00 1 23.2537 Non Resident IR_OC Member/ Guest 22 1 $ 1,768 1$80 36 0.60% IROC Designated Party ` 91 I $ 5,860 ! 1 $ 64.40 1 2.50% Sunrise 60 $ 7,690 1 1 $ 128.17 1 1.65% Prime 181 $ 21,055 $ 116.33 1 4.97% Midday 53 $ 4,8351 $ 91.231 1.45% Sunset 673 $ 29,925 $ 44.47 18.47% Wholesale 363 1 $ 24,684 1 1 $ 68.00 9.96% Outing 923 $ 63,290 1 1 $ 68.571 25.34% Twilight 161 1 $ 11,130 1 1 $ 69.13 4.42% Fee Special Event Variable 167 $ 9,373 1 $ 56.13 4.58% Total Non Resident Rounds 2,694 179,6101 1 66.671 73.95% Other Rounds 1 1 1 Junior Walking 15 $ 150 $ 10.001 0.41% Total Other 1 151 150 1 10.001 0.41% I I I Complimentary 1 1 _ 1 PGA Member _ 6 $ - $ - 0.16% VIP 33 $ $ 1 0.91% Donations 15 $ - $ - 0.41% Champions Club $ - I is 0.00% PDHS/COD 1 12 $ - 1 Is 0.33% Employee / Employee Guest 21 1 $ - $ - 1 0.58% t Total Comp imentary 87 2.397. Total-Rounds (HHouatalnview) 3,643 $ 217,875 1 1 $ 59.81 1 100% DW2005;POS AVG RD Page 11 City of Palm Desert Desert Willow Cash Reserve Analysis for the month of May 2005 Cash Reserve Analysis One Month Required Reserve 1 $ 500,000.00 ash on Hand 11 $ 2,010,178.80 7-1 Variance- Favorable Unfavorable $ 1,510,178.80 Page 12 PalmDesert Recreation Facilities Corporation Income Statement May-05 May-05 # % Budget Actual Variance Variance Food & Beverage Revenues $151,493 $198,071 $46,578 130.75% Total Revenues $151,493 $198,071 $46,578 130.75% Salaries $78,066 $74,317 $3,749 95.20% Cost of Goods Sold-F&B $46,421 $63,615 ($17,194) 137.04% Food & Beverage Expense $22,273 $26,832 ($4,559) 120.47% Total Expenses $146,760 $164,764 ($18,004) 112.27% Net Income (Loss) $4,733 $33,307 $28,574 703.72% Note: The above revenues and expenditures are also included in the Desert Willow analysis. DW2005;PDRFC Budget Page 1 PALM DESERT REDEVELOPMENT AGENCY MEMORANDUM TO: INVESTMENT & FINANCE COMMITTEE FROM: DENNIS M. COLEMAN, REDEVELOPMENT/HOUSING FINANCE MANAGER DATE: JUNE 22, 2005 SUBJECT: REQUEST FOR QUALIFICATIONS (RFQ) FOR INVESTMENT BANKING FIRMS Recommendation: That the Investment & Finance Committee recommend that the City Council and Redevelopment Agency Board approve the investment banking pool. Background: On April 19, 2005, staff issued a Request for Qualifications (RFQ)for investment banking services. Staff issued the RFQ to sixteen (16)investment banking firms. On May 13, 2005, staff received thirteen (13) Statements of Qualifications (SOQ). The following firms submitted SOQs: Kinsell, Newcomb & DeDios/Stinson Securities Citigroup Global Markets, Inc. Wedbush Morgan Securities UBS Financial Services, Inc. Stone & Youngberg First Albany Capital De La Rosa Investment Bankers RBC Dain Rauscher Piper Jaffray Hoefer & Arnett Public Finance Brandis Tallman, LLC A.G. Edwards/Backstrom, McCarley, Berry & Co., LLC Newman & Associates, Inc. G�FinunccW=h Oncpa WpdocOnvau=t CommiReeW mos 1F0❑n&mmmn Pm]06=5.wpd INVESTMENT & FINANCE COMMITTEE APPROVAL OF INVESTMENT BANKING POOL JUNE 22, 2005 Page 2 of 2 Staff evaluated the SOQs based on the following: 1) The firm's experience in issuing Tax Allocation and Limited Obligation Improvement Bonds 2) The firm's ability to structure, price and sell the bond issue 3) The qualifications and experience of the assigned professional 4) Customer service and responsiveness to client needs 5) Cost of services The subcommittee assigned bythe Investment& Finance Committee,along with the City's financial advisor, met on June 9, 2005 to review the SOQs received and select a firm to recommend for inclusion to the pool. The subcommittee discussed the strengths and weaknesses of each firm in terms of how they matched up with the needs of the City and the Redevelopment Agency. The subcommittee selected the following firms for inclusion in an investment banking pool: Citigroup Global Markets, Inc. Stone & Youngberg Piper Jaffray Kinsell, Newcomb and DeDios/Stinson Securities Wedbush Morgan Securities Newman & Associates, Inc. (Housing only) The subcommittee felt that the firms selected would provide the City and the Agency with a good pool that could be utilized to issue the Tax Allocation Bonds and the Limited Obligation Bonds for Assessment Districts. The firms were selected based on their experience and capabilities to structure, price and sell our bond issues. Staff requests that the Investment & Finance Committee recommend to the City Council and Redevelopment Agency Board that the investment banking pool be approved as presented. DMC:nmo GWinanccWw "PT\WpdomUma�nt Co ittemW=mWQ Und ntm PwlM205 xVd