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HomeMy WebLinkAboutAIF Cmte - 11-26-2013MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, November 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: Jean Benson, Mayor Pro-Tempore (10:04 a.m.) Paul Gibson, Finance Director Russell Campbell, Community Member David Erwin, City Attorney Ron Crisp, Committee Member Jose Luis Espinoza, Assistant Finance Director Jan Harnik, Mayor Patricia Kent, Community Member Stanley Sperling, Committee Member John Wohlmuth, City Manager CITY COUNCILACTION Also Present: APPROVED DENIED Jared Burns, Desert Willow Golf Resort RECEIVED 4' O'TER Derek White, Desert Willow Golf Resort Anthony Hernandez, Senior Financial AnalyalEETING DATE 3 i')- Liy Thomas Jeffrey, Deputy City Treasurer AYES:1 -'n► 1-41V 11' � C'13( jr 3, LLd-x"r) -ramn Niamh Ortega, Recording Secretary NOES: Nc,l1() ABSENT• K(-ne ABSTAIN: r\ crlr III. ORAL COMMUNICATIONS VERIFIED BY• k.10K r`� Original on File with City Clerk's dffice None. IV. APPROVAL OF MINUTES A. MINUTES OF THE MEETING OF OCTOBER 22, 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 October 22, 2013. Motion approved. V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR OCTOBER 2013 INVESTMENT & FINANCE COMMITTEE MINUTES November 26, 2013 Member Jeffrey reported that the book value of the City portfolio for the period ended October 31, 2013 was approximately $202.6 million. Interest earnings were approximately $53,000. Yield -to -maturity was approximately 0.39%. MOTION was made by Member Wohlmuth and seconded by Member Campbell to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report for October 2013. Motion unanimously approved. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR OCTOBER 2013 Chairman Espinoza 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 October 2013. Motion unanimously approved. C. CITY FINANCIAL REPORT FOR OCTOBER 2013 Chairman Espinoza provided an overview of the reports and highlighted the activity for the month of October. Sales tax numbers are expected to improve for the last week of December with an overall increase of 3% anticipated. TOT is increasing, and numbers are expected to increase 11 % over prior year. MOTION was made by Member Campbell and seconded by Member Wohlmuth to receive and file the City financial report for October 2013 as presented. Motion unanimously approved. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR OCTOBER 2013 Mr. Espinoza provided an overview of the report. Year-to-date revenue is approximately $285,000, year-to-date expenditures are approximately $215,000. MOTION was made by Member Harnik and seconded by Member Campbell to receive and file the Parkview Professional Office Buildings financial report for October 2013 as presented. Motion unanimously approved. 2 INVESTMENT & FINANCE COMMITTEE MINUTES November 26, 2013 E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR OCTOBER 2013 Mr. Burns provided a summary of the report. He indicated that October was a good month, and rounds showed an increase of 702 over budget. Green fees missed budget but exceeded prior year. Platinum card sales were strong in October. Year- to-date revenue is $63,000 better than budget and $162,000 better than last year. Overall, it was a successful month that was ahead of both budget and last year. 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 October 2013 as presented. Motion unanimously approved. F. CONSIDERATION OF ADJOURNMENT OF DECEMBER 24, 2013 MEETING TO THE NEXT REGULAR MEETING OF JANUARY 28, 2014 MOTION was made by Member Campbell and seconded by Member Wohlmuth to adjourn to the next regular meeting of January 28, 2014. 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 10:26 a.m. to the next scheduled meeting of January 28, 2014. Niamh Ortega, Recordil g- ecretary 3