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Home My WebLink AboutAIF Cmte - 05/28/2013MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, May 28, 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: Paul Gibson, Finance Director Jan Harnik, Mayor Jean Benson, Mayor Pro-Tempore David Erwin, City Attorney John Wohlmuth, City Manager Russell Campbell, Community Member Ron Crisp, Committee Member Patricia Kent, Community Member Stanley Sperling, Committee Member Absent: Also Present: Derek White, Desert Willow Golf Resort Jose Luis Espinoza, Assistant Finance Director Anthony Hernandez, Senior Financial Analyst Thomas Jeffrey, Deputy City Treasurer Niamh Ortega, Recording Secretary III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. CITY COUNCIL ACTION APPROVED RECEIVED--f1lPr 1�I E ET NG DATI` AYES: iretrioni NOES: Na ABSENT: ABSTAIN. Nual2 VERIFIED 13Y: PDiK Original on File with City Clerk DENIED OTHER MINUTES OF THE MEETING OF APRIL 23, 2013 Office MOTION was made by Member Harnik and seconded by Member Campbell to approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on April 23, 2013. Motion approved; Member Benson abstained. INVESTMENT & FINANCE COMMITTEE MINUTES May 28, 2013 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR APRIL 2013 Member Jeffrey presented the report and highlighted the following points: The book value of the City portfolio for the period ended April 30, 2013 was approximately $199.8 million. Interest earnings were approximately $53,000. Yield -to -maturity was approximately 0.33%. 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 Report for April 2013. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR APRIL 2013 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Benson and seconded by Member Wohlmuth 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 April 2013. Motion unanimously approved. CITY FINANCIAL REPORT FOR APRIL 2013 Chairman Gibson provided an overview of the report. He indicated that TOT was up $250,000 for the month. With regard to sales tax, the State has reduced the amount of its advances due to the indication of an economic slowdown. MOTION was made by Member Campbell and seconded by Member Harnik to receive and file the City financial report for April 2013 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR APRIL 2013 Mr. Hernandez provided an overview of the report. Year-to-date revenues were $728,000 versus a budget of $748,000, and expenditures were $8,000 less than budget. MOTION was made by Member Wohlmuth and seconded by Member Sperling to receive and file the Parkview Professional Office Buildings financial report for April 2013 as presented. Motion unanimously approved. 2 INVESTMENT & FINANCE COMMITTEE MINUTES May 28, 2013 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR APRIL 2013 Mr. White reported that April was down 10% in revenues to budget, and $11,000 down over last year. Payroll expense was $416,000 versus a budget of $422,000 and operating expenses were $248,000 versus a budget of $245,000. It has been one of the most difficult months of the last few years, and a major sandstorm contributed to a loss of $40,000 over four days. Rounds were down by 1,400 compared to last year, and the average daily rate was down approximately $2.14. Management is running specials and incentives to try to earn as much business as possible. MOTION was made by Member Wohlmuth and seconded by Member Campbell to receive and file the Palm Desert Golf Course Facilities Corporation financial report for April 2013 as presented. Motion unanimously approved. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Chairman Gibson reported that Moody's would be downgrading all RDA bonds with the exception of five to "No Rating". He stated that Moody's had not provided a reason as to why five were exempt from the downgrading. 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 June 25, 2013. Niamh Ortega, Recording retary 3