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FY 1989-1990 RDA Financial StatementsP4 v 0 A4 Li 4 D J �E � EHLI VAi 5 y r� Li 4 D J �E � EHLI VAi 5 I : � ��►il : ; 31w DU�i ! :ul�lr� : !i�► �! June 30, 1990 Page Number Independent Auditors' Report 1 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups 2 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 3 Notes to Financial Statements 4 - 15 Supplementary Information: Ccmbining Balance Sheet - Capital Project Funds 16 Cambini Statement of Revenues, Expenditures and Changes in Fund Balances - Capital Project Fluids 17 Independent Auditors' Report on Compliance with Audit Guidelines for California Redevelopment Agencies 18 DIE-IL,EVANS &COMPANY CERTIFIED PUBLIC ACCOUNTANTS A PARTNFRiHIP MCLUOMO ACCOUNTANCY CORPORATIONS 18401 VON KARMAN, SUITE 200 IRVINE • CALIFORNIA 92715-1542 PHONE (714) 757-7700 FAX (714) 757-2707 00. 1 16) 0-1k, •• •�-�-�y Board of Directors La Quinta Redevelopment Agency La Quinta, California OTHER OFFICES AT: 2965 ROOSEVELT ST. CARLSBAD. CA 92008-2389 (619) 729-2343 120 WEST WOODWARD AVE ESCONDIDO. CA 92025-9990 (619) 741-3141 We have audited the general purpose financial statements of the La Quints Redevelopment Agency, as of and for the year ended June 30, 1990, as listed in the table of contents. hese financial statements are the responsibility of the Agency's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examir ng, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our Opinion, the general, purpose financial statements referred to above present fairly, in all material respects, the financial position of the La Quinta Redevelopment Agency as of June 30, 1990, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of farming an opinion on the general purpose financial statements taken as a whole. The financial statements listed in the table of contents as supplementary information are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the La Quints redevelopment Agency. The information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. -1- LA QUINTA REDEVELOPMENT AGENCY COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1990 ASSETS: Cash and temporary investments (Notes 1c and 3) Tax increment receivable (Note 4) Accrued interest receivable Due from other governmental agencies Restricted assets: Cash with fiscal agent (Notes 3 and 6) General fixed assets (Notes la and 9) Amount available for debt service Amount to be provided for retirement of Long-term debt TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES: Accounts payable Due to other governmental agencies Bonds payable (Notes 8a and 8b) Due to County of Riverside (Note 8c) Notes payable to School Districts (Notes 8d and 8e) Loan payable to City of La ouinta (Note 8f) TOTAL LIABILITIES FUND EQUITY: Investment in general fixed assets Fund balances (Notes 7 and 8): Reserved for capital projects Reserved for debt service TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY Governmental Fund Types _ Account Groups Capital Debt General Long-Tzw Projects Service Fixed Asset Debt $ 4,274,913 S 4,401,838 S $ 12,625 102,251 19,502 67,842 74,938 1,316,396 - - 610,455 5,828, • 32,020, S 4,381,978 S 5,888,327 S 610,455 S 37,894' S 586,211 S S $ 59,402 27,370, 4,306, 4, T6Fi 586,211 59,402 - 37,849, 610,455 3,795,767 5,8M925 3,795, 5,828 925 610,455 $ 4,141,978 $ 5,888,327 S 610,455 $ 37,84' See independent auditors' report and notes to financial statements. -2- *•, r *X1i � I I a. a►�-� -:. l r• ens. For the year ended June 30, 1990 REVENUES: Tax irk revenue (Note 4) Interest ire EXPENDITURES: Trustee fees A&dnistrative (Note 5) Professional and consulting services Project costs Bond issue costs (Note 1d) Debt Service: Taxing agency payments (Note 4b) Interest Principal retirement (Note 8) Payment to refunded bond escrow agent (Note 8b) TOTAL EXPENDMURES RK4WN ki I RJ 0 WINa. MUM F WC ING SOURCES (USES) : Loans frcan City (Note 8f) Proceeds from refunding bonds (Note 8b) Payment to refunded bond escrow agent (Note 8b) Operating transfers