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HomeMy WebLinkAboutMinutes - Audit Invesment Finance Committee - October 23, 2012X- MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, October 23, 2012 - 10:00 a.m. CALL TO ORDER Chairman Gibson called the meeting to order at 10:00 a.m. ROLL CALL Present: Absent: Paul Gibson, Finance Director Thomas Jeffrey, Deputy City Treasurer Luis Espinoza, Asst. Finance Director Patricia Kent, Committee Member Robert A. Spiegel, Mayor William Kroonen, Mayor Pro-Tempore John Wohlmuth, City Manager David Erwin, City Attorney CITY COUNCIL ACTION Russell Campbell, Community Member APPROVED DENIED Ron Crisp, Committee Member RECEIVED -2-El le O TH ER Susan Marie Weber, Committee MembeF MEETING DATE ia-13-aOI� Also Present: AYES:_. Al Colombo, Desert Willow Golf Resort NOES: _ t� onP Anthony Hernandez, Senior Financial Ar-0&4bfNT.- NbAe Richard Mogensen, Desert Willow Golf RWRAIN: �tL2�rr Niamh Ortega, Recording Secretary VERIFIED BY. - Original on File with City Clerk's 6frice III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES_ OF THE MEETING OF SEPTEMBER 25,201 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 September 25, 2012. Motion unanimously approved. INVESTMENT & FINANCE COMMITTEE MINUTES OCTOBER 23, 2012 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR SEPTEMBER 2012 Member Gibson presented the reports and highlighted the following points: The book value of the City portfolio for the period ended September 30, 2012 was approximately $198.9 million. Yield -to -maturity was approximately 0.39%. MOTION was made by Member Spiegel and seconded by Member Campbell to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report for September 2012 as presented. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR SEPTEMBER 2012 MOTION was made by Member Kroonen 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 September 2012. Motion unanimously approved. C. CITY FINANCIAL REPORT FOR SEPTEMBER 2012 Mr. Gibson provided an overview of the report. He pointed out that while the TOT revenue is higher than budgeted, it is actually a timing issue as one operator submits on a 13-period cycle of 28 days rather than the standard monthly submittal. Expenses are also skewed since the Sheriff's billings have been delayed. Two months' payments were made this week, so a more accurate picture should be reflected next month. MOTION was made by Member Campbell and seconded by Member Erwin to receive and file the City financial report for September 2012 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR SEPTEMBER 2012 Mr. Hernandez provided an overview of the report. Revenues are less than budget by approximately $3,000 and this is expected to change in the coming months as the vacancy rate decreases from 17% to 12%. Expenditures are $115,000 versus a budget of $123,000, and net income is $5,000 better than budget. MOTION was made by Member Weber and seconded by Member Campbell to receive and file the Parkview Professional Office 2 INVESTMENT & FINANCE COMMITTEE MINUTES OCTOBER 23, 2012 Buildings financial report for September 2012 as presented. Motion unanimously approved. E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR SEPTEMBER 2012 Mr. Columbo provided an overview of the reports in the agenda packet. Revenues were $480,000 versus a budget of $492,000, and operating expenses were $273,000 versus a budget of $300,000. Year-to-date is better than budget by $47,000. Banquet business is good, and golf rates are competitive, so the course is holding its own. Relative to the rounds mix, wholesale business is up, other segments are down, and the ADR is flat. November is expected to be another tough month. MOTION was made by Member Spiegel and seconded by Member Erwin to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for September 2012 as presented. Motion 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 10:18 a.m. to the next scheduled meeting of November 27, 2012. Q) e— Niamh Ortega, Recording Se ry M