HomeMy WebLinkAboutMinutes - Audit Invstmnt Finance Committee - June 26, 2012IV
MINUTES
REGULAR MEETING OF THE PALM DESERT _
AUDIT, INVESTMENT & FINANCE COMMITTEE
Tuesday, June 26, 2012 — 10:00 a.m.
CALL TO ORDER
Chairman Gibson called the meeting to order at 10:00 a.m.
ROLL CALL
Present: Ah-,Pnt-
Paul Gibson, Finance Director
Luis Espinoza, Asst. Finance Director
Thomas Jeffrey, Deputy City Treasurer
William Kroonen, Mayor Pro-Tempore
Robert A. Spiegel, Mayor
John Wohlmuth, City Manager
David Erwin, City Attorney
Russell Campbell, Community Member
Ron Crisp, Committee Member
Patricia Kent, Committee Member
Susan Marie Weber, Committee Member
CITY COTTNCIL ACTION
APPROVED DENIED
RECEIVED OTFIER
MEETING DDA�
AYES:� tJ
NOES:
ABSENT: lU'
ABSTAIN: _L
Also Present: VERIFIED 13Y: w
Al Colombo, Desert Willow Golf Resort Original on File with City,
Anthony Hernandez, Senior Financial Analyst
Niamh Ortega, Recording Secretary
ORAL COMMUNICATIONS
None.
APPROVAL OF MINUTES
A. MINUTES OF THE MEETING OF MAY 22, 2012
Office
MOTION was made by Member Spiegel and seconded by Member
Campbell to adopt and approve as presented the Minutes of the
regular meeting of the Palm Desert Audit, Investment and Finance
Committee held on May 22, 2012. Motion unanimously approved.
INVESTMENT & FINANCE COMMITTEE
MINUTES JUNE 26, 2012
V. NEW BUSINESS
A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR
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Member Jeffrey presented the report and highlighted the following points:
The book value of the City portfolio for the period ended May 31, 2012 was
approximately $218.1 million. Interest earnings were approximately
$76,000. Yield -to -maturity was approximately 0.43%.
MOTION was made by Member Spiegel and seconded by Member
Erwin to recommend that the City Council receive and file the City
Investment Schedule and Summary of Cash Report for May 2012 as
presented. Motion unanimously approved.
B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR MAY
2012
MOTION was made by Member Campbell and seconded by Member Erwin to
receive and file the reports for Local Agency Investment Fund (LAIF),
California Asset Management Program (CAMP), Riverside County
Investment Pool, and Rabobank Investment Pool for May 2012. Motion
unanimously approved.
C. CITY FINANCIAL REPORT FOR MAY 2012
Mr. Gibson provided an overview of the report. He stated that the most recent
sales tax summary indicated that sales tax had increased 4% over last year for
the same period. $7.7 million is budgeted for TOT for the year, and the City is
currently on track to receive that amount. There is nothing significant to report for
expenditures.
MOTION was made by Member Wohlmuth and seconded by Member
Campbell to receive and file the City financial report for May 2012 as
presented. Motion unanimously approved.
D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR
MAY 2012
Mr. Hernandez provided an overview of the report. He also reported that the
Benoit office is complete, and tenants have moved in. There is currently a 15%
vacancy rate. The base rate for non-profit organizations is $1.25/sq. ft., and
private industry is $1.50/sq. ft.
MOTION was made by Member Campbell and seconded by Member
Wohlmuth to receive and file the Parkview Professional Office
Buildings financial reports for May 2012 as presented. Motion
unanimously approved.
2
INVESTMENT & FINANCE COMMITTEE
MINUTES JUNE 26, 2012
VI
VII
VIII
E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL
REPORTS FOR MAY 2012
Mr. Columbo provided an overview of the reports in the agenda packet. Actual
revenue for the month of May was $743,000 versus a budget of $918,000 and
compared to $797,000 prior year. Payroll was $396,000 versus a budget of
$391,000, and operating expenses were $272,000 compared to a budget of
$262,000. Year-to-date revenue is $9.4 million, and budgeted revenue was $9.36
million. Earnings will be close to budget for the fiscal year. Starwood has received
their Certificate of Occupancy for 17 units, and Desert Willow anticipates an
increase in business once these units are open.
MOTION was made by Member Cris
Campbell to receive and file the Palm
Corporation financial reports for May
unanimously approved.
CONTINUED BUSINESS
None.
OLD BUSINESS
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and seconded by Member
Desert Golf Course Facilities
2012 as presented. Motion
A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE
None.
INFORMATIONAL ITEMS
None.
ADJOURNMENT
There being no further business, this meeting, upon motion duly made, seconded
and carried was adjourned at 10:17 a.m. to the next scheduled meeting of July 24,
2012.
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Niamh Ortega, Recording, ecretary