in Operating transfers out •v •rig• yINANCING • - tea•. E. Totals Capital Debt (Memorandum _Projects Service may) $ 671,438 $ 5,438,796 $ 6,110,234 647,910 646,956 1,294,866 1,319,348 6,085,752 7,405,100 35,737 - 35,737 443,544 - 443,544 313,827 - 313,827 7,006,858 - 7,006,858 110,998 634,230 745,228 409,402 409,402 2,671,339 2,671,339 7,977,979 7,977,979 - 2,3219,404 2,321,404 7,910,964 14014354 21,925,318 (6,591,616) _ 7,928,602) _(14,520,218) 9,236,922 - 9,236,922 109,477 20,290,555 20,400,032 (19,656,325) (19,656,325) 1,222,955 7,584,469 8,807,424 7 584 469 (1,222,955) (81807,424} 2,984,885 4,885 _ 6,995,744 9,980,629 (3,606,731) (932,858) (4,539,589) FUND BALANCES, JULY 1, 1989 7,402,498 6,761,783 14,164,281 FUND BALANCES, JUNE 30, 1990 $ 3,795,767 1 54828,925 99624,692 See independent auditors, report and notes to financial statements. -3- ►.@J4W'S k-6 ;P4►: *70A -I VZ -M Hyvl3►i9 June 30, 1990 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a. Description of funds and account groups: The accounts of the La Quinta Redevelopment Agency (the Ag organized on the basis of funds and account groups, each of considered a separate accounting entity with a self-balanci accounts. The funds and account groups used in the accc financial statements and described below are those speci governmental units by the Governmental Accounting Standai (GASB). Capital Projects Flu --ds Capital Projects Funds are established to account for debt available for project improvements and interest income on funds. The funds are expended primarily for administrative ex redevelopment project costs. Included as a Capital Projects F low income housing fund which accounts for taxes which are all the Agency pursuant to the California Health and Safety Cod funds shall be used by the Agency for the purpose of r - affordable housing. Under provisions of the Health and Saf Capital Projects Funds are referred to as "Redevelopment Funds Debt Service Funds Debt Service Funds are established to account for tax i revenues, bond proceeds required to be set aside for future de' and related interest intone. The funds are used to repay prin interest on indebtedness of the Agency. Under provisions of t and Safety Code, such funds are referred to as "Special Funds" General Fined Assets Account Grouta General fixed assets of the Agency are recorded as expenditur Capital Projects Funds at time of purchase, and are then rec memorandum purposes in the General Fixed Asset Account Grou- fixed assets are capitalized at historical cost. No deprec provided on general fixed assets. Long -Term Debt Acc mmt Grnu[A The Long -Term Debt Account Group is used to account for bond. and other long-term indebtedness of the Agency. See independent auditors' report. -4- • • � Y• ' 71i �1 / ` I.�f • d� NO'D'S TO FINANCIAL STATIIMERIS (Continued) June 30, 1990 /• • r. 1 •• -• Mid. •• Ali b. Basis of Accounting: The modified aecnial basis of accounting is used for all funds of the Agency. Revenues are recognized when they become measurable and available to finance expenditures of the current period. Accrued revenues include tax increment revenue and accrued interest on investments. Expenditures, are recorded when the related liability is Incurred, except that principal and interest payments on long-term debt are recorded as Mures when due. Accrued interest on amounts due to the county of Riverside is reported in the long-term debt account group. c. Investments: Vestments are stated at cost, or amortized cost, which approximates market value. (See Note 3). d. Bond Discounts and Bond Issue Costs: As described at Note 1b. above, interest on bonds payable is not accrued, but rather is recorded as an expenditure when due. Consistent With this policy, discounts on the sale of bonds and bond issue costs are recorded as expenditures when paid in the year the bonds are issued. e. Budgetary Reporting: The budgets of the Agency are primarily "long-term" budgets which emphasize major programs and capital outlay plans extending over a number of years. Because of