HomeMy WebLinkAbout10/22/2008 - STAFF REPORTS - SS.2.fir, + �!
r r, Ir.. el. h r , Expense
Quartero w nu r�� 7 $ �. �, w
Revenues
07-08 1st Q
08-09 1 St Q
07-08 Act
08-09 Bud
Total Rev
$6,434,632
$7,704,490
$7258769386
$7636237895
Prop Taxes Sales Taxes
$7%807 $13293,959
$833,749 $11183,230
$19,3619220 $9,138,355
$2054303000 $%5001000
TOT
$1,419,910
$1,475,027
$14,4613335
$1570003000
10/22/08
ITEM SS2.
UUT
$738,346
$133095500
$657793542
$7,200,000
Expenses Full Year 1st Quarter
2007-2008 $64,535,401 $1597913823
2008-2009 $6735549078 $1771239095
10/22/2008 City of Palm Springs 2008-09 1st Quarter
THE PLAZA RACQUET CLUB
Kurt'llaggstrom -Tennis Director
1300 E. Baristo Road, Palm Springs, CA 92262 760-323-8997
October 14, 2008
The City of Palm Springs:
The Plaza Racquet Club is looking for financial assistance in order to resurface 3 tennis
courts this fall. In 2002 we gave the facility a much needed face lift, which cost over
$80,000. Six years later much of this work needs to be done again. This work also
includes a parking lot resurface.
The improvements we have made out of pocket since 2002 are as follows:
January 2003 Parking Lot Resurface $4,590.00
March 2003 New Air Conditioner S 4,150.00
September 2005 Resurface 3 Tennis Courts $9,000.00
September 2006 Resurface 3 Tennis Courts $9,000.00
2002-2008 Landscaping Improvements $10,000.00
Total Improvements: $36,730.00
The Plaza Racquet Club is asking the City of Palm Springs if the cost of resurfacing 3
tennis courts can be split down the middle. Enclosed is the bid for $9,900,00. We are
also asking if the parking lot resurface could be split, which we estimate at approximately
$5,000.00.
As you know it is important to maintain the integrity of the property, as we facilitate the
majority of our city's hotels, out of town events, and also the city's residcrnts.
We invite you to come visit the Plaza Racquet Club, and take a look at what most
visitor's refer to as "the nicest public tennis facility in the country
Thank you for your consideration,
Kurt and Ana Haggstrom
'�Ffi✓r 55z
Cog rtmaster Sports, Ine.
May 27, 2008
FORMAL BID:
Repair and resurface the three (3) tennis courts located at Plaza Racquet Club,
Palm Springs, California.
DESCRIPTION OF WORK:
1. Remove all tool marks and ridges.
2. Locate and mark all blistered and loose paint
3. Remove blistered and loose paint using the Terrazzo grinder on those areas of the court
surface.
4. Repair all cracks and divots with acrylic and special fillers.
S. Disc -sand to a feather's edge the repairs, "pap -ups", and playing lines.
6. Wash courts thoroughly.
7. Resurface court using the Laykold Color Coat System by Advanced Polymer
Technology
S. Layout and stripe court with acrylic white line paint per USTA Regulations
9. Court colors to be dark green (playing area) and medium green (out of bounds)
10. Court speed to be medium/slow.
11. Re -install tennis nets and center straps.
COST:
Total cost according to preceding specifications: $3,300.00 per courts
GUARANTEE -
A] I labor and materials are to be supplied by COURTMASTER SPORTS, INC., and are
guaranteed for a period of one (1) year under normal weather and usage conditions.
Cracks will reappear and are not covered under warranty.
'PRINGS
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Beginning Balance
Revenues
Expenses
Ending Balance
10/22/2008
Budqet
$517509
$100,000
$1255000
$263509
1st Quarter
$297955
$7,143
City of Palm Springs 2008-09 1st Quarter
Jay Thompson
From: bawd Ready
Sent: Tuesday, October 21, 2008 2,50 PM
To: Chris Mills; Chris Mills Home; Ginny Foat; Gmny Foat - Home; Lee Weigel; Lee Weigel - Home;
Rick Hutcheson; Rick Hutcheson - Home; Steve Peugnet; Steve Pougnet - Home
Cc: Jay Thompson
Subject: Budget Review
Council,
Attached you will see the draft budget "power point" that we will present
tomorrow. These numbers reflect our first quarter budget status.
A few observations; at budget close out, June 30th, our receipts totaled $962,000
additional — good news. Moreover, the $1.3 million loan from the General Fund, to
offset the SDF shortfall, will be recouped — at a level decided through the County
process - which will likely range between $900,000 and $1.1 million (although we
will apply for the full amount).
With regard to "receipts" and "expenditures" — they are about where you would
expect them to be at this time, with the exception of Utility Tax revenue, which a
bit higher than normal.
