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HomeMy WebLinkAboutMinutes - Audit Investment Finance Committee 11/22/2011MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT, AND FINANCE COMMITTEE A Tuesday, November 22, 2011 I. CALL TO ORDER IV. Chairman Gibson called to order a regular meeting of the Palm Desert Audit, Investment and Finance Committee at 10:03 a.m. ROLL CALL Present: Paul Gibson, Finance Director Bob Hargreaves, City Attorney Thomas Jeffrey, Deputy City Treasurer Patricia Kent, Committee Member William Kroonen, Council Member Justin McCarthy, ACM/Redevelopment Robert A. Spiegel, Mayor Pro Tempore Susan Marie Weber, Committee Member John Wohlmuth, City Manager Absent: Luis Espinoza, Asst. Finance Director CITY COUNCIL ACTION APPROVED DENIED RECEIVED I File- OTHER __ MEETING DATE -,�-3 -QCI-D- _ Also Present: AYES:+ Anthony Hernandez, Sr. Financial Analyst NOES:.NCOL Richard Mogensen, Desert Willow Golf Resort ABSENT: N Loc V Niamh Ortega, Recording Secretary --- - ABSTAIN: _N tnN. Derek White, Desert Willow Golf Resort VERIFIED 13Y• Original on File with City Cicl'k stk �)tfii�e ORAL COMMUNICATIONS None. APPROVAL OF MINUTES A. MINUTES OF THE REGULAR MEETING OF OCTOBER 25 2011 MOTION was made by Member Spiegel and seconded by Member Weber 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 25, 2011. Motion unanimously approved. G:TinanceWiamh Ortega\Investment Committee\2011\Minutes 112211.docx AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES NOVEMBER 22. 2011 V. NEW BUSINESS A. CITY AND REDEVELOPMENT AGENCY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR OCTOBER 2011 Member Jeffrey presented the report and highlighted the following points: The book value of the City Portfolio for the period ended October 31, 2011 was approximately $195.9 million. Interest earnings were approximately $70,000. Yield -to -maturity was approximately 0.4%. The book value of the Redevelopment Agency Portfolio for the period ended October 31, 2011 was approximately $213 million. Interest earnings were approximately $97,000. Yield -to -maturity was approximately 0.54%. Mr. Jeffrey also discussed the status of the Rabobank account and the European financial crisis. MOTION was made by Member Spiegel and seconded by Member Wohimuth that the Council receive and file the report as presented. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR OCTOBER 2011 MOTION was made by Member Wohlmuth and seconded by Member Spiegel to receive and file the Local Agency Investment Fund (LAIF), California Asset Management Program (CAMP), Riverside County Investment Pool, and Rabobank Investment Pool statements for October 2011 as presented. Motion unanimously approved. C. CITY FINANCIAL REPORTS AND REDEVELOPMENT AGENCY FINANCIAL REPORTS FOR OCTOBER 2011 Chairman Gibson briefly summarized the City's report. He highlighted that the preliminary property tax roll is down approximately 5% due to devaluation. Member McCarthy presented the RDA's report. Total revenues were approximately $993,000 and expenditures were $2.042 million. MOTION was made by Member Spiegel and seconded by Member Kent to receive and file the City and Redevelopment Agency financial reports for October 2011 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR OCTOBER 2011 Mr. Hernandez reported that the year-to-date actual revenue is $330,000, approximately $6,000 less than budget due to a lease termination. Expenditures exceed the budget by $166,000 due to repair and maintenance costs. 2 AUDIT, INVESTMENT, AND FINANCE COMMITTEE MINUTES NOVEMBER 22. 2011 MOTION was made by Member Wohlmuth and seconded by Member Spiegel to receive and file the Parkview Professional Office Buildings financial reports for September 2011 as presented. Motion unanimously approved. E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR OCTOBER 2011 Mr. Mogensen presented the highlights of the October report. MOTION was made by Member Spiegel and seconded by Member Wohimuth to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for October 2011 as presented. Motion unanimously approved. F. CONSIDERATION OF ADJOURNMENT OF DECEMBER MEETING TO THE NEXT REGULAR MEETING IN JANUARY 2012 Due to the next regular meeting date falling between Christmas and New Year's holidays, Chairman Gibson recommended that the meeting be adjourned to the next regular meeting in January 2012. MOTION was made by Member Wohlmut VI. CONTINUED BUSINESS None. VII. OLD BUSINESS h 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 10:29 a.m. to the next scheduled meeting of January 24, 2012. Niamh Ortega, R rding Secretary 3