the long-term nature of projects, annual budget =rpar•isons are not considered meaningful, and accordingly, no budgetary information is included in the accompanying financial statements. f. Measurement Focus: All governmental funds are accounted for on a spending or "financial flaw" measurement focus. This means that generally only current assets and current liabilities are included on their balance sheets. Statements of revenue, expenditures and changes in fund balances for governmental funds generally present increases (revenues and other finances saw) and decreases (expenditures and other financing uses) in net current assets. See independent auditors' report. -5- • • 1 V• ' �1• �1 • ' ICI • dal NOTES TO FINANCIAL SIATII`ENTS (Continued) June 30, 1990 1. SUMMARY OF SIGNIFICANT ACCOUN'T'ING POLICIES (CONTINUED): g. Total Columns on Combined Statements: Total columns on the financial statements are captioned I% Only" to indicate that they are presented only to facilitate analysis and such data is not ale to a consolidation. eliminations have not been made in the aggregation of this data 2. HISTORY AND OPGANIZATION: The Agency was activated on July 5, 1983. The primary purpo; Agency is to eliminate blight through the process of redevelop, November 29, 1983 the City Council approved and adopted the Rede Plan for the La Quinta Redevelopment Project Area No. 1. On May the City Council approved and adopted the Redevelopment Plan f Quinta Redevelopment Project Area No. 2. These plans provide. elimination of blight and deterioration which was found to exi! project areas. As of June 30, 1990 there were no activities in Pr( No. 2. The Coachella valley Water District is jointly financing projects Agency to help prevent the potential flooding of the project area. 3. CASH AND . Authorized Investments: Under provisions of the Agency's Investment Policy, and in accord Section 53601 of the California Government Code, the Agency may _ the following types of investments: U. S. Treasury Bills, Notes or Bonds Federal Agency Obligations Bankers Acceptances Bonds Issued by the City of Negotiable Certificates of Deposit or La Quinta Redevelopmmex Repurchase Agreements California Local Agency Invc California County Investment Pools Fund (LAIF) California Local Agency Investment Fund (LAIF): The LAIF is a special fund of the California State Treasury throe local governments may pool investments. The Agency may inve $10,000,000 in the fund. Investments in LAIF are highly liquid, a -- can =can be converted to cash within 24 hours without loss of interE investments with IMF are secured by the full faith and credit of t of California. See independent auditors' report. • �• � " X11 a M • !�I • !'!�I NOTES TO FMWCIAL S'I'ATII R S (Continued) June 30, 1990 3- CASH AND nMESMMM (CONIrIlV M) : Allocation of Interest Income Among Fiends: Interest is allocated on a quarterly basis based on the weighted average balances of cash and investments in each fund. Classification of De its and Investments BYCredit Risk !Deposits and investments are classified into three categories of credit risk. These categories are as follows: Deposits: Category 1 - Deposits which are insured by FDIC, FSLIC, a state depository insurance fund or a multiple -financial institution collateral pool, or deposits which are collateralized with securities held by the Agency or the Agency's agent in the Agency's name. Category 2 - Deposits which are collateralized with securities held by the pledging financial institutions trust department in the Agency's name. Category 3 - Deposits which are uncollateralized, or collateralized but the Pledged securities are not held in the Agency's name. Investments: category I - Investments which are insured by SIPC, or where the securities are held by the Agency or the Agency's agent in the Agency's name. Calor' 2 Investments which are uninsured, where the securities are held by the Purchasing financial institution's trust department or agent in the Agency's name.. Category 3 - Investments which are uninsured, where the