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HomeMy WebLinkAboutMinutes - Audit Investment and Finance Committee 04/25/06MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT, AND FINANCE COMMITTEE Tuesday, April 25, 2006 I. CALL TO ORDER Mr. Espinoza 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: Dick Kelly, Mayor Pro-Tempore Carlos L. Ortega, City Manager Luis Espinoza, Asst. Finance Director Justin McCarthy, ACM/Redevelopment Russ Campbell, Community Member Bill Veazie, Community Member Everett Wood, Community Member David J. Erwin, City Attorney Also Present: Absent: Jim Ferguson, Mayor Paul Gibson, Finance Director/Treasurer Thomas Jeffrey, Deputy City Treasurer Dixie Proulx, Community Member Mike Cavanaugh, Wedbush Morgan Securities Ken Dieker, Del Rio Advisors Anthony Hernandez, Senior Financial Analyst Arla Scott, Financial Analyst Veronica Tapia, Redevelopment Accountant Rodney Young, Desert Willow Golf Resort David Yrigoyen, Director of Redevelopment & Housing Niamh Ortega, Recording Secretary III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF MARCH 28, 2006 MOTION was made by Mr. Veazie and seconded by Mr. Ortega to adopt and approve in their entirety the minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on March 28, 2006. Motion passed. AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES APRIL 25. 2006, V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND, SUMMARY OF CASH REPORTS FOR MARCH 2006, Mr. Espinoza highlighted the following points of the City and RDA investment reports for March 2006: The book value of the City Portfolio for March 2006 was approximately $150 million. Interest earnings were approximately $513,000. Yield -to -maturity was approximately 4.38%. The book value of the RDA Portfolio for March 2006 was approximately $150 million. Interest earnings were approximately $553,000. Yield -to -maturity was approximately 4.38%. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.1 ACCOUNT STATEMENTS FOR MARCH 2006 The reports were reviewed and placed on file. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.I ACCOUNT STATEMENTS FOR MARCH 2006 The reports were reviewed and placed on file. D. CITY AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR MARCH, 2006 Mr. Espinoza presented the City's report. He pointed out that the budgeted revenues are very close to actual revenues. Expenditures are as expected. Ms. Tapia presented the RDA report. The primary expenditures were capital projects and debt service payments for several areas, including Falcon Crest in Project Area No. 3. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR MARCH 2006 The report was reviewed and placed on file. Mr. Hernandez noted that the Energy Department will soon determine if they will occupy the last remaining vacant office in the complex. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR MARCH 2006 Mr. Young reported that March was an excellent month for Desert Willow. Golf rounds have increased over last year, and April rounds are exceeding prior year by about 300 rounds. Given that April 2005 was a record -setting month, staff is very satisfied with the course's performance this month. 2 G:1Finance\Niamh Ortega\Wpdocsllnvestment Committee120061Minutes\Minutes 042506.doc AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES APRIL 25, 2006 VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PUBLIC AND PRIVATE PARTNERSHIP BACKGROUND CHECKS No report. B. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Mr Yrigoyen introduced Mr. Ken Dieker of Del Rio Advisors, Inc. Mr. Dieker is the financial advisor to the City with regard to several bond issues currently underway. A memorandum was included as part of the agenda, which offered detailed information on the land -based financings for University Park Community Facilities District. Mr. Dieker highlighted the contents of the memorandum and summarized the recent activity surrounding present and future bond issues in which the City is involved. VIII. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded, and carried, was adjourned at 10:23 a.m. Niamh Ortega, Recordincretary 3 G:\Finance\Niamh OrtegalWpdocs\Investment Committee12006\Minutes\Minutes 042506.doc