2001 11 20 FAN
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9ti
Financing Authority
Agenda
City Council Chamber
78-495 Calle Tampico
La Quinta, California 92253
Tuesday, November 20, 2001
3:00 PM
CALL TO ORDER
Beginning Res. No. FA 2001-03
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 OCTOBER 16, 2001.
CONSENT CALENDAR
1. TRANSMITTAL OF THE TREASURER'S REPORT DATED SEPTEMBER 30, 2001.
2. TRANSMITTAL OF THE REVENUE AND EXPENDITURES REPORT DATED
SEPTEMBER 30, 2001.
001
BUSINESS SESSION
1. CONSIDERATION OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE
YEAR ENDED JUNE 30, 2001.
A. MINUTE ORDER 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 December -
18, 2001, in the City Council Chambers, 78-495 Calle Tampico, CA 92253.
DECLARATION OF POSTING
I, June S. Greek, Secretary of the La Quinta Financing Authority, do hereby declare that the
foregoing agenda for the La Quinta Financing Authority meeting of November 20, 2001, was
posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin
board at the La Quinta Chamber of Commerce and at Stater Bros., 78-630 Highway 111, on
Wednesday, November 16, 2001.
DATED: November 16, 2�001
JUNE S. GREEK, CMC
Secretary, La Quinta 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 November 20, 2001
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: November 20, 2001 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Treasurer's Report
dated September 30, 2001
RECOMMENDATION:
Receive and file.
BACKGROUND AND OVERVIEW:
Transmittal of Treasurer's Report dated September 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.
Respectful y submitted:
M. Falconer, Fihance Director
Approved for submission by:
w
r
Thomas P. Genovese, City Manager
Attachment: Treasurer's Report, La Quinta Financing Authority
003
ATTACHMENT 1
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for September 30, 2001
DATE: October 26, 2001
Attached is the Treasurer's Report for the month ending September 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:
Investment
Beginning
Purchased
Notes
Sold/Matured
Other
Ending
Chang______
Cash
$11,449,801
(1)
($8,146,852)
$3,302,949
($8,146,852)
LAW
$15,027,030
5,000,000
0
20,027,030
5,000,000
US Treasuries (2)
$51,995,326
(67,534)
51,927,792
(67,534)
US Gov't Agencies (2)
$12,936,265
8,000,000
(5,000,000)
(4,670)
15,931,595
2,995,330
Commercial Paper (2)
$0
0
0
Mutual Funds
$22,008,907
1
11,045,005
10,963,902
11,045,005
Total
$113 417 329
13 000 000
$24 191 857
$72 204
$102 153 268
1$11 264,061�
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is 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.
-,4"/ 1 1-1� // / I � A/
John alconer /Dato(
Fina a 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.
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CITY OF LA QUINTA
BALANCE SHEET 09/30/01
ASSETS:
CITY CITY RDA RDA FA
FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND
CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL
POOLED CASH
8,970,693.80
13,372,466.48
103.252.57
" 446,41' 8c
LQRP INVESTMENT IN POOLED CASH
805,000 00
805.000 C:
INVESTMENT T-BILL/NOTES & OTHER
33,480,000 00
33.480.000 CC
AUTO MALL CASH
28,24L61
LQRP CASH
49.324.61
49.324 C
BOND REDEMPTION CASH
180,441.16
1.55871
181,999 8,
BOND RESERVE CASH
BOND PROJECT CASH
44.546,35&69
546.541 77
45,092.900 4C-
BOND ESCROW CASH
PETTY CASH
1.000,00
1.000 C.'
CASH & INVESTMENT TOTAL
4 ,479,9 5.41
58,95 ,59 .94
651,353.05
10 ,084. 79 40
INVESTMENT IN LAND HELD FOR RESALE
ACCOUNTS RECEIVABLE
41.913.63
518,028.48
559.942 11
PREMIUM/DISCOUNT ON INVESTMENT
(73,050.52)
141,439.30
68.388 78
LQRP-ACCOUNTS RECEIVABLE
93.220.01
93.220 01
INTEREST RECEIVABLE
LOAN/NOTES RECEIVABLE
13,488,354.64
13,488.354 64
DUE FROM OTHER AGENCIES
373,434.01
373.434 01
DUE FROM OTHER AGENCIES - CVAG
2,299,096.69
2.299,096 69
CVAG ALLOWANCE
(2,299.096.69)
(2,299.096 69)
DUE FROM OTHER GOVERNMENTS
0.37
037
DUE FROM OTHER FUNDS
1,040,973.94
651,038.04
1.692.011 98
DUE FROM RDA
8,497,550.20
8.497.550 20
INTEREST ADVANCE -DUE FROM RDA
3,170,571.63
3,170.571 63
ADVANCES TO OTHER FUNDS
28,241.61
28,241 61
NSF CHECKS RECEIVABLE
3.326.01
3.32601
ACCRUED REVENUE
833.40
83340
FIXED ASSETS
20,711,742.00
20.711,742 00
ACCUMULATED DEPRECIATION
711,534.48
711.534 48
TRAVEL ADVANCES
4,459.00
4,45900
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
13,798,954.36 20,711,742.00
14,892,913.87
49.403,610 23
WORKER COMPENSATION DEPOSIT
RENT DEPOSITS
UTILITY DEPOSITS
75.00
7500
MISC. DEPOSITS
2,100.00
2,10000
DEPOSITS TOTAL
2,175.00
2,17500
GENERAL FIXED ASSETS
9,988,279.05
9,988.279 05
ACCUMULATED DEPRECIATION
AMOUNT AVAILABLE TO RETIRE L!T DEBT
3.395.117.03
3,395,117 03
AMOUNT TO BE PROVIDED FOIE L/T DEBT
951,847.65 80,866,860.97
7,750,000 00 89,568.708 62
TOTAL OTHER ASSETS
951,847.65 9,988,279.05 84,261,978.00
7,750,000.00 102.952,104 70
TOTAL ASSETS
56,281,064.77
20,711,742.00 951,847,65 73,846 504.81 9,988,279.05 84,261,978 00
651,35305 7,750,000 00 254,442,769 33
LIABILITIES:
ACCOUNTS PAYABLE
13,741.33
13.741.33
DUE TO OTHER AGENCIES
607,764.53
730,884.56
1,338,649.09
DUE TO OTHER FUNDS
273,804.01
1,702,796.22
1.976.600.23
INTEREST ADVANCE -DUE TO CITY
11,383,537.00
11,383,537.00
ACCRUED EXPENSES
16,468.50
16,468.50
PAYROLL LIABILITIES
38,282.64
38.282.64
STRONG MOTION INSTRUMENTS
5,741.76
5.741,76
FRINGE TOED LIZARD FEES
78,981.50
78,981.50
SUSPENSE
(365.31)
(365.31)
DUE TO THE CITY OF LA QUINTA
28.241.61
28,241 61
PAYABLES TOTAL
1,046,192.07
13,833,686.28
14,879,878 35
ENGINEERING TRUST DEPOSITS
SO. COAST AIR QUALITY DEPOSITS
LQRP DEPOSITS
14.409.00
14,409.00
DEVELOPER DEPOSITS
880,798.73
880,798.73
MISC. DEPOSITS
439,198.65
439.198,65
AGENCY FUND DEPOSITS
1,421,796.51
1,421,796,51
TOTAL DEPOSITS
2,741,793.89
14,409.00
2,756,202.89
DEFERRED REVENUE
OTHER LIABILITIES TOTAL
387,604.00
387,604.00
11,378,904.00
11,378,904.00
11,766,508.00
11.766.508.00
COMPENSATED ABSENCES PAYABLE
373,536.65
373.536.65
DUE TO THE CITY OF LA QUINTA
578,311.00
189,725.50
768.036.50
DUE TO COUNTY OF RIVERSIDE
10,989,847.00
10,989,847.00
DUE TO C.V. UNIFIED SCHOOL DIST.
