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HomeMy WebLinkAboutAIF Cmte - 06-24-2014MINUTES REGULAR MEETING OF THE PALM DESERT AUDIT, INVESTMENT & FINANCE COMMITTEE Tuesday, June 24, 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 John Wohlmuth, City Manager David Erwin, City Attorney Abram Goldman,Community Member Paul Gibson, Committee Chair / Finance Director Joseph Pradetto, Community Member Stanley Sperling, Committee Member Van Tanner, Mayor Susan Marie Weber, Mayor Pro-Tempore CITY COUNCILACTION Also Present: APPROVED DENTED Jared Burns, Desert Willow Golf Resort RECEIVED OTHER V. Thomas Jeffrey, Deputy City Treasurer 12cce�✓ed RtQcl Derek White, Desert Willow Golf Resort MEETING DATE 1d'q AYES:1Pn&rwti, ..rri.1G4.5cir e, (We.bv(,*Tann.x III. ORAL COMMUNICATIONS NOES• NinnQ ABSENT: None. ABSTAIN: Kloi P VERIFIED BY: Qu i ►inn IV. APPROVAL OF MINUTES Original on File with City Clerk's Office A. MINUTES OF THE MEETING OF MAY 27, 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 May 27, 2014. Motion was seconded by Member Campbell and carried by a 7-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Wohlmuth and Goldman ABSENT. V. NEW BUSINESS A. CITY INVESTMENT SCHEDULE AND SUMMARY OF CASH REPORT FOR MAY 2014 Member Jeffrey reported that the book value of the City portfolio for the period ended May 31, 2014 was approximately $224.8 million. Interest earnings were approximately $54,000. Yield -to -maturity was approximately 0.30%. MOTION was made by Member Tanner to recommend that the City Council receive and file the City Investment Schedule and Summary of Cash Report INVESTMENT & FINANCE COMMITTEE MINUTES JUNE 24, 2014 for April 2014. Motion was seconded by Member Campbell and carried by a 7-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Wohlmuth and Goldman ABSENT. B. LOCAL AGENCY INVESTMENT POOL ACCOUNT STATEMENTS FOR MAY 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 May 2014. Motion was seconded by Member Erwin and carried by an 7-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Wohlmuth and Goldman ABSENT. C. CITY FINANCIAL REPORT FOR MAY 2014 Chairman Gibson provided an overview of the report and highlighted the activity for the month of May. MOTION was made by Member Tanner to receive and file the City financial report for May 2014 as presented. Motion was seconded by Member Erwin and carried by an 7-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Wohlmuth and Goldman ABSENT. D. PARKVIEW PROFESSIONAL OFFICE BUILDINGS FINANCIAL REPORT FOR MAY 2014 Mr. Gibson provided an overview of the report.. MOTION was made by Member Tanner to receive and file the Parkview Professional Office Buildings financial report for May 2014 as presented. Motion was seconded by Member Sperling and carried by an 7-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Wohlmuth and Goldman ABSENT. E. PALM DESERT GOLF COURSE FACILITIES CORPORATION FINANCIAL REPORT FOR MAY 2014 Mr. White 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 May 2014 as presented. Motion was seconded by Member Tanner and carried by an 7-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Wohlmuth and Goldman ABSENT. 2 INVESTMENT & FINANCE COMMITTEE MINUTES JUNE 24, 2014 VI. CONTINUED BUSINESS None. VII. OLD BUSINESS A. PALM DESERT FINANCING AUTHORITY BOND ISSUANCE None. VIII. INFORMATIONAL ITEMS No meeting in July and August due to audit work preparation and Finance Secretary out. IX. ADJOURNMENT MOTION was made by Member Tanner to adjourn the meeting at 10:19 a.m. Motion was seconded by Member Erwin and carried by an 7-0 vote, with Campbell, Erwin, Gibson, Pradetto, Sperling, Tanner, and Weber voting AYE. Wohlmuth and Goldman ABSENT. Niamh Ortega, Recordicretary 3