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Home My WebLink AboutAudit Invstmnt Finance Cmte - 07-23-2013 �� MINUTES � �� REGULAR MEETING OF THE PALM DESERT � � � AUDIT INVESTMENT & FINANCE COMMITTEE , Tuesday, July 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: Jean Benson, Mayor Pro-Tempore Stanley Sperling, Committee Member Russell Campbell, Community Member Ron Crisp, Committee Member Paul Gibson, Finance Director Robert Hargreaves, City Attorney ClTY COIJRCILACT[f�'�� Jan Harnik, Mayor API'ROVI�.0 ___r a��:'+1l�',0) _ Patricia Kent, Community Member RFCC[VEU '�'��° �;"�'�1��:�� __._ _____ _ John Wohlmuth, City Manager _____ _ Mt?ETING DATE lG`�G -aGl 3 _, Also Present: AYES: �P`�s�n �niPi1,�.1,��r'�..�;��,C/-1 r-�-_. Jared Burns, Desert Willow Golf Resort NOCS: LS1S�� Richard Mogensen, Desert Willow Golf ResortABSENT: N12l� - Jose Luis Espinoza, Assistant Finance Director�BSTAIN: Thomas Jeffrey, Deputy City Treasurer VERI�IED BY: . �' �� Niamh Ortega, Recording Secretary Original oa File with City Clerk's O#fice Nitin Patel, White Nelson Diehl Evans, LLP Lacy Willis, White Nelson Diehl Evans, LLP III. ORAL COMMUNICATIONS None. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF JUNE 25, 2013 MOTION was made by Member Harnik 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 June 25, 2013. Motion approved. INVESTMENT & FINANCE COMMITTEE MINUTES July 23, 2013 V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR JUNE 2013 Member Jeffrey presented the report and highlighted the following points: The book value of the City portfolio for the period ended June 30, 2013 was approximately $218.7 million. Interest earnings were approximately$57,000. Yield- to-maturity was approximately 0.32%. MOTION was made by Member Campbell and seconded by Member Erwin to recommend that the City Council receive and file the City lnvestmenr Schedule and Summary of Cash Report for June 2013. Motion unanimous/y approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR JUNE 2013 Chairman Gibson provided an overview of the various reports. MOTION was made by Member Campbell 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 June 2013. Motion unanimously approved. C. CITY FINANCIAL REPORT FOR JUNE 2013 Chairman Gibson provided an overview of the report. He indicated that revenue is expected to be in line with budgeted amounts at year end, and expenditures will be at approximately $44 million. Sales tax is up 6%, and it is anticipated that TOT will end the year at $8.7 million. All other revenue and expenses are on track. MOTION was made by Member Campbell and seconded by Member Erwin to receive and file the City financia/ report for May 2013 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR JUNE 2013 Mr. Gibson provided an overview of the report. Year-to-date revenues were approximately $876,000, and expenditures were approximately $455,000. MOTION was made by Member Erwin and seconded by Member Campbell to receive and file the Parkview Professional Office Buildings financial report for June 2013 as presented. Motion unanimously approved. 2 INVESTMENT 8� FINANCE COMMITTEE MINUTES July 23, 2013 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR JUNE 2013 Mr. Mogensen reported that revenue and pfay were both down in the fourth quarter. There were many issues in the month of June, one of which was temperatures 15 degrees above normal throughout the month. Total revenue, food and beverage, merchandise and ADR were all below budget. Public rack rate was down substantially, and even resident play was 5% down from prior year. Loyalty programs are the only items remaining strong. MOTION was made by Member Erwin and seconded by Member Campbell to receive and�Ie the Palm Desert Go/f Course Facilities Corporation financial report for June 2013 as presented. Motion unanimously approved. F. REVIEW OF AUDIT GUIDELINES AND AUTHORIZATION FOR WHITE NELSON DIEHL EVANS, LLP TO BEGIN WORK ON AUDIT FOR FISCAL YEAR ENDED JUNE 30, 2013 Mr. Nitin Patel from White Nelson Diehl Evans, LLP provided an overview of the responsibilities of the City and the auditors throughout the audit process. He noted that the City includes all entities such as Palm Desert Recreational Facilities Corporation, Housing Authority, and the Successor Agency to the Palm Desert Redevelopment Agency. He also outlined the scope and timing of the audit, and new pronouncements Nos. 63 and 65 from GASB as they affect the procedures to be followed. MOTION was made by Member Wohlmuth and seconded by Member Campbell to receive and file the audif guidelines, and authorize White Nelson Diehl Evans, LLP to begin work on the audit for the�scal year ended June 30, 2013. Motion unanimously approved. G. CONSIDERATION OF ADJOURNMENT OF NEXT REGULAR MEETING TO SEPTEMBER 24, 2013 Mr. Gibson asked the Committee to consider going dark for the month of August, as it has in previous years. MOTION was made by Member Campbell and seconded by Member Erwin to adjourn the next regu/ar meeting to September 24, Z013. Motion unanimously approved. VI. CONTINUED BUSINESS None. 3 INVESTMENT & FINANCE COMMITTEE MINUTES July 23, 2013 VII. OLD BUSlNESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. VIII. INFORMATIONAL ITEMS Chairman Gibson informed the Committee that the auditors would be attending next month's meeting to provide its presentation relative to the upcoming year's audit. IX. ADJOURNMENT There being no further business, this meeting, upon motion duly made, seconded and carried was adjourned at 10:24 a.m. to the next scheduled meeting of September 24, 2013. �� Niamh Ortega, Recordin cretary 4