1995 06 14 IABOf .4a QU& ricav
78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253 - (619) 777-7000
FAX (619) 777-7101
INVESTMENT ADVISORY BOARD
AGENDA
• Study Session Room
78-495 Calle Tampico
La Quinta, CA 92253
June 14, 1995
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
H CONFIRMATION OF AGENDA
III PUBLIC COMMENT
(This is the time set aside for public comment on any matter not scheduled on the agenda.)
IV CONSENT CALENDAR
A. Approval of Minutes of May 10, 1995.
V BUSINESS SESSION
A. Transmittal of Treasurers Report dated April 30, 1995.
B. Consideration of a Specific Task Outline.
VI BOARD MEMBER COMMENTS
A. 1. LAIF Investments (Board Member Irwin)
2. Investment Policy (Board Member Irwin)
VII INFORMATIONAL ITEMS
A. Transmittal of Audit and Auditors Management Letter for year ended June 30, 1994.
B. Transmittal of Balance Sheet for period ending April 30, 1995.
C. Whither LAIF (Board Member Irwin)
o �
oz
V �
OF TNt
INVESTMENT ADVISORY BOARD MEETING: June 14, 1995
Business Item: A
ITEM TITLE
Transmittal of Treasurer's Report dated
April 30, 1995
ISSUE AND DISCUSSION:
The attached is a Treasurer's Report dated April 30, 1995. Additional attachments in the form of
correlating statements are included with the copy presented here.
RECOMMENDATION:
Review, receive and file.
Approved for submission to the Investment
M. Falconer
ice Director
CITY OF LA QUINTA
TREASURER'S REPORT
APRIL 30, 1995
ASSETS UNDER THE INVESTMENT DIRECTION OF THE CITY TREASUll
RER
TYPE OF MATURITY INTEREST
INVESTMENT INSTITUTION DATE RATE AMOUNT
POOLED CASH CHECKING
MONEY MARKET
LAIF/98-33434
LAIF/65-33-017
CITY PETTY CASH
MONEY MARKET
DEFERRED COMP
RDA RESTRICTED CASH
CONSTRUCTION
DISTRIBUTION OF CASH AND INVESTMENTS
CITY
GENERALFUND
GAS TAX FUND
COMMUNITY PROJECT FUND
LANDSCAPE & LIGHTING.FUND
CAPITAL PROJECT FUND
QUIMBY FUND
INFRASTRUCTURE FUND
VILLAGE PARKING FUND
ASSESSMENT DIST FUNDS
TRUST AND AGENCY FUNDS
BANK OF AMERICA
BANK OF AMERICA
STATE OF CALIF.
STATE OF CALIF.
N/A
BANK OF THE DESERT
ICMA
BANK OF AMERICA
1ST INTERSTATE
1STINTERSTATE
N/A
N/A
(323,006)
N/A
3.35
217,156
DEMAND
5.96
3,536,640
DEMAND
5.96
7,901,W8
TOTAL POOLED
CASH
11,332,658
N/A
N/A
1,000
N/A
2.79
9,550
DEMAND
7.6 AVG
233,530
TOTAL CITY
244,080
RESTRICTED
3.89
4,885
RESTRICTED
4.00
519,848
DEMAND
4.00
1,934,828
TOTAL RDA
2,459,541
TOTAL
14,036.279
14,036,279
4,522,464
(75)
861,716
1
(25,547)
783,349
3,210,802
23,042
340,535
1,495,376
11,211,653
RANK
RDA PA 81 PA 82
CAPITAL IMPROVEMENT FUNDS (2,714,943.00) 1,78307.00
DEBT SERVICE FUNDS 1,430,762.00 1,394,574.00
LOW/MOD FUNDS (4azae1•00) 1,423,127.00
(1,777,072.00) 4,601,688.00 2,824,616
TOTAL 14,036,279 14,036,279
1
1
N/A
N/A
1
1
2
2
2
2
a
Fiscal Year 94/95
La Quinta Redevelopment Agency
RDA 91 series
07/01/94 BEGINNING SAL
TRNS TO CKING 7/11
F.A. SURETY BOND 7/11
JUL INTEREST
TRNS
AUG INTEREST
TRNS
DEBT SERV
SEPINTEREST
OCTINTEREST
NOVINTEREST
DECINTEREST
JAN INTEREST
FEBINTEREST
TRNS,
DEBT SERV
MPRINTEREST
.TRNS
APRINTEREST
MAYINTEREST
JUNINTEREST
BALANCE
"MBIA SURETY BOND
$728,175.00
file: RDABND94/5
INTEREST
PAYMENT
REDEMPTION
RESERVE
DEBT SERVICE
FUND
FUND
FUND
FUND
FUND
totals
117349300
117349301
117349302
117349303
117349304
227.87
0.02
0.00
735.284.51
(0.01)
735.512.39
0.00
0.00
0.00
(716,501.45)
0.00
(716,501.45)
0.00
0.00
0.00
(21,000.00)
0.00
(21,000.00)
0.69
0.00
0.00
2.217.94
0.00
2,218.63
0.00
766.57
0.00
(766.57)
0.00
0.00
0.74
0.00
0.00
766.00
0.00
766.74
285,829.98
199,233.41
0.00
0.00
465,063.39
930,126.78
(266,059.41)
(200,000.00)
0.00
0.00
(465.063.39)
0.00
0.78
0.09
0.00
2.43
0.00
3.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
259,684.41
78.86
0.00
(2.86)
259.654.41
519,444.82
(259.684.41)
0.00
0.00
0.00
(250.783.26)
(519,447.67)
0.00
2.48
0.00
0.00
78.85
81.33
2.49
(2.49)
0.00
0.00
0.00
0.00
0.00
0.36
0.00
0.00
0.02
0.38
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.14
79.30
0.00
0.00
0.01
82.45
82.45
3
Fiscal Year 94/95
La Quinta Redevelopment Agency
RDA 94 series
07/01/94 BEGINNING BAL
JUL INTEREST
APGINTEREST
SEPTINTEREST
OCTINTEREST
NOVINTEREST
DECINTEREST
JAN INTEREST
DEBT SRV
FEBINTEREST
DEBT SRV
MPRINTEREST
APRINTEREST
MAY INTEREST
JUNINTEREST
BALANCE
" MBIA SURETY BOND
$2,632040.00 INV VALUE
DEBT
RESERVE
REBATE
ALTERNATIVE
SERVICE
FUND
ACCOUNT
PENALTY
117496800
117496801
117496802
117496803
239,290.93 "
0.00
0.00
219.39
0.00
0.00
0.00
777.34
0.00
0.00
0.00
818.02
0.00
0.00
0.00
819.63
0.00
0.00
0.00
864.58
0.00
0.00
0.00
904.50
0.00
0.00
0.00
996.89
0.00
0.00
0.00
1,191.051.50
0.00
0.00
0.00
1,051.07
0.00
0.00
0.00
(1,435,739.58)
0.00
0.00
0.00
3,709.33
0.00
0.00
0.00
22.24
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,783.64
0.00
0.00
0.00
81e: RDABND94/5
totals
239,290.93
219.39
777.34
816.02
819.63
864.58
904.50
996.69
1,191,051.50
1,051.07
(1,435,739.58)
3,709.33
22.24
0.00
0.00
4,783.64
ID]
11
Fiscal Year 94/95
La Quinta Redevelopment Agency
RDA PA#2 92 Series
07/01 /94 BEGINNING BAL
CITY OF L.Q. 7/11
JUL INTEREST
AAGINTEREST
SEPINTEREST
OCTINTEREST
TRNS TO CITY
NOVINTEREST
REC FROM CITY
TRNS FROM SPCL FUND
DECINTEREST
DEBT SERV PYMT
JAN INTEREST
FEBINTEREST
TRNS
TRNS TO CITY 3123
MARINTEREST
APRINTEREST
MAYINTEREST
JUNINTEREST
ESCROW
SPECIAL
FUND
FUND
8116202-OW
8116202-001
8116202-002
4,317,478.53
526.865.64
0.00
(19,360.13)
0.00
0.00
13.061.02
1,593.85
0.00
13,979.54
1,708.93
0.00
14,905.61
1,827.10
0.00
15,085.98
1,849.21
0.00
(32,134.61)
0.00
0.00
16,115.83
1,977.39
0.00
0.00
0.00
275,897.86
0.00
0.00
(275,897.86)
17,146.06
2,117.30
0.00
0.00
0.00
0.00
18,857.04
2,328.58
0.00
18,955.34
2,340.72
0.00
362,919.00
(380,000.00)
0.00
(3,024,387.00)
0.00
0.00
18,581.18
2,294.52
0.00
17,538.30
1,182.63
0.00
0.00
0.00
0.00
0.00
0.00
0.00
BALANCE 1,768,741.69 168,085.87 0.00
SPECIAL INT
FUND
8116202-M
279.91
0.00
20.36
0.97
1.04
1.05
0.00
1.12
0.00
195,924.30
85.56
(196,228.75)
27.88
0.48
0.00
0.00
0.48
0.54
0.00
0.00
Ig348Z'1. SLo LDhISTPiODN
11
file: RDABND94/5
PRINCIPLE
FUND
8116202-004
26.00
0.00
0.08
0.08
0.09
0.09
0.00
0.00
0.00
79,973.58
34.54
(801000.00)
11.46
0.20
0.00
0.00
0.19
022
0.00
0.00
RESERVE
FUND
8116202-005
483,608.50
0.00
1,462.99
1.568.63
1,677.09
1,697.38
0.00
1,815.04
0.00
0.00
1,943.46
0.00
2,137.40
2,148.54
17,081.00
0.00
2,106.13
2,429.98
0.00
0.00
14
totals
5,328,258.58
0.00
16,138.30
17,258.15
18,410.93
18,633.71
(32,134.61)
19,909.38
275,897.86
(0.00)
21.326.92
(276,228.75)
23,362.36
23,445.28
0.00
(3,024,387.00)
22,982.50
21,151.67
0.00
0.00
Oil
LA QUINTA FINANCING AUTHORITY
TREASURER'S REPORT
APRIL 30, 1995
TYPE OF MATURITY INTEREST
INVESTMENT INSTITUTION DATE RATE AMOUNT RANK
CIVIC CENTER BOND PROCEEDS:
CASH -CONSTRUCTION BANK OF AMERICA
CASH -RESERVE BANK OF AMERICA
CASH -REDEMPTION BANK OF AMERICA
DEMAND 0
0 2
DEMAND 3.46
722,249 2
DEMAND 3.46
70,032 2
TOTAL
792,281
0
CITY OF LA QUINTA
BANK RECONCILEMENT
APRIL 30, 1995
04/30/95 BANK STATEMENT BALANCES
BANK OF AMERICA:
STATE OF CALIF:
LAW LAW
CHECKING M/M 98-33434 65-33-017
CHECKING 130,846.00
M/M 217,155.95
TOTALS
130,846.00
217,155.95
LAW 98-33434 3,536,640.35 3,536,640.35
LAIF 65-33-017 7,901,868.31 7,901,868.31
04/30/95 TOTAL BANK STATEMENT BALANCES 130,846.00 217,155.95 3,536,640.35 7,901,868.31 11,786,510.61
LESS OUTSTANDING TRANS
LESS OUTSTANDING CHECKS:
A/P (461,593.87) (461,593.87)
P/R (1,008.34) (1,008.34)
ADD OUTSTANDING DEPOSITS:
01 /30/95 10,737.55 10,737.55
04/30/95 ADJUSTED BANK STATEMENT BALANCES (321,018.66) 217,155.95 3,536,640.35 7,901,868.31 11,334,645.95
04/30/95 G/L BALANCE POOLED CASH (323,006.55) 217,155.95 3,536,640.35 7,901,868.31 11,332,658.06
ADJ JE'S POSTED IN MAY95 1,987.89 1,987.89
0.00
0.00
04/30/95 ADJUSTED G/L BAL - CASH S INVESTMENTS (,321,018.66) 217,155.95 3,536,640.35 7,901,866.31 11.334.645.95
I
Z�7is'S y5�
353�7(J,
�o /Slob, 3
GENERAL LEDGER - GL3050
ACCOUNT SUMMARY
12:01PM 05/30/95
CITY OF
LA QUINTA
AS OF 04/30/95
PAGE 1
ACCOUNT
NUMBER
DESCRIPTION
PRIOR YTD
CURRENT
MONTH
YEAR-TO-DATE
AMOUNT
DEBIT AMOUNT
CREDIT AMOUNT
AMOUNT
Pooled Cash
101
000
101
000
Pooled Cash
4,626,394.40
1,017,305.00
-1,131,906.73
4,511,792.67
201
000
101
000
Pooled Cash
0.00
21,593.03
-21,667.61
-74.58
205
000
101
000
Pooled Cash
1,405,900.48
15.87
-544,200.31
861,716.04
210
000
101
000
Pooled Cash
4,578.42
0.08
0.00
4,578.50
215
000
101
000
Pooled Cash
0.84
0.00
0.00
0.84
220
000
101
000
Pooled Cash
189,540.36
.595,519.75
-1,711.22
783,348.89
225
000
101
000
Pooled Cash
2,925,691.28
285,654.87
-543.68
3,210,802.47
230
000
101
000
Pooled Cash
23,'041.51
0.42
0.00
23,041.93
235
000
101
000
Pooled Cash
32,742.13
0.60
0.00
32,742.73
240
000
101
000
Pooled Cash
0.00
0.00
0.00
0.00
245
000
101
000
Pooled Cash
529,614.70
16,388.10
-1,038,894.15
-492,891.35
246
000
101
000
Pooled Cash
1,433,064.92
130.40
-10,068.26
1,423,127.06
301
000
101
000
Pooled Cash
1,390,806.99
38,458.94
-3,369.21
1,425,896.72
302
000
101
000
Pooled Cash
910,388.45
352.89
-36,014.97
874,726.37
310
000
101
000
Pooled Cash
0.00
122.00
0.00
122.00
401
000
101
000
Pooled Cash
240,101.73
211,098.44
-477,747.65
-26,547.48
405
000
101
000
Pooled Cash
-2,701,419.29
41,802.38
-55,326.50
-2,714,943.41
406
000
101
000
Pooled Cash
-107,508.50
46.65
-43,379.74
-150,841.59
407
000
101
000
Pooled Cash
340,529.19
6.27
0.00
340,535.46
408
000
101
000
Pooled Cash
0.00
0.00
0.00
0.00
701
000
101
000
Pooled Cash
229,315.81
912.12
-60.36
230,167.57
710
000
101
000
Pooled Cash
229,289.64
3,600.65
-2,571.91
230,318.38
715
000
101
000
Pooled Cash
176,016.74
426.71
-1,048.43
175,395.02
720
000
101
000
Pooled Cash
143,416.74
340.44
-2,656.99
141,100.19
725
000
101
000
Pooled Cash
279,919.15
816.69
-8,040.86
272,694.98
730
000
101
000
Pooled Cash
177,620.15
3.24
-1,774.74
175,848.65
FINAL TOTAL
12,479,045.84
2,234,595.54
-3,380,983.32
11,332,658.06
L�7ii=
/,i 3 3 Z� S"8 OCR
141
The Complete Statement"
DIRECT INQUIRIES TO (216)
;•aLM DESERT ESTATES OFFICE
77-900 FRED WARING DRIVE
PALM DESERT CA 92260
(619)322-4200
(397) ACCT NO. 216-9-19904
(BUS) ITMO43850
First
Interstate
Bank
CITY OF LA QUINTA
PO BOX 1504 21
LA QUINTA CA 92253-1504 1 M
X
PAGE 1
THIS STATEMENT DATE APRIL 28, 1995
NEXT STATEMENT DATE MAY 31, 1995
SAVE SPACE# TIME, AND WORRY! FREE YOURSELF FROM FILING & STORING YOUR CANCELLED
CHECKS BY ENROLLING IN FIRST INTERSTATE'S NEW SAFEKEEPING SERVICE, CHECKSAFE,
AVAILABLE MAY 1. A SPECIAL NOTE TO BASICCHECKING`ACCOUNT HOLDERS:
EFFECTIVE JUN It YOU WILL AUTOMATICALLY BE ENROLLED INTO THIS NEW SERVICE. FOR
DETAILS, PLEASE SEE THE ENCLOSED STATEMENT INSERT.
-----------------------------------------------------------------------------------------------
MARKET INTEREST ACCOUNT 216-9-19904 SUMMARY
BALANCE FORWARD AS OF 04-10-95 . . . . . . . . . . . . . . . . . . . . . . .00
TOTAL DEPOSITS/CREDITS . 262, 000.00
INTEREST PAID THIS PERIOD 155.95
TOTAL CHECKS/DEBITS . . . . . . . 45, 000.00
SERVICE CHARGES . . . . . . . . .
ENDING BALANCE . . . . . . . . . 217,155.95
INTEREST PAID THIS YEAR . . . . . . . . . . . . . . . . . . . . . . . . .
MINIMUM BALANCE ON 04-10 . . . . . . . . . . . . . . . . . . . . . . . . . .00
E AVERAGBALANCE. . . . . . . . . . 100,850.00
-----------------------------------------------------------------------------------------------
RATE AND BALANCE INFORMATION
YOUR AVERAGE ANNUALIZED RATE IS 3.35X BASED ON YOUR AVERAGE COLLECTED
BALANCE OF $94,388 FOR THIS STATEMENT PERIOD 04-10 THROUGH 04-27.