securities are held by the purchasing financial insti,tuticn's trust department or agent, but not in the Agency's name. See independent auditors' report. -7- • / • 3i/ _ al !' I31 • V2 NarES TC FINANCIAL STATEMENTS (Continued) June 30, 1990 /ISI•• / me IF Deposits and investments were categorized as follows at June 30, 1990 Deposits: Demand AccoLmts $ Investments: Repurchase Agreements Fiscal Agent Investments California Local Agency Investment Fund (LAIF) Category 1 2 3 3,423 $ 2,869,328 Cost $ 3,423 $ 2,869,328 2F, - _l,31.6,396 1,316,396 1 $21872,751 $ - $1,316,396 4,189,147 4, Total Cash and Investments 5,804,000 IL $9x993,147':$9 Cash and investments are reported in the accompanying combined balmc as follows: Cash and investments - unrestricted $8,676,751 Cash and investments with fiscal agent - restricted 1,316,396 $9,993,147 4_z � M' � I� / I• / / ' �1 DI/ MDI The Agency's primary source of revenue comes frUL property taxes, - to in the accompanying financial statements as "tax increment re,\ Property taxes allocated to the Agency are computed in the following a. The assessed valuation of all property within the project a determined on the date of adoption of the Redevelopment Plan. b. Property taxes related to the incremental increase in assessm,. after the adoption of the Redevelopment Plan are, except where mt provided by specific agreement, allocated to the Agency; all tz: the "frozen" assessed valuation of the property are allocated City and other taxing agencies. In 1990 other agencies receiveE specific agreements a total $409,402 in tax increment revenue adY allocated to the Agency. See independent auditors' report. -8- • • I V• • Ali II s � ISI • d� �1 me WIN V.14 D V 124 &W_ qt� I Ito _• June 30, 1990 Y I «- 1�1 I /• MI I - SI yl1 - �M�1 2-M.Like,I �I The Agency has no power to levy and collect taxes and any legislative Property tax de-aThasis might reduce the amount of tax revenues that would otherwise be available to pay debt service.. Broadened property tax exemptions could have a similar effect. Conversely, any increa� in the tax rate or assessed valuation, or any reduction or elimination of present exe.tions would increase the amount of tax revenues that would be available to pay debt service. The tax increment receivable of $114,876 represents assessments attributable to the fiscal year ended June 30, 1990 that were remitted to the Agency by the County of Riverside after the year end. ' I I:' ' � lif • d• 71� I� Pursuant to the terms of a reimbursement agreement, the Agency has reimbursed the City $252,821 for the use of City personnel during the past Year- This amount is .included in the administrative expenditures of the Capital Projects Funds. Certain assets are restricted in their use to the retirement of principal and interest on bonds (see Notes 8a and 8b), and are not available for use by the Agency for any other purpose. « • :•. Yt Y:•. The Agency established "reserves" of find equity to segregate fund balances which are not appropriable for expenditure in future periods, or which are set aside for a specific future use. At June 30, 1990, the Agency had reserved the entire fund balance of the Debt Service kid in accordance with state law, whish requires that all tax increment revenues be used solely to service debt. At June 30, 1990, the Agency reserved the entire fund balance of the Capital Projects Funds to indicate that the related assets were set aside for capital projects. See independent auditors, report. Mc I S � �hiVo � �� a►131��u1��i L!'I�I► y Nann TO FINANCIAL STATEMENTS (Continued) June 30, 1990 8. LONG = DEBT: Changes in long-term debt during the year ended June 30, 1990 follows: Tax Allocation Bonds Due to County of Riverside Notes payable: Desert Sands Unified School District Coachella Valley Unified School District Loan payable to City of La Quinta Total June 30, 1989 Additions Payments Ju $ 28,000,000 $19,695,000 $20,325,000 $ 27 3,084,309 1,222,333 - 4 1,249,344 1,377,025 - 2 1,247,195 649,476 350,000 1 170,952 9,236,922 7,407,979 1 S 