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Home My WebLink AboutMinutes - Audit Investment and Finance Committee 04-27-2010 �� MINUTES � � REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT, AND FINANCE COMMITTEE Tuesday, April 27, 2010 I. CALL TO ORDER Chairman Gibson called to order a regular meeting of the Palm Desert Audit, Investment and Finance Committee at 10:00 a.m. II. ROLL CALL Present: Absent: Paul Gibson, Finance Director Patricia Kent, Committee Member Luis Espinoza, Asst. Finance Director Thomas Jeffrey, Deputy City Treasurer Cindy Finerty, Mayor Robert A. Spiegel, Council Member John Wohlmuth, City Manager Justin McCarthy, ACM/Redevelopment CITYCOLJNCiLACTION David Erwin, City Attorney API�RovF.n � —1��'�v��'n Jono Hildner, Committee Member �Z�C[;1VEU � F�`�� t�'�'H�;►t James Walker, Committee Member Everett Wood, Committee Member MF.rT1NG llATI: �-/�% ��o/0 _ AYES:.�e�).SU�� lr�, -_ D�F�� / Also Present: NOES: N��Q AI3SENT: �/�„I T�� Jan Harnik, Member of the Public �- Anthony Hernandez, Senior Financial An��TAIN: �� - -_ ` Niamh Ortega, Recording Secretary ' IFIED BY: � �� -�._ Veronica Tapia, RDA Accountant Original on File with City Clerlc's oftace Derek White, Desert Willow III. ORAL COMMUNICATIONS Mr. Gibson announced that the fourth quarter results were received from the State of California, indicating the fourth quarter was up 1.5%. This is the first quarter in the last four that has shown an increase. Starwood also submitted their payment of $312,000. G:\Finance\Niamh Ortega\Investment Committee�2010\Minutes 042710.docx AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES April 27. 2010 IV. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF FEBRUARY 23 2010 MOTION was made by Member Hildner and seconded by Member Spiegel to adopt and approve in their entirety the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on February 23, 2010. Member Kelly abstained. V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR MARCH 2O10 Member Jeffrey presented the report and highlighted the following points: The book value of the City Portfolio for the period ended March 31, 2010 was approximately $198 million. Interest earnings were approximately $227,000. Yield-to-maturity was approximately 1.43%. The book value of the Redevelopment Agency Portfolio for the period ended March 31, 2010 was approximately $295.4 million. Interest earnings were approximately $174,000. Yield-to-maturity was approximately 0.70%. MOTION was made by Member Erwin and seconded by Member Hildner to recommend that the City Council receive and file the City and Redevelopment Agency Investment Schedu/es and Summary of Cash Reports for March 2010 as presented. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR MARCH 2O10 MOTION was made by Member Finerty and seconded by Member Wohlmuth to receive and file the Local Agency Investment Fund account statements for March 2010 as presented. Motion unanimously approved. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR MARCH 2O10 MOTION was made by Member Finerty and seconded by Member Erwin to receive and file the California Asset Management Program account statements for March 2010 as presented. Motion unanimously approved. 2 AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES April 27, 2010 D. CITY FINANCIAL REPORTS AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR MARCH 2O10 Chairman Gibson highlighted the new format of the report. Revenues are as expected. The Sheriff's department has been delayed on billing due to their budget discussions, and should be caught up next month. MOTION was made by Member Finerty and seconded by Member Erwin to receive and file the City financial reports for March 2010 as presented. Motion unanimously approved. Ms. Tapia reported monthly revenues in the amount of $1.095 million and expenditures in the amount of $13.7 million, the bulk of which were debt service payments. Cumulative revenues are $49.9 million and expenditures are approximately $59.2 million. MOTION was made by Member Finerty and seconded by Member Erwin to receive and file the Redevelopment Agency financial reports for March 2010 as presented. Motion unanimously approved. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR MARCH 2O10 The Fire Marshal's office will relocate to City Hall, leaving Suite 102 vacant, and the County may have some offices they wish to move to Parkview, so 100% occupancy is anticipated in the near future. MOTION was made by Member Finerty and seconded by Member Walker to receive and file the Parkview Professional Office Buildings financial reports for March 2010 as presented. Motion unanimously approved. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR FEBRUARY 2010 Mr. White reported that March was a good month. Overall, the course exceeded both budget and last year. Food and beverage is behind budget, as is retail. Payroll came in at $435,000 versus a budget of $412,000 and a prior year of $385,000. Operating expenses were $247,000 versus a budget of $255,000 and a prior year of $238,000. The market mix was very positive. Resident play was about 25% of total play. The loyalty programs were very successful at about 30% of the overall mix. April will be close to budget and over next year. 3 AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES April 27, 2010 MOTION was made by Member Finerty and seconded by Member Walker to receive and file the Pa/m Desert Golf Course Facilities Corporation financial reports for March 2010 as presented. Motion unanimously approved. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. VIII. INFORMATIONAL ITEMS A. CONTINUATION OF CONTRACT WITH DIEHL EVANS & COMPANY TO PERFORM AUDIT SERVICES FOR THE FISCAL YEAR ENDING JUNE 30, 2010 Mr. Gibson informed the Committee that the contract would be sent to Council for approval at the May meeting. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded and carried was adjourned at 10:15 a.m. to the next regular meeting of May 25, 2010. � 1�' 4.��-�1V�V j._�1. �`�-- Niamh Ortega Recording Secretary 4