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HomeMy WebLinkAboutMinutes - Audit Investment and Finance Committee April 26, 2011MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT, AND FINANCE COMMITTEE Tuesday, April 26, 2011 CALL TO ORDER Chairman Gibson called to order a regular meeting of the Palm Desert Audit, Investment and Finance Committee at 10:03 a.m. 11. ROLL CALL Present: Absent: Jean Benson, Mayor David Erwin, City Attorney (10:07 a.m.) Luis Espinoza, Asst. Finance Director Paul Gibson, Finance Director Thomas Jeffrey, Deputy City Treasurer Patricia Kent, Committee Member Justin McCarthy, ACM/Redevelopment Robert A. Spiegel, Mayor Pro Tempore Susan Marie Weber, Committee Member John Wohlmuth, City Manager (10:05 a.m.) Also Present: Anthony Hernandez, Senior Financial Analyst Richard Mogensen, Desert Willow Golf Resort Niamh Ortega, Recording Secretary Derek White, Desert Willow Golf Resort III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES CITY COUNCIL ACTION APPROVED�t-1� DENIED RECEIVERC -K O OTHER. MEETING 1) XT'E AYES: NOES: ABSENT: NCB ABSTAIN: VERIFIED BY: Original on File with City Clerk's Office A. MINUTES OF THE REGULAR MEETING OF MARCH 22, 2011 MOTION was made by Member Spiegel and seconded by Member Benson 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 22, 2011. Motion unanimously approved. GAFinanceWiamh Ortega\Investment Committee12011\Minutes 042611.docx AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES April 26, 2011 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR MARCH 2O11 Member Jeffrey presented the report and highlighted the following points: The book value of the City Portfolio for the period ended March 31, 2011 was approximately $199.3 million. Interest earnings were approximately $91,000. Yield -to -maturity was approximately 0.54%. The book value of the Redevelopment Agency Portfolio for the period ended March 31, 2011 was approximately $245.8 million. Interest earnings were approximately $136,000. Yield -to -maturity was approximately 0.61 %. MOTION was made by Member Spiegel and seconded by Member Weber to recommend that the City Council receive and file the City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for March 2011 as presented. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR MARCH 2O11 MOTION was made by Member Erwin seconded by Member Wohimuth to receive and file the Local Agency Investment Fund account statements for March 2011 as presented. Motion unanimously approved. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR MARCH 2O11 MOTION was made by Member Spiegel and seconded by Member Erwin to receive and file the California Asset Management Program account statements for March 2011 as presented. Motion unanimously approved. D. CITY FINANCIAL REPORTS AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR MARCH 2O11 Chairman Gibson presented the City's report. He indicated that sales tax is above projected figures, and TOT has increased $100,000 year-to-date. Property tax is flat and interest earnings are down. Overall, the report reflects figures that are ahead of last year if the Energy loan is taken out of the equation. 2 AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES April 26, 2011 MOTION was made by Member Wohlmuth and seconded by Member McCarthy to receive and file the City financial report for March 2011 as presented. Motion unanimously approved. Member McCarthy reviewed the monthly revenues and expenses for the Redevelopment Agency. Actual revenue for the March 2011 was $5.9 million, and expenditures were $19.68 million. MOTION was made by Member Spiegel and seconded by Member Erwin to receive and file the Redevelopment Agency financial report for March 2011 as presented. Motion unanimously approved. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR MARCH 2O11 The Water Resources Control Board tenant improvements are 100% complete. MOTION was made by Member Spiegel and seconded by Member Erwin to receive and file the Parkview Professional Office Buildings financial reports for March 2011 as presented. Motion unanimously approved. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR MARCH 2O11 Mr. Mogensen reported that March was a record month for Desert Willow. There were overages in food and beverage as well as labor, and some expenses that were deferred are included in this month's report. Unscheduled maintenance cost $4,000 and water costs were $12,000 over budget. Nonetheless, overall, March ended ahead of budget by $225,000, and there were 715 more rounds than last year for the same month. MOTION was made by Member Spiegel and seconded by Member Wohlmuth to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for March 2011 as presented. Motion unanimously approved. G. ADOPTION OF AMENDMENT TO THE PALM DESERT "STATEMENT OF INVESTMENT POLICY" TO ADD RABOBANK AS AN AUTHORIZED DEPOSITORY Member Jeffrey indicated that the policy should be updated to reflect the addition of Rabobank as previously recommended and approved by the Committee and Council. 3 AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES April 26, 2011 MOTION to recommend that the City Council adopt the amendment to the Palm Desert "Statement of Investment Policy" to add Rabobank as an authorized depository made by Member Wohlmuth, seconded by Member Erwin, and unanimously approved. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. VIII. INFORMATIONAL ITEMS None. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded and carried was adjourned at 10:26 a.m. to the next scheduled meeting of May 24, 2011. Niamh Ortega, Record i, Secretary n W