HomeMy WebLinkAboutAIF Cmte - 10-28-2014MINUTES
REGULAR MEETING OF THE PALM DESERT
AUDIT, INVESTMENT & FINANCE COMMITTEE
Tuesday, October 28, 2014 — 10:00 a.m.
I. CALL TO ORDER
Chairman Gibson called the meeting to order at 10:00 a.m.
II. ROLL CALL
Present:
Russell Campbell, Community Member
David Erwin, City Attorney
Paul Gibson, Committee Chair / Finance Director
Abram Goldman, Community Member
Joseph Pradetto, Community Member
Stanley Sperling, Committee Member
Van Tanner, Mayor
Susan Marie Weber, Mayor Pro-Tem
John Wohlmuth, City Manager
Absent:
Also Present:
Jared Burns, Desert Willow Golf Resort CITY COUNCIL ACTION
Anthony Hernandez, Senior Financial AnalystbPPROVED DENTED
Thomas Jeffrey, Deputy City Treasurer RECEIVED OTHER
Niamh Ortega, Recording Secretary
Ed Schiller, Guest
Derek White, Desert Willow Golf Resort
III. ORAL COMMUNICATIONS
None.
IV. APPROVAL OF MINUTES
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Original on File with City Clerk's Office
MINUTES OF THE MEETING OF SEPTEMBER 23, 2014
MOTION was made by Member Pradetto to approve as presented the Minutes
of the regular meeting of the Palm Desert Audit, Investment and Finance
Committee held on September 23, 2014. Motion was seconded by Member
Wohlmuth and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman,
Pradetto, Sperling, Tanner, Weber and Wohlmuth voting AYE.
INVESTMENT & FINANCE COMMITTEE
MINUTES OCTOBER 28, 2014
V. NEW BUSINESS
A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR
SEPTEMBER 2014
Member Jeffrey reported that the book value of the City portfolio for the period
ended September 30, 2014 was approximately $216.8 million. Interest earnings
were approximately $72,000. Yield -to -maturity was approximately 0.41%.
MOTION was made by Member Campbell to recommend that the City Council
receive and file the City Investment Schedule and Summary of Cash Report
for September 2014. Motion was seconded by Member Tanner and carried by
a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto, Sperling,
Tanner, Weber and Wohlmuth voting AYE.
B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR
SEPTEMBER 2014
Chairman Gibson provided an overview of the various reports.
MOTION was made by Member Pradetto 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 September 2014. Motion was seconded by Member Tanner and carried by
a 9-0 vote, with Campbell, Erwin, Gibson, Goldman, Pradetto, Sperling,
Tanner, Weber and Wohlmuth voting AYE.
C. CITY FINANCIAL REPORT FOR SEPTEMBER 2014
Chairman Gibson provided an overview of the report and highlighted the activity for
the month of September 2014.
MOTION was made by Member Tanner to receive and file the City financial
report for September 2014 as presented. Motion was seconded by Member
Campbell and carried by a 9-0 vote, with Campbell, Erwin, Gibson, Goldman,
Pradetto, Sperling, Tanner, Weber and Wohlmuth voting AYE.
D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR
SEPTEMBER 2014
Mr. Hernandez provided an overview of the report, and updated the Committee that
Council has approved nine HVAC units for replacement.
MOTION was made by Member Tanner to receive and file the Parkview
Professional Office Buildings financial report for September 2014 as
presented. Motion was seconded by Member Wohlmuth and carried by a 9-0
vote, with Campbell, Erwin, Gibson, Goldman, Pradetto, Sperling, Tanner,
Weber and Wohlmuth voting AYE.
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INVESTMENT & FINANCE COMMITTEE
MINUTES OCTOBER 28, 2014
E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL
REPORT FOR SEPTEMBER 2014
Mr. Burns provided a summary of the report, and Mr. White furthered that
September was a good month with an increase in sales attributed to the loyalty
programs. 80 people attended the first "Dining under the Stars" event and Firecliff
has just been reopened following a scheduled closure for overseeding. The
Mountain View course will be overseeded later this month.
MOTION was made by Member Tanner to receive and file the Palm Desert Golf
Course Facilities Corporation financial report for September 2014 as
presented. Motion was seconded by Member Campbell and carried by a 9-0
vote, with Campbell, Erwin, Gibson, Goldman, Pradetto, Sperling, Tanner,
Weber and Wohlmuth voting AYE.
VI. CONTINUED BUSINESS
None.
VII. OLD BUSINESS
A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE
None.
VIII. INFORMATIONAL ITEMS
None.
IX. ADJOURNMENT
MOTION was made by Member Sperling to adjourn the meeting at 10:13 a.m. Motion
was seconded by Member Campbell and carried by a carried by a 9-0 vote, with
Campbell, Erwin, Gibson, Goldman, Pradetto, Sperling, Tanner, Weber and
Wohlmuth voting AYE.
Niamh Ortega, Recordingecretary
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