-----------------------------------------------------------------------------------------------
MARKET INTEREST ACCOUNT TRANSACTIONS
DEPOSITS
DATE AMOUNT DATE AMOUNT DATE AMOUNT DATE AMOUNT
04-21 262,000.00
ELECTRONIC FUNDS TRANSFERS AND DESCRIPTIVE TRANSACTIONS
DATE TYPE OF TRANSACTION �I145 40W.00 DEPOSITS
04-25 STELE XFER 45,000.00
04-27 INTEREST PAID 155.95
Note: An asterisk (') next to any check listed above means there has been a break in the Notice: Please see reverse side and any accompanying statement(s) for important informvorl
numerical sequence of your checks. Examine this statement carefully and report any irregularities promptly. v!/
the Complete Statement"
DIRLCT INQU`19IES TO (216 )
PALM DESERT ESTATES OFFICE
77-900 FRED WARING DRIVE
PALM DESERT CA 92260
(619)322-4200
CITY OF LA QUINTA PUBAGT
OPERATING ACCOUNT
PO BOX 1504
LA QUINTA CA 92253-1504
(397) ACCT NO. 216-8-98001 159
(BUS) MAN014008
19. First
Interstate
Bank
21
1 3
X
PAGE 1
THIS STATEMENT DATE APRIL 28, 1995
NEXT STATEMENT DATE MAY 31, 1995
SAVE SPACE, TIME, AND WORRY! FREE YOURSELF FROM FILING & STORING YOUR CANCELLED
CHECKS BY ENROLLING IN FIRST INTERSTATE'S NEW SAFEKEEPING SERVICE, CHECKSAFE,
AVAILABLE MAY 1. A SPECIAL NOTE TO BASICCHECKING ACCOUNT HOLDERS:
EFFECTIVE JUN 1, YOU WILL AUTOMATICALLY BE ENROLLED INTO THIS NEW SERVICE. FOR
DETAILS, PLEASE SEE THE ENCLOSED STATEMENT INSERT.
-----------------------------------------------------------------------------------------------
CHECKING ACCOUNT 216-8-98001 SUMMARY
BALANCE FORWARD AS OF 03-31-95 . . . . . . . . . . . . . . . .00
TOTAL DEPOSITS/CREDITS. . . . . . . . . . . . . . . . . . . . . . . . . 1, 428, 939.39
TOTAL CHECKS/DEBITS . . . . . . . . . . . . . . . . . . . 1, 298, 438.44
SERVICE CHARGES . . . . . . . . . . . . . . . . . nn
ENDINGBALANCE . . . . . . . 0. 0 . . . . . . . . . . . . . . . . . . . . . 130, 5
MINIMUM BALANCE ON 04-04 . . . . . . . . . . . . . . .47-
AVERAGE BALANCE. . . . . . . . . . . . . . . . . . . 75,127 .00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - ------------------
CHECKING ACCOUNT TRANSACTIONS
CHECKS
CHECK NO
DATE
AMOUNT
CHECK NO
DATE
AMOUNT
CHECK NO
DATE
AMOUNT
11737
04-25
11778
04-24
" 1,218.81
21308*
04-24
.--434.88
11738
04-21
_"-951.00
1,029.50
11779
04-24
v 414.13
21309
04-26
,420.60
11739
04-24
-'l,481.90
11780
04-24
i1,116.04
21310
04-21
98.56
11740
04-24
-1,071.03
11781
04-24
,1673.54
21312*
04-26
339.12
11741
04-26
-752.65
11782
04-25
--j 681.56-
21313
04-24
1,907.09
11742
04-21
1,406.62
11783
04-24
" 673.45
21314 -04-24
13.12
11743
04-24
•1,107.59
11784
04-25
-'", 678.47
21315
04-25
-,24,325.05
11744
04-25
-1463.82
11785
04-24
566.15
�'648.72
21316
04-25
20.00
11745
04-25
1,796.33
11786
04-27
21317
04-24
72.07
11746
04-24
--795.44
11787
04-26
`116.89
21318
04-27
16..468.89
11748*
04-24
--.1448.76
11788
04-24
21319
04-25
.2,373.95
11749
04-26
.275.14
11789
04-24
21320
04-21
.27,238.50
11750
04-24
147.07
11790
04-24
'-377.58
21321
04-25
392.36
11751
04-24
808.21
11791
04-25
`<932.84
21322
04-25
1,095.18
117.52
04-24
831.08
11792
04-25
'83.11
21323
04-25
852.51
11753
04-24
'-2,494.E8
11793
04-21
'-980.72
21325*
04-27
54.15
11754
04-24
11,131.15
11794
04-24
�-997.60
21326
04-24
437.50
11755
04-24
A1,260.85
11795
04-24
,'1,274.34
21327
04-24
82.56
11756
04-24
-1436.30
11796
04-24
`i,245.14
21328
04-20
294.78
11757
04-24
-1,293.09
11798*
04-26
"-1,186.10
21330*
04-21
764.93
11758
04-21
A1455.75
21282K
04-26
`''<917W
21332*
04-25
387.29
11759
04-21
4 1,482.60
21284*
04-25
---216.78
21333
04-26
1,250.00
11760
04-25
,L148.66
21286*
04-27
1287.74
21334
04-24
300.00
11761
04-24
_)663.55
21287
04-26
'1494.00
21336*
04-27
20.15
11762
04-24
578.19
21288
04-26
a2,257.54
21338*
04-26
7,448.91
11763'
04-24
-314.71
21289
04-24
---,96.32
21339
04-26
5.92
11764
04-24
482.95
21290
04-26
'N423.16
21340
04-25
36.95
11765
04-24
753.69
21291
04-24
398.94
21341
04-25
15.19
11766
04-24
437.94
21292
04-25
1-,7..693.85
21342
04-24
-62.70
11767
04-24
~1,160.33
21294*
04-28
�289.00
21343
04-26
4,193.78
11768
04-24
'- 828.99
21295
04-25
21345*
04-24
22.82
11769
04-25
"1,610.39
21296
04-27
'1093.00
21346
04-26
147.00
11770
04-24
---1,107.58
21297
04-27
I00.00
21347
04-25
.680.09
11771
04-24
a1,258.82
21298
04-26
,350.19
21348
04-25
155.70
11772
04-21
-400.65
21300*
04-28
'-,33,214.0
21349
04-26
:70.00
11773
04-25
1,346.33
C
04-26
21350
04-25
149.00
11774
04-24
a958.78
21302
04-25
"-4 51.71
21351
04-27
147.00
11775
04-24
-413.59
21303
04-25
3,963.08
21352
04-24
.550.00
11776
04-24
"824.43
21304
04-24
,2�118.51
21353
04-25
78.39
11777
04-24
_879.75
21305
04-25
65.00
21354-
04-27
3,091.20
Note: An asterisk () next to any check listed above means there has been a break in the Notice: Please see reverse side and any accompanying statement(s) for important info aU n'1
"Limencai sequence of your checks. Examine this statement -carefully and report any irregularities promptly. � ((��!!
�_. Bank of America
L
Your Bank of America
P.O. Box 30746
Business Analyzed
Los Angeles, CA 90030-0746
Checking Statement
0916
E 232-3
Statement Period:
April 1 through April 28, 1995
Account Number: 09160-15464
CITY OF LA QU I NTA
At Your Service
P 0 BOX 1504
Call: 619-340-1867, 24 hours,
LA QUINTA CA 92253
7 days a week
Indio Main Office
81-800 Hwy 111
Indio, CA 92201
Customer since 1982
Bank of America appreciates your
business and we enjoy serving you.
Summary of Your Business Analyzed Checking Account
Beginning Balance on 04/01/95 $186,371.79 Number of branch/ATM deposits 10
Total Deposits and Other Credits + 776,674.57 1 Number of checks paid 231
Total Checks and Other Withdrawals - 962,701.31 Number of 24 Hour Customer Service Calls
Self -Service 8
Ending Balance $345.05 Assisted 0
❑ Important Information About Your Account
Your Business Analyzed Checking Analysis Statement provides details regarding monthly
analysis charges.
❑ Bank of America News
Introducing the new BankAmericard Business Card: the ultimate financial tool. Manage
cash flow, track employee spending and travel & entertainment expenditures and provide
your company with the added security of overdraft protection. Apply today! Visit your local
branch or call us at 1-800-477-5899 ext. 805 for an application.
❑ Branch/ATM Deposits
Number Date Posied Amount Number
Date Posts?d
Amount
04/03 ' 306,145.10
04/ 11
2.00
04/04 141,509.42
04/20
192,166.23
04105 6 37 2 C i
04/25
30.000.00
04/06 535.30 1 -
04/26
15,000.00
04/07 �� 3. Total of 10 Branch/ATM Deposits
$776,674.57
04/10 123,038.93 '
❑ Checks Paid
' Gap in check sequence
Date Paid
Number Amount
Date Paid
Number
Amount
04/11
11660 $`116.90
04/10
11677
1,481.90
04/04
' 11672 `420.88
04/10
11678
•1.071.03
04/10
` 11675 1,028.68
04/19
11679
- 752.65
04/13
11676 1,029.50
04/10
11680
1.406.62
Continued on next page
0029802.001.123
Page 1 of 3
BR3001-BANK RECONCILIATION OUTSTANDING CHECKS 11:24AM 06/08/95
CITY OF LA QUINTA Pan-ml kVAI ` PAGE 1
BANK CHECK C E 4K-VENDOR f4rN4DRR NAME CHECK
ACCT. NO. DATE NO. AMT.
20483
01/18/95
&00003
TAMARA RADER
40.00
20789
02/16/95
&00007
AUTOMOBILE CLUB OF SO CAL
7.06
20834
03/01/95
&00023
PENNY SIPES
110.00
20954
03/01/95
WOL010
KAY WOLFF
50.00
20973
03/14/95
&00029
JUDY BUCHANAN
75.00
21044
03/14/95
LIT010
LITTLER, MENDELSON,
50.00
21070
03/14/95
SOU005
SOUTH COAST AIR QUALITY
164.57
21125
03/29/95
&00047
INTERSTATE SHEET METAL IN
25.00
21127
03/29/95
ANNO10
ANNENBERG CENTER AT
20.00
21132
03/29/95
BLI010
RINA BLISS
39.26
21149
03/29/95
DEN010
DENBOER ENGINEERING AND
2041.00
21154
03/29/95
ELRO10
EL RANCHITO
100.00
21167
03/29/95
HER010
JERRY HERMAN
300.00
21172
03/29/95
INT050
INTERSTATE STRIPING
24609.16
21181
03/29/95
LEA015
LEAGUE OF CALIF CITIES
410.00
21196
03/29/95
NES010
WALLACE NESBIT
250.00
21264
03/31/95
WOL010
KAY WOLFF
50.00
21273
04/06/95
LAQ050
LA QUINTA CITY EMPLOYEES
52.50
21281
04/12/95
&00050
DAVID SALVATIERRA
11.00
21285
04/12/95
ALL050
ALL BRANDS COMPUTERS
12231.98
21293
04/12/95
CAD010
CADET UNIFORM SUPPLY
237.66
21299
04/12/95
CRWO10
CRW ASSOCIATES
440.00
21306
04/12/95
DOU010
DOUBLE PRINTS 1 HR PHOTO
8.43
21307
04/12/95
ESS050
ESSEX INN
540.05
21311
04/12/95
FRA020
FRANKLIN QUEST CO
25.54
21324
04/12/95
HOL010
HOLMAN INDUSTRIES
75.73
21329
04/12/95
JPRO10
JP REPROGRAPHICS
42.24
21331
04/12/95
KLI050
BOB KLINE FENCE CO
80.00
21335
04/12/95
LAQ100
LA QUINTA VOLUNTEER FIRE
1362.75
21337
04/12/95
LQV010
LA QUINTA VOLUN FIRE PGA
593.50
21344
04/12/95
NAT003
NATIONAL ANIMAL CONTROL
22.95
21355
04/12/95
RIV101
RIC COUNTY SHERIFF/INDIO
1407.60
21357
04/12/95
SM0010
DONNALDA SMOLENS
80.00
21365
04/12/95
TIE050
TIERRA PLANNING & DESIGN
1500.00
21374
04/12/95
WAL010
WAL MART STORES INC
35.65
21388
04/20/95
CLE010
CLERK OF SUPERIOR COURT
200.00
21392
04/20/95
LAQ050
LA QUINTA CITY EMPLOYEES
52.50
21398
04/20/95
DES030
DESERT HOLOCAUST MEMORIAL
1000.00
21401
04/25/95
&00053
BRYAN WILLICK
6.00
21402
04/25/95
&00054
MANNES CONSTRUCTION
750.51
21403
04/25/95
&00055
PATRICIA MATA
8.00
21404
04/25/95
&00056
JO ANN KANNER
6.00
21405
04/25/95
&00057
J W MOFFITT INC
50.00
21406
04/25/95
&00058
KATHLEEN PRIDDY
80.00
21407
04/25/95
AD0010
DON ADOLPH
878.94
21408
04/25/95
AND005
PAUL ANDERSON
71.22
21409
04/25/95
ASCO01
A & S COFFEE SERVICE
236.00
21410
04/25/95
BAK005
PEGGY BAKER
40.00
21411
04/25/95
BAN060
BANK OF AMERICA CORPORATE
4812.39
BR30'01-BANK RECONCILIATION OUTSTANDING CHECKS
CITY OF LA QUINTA
11:24AM 06/08/95
PAGE 2
BANK CHECK CHECK VENDOR VENDOR NAME
ACCT. NO. DATE NO.
CHECK
AMT.
A 21412
04/25/95
BR0050
TONI BROWN
52.55
A 21413
04/25/95
BSIO10
BSI CONSULTANTS INC
6488.15
A 21414
04/25/95
CAD010
CADET UNIFORM SUPPLY
399.61
A 21415
04/25/95
CAL010
CAL WEST ENGINEERING
210.00
A 21416
04/25/95
CAL080
CA SOC MUICIPAL FINANCE
100.00
A 21417
04/25/95
CAT010
CATHEDRAL CITY OFFICE SUP
18.26
A 21418
04/25/95
COA025
COACHELLA VALLEY ICBO
200.00
A 21419
04/25/95
COA050
COACHELLA VALLEY LAND
619.31
A 21420
04/25/95
COA080
COACHELLA VALLEY WATER
4723.98
A 21421
04/25/95
COM030
COMSERCO
116.05
A 21422
04/25/95
DAY010
DAY -TIMER
32.25
A 21423
04/25/95
DECO10
DECRATREND PAINTS
612.25
A 21424
04/25/95
ECO010
ECONO SEWER SERVICES
150.00
A 21425
04/25/95
ECO050
ECONOMICS INC
1291,33
A 21426
04/25/95
EIS010
EISENHOWER IMMEDIATE CARE
178.00
A 21427
04/25/95
ESQ010
ALEX ESQUIBEL
300.00
A 21428
04/25/95
FED010
FEDERAL EXPRESS CORP
28.50
A 21429
04/25/95
FID010
FIDELITY
245.27
A 21430
04/25/95
FRA010
MARNI FRANCISCO
45.13
A 21431
04/25/95
GAR010
WAYNE GARDNER
723.69
A 21432
04/25/95
GAT010
GATEWAY 2000
10318.15
A 21433
04/25/95
GTE010
GTE CALIFORNIA
609.08
A 21434
04/25/95
HIG010
HIGH TECH IRRIGATION INC
488.71
A 21435
04/25/95
HOL010
HOLMAN INDUSTRIES
22.06
A 21436
04/25/95
IBM010
IBM CORPORATION UW3
233.23
A 21437
04/25/95
IMP010
IMPERIAL IRRIGATION DIST
4743.69
A 21438
04/25/95
JUD010
JUDICIAL DATA SYSTEMS COR
100.00
A 21439
04/25/95
KEL010
KELLY TEMPORARY SERVICES
789.60
A 21440
04/25/95
LAQ040
LA QUINTA CHAMBER COMMERC
2500.00
A 21441
04/25/95
LIE050
LIEBERT, CASSIDY & FRIERS
2500.00
A 21442
04/25/95
MAL005
T I MALONEY INC
13375.95
A 21443
04/25/95
MCDO10
MC DOWELL AWARDS
74.34
A 21444
04/25/95
MCK010
McKESSON WATER PRODUCTS
97.96
A 21445
04/25/95
MKC010
MK CAMERA AND PHOTO
55.60
A 21446
04/25/95
MOU050
LESLIE MOURQUAND
37.76
A 21447
04/25/95
MUN010
MUNI FINANCIAL SERV INC
3544.80
A 21448
04/25/95
MUN015
MUNICIPAL SERVICES GROUP
23160.33
A 21449
04/25/95
MUN020
MUNICON
1150.00
A 21450
04/.25/95
NEP010
NEPTUNE ELECTRIC
530.00
A 21451
04/25/95
NEW010
ELWIN NEWKIRK
690.43
A 21452
04/25/95
PAL050
CITY OF PALM SPRINGS
347.50
A 21453
04/25/95
PCT010
PC TROUBLESHOOTER
512.95
A 21454
04/25/95
PIT010
PITNEY BOWES CREDIT CORP
616.34
A 21455
04/25/95
PIT020
PITNEY BOWES
171.86
A 21456
04/25/95
POS010
POSTAGE BY PHONE SYSTEM
2000.00
A 21457
04/25/95
RIV100
RIVERSIDE COUNTY SHERIFFS
142868.97
A 21458
04/25/95
RIV101
RIC COUNTY SHERIFF/INDIO
118.16
A 21459
04/25/95
RIV130
RIVERSIDE COUNTY SUPPLY
57.87
A 21461
04/25/95
ROS010
ROSENOW-SPEVACEK GROUP
28291.80
t13
BR3UO1-BANK RECONCILIATION OUTSTANDING CHECKS
CITY OF LA QUINTA
11:24AM 06/08/95
PAGE 3
BANK CHECK CHECK VENDOR
ACCT. NO. DATE NO.
