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HomeMy WebLinkAboutAIF Cmte - 06/25/2013MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, June 25, 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 Robert Hargreaves, City Attorney John Wohlmuth, City Manager (10:05 a.m.) 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 Direct Thomas Jeffrey, Deputy City Treasurer Niamh Ortega, Recording Secretary III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. CITY COUNCIL ACTION APPROVED DENIED RECEIVED 4.1-11P OTHER MEETING DATE ` as •l'� AYFS•P ge.�f)) g I,ecd( I`6.((wit W NOES: f ABSENT: k(7a-52-• ABSTAIN. KVAlf2.. VEf2IE'1EI) BY: OAK or Original on Fife with City Cler s Office MINUTES OF THE MEETING OF MAY 28, 2013 MOTION was made by Member Campbell and seconded by Member Harnik to approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on May 28, 2013. Motion approved. INVESTMENT & FINANCE COMMITTEE MINUTES June 25, 2013 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR MAY 2013 Member Jeffrey presented the report and highlighted the following points: The book value of the City portfolio for the period ended May 31, 2013 was approximately $200.7 million. Interest earnings were approximately $53,000. Yield -to -maturity was approximately 0.32%. MOTION was made by Member Wohlmuth and seconded by Member Harnik to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report for May 2013. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR MAY, 2013 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Campbell and seconded by Member Sperling 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 2013. Motion unanimously approved. C. CITY FINANCIAL REPORT FOR MAY 2013 Chairman Gibson provided an overview of the report. He indicated that the sales tax quarterly report showed an increase of 6% over last year, and is expected to finish out the year at $16.5 — 16.8 million. TOT has increased $1.1 million over last year, and revenues are up $1.5 million over mid -year budget. It is expected that the year will round out with an approximate $1.5 million surplus. MOTION was made by Member Wohlmuth and seconded by Member Harnik to receive and file the City financial report for May 2013 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR, MAY 2013 Mr. Gibson provided an overview of the report. Year-to-date revenues were $802,511, and expenditures were $405,019. Operating income was $397,491 versus a budget of $401,181. Income from the rental of the buildings covers approximately 25% of the cost of maintenance at the Civic Center Park. There are no new tenants, and there are still vacancies at the complex. MOTION was made by Member Campbell and seconded by Member Benson to receive and file the Parkview Professional Office Buildings financial report for May 2013 as presented. Motion unanimously approved. 2 INVESTMENT & FINANCE COMMITTEE MINUTES June 25, 2013 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR APRIL 2013 Mr. Mogensen reported that the course did not meet budget expectations for the month of May, with revenue down approximately $18,000. The ADR was over budget by $4.36. Public rack was significantly lower than expected, although resident play was up 17-20% over budget. Mr. Mogensen stated that they are not seeing the normal traffic for this time of year, but outing business is up and wholesale rounds are better than last year. It is expected that the challenges will continue and will end the year under budget. Mr. Mogensen reminded the Committee that summer dining hours were reduced, with the dining room being closed Mondays through Wednesdays. The Cook's Grill remains open, so there are still dining options available. The dining room will remain open Thursdays through Sundays with regular restaurant hours. 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 May 2013 as presented. Motion unanimously approved. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Chairman Gibson reported that the University Park CFD may have a $6.2 million payoff from the Vineyards on June 28, 2013. VIII. INFORMATIONAL ITEMS Chairman Gibson informed the Committee that the auditors would be attending next month's meeting to provide its presentation relative to the upcoming year's audit. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded and carried was adjourned at 10:34 a.m. to the next scheduled meeting of July 23, 2013. Niamh Ortega, Recor, hg Secretary 3