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Home My WebLink AboutAIF Cmte 03-26-2013 ��,� MINUTES .� REGULAR MEETING OF THE PALM DESERT � � � � � AUDIT INVESTMENT & FINANCE COMMITTEE , �� Tuesday, March 26, 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 Patricia Kent, Community Member Russell Campbell, Community Member CITY COUNCILACTION Ron Crisp, Committee Member DP:NIF.D ----- Stanley Sperling, Committee Member AI'1'ROVF.D RECEIVED 4' �� OTHER Also Present: _ � 3 Jared Burns, Desert Willow Golf Resort MEET[NG DATE Derek White, Desert Willow Golf Resort AYES: Luis Espinoza, Assistant Finance Director NOES: � Anthony Hernandez, Senior Financial Analy�,1BSENT: Na�� -.-- — Thomas Jeffrey, Deputy City Treasurer pBSTAIN: Niamh Ortega, Recording Secretary VERIFIED BY:.. � �rQ - - Origiaal an File with City Clerk's Office III. ORAL COMMUNICATIONS Ms. Rachelle Klassen, City Clerk, attended briefly to complete the official appointment of Mr. Stanley Sperling to the Committee. Chairman Gibson welcomed Member Sperling, and self-introductions followed for all in attendance. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF FEBRUARY 26. 2013 MOTION was made by Member Wohlmuth 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 February 26, 2013. Motion approved. INVESTMENT & FINANCE COMMITTEE MINUTES March 26, 2013 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR FEBRUARY 2013 Member Jeffrey presented the report and highlighted the following points: The book value of the City portfolio for the period ended February 28, 2013 was approximately $201.3 million. Interest earnings were approximately $52,000. 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 February 2013. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR FEBRUARY 2013 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Wohlmuth and seconded by Member Campbell 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 February 2013. Motion unanimously approved. C. CITY FINANCIAL REPORT FOR FEBRUARY 2013 Chairman Gibson provided an overview of the report. Revenues are $22.1 million year-to-date, versus last year's revenue of $19.3 million. Expenses are $23.7 million versus last year's expenses of$24.7 million. MOTION was made by Member Harnik and seconded by Member Wohlmuth to receive and file the City financial report for February 2013 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR FEBRUARY 2013 Mr. Hernandez provided an overview of the report. Revenues were $582,000, $17,000 less than budget, and expenditures were $319,000, $3,500 greater than budget. Net income was $114,000 year to date versus a budget of $132,000. Operating income was $20,000 less than budget due to the loss of tenants. There has not been any interest in the vacant suites yet. MOTION was made by Member Campbell and seconded by Member Sperling to receive and file the Parkview Professional Office Buildings financial report for February 2013 as presented. Motion unanimously approved. 2 INVESTMENT & FINANCE COMMITTEE MINUTES March 26, 2013 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR FEBRUARY 2013 Mr. White reported that the month ended ahead of budget by $82,000, or 6%. Labor was just over budget and is attributed to staffing to earn the additional revenues. Expenditures are under budget by $60,000, partly due to timing, the rest due to conserving when appropriate. Overall, year to date is $636,806, versus a budget of $551,000. March is going well, and should end up at or a little ahead of budget. 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 February 2013 as presented. Motion unanimously approved. F. SINGLE AUDIT REPORT FOR THE FISCAL YEAR ENDED JUNE 30. 2012 Chairman Gibson reported that the single audit was complete, and the auditors had no findings. The bulk of the expenses were transportation-type grants and Community Development Block Grants (CDBG). The approximate cost of the audit is $5,000. MOTION was made by Member Wohlmuth and seconded by Member Campbell to recommend that the City Council receive and file the Single Audit Report 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 there were some requests regarding University Park. It is being taken under consideration but nothing is moving forward without proper discussion and determination of the conditions and requirements. VIII. INFORMATIONAL ITEMS None. 3 INVESTMENT & FINANCE COMMITTEE MINUTES March 26, 2013 IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded and carried was adjourned at 10:33 a.m. to the next scheduled meeting of April 23, 2013. � , ,� Niamh Ortega, Recordi ecretary 4