2001 06 19 FA/ T
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Financing Authority
Agenda
City Council Chamber
78-495 Calle Tampico
La Quinta, California 92253
June 19. 2001
3:00 PM
CALL TO ORDER
Beginning Res. No. FA 2001-01
ROLL CALL: Board Members: Adolph, Henderson, Perkins, Sniff, Chairman Pena
PUBLIC COMMENT
At this time, members of the public may address the Finance Authority on any
matter not listed on the agenda or scheduled for public hearing. Please complete a
"request to speak" form and limit your comments to three minutes.
For all Public Hearings on the agenda, a completed "request to speak" form must be
filed with the City Clerk prior to the Council beginning consideration of that item.
Please watch the timing device on the podium.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF THE MINUTES OF MAY 15, 2001.
CONSENT CALENDAR
TRANSMITTAL OF TREASURER'S REPORT DATED APRIL 30, 2001.
2. TRANSMITTAL OF REVENUES AND EXPENDITURE REPORT DATED APRIL 30,
2001.
TOO
RM
CONSIDERATION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF
THE CITY OF LA QUINTA FOR FISCAL YEAR 2001/2002.
A. RESOLUTION ACTION
DEPARTMENT REPORTS - None
CHAIR AND BOARD MEMBERS' ITEMS - None
PUBLIC HEARINGS - None
ADJOURNMENT -Adjourn to a Regular Meeting of the Financing Authority to be held on July 17,
2001, in the City Council Chambers, 78-495 Calls Tampico, CA 92253.
DECLARATION OF POSTING
I, June S. Greek, Secretary of the La Quints Financing Authority, do hereby declare that the
foregoing agenda for the La Quints Financing Authority meeting of June 19, 2001, was posted on
the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin board at the
La Quints Chamber of Commerce and at Stater Bros., 78-630 Highway 111, on Friday, June 15,
2001.
DATED: June 15, 2001
JUNE S. GREEK, CMC
Secretary, La Quints Financing Authority
PUBLIC NOTICE
The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for
the hearing impaired, please call the City Clerk's Office at 777-7025, 24-hours in advance of the
meeting and accommodations will be made.
002
Finance Authority Agenda Page 2 June 19, 2001
COUNCIL/RDA MEETING DATE:
I
AGENDA CATEGORY:
BUSINESS SESSION:
June 19, 2001 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Treasurer's Report
as of April 30, 2001
RECOMMENDATION:
Receive and file.
BACKGROUND AND OVERVIEW:
Transmittal of Treasurer's Report dated April 30, 2001 for the La Quinta Financing
Authority.
FINDINGS AND ALTERNATIVES:
I certify that this report accurately reflects all pooled investments and is in
compliance with California Government Code Section 53645 as amended 1 /1 /86;
and is in conformity with City Code 3.08.010 to 3.08.070 Investment of Money
and Funds.
I hereby certify that sufficient investment liquidity and anticipated revenues are
available to meet next month's estimated expenditures.
ly submitted:
M. Falconer', Finance Director
Approved for submission by:
Thomas P. Genovese, City Manager
Attachment: Treasurer's Report, La Quinta Financing Authority
003
Titr 4 4QuArw
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for April 30, 2001
DATE: May 29, 2001
Attached is the Treasurer's Report for the month ending April 30, 2001. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept.
The following table summarizes the changes in investment types for the month:
nvestment
Beginning
Purchased
I —NoteslSold/Mature
dT Other
Cash
$837,401
$1,005,221
(1)
__Ending
$1,842,62
'LAIF
$8,746,551
113,203
0 8,859,75
US Treasuries (2)
$36,373,520
(7,411,000)
(1,954) 28,960,56
,954) 28,960,50
US Gov't Agencies (2)
Commercial Paper (2)
$12,881,355
$4,986,219
I
3,500,000
(5,000,000)
48,153
6,835 1 3,493,05
Mutual Funds
$2,956,693
7,667,913
1
10,624,60
Total
$66 781 739
$12 286 337
$12 411 000