8,747,405.50
8.747.405.50
DUE TO DESERT SANDS SCHOOL DIST.
BONDS PAYABLE
64,335,000.00
7,750,000.00
72,085,000.00
TOTAL LONG TERM DEBT
951.847.65
84,261,978.00
7,750,000.00
92.963.825.65
TOTAL LIABILITIES
4,175,589.96
951,847.65 25,226,999.28
84,261,978.00
7,750,000.00
122,366,414.89
EQUITY -FUND BALANCE
52.105.474.81
20,711,742.00 48,619,505,53 9,988,279.05
651,353,05
132.076,354,44
TOTAL LIABILITY & EQUITY
56,281,064,77
20.711 742.00 951,84765 73,846,504.81 9,988,279 05
84,261,978 00
651,35305 7,750,000.00
254,442,769.33
CASH & INVESTMENT TOTAL
102,084,879.40
PREMIUM/DISCOUNT ON INVESTMENT
68.388.78
TOTAL
102,153,268.18
TD � " a"
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: CONSENT CALENDAR: oZ
November 20, 2001
ITEM TITLE:
Transmittal of Revenue and Expenditure
Report dated September 30, 2001
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the September 30, 2001 Statement of Revenue and Expenditures for
the La Quinta Financing Authority.
Respectfully submitted:
John K Falconer, Findnce Director
Approved for Submission by:
Thomas P. Genovese
City Manager
Attachments:
1 . Revenue and Expenditures, September 30, 2001
011
ATTACHMENT 1
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
DEBT SERVICE REVENUE:
Contractual Services Fees
Non Allocated Interest
Rental Income
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
Non Allocated Interest
TOTAL CIP REVENUE
BUDGET RECEIVED
9,175.00 0.00
13.00
678,955.00 481,682.50
0.00
REMAINING %
BUDGET RECEIVED
9,175.00
0.000%
(13.00)
0.000%
197,272.50
70.940%
0.00
0.000%
688,130.00 481,695.50
206,434.50
70.000%
680.11
(680.11)
0.000%
4,541.55
(4,541.55)
0.000%
0.00 5,221.66
(5,221.66)
0.000%
TOTAL FINANCING AUTHORITY 688,130.00 486,917.16 201,212.84 70.760%
LA QUINTA FINANCING AUTHORITY
09/01/2001-9/30/2001
REMAINING
%
EXPENDITURE SUMMARY
BUDGET EXPENDITURES
ENCUMBERED
BUDGET
EXPENDED
DEBT SERVICE EXPENDITURES
SERVICES
9,589.00
0.00
0.00
9,589.00
0.0%
BOND PRINCIPAL
275,000.00
275,000.00
0.00
0.00
100.0%
BOND INTEREST
407,178.00
206,682.50
0.00
200,495.50
50.8%
TRANSFER OUT
0.00
0.00
0.00
0.0%
TOTAL DEBT SERVICE
691,767.00
481,682.50
0.00
210,084.50
69.6%
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
517,731.78
0.00
0.00
517,731.78
0.0%
TOTAL CAPITAL IMPROVEMENT
517,731.78
0.00
0.00
517,731.78
0.0%
TOTAL FINANCING AUTHORITY
1,209,498.78
481 682.50
0.00
727 816.28
39.82%
o13
t��4
j
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE:
CONSENT CALENDAR:
ITEM TITLE: November 20, 2001
Y SSION•
STUDSE
PUBLIC HEARING:
Consideration of the Comprehensive Annual
Financial Report for the year ended June 30, 2001
RECOMMENDATION:
Approve, receive and file the Comprehensive Annual Financial Report for the year
ended June 30, 2001 (Attachment 1).
See City Council Staff Report
014