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HomeMy WebLinkAboutMinutes - Audit Investment and Finance Committee November 23, 2010FAB MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT, AND FINANCE COMMITTEE Tuesday, November 23, 2010 I. CALL TO ORDER Acting Chairman Espinoza called to order a regular meeting of the Palm Desert Audit, Investment and Finance Committee at 10:00 a.m. II. ROLL CALL IV. Present: Luis Espinoza, Asst. Finance Director Thomas Jeffrey, Deputy City Treasurer Cindy Finerty, Mayor Robert A. Spiegel, Council Member John Wohlmuth, City Manager David Erwin, City Attorney Jono Hildner, Committee Member Patricia Kent, Committee Member Absent: Paul Gibson, Finance Director Justin McCarthy, ACM/Redevelopment James Walker, Committee Member Everett Wood, Committee Member Also Present: Anthony Hernandez, Senior Financial Analyst Derek White, Desert Willow Golf Resort CITY COUNCIL ACTION Niamh Ortega, Recording Secretary APPROVED DENIED Veronica Tapia, RDA Accountant RECEIVED E E OTHER MEETING DATE � `�%•�C%/ �� ORAL COMMUNICATIONS AYES: F0 r 4' a k NOES: Ar&/iC- None. ABSENT: XC tl. ABSTAIN: VERIFIED BY: APPROVAL OF MINUTES Original on File with City Clerk s Office A. MINUTES OF THE REGULAR MEETING OF OCTOBER 26, 2010 MOTION was made by Member Hildner and seconded by Member Walker to adopt and approve in their entirety the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on October 26, 2010. G:Tinanceftamh Ortega\Investment Committee\2010\Minutes 112310.docx AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES November 23 2010 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR OCTOBER 2010 Member Jeffrey presented the report and highlighted the following points: The book value of the City Portfolio for the period ended October 31, 2010 was approximately $192.7 million. Interest earnings were approximately $136,000. Yield -to -maturity was approximately 0.78%. The book value of the Redevelopment Agency Portfolio for the period ended October 31, 2010 was approximately $242.9 million. Interest earnings were approximately $116,000. Yield -to -maturity was approximately 0.60%. MOTION was made by Member Finerty and seconded by Member Erwin to recommend that the City Council receive and file the City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for October 2010 as presented. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT FUND (L A I F) ACCOUNT STATEMENTS FOR OCTOBER 2010 MOTION was made by Member Finerty and seconded by Member Hildner to receive and file the Local Agency Investment Fund account statements for October 2010 as presented. Motion unanimously approved. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP) ACCOUNT STATEMENTS FOR OCTOBER 2010 MOTION was made by Member Finerty and seconded by Member Hildner to receive and file the California Asset Management Program account statements for October 2010 as presented. Motion unanimously approved. D. CITY FINANCIAL REPORTS AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR OCTOBER 2010 Acting Chairman Espinoza presented the report. He clarified that the revenue category labeled "All Others" includes transfers in. Outside Agency funding is disbursed at the beginning of the fiscal year, so expense category shows that although it is currently over budget, it evens out throughout the year. 2 AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES November 23. 2010 MOTION was made by Member Finerty and seconded by Member Hildner to receive and file the City financial reports for October 2010 as presented. Motion unanimously approved. Ms. Tapia reviewed the monthly revenues and expenses for the Redevelopment Agency. Year-to-date for the end of October 2010 was $1.75 million in revenue and $22.6 million in expenditures. MOTION was made by Member Hildner and seconded by Member Finerty to receive and file the Redevelopment Agency financial reports for October 2010 as presented. Motion unanimously approved. E. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR OCTOBER 2010 Mr. Hernandez reported that revenues exceed budget and expenses are less than budget. The occupancy rate is currently 92%. MOTION was made by Member Finerty and seconded by Member Hildner to receive and file the Parkview Professional Office Buildings financial reports for October 2010 as presented. Motion unanimously approved. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR OCTOBER 2010 Derek White reported that revenues were around $650,000 versus a budget of $614,000. Food and beverage revenue was approximately $81,000 versus a budget of $72,000. Expenditures were $311,000 versus the budget of $347,000, and a prior year of $314,000. The majority of savings were in grounds and maintenance. Overall, there was a loss of $33,000, versus a budgeted loss of $80,000, and year to date is about $100,000 ahead of budget. MOTION was made by Member Finerty and seconded by Member Erwin to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for October 2010 as presented. Motion unanimously approved. 3 AUDIT, INVESTMENT, AND FINANCE COMMITTEE November 23 2010 MINUTES VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. Vill. INFORMATIONAL ITEMS None. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded and carried was adjourned at 10:20 a.m. to the next scheduled meeting of December 21, 2010. Niam�Orte ga, Recor ng Secretary 0