HomeMy WebLinkAboutAIF Cmte - 09-24-2013MINUTES
REGULAR MEETING OF THE PALM DESERT
AUDIT, INVESTMENT & FINANCE COMMITTEE
Tuesday, September 24, 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:
Jean Benson, Mayor Pro-Tempore
Russell Campbell, Community Member
Ron Crisp, Committee Member
David Erwin, City Attorney (10:06 a.m.)
Paul Gibson, Finance Director
Jan Harnik, Mayor
Patricia Kent, Community Member
Stanley Sperling, Committee Member
John Wohlmuth, City Manager CITY COUNCIL ACTION
APPROVED DENIED
Also Present: RECEIVED `- F11 /e OTHER
Jared Burns, Desert Willow Golf Resort
Richard Mogensen, Desert Willow Golf Res`viiviEETING DATE //--/ a0/-3
Derek White, Desert Willow Golf Resort AYES. beAson/Sp; •7ni7ner,`, the //7f,!i
Thomas Jeffrey, Deputy City Treasurer NOES: tin�P
Niamh Ortega, Recording Secretary ABSENT: ti\c��ja
ABSTAIN: } r.Y'
III. ORAL COMMUNICATIONS VERIFIED BY• R
Original on File with City Clerk s Office
None.
IV. APPROVAL OF MINUTES
A. MINUTES OF THE MEETING OF JULY 23, 2013
MOTION was made by Member Campbell and seconded by Member
Wohlmuth to approve as presented the Minutes of the regular meeting of the
Palm Desert Audit, Investment and Finance Committee held on July 23, 2013.
Motion approved.
INVESTMENT & FINANCE COMMITTEE
MINUTES September 24, 2013
V. NEW BUSINESS
A. CITY INVESTMENT SCHEDULES AND SUMMARY OF CASH REPORTS FOR
JULY AND AUGUST 2013
Member Jeffrey stated that both monthly reports were provided in the agenda
packet received by Committee members. He indicated that he would speak to the
report for the month of August, and highlighted the following points:
The book value of the City portfolio for the period ended August 31, 2013 was
approximately $220.3 million. Interest earnings were approximately $59,000. Yield -
to -maturity was approximately 0.31 %.
MOTION was made by Member Campbell and seconded by Member
Wohlmuth to recommend that the City Council receive and file the City
Investment Schedules and Summary of Cash Reports for July and August
2013. Motion unanimously approved.
B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR JULY
AND AUGUST 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 July and August 2013. Motion
unanimously approved.
C. CITY FINANCIAL REPORTS FOR JULY AND AUGUST 2013,
Chairman Gibson provided an overview of the reports and highlighted the activity
for the month of August. Sales tax was down 3% over last year for the period of
April through June. Currently the report indicates that we are ahead of last year,
and reminded the Committee to keep in mind that there are a number of accruals
for the prior year.
MOTION was made by Member Harnik and seconded by Member Campbell to
receive and file the City financial reports for July and August 2013 as
presented. Motion unanimously approved.
D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORTS FOR,
JULY AND AUGUST 2013
Mr. Gibson provided an overview of the report. He indicated that United Way has
moved into their suite, and ACT for MS has expressed interest in temporarily leasing
additional space for holiday events.
MOTION was made by Member Harnik and seconded by Member Campbell to
receive and file the Parkview Professional Office Buildings financial reports
for July and August 2013 as presented. Motion unanimously approved.
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INVESTMENT & FINANCE COMMITTEE
MINUTES September 24, 2013
E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL,
REPORTS FOR JULY AND AUGUST 2013
Mr. Mogensen reported that revenue was $24,492 under budget, and food &
beverage and payroll were also under budget. Overall, July was a difficult month
while August was good. Resident play was down, outings were up, and wholesale
golf was close to last year's figures. September is looking good, and catering
reservations are strong for the last part of the year. The dining room is also back
open seven days a week in anticipation of busier months ahead.
MOTION was made by Member Harnik and seconded by Member Wohlmuth
to receive and file the Palm Desert Golf Course Facilities Corporation
financial reports for July and August 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 10:38 a.m. to the next scheduled meeting of October 22, 2013.
\\1\) 1/4,/-
Niamh Ortega, Recording Secry
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