The URL can be used to link to this page

Home My WebLink AboutMinutes - Investment & Finance Committee 04/27/2005.. ir✓ LJ�• o -t cr% CITY OF PALM DESERT u, Ln:K FINANCE DEPARTMENT ern a moo INTEROFFICE MEMORANDUM cn m TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARY�W DATE: MAY 25, 2005 SUBJECT: APPROVED MINUTES OF THE APRIL 27, 2005 INVESTMENT & FINANCE COMMITTEE MEETING Please find attached the Minutes of the Investment & Finance Committee meeting which took place on Wednesday, April 27, 2005, and were approved by the Committee at the meeting of May 25, 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 \Financeftamh OrtegaMpdocs\Investment ConmtteetMemosvktassen072605.wpd MINUTES REGULAR MEETING OF THE PALM DESERT INVESTMENT & FINANCE COMMITTEE Wednesday, April 27, 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 Thomas Jeffrey, Deputy City Treasurer Dave Erwin, City Attorney Russ Campbell, Member Bill Veazie, Member Everett Wood, Member Thomas Lee Wormley, Member Also Present: Absent: Jim Ferguson, Mayor Pro-Tempore Justin McCarthy, ACM/Redevelopment Carlos Ortega, City Manager Dennis Coleman, RDA/Housing Finance Manager Luis Espinoza, Assistant Finance Director Niamh Ortega, Recording Secretary III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF MARCH 23, 2005 MOTION was made by Mr. Wood and seconded by Mr. Campbell to approve the Minutes of the March 23, 2005 regular meeting. Motion passed. INVESTMENT & FINANCE COMMITTEE MINUTES APRIL 27. 2005 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES, AND SUMMARY OF CASH REPORTS FOR MARCH 2O05 Mr. Jeffrey submitted the report for March 2005, and highlighted the following areas: For the month ended March 31, 2005, the book value of the City Portfolio was approximately $146.9 million. Interest earnings were approximately $325,000. Yield -to -maturity was approximately 2.79%. For the month ended March 31, 2005, the book value of the RDA Portfolio was approximately $158.3 million. Interest earnings were approximately $375,000. Yield -to -maturity was approximately 2.58%. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR MARCH 2O05 The reports were reviewed and placed on file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR MARCH 2O05 The reports were reviewed and placed on file. D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR MARCH 2O05 The reports were reviewed and placed on file. Mr. Gibson highlighted that revenues were approximately $700,000 more than the same period last year. Mr. Coleman pointed out that most of the RDA revenue received for the month of March was interest income. The Housing Authority received $386,000 in rental fees. A second payment of tax increment in the amount of approximately $28 million is expected in May 2005. From that amount, approximately $24 million will be paid in pass -through funds and will be reflected on the report for July or August 2005. Mayor Crites asked how much of the pass -through payment for College of the Desert would be held back as repayment of the library, and the time remaining on that note. Mr. Coleman stated that he would research this item. 2 G TinanceWiamh OitegaMpdocs1investment Committee12005WinutesMinutes 042705 finaLdoc INVESTMENT & FINANCE COMMITTEE MINUTES APRIL 27, 2005, E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR MARCH 2O05 The report was reviewed and placed on file. One tenant has vacated, and the City Attorney is reviewing a prospective tenant to determine if it is an appropriate use for the building. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR MARCH 2O05 Mr. Gibson reported that Desert Willow has performed well for the month of March. Club Intrawest has expressed a desire to relocate their facility, which would provide for more available space at the clubhouse for possible restaurant use. The operating income reflects a profit of about $559,000 at this point. G. 457 DEFERRED COMPENSATION REPORTS FOR 1Q05 (NATIONWIDE & ICMA) Mr. Gibson reviewed the California code that states that all cash must be reported to Council. The information is provided to the Committee for informational purposes only, as it is not included as a part of the City's investment strategy. 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) have been distributed to sixteen firms who have expressed interest in the past. It is expected that between five and seven firms will respond. A meeting will be scheduled for the first week of June so that the subcommittee can review the received RFQs. Mr. Coleman commented that two potential assessment districts are being reviewed. Staff is exploring how fees for improvements could be spread between property owners, as well as a possible community facilities K, G. FinanceWiamh OrtegalftdocsVnvestment Committee12005WinuteskMinutes 042705 final. doc INVESTMENT & FINANCE COMMITTEE MINUTES VIII. APRIL 27. 2005; district. Palm Desert Highlands is also being considered as a potential assessment district for utility undergrounding. ADJOURNMENT Mr. Gibson adjourned the meeting at 11:07 a.m. 4 i Niamh Ortega, Record' Secretary G:IFinanceWiamh Ortega lWpdocsllnvestment Committee120051MinutesWinutes 042705 final.doc