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HomeMy WebLinkAboutMinutes Audit Investment and Finance Committee 11/23/05MINUTES REGULAR MEETING OF THE PALM DESERT INVESTMENT AND FINANCE COMMITTEE Wednesday, November 23, 2005 CALL TO ORDER Mr. Espinoza, acting as chairman, called to order a regular meeting of the Palm Desert Investment and Finance Committee at ten -thirty in the morning. ROLL CALL Present: Buford Crites, Mayor Luis Espinoza, Asst. Finance Director Carlos Ortega, City Manager Justin McCarthy, ACM/Redevelopment Thomas Jeffrey, Deputy City Treasurer Russ Campbell, Community Member Dixie Proulx, Community Member Bill Veazie, Community Member Everett Wood, Community Member Also Present: Absent: Jim Ferguson, Mayor Pro-Tempore Paul Gibson, Finance Director/Treasurer Mike Cavanaugh, Wedbush Morgan Anthony Hernandez, Senior Financial Analyst Suzanne Cicchini, Recording Secretary Randy Rassi, Interim Redevelopment/Finance Manager Veronica Tapia, Redevelopment Accountant Rodney Young, Desert Willow Golf Resort General Manager ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF JULY 27, 2005 INVESTMENT AND FINANCE COMMITTEE MINUTES NOVEMBER 23, 2005 MOTION was made by Mr. Campbell and seconded by Mr. Wood to adopt and approve in their entirety the minutes of the regular meeting of the Palm Desert Investment and Finance Committee held on October 26, 2005. Motion passed. V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR OCTOBER 2005 Mr. Jeffrey highlighted the following points of the CITY and RDA investments reports for October 2005: The book value of the CITY Portfolio was approximately $148.7 million. Interest earnings were approximately $448,000. Yield -to -maturity was approximately 3.67%. The book value of the RDA Portfolio was approximately $123.2 million. Interest earnings were approximately $350,000. Yield -to -maturity was approximately 3.54%. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR OCTOBER 2005 The reports were reviewed and placed on file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR OCTOBER 2005 The reports were reviewed and placed on file. D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR OCTOBER 2005 The reports were reviewed and placed on file. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR OCTOBER 2005 The report was reviewed and placed on file. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR OCTOBER 2005 Mr. Young reported that October was a good month for the course. Total revenue has exceeded the budgeted amounts. Additionally, the golf 2 WAAgenda Items12006-July 13Vnvestment Committee minutesVnv Minutes 112305.doc INVESTMENT AND FINANCE COMMITTEE MINUTES VI VII. NOVEMBER 23, 2005 course corporation has paid the city $384,000 in rent for the food and beverage operation that was payable, and is hoping to become current shortly. G. QUARTERLY ACCOUNT STATEMENTS ON DEFERRED COMPENSATION PLANS The statements were reviewed and placed on file. H. REVIEW OF PALM DESERT "STATEMENT OF INVESTMENT POLICY" AND PALM DESERT TREASURY POLICIES AND PROCEDURES MANUAL FOR 2006 Mr. Jeffrey stated that upon review, it was determined that there was no need for any updates for 2006. DISCUSSION RELATIVE TO NEXT MEETING DATE OF THE AUDIT, INVESTMENT AND FINANCE COMMITTEE Mr. Veazie asked when the name of the Committee had been changed, and he was informed that it was at last month's meeting. Mr. Ortega reminded the Committee of his question the previous month with regard to whether a state law recently enacted requiring nonprofit entities to keep audit committees separate from finance committees was applicable to the City of Palm Desert. Mr. Erwin responded that it did not apply to the City. MOTION made by Mrs. Proulx and seconded by Mr. Campbell to adjourn the December 28, 2005 meeting to January 25, 2006. Motion adopted unanimously. MOTION made by Mr. Campbell and seconded by Mr. Wood to move the regular meeting time to 2:00 p.m. on the fourth Wednesday of the month pending Councilmember concurrence. Motion adopted unanimously. CONTINUED BUSINESS None. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. 3 WAAgenda Items12006-July 13Vnvestment Committee minutesVnv Minutes 112305.doc INVESTMENT AND FINANCE COMMITTEE MINUTES NOVEMBER 23, 2005 B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE No report. VIII. MEMBER COMMENTS None. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded, and carried, was adjourned at 10.45 a.m. Niamh Ortega, Recording Secretary 0 WAAgenda Items12006-July 13Vnvestment Committee minutesVnv Minutes 112305.doc