Finally, The Finance Director will spend time discussing our investment status in
light of recent economic developments — which are basically stable due to our
naturally conservative investment policy. A highlight is our AIG investments,
which have been cashed out and the revenue recaptured.
FYI
Thanks,
David
p.s, we will have a color hard copy for you at the meeting, as well.
0
DAVID H. READY, Esq., Ph.D.
CITY MANAGER
City of Palm Springs Tel: (760) 322-8350
3200 E. Tahquilz Canyon Way Fax: (760) $23.8207
Palm Springs, CA 92262 Too: (760) 864-9527
www.palmsprings-ca.gov David.Rendy@palmsprings-ca.gov
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10/22/200S
Financial Review
2008 - 2009
1St Quarter
10/22/08
ITEM SS2.
City of Palm Springs
11
Topics
• 2007-2008 Year-end Closing Summary
• 2008-2009 Budget Summary
• Revenues
• Expenses
• Discussion Items
10/22/2008 City of Palm Springs 2008-09 1st Quarter
• 0
2007=2008 Year-end
Closing Summary
� g
• General Funds 2007-2008 adjusted /
unrestricted ending cash balance
- June budget estimate $10,642,635
- Final actuals $11,6043213
Difference +$9615578
-- Equivalent to 1.3% of $73 million in
Total Expenses
10/22/2008 City of Palm Springs 2008-09 1st Quarter
40
Zoos-2oo9
Budget Summary
'll
Original Revenue Budget
Original Expense Budget
Original Surplus
$765223,895
$7630359549
$188,346
07-08 Improvement over Estimate $961,578
SDF Loan ($15331,655)
Net Amount
_ 10/22/2008
($181,731)
City of Palm Springs 2008-09 1st Quarter
Revenue 1st Quarter Comparison
20%
I
10% -
[11YL.9
14%
-----,12%
1 no/
10%10%
110
tsC*» 4%
1
wiwrra
wYwWi�rO%
Yirnw
urm.
yuYnu+�
—
Total Property
Sales
TOT
UUT
Revenues Taxes
Taxes
El 07-08 1 st
Q as
% of Actuals
■ 08-09 1 st
Q as
% of Budget
10/22/2008 City of Palm Springs 2008-091 st Quarter
Expense 1 St Quarter Comparison
$80.0
$60.0 -
$40.0 -
$20.0
$0.0
10/22/2008
I
$64.5 $67.6
24% 25%
Full Year 1 st Quarter
❑ 2007-2008 0 2008-2009
City of Palm Springs 2008-09 1st Quarter
Discussion Items
• Treasury and Investments
• State Budget Impacts
- SDF
- RDA
• Budget Savings
g g
• Accelerated Calendar
- Closing the books and audit report
10/22/2008 City of Palm Springs 2008-09 1st Quarter
Investments and Treasury
Back to Basics
i
• Investment Policy
- Safety
- Liquidity
- Growth / income potential
• No stocks
• Diversification
• Nowhere to go to completely meet all goals
10/22/2008 City of Palm Springs 2008-09 1st Quarter
Investments and Treasury
Stock Market Rollercoaster Impacts
• No stocks in City portfolio
• Cashed out $7 million in investments i.e. AIG
- Very cautious on reinvestments
- Staying very short on term
- Verified that collateral requirements have been
met on all trustee accounts
- Is LAW safe?
• State Treasurer: `LAIF is safe'
• Investment Committee — Mayor, City Manager,
and Finance staff meets quarterly
• Investment Policy approval — 11/19 Council mtg
10/22/2008 City of Palm Springs 2008-09 1st Quarter
State of California Budget
• How is the City's budget affected by the State?
- SDF restored thru January 2010 — approx $1.3 million
• Funds pays for 9 public safety employees -- police & fire
- State confiscation of redevelopment funds = $859K
• California Redevelopment Association announced
they are filing a lawsuit
• What's next for State?
- Budget already out of balance by $4.6 to $7.7 billion
• Structural deficit remains
• Mid -year cuts are needed due to questionable revenues
�' 10/22/2008 City of Palm Springs 2008-09 1st Quarter
0
Accelerated Calendar for Closing the
Books and Audit Report
Goal is to get good • Sept 15, books closed
information faster & info sent to auditors
to City Council, • Halloween,
City Manager, & draft audit report
Dept Heads by •November 14,
closing the year- Auditors 2nd meeting
end books & with Finance
Sub -committee
completing the •Thanksgiving,
audit earlier final audit report
10/22/2008
City of Palm Springs 2008-09 1st Quarter
rI
Any questions?
Many thanks to
the entire
Finance Department
i
staff! !!
SS2. UPDATE OF THE FISCAL YEAR 2008-09 BUDGET AND INVESTMENTS,
AND THE PALM SPRINGS BUSINESS IMPROVEMENT DISTRICT:
RECOMMENDATION: Direct staff as appropriate.
MATERIALS TO FOLLOW
Item No. V V 2 .