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HomeMy WebLinkAboutMinutes - Audit Investment and Finance Committee December 21, 2010MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT, AND FINANCE COMMITTEE Tuesday, December 21, 2010 CALL TO ORDER Chairman Gibson called to order a regular meeting of the Palm Desert Audit, Investment and Finance Committee at 10:07 a.m. II. ROLL CALL Present: Absent: Paul Gibson, Finance Director Justin McCarthy, ACM/Redevelopment Luis Espinoza, Asst. Finance Director Thomas Jeffrey, Deputy City Treasurer Cindy Finerty, Mayor Robert A. Spiegel, Council Member CITY COUNCIL ACTION John Wohlmuth, City Manager APPROVED - ----- David Erwin, City Attorney RECEIVED E FI"/t'-_- Jono Hildner, Committee Member --- - Patricia Kent, Committee Member MEETING DATE - James Walker, Committee Member AYES: r;� iK (4rOZ�nrr — 6e i1_._ Everett Wood, Committee Member NOES: NCR -- - ABSENT: _ 1 0 F --- Also Present: ABSTAIN: m C( ' Anthony Hernandez, Senior Financial Anal ftRIFIED BY:. P-0 K-i Richard Mogensen, Desert Willow Golf Reftinal on File with City Clerk's Office Niamh Ortega, Recording Secretary Veronica Tapia, RDA Accountant Derek White, Desert Willow Golf Resort III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF NOVEMBER 23, 2010 MOTION was made by Member Wood and seconded by Member Hildner to adopt and approve in their entirety the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on November 23, 2010. Motion passed with Member Benson abstaining. GAFinanceWiamh Ortega\Investment Committee\2010\Minutes 122110.docx AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES December 21. 2010 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR NOVEMBER 2010 Member Jeffrey presented the report and highlighted the following points: The book value of the City Portfolio for the period ended November 30, 2010 was approximately $190.3 million. Interest earnings were approximately $112,000. Yield -to -maturity was approximately 0.78%. The book value of the Redevelopment Agency Portfolio for the period ended November 30, 2010 was approximately $233.6 million. Interest earnings were approximately $98,000. Yield -to -maturity was approximately 0.59%. MOTION was made by Member Hildner and seconded by Member Wood to recommend that the City Council receive and file the City and Redevelopment Agency Investment Schedules and Summary of Cash Reports for November 2010 as presented. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT FUND (L.A.I.F.) ACCOUNT STATEMENTS FOR NOVEMBER 2010 MOTION was made by Member Walker and seconded by Member Wood to receive and file the Local Agency Investment Fund account statements for November 2010 as presented. Motion unanimously approved. C. CALIFORNIA ASSET MANAGEMENT PROGRAM (C.A.M.P.) ACCOUNT STATEMENTS FOR NOVEMBER 2010 MOTION was made by Member Walker and seconded by Member Hildner to receive and file the California Asset Management Program account statements for November 2010 as presented. Motion unanimously approved. D. CITY FINANCIAL REPORTS AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR NOVEMBER 2010 Chairman Gibson presented the City's report. He indicated that while TOT was similar to last year's figures, the sales tax for the 3`d quarter was up, and most of the state was up for the 2nd quarter too. Property tax is ahead of budget due to the County's early remittance of funds owed. 2 AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES December 21. 2010 MOTION was made by Member Hildner and seconded by Member Walker to receive and file the City financial reports for November 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 November 2010 was $2.25 million in revenue and $24.1 million in expenditures. MOTION was made by Member Hildner and seconded by Member Wood to receive and file the Redevelopment Agency financial reports for November 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. Tenant improvements for the Water Resources building begin next month, and there are currently four vacancies at the Parkview building. MOTION was made by Member Walker and seconded by Member Wood to receive and file the Parkview Professional Office Buildings financial reports for November 2010 as presented. Motion unanimously approved. F. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR NOVEMBER 2010 Mr. Mogensen reported that the newly -expanded kitchen is scheduled to be open in January 2011. November was a good month, and once renovations are complete he expects business will continue to improve. With regard to the rounds mix analysis, players booked at wholesale rates were up while rack rate bookings were down. The ADR was down but rates stayed even. Overall, golf outings have improved. MOTION was made by Member Hildner and seconded by Member Erwin to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for November 2010 as presented. Motion unanimously approved. G. CITY OF PALM DESERT AUDITED FINANCIAL REPORTS FOR THE FISCAL YEAR ENDED JUNE 30, 2010 The audited reports for the City of Palm Desert were distributed to Committee members for their review. A representative from the auditing firm will attend the January meeting to present the report. 3 AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES December 21 2010 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 10:25 a.m. to the next scheduled meeting of January 25, 2011. Niamh Ortega, Recording It retary 0