33,751,800 $32,180,756 $28,082,979 37 Unpaid accrued interest and subventions due to the County of Riversi Desert Sands Unified School District and the Coachella Valley Unifies District in the amounts of $1,222,333, $1,377,025 and $649,476 respe have been added to long-term debt. However, these amounts have n included as expenditures tures for the year ended June 30, 1990. a. Tax Allocation Bonds, Series 1989: On January 1, 1989, the Agency issued the La Quinta Redeve- Project Tax Allocation Bonds, Series 1989 (the 111989 Bonds") amount of $8,000,000. The bonds were issued in denominations of $5,000 or any mi thereof, with principal due annually September 1, beginning in 1, interest payable semi-annually, on March 1 and September 1. I rates range from 6.2% to 7.6%. Bonds maturing on or after September 1, 1999 are subject to rede at the option of the Agency, as a whole or in part, on any i payment date, on or after September 1, 1998, at a redemption pric to the principal amount, plus accrued interest, plus a premium to 2%. See independent auditors, report. -10- �Vk_ej time Cs _. June 30, 1990 8. IDNG-TER4 DEBT (CCNIr NLJED) : a. Tax Allocation Bonds, Series 1989 (Continued): Bonds maturing on Septe bear 1, 2012 are subject to story rede pti.on, an Part fawn sin]dLng account payments on September 1, 2001 and on each September 1, thereafter, through September 1, 2012, at a prepayment price equal to 100% of the principal amount plus accrued interest. The proceeds of the Bonds were used for flood control improvements. The following is a schedule of future debt service payments for the Bonds: Year June 30, _ Principal _ Interest Total 1991 $ 135,000 $ 591,308 $ 726,308 1992 145,000 582,203 727,203 1993 155,000 572,186 727,186 1994 165,000 561,263 726,263 1995 180,000 549,270 729,270 1996-2013 6f895 000 6,032,135 _ 12,927,135 Total 7,675,000 8,888,_365 $ 16 563 365 Under terms of the issue, $735,600, the maximum annual debt service amount, is to be set aside in reserve funds. b. Tax Allocation Bonds, Series 1990: On April 11 1990 the Agency issued the la Quinta Redevelopment Project Tax Allocation Bonds, Series 1990 (the 111990 Bonds") in the amount of $19,695,000. The bonds were issued in denominations of $5,000 or any multiple thereof, with principal due annually September 1, beginning in 1990, and intexvst payable semi-annually on March 1 and September 1. Interest rates range frem 5.8% to 6.8%. See independent auditors' report. -11- NOTES TO FINANCIAL SrATIIRfIS (Continued) June 30, 1990 • • �- ••MD b. Tax Allocation Bonds, Series 1990 (Continued): Bonds maturing on September 1, 2005 and September 1, 2012 are si redemption, at the option of the Agency, as a whole or in part interest payment date, on or after September 1, 2000, at a reg price equal to the principal amount, plus accrued interest premium of 1/2% to 2%. Bonds maturing on September 1, 2005 and September 1, 2006 are si mandatory redemption, in part from sinking account payments on 1, 2001 and September 1, 2006, respectively, and each Sept thereafter, through September 1, 2005 and September 1 respectively, at a premium price equal to 100% of the principa plus accrued interest. The following is a schedule of future debt service payments Bonds: June 30, Principal Interest Total 1991 $ 385,000 $ 1,335,707 $ 1,720,7( 1992 405,000 1,434,835 1,839,8: 1993 430,000 1,409,355 1,839,31 1994 460,000 1,381,535 1,841,5- 1995 485,000 1,351,767 1,836,7; 1996-2013 17,5309000 _ 15175,708 32,705,7( Total $ 19,695,000 $ 22,088,907 $ 41,783,91 Under terms of the issue, the maximum annual debt service a $1,856,900, is to be set aside in reserve funds unless the Agent to maintain the reserve requirement by obtaining a letter of cr the amount. The Agency has obtained such a letter of credit. The net proceeds of the bonds, of $19,656,325 was used to p portion of the funds necessary to refund the Agency's outE principal amount of the La Quinta Redevelopment Project Tax Al. Bonds, Series 1985 (the 111985 Bonds"). This amount, in add $2,321,404, was deposited