21462 04/25/95 RUB010
21463 04/25/95 SHAO10
21464 04/25/95 SOU010
21465 04/25/95 STA050
21466 04/25/95 STE020
21470 '04/25/95 STRO10
21471 04/25/95 SUN050
21472 04/25/95 SWA050
21473 04/25/95 TAU010
21474 04/25/95 TAY010
21475 04/25/95 TH0050
21476 04/25/95 TOP010
21477 04/25/95 VAL010
21478 04/25/95 VIK010
21479 04/25/95 VIN010
21480 04/25/95 WAL010
21481 04/25/95 WEL010
21482 04/25/95 ZEE010
21484 04/26/95 REG040
21485 04/28/95 ABE001
21486 04/28/95 AD0010
21487 04/28/95 AND005
21488 04/28/95 BAN010
21489 04/28/95 BAR010
21490 04/28/95 BER010
21491 04/28/95 BES010
21492 04/28/95 BUT010
21493 04/28/95 CAT005
21494 04/28/95 CHE010
21495 04/28/95 GAR010
21496 04/28/95 IRWO20
21497 04/28/95 KEL005
21498 04/28/95 MUL010
21499 04/28/95 NEW010
21500 04/28/95 PED010
21501 04/28/95 PEL050
21502 04/28/95 PEN010
21503 04/28/95 PER010
21504 04/28/95 PRIO10
21505 04/28/95 SEA010
21506 04/28/95 SNIO10
21507 04/28/95 STJO10
21508 04/28/95 WOL010
21509 05 02 95 BUI010
21510 05/04/95 BYRO10
21511 05/04/95 CAL040
21512 05/04/95 CLE010
21513 05/04/95 COV050
21514 05/04/95 EMP050
VENDOR NAME
MICHAEL J RUBINO
SHADOW PALMS GARDENING
SOUTHERN CALIF GAS CO
STAPLES
STEVE'S OFFICE SUPPLY
STRADLING, YOCCA, CARLSON
SUN BADGE CO
SWANA
DAVID TAUSSIG & ASSOC INC
STEVE TAYLOR & SON
THOMPSON PUBLISHING GROUP
TOPS'N BARRICADES INC
VALLEY OFFICE EQUIP INC
VIKING OFFICE PRODUCTS
VINTAGE LANDSCAPE MAINT
WAL MART STORES INC
WELCH'S UNIFORM RENTAL
ZEE SERVICE CO
REGENTS OF THE UNIVERSITY
JAQUES ABELS
DON ADOLPH
PAUL ANDERSON
GLENDA L BANGERTER
KATIE BARROWS
NORRIS S BERNARD
LAWRENCE BEST
RICHARD BUTLER
JAMES Y CATHCART
JESSIE ANN CHESTNUT
WAYNE GARDNER
BARBARA IRWIN
KATE KELLY
STACEY MULLEN
ELWIN NEWKIRK
KATHRYN PEDERSEN
BRUCE PELLETIER
JOHN PENA
RONALD A PERKINS
PRICE COSTCO
B J SEATON
STANLEY SNIFF
VICTORIA ST JOHNS
BUILDING HORIZONS
COIS M BYRD SHERIFF
CALIFORNIA VISION SERVICE
CLERK OF SUPERIOR COURT
COVER T-SHIRT COMPANY
EMPLOYMENT DEVELOPMENT
CHECK
AMT.
7878.75
8750.00
54.50
64.64
1099.43
107377.91
241.49
63.00
1939.77
550.00
531.00
218.24
217.34
96.69
11987.45
17.34
93.74
206.56
260.00
100.00
100.00
100.00
692.57
50.00
75.00
25.00
100.00
750.00
25.00
100.00
50.00
50.00
25.00
100.00
25.00
50.00
1394.11
750.00
1033.03
25.00
690.57
50.00
63915.41
267.74
972.73
200.00
377.00
2989.03
14-
44. J.a
r.a ic_c�i:
(:;I hrCK
CHECK
CHECK CUMUI_A C 1 Vk:
Nl.Jrtl�E:l'�
TYF'C:
1�A'T E'AYEM::
-MOUNT' Sl.1F+11..
1.44 :3
REGULAR
i./:L9/?3
'1640
PENA, ;JOHN
55+00 :;`:;.00
:14641.
NEGOUL..AR
2/16/93
2670
DESERT F'AC:1LIITES CORD
435+00 490.00
1'5 744
f,.E-.GULAR
6/30/93
821
HIGH TECH IRRIGATION INC
8664 23
:1613:37
REGULAR
11/02/93
1174
LEONE, DEAN
3.00 1359 * 2 3
:17:149
REGULAR
12/07/93
1640
PENA, JOHN
14.84 1374.07
:19866
REGULAR
10/31/94
1394
MULLEIN, STACEY
25400 1399.0 7
20084
REGULAR
11/30/94
2353
WEPT+ FOODS, JOSE PH
115.00 1514.07
('0'TAL
or ALL OU'T'STANTJING CHECKS
1514+07 1514.0"? �
115
BR3001-BANK RECONCILIATION
CITY OF LA QUINTA
BANK CHECK CHECK
ACCT. NO. DATE
P 11747 04/21/95
1 02
05/05/95
11 3
05/05/95
118
05/05/95
11805
05/05/95
11806
05/05/95
11807
5/05/95
11808
0 05/95
11809
05 5/95
11810
05/ 95
11811
05/05 5
11812
05/05/
11813
05/05/9
11814
05/05/95
11815
05/05/95
11816
05/05/95
11817
05/05/95
11818
05/05/95
11819
05/05/95
11820
05/05/95
11821
05/05/95
11822
05/05/95
11823
05/05/95
11824
05/05/95
11825
05/05/95
11826
05/05/95
11827
05/05/95
11828
05/05/95
11829
05/05/95
11830
05/05/95
11831
05/05/95
11832
05/05/95
11833
05/05/95
11834
05/05/95
11835
05/05/95
11836
05/05/95
11837
05/05/9,
11838
05/05/
11839
05/05 95
11840
05/ /95
11841
05 5/95
11842
/05/95
11843
5/05/95
11844
05/05/95
1184
05/05/95
118
05/05/95
11 47
05/05/95
848
05/05/95
OUTSTANDING CHECKS
,P�Rb
EMPLOYEE EMPLOYEE NAME
NO.
0000000066 GATES, WILLIAM L
0000000001 CABRERA, ADOLFO
0000000006 HARTUNG, THOMAS A
0000000008 HIRDLER, ROGER T
0000000010 KOCHELL, STEVE M
0000000020 VREEKEN, JOHN R
0000000027 NESBIT, WALLACE H
0000000045 KIRKLAND, RICHARD L
0000000047 SHEPHERD, ELEANOR L
0000000058 HERMAN, JEROLD D
0000000063 SAWYER, BETTY J
0000000066 GATES, WILLIAM L
0000000067 JUHOLA, SAUNDRA L
0000000068 JOHNSON, DANNY R
000000069 CEBALLOS, MISAELA
00000071 CONTRERAS, GEORG E
00 000075 PONCE, MARIO
000 00078 GENOVESE, THO S P
0000 0081 WHELCHEL, DO D L
000000 84 RISLEY, JO J
0000000 7 ANGULO, IO C
00000000 SAWA, ST EY B
0000000089 MITH, ILYN
10:50AM 05/31/95
PAGE 1
0000000090 EER STEVEN D
0000000092 O , MARK S
0000000094 C TIANSEN, SHARON K
0000000096 M A, ROBERT M
0000000097 RE , DEBORAH
000000010 SPIDELL CRISTAL C
00000001 GUZMAN, CTOR
0000000 7 GASTON, GI ER L
00000 109 BAKER, FRED IC M
0000 0110 BANKS, KERRY
000 00113 LI CALSI, PAME J
0 0000115 DOMINGUEZ, ANNA
00000116 VERLENGIA, ROMANO
0000000117 BOUMA, FRED R
0000000118 CROFT, GENIENE D
0000000120 TROUSDELL, GREG S
0000000121 DEXTER, LEANN R
0000000122 PELLETIER, BRUCE A
0000000123 STEINER, EDWARD J
0000000125 TROPPLE, KELLY S
0000000127 FREELAND, JOHN M
0000000128 PARKER, PATSY L
0000000132 MOURIQUAND-CHER, LESLIE J
0000000137 STULL, PAMELA J
0000000142 MONTELLANO, ENRIQUE K
0000000143 VERDUGO, RUBEN H
CHECK
AMT.
1008.34
1107.59
1063.82
1696.33
795.44
1008.34
1048.75
275.14
117.07
808.21
664.63
2517.37
1039.23
1260.85
884.50
1293.09
1055.75
1441.85
1148.66
663.55
246.15
814.71
882.95
753.69
637.94
1160.33
828.99
1610.38
370.68
1107.58
1258.82
400.65
1346.33
958.78
413.59
855.09
854.82
218.81
14.13
1 6.03
74 .27
657. 9
621.
/6
T a 0
4hf 4 4 a"
[ENT ADVISORY BOARD MEETING: June 14, 1995
Business Item: B
ITEM TITLE
Consideration and Discussion
of a Specific Task Outline
ISSUE AND DISCUSSION:
See Attached Mission Statements.
Approved for submission to the Investment Advi
Mission Statement
Board Member Brown
It is necessary to identify a written outline/task enumeration from Council in order to clarify
the purpose and function of the Investment Advisory Board.
This need was identified early by Board Member Wilson as he questioned the need to
spend significant Board time with the Treasurers report each month. If, in fact, our function
is to thoroughly review these reports and statements should our board be concerned with
issues such as methods or reporting/approving including internal policy recommendations?
More importantly, it is necessary to develop contact with the Council Members on a regular
basis. Through this exposure and communication questions, directions and requests can
be promptly addressed. This ca be accomplished by a representative from Council
attending regular Board meetings either as a permanent or rotating assignment. Further,
it may be necessary for the Board to reorganize the date/time of meetings in order to
accomplish this goal and accommodate Council.
Finally, staff should be commended for their constant assistance through these first
several meetings of the Investment Advisory Board developments.
Mission Statement
Board Member Sales
The City of La Quinta Investment Advisory Board was created by an Ordinance for the
purpose of strengthening the internal controls for safeguarding cash and investment
owned or controlled by the City.
Ordinance No. 222 added Chapter 2.70 of the Municipal Code which sets forth the
functions of the Board.
1) Review account statements and verifications to ensure accurate reporting.
2) Monitor compliance with existing policy and procedure.
3) Review and make recommendations concerning investment policy and procedures,
investment contracts, and investment consultants.
The mission of this initial Board should be to establish specific guidelines to accomplish
the functions set forth in the ordinance.
Such specific guidelines could include.
Under No. 1)
A. Request Staff that account statements be in such form and content to be
readily understood by all members of the Board.
B. Sufficient back-up detail be provided to ensure accuracy. Again, staff
recommend the detail.
C. Require a report from someone other than the preparer, that such reports
are independently verified.
Under No. 2)
A. Request from Staff details of current policies and procedures.
Under No. 3)
Establish some method to determine when an investment is contemplated and or
actually made.
Devise a standard method of reporting to the City Council in accordance with the
Ordinance.
Mission Statement
Board Member Gilreath
believe that the primary purpose of the Investment Advisory Board is to act as a
"watchdog", therefore preventing the recurrence of the Wymer debacle. I also believe that
there are instances in which this Board could act as an investigative body thereby relieving
the council Members to pursue more important problems. As an example of this
possibility: In the minutes of the Council Meeting of January 18th, 1994, there was a
request made for financial assistance from Coachella Valley Youth, Inc. Council Member
McCartney wished to have more detail with regards to the use of which such money would
be put, etc. A Member of this Board could easily undertake such a project.
Mission Statement
Chairman Lewis
Mission is to make recommendations to the City Council about where to invest City money
including reserves that fall outside State mandated procedures that encompass monies
that must be placed in a prescribed way. This would be done with care looking to safety
first and liquidity and yield second.
Mission Statement
Board Member Irwin
The mission of the Board is to address at each meeting:
1. Account statements and verifications to ensure accurate reporting.
2. Monitor compliance with existing policy and procedures.
3. Review and make recommendations concerning investment policy and procedures,
investment contracts and investment consultants.
The review of account statements is intended to be an overview i.e. Do they appear
to be reasonable to the facts and circumstances known to the Board? The Board is bound
to make inquiries of staff regarding such statements when appropriate but can not assume
the role of a controller or auditor. The review and ultimate approval of City accounts and
statements by the Board should complement but not be confused with the attest faction
borne by the City's Finance Director and independent auditors.
(There is an odd redundancy here in that the Treasurer's report is not submitted to
the Board for review and approval until it has been reviewed and approved by Council).
(The Ordinance also states that the Board will report to Council after each meeting
either in person or through correspondence at a regular Council meeting. Does a copy of
our minutes suffice for this purpose?)
(Paragraph 2) Policies and procedures to be monitored relate primarily to those
policies and procedures that relate to the preparation of significant City and RDA financial
statements, the effectiveness of procedures for handling receipts and disbursements and
the selection of depositories.
(Paragraph 3) Policies and procedures to be monitored include development of
recommendations to Council as to fundamental investment policies, day4o-day compliance
by staff and advisors with those policies and a review of procedures employed by staff to
deal with its depositories and -other elements of the investment community. The Board will
advise staff regarding current market conditions that may impact the City's portfolio.
T Aj
4hf 4 4a Qumra
78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253 - (619) 777-7000
FAX (619) 777-7101
June 8, 1995
TO: Members of the Investment Advisory Board
FROM: John Falconer, Finance Director
Mission Statement:
The mission of the Investment Adviso and
ensure existing investment policies adherE
Council to ensure the proper safecg ding oil
The Investment Advisory BoaEWould
Review
Review
Review
Ing Inves
LTrana
ea
ruinta, California is to
nd updates to the City
ments.
ure:
iciest
orts a Vnce Sheets, and;
er Comments.
MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253
Board Member Comments Item A.
Investment Advisory Board
Agenda Items for June Meeting
Business Matters
1. Recommend that funds presently invested with LAIF be redeployed into more
suitable investment vehicles.
2. Recommend that Investment Policy reference to "government pool" be
clarified.
Discussion Item
1. Revisit the limits in the investment plicy as to the maximum amount of funds to
be placed in various investment vehicles.
JAI 5/15/95
op
pp� —r
Qv� •c9ti
OZ
V �
OF THE
INVESTMENT ADVISORY BOARD MEETING: June 14, 1995
Informational Item: A
ITEM TITLE
Transmittal of Audit for year ended
June 30, 1994 and Transmittal of
Auditor's Management Letter.
ISSUE AND DISCUSSION:
Attached is the Audit Report and the Auditor's Management Letter and City comments for
year ended June 30, 1994.
Approved for submission to the Investment AdKsory Poard:
J hn M. Falconer
Fi ance Director
CITY OF LA QUINTA
La Quinta, California
General Purpose Financial Statements
and Supplemental Data
Year ended June 30, 1994
(With Independent, Auditors' Report Thereon)
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
Year ended June 30, 1994
TABLE OF CONTENTS
Exhibit< Page
Independent Auditors' Report
1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and
Account Groups
AA 2
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All
Governmental Fund Types
BB 5
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and
Actual - All Governmental Fund Types
CC 6
Notes to Financial Statements
8
Supplemental Data:
Special Revenue Funds:
Combining Balance Sheet
A-1 30
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
A-2 32
State Gas Tax Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
A-3 34
Community Service Projects Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
A-4 35
Federal Assistance Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
A-5 36
Assessment District 89-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
A-6 37
Quimby Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
A-7 38
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
(Continued)
TABLE OF CONTENTS. (CONTINUED)
Exhibit Page
Village Parking Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
A-8 39
South Coast Air Quality Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
A-9 40
Low Income Housing Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
A-10 41
Low Income Housing Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes.
in Fund Balances - Budget and Actual
A-11 -42
Debt Service Funds:
Combining Balance Sheet
B-1 44
Combining Statement of Revenues, Expenditures- and
Changes in Fund Balances
B-2 45
Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
B-3 46
Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
B-4 47
Financing Authority Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
B-5 48
Capital Projects Funds:
Combining Balance Sheet C-1 50
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances C-2 52
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
(Continued)
Assessment District 88-1 Fund:
Statement of Revenues, Expenditures and Changes
In Fund Balances - Budget and Actual
Assessment District 89-2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Assessment District 90-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Assessment District 91-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Assessment District 92-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Infrastructure Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Agency Funds:
Combining Balance Sheet - All Agency Funds
Statement of Changes in Assets and Liabilities -
All Agency Funds
Exhibit Page
C-3 54
C-4 55
C-5 56
C-6 57
C-7 58
C-8 59
C-9 60
C-10 61
D-1 64
D-2 65
(This page intentionally left blank)
CONRAD
'ASSOCIATES
A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS
The Honorable Mayor and City Council
City of La Quinta
La Quinta, California
CERTIFIED PUBLIC ACCOUNTANTS
1100 MAIN STREET. SUITE C
IRVINE, CALIFORNIA 92714
(714) 474.2020
We have audited the accompanying general purpose financial statements of the City of
La Quinta, California as of and for the year ended June 30, 1994, as listed in the table of
contents. These general purpose financial statements are the responsibility of the
management of the City of La Quinta, California. Our responsibility is to express an opinion
on these general purpose 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 examining, on a test basis, evidence supporting the amounts and disclosures in
the general purpose financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the aforementioned general purpose financial statements referred to above
present fairly, in all material respects, the financial position of the City of La Quinta,
California as of June 30, 1994, 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 forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund financial statements listed
in the table of contents are presented for purposes of additional analysis and are not a
required part of the general purpose financial statements of the City of La Quinta,
California. Such 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.
