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HomeMy WebLinkAboutMinutes - Investment & Finance Committee 06/22/2005.(1 G 3 CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY ;'V��(6 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) GAFinanceftamn OrtegaMpdocsVnvestment Comm,ttee\tAernos\rklassen012605.wpd 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: Paul Gibson, Chairman Buford Crites, Mayor 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: Absent: Thomas Lee Wormley, Member Dave Erwin, City Attorney 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 V. NEW BUSINESS JUNE 22. 2005 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 OrtegalWpdocsllnvestment Committee12005VWmdesWinutes 062205 finat.doc 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. VIII. 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 G:1Financeftamh Ortegakftdocsllnvestment Committee120051MinuteskMinutes 062205 frnal.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, Re rding Secretary 4 G:lFinanceWiamh OrtegalWpdocsllnvestment Committee12005MinutesMinutes 062205 final, doc