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Home My WebLink AboutAIF Cmte - 04-23-2013 ��,-.,., MINUTES _ � � � � REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE �� Tuesday, Aprii 23, 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 Jean Benson, Mayor Pro-Tempore Jan Harnik, Mayor David Erwin, City Attorney John Wohlmuth, City Manager Russell Campbell, Community Member Ron Crisp, Committee Member Patricia Kent, Community Member CITY COUNCILACTION Stanley Sperling, Committee Member pppROVEDr..�_. DENIED RECEIVED.�.L�. OTHER - Also Present: Jared Burns, Desert Willow Golf Resort MEETING DATE " 13�a` � Derek White, Desert Willow Golf Resort A�,�S;$e�,sor-, ��.�i�l�;T'anne�T��, f�a'��K. Jose Luis Espinoza, Assistant Finance Directc�OES: �'�"�° - - Anthony Hernandez, Senior Financial AnalystABSENT: ,��e- Thomas Jeffrey, Deputy City Treasurer ABSTAIN: Niamh Ortega, Recording Secretary VF.RIF[ED BY: �A Originat on File with City Clcrk's Of�ce III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF MARCH 26, 2013 MOTION was made by Member Wohlmuth 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 March 26, 2013. Motion approved. INVESTMENT & FINANCE COMMITTEE MINUTES April 23, 2013 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR MARCH 2O13 Member Jeffrey presented the report and highlighted the following points: The book value of the City portfolio for the period ended March 31, 2013 was approximately $197.9 million. Interest earnings were approximately $56,000. Yield-to-maturity was approximately 0.34%. 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 March 2013. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR MARCH 2013 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Harnik 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 March 2013. Motion unanimously approved. C. CITY FINANCIAL REPORT FOR MARCH 2O13 Chairman Gibson provided an overview of the report. He indicated that sales tax growth was slowing down with only 2.9% growth on the most recent report. Other cities in the valley reported negative growth. There was also an increase in TOT which has been attributed to the recent CoachellaFest. MOTION was made by Member Campbell and seconded by Member Crisp to receive and file the City financial report for March 2013 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR MARCH 2O13 Mr. Hernandez provided an overview of the report. Revenues were $655,000 versus a budget of $673,000, and expenditures were $2,990 less than budget. Operating income was $380,000 versus a budget of$326,000. Staff is currently working on an RFP for three air conditioning units at the Water Resources office. Since they are 22 years old, it was recommended that they be replaced. Member Wohlmuth directed Mr. Hernandez to include Mr. Martin Alvarez, Redevelopment Manager, prior to finalizing to coordinate with Edison so that a rebate is properly requested and received. 2 INVESTMENT & FINANCE COMMITTEE MINUTES April 23, 2013 MOTION was made by Member Campbell and seconded by Member Wohlmuth to receive and file the Parkview Professional Office Buildings financial report for March 2013 as presented. Motion unanimously approved. E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR MARCH 2O13 Mr. White reported that March is the busiest month at Desert Willow. Revenue was $1.725 million versus a budget of$1.73 million. Expenditures were even, and year-to-date was $530,000 versus a budget of$493,000. The restaurant experienced its best month ever. Catering was down; all other food and beverage was up. Several promotional flyers were provided to the Committee for upcoming events which should further boost food and beverage sales. MOTION was made by Member Campbell and seconded by Member Wohlmuth to receive and file the Palm Desert Go/f Course Facilities Corporation financial report for March 2013 as presented. Motion unanimously approved. F. INDEPENDENT ACCOUNTANTS' REPORT ON AGREED-UPON PROCEDURES PERFORMED ON THE MEASURE A TRANSPORTATION FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2012 Chairman Gibson reported that the review was complete, and the auditors had no findings. MOTION was made by Member Wohlmuth and seconded by Member Campbell to recommend that the City Council receive and file the Independent Accountants'Report on agreed-upon procedures performed on the Measure A Transportation Fund for the fiscal year ended June 30, 2012. Motion unanimously approved. VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE Chairman Gibson reported that staff had looked into the possibility of refunding bonds for University Park, and determined it did not make financial sense for the City under the terms offered by the bond issuer. 60% of the land is still vacant, so he is not comfortable with refunding at this time. 3 INVESTMENT & FINANCE COMMITTEE MINUTES April 23, 2013 VIII. INFORMATIONAL ITEMS None. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded and carried was adjourned at 10:29 a.m. to the next scheduled meeting of May 28, 2013. ��. Niamh Ortega, Recording retary 4