into an escrow fund. Security National Bank, as escrow agent, has agreed to establish and this escrow fund, until all principal, interest, and premium 1985 Bonds have been fully paid. See independent auditors' report. -12- • • 1 V• • Vii• �1 ■ • Fal • d� June 30, 1990 • -J • �1- "INAMIF1101M b. Tax Allocation Bonds, Series 1990 (Continued): The proceeds deposited into the escrow fund were invested in obligations of the United States government. The principal and interest payments frcm these investments are anticipated to provide funds sufficient to pay the principal of, premium., if any, and interest on the 1985 Bonds. Below is a schedule of sources and uses of the refunding bonds proceeds. Sources: Principal amount of new debt $ 19,695,000 Underwriter's issue premium 705,032 Subtotal 20,400,032 Interest earnings 151,013 Cash held by fiscal agent for 1985 Bonds 2,321e404 Total Sources $ 221872,449 Uses: Deposit to escrow fund - 1985 Bonds $ 21,977,729 Deposit to bond interest fund - 1990 Bonds 151,013 Issuance cost 743.707 Total Uses $ 221872,449 The gain from the refunding of debt, computed as the difference between the aggregate debt service requirements of the old issue and debt service requirements of the new issue discounted at 7.581% interest as follows: Net present value of 1985 Bonds, old issue $ 22,969,778 Net present value of 1990 Bonds, new issue (19,805,817) Gain on refunding of debt - difference in net Present value of debt service requirements $ 3,163,961 The decrease in cash flow from debt service requirements of the old issue and debt service requires of the new issue is as follows: Cash flow requirements of 1985 Bonds, old issue $ 48,327,913 Cash flow requirements of 1990 Bonds, new issue (411783,890) Decrease in cash flow requirement for debt service retirements $ 6,544,023 See independent auditors' report. -13- IEMV'80t g 0 Y • 91• .Mf i " F:II • day NO►IES TO MANCTAT, STATIIMEV'I'S (Continued) June 30, 1990 c. Due to County of Riverside: Based on an agreement dated November 29, 1983 between the Ar. City of La Quinta and the County of Riverside (County), the -Ag( repay to the County fifty percent of tax increment received wh have been retained by the County if the Agency did not exis repayments are subordinate to certain debt service of the -A exclude amounts allocated to the low income housing fig repayments will begin when certain conditions of the bond agreement have been met. Unpaid balances accrue interest w, annum. The total amount payable to the County under this aT June 30, 1990 is $4,306,642 including $334,331 of current yea interest. This amount has been recorded in the long-term deb group- From roup. From the remaining fifty percent of tax increment revenue, "t shall set aside related required amounts in the low income hou: Then, the Agency will pay debt and expenditures of no m $3,000,000 annually and $10,000,000 total on mutually agreez i costs. The County is to receive the remainder of this 50% sh these payments are made. No amounts are due under this pro June 30, 1990. d. Notes Payable to Desert Sands Unified School District: Based on an agreement dated June 21, 1988 between the Agency,,, of La Quinta and the Desert Sands Unified School District (�-. the Agency shall identify all tax increment revenue receiv Agency'that the District would have received in the absE redevelopment plan. This tax increment will then to be p. District over a payment schedule from June 29, 1988 to July I amounts ranging from $21,505 to $547,505 for a total z $4,132,020. Or, alternatively, such tax increment revel interest accrued required by this agreement may be retair Agency to pay on behalf of the District principal and interest construction projects or money advanced to finance a sports co - related amenities as specified by the District. The Di allocable share of tax increment from the County for the fi ended June 30, 1990 totaled $1,377,025. See independent auditors' report. -14- • • � Y• ' �1� � • ` I� • del NOTES TO FIlWC .AL STATEMENTS (Continued) June 30, 1990 