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Home My WebLink AboutAIF Cmte - 04-22-2014III. ORAL COMMUNICATIONS MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, April 22, 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: Absent: Russell Campbell, Community Member Abram Goldman, Community Member David Erwin, City Attorney (10:01 am.) - - - - - Paul Gibson, Committee Chair / Finance Director Joseph Pradetto, Community Member Stanley Sperling, Committee Member Van Tanner, Mayor Susan Marie Weber, Mayor Pro-Tempore .. John Wohlmuth, City Manager (10:01 a.m.) G Also Present: 2 cc Jared Burns, Desert Willow Golf Resort O� ? ' x Jose Luis Espinoza, Assistant Finance Director •Q 1,. Thomas Jeffrey, Deputy City Treasurer Z N `'. L to Niamh Ortega, Recording Secretary C 4.. Derek White, Desert Willow Golf Resort 0U�, r,+'.�` of = -et None. 5> t 7 2 F'z i n IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF MARCH 25. 2014 MOTION was made by Member Tanner to approve as presented the Minutes of the regular meeting of the Palm Desert Audit, Investment and Finance Committee held on March 25, 2014. Motion was seconded by Member Campbell and carried by a 6-0 vote, with Campbell, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Erwin, Goldman and Wohlmuth ABSENT. V. NEW BUSINESS INVESTMENT & FINANCE COMMITTEE MINUTES April 22, 2014 A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR MARCH 2014 Member Jeffrey reported that the book value of the City portfolio for the period ended March 31, 2014 was approximately $217.4 million. Interest earnings were approximately $53,000. Yield -to -maturity was approximately 0.31%. MOTION was made by Member Tanner to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report for March 2014. Motion was seconded by Member Campbell and carried by a 6-0 vote, with Campbell, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Erwin, Goldman and Wohlmuth ABSENT. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR MARCH. 2014 Chairman Gibson provided an overview of the various reports. MOTION was made 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 March 2014. Motion was seconded by Member Erwin and carried by an 8- 0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, Weber and Wohlmuth voting AYE. Goldman ABSENT. C. CITY FINANCIAL REPORT FOR MARCH 2014 Chairman Gibson provided an overview of the report and highlighted the activity for the month of March. MOTION was made by Member Wohlmuth to receive and file the City financial report for March 2014 as presented. Motion was seconded by Member Pradetto and carried by an 8-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, Weber and Wohlmuth voting AYE. Goldman ABSENT. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR MARCH 2014 Mr. Hernandez provided an overview of the report. Year-to-date revenue is approximately $644,000, year-to-date expenditures are $390.000. Net income is $254,000, and $33,000 after equipment replacement reserve. MOTION was made by Member Campbell to receive and file the Parkview Professional Office Buildings financial report for March 2014 as presented. Motion was seconded by Member Pradetto and carried by an 8-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, Weber and Wohlmuth voting AYE. Goldman ABSENT. E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL, REPORT FOR MARCH 2014 2 INVESTMENT & FINANCE COMMITTEE MINUTES April 22, 2014 Mr. Burns provided a summary of the report. Overall, the course is continuing to do well. MOTION was made by Member Campbell to receive and file the Palm Desert Golf Course Facilities Corporation financial report for March 2014 as presented. Motion was seconded by Member Wohlmuth and carried by an 8- 0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, Weber and Wohlmuth voting AYE. Goldman ABSENT. 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 Campbell to adjourn the meeting at 10:07 a.m. Motion was seconded by Member Wohlmuth and carried by an 8-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, Weber and Wohlmuth voting AYE. Goldman ABSENT. Niamh Ortega, Recording retary 3