December 2, 1994
-1-
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
CM OF LA QUINTA
Combined Balance Sheet -
All Fund Types and Account Groups
June 30, 1994
Governmental
Fund Tvoes
Special
Debt
Capital
General
Revenue
Service
Projects
Assets
Cash and investments (note 2)
$4,152,450
2,259,358
1,972,6S0
2,96S,438
Cash with fiscal agent (note 2)
-
-
2,144,169
4,921,S74
Accounts receivable
273,2SS
-
-
-
Prepaid expenses
-
-
399,971
-
Notes receivable
-
67,120
-
-
Due from other funds (note 21)
-
4,056,211
1,S89,903
260,361
Due from other governments
223,861
192,1S4
-
Land held for resale
-
361,340
-
.1,142,260
-
Advances to other funds.(note 12)
4,321,796
-
-
-
Deposits
32,343
-
-
S,122
Property, plant and equipment (note 4)
-
Amount available in debt service fonds
Amount to be provided for general long-term debt
-
-
-
_
Total assets
6,106,693
9,294,755
Liabilities and Fund &Mitt'
Liabilities:
Accounts payable
$ 612,18S
129,1S6
649,937
718,198
Accrued expenses
71,442
7,197
-
-
Compensated absences payable
-
-
_
_
Deposits payable
178,04S
34,840
-
S2,100
Claims and settlements payable (notes 18 and 23)
-
-
-
_
Deferred compensation payable (note 16)
-
-
-
_
Deferred revenue
_
_
_
_
Retentions payable
_
_
_
94,978
Due to other funds (note 21)
-
260,361
SS1,038
5,09S,076
Due to bondholders
_
_
Advances from other funds (note 12)
Obligations under pass -through agreements
(notes 8, 9 and 10)
Tax allocation bands (note 6)
Revenue bonds (note 7)
Notes payable (note 11)
Total liabilities
861,672
431.S54
1,199,975
S.960.342
Find equity:
Investment in fixed assets
-
_
_
_
feneral
Fund balances note IS):
Reserved for:
Bond reserve requirements
-
-
1,9S7,747
-
Advances to other funds
4,321.7%
-
-
-
Prepaid expenses
-
-
399,971
Deposits
32,343
_
_
5,122
Notes receivable
-
67,120
-
-
Land held for resale
-
361,340
-
-
TDC omer participation agreement
-
-
-
1,920,793
Unreserved:
Designated for equipment replacement
82,674
-
-
_
Designated for debt service
-
_
2,S49,000
_
Designated for emergency reserve
1,22S,243
-
-
-
Designated for operations/projects/transfers
2,494,977
6,076,169
-
1.508.498
Total fund equity
8,147,033
6.504•629
4,906,718
3,334,413
Total liabilities and fund equity
59.008.705
6.93M
6,1�
9.,294,755
See accompanying notes to financial statements.
-2-
FMIBIT AA
Fiduciary Fund Iges
Account
Grows _
Totals
General
General
(Memorandum
Only)
Aaencv
Fixed Asset
Long -Term Debt
1994
1993
1,857,049
-
-
13,206,945
19,238,631
-
-
-
7,065,743
8,026,698
-
-
-
273,2SS
3S9,410
-
-
-
399,971
-
-
-
-
67,120
149,719
-
-
-
5.906,475
2.006,419
49,647
-
-
1,612,922
876,898
-
-
-
361.340
-
-
-
-
4,321,796
S,291.736
-
-
-
37.46S
S8.639
-
20,S9S.339
-
20,595,339
19,286.53S
-
1.90�
-
-
20,595,339
4,906,719
77,027,499
81.934.217
4,906,713
77,027,499
135.782.588
3,22S,324
76,132,814
134.652.823
-
-
-
2,108,466
.1,35S.709
-
-
-
73,639
97,9S7
-
-
297,017
297,017
2S6,03S
187,727
-
-
4S2,712
349,411
-
-
-
-
2,114,8S6
204,966
-
-
204,966
242,487
-
-
-
-
5.750
-
-
-
94,978
1,067,934
-
-
-
5,906,475
2,006.419
1.514,003
-
-
1,514,003
1,191.778
-
-
4,321,796
4,321,796
5,291,737
-
-
26,743.004
26,743,004
21,723,487
-
-
40,810,000
40,810,000
40,08S.000
-
-
8,S1S.000
81S1S1000
8.S1S1000
1.247.400
1,247,400
1,663,200
1,906,696
81,934,217
92,294,456
85,966.760
-
20,S9S,339
-
20.S9S,339
19.286,535
-
-
-
1,9S7.747
2,236,391
-
-
-
4,321,796
5,291,737
-
-
-
3".971
-
-
-
-
37,46S
58,639
-
-
-
67,120
149,719
-
-
-
361.340
-
-
-
-
1,820,793
29183,124
-
-
-
82,674
82,056
-
-
-
2,549,000
998,933
-
-
-
-
-
1,22S,243
10,069,644
-
18,408,929
-
1.9s
20.S9S.339
20.59S.339
91,934,217
43,498,132
135.782.588
49,696,063
134.6S2.823
-3-
(This page intentionally left blank)
-4-
EXHIBIT BB
CITY OF LA QUIDTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental Fund Types
Year ended June 30, 1994
Totals
Special
Debt
Capital
(Memorandum
Only)
General Revenue Service
Projects
1994
1993
Revenues:
Taxes
$4,212,604 2,171,571 11.061,864
-
17,446,039
16,297,026
Licenses and permits
777,241 -
-
-
777,241
622.107
Charges for services
469,695 -
-
-
469,695
384,000
Fines and forfeitures
21.027 -
-
-
21,027
11,546
Intergovernmental.
1,579,005 824.127
-
2,97S,7SO
5,378,892
19692.231
Developer fees
- 76,485
-
1,465,144
1,S41,629
909,267
Interest
585,264 270.872
189,555
213,091
1,259.782
1 776,972
Special assessments
- 622.136
-
258,601
880,737
60S,462
Rental income
- -
226,994
-
226,994
-
Miscellaneous
1,042,972 535
3.995
25.000
1,072,402
279,902
Total revenues
9,697,709 3,96S.776
11,492,409
4,937,596
29.073,479
22,567,513
Expenditures:
General government
2,359,673 -
-
-
2,3S9,673
3,292,761
Public safety
2,786,57S -
-
-
2,786,57S
2,393,202
Community services
119.265 -
-
-
119,26S
222,186
Planning and development
S11.416 2,709,107
19S,854
1.416.00S
4,832,382
2,369,172
Public works
673,144 1,070,678
-
-
1,743.922
1,667,593
Capital projects
- 446,496
-
14,296,844
14.733,330
15,464,OS1
Debt service:
Principal
- -
8SO.000
-
850,000
760.000
Interest
- -
3,947,238
16,929
3,964,066
3,8S3,942
Payment of advances
- 21,715
8151010
137,210
973,935
9,8S1,766
Payments under pass -through
obligations
- -
6,217,002
-
6,217,002
8,1S2,245
Mandated education contribution
- -
551,039
-
S51.039
1,597,351
Total expenditures
6.4SO.073 4,247,986
12,576,142
1S.856.887
39,131,099
49,674,269
Excess (deficiency) of
revenues over (under)
expenditures
2.237.635 (282,210)
(1,093,734)
(10,919,301)
(10,057.610)
(27,106,756)
Other financing sources (uses):
Operating transfers in
110,624 761.069
239.290
3,27S,047
4.386,029
14,916,182
Operating transfers out
(273,171) (1,042,339)
(942,769)
(2,227,7S2)
(4,386,029)
(14,916.182)
Proceeds of bonds (net of
discount and issue costs)
- -
-
29,932,827
29,932,827
S.S90,416
Payments to refunded bond escrow
agent
- -
-
(27,922,S26)
(27,922,526)
-
Litigation settlement proceeds
109,013 -
3,378,606
52,9SS
3,540.S74
-
Litigation settlement payments
- -
-
(2,000,000)
(29000,000)
-
Proceeds of advances from City
- -
-
-
-
9,279,019
Total other financing
sources (uses)
(53,534) (291,270)
2,775,129
1,110,551
3,550,975
14,969,435
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
2,134,101 (563.480)
1,681,394
(9,808.7SO)
(6,506,73S)
(12.237,321)
Fund balances at beginning of year
5,962,932 7,068,109
3.22S.324
13,143,163
29.399.528
41,636,849
Fund balances at end of year
58.147.033
4.906.718
3.334.413
22.892.793
29.399.528
See accompanying notes to financial statements.
-5-
4.ia x Wr a.A YULAAA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual -
All Governmental Fund Types
Year ended June 30, 1994
General Fund
Variance -
Budget
Favorable
Revenues:
Actual
(Unfavorable)
Taxes
$3,783,400
4,212,604
429,204
Licenses and permits
503,S00
777.241
273,741
Charges for services
301,S10
469,695
168,185
Fines and forfeitures
13,OSO
21,027
7,977
Developer fees
_
Intergovernmental
1,719,181
i,S79,00S
(140,176)
Interest
146,100
S8S,264
439,164
Special assessments
-
_
_
Rental income
_
_
_
Miscellaneous
105.73S
1,042,872
937,137
Total revenues
6.S72.476
8,687,709
2.115.232
Expenditures:
General government
2,1SS,21S
2,3S9,673
(204,4S8)
Public safety
3,049,378
2,786,S7S
262,803
Community services
183,916
119,26S
64,6S1
Planning and development
484,S18
S11,416'
(26,899)
Public works
6S2,466
673,144
(20,679)
Capital projects
_
_
_
Debt service:
Principal
Interest
Payment of advances
Payments under pass -through obligations
Mandated education contribution
Total expenditures
6.S2S.493
6.4SO.073
7S.420
Excess (deficiency) of revenues over expenditures
46.993
2.237.63S
2.190.652
Other financing sources (uses):
Operating transfers in
110,273
110,624
351
Operating transfers out
(151,923)
(273,171)
(121,248)
-- Proceeds of bonds
Payments to refunded bond escrow agent
_
_
_
Litigation settlement proceeds
-
109,013
109,013
Litigation settlement payments
Total other financing sources (uses)
MAN)
(53:534)
(11,994)
Excess (deficiency) of revenues and other financing
sources over (under) expenditures and other financing
uses S,333
2,194,101
2,178,769
Fund balances at beginning of year 5,962,933
Fund balances at -end of year
See accompanying notes tofinancialstatements.
EXHIBIT CC
Special
Revenue
Funds
Debt
Service Funds
Capital
Proiects Funds
Variance -
Variance-
Variance-
Budget
Actual
Favorable
(Unfavorable]
Budget
Actual
Favorable
(Unfavorable)
Budget
Actual
Favorable
(Unfavorable)
2,330,079
2,171,571
(159,508)
11,811,725
11.061,864
(749,861)
-
-
-
170,000
76,48S
(93,S1S)
-
-
-
925,000
1,465,144
S40,144
8SS,654
824,127
(31,S27)
-
-
-
491SS,303
2,975,750
(1,179,SS3)
176,07S
270.372
%,797
213,407
189,5SS
(28,SS2)
422,S00
213,091
(209,409)
539,789
622,186
92,397
-
-
-
-
2S8,601
2S5,601
-
-
53S
-
535
23S,000
-
226,994
3.995
-(8,006)
3.995
-
-
-
2S.000
-
2S.000
4.071.597
3.96S.776
(105,921)
12,265,132
11,492,409
(792,724)
S.502.803
4.937.S86
(56S.217)
1,312,867
2,709,107
(1,396,240)
3,000
19S,8S4
(192,8S4)
1,381,9S3
1,416,00S
(34,052)
1,026,069
1,070.679
(44,609)
-
-
-
-
-
-
1,9SS,306
446,496
1,S08,820
-
-
-
19.444,386
14,286,844
S,1S7,S42
21,71S (21,71S)
4,294,242 4,247,986 46.256
(222,645) (292,210) (S9.S65)
1,089,396 761,068 (328,323)
(1,201,S84) (1,042,338) 1S9,246
(112.188) (281.1�70) (169,082)
815.000
8S0,000
(3S.000)
-
-
-
3,367,SSS
3,947,233
(S79,683)
-
16,828
(16,828)
83S,000
81S,010
19,990
-
137,210
(137,210)
2,267,874
544.885
6.217.002
SS1.038
(3,949;128)
(6.1S3)
-
-
-
-
-
-
7,933,314
12,576,142
(1,093,734)
(4,742,829)
(S.52S.S52)
20,926,339
(15.323.S36)
15.8S6.887
(10,919,301)
4,969,452
4.404.23S
4,431,919
-
239,290
239,290
1,916,4%
39*275,047
1,3S8,S51
(100,000)
(842,769)
(742,765)
(1,S90,33S)
(2,227,7S2)
(637,417)
-
-
-
29,932,827
29,932,827
-
-
-
-
(279922,526)
(27,922,526)
-
-
39379,606
3,378,606
-
S21955
52,955
-
-
2.77S.128
-
2.87S.128
(2,300,000)
36.462
(2,000,000)
1.110.SS1
300,000
1,074,089
(100,000)
(334,833) (563,490) (228,647) 4,331,818 1,691,394 (2,650,424) (15,287,074) (9,808,7SO) S,478,324
7,068,109 7,068,109 - 3.22S.324 3.22S.324 - 13,143,163 13,143,163 -
L 73� 3 276 6.50� 629 (22 ) 7,557,142 4,906.719 (2-65 ) (2.143.911) 3 334,413 5.478.324
Do
CITY OF LA QUINTA
Notes to the Financial Statements
June 30, 1994
The City of La Quinta was incorporated May 1, 1992 under the general laws of
the State of California. The City operates under the Council — Manager form of
government.
The City provides many community services including public safety, highway and
street maintenance, health and social services, cultural and leisure services,
public improvements, planning and zoning services, and community development
services.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments. As required by general accepted
accounting principles, these financial statements present the government and its
component units, entities for which the government is considered to be
financially accountable. The City is considered to be financially accountable for
an organization if the City appoints a voting majority of that organization's
governing body and the City is able to impose its will on that organization or
there is a potential for that organization to provide specific financial benefits to
or impose specific financial burdens on the City. The City is also considered to
be financially accountable if an organization is fiscally dependent (i.e., it is
unable to adopt its budget, levy taxes, set rates or charges, or issue bonded debt
without approval from the City). In certain cases, other organizations are
included as component units if the nature and significance of their relationship
with the City are such that their exclusion would cause the City's financial
statements to be misleading or incomplete,
All of the City's component units are considered to be blended component units.
Blended component units, although legally separate entities, are, in substance,
part of the government's operations and so data from these units are reported
with the interfund data of the primary government. The following organizations
are considered to be component units of the City:
The La Quinta Redevelopment Agency has established two redevelopment project
areas pursuant to the State of California Health & Safety Code Section 33000
entitled "Community Redevelopment Law". On November 29, 1993 and May 16,
1989, the City Council approved and adopted the Redevelopment Plans for the La
Quinta . Redevelopment Project Areas No. 1 and No. 2, respectively. These plans
provide for the elimination of blight and deterioration which was found to exist in
the project areas. Even though it is legally separate, it is reported as if it were
part of the City because the City Council also serves as the governing board of
the Agency. Upon completion, separate financial statements of the Agency can
be obtained at City Hall.
—9—
5M
(a)
(b)
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
The La Quinta Public Financing Authority (Authority) was established pursuant to
a Joint Exercise of Powers Agreement dated November 19, 1991, between the
City of La Quinta and the La Quinta Redevelopment Agency. The purpose of the
Authority is to provide, through the issuance of debt, financing necessary for the
construction of various public improvements. Although it is legally separate, it is
reported as if it were part of the City because the City Council also serves as the
governing board of the Authority. Upon completion, separate financial
statements of the Authority can be obtained at City Hall.
The basic accounting and reporting entity is a "fund." A fund is defined as an
independent fiscal and accounting entity with a self —balancing set of accounts,
recording resources, related liabilities, obligations, reserves and equities
segregated for the purpose of carrying out specific activities or attaining certain
objectives in accordance with special regulations, restrictions or limitations.
The accounting records of the City are organized on the basis of funds and
account groups classified for reporting purposes as follows:
GOVERNMENTAL FUNDS
General Fund
The General Fund is the general operating fund of the City. All general tax
revenues and other receipts that are not allocated by law or contractual
agreement to some other fund are accounted for in this fund. Expenditures of
this fund include the general operating expenses which are not paid through other
funds.
Special Revenue Funds
The Special Revenue Funds are used to account for proceeds of specific revenue
sources that are restricted by law or administrative action for specific purposes.
Debt Service Fund
The Debt Service Funds are used to account for resources set aside for
repayment of general long term debt.
Caul Project Funds
Capital Project Funds are used to account for financial resources to be used for
the acquisition or construction of major capital facilities. .
—9—
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
FIDUCIARY FUNDS
Aggncy Funds
The Agency Funds are used to account for assets held by the City in an agency
capacity for individuals, private businesses and other governmental agencies.
ACCOUNT GROUPS
General Fixed Assets Account Groun
The General Fixed Assets Account Group is used to account for the costs of fixed
assets acquired to perform general government functions.
Assets purchased are recorded as expenditures in the governmental funds and
capitalized at cost in the general fixed assets account group. Fixed asset records
include estimates of original historical cost as determined by knowledgeable
individuals in the City. Contributed fixed assets are recorded in general fixed
assets at fair market value when received. Fixed assets acquired under a capital
lease are recorded at the net present value of future lease payments.
Fixed assets consisting of certain improvements other than buildings, including
roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and
lighting systems, have not been capitalized. Such assets normally are immovable
and of value only to the City. Therefore, the purpose of stewardship for capital
expenditures is satisfied without recording these assets.
No depreciation has been provided on general fixed assets.
The General Long —Term Debt Account Group is used to account for all long—term
debt of the City.
Governmental (general, special revenue, debt service and capital projects) fund
types are accounted for on a "spending' measurement focus. Accordingly, only
current assets and current liabilities are included on their balance sheets. The
reported fund balance provides an indication of available, spendable resources.
Operating statements for governmental fund types report increases (revenues)
and decreases (expenditures) in available spendable resources.
—10—
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
Agency funds are custodial in nature (assets equal liabilities) and do not involve
measurement of results of operations.
The modified accrual basis of accounting is followed by the governmental and
agency funds. Under the modified accrual basis of accounting, revenues are
susceptible to accrual when they become both measurable and available.
Available means collectible within the current period or soon enough thereafter
to be used to pay liabilities of the current period. Expenditures, other than
interest on long-term debt, are recorded when a current liability is incurred.
