HomeMy WebLinkAboutAudit Invstmnt Finance Cmte - 10-22-2013MINUTES
REGULAR MEETING OF THE PALM DESERT
AUDIT, INVESTMENT & FINANCE COMMITTEE
Tuesday, October 22, 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:
Jean Benson, Mayor Pro-Tempore
Russell Campbell, Community Member
Ron Crisp, Committee Member
David Erwin, City Attorney
Paul Gibson, Finance Director
Jan Harnik, Mayor
John Wohlmuth, City Manager
Also Present:
Jared Burns, Desert Willow Golf Resort
Derek White, Desert Willow Golf Resort
Thomas Jeffrey, Deputy City Treasurer
Niamh Ortega, Recording Secretary
III. ORAL COMMUNICATIONS
None.
IV. APPROVAL OF MINUTES
A.
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Absent:
Patricia Kent, Community Member
Stanley Sperling, Committee Member
CITY COUNCIL ACTION
APPROVED DENIED
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Original on File with City Clerk's Office
MINUTES OF THE MEETING OF SEPTEMBER 24, 2013
MOTION was made by Member Campbell and seconded by Member Erwin to
approve as presented the Minutes of the regular meeting of the Palm Desert
Audit, Investment and Finance Committee held on September 24, 2013.
Motion approved.
V. NEW BUSINESS
A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR
SEPTEMBER 2013
Member Jeffrey reported that the book value of the City portfolio for the period
ended September 30, 2013 was approximately $204.9 million. Interest earnings
were approximately $51,000. Yield -to -maturity was approximately 0.30%.
INVESTMENT & FINANCE COMMITTEE
MINUTES October 22, 2013
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 September 2013.
Motion unanimously approved.
B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR
SEPTEMBER 2013
Chairman Gibson provided an overview of the various reports.
MOTION was made by Member Erwin 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 September 2013. Motion
unanimously approved.
C. CITY FINANCIAL REPORT FOR SEPTEMBER 2013
Chairman Gibson provided an overview of the reports and highlighted the activity
for the month of September. Convention business decreased this year, resulting in
a drop in Transient Occupancy Tax by $130,000 over last year. All other categories
remain ahead of the year-to-date budget.
MOTION was made by Member Campbell and seconded by Member Erwin to
receive and file the City financial report for September 2013 as presented.
Motion unanimously approved.
D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR
SEPTEMBER 2013
Mr. Gibson provided an overview of the report. The majority of tenant improvement
costs reflected on the report were for the CVAG conference room, and are almost
complete. Currently the complex has the highest vacancy rate seen for a long time.
Air conditioning unit replacement is an ongoing project. The units are all over 22
years old. Ten have already been replaced, and it is expected that another 10-15
will be replaced this fiscal year. There are approximately 50 units total.
MOTION was made by Member Erwin and seconded by Member Campbell to
receive and file the Parkview Professional Office Buildings financial report for
September 2013 as presented. Motion unanimously approved.
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INVESTMENT & FINANCE COMMITTEE
MINUTES October 22, 2013
E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL
REPORT FOR SEPTEMBER 2013
Mr. Burns provided a summary of the report. He indicated that September was a
good month, and was the best month so far of platinum card sales. The Gridiron
Challenge was held in September, which consisted of nine -hole play and a buffet,
and attendance was good. He distributed the calendar of events scheduled for
October through May, and highlighted that they would host the first "Music and
Dining under the Stars" event next week.
The month of October looks promising, with dining currently increased by 35%. A
discussion took place of advertising placement and strategies for various upcoming
events.
MOTION was made by Member Harnik and seconded by Member Campbell to
receive and file the Palm Desert Golf Course Facilities Corporation financial
report for September 2013 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 10:30 a.m. to the next scheduled meeting of November 26, 2013.
Niamh Ortega, Reco
g Secretary
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