e. Note Payable to Coachella Valley Unified School District: An agent dated January 25, 1984 between the Agency, the City of La Quinta arra the Coachella Valley Unified School District (District) Provides for the payment to the District of tax increment revenue that the District would have received in the absence of a redevelopment plan, less 20% for the low and moderate income housing set-aside and less 3% for administrative costs. Such payment is subordinated to other indebtedness of the Agency incurred in furtherance of the Redevelopment Plan. The District agrees to use such funds to provide classroom and other construction costs, site acquisition, school busses or expansion or rehabilitation of current facilities. The Agency paid the District $350,000 during the fiscal year ended June 30, 1990. Alternatively, the District may direct the Agency to retain such funds to be used for the purposes described above. The cumulative amount to be set aside under this agreement at June 30, 1990 is $1,546,671, which is reported as a long-term debt of the Agency. f. Loans Payable to the City of La Quinta: The City of La Quinta periodically makes operating advances to the Agency. Outstanding advances from the City to the Agency were $1,999,895 at June 30, 1990. RLedged Tax Revenues All tax revenues received by the Agency other than the amount required by law to be deposited in a low and moderate income housing fund, are required to be deposited in a Special Fund to be used to meet debt service requirements of the bond indentures before any payments may be made on other obligations of the Agency. The Agency purchased land during the year for $610,455 which will be used for parking facilities. A sunnary of general fixed assets transactions for the fiscal year ended June 30, 1990 is as follows: Balance July 1 1989 See independent auditors' report. -15- Balance Additions June 30, 1990 $ 610,455 $ 610,455 '! 1J:I >}vlDUtoot i►fit*4 OOCII • • � V• " �I• 31 • • 1� • day June 30, 1990 ASSET'S Cash and temporary investments Tax increment receivable Accrued interest receivable Due frran other governmental agencies TOM ASSET'S N NW—_ d�1j Q* T TARTT TTT'FS ; Accounts payable FUND BALANCE: Reserved for capital projects TOTAL LTABnAND FUND BALANCE See indepe xIent auditors' report. .00 • IF aea-d-kal .. - -16- $ 3,258,236 $ 1,016,677 $ 4,274,913 - 12,625 12,625 - 19,502 19,502 74,938 - 74,938 $ 3,333,174 $ 1,048,804 $ 4,381e978 $ 582,999 $ 3,212 $ 586,211 2,750,175 1,045,592 3,795,767 $ 3,333,174 $ 1,048,804 $ 4,381,978 For the year ended June 30, 1990 REVENUES: Tax increment revenue Interest income EXPENDITURES: Trustee fees Administrative Professional and consulting services Project costs Bond issue casts ar •}O • • 24- • �I- aP+• i - - arHER. FINANCING SOURCES (USES): Loan from City Bond proceeds Operating transfers in Operating transfers out 'DOTAL OTHER FINANCING SOURCES (USES) �. • :1 y. • 1:1- • - M:F. boll FUND BALANCES, JULY 1, 1989 FUND BALANCES, JUNE 30, 1990 See independent auditors' report. -17- Flood Low Control Intone Projects Housing $ -- $ 671,438 598,027 49,883 598,027 721,321 35,737 - 443,544 - 275,136 38,691 6,967,699 39,159 110,998 - 7,833,114 77,850 (7,235,087) 643,471 9,236,922 - 109,477 - 1,222,955 - 7,584,469) — 2, 9842 885 — (4,250,202) 643,471 7,000,377 402,121 21750,175 $ 1,045,592 $ • • � V• ' SII �i • ' I� • H� •� October 3, 1990 IM.D ISI • I 01. -14 O1-• • • ' 211 M • • !�r d� wly. In connection with our audit of the financial statements of the Iia Quinta Redevelopment Agency for the year ended June 30, 1990, we have performed, to the extent applicable, the tests of compliance as required by Health and Safety code Section 33080.1 and Sections I through V of the "Guidelines for Compliance Audits of California Redevelopment Agencies" issued by the State Controller's Office. Based on the above auditing procedures, we note no Vices of noncompliance with the laws, regulations and administrative requirements governing special activities of the Agency for the year ended June 30, 1990. Mt.=