$53 033� $66,710,11
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and ins in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. the City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
Yn�F
,
lconer a
pt
Finance Director/Treasurer
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
Change
2 $1,005.221
4 113,203
6 (7,412,954)
8 48,153
4 (1,493,165)
6 72667,913
J$71,629)
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009
CITY OF LA QUINTA
CRY CITY
RDA RDA
FA
BALANCE SHEET W3Wl
FIXED LONGTERM
FIXED LONGTERM
FINANCING
LONGTERM
GRAND
CRY
ASSETS DEBT
RDA
ASSETS DEBT
AUTHORITY
DEBT
TOTAL
ASSETS:
POOLED CASH
(2,282,436,80)
11,961,07574
(19,240.52)
9.659.399.42
LORP INVESTMENT IN POOLED CASH
805,00000
805.000.00
INVESTMENT T-SILUNOTES B OTHER
45,480,000.00
45,480,00000
AUTO MALL CASH
2O6.376.08
206.37908
LDRP CASH
30,595.75
30.59575
BOND REDEMPTION CASH
81,024.68
1,482.54
82,50722
BOND RESERVE CASH
BOND PROJECT CASH
9,909,687.62
632,409 B6
10.542,097 48
BOND ESCROW CASH
PETTY CASH
1.0000
1,000.00
CASH S INVESTMENT TOTAL
4 ,4 4.943.28
22.787,383 79
614, 51.N
66,W6.978.95
INVESTMENT IN LAND HELD FOR RESALE
ACCOUNTS RECEIVABLE
43.186.99
60,900.00
8.010,00000
8,114,006.99
PREMIUMIDISCOUNT ON INVESTMENT
(96.870.29)
0.50
049
(96,869.30)
LORP-ACCOUNTS RECEIVABLE
8272371
82.12311
INTEREST RECEIVABLE
]6,442.31
76,442.31
LOANINOTES RECEIVABLE
2,681,756.20
2,681 ]5620
DUE FROM OTHER AGENCIES
15.000.00
15,00000
DUE FROM OTHER AGENCIES -CVAG
2,299,096.69
2,299,096.69
CVAG ALLOWANCE
(2,299.096.69)
(2,299,09669)
DUE FROM OTHER GOVERNMENTS
DUE FROM OTHER FUNDS
082,491.63
551,038.04
1p33.52967
DUE FROM RDA
8,497,560.20
8,497.650,20
INTEREST ADVANCE -DUE FROM RDA
2,713,505.54
2,713,505.54
ADVANCES TO OTHER FUNDS
NSF CHECKS RECEIVABLE
24,99566
24.99666
ACCRUED REVENUE
833,40
83340
TRAVEL ADVANCES
2,678.50
2.678.50
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
12,158,980.50
3,377,251 85
0,010,000.49
23,546,232.88
WORKER COMPENSATION DEPOSIT
RENT DEPOSITS
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS
2,100.00
2,100.00
DEPOSITS TOTAL
2,17500
2,175.00
GENERAL FIXED ASSETS
1.386,33167
15,590,699.00
9,988,279.06
26,965,309 72
ACCUMULATED DEPRECIATION
(812,743.27)
(812,743.27)
AMOUNT AVAILABLE TO RETIRE LR DEBT
3.395,117 03
3.395, 11].03
AMOUNT TO BE PROVIDED FOR LR DEBT
1 645.64].34
95,393,266.76
8,010,000.00
105.048,914. 10
TOTAL OTHER ASSETS
573,58840
15,59Q699.00 1,645.64).34
9,988,27905 98,]88,383]9
0,010,00000
134596.597.58
TOTAL ASSETS
56 13968722
1559069900 1645647.3426164635.64
9 9ft27905 9878838379
8624652.37
8 010 OQQ00
224,95198441
LIABILITIES:
ACCOUNTS PAYABLE
(50,49066)
(50,480.66)
DUE TO OTHER AGENCIES
920,209.86
920,209.86
DUE TO OTHER FUNDS
115,321.70 1,318,20].97
1,433,529.67
INTEREST ADVANCE -DUE TO CITY
_
ACCRUED EXPENSES
6.029.10
6.029.10
PAYROLL LIABILITIES
2,24754
224].54
STRONG MOTION INSTRUMENTS
407.66
407.66
FRINGE TOED LIZARD FEES
74,661.50
74,661.50
SUSPENSE
4,192 63
4,192 63
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
1,072,579.33 1,318,207. 97
2,390,787.W
ENGINEERING TRUST DEPOSITS
SO, COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
449,16745
449.16745
LORP DEPOSITS
15,663 00
15,663.00
DEVELOPER DEPOSITS
1,089,515,85
1,089,615.85
MISC. DEPOSITS
448.603.41
448,693.41
AGENCY FUND DEPOSITS
1,653,859.64
1,653,8%64
TOTAL DEPOSITS
3,641,236.35
15,663.00
3,656,899.35
DEFERRED REVENUE
8,270,67
8,010.000,00 8,018,270,67
OTHER LIABILITIES TOTAL
8,270.67
8,010,000.00 8,018,270.67
COMPENSATED ABSENCES PAYABLE
321,991.94
321.991,94
DUE TO THE CITY OF LA QUINTA
1,323,655 40
11.211,059 54
12,534,114.94
DUE TO COUNTY OF RIVERSIDE
12,249,102 00
12,249.102,00
DUE TO C V. UNIFIED SCHOOL DIST.
9,418,222 25
9.416.222.25
DUE TO DESERT SANDS SCHOOL DIST.
BONDS PAYABLE
65,910,00000
8,010,00000 73.920,000,00
TOTAL LONG TERM DEBT
1,645,647 34
98,788,383 79
8,010,000.00 108.444031. 13
TOTAL LIABILITIES 4,722.086,35 1,645,64T34 1,333,870.97 98,788,383.79 8,010,000.00 8.010.000,00 122.509.98845
EQUITY -FUND BALANCE 51,417,60O87 15, 590,699.00 24,830,764.67 9,988,279.05 614,65237 102,441,995.BE
TOTAL LIABILITY B EQUITY 56.139.58722 15.590.599QQ 1 4 Z 4 26,11M.63504 9.98U27905 98788383.79 B624E5237 801000000 2496198 41
CASH S INVESTMENT TOTAL 66,009,978.95
PREMIUMMISCOUNT ON INVESTMENT (98889301
TOTAL 66,710,109.65
010 8
COUNCIL/RDA MEETING DATE:
f
AGENDA CATEGORY:
BUSINESS SESSION:
June 19, 2001 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Revenue and Expenditure
Reports dated April 30, 2001
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
Transmittal of the April 30, 2001 Statement of Revenue and Expenditures for the
La Quinta Financing Authority.
RespecXfully submitted:
M. Falcon6r, Finance Director
Approved for Submission by:
Thomas P. Genovese
City Manager
Attachments:
1. Revenue and Expenditures Report, April 30, 2001
Oil
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
REMAINING
%
BUDGET
RECEIVED
BUDGET
RECEIVED
DEBT SERVICE REVENUE:
Contractual Services Fees
9,175.00
5.35
9,169.65
0.1%
Non Allocated Interest
0.00
1,450.39
(1,450.39)
0.0%
Rental Income
678,955.00
678,955.00
0.00
100.0%
Transfer In
0.00
0.00
0.00
0.0%
TOTAL DEBT SERVICE
688,130.00
680,410.74
7,719.26
98.9%
CAPITAL IMPROVEMENT REVENUE
Pooled Cash Allocated Interest
0.00
0.19
(0.19)
0.0%
Non Allocated Interest
0.00
44,721.73
(44,721.73)
0.0%
TOTAL CIP REVENUE
0.00
44,721.92
(44,721.92)
0.0%
TOTAL FINANCING AUTHORITY
688 130.00
725 132.66
(37 002.66)
105.4%
001
019
LA QUINTA FINANCING AUTHORITY
EXPENDITURE SUMMARY
DEBT SERVICE EXPENDITURES
SERVICES
BOND PRINCIPAL
BONDINTEREST
TRANSFER OUT
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
TOTAL CAPITAL IMPROVEMENT
07/01/2000. 413012001 REMAINING %
BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED
9.175.00
9,132.50
0.00
42,50
99.5%
260,000.00
260,000.00
0.00
0.00
100.0%
418,955.00
418,955,00
0.00
0,00
100.0%
0,00
0.00
0.00
0.00
0.0%
688,130.00
688,087S0
0.00
42.50
100.0%
517,731.78 0.00 0.00 517,731.78 0.0%
517,731.78 0.00 0.00 517,731.78 0.0%
TOTAL FINANCING AUTHORITY 120586178 68808750 0,00 517774.28 57.06%
002
Ila
I
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE:
June 19, 2001 CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
PUBLIC HEARING:
Consideration of a Resolution Adopting the
Investment Policy of the Financing Authority
for Fiscal Year 2001 /2002
RECOMMENDATION:
Adopt a Resolution of the Financing Authority approving the Investment Policy of the
City of La Quinta for Fiscal Year 2001 /2002.
SEE CITY COUNCIL STAFF REPORT
014
RESOLUTION NO. FA 2001-
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY FOR
FISCAL YEAR 2001 /2002
WHEREAS, the general purpose of the Investment Policy is to provide the rules
and standards users must follow in investing funds of the City of La Quinta; and
WHEREAS, the primary objectives, in order of priority, of the City of La Quinta's
investment activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio.
The investment portfolio shall remain sufficiently Ii!Quid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or iel throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
WHEREAS, authority to manage the City of La Quinta's investment portfolio is
derived from the City Ordinance. Management responsibility for the investment
program is delegated to the City Treasurer, who shall establish and implement written
procedures for the operation of the City's investment program consistent with the
Investment Policy; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary; and
NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of
La Quinta to adopt the 2001 /2002 Fiscal Year Investment Policy (Exhibit A).
01.5
002
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Financing Authority, held on this day of 2001
by the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
JOHN J. PENA, Chairman
La Quinta Financing Authority
ATTEST:
JUNE S. GREEK, Secretary
La Quinta Financing Authority
APPROVED AS TO FORM:
KATHY JENSON, City Attorney
La Quinta Financing Authority
C- IG
003