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HomeMy WebLinkAboutAudit Invstmnt Finance Cmte - 11-27-2012MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, November 27, 2012 — 10:00 a.m. I. CALL TO ORDER Acting Chairman Espinoza called the meeting to order at 10:00 a.m. II. ROLL CALL ,A4O Present: Absent: Luis Espinoza, Asst. Finance Director Paul Gibson, Finance Director Thomas Jeffrey, Deputy City Treasurer William Kroonen, Mayor Pro-Tempore Robert A. Spiegel, Mayor John Wohlmuth, City Manager David Erwin, City Attorney CITY COUNCIL ACTION Russell Campbell, Community Member APPROVED DENIED Ron Crisp, Committee Member RECEIVED `rderi OTHER Patricia Kent, Committee Member Susan Marie Weber, Committee Member MEETING DATE a-I4/-a0f 3 Also Present: AYES: berlson —relhaer, kb her, rnik Al Colombo, Desert Willow Golf Resort NOES: NOr1e- Anthony Hernandez, Senior Financial AnalystBSENT: Richard Mogensen, Desert Willow Golf Res OSTAIN: l4 on Niamh Ortega, Recording Secretary VERIFIED BY: Original on File with Cite Ct K's OI.1;ct III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF OCTOBER 23, 2012 MOTION was made by Member Spiegel and seconded by Member Campbell to adopt and approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on October 23, 2012. Motion unanimously approved. INVESTMENT & FINANCE COMMITTEE MINUTES NOVEMBER 27, 2012 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR OCTOBER 2012 Member Jeffrey presented the report and highlighted the following points: The book value of the City portfolio for the period ended October 31, 2012 was approximately $198.9 million. Yield -to -maturity was approximately 0.39%. The printed report contained an error in the yield to maturity, and it was verbally corrected at the meeting. MOTION was made by Member Spiegel and seconded by Member Campbell to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report for October 2012 as amended. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR OCTOBER 2012 MOTION was made by Member Kroonen and seconded by Member Erwin 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 October 2012. Motion unanimously approved. C. CITY FINANCIAL REPORT FOR OCTOBER 2012 Mr. Gibson provided an overview of the report. He pointed out that while the TOT revenue is higher than budgeted, it is actually a timing issue as one operator submits on a 13-period cycle of 28 days rather than the standard monthly submittal. Expenses are also skewed since the Sheriff's billings have been delayed. Two months' payments were made this week, so a more accurate picture should be reflected next month. MOTION was made by Member Campbell and seconded by Member Erwin to receive and file the City financial report for September 2012 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR OCTOBER 2012 Mr. Hernandez provided an overview of the report. Revenues are less than budget by approximately $3,000 and this is expected to change in the coming months as the vacancy rate decreases from 17% to 12%. Expenditures are $115,000 versus a budget of $123,000, and net income is $5,000 better than budget. MOTION was made by Member Weber and seconded by Member Campbell to receive and file the Parkview Professional Office Buildings financial report for September 2012 as presented. Motion unanimously approved. 2 INVESTMENT & FINANCE COMMITTEE MINUTES NOVEMBER 27, 2012 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORTS FOR OCTOBER 2012 Mr. Columbo provided an overview of the reports in the agenda packet. Revenues were $480,000 versus a budget of $492,000, and operating expenses were $273,000 versus a budget of $300,000. Year-to-date is better than budget by $47,000. Banquet business is good, and golf rates are competitive, so the course is holding its own. Relative to the rounds mix, wholesale business is up, other segments are down, and the ADR is flat. November is expected to be another tough month. MOTION was made by Member Spiegel and seconded by Member Erwin to receive and file the Palm Desert Golf Course Facilities Corporation financial reports for September 2012 as presented. Motion unanimously approved. F. CONSIDERATION OF ADJOURNMENT OF DECEMBER MEETING TO THE NEXT REGULARLY SCHEDULED MEETING OF JANUARY 22, 2013 MOTION was made by Member and seconded by Member to adjourn the December meeting to the next regularly scheduled meeting of January 22, 2013. 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 10:18 a.m. to the next scheduled meeting of January 22, 2013. \ _\ T\a-� Niamh Ortega, Recording S'cretary 3