Liabilities are considered current when they are normally expected to be
liquidated with expendable available financial resources.
Taxes, subventions, and entitlements held at year-end by an intermediary
collecting government are recognized as revenue under the modified accrual
basis of accounting. Reimbursement grant revenues are recognized when the
related expenditures are incurred. Revenues from the use of money and property
are recorded when earned.
Material delinquent and total uncollected current year property taxes (net of
estimated. uncollectibles) are recorded as current year receivables. Property
taxes (net of estimated uncollectibles) that are levied and measureable in the
current year, but not available to finance current period expenditures, are
recorded as a receivable and as deferred. revenues. The deferred revenues are
recognized as revenue in the fiscal year in which they become available.
Licenses, permits, fines, forfeitures, charges for services, taxpayer -assessed
taxes and miscellaneous revenues are recorded as governmental fund revenues
when received in cash because they are generally not measurable until actually
received.
The City adopts an annual budget prepared on the modified accrual basis of
accounting for all funds except for the South Coast Air Quality, Financing
Authority, Assessment District 88-1, Assessment District 89-2, Assessment
District 90-1, Assessment District 91-1, and Assessment District 92-1 Funds.
The City Manager or his designee is authorized to transfer budgeted amounts
between the accounts of any department. Revisions that alter the total
appropriations of any department or fund are approved by City Council. Prior
year appropriations lapse unless they are approved for carryover into the
following fiscal year. Expenditures may not legally exceed appropriations at the
department level. Reserves for encumbrances are not recorded by the City of La
Quinta. '
-11-
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies. (Continued)
(e) Interfund Transfers
Nonrecurring transfers of equity between funds are reported as an adjustment to
beginning fund balance. Operating transfers are reported as other sources and
uses of funds in the statement of revenues, expenditures, and changes in fund
balance.
MI - • 7MITM
Long-term interfund advances are recorded as a receivable and in the long-term
debt account group.
(g) Investments
Investments are valued at cost. An estimated loss is accrued for an impairment
of investment market value when it is probable that the loss will become realized
and the amount of loss can be reasonably estimated. In management's opinion, it
is not probable that the temporary declines in the market value of the City's
investments will become realized because it is management's intention to hold
the investments to maturity or until the market value of the investments equals
or exceeds their cost. Therefore, temporary market value declines are not
reflected in the accompanying financial statements. Any losses resulting from a
permanent decline in investment market values are recorded as a reduction of
interest income.
The amounts recorded as a receivable due from other governments include sales
taxes, property taxes, and grant revenues, collected or provided by Federal,
State, County and City Governments and unremitted to the City as of June 30,
1994. The County of Riverside assesses, bills, and collects property taxes for the
City.
Land held for resale represents property acquired by the Agency for resale. The
property is recorded at original cost. No write -down for a lower market value
has been reflected in the accompanying financial statements.
II•I L"RITM
11,743
Sick time is vested on a percentage based on number of years employed at the
City. Maximum accumulation of sick and vacation is 30 days per type of leave.
Upon termination or retirement, permanent employees are entitled to receive
compensation at their current base salary for all unused vacation leave. If an
employee terminates with a minimum of two years. service, the employee is
entitled to receive 25% of the value of his unused sick leave. The percentage
Bta
CITY OF LA QUINTA
Notes to the Financial Statements
-(Continued)
increases by 25% for each five year period until the employee is entitled to 75%
of the value of his unused sick leave. This will occur upon the completion of ten
years of continuous employment.
The City records a liability for material litigation, judgments, and claims
(including incurred but not reported losses) when it is probable that an asset has
been impaired or a material liability has been incurred prior to year end and the
probable amount of loss (net of any insurance coverage or available funds on
deposit) can be reasonably estimated.
The City does not provide postemployment benefits (other than pension benefits)
for its employees.
(m) Capital Projects
Capital projects expenditures include public domain or infrastructure projects
which are not capitalized as additions to general fixed assets.
Columns in the accompanying financial statements captioned "Totals
(Memorandum Only)" are not necessary for a fair presentation of the financial
statements in accordance with generally accepted accounting principles, but are
presented as additional analytical data. Interfund balances and transactions have
not been eliminated and the columns do not present consolidated financial
information.
Cash and investments held by the City at June 30, 1994 consisted of the following:
Book Balance
Petty cash and change funds. $ 11000
Deposits 3049174
Investments 19,967,514
Total 120.272.688
—13—
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments. (Continued)
Cash and investments are classified in the accompanying combined balance sheet as
follows:
Cash and investments $1392069945
Cash with fiscal agent 7,065,743
Total $20,272,689
The City and its component units are generally authorized under state statutes and
local resolutions to invest in the following types of investments:
Demand deposits with financial institutions
Savings accounts
Certificates of deposit
U.S. Treasury Securities
Federal Agency Securities
State of California notes or bonds
Notes or bonds of agencies within the State of California
Bankers' acceptances
California Local Agency'Investment Fund
Repurchase Agreements
Deferred compensation investments held in a fiduciary capacity for City employees
include investments legally authorized for the City as well as investments in mutual
funds.
Under the California Government Code, a financial institution is required to secure
deposits made by state or local governmental units by pledging securities held in the
form of an undivided collateral pool. The market value of the pledged securities in the
collateral pool must equal at least 110% of the total amount deposited by the public
agencies. California law also allows financial institutions to secure City deposits by
pledging first trust deed mortgage notes having a value of 150% of the secured public
deposits.
Deposits of cities and other state or local governments are classified in three
categories to give an indication of the level of credit risk assumed by the City.
Category 1 — includes deposits that are insured or collateralized with securities
held by the City or its agent in the City's name.
Category 2 — includes deposits collateralized with securities held by the pledging
financial institution's trust department or agent in the City's name.
Category 2 also includes deposits collateralized by an interest in an
undivided collateral pool held by an authorized Agent or Depository
and subject to certain regulatory requirements under State law.
—14—
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
Category 3 - includes deposits collateralized with securities held by the pledging
financial institution, or by its trust department or agent but not in the
City's name. Category 3 also includes any uncollateralized deposits:
Cate og_ry Bank Book
Form of Deposit 2 3 Balance Big
Demand deposits
Investments of cities in securities are classified in three categories to give an
indication of the level of custodial risk assumed by the entity.
Category 1 - includes investments that are insured or registered or for which the
securities are held by the City or the City's custodial agent (which
must be a different institution other than the party through which the
City purchased the securities) in the City's name. Investments held
"in the City's name" include securities held in a separate custodial or
fiduciary account and identified as owned by the City in the
custodian's internal accounting records.
Category 2 - includes uninsured and unregistered investments for which the
securities are held in the City's name by the dealer's agent (or by the
trust department of the dealer if the dealer was a financial _institution
and another department of the institution purchased the securities for
the City).
Category 3 - includes uninsured and unregistered investments for which the
securities are held by the dealer's trust department or agent, but not
in the City's name. Category 3 also includes all securities held by the
broker -dealer agent of the City (the party that purchased the
securities for the City) regardless of whether or not the securities are
being held in the City's name.
Carrying Market
Form of Investment Amount Value
Mutual Funds $ 7,065,743 790659743
Local Agency Investment Fund 129696,805 129696,805
Deferred compensation 204,966 204,966
Total investments $19.967.514 19.967.514
The investments above are not classified by custodial risk because they do not
represent a direct investment in securities.
-15-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
Under California law, property taxes are assessed and collected by the counties up to
1 % of assessed value, plus other increases approved by the voters. The property taxes
are recorded initially in a pool, and are then allocated to the cities based on complex
formulas. Accordingly, the City of La Quinta accrues only those taxes which are
received from the County within sixty days after year end.
Lien date March 1
Levy date June 30
Due dates November 1 and February 1
Collection dates December 10 and April 10
The La Quinta Redevelopment Agency's primary sources of revenue comes from
property taxes. Property taxes allocated to the Agency are computed in the following
manner:
(a) The assessed valuation of all property within the project area is determined on
the date of adoption of the Redevelopment Plan.
(b) Property taxes related to the incremental increase in assessed values after the
adoption of the Redevelopment Plan are allocated to the Agency; all taxes on the
"frozen" assessed valuation of the property are allocated to the City and other
districts.
The Agency has no power to levy and collect taxes and any legislative property tax
shift might reduce the amount of tax revenues that would otherwise be available to pay
the principal of, and interest on, debt. Broadened property tax exemptions could have
a similar effect. Conversely, any increase in the tax rate or assessed valuation, or any
reduction or elimination of present exemptions would increase the amount of tax
revenues that would be available to pay principal and interest on debt.
A summary of changes in general fixed assets follows:
Balance at
June 30. 1993
Balance at
Additions Retirements June 30. 1994
Land
$ 89041,393
- - 8,0419393
Equipment and furniture
537,909
15,054 - 552,963
Vehicles
3299101
- - 329,101
Leasehold improvements
2019070
- - 2019070
Construction in progress
109072,612
1,2939750 1092079783 1,1589579
Buildings
104.450-
10,207,783 - 10.312.233
Total
-16-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
Changes in general long-term debt for the year ended June 30, 1994 were as follows:
City:
Compensated absences payable
Claims payable**
RDA Project Area No. 1:
Taz allocation bonds
Revenue bonds
Pass through agreements payable:
Due to County of Riverside
Desert Sands Unified School District
Coachella Valley Unified School District
Notes payable - individuals
Advances from other funds*
RDA Project Area No. 2:
Taz allocation bonds
Due to County of Riverside
Notes payable - individuals
Advances from other funds*
Total
Balance at Balance at
July 1. 1993 Additions Deletions June 30. 1994
$ 2S6,03S 40,932 - 297,017
2,114,8S6 - 2,114,8S6 --
34,240,000 26,66S,000 2S,90S,000 3S.000.000
8.SiS1000 - - 8,515,000
4,669.328 5,847,810
-
10,517,138
3,090,270 -
524,OSO
2,S66,220
13,672,712 -
776,3S3
12,896,3S9
708,709 -
177,177
531,S31
120,333 -
120,333
-
5,84S,000 -
3S,000
5,8101000
- 763,287
-
763,237
9S4,492 -
239,623
71S,869
S.171.403
849,607
4,321,796
* Advances from other funds are monies owed by the La Quinta Redevelopment
Agency to the City of La Quinta, which also include interest accrued on the
advances.
** No amounts are presented as a liability for claims payable since amounts held on
deposit with CVJPIA of $189,310 exceed the estimated liability for claims
incurred to date of $184,629.
_ 7 • :•1•
As of June 30, 1994, the following issuances of Tax Allocation Bonds were outstanding:
La Quinta Redevelopment Project Tax Allocation Bonds, Series 1991, were issued by
the Agency, October 1, 1991, in the amount of . $8,700,000 for Project Area No. 1.
Interest is payable semi-annually, on March 1, and September 1 of each year
commencing March 1, 1992. Interest rates are 6.375% per annum.
Term Bonds maturing on September 1, 2014 are subject to mandatory sinking fund
redemption, in whole or in part, on September 1, 2010 and on each September 1,
thereafter, through September 1, 2014, at a prepayment price equal to 100% of the
principal amount plus accrued interest.
-17-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
.. . .� :.l,1_ •1 1 ti4
Under the terms of the issue, the maximum annual debt service amount of $734,480 is
to be set aside in reserve funds unless the Agency elects to maintain the reserve
requirement by obtaining a letter of credit for the amount. A total of $735,284 was
set aside at June 30, 1994. The amount of principal outstanding on the 1991 Tax
Allocation Bonds payable at June 30, 1994 was $8,335,000.
La Quinta Redevelopment Project Tax Allocation Bonds, Series 1992, were issued by
the Agency, December 1, 1992, in the amount of $5,845,000 for Project Area No. 2.
Interest is payable semi-annually on June 1 and December 1 of each year, commencing
June 1, 1993. The interest on and principal of the bonds are payable solely from
pledged tax increment revenues. Interest payments range from 4.5% to 6.9% per
annum.
The bonds maturing on or after December 1, 1996 are subject to mandatory redemption
in part without premium on June 1, 1996.
Under the terms of the bond, the maximum annual debt service amount of $509,490
excluding the principal amount of the proceeds of the bonds held in the escrow fund, is
to be set aside in reserve funds unless the Agency elects to maintain the reserve
requirement by obtaining a letter of credit for the account. As of June 30, 1994, the
amounts deposited in the reserve and escrow funds were $493,608 and $526,866,
respectively. The principal balance of outstanding bonds at June 30, 1994 was
$51,8109000.
Tax allocation refunding bonds, Series 1994, in the amount of $26,665,000 were issued
by the Agency to refund the outstanding aggregate principal amount of the Agency's
Tax Allocation Bonds, Series 1989 and 1990. The remaining proceeds was used to
finance certain capital improvements within the La Quinta Redevelopment Project
Area No. 1.
Interest rates on the bonds ranges from 3.90% to 8% and are payable semi-annually on
March 1 and September 1 of each year until maturity. The interest on and principal of
the bonds are payable solely from pledged tax increment revenues. The bonds are not
subject to redemption prior to maturity. A portion of the proceeds was used to obtain
a surety agreement to satisfy the bond reserve requirement. The principal balance of
outstanding bonds at June 30, 1994 is $26,665,000.
A portion of the bond proceeds, in the amount of $27,922,526, were deposited in an
irrevocable trust with an escrow agent to provide for all future debt service payments
on the 1999 and 1990 Tax Allocation Bonds. As a result, the bonds are considered to be
defeased and the liability for those bonds has been removed from the general
long-term debt account group. As of June 30, 1994, $7,075,000 and $18,015,000 of the
1989 and 1990 defeased bonds are outstanding, respectively.
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
La Quinta Financing Authority Local Agency Revenue Bonds, Series 1991, were issued
on December 1, 1991 by the Financing Authority in the amount of $9,515,000 to
finance construction of the new Civic Center. Interest is payable semi-annually on
October 1 and April 1 of each year commencing April 1, 1992. Interest payments range
from 5.7% to 6.2% per annum. The bonds maturing on or before October 1, 2000 are
not subject to optional redemption prior to maturity; however, bonds maturing on or
after October 1, 2001 are subject to optional redemption, as a whole or in part, on any
Interest payment date on or after October 1, 2000, at a redemption price equal to the
principal amount, plus accrued interest, plus a premium of .5% to 2%. Term bonds
maturing on October 1, are subject to mandatory sinking fund redemption in part or in
whole, on October 1, 2004 and on each October 1, thereafter, through October 1, 2019,
at a prepayment equal to 100% of the principal amount plus accrued interest. Under
the term of the issue, the amount $704,718, is to be set aside in a reserve. A total of
$704,718 was set aside as of June 30, 1994. The principal balance of outstanding bonds
at June 30, 1994 was $9,515,000. -
Project Area No. 1
Based on an agreement amended December 21, 1993 between the Agency, the City of
La Quinta, and the County of Riverside (County), the Agency will pay to the County
$10,517,139 from increment revenue relating to Project Area No. 1. This agreement is
in consideration of the tax revenues lost by the County as a result of the formation of
Project Area No. 1. The tax increment is to be paid to the County over a payment
schedule through June 30, 2006 in annual amounts ranging from $386,764 to
$2,190,473. Unpaid balances accrue interest at 5.5% per annum. The balance at June
30, 1994 was $10,517,138.
Project Area No. 2
Based on an agreement dated July 5, 1999 between the Agency and the County, until
the tax increment reaches $5,000,000 annually in Project Area No. 2, the Agency will
pay to the County 50% of the County portion of tax increment. At the County's
option, the County's pass -through portion can be retained by the Agency to finance
new County facilities- or land costs that benefit the County and serve the La Quinta
population. Per the agreement, the Agency must repay all amounts withheld from the
County. The Agency is required to begin repayment in the year in which tax increment
reaches $5,000,000 in ten equal annual installments. Interest does not accrue on this
obligation. The balance at June 30, 1994 was $763,287.
-1.9-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
Based on an agreement dated June 21, 1998 between the Agency, the City of La Quinta
and the Desert Sands Unified School District (District), the Agency identified all tax
increment revenue associated with the District for Project Area No. 1. The tax
increment is paid to the District over a payment schedule through July 1, 1999 in
amounts ranging from $21,505 to $547,505 for a total amount of $4,132,020.
Alternatively, such tax increment revenues plus interest accrued required by this
agreement may be retained by the Agency to pay on behalf .of the District principal
and interest on loans, construction projects or money advanced to finance a sports
complex and related amenities as specified by the District. Tax increment payments
outstanding at June 30, 1994 totaled $2,566,220.
An agreement was entered into in 1991 between the Agency, the City of La Quinta and
the Coachella Valley Unified School District (District) which provides for the payment
to the District of a portion of tax increment revenue associated with properties within
District confines. Such payments are subordinate to other indebtedness of the Agency
incurred in futherance of the Redevelopment Plan for Project Area No. 1. This tax
increment is paid to the District over a payment schedule through August 1, 2012, in
amounts ranging from $353,699 to $934,076, for a total amount of $15,284,042. Tax
increment payments outstanding at June 30, 1994 totaled $12,896,359. 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.
IMIEWST MOM 6. MIN �.
In the fiscal year ended June 30, 1991, the Agency purchased several parcels of land
from individuals and as a result incurred $3,383,500 of debt. Interest on the notes
ranges from 9% to 103% per annum and is payable monthly and quarterly. The
principal balance outstanding on the notes at June 30, 1994 for Project Area No. 1 and
2 was $531,531 and $715,969, respectively.
The following represents a summary of the various transactions between the City of La
Quinta and the Agency, accounted for as advances from the City:
Balances at Balances at
July 1. 1993 Proceeds Reflavm_ ents June 30. 1994
Agency expenditures
incurred by the City:
Project Area No. 1 $ 120,333 - 1209333 -
Project Area No. 2 5.171.404 849,608 4,321,796
Total - 96� 4.321.796
There is no stipulated repayment date established for the City advances. Interest is
paid at 10% per year.
