SUBJECT: MARIN VALLEY MOBILE COUNTRY CLUB FINANCIAL UPDATE MAY 2016 THROUGH DECEMBER 2016

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1 STAFF REPORT MEETING DATE: February 14, 2017 TO: FROM: Council Brian Cochran, Finance Manager 922 Machin Avenue Novato, CA (415) FAX (415) SUBJECT: MARIN VALLEY MOBILE COUNTRY CLUB FINANCIAL UPDATE MAY 2016 THROUGH DECEMBER 2016 REQUEST Consider receiving the financial report for the Marin Valley Mobile Country Club for the periods of May 2016 through December DISCUSSION Attached are copies of the latest financial reports for Marin Valley Mobile Country Club (MVMCC), encompassing the periods of May 2016 through December Below is an update for the current reserve balances as of December Reserve Balances at April 30, 2016: $4,309,428 Reserve Balances at December 31, 2016: $4,422,081 Increase / (Decrease) in Reserves: $112,653 The park is required to maintain a 2.00 debt service coverage ratio per the loan agreement with Bank of Marin. The latest report from December 2016 shows a preliminary debt service coverage ratio of 2.73, but that figure typically goes down somewhat after the fiscal year closes in June and year-end entries and adjustments are made. Bank of Marin Loan Outstanding: $6,135,802 In the past, some members of the public and the Council expressed interest in knowing the investment returns of the park balances that are being invested. Other than the balances being held at Bank of Marin in the MVMCC Account and the MVMCC Accounts Payable account, all other reserve funds are credited interest at the s general investment portfolio rate. Over the past year ending September 30, 2016, the total return on the portfolio was 1.22%. While investment returns will vary each quarter based on a variety of market factors, overall investment earnings and yields are trending upward. RECOMMENDATION Receive the report. cc17_024 1

2 ATTACHMENTS 1. Monthly Financial Summary Reports for MVMCC May 2016 through December 2016 cc17_024 2

3 Long JUN 21 %O FRET REAL ESTATE SERVICES 8340 AUBURN BLVD. SUITE 100 CITRUS HEIGI ITS, CA (916) FAX (916) Management Report for Period Ending May 31, 2016 Date: June 15, 2016 of Novato Total Petty Cash MVMCC Account MVMCC Accounts Payable Umpqua Bank - Term Reserves Umpqua Bank - Funds 1, , ,000, ,879, , $4,390, Current Activity Income Costs Project Costs Other Costs Net to Date 252, ,862, , ,089, , , , , $121, $892, Principal Interest (included above) Total Debt Service 39, , , , , to Date 2.97 Management Notes / Updates I None. 3

4 Long FRET REAL ESTATE SERVICES 8340 AUBURN BLVD. SUITE 100 CITRUS HEIGHTS, CA (916) FAX (916) Revised Management Report for Period Ending June 30, 2016 Date: July 21, 2016 of Novato Petty Cash 1, MVMCC Account 290, MVMCC Accounts Payable - Umpqua Bank - Capital Reserves 1,000, Umpqua Bank - Term Reserves 2,894, Umpqua Bank - Reserves 250, Umpqua Bank - Funds - Total $4,436, Current Activity to Date Income 265, ,128, Costs 86, ,175, Project Costs 78, , Other Costs 16, , Net $85, $978, Principal 38, , Interest (inciuded above) 15, , Total Debt Service 651, to Date 3.00 Management Notes / Updates [i3rd and 4th quarter investment income interest deposits have been posted. I 4

5 Long FREi REAL ESTATE SERVICES AU( I 2016 dry O 834() AUBURN BLVD. SUITE lot) CITRUS HEIGHTS, CA (916) 722-Slit) FAX (916) Management Report for Period Ending July 31, 2016 Date: August 15, 2016 of Novato Total Petty Cash MVMCC Account MVMCC Accounts Payable Umpqua Bank - Term Reserves Umpqua Bank - Funds 1, , (0.02) 1,000, ,894, , $4,466, Current Activity Income Costs Project Costs Other Costs Net to Date 255, , , , , , , , $69, $69, Principal Interest (included above) Total Debt Service 39, , , , to Date 2.78 Management Notes / Updates INone. 5

6 Long FRET REAL ESTATE SERVICES 8340 AUBURN BLVD. SUITE 100 CITRUS HEIGHTS, CA (916) FAX (916) Management Report for Period Ending August 31, 2016 Date: September 15, 2016 of Novato Petty Cash 1, V MVMCC Account 247, MVMCC Accounts Payable - 1,000, Umpqua Bank - Term Reserves 2,878, Umpqua Bank - Reserves 250, Umpqua Bank - Funds - Total $4,376, Current Activity to Date Income 241, , Costs 110, , Project Costs 50, , Other Costs 16, , Net $63, $132, Principal 38, , Interest (inc)uded above) 15, , Total Debt Service 108, to Date 2.59 Management Notes I Updates None. 6

7 Long UREI REAL ESTATE SERVICES OCT AUBURN BLVI). SUITE 1t)0 CITRUS HEIGHTS, CA 9561t) (916) FAX (916) Management Report for Period Ending September 30, 2016 Date: October 14, 2016 of Novato Petty Cash MVMCC Account MVMCC Accounts Payable - Umpqua Bank - Umpqua Bank - Umpqua Bank - Umpqua Bank Reserves Term Reserves Reserves Funds 1, , ,000, ,878, , Total $4,353, Current Activity Income Costs Project Costs Other Costs Net to Date 254, , , , , , , , $20, $153, Principal Interest (included above) Total Debt Service 39, , , , ,793.0$ to Date 2.70 Management Notes / Updates None. 7

8 FRET REAL ESTATE SERVICES 8340 AUBURN BLVD. SUITE 100 CITRUS HEIGHTS, CA (916) FAX (916) Management Report for Period Ending October 31, 2016 Date: November 15, 2016 of Novato Petty Cash MVMCC Account MVMCC Accounts Payable Reserves Long Term Reserves Umpqua Bank - Umpqua Bank - Umpqua Bank - Umpqua Bank - Reserves Funds 1, ,657.8$ 1,000, ,878, , Total $4,401, Current Activity Income Costs Project Costs Other Costs Net to Date 255, ,006, , , , , , , $90, $243, Principal Interest (included above) Total Debt Service 39, , , , , to Date 2.76 Management Notes I Updates INone. 8

9 Long FRET REAL ESTATE SERVICES 8340 AUBURN BLVD. SUITE 100 CITRUS HEIGHTS, CA (916) FAX (916) Management Report for Period Ending November 30, 2016 Date: December 15, 2016 of Novato Petty Cash 1, MVMCC Account 277, MVMCC Accounts Payable - 1,000, Umpqua Bank - Term Reserves 2,888, , Umpqua Bank - Funds - Total $4,418, Current Activity to Date Income 260, ,267, Costs 90, , Project Costs 106, , Other Costs 14, , Net $48, $291, Principal 39, , Interest (included above) 15, , Total Debt Service 271, to Date 2.83 Management Notes / Updates None. 9

10 FRET REAL ESTATE SERVICES 834OAUBLTRNBLVD. SUITE 100 CITRUS HEIGhTS, CA95610 (916) FAX(916) Management Report for Period Ending December 31, 2016 Date: January 13, 2017 of Novato Total Petty Cash MVMCC Account MVMCC Accounts Payable Umpqua Bank- Long Term Reserves Umpqua Bank - Funds 1, , ,000, ,888, , $4,422, Current Activity Income Costs Project Costs Other Costs Net to Date 258, ,525, , , , , , , $47, $338, Principal Interest (included above) Total Debt Service 39, , , , , to Date 2.73 Management Notes I Updates None. 10

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