The URL can be used to link to this page

Home My WebLink AboutMinutes - Audit Investment and Finance Committee 02/28/06CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARYV� DATE: AUGUST 18, 2006 SUBJECT: APPROVED MINUTES OF THE AUDIT, INVESTMENT & FINANCE COMMITTEE MEETINGS OF FEBRUARY, MARCH, APRIL AND MAY 2006 Please find attached the Minutes of the Audit, Investment & Finance Committee meetings which took place as follows: February 28, 2006 March 28, 2006 April 25, 2006 may 23, 2006 Please include on the upcoming agenda for review and acceptance by City Council. Feel free to contact me at Ext. 382 if you have any questions. Thank you. nmo ,ITY COUNCz1:j 1�a:1'TG ri Attachments (as noted IC VE X h I c.??w BY . ��- ��- __.... _,ti, v Fj \\WIN2K\groups\Finance\Niamh Ortega\Wpdocs\Investment Committee\MemosVklassen012605.wpd MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT, AND FINANCE COMMITTEE Tuesday, February 28, 2006 I. CALL TO ORDER Mr. Gibson called to order a regular meeting of the Palm Desert Audit, Investment, and Finance Committee at ten o'clock in the morning. II. ROLL CALL Present: Absent: Dick Kelly, Mayor Pro-Tempore Jim Ferguson, Mayor Bob Spiegel, Councilmember Paul Gibson, Finance Director/Treasurer Luis Espinoza, Asst. Finance Director Thomas Jeffrey, Deputy City Treasurer Carlos Ortega, City Manager Justin McCarthy, ACM/Redevelopment Russ Campbell, Community Member Dixie Proulx, Community Member Bill Veazie, Community Member Everett Wood, Community Member Also Present: Anthony Hernandez, Senior Financial Analyst Veronica Tapia, Redevelopment Accountant Derek White, Desert Willow Golf Resort Niamh Ortega, Recording Secretary III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF JANUARY 24, 2006 MOTION was made by Mr. Veazie and seconded by Mr. Campbell to adopt and approve in their entirety the minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on January 24, 2006. Motion passed. AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES FEBRUARY 28. 2006 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR JANUARY 2006 Mr. Jeffrey stated that SINCE THE City was in the midst of a transition between trustees (from Bank of New York to Wells Fargo Bank), the January trust account statements had not yet been reconciled, so they would be presented to the Committee at its next regular meeting. Mr. Jeffrey reported that the City had received $33 million of property taxes in January, and that he had used these monies, as well as monies from C.A.M.P. and L.A.I.F., to buy $107 million of securities. U.S. Government Agencies comprised 23 of 29 securities. The remaining six were medium -term notes that General Electric, Wells Fargo Bank, Wachovia, and Wal-Mart had issued. The City had invested three to four years out this time, in anticipation of lower interest rates during 2007-2008. The City would be buying more investments during April -May. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR JANUARY 2006 The reports were reviewed and placed on file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR JANUARY 2006 The reports were reviewed and placed on file. D. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P) MARKET UPDATE The report was reviewed and placed on file. E. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR JANUARY 2006 Mr. Gibson presented the City's report. He pointed out that last year was $16 million year-to-date, and this year was $18 million due to a change in the timing of payments received from the State for tax and DMV fees. He noted that permits were significantly increased over last year. He also mentioned that while sales tax would increase next year due to the addition of Desert Gateway, expenses for police and fire would also increase due to the additional service required in that area. Current expenditures for law enforcement staff are lower than budgeted due to a large number of vacancies. Ms. Tapia presented the RDA report. The first half of the tax increment was received, which was approximately $30 million. The primary expenditures were the transfer to housing and debt service for Project Area No. 2. 2 G:IFinanceWlamh OrtegaWpdocsunvestment Committee12006WinufeslMinutes 022806.doc AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES FEBRUARY 28. 2006 F. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR JANUARY 2006 The report was reviewed and placed on file. Mr. Gibson reported that the City's newly formed Energy Department would occupy a unit next to CVAG for approximately one year. Mayor Pro-Tempore requested that the bumper of one of the handicapped parking spaces at the two-story building be repaired as soon as possible. G. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR JANUARY 2006 Mr. White reported that January was a good month f Hernandez stated that a remodel of the bar area in t consideration. Discussion followed regarding the price fees at Desert Willow and various other local golf cot reported that food and beverage sales are above bu considering a new position for a catering and sales pers sales. H. QUARTERLY ACCOUNT STATEMENTS ON COMPENSATION PLANS The reports were reviewed and placed on file. r Desert Willow. Mr. e clubhouse is under comparison of greens rses. Mr. White also Iget. Management is m in order to increase 457 DEFERRED REQUEST BY LANCE, SOLL & LUNGHARD TO PERFORM 2006 AUDIT This item was added to the agenda by 4/5 vote, unanimously approved. Mr. Gibson stated that Lance, Soil & Lunghard has communicated that they would like to continue to perform the various audit for the City of Palm Desert for the upcoming fiscal year. Staff is very pleased with the firm and the work they have performed to date. MOTION to approve Lance, Soil & Lunghard as the independent auditors for Fiscal Year 200612007 made by Mr. Campbell, seconded by Mr. Wood, unanimously approved. VI. CONTINUED BUSINESS A. 2005 PALM DESERT RECREATIONAL FACILITIES AUDIT This item was continued to the next regular meeting. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. 3 G 1Ananceftamh Ortega Wpdocsklnvestment Committee120061MinuteslMinutes 022806.doc AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES FEBRUARY 28, 2006 B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE. Bonds will be issued for a new Community Facilities District in mid -April to early May. The assessment district from Monterey to Portola and from Frank Sinatra to Dinah Shore will be approximately $30 million to $40 million, and should be issued in September or October of this year. A bond issue will also occur for all four project areas sometime between May and July. VIII. MEMBER COMMENTS None. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded, and carried, was adjourned at 10:35 a.m. Niamh Ortega, Record in cretary 0 GAFinanceWiamh OrtegalWpdocsllnvestment Committee12006WinutesMinutes 022806.doc