-20-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
Pass -through Agreements
Redevelopment Agency
RDA
Financing
Project
Area No.
1
Motes
Project Area
No. 1
EA #E2
Authority_
Desert
Coachella
Payable
TAX
Tau
Tas
Revenue
Sands
Valley
to
Year
Allocation
Allocation
Allocation
Bonds
Unified
Unified
Coouty
Individuals
Ending
June 30
Series
1991
Series
1994
Series
1992
Series
1991
School
District
Sdbool
District
of
Riverside
(PA #E1 431
PA #2 57%)
Total
1994-95
$ 72S,743
1,435,740
472,457
699,477
661,560
624,473
396.764
528,066
5,534,28(
1995-96
722.675
2,306,S82
493.8S7
696,403
629.000
474,S17
386,764
490,644
6,199,44:
1996-97
723,810
2,629,8Si
503,607
697,S70
707,6SO
S26,560
396,764
4S3.222
6,629,03-
1997-98
723,988
2,632.040
502,127
697,987
569,010
S80,683
773,528
-
6,479,36.
1999-99
723,210
2,62S.330
S10,06S
697,623
-
621,976
773,S28
-
5.9S1,73:
1999-00
721,475
2,624,696
501,80S
696,407
-
649,927
773,529
-
S,967,83;
2000-01
723.62S
2,624,88S
S08,26S
694,413
-
670,817
1,803.70S
-
7,02S.71i
2001-02
724,500
2,620.31S
S03,500
696,467
-
694,233
1,803,70S
-
7,032,72,
2002-03
719,2S9
2,620.SSS
S08.100
697,399
-
697,919
1,803.70S
-
7,047.23
2003-04
722.744
2,S99,46S
S0115S0
692,327
-
711,877
2,190.473
-
7,418.43
2004-OS
719,794
2,612,140
S09,490
690,766
-
726,114
2,190,473
-
7.448.77
2WS-06
720,409
2,597,700
SOS.890
692.479
-
740.636.
2,190,473
-
7,447.S8
2006-07
719,431
2,S93,4S6
506,400
692,361
-
7SS.449
-
-
S,267,S9
2007-08
716,960
2,590,816
S05,650
691.914
-
770,SS8
-
-
S.27S.79
2009-09
717,S3S
2.S84,232
MAN
629.636
-
78S.968
-
-
S,281,22
2009-10
716,297
2.S78,160
506,000
690,863
-
801.683
-
-
S,293,00
2010-11
713,080
2,S71.868
S06,7SO
690.426
817,722
-
-
S.299,84
2011-12
712,720
2.S69,442
506,100
688.328
-
834,076
-
-
5,310.66
2012-13
714,9S9
2,S60.15S
509.050
684,S66
-
421,167
-
-
4,889.89
2013-14
709,799
-
SOS.2SO
683.976
-
-
-
-
1,899,02
2014-15
712,079
-
SO A O
686.22S
-
-
-
-
1,903.35
201S-16
-
=
503.100
691.313
-
-
-
-
1,184,41
2016-17
-
-
S09.400
694.072
-
-
-
-
1,193.47
.2017-18
-
-
SOS.=
679,339
-
-
-
-
1,187,S8
2019-19
-
-
-
681.94S
-
-
691.94
Principal
and
interest 1S.103.992 47.977,723 12,095,563 17,274,791 2.S66.220 12,896,3S9 1S,463,410 1,471.932 124.949,91
Less:
Interest (6,768,992) (21,312,728) (6,295,563) (8.7S9.781) - - (4,946,272) (22_2) (48.297.8(
Total
principal 5,00026.665.000 5,910,000 3.515.000 2.56� 12,896,359 10.517.138 24� 76
-21-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(14) Debt Without Governmental Commitment
The City of La Quinta has entered into the sale of Improvement Bonds issued pursuant to the
California State Improvement Act of 1915. The Bonds are payable from the annual installments
collected on the regular property tax bills sent to owners of property having unpaid assessments
levied against land benefited by the projects. The Bonds are not general obligations of the City
nor any other political subdivision and the full faith and credit of the City is not pledged for
repayment thereof. The City is in no way liable for repayment of the debt, but is only acting as
agent for the property owners in collecting the assessments, forwarding the collections to
bondholders, and does not constitute an obligation of the City; they are not reflected in the
general long—term debt account group in the accompanying financial statements. The following
is a summary of improvement bonds outstanding at June 30, 1994:
Proceeds
Maturity Date
Interest Rate
Amount outstanding
at June 30, 1994
Assessment Assessment Assessment Assessment Assessment
District No. 88-1 District No. 89-2 District No. 90-1 District No. 91-1 District No. 92-1
$855,984 1.153,974 1,227,iSS 2,240,866 11880,891
September 2, 2004 September 2, 2004 September 2, 2005 September 2. 2006 September 2,2008
6.60%-7.2S% 6.40X-6.7S% 6.0%-7.0% 6.70%-6.80% S.0%-S.40%
$690,000 9051000 110501000 2,035,000 118801891
The City establishes "reserves" of fund equity to segregate amounts representing noncurrent
assets which are not considered expendable available financial resources, and amounts legally
restricted by parties external to the City. Fund "designations" also may be established by the
City to indicate plans for the use of financial resources.
Fund balances at June 30, 1994 consisted of the following reserves and designations:
Total
General
Fund
Special
Revenue
Debt
Service
Capital
(Memorandum
Reserved for:
Proiects
Only)
Bond reserve requirement
$ -
-
1,957,747
-
1,957,747
Advances to other funds
4,321,796
-
-
-
4,321,796
Prepaid expenses
-
-
3",971
-
399,971
Deposits
32,343
-
-
5.122
37,465
Notes receivable
-
67,120
-
-
67,120
Land held for resale
-
361.340
-
-
361.340
TDC owner participation agreement
-
-
-
1,820,793
1,920,793
Subtotal
4,354.139
428,460
2.357.718
1.825.915
8,966,232
Unreserved:
Designated for:
Equipment replacement
82,674
-
-
-
82,674
Debt service
-
-
2,549,000
-
2,549.000
Emergency reserve
1,225,243
-
-
-
1,225,243
Operations/projects/transfers
2,484,977
6,076,169
-
i.S08.498
10,069,644
Subtotal
3,792,894
6,076,169
2,549,000
1,508,499
13,926,561
Total fund balances S
-22-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
The City has made available to its employees a deferred compensation plan, created in
accordance with Internal Revenue Code Section 457, whereby employees authorize the
City to defer a portion of their salary to be deposited in individual investment
accounts. Funds may be withdrawn by participants upon termination of employment or
retirement. The City makes no contribution under the plan. As of June 30, 1994, the
deferred compensation liability included in an Agency Fund was $204,966 carried at
market value.
All amounts of compensation deferred under the plan, all property and rights purchased
with those amounts, and all income attributable to those amounts, property, or rights,
are solely the property and rights of the City, subject only to the claims of the City's
general creditors. Because the City handles these funds in a fiduciary capacity, the
Deferred Compensation Fund is reported as an Agency Fund in the accompanying
financial statements.
The City of La Quinta contributed to the California Public Employees Retirement
System (PERS), an agent multiple -employer defined pension plan that acts as a
common investment and administrative agent for participating public entities within
the State of California. The City's payroll for employees covered by PERS, for the
year ended June 30, 1994 was $2,149,787. The total payroll for the year was
$2,303,024.
All full-time City employees are eligible to participate in PERS. Part-time hourly
employees do not participate in PERS. Benefits vest after five years of service. City
employees who retire at or after age fifty, with five years of credited service are
entitled to an annual retirement benefit, payable monthly for life, in an amount equal
to the average monthly pay rate for the last twelve. consecutive months. PERS also
provides death and survivor's benefits. These benefit provisions and all other
requirements are established by State statute and City ordinance.
Contributions required of City employees are paid by the City on behalf of the
employees. The rates are set by statute and therefore remain unchanged from year to
year. The present rates are:
Member Rates as a
Category Percentage of wages
Local miscellaneous members 7%
The City is required to contribute the remaining amounts necessary to fund the
benefits for its members, using the actuarial bases recommended by the PERS
actuaries and actuarial consultants and adopted by the Board of Administration.
-23-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
The amount shown below as the "pension benefit obligation" is a standardized measure
of the present value of pension benefits, adjusted for the effects of step -rate benefits,
estimated to be payable in the future as a result of employee service to date. The
measure is intended to.help assess the funding status of PERS on a going -concern basis,
assess progress . made in accumulating sufficient assets to pay benefits when due, and
make comparisons among employers. The measure is the actuarial present value of
credited projected benefits and is independent of the funding method used to determine
contributions to PERS.
The pension benefit obligation was computed as part of an actuarial valuation
performed as of June 30, 1993. Neither an actuarial valuation nor an annual update as
of June 30, 1994 is available at this time. Significant actuarial assumptions used in the
valuation include (a) a rate of return on the investment of present and future assets of
8.75 percent a year compounded annually, (b) projected salary increases of 5.25 percent
a year compounded annually, attributable to inflation, (c) additional projected salary
increases of 1.75 percent a year, attributable to seniority/merit, and (d) no post
retirement benefit increases.
The total unfunded pension obligation applicable to the City employees was $74,505 at
June 30, 1993, as follows:
Pension benefit obligation:
Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits
Current employees:
Accumulated employee contribution including
allocated investment earnings
Employer -financed vested
Employer -financed non -vested
Total pension benefit obligation
Net assets available for benefits at cost
(Market value is $1,882,143)
Unfunded pension benefit obligation
Changes in the pension benefit obligation from
last year resulted from the following:
Changes in benefit provisions
Changes in actuarial assumptions
Total
$ 312,431
715 , 264
442,846
227,901
1,698,442
1.623.937
74-505
(79,704)
-24-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
PERS used the Entry Age Normal Actuarial Cost Method which is a projected benefit
cost method. That is, it takes into account those benefits that are expected to be
earned in the future as well as those already accrued.
According to this cost method, the normal cost for an employee is the level amount
which would fund the projected benefit if it were paid annually from date of
employment until retirement. PERS uses a modification of the Entry Age Cost method
in which the employer's total normal cost is expressed as a level percent of payroll.
PERS also uses the level percentage of. payroll method to amortize any unfunded
actuarial liabilities. The amortization period of the unfunded actuarial liability ends in
the year 2000 for prior service benefits and current service benefits.
The significant actuarial assumptions used to compute the actuarially determined
contribution requirement are the same as those used to compute the pension benefit
obligation, as previously described.
The contribution to PERS for the year ended June 30, 1994 of $331,457 was made in
accordance with actuarially determined contribution rates provided to the City before
the beginning of the fiscal year and based upon an actuarial valuation performed as of
June 30, 1992. The contribution consisted of the following:
Percent of
Covered
Amount Payroll
Normal cost $2819152 13.08%
Amortization of unfunded (overfunded)
actuarial accrued liability 50,305 2.34%
Total contribution t331,457 15.42%
Contribution:
Employer 1779830 8.27%
Employee 153,627 7.15%
Total contribution 15.42%
—25—
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
• I 1 VON R, •,
For the three years ended June 30, 1992, 1993 and 1994, the total contribution to PERS
was 12.34%, 13.47% and 15.42%, respectively, of the annual covered payroll. The total
contribution paid by the City included the employer contributions as well as the
member contribution for which the City is contractually obligated to pay on behalf of
its employees. The total contributions paid by the City was based upon actuarially
determined requirements.
Since the required ten-year information for the City of La Quinta alone is not
displayed in the California PERS annual report, this information must be disclosed in
the financial statements of the City. This ten-year historical trend information gives
an indication of the progress made in accumulating sufficient assets to pay benefits
when due. However, the year ended June 30, 1987 is the first year that this actuarial
information was made available by PERS. Moreover, such information for the year
ended June 30, 1994 is not yet available. Until ten years of data are available, as many
years as are available will be presented. Showing unfunded pension benefit obligation
as a percentage of annual covered payroll approximately adjusts for the effects of
inflation, thereby enhancing comparability for trend analysis purposes. Available trend
information (in hundreds) is summarized as follows:
(6)
(4)
Unfunded Pension
Actuarial
(1)
(2)
(3)
Unfunded
(5)
Benefit Obligation
Valuation
Net Assets
Pension
Percentage
Pension Benefit
Annual
as a Percentage
as of
Available
Benefit
Funded
Obligation
Covered
of Covered Payroll
June 30
for Benefits
Obligation
(11/(2)
(2) - (1)
Payroll
(41/(S)
1987
$ 2,664.0
$ 1,886.9
.140.1%
$ -757.2
$ 7,172.1
-10.6%
1988
3,74S.S
2,614.0
143.3
-1,131.S
7.862.4
-14.4
1999
S.467.8
4,266.4
129.2
-1,201.6
12,012.6
-10.0
1990
7,770.3
6,S08.0
119.4
-1.262.3
14,973.3
-8.S
1991
10,279.3
8,550.1
120.2
-1,729.4
19,272.4
-9.0
1992
13,911.9
14,389.6
96.7
476.6
21,337.2
2.2
1993
16,239.3
16,984.4
9S.6
745.0
22,591.4
3.3
—26—
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(18) Claims Payable/Self Insurance
The Coachella Valley Joint Powers Insurance Authority (CVJPIA) was formed under a
joint exercise of powers agreement between local governments and special districts
under the sponsorship of the Coachella Valley Association of Governments for the
purpose of jointly funding insurance programs. The CVJPIA is composed of twenty-one
cities and one transit agency with equal governing , powers and no management
authority. The City of La Quinta joined the CVJPIA in order to achieve long term
premium stability. Each member city must remain in the pool for three years and may
be assessed up to three times their annual premium if the need arises. The likelihood
of the need for excess premiums is remote given the claims history of the cities
involved and the length of time necessary to settle large claims. Generally, individual
claims in excess of the self -insured amount for workers' compensation and general
liability (up to a maximum of $5,000,000 per incident) fall under the insurance policies
purchased by the City. The CVJPIA provides for liability insurance coverage in excess
of $125,000 with a maximum of $10,000,000 per claim.
The Capital Project Redevelopment Agency Project Area No. 1 fund reported a deficit
fund balance of $2,753,391 at June 30, 1994.
1 .- . - . A .. •.10. .�
Expenditures for the year ended June .30, 1994 exceeded the appropriations of the
following funds:
Special revenue funds:
State Gas Tax
Assessment District 89-1
Low Income Housing Project
Area No. 1
Debt service funds:
Redevelopment Agency PA #1
Redevelopment Agency PA #2
Variance -
Favorable
Budget Actual .(Unfavorable)
$ 434,236 450,498 (16,262)
635,183 660,493 (25,310)
193729227 298099023 (1,4369796)
5,083,499 99288,396 (4,204,897)
2,198,462 2,7379393 (538,931)
Annual budgets have not been adopted for certain capital projects funds.
—27—
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
Current interfund receivables and payables balances at June 30, 1994 are as follows:
Special Revenue Funds:
Low Income Housing -Project Area #1
Low Income Housing -Project Area #2
Federal Assistance
Debt Service Funds:
Redevelopment Agency -Project Area #1
Redevelopment Agency -Project Area #2
Capital Project Funds:
Infrastructure
Redevelopment Agency -Project Area #1
Redevelopment Agency -Project Area #2
Current Current
Interfund Interfund
Receivables Pavab, les
$2,759,160
19297,051
260,361
6129520 511,903
9779383 399135
260,361
- 298599777
- 2,235,299
The Agency has entered into an Owner Participation Agreement (OPA) with
Washington/Adams, a California limited partnership. In this Agreement,
Washington/Adams is responsible for the development of a retail center located at the
intersection of Washington Avenue and Highway Ill. The Agency and
Washington/Adams are to share in specific infrastructure improvements, with the
Agency being responsible for a maximum of $3,156,000. In addition, the Agency agrees
to reimburse Washington/Adams a maximum of $575,460 for engineering design, permit
fees, plan checks and inspections, and general contractor fees. As of June 30, 1994,
$1,820,793 remains to be expended under this agreement.
Various claims and suits have been filed against the City in the normal course of
operations. Although the outcome of these lawsuits is not presently determinable, in
the opinion of management, the resolution of these matters will not have a material
adverse effect on the financial position of the City. Litigation settlement payments
include the payments made to Iowa Trust in settlement of a claim by Iowa Trust with
regard to funds previously invested by the City with an investment management
company.
-29-
SPECIAL REVENUE FUNDS
-29-
CITY OF LA QUINTA
Special Revenue Funds
Combining Balance Sheet
June 30, 1994
Assets
Cash and investments
Accounts receivable
Notes receivable
Due from other funds
Due from other governments
Land held for resale
Total assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Accrued expenses
Deposits payable
Due to other funds
Total liabilities
Fund balances:
Reserved for:
Notes receivable
Land held for resale
Unreserved:
Designated for operations/
projects
Total fund balances
Total liabilities and
fund balances
Community Assessment
State Service Federal District
Gas Tax Projects Assistance 89-1
$ 41665 19620t971 264,606
22,223 - 123,410
$2 1.620.971 399,016
$13,817 361,160 -
31,249 - -
-
17,066 36,160 260,361
151,461
42,089
19�4
35,417
3,948
34,840
74,205
-30-
EX-iIBIT A-1
Low Income Loa Income
Village South Coast Housing- Housing- Totals
Quimby Parking Air Quality_ PA #1 PA #2 1994 1993
1779125 229084 189446 - - 29259,358 69902,750
- - - _ _ - 749248
67,120 - 67,120 1279520
- 29759,160 19297,051 4,0569211 -
4,432 - - 192,154 541,320
361,340 361,340 -
17� 22,084 22,878 3.197,620 1,297,051 6.936,183 7.158,838
42,255 1,507 129,156 35,049
- - 71197 139703
- 34,840 34,840
260,361 7,137
42,255 1,507 431,554 90,729
67,120 - 67,120 127,520
- - 3619340 - 3619340 -
177,125 22,084 22,878 2,716,905 1,295,544 6,076,169 6,940,589
177.125 22,084 22,878 3,145,365 1,295,544 6,504,629 7,068,109
17 22i, 084 22
-31-
CITY OF LA QUINTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year ended June 30, 1994
Community
Assessment
State
Gas Tax
Service
Projects
Federal
Assistance
District
89-1
Revenues:
Taxes
$ -
-
_
Intergovernmental
2869701
-
5169024
-
Developer fees
-
-
_
_
Interest
-
521,122
4,345
3,834
Special assessments
-
-
-
622,186
Miscellaneous
-
-
-
535
Total revenues
286,701
52,122
520•369
626,555
Expenditures:
Community services
-
-
_
_
Planning and development
-
-
-
'199977
Public works
430,162
-
-
640,516
Capital projects
201,336
1569239
-
-
Debt service:
Payment of advances
-
_
Total expenditures
450,498
156,239
-
660,493
Excess (deficiency) of
revenues over (under)
expenditures
)
(104,117)
520,369
(33.938)
Other financing sources (uses):
Operating transfers in
2029041
5259000
349027
-
Operating transfers out
(689054)
-
(426,741)
(49550)
Proceeds of advances from City
-
_
_
_
Total other financing
sources (uses)
133,
525,000
(392,714)
(4,550)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures and
other financing -uses
(299810)
4209883
1279655
(389488)
Fund balances at beginning of year
Fund balances at end of year
-32-
EXHIBIT A-2
Low Income
Low Income
Quimby-
Village
Parking
South Coast
Air Quality
Housing-
PA #1
Housing-
PA #2
Totals
1994
1993
-
1,700,574
4709997
29171,571
29068,455
_
-
219402
-
-
824,127
3109585
429725
-
-
339760
-
769485
84,302
22,276
986
576
139,682
47,051
270,872
2979077
_
_
_
_
_
-
622,186
535
605,462
51,012
65,001
986
21,9,78
1,874,016
518,048
3,965,776
3,406,893
_
_
_
_
_
-
1359500
4,168
295499631
1359331
29709,107
195389034
_
_
-
1,070,678
190679340
231,487
59463
-
2409961
-
446,486
4419953
18,431
3,284
21,715
23,487
5,463
4.168
2,809,023
138,615
4,247,986
3,182,827
41,514
(4,477)
17,810
(935,007)
379,433
(282,210)
224,066
_ _ - 761,068 153,022
(525,000) (109973) (41680) (29340) (19042,338) (706,639)
517,779
(525,000). - (10,.93) (4,680) (2,340) (281,270) (35,838)
(483,486) (4,477) 6,837 (939,687) 3779093 (563,480) 188,228
660,611 22,,561 16,041 4,085,052 919,451 7,069,109 6,879,881
3,145,365 1.295.544 6,50.4,624 7,068.109
-33-
EXHIBIT A-3
CITY OF LA QUINTA
Special Revenue Funds
State Gas Tax Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Favorable 1993
Budget- Actual (Unfavorable) Actual
Revenues:
Taxes
$ _
Intergovernmental
269,140 286,701 17,561 287,965
Developer fees
_ _ _
Interest
_
1,000 - (1,000) 11,699
_Special assessments
-
Miscellaneous
_ _ _ 10,992
Total revenues
286,701 16,561 310,656
Expenditures:
Community -services
Planning and development _ _
Public works 414,236 430,162 (15,926) 471,544
Capital projects 20,000 201,336 (336) 29,733
Debt service:
Payment of advances
Total expenditures 4.4 450.498 (16,262) 501,277
Excess (deficiency) of revenues
over (under) expenditures (164,096) (163,797) 299 (190.621)
Other financing sources (uses):
Operating transfers in 1629896 2029041 39,145 509000
Operating transfers out (849027) (689054) 159973 -
Proceeds of advances from City -
Total other financing sources 78,869 133,987 55,118 -50,,000
(uses)
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses (859227) (299810) 559417 (1409621)
Fund balances at beginning of year 39,632 39,632 180,253
Fund balances (deficit) at end of year ) 9,922 5
-34-
EXHIBIT A-4
CITY OF LA QUINTA
Special Revenue Funds
Community Service Projects Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Revenues:
Taxes
Intergovernmental
Developer fees
Interest
Special assessments
Miscellaneous
Total revenues
Expenditures:
Community services
Planning and development
Public works
Capital projects
Debt service:
Payment of advances
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of advances from City
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end of year
Variable
Favorable 1993
Budget Actual (Unfavorable) Actual
521,500 529122
52,500 52,122
1,499,907 156,239
1,499,907 156,239
(378) 91,562
(378) 91,562
135,500
1,343,668 409165
1,343,688 175,665
(1,447,407) (104,117) 1,343,290 (84,103)
926,500 525,000 (401,500) -
(520,907) 420v883 941,790 (84,103)
1,163,928 1,163,928 1,248,031
$ 643.021 1.594.811 941.790
-35-
EXHIBIT A-5
CITY OF LA QUINTA
Special Revenue Funds
Federal Assistance Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 3.0, 1994
Variable
Budget--
Actual-
Favorable 1993
(Unfavorable) Actual
Revenues:
Taxes
$ _
Intergovernmental
570,014
516,024
(53,990) -
Developer fees
_
_ _
Interest
-
4,345
4,345 -
Special assessments
_
_
_ _
Miscellaneous
Total revenues
570,014
520,369
.(42i645) -
Expenditures:
Community services
Planning and development
Public works
Capital projects
Debt service:
Payment of advances
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
570,014
520,369
(49,645) _
Other financing sources (uses):
Operating transfers in
-
349027
341,027 -
Operating transfers out
(5709014)
(426,741)
143,273 -
Proceeds of advances from City
_
Total other financing sources
(uses)
)
(392_114)
177,300 -
Excess (deficiency) -of revenues
and other financing sources
over (under) expenditures and
other financing uses
-
1279655
127,655 -
Fund balances at beginning of year
_
_
Fund balances at end of year
-
1,2�7__6555
127.65 _
-36-
EXHIBIT A-6
CITY OF LA QUINTA
Special Revenue Funds
Assessment District 89-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Budget_
Actual
Favorable
(Unfavorable)
1993
Actual
Revenues:
Taxes
$ -
-
-
-
Intergovernmental
-
-
-
-
Developer fees
-
-
-
-
Interest
4,100
3,834
(266)
4,850
Special assessments
5399789
6229186
82,397
6059462
Miscellaneous
-
535
535
11,548
Total revenues
Expenditures:
Community services
-
-
-
-
Planning and development
23,350
19,977
3,373
-
Public works
611,833
640,516
(28,683)
595,796
Capital projects
-
-
-
739621
Debt service:
Payment of advances
-
-
-
-
Total expenditures
635,183
660,493
(25,310)
669.417
Excess (deficiency) of revenues
over (under) expenditures
4)
(33,,93$)
57^.356
(47.557)
Other financing sources (uses):
Operating transfers in
-
-
-
103,022
Operating transfers out
(49550)
(49550)
-
-
Proceeds of advances from City
-
-
-
-
Total other financing sources
(uses)
4 )
(4,550)
-
103,022
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
(95,844)
(38,488)
579356
559465
Fund balances at beginning of year
157,833
157,833
-
102,368
Fund balances at end of year
S 61,9$4
lls
57,356
157-933
-3T-
EXHIBIT A-7
CITY OF LA QUINTA
Special Revenue Funds
Quimby Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Budget
Actin
Favorable
(Unfavorable)
1993
Actual_
Revenues:
Taxes
$
Intergovernmental
Developer fees
25,000
429725
17,725
-
Interest
48,750
22,276
(26,474)
53,613
Special assessments
-
-
_
_
Miscellaneous
Total revenues
73,750
65,001
(8,749)
_53.,613
Expenditures:
Community services
-
_
_
_
Planning and development
Public works
-
_
_
_
Capital projects
1859600
239487
1629113
419594
Debt service:
Payment of advances
-
_
Total expenditures
185,600
23,487
162,113
41,594
Excess (deficiency) of revenues
over (under) expenditures
)
41,514
153,364
12,019
Other financing sources (uses):
Operating transfers in
-
_
-
_
Operating transfers out
(5259000)
(5259000)
-
-
Proceeds of advances from City
-
Total other financing sources
(uses)
)
(525,000)
-
-
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(6369850)
(483,486)
1539364
129019
Fund balances at beginning of year
Fund balances at end of year
-38-
EXHIBIT A-8
CITY OF LA QUINTA
Special Revenue Funds
Village Parking Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Favorable 1993
Actual (Unfavorable) Actual
Revenues:
Taxes $ - - - -
Intergovernmental - - - -
Developer fees - - - 8,838
Interest 29000 986 (1,-014) 19856
Special assessments - - - -
Miscellaneous - - -
Total revenues 2.000 986 (1,014) 10,694
Expenditures:
Community services - - - -
Planning and development - - -
Public works - - - -
Capital projects 89838 59463 39375 -
Debt service:
Payment of advances - - - -
Total expenditures 8,838 5,463 3,375 -
Excess (deficiency) of revenues
over (under) expenditures (6,838) (4,477) 2,361 14,694
Other financing sources (uses):
Operating transfers in - - - -
Operating transfers out - - - -
Proceeds of advances from City - - - -
Total other financing sources
(uses) - - - -
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses (6,838) (49477) 29361 109694
Fund balances at beginning of year 26,5,61 26,561 1,5,867
Fund balances at end of year 11� 22"„084 2-361 26,561
-39-
EXHIBIT A-9
CITY OF IA QUINTA
Special Revenue Funds
South Coast Air Quality Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Revenues:
Taxes
Intergovernmental
Developer fees
Interest
Special assessments
Miscellaneous
Total revenues
Expenditures:
Community services
Planning and development
Public works
Capital projects
Debt service:
Payment of advances
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of advances from City
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end of year
Variable
Favorable 1993
Budget Actual (Unfavorable) Actual
16,500 21,402 49902 22,620
725 576 (149) 959
17.225 21.978 4.7S3 23,579
59527 4,168 19359 7,538
5.527 4.168 1,359 7.538
11,698 17,810 6,112 16,041
(109973) (109973)
(14.,973) (10,973) -
725 6,837 6,112 169041
16,041 16,041 -
Z 22,979 6,112 16 - 041
-40-
EXHIBIT A-10
CITY OF LA QUINTA
Special Revenue Funds
Low Income Housing Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Budget
Actual
Favorable
(Unfavorable)
1993
Actual
Revenues:
Taxes
$19861,329
197009574
(160,755)
116649567
Intergovernmental
-
-
-
-
Developer fees
1459000
33,760
(111,240)
759464
Interest
58,000
139,682
81,682
1029247
Special assessments
-
-
-
-
Miscellaneous
-
-
-
28.472
Total revenues
2,064,329
1,874,016
(190,313)
1,870,750
Expenditures:
Community services
Planning and development
-
19131,266
-
21549,631
-
(194189365)
-
194849635
Public works
Capital projects
240,961
240,961
-
2569840
Debt service:
Payment of advances
-
18,431
(18,431)
-
Total expenditures
1,372,227
2,809,023
(1,436,796)
1,741,475
Excess (deficiency) of revenues
over (under) expenditures
692,102
(935.007)
(1,627,109)
129,275
Other financing sources (uses):
Operating transfers in
-
-
-
-
Operating transfers out
(49680)
(49680)
-
(6039617)
Proceeds of advances from City
-
-
-
471,918
Total other financing sources
(uses)
(4,680)
(4,680)
-
(131.699)
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
6879422
(9399687)
(1,6279109)
(29424)
Fund balances at beginning of year
4,085,052
4.085.052
-
4,097,476
Fund balances at end of year
U.772.474
( )
4,095,052
-41-
EXHIBIT A-11
CITY OF LA QUINTA
Special Revenue Funds
_Low Income Housing Project Area No._ 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Budget
Actual
Favorable
(Unfavorable)
1993
Actual
Revenues:
Taxes
$ 468,750
470,997
29247
4039888
Intergovernmental
_
_
_
_
Developer fees
-
_
_
_
Interest
9,000
47,051
38,051
17,863
Special assessments
_
-
_
_
Miscellaneous
Total revenues
477,750
518,048
40.298
421,751
Expenditures:
Community services
-
_
_
_
Planning and development
1529724'
1359331
17,393
45,861
Public works
-
Capital projects
_
_
Debt service:
Payment of advances
-
3.284
(3.284)
_
Total expenditures
152,724
138,615
14.109
45.861
Excess (deficiency) of revenues
over (under) expenditures
325,026
379,433
54,407
375,890
Other financing sources (uses):
Operating transfers in
-
_
Operating transfers out
(29340)
(29340)
-
Proceeds of advances from City
_
-
-
45.861
Total other financing sources
(uses)
(2,340)
(2,340)
45,861
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
322,686
3779093
549407
4219751
Fund balances at beginning of year
918,451
918,451
-
496,700
Fund balances at end of year
-42-
DEBT SERVICE FUNDS
-43-
MMIBIT• B-1
Assets
Cash and investments
Cash with fiscal agent
Prepaid expense
Due from other funds
Due from other governments
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other funds
Obligations under pass -through
agreements
Total liabilities
Fund balances:
Reserved for:
Bond reserve requirement
Prepaid expenses
Unreserved:
Designated for debt service
Total fund balances
Total liabilities and
fund balances
CITY OF LA QUTATA
Debt Service Funds
Combining Balance Sheet
June 30, 1994
Redevelopment Redevelopment Financing Totals
Age -PA #1 Aaencv-PA #2 Authority 1994 1993
$1,306,731 165,869
97S.765 406,684
399,971 -
612,S20 977,383
1-54
- 1,972,6SO 1,846,144
761,720 2,144,169 2,950,720
- 399,971 -
1,S89,903 -
57.OS9
76� 6,10� 4,953,923
$ 467,946 178,991 2,000 648,937 -
511,903 39,135 - SS1,038 1;337,422
291,117
979,849 218,_126 2.000 1,199,975 1.628.S99
735.294 493,608 738,8SS 199S7,747 2,236,391
399,971 - - 399,971 -
1,679,933 848,20220.865 2.S49.000 989,933
2,915,199 1,33_1,910 7S9,720 4,906,719 3.22S.324
11,795,037 1.54� 76� 6-10� 4.85.E
or -FIN
..��I.
EXHIBIT B-2
CITY OF IA QUIRTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Year ended June 30, 1994
Revenues:
Taxes
Interest
Rental income
Miscellaneous
Total revenues
Expenditures:
Planning and development
Debt service:
Principal
Interest
Payment of advances
Payments under pass -through
obligations
Mandated education contribution
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Litigation settlement proceeds
Total other financing
sources (uses)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end of year
Redevelopment Redevelopment Financing Totals
AMM-PA #i Agency -PA #2 Anthority 1994 1993
$9,177,876 1.883,988 - 11.061,864 10,646,741
76,185 88.443 24,927 189,55S 2Z4,219
- - 226,994 226,994
3,995 - 3.995
9,258,056 1,972,431 251,921 11,482,408 10.870,960
193,854
815,000
2,495.561
5,272,079
511,903
9,288,396
239,290
(842,763)
3,379,606
-
2,000 195.854
10,902
35.000
- 850,000
760,000
903,324
548,3S3 3,947,238
3,853,942
815,010
- 815,010
9,8S1.766
944,924
39.E
- 6,217,002
- SS1.038
8,152,24S
1.587.351
2.737,39,E
SSO.3S3 12.576.142
24,216,206
(764,962) (298,432) (1,093,734) (13,345,246
239,290 9,979,914
(842,768) -
3.378.606 -
2,744,783 (764,962) (298,432) 1,681,394 (3,365,332)
70,400 2,096,772 1.0S8.1S2 3.22S.324 6.590.656
S2.815.188 LmULJ ,Q 7S = 4,906,719 3.2ZS.324
-45-
CITY OF LA QUINTA
Debt Service Funds
EXHIBIT B-3
Redevelopment Agency Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Revenues:
Taxes
Interest
Rental income
Miscellaneous
Total revenues
Expenditures:
Planning and development
Debt service:
Principal
Interest
Payment of advances
Payments under pass -through
obligations
Mandated education contribution
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Litigation settlement proceeds
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures
and other financing uses
Fund balances at beginning of year -
Fund balances at end of year
Variable
Favorable 1993
Budget Actual (Unfavorable) Actual
$ 99936,725 9,177,876 (758,849) 99031,189
949800 76,185 0 8,615) 809265
3.995 3.995
10,031,525 9,258,056 (773,469) 9,111,454
193,854 (193,854) 101,902
815,000 815,000 - 760,000
29416,973 294959561 (789588) 29681,798
- - - 9,629,729
193459373 5,2721,078 (31,926,705) 7,435,947
506,153 511,903 (5,750) 1,437,383
5,093,499 9,288,396 (4,204,897) 21,955,759
4,948,026 (30,340) (4,978,366) (12,844,305)
- 2399290. 2399290 99573,855
(1009000) (8429768) (742,768) -
- 3,378,606 3,378,606
(100,000) 2.775.128 2,875,128 9,573,855
4,8489026 21744,788 (29103,238) (39270,450)
70.400 70.400 - 3.340,850
$ 4.918.426 2,815,199 ( ) 70.400
-46-
EXHIBIT B-4
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Favorable 1993
Budset Actual (Unfavorable
Revenues:
Taxes
$198759000
19883,988
89988
196159552
Interest
101,635
88,443
(13,192)
1039408
Rental income
-
-
-
-
Miscellaneous
-
-
-
-
Total revenues
1,976,635
1,972,431
(4,204)
1,718,960
Expenditures:
Planning and development
-
-
-
-
Debt service:.
-
Principal
-
35,000
(359000)
-
Interest
402,229
9039324
(5019095)
6239791
Payment of advances
835,000
8159010
199990
2229037
Payments under pass -through
obligations
922,501
9449924
(229423)
7169298
Mandated education contribution
38.732
39.135
(403)
149,968
Total expenditures
2,198,462
'2.737.393
(538,931)
1,712,094
Excess (deficiency) of revenues
over (under) expenditures
(221,827)
(764.962)
(543,135)
6.866
Other financing sources (uses):
Operating transfers in
-
-
-
4069059
Operating transfers out
-
Litigation settlement proceeds
-
-
-
-
Total other financing sources
(uses)
-
-
-
406,059
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(2219827)
(764,962)
(5439135)
4129925
Fund balances at beginning of year
2,096,772
2,096,772
-
1,683,847
Fund balances at end of year
11.874,945
1,331,810
(54,-135)
2.096.772
-47-
EXHIBIT B-5
CITY OF LA QUINTA
Debt Service Funds
Financing Authority Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Favorable
1993
..budget
Actual
(Unfavorable),
Actual
Revenues:
Taxes
Interest
21,972
24,927
2,955
40,546
Rental income
2359000
2269994
(8,006)
-
Miscellaneous
Total revenues
256,972
251,921
(5,051)
40,546
Expenditures:
Planning and development
39000
2,000
1,000
-
Debt service:
Principal
_
_
_
Interest
Payment of advances
548,353
_
548,353
_
-
5489353
Payments under pass -through
obligations
Mandated education contribution
Total expenditures
551,353
550,353
1,000
548,353
Excess (deficiency) of revenues
over (under) expenditures
(294,381)
(298.432)
(4.051)
(507,807)
Other financing sources (uses):
Operating transfers in
Operating transfers out
Litigation settlement proceeds
Total other financing sources
(uses)
_
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(2949381)
(298,432)
(49051)
(5079807)
Fund balances at beginning of year
1,058-152
1,058,152
-
1.565,959
Fund balances at end of year
(4=)
1-059-152
-49-
CAPITAL PROJECTS FUNDS
-49-
CITY OF LA QUINTA
Capital Projects Funds
Combining Balance Sheet
June 30, 1994
Assessment
Assessment Assessment
Assessment
District
88-1
District District
89-2 90-1
District
91-1
Assets
Cash and investments
$ -
- 339456
39092
Cash with fiscal agent
-
- -
_
Accounts receivable
-
Due from other funds
-
Due from other governments
-
- -
_
Deposits
-
- -
5,122
Total assets
_
3,56
8-214
Liabilities and Fund Balance
Liabilities:
Accounts payable
-
- 339456
-
Accrued expenses
_
_ _
_
Deposits payable
Retentions payable
Due to other funds
Total liabilities
-
- 33,456
-
Fund balances:
Reserved for:
Deposits
-
- -
5,122
TDC owner participation agreement
-
- _
_
Unreserved:
Designated for operations/projects
-
- -
3.092
Total fund balances
-
- -
8,214
Total liabilities and fund
balances
33,456
8,214
-50-
EXHIBIT C-1
Assessment
District Redevelopment Redevelopment Totals
92-1 Infrastructure Agency-PA#1 Agency-PA#2 1994
1993
405,871 295239019 - - 299659438
798079589
- - - 4,921,574 499219574
590759978
- - - - -
39973
- 2609361 - - 2609361
199289918
- 50,000 563,017 529,243 1,142,260
- - - 5,122
405-871 2.833,380 563,017 5,450.817 9,294,755
6019409
15_417.867
1149921 456,631 1139180 7189188 4669789
- - - - 19021
52,100 - - 52,100 779100
94,978 - - 94,978 1,067,934
261,999 3,316,408 2,348,479 5,960,342 2,274,704
- - 5,122 -
- 19820t793 .1,820t793 2,1839124
405,871 2,571,381 (2,753,391) 1,281,545 1,508,498 10,960,039
405,871 2,571,381 (2,753,391) 3,102,338 3,334,413 13,143,163
405,871 2.833.380 5.450,817 9,294,755 15.417-967
-51-
CITY OF LA QUINTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year ended June 30, 1994
Assessment Assessment Assessment Assessment
District District District District
88-1 89-2 90-1 91-1
Revenues:
Intergovernmental -
- - -
Developer fees -
- - -
Interest 19220
19442 39580 209007
Special assessments -
- - -
Miscellaneous -
- - -
Total revenues 1.220
1.442 3,580 20,007
Expenditures:
Planning and development -
- - -
Capital projects 901,902
107,377 300,093 616,109
Debt service:
Interest -
- - -
Payment of advances -
- - -
Total expenditures 90,902
107,377 300,093 616,109
Excess (deficiency) of revenues
over (under) expenditures (89,682)
(105,935) (296,513) (596,102)
Other financing sources (uses):
Operating transfers in -
- 33,456 -
Operating transfers out -
- - -
Proceeds of bonds -
- - -
Payments to refunded bond
escrow agent -
- - -
Litigation settlement proceeds -
- - -
Litigation settlement payments -
- - -
Proceeds of advances from City -
- -
Total other financing sources
33,456 -
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses (89,682)
(105,935) (263,057) (596,102)
Fund balances (deficit) at beginning
of year
Fund balances (deficit) at end of
year
14
-52-
EXHIBIT C-2
Assessment
District
Redevelopment
Redevelopment
Totals
92-1 Infrastructure
-PA#1
Aaen -PA#2
1994
1993
_
-
195089784
194669966
2,9759750
2259605
-
194239367
-
419777
194659144
8239965
369952
97,653
-
529237
2139091
190279355
2589601
-
25.000
-
-
-
-
258,601
25.000
-
9.249
295.553
1,546,020
1,508,784
1.560.980
4,937,586
2,086,174
-
-
190459837
3709168
194169005
1,4219255
1,223
1,4369540
8,366,478
39368,122
14,286,844
15,0229098
_
-
-
16,828
105,897
-
31.313
16,828
137,210
-
-
1,223
1.436.540
9,535,040
3,769,603
15,856,887
16,443,353
294,330
109,480
(8,026,256)
(2,208,623)
(10,919,301)
(14,357,179)
-
3929714
2,242,395
6069482
3,275,047
4,7839246
(1,3999627)
(559000)
(767,663)
(5,462)
(29227,752)
(1491599543)
19582,901
-
289349,926
-
29,9329827
59590,416
-
-
(27,9229526)
-
(2799229526)
-
_
-
529955
-
529955
-
-
-
(29000,000)
_
-
(290009000)
-
-
8,761,240
183,274
337,714
(44,913)
601,020
1,110,551
4,975,359
477,604 447,194
(89071,169) (1,607,603) (998089750) (91381,820)
5,317,778 4,709,941 13,143,163 22,524,983
r
(2.753.391) 3.102.338 3.334.413 13.143.163
-53-
EXHIBIT C-3
CITY OF LA QUINTA
Capital Project Funds
Assessment District 88-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Budget
Favorable
Actual (Unfavorable)
1993
Actual
Revenues:
Intergovernmental $ -
- -
-
Developer fees -
- -
-
Interest -
1,220 19220
69261
Special assessments -
- -
-
Miscellaneous -
- -
-
Total revenues -
1,220 1,220
6,261
Expenditures:
Planning and development -
- -
-
Capital projects -
90,902 (90,902)
-
Debt service:
Interest -
- -
-
Payment of advances -
- -
-
Total expenditures -
90.902 (40,902)
-
Excess (deficiency) of revenues
over (under) expenditures -
(89.682) (89,682)
6.261
Other financing sources (uses):
Operating transfers in -
- -
-
Operating transfers out -
- -
-
Proceeds of bonds -
- -
-
Payments to refunded bond escrow agent -
- -
-
Litigation settlement proceeds -
- -
-
Litigation settlement payments -
- -
-
Proceeds of advances from City -
- -
-
Total other financing sources
(uses) -
- -
-
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses -
(899682) (89,682)
61,261
Fund balances at beginning of year 89.682
89.68Z -
$421
Fund balances at end of year ,$9_
(99,6821)
892 682
-54-
Ex1iIBIT C-4
CITY OF LA QUINTA
Capital Project Funds
Assessment District 89-2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Revenues:
Intergovernmental
Developer fees
Interest
Special assessments
Miscellaneous
Total revenues
Expenditures:
Planning and development
Capital projects
Debt service:
Interest
Payment of advances
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds
Payments to refunded bond escrow agent
Litigation settlement proceeds
Litigation settlement payments
Proceeds of advances from City
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end.of year
Variable
Favorable 1993
Actual (Unfavorable) Actual
19442 1,442 8,039
1,442 1.442 8,039
1079377 (1079377) -
- (105,935) (1059935) 89039
105,935 .10.E - 97, M
(105-935)
-55-
FXHIBIT C-5
CITY OF LA QUINTA
Capital Project Funds
Assessment District 90-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variable
Actual
Favorable 1993
Actual
Budget
Revenues:
(Unfavorable)
Intergovernmental $ -
-
= -
Developer fees -
-
- -
Interest -
39580
3,580 26,020
Special assessments -
-
- -
Miscellaneous -
-
- -
Total revenues -
3,580
3,580 26,020
Expenditures:
Planning and development -
-
- -
Capital projects -
3009093
(3009093) -
Debt service:
Interest -
-
- -
Payment of advances -
-
- -
Total expenditures -
300,093
(300,093) -
Excess (deficiency) of revenues
over (under) expenditures -
(296,513)
(296•513) 26,020
Other financing sources (uses):
Operating transfers in -
33,456
33,456 -
Operating transfers out -
-
- -
Proceeds of bonds -
-
- -
Payments to refunded bond escrow agent -
-
- -
Litigation settlement proceeds -
-
- -
Litigation settlement payments -
-
- -
Proceeds of advances from City -
-
- -
Total other financing sources
(uses ) -
33,56
33,456 -
Excess (deficiency) of revenues
and other financing sources
over (under)'expenditures and
other financing uses -
(2639057)
(2639057) 269020
Fund balances at beginning of year 263,057
263,057
- .237.037
Fund balances at end of year $263,,,057
-
(26�Z) 263-057
-56-
EXHIBIT C-6
CITY OF LA QUINTA
Capital Project Funds
Assessment District 91-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Revenues:
Intergovernmental
Developer fees
Interest
Special assessments
Miscellaneous
Total revenues
Expenditures:
Planning and development
Capital projects
Debt service:
Interest
Payment of advances
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds
Payments to refunded bond escrow agent
Litigation settlement.proceeds
Litigation settlement payments
Proceeds of advances from City
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end of year
Variable
Favorable 1993
Actual (Unfavorable) Actual
209007 209007 629523
20,007 20,007 62.523
6169109 (6169109) 3399332
4759168
475.168
- (5969102). (596,102) 1989359
604,316 604,316 - 445.,957
:160.4.1& 9-214 (596-102) 604,316
-57-
EXHIBIT C-7
CITY OF LA QUINTA
Capital Project Funds
Assessment District 92-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Revenues:
Intergovernmental
Developer fees
Interest
Special assessments
Miscellaneous
Total revenues
Expenditures:
Planning and development
Capital projects
Debt service:
Interest
Payment of advances
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds.of bonds
Payments to refunded bond escrow agent
Litigation settlement proceeds
Litigation settlement payments
Proceeds of advances from City
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses .
Fund balances (deficit) at beginning
of year
Fund balances (deficit) at end of year
Variable
Favorable 1993
Budget Actual (Unfavorable) Actual
369952 369952 (19039)
258,601 2589601 -
295,553 295,553 (1,039)
1,223 (1,223) 57,181
(193999627) (1,3999627) -
195829901 19582,901
183,274 193,274 -
4779604 477,604 (589220)
.�(71.,133) - (13,513)
405.871 (21..)
-58-
EXHIBIT C-8
CITY OF LA QUINTA
Capital Project Funds
Infrastructure Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variance
Budge_
Actual
Favorable
(Unfavorable)
1993
Abtual
Revenues:
Intergovernmental
$ -
-
-
Developer fees
820,000
1,423,367
603,367
9239965
Interest
209000
979653
779653
3539346
Special assessments
-
-
-
-
Miscellaneous
25,000
25,000
Total revenues
840,000
1,546,020
706,020
1,177,311
Expenditures:
Planning and development
-
-
-
-
Capital projects
393899497
194369540
19952,957
796449180
Debt service:
Interest
-
-
-
-
Payment of advances
-
-
-
-
Total expenditures
3,389,497
1,436,540
1,952,957
7,644,180
Excess (deficiency) of
revenues (under) over
expenditures
(2,549,497)
109.480
2,658,977
(6,466,869)
Other financing sources (uses):
Operating transfers in
560,014
392,714
(167,300)
4,3089078
-Operating transfers out
(655,000)
(559000)
600,000
-
Proceeds of bonds
-
-
-
-
Payments to refunded bond escrow
agent -
-
-
-
Litigation settlement proceeds
-
-
-
-
Litigation settlement payments
-
-
-
-
Proceeds of advances from City
-
- -
-
-
. .Total other financing sources
(uses)
(94,986)
337,714
432,700
4,308,078
Excess (def iciency) "of
revenues and other financing
sources over (under)
expenditures and other
financing uses
Fund balances.at beginning of year
Fund balances (deficit) at end of
year
(2,644,483) 447,194 39091,677 (29158,791)
2,124,187 2,124,187 - 4,282,978
:1'(520.296) 2-571.391 3.091.677
-59-
CITY OF LA QUINTA
Capital Project Funds
EXHIBIT v,-9
Redevelopment Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Revenues:
Intergovernmental
Developer fees
Interest
Special assessments
Miscellaneous
Total revenues
Expenditures:
Planning and development
Capital projects
Debt service:
Interest
Payment of advances
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds.
Payments to refunded bond escrow
agent
Litigation settlement proceeds
Litigation settlement payments
Proceeds of advances from City
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures
and other financing uses
Fund balances at beginning of year
Fund balances (deficit) at end of
year
Variance
Favorable 1993
Budget Actual (Unfavorable) Actual
$ 290639773 195081,784 (554,989) -
4009000 - (400,000) 427,151
9.249
2,463,773 1.508,784 (954.989) 436,400
919,502 1,045,837 (126,335) 1,008,623
9,4149570 893669478 19048,092 416399783
16,828 (169828) -
105.897 (105,897) -
10.334.072 9,535,040 799,032 5,648,406
1009000 292429395 291429395
(9299873) (7671,663) 1629210 (9,445,406)
28,3499926 2893499926 - -
(27,922,526) (27,9229526) - -
529955 529955 -
(29300,000) (290009000) 300,000 -
6,858,317
(2,702,473) (44,913) 2.657.560 (2,587,089)
(1095729772) (8t071,169) 2,5019603 (7,799,095)
5,317,778 5,317,778 - 13..116.873
-60-
EXHIBIT C-10
CITY OF LA QUINTA
Capital Project Funds
Redevelopment Area Project No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1994
Variance
Favorable 1993
Actual (Unfavorable) Actual
Revenues:
kdu t
Intergovernmental
$290919530 194669966 (6249564) 2259605
Developer fees
1059000 419777 (63,223) -
Interest
29500 529237 499737 719128
Special assessments
- - - -
Miscellaneous
Total revenues
2,199,030 1,560,980 (638,050) 296,733
Expenditures:
Planning and development
Capital projects
Debt service:
Interest
Payment of advances
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds
Payments to refunded bond escrow
agent
Litigation settlement proceeds
Litigation settlement payments
Proceeds of advances from City
Total other financing sources
(uses)
4629451 3709168 929283 4129632
61,640,319 31368,122 3,272,197 29341,622
(4,903,740) (2,208,623) 2,695,117
19256,482 606,482 (650,000)
(59462) (59462) - (406,059)
- - - 59590,416
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing'uses (396529720) (196079603) 290459117 49629,759
Fund balances at beginning of year 4,709,941 4.709.941 - 80.182
Fund balances at end of year 11.057.221. 3.102.339 2.045.117 4.709.941
-61-
(This page intentionally left blank)
-62-
MEMORANDUM
T0:
The Honorable Mayor and Members of the City Council
FROM
Thomas P. Genovese, City Manager
J
DATE: March 13, 1995
RE. Tran
smittal of Auditor's Management Letter Relating to Year Ended June
30, 1994
94. As
noted in the opening of the letter,
find attached the Management Letter for the year ended June 30, 1 19not find
Please the auditors for the City of La auinta
didany reportable conditions or material weaknesses in internal control. Additionally it
is noted the Cy
it has an excellent internal control structure. The Auditor has indicated to
some additional internal control recommendations that the City will be able
implement during the upcoming year.
As you will not
e, under the category "City Comments Regarding Corrective Actions to
,
Planned
or Taken", the points raised by the City's Auditor will allow the City
maintain and increase its internal control structure.
uestions regarding the contents of this Management
Should the Council have any q
Letter, feel free to contact me.
TPG:pjs
CERTIFIED PUBLIC ACCOUNTANTS
'ASSOCIATES
A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS
IlW MAIN �o I Ktt 1. WI I t l-
IRVINE, CALIFORNIA 92714
(714) 474-2020
'35 FEB 10 Pal 1 36
C 1 Y Llvesembe» 2, 1994
Mr. Tom Genovese
City Manager
City of La Quinta
78-495 Calle Tampico
La Quinta, California 92253
Dear Mr. Genovese:
During our audit of the financial statements of . the City of La Quinta, California for the
year ended June 30, 1994, we became aware of certain matters that we believe may
provide an opportunity for the City of La Quinta to strengthen its internal controls.
The items below do not represent reportable conditions or material weaknesses in
internal control. In general, the City has an excellent internal control structure. We
offer the following recommendations as suggestions for consideration by the City to
further strengthen its internal control structure. Included with each recommendation are
City comments with regard to corrective action already taken by the City as a result of
our preliminary discussion with management:
(1) Cash Receipts Drawer
During the day, all amounts received are kