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Home My WebLink AboutAIF Cmte 02-26-2013 , _ �� ,�.,�� MINUTES � � REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE � ' Tuesday, February 26, 2013 — 10:00 a.m. I. CALL TO ORDER Chairman Gibson called the meeting to order at 10:00 a.m. II. ROLL CALL Present: Absent: Paul Gibson, Finance Director CITY COUNCILACTIO�i Thomas Jeffrey, Deputy City Treasurer � Jan Harnik, Mayor AI PROVED____ a��-�v�rn �_ Jean Benson, Mayor Pro-Tempore RECEIVED � ��P �)�I�Nf;R _,_.__. John Wohlmuth, City Manager ---- Bob Hargreaves, City Attorney MEF.TING DATE _ -� ��1 __ Russell Campbell, Community Member AYES: _. Ron Crisp, Committee Member NOES: ��nP � Patricia Kent, Committee Member ABSENT: ��'- __ ABSTA�N: Also Present: VERIFIED BY: Jared Burns, Desert Willow Golf Resort Original on File with City Clerk s Office Richard Mogensen, Desert Willow Golf Resort Niamh Ortega, Recording Secretary III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF JANUARY 22 2013 MOTION was made by Member Benson and seconded by Member Wohlmuth to adopt and approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on January 22, 2013. Motion approved. � INVESTMENT & FINANCE COMMITTEE MINUTES February 26, 2013 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR JANUARY 2013 Member Jeffrey presented the report and highlighted the following points: The book value of the City portfolio for the period ended January 31, 2013 was approximately $198.2 million. Interest earnings were approximately $55,000. Yield-to-maturity was approximately 0.35%. MOTION was made by Member Campbell and seconded by Member Wohlmuth to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Reports for January 2013. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR JANUARY 2013 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Campbell and seconded by Member Crisp 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 January 2013. Motion unanimously approved. C. CITY FINANCIAL REPORT FOR JANUARY 2013 Chairman Gibson provided an overview of the report. Revenues are staying strong, and are up $600,000 over last year. TOT is holding its own. With regard to expenditures, the monthly billing for the Sheriff's department is paid through November 2012. Several large Public Works projects will be taking place over the summer, and the year should finish very close to budget. MOT/ON was made by Member Campbel/ and seconded by Member Benson to receive and file the City financia/ report for January 2013 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR JANUARY 2013 Mr. Gibson provided an overview of the report. Revenues were $508,000, expenditures were $277,000, and net income was $98,000. There has not been any interest in the vacant suites yet, although a current tenant is currently exploring an expansion into an adjacent office. MOTION was made by Member Wohlmuth and seconded by Member Campbell to receive and file the Parkview Professional Office Buildings 2 � INVESTMENT & FINANCE COMMITTEE MINUTES February 26, 2013 financial report for January 2013 as presented. Motion unanimously approved. E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR JANUARY 2013 January was a good month considering that there were twelve frost days. The month ended up under budget, but ahead of last year. February has been outstanding to date, and will make up for January's shortfall. Rounds, resident play and outings were down in January, while wholesale and loyalty programs did well. Desert Willow continues to do as well, if not better, than other local courses, although the market in general is quite tough. MOTION was made by Member Campbell and seconded by Member Wohlmuth to receive and file the Palm Desert Golf Course Facilities Corporation financial report for January 2013 as presented. Motion unanimously approved. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. VIII. INFORMATIONAL ITEMS Mr. Gibson reported that the single audit is complete. The Measure A audit work has been completed, but the report has not yet been finalized. It is hoped that a final report will be received shortly and will be on next meeting's agenda. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded and carried was adjourned at 10:21 a.m. to the next scheduled meeting of March 26, 2013. r ��,�� -, � Niamh Ortega, Recording S retary 3 = O O N O � N � Q � N O O N � tG N � � 0 � N N O O 0 � � N O O � d � �,d,, � O O •� M � � O O U � � _ � � o0 � � o0 L1. � � O O �S Q � M d � � 0 � � � N E N co � = M �- �- Z � M �— c`o a� a� � � N �- } } �"� O >' 7 � a � N c� } � Z N r- .� � � � � .?-o c C� > � Z � � — a w � ° � � w � c z � � �� - � ~ � � � � �° � � �w � U .«a N o � p � � l— - C � � -p � .._l w Z J Q _ O W � � Z � � a � � ,�, �� U � � U � d � — � c cn �ZUW w � E � uQ"i c u� � c�i� yw. zUw � can � �a c� •� a� a � -Q � � � � � , , Z U U YCA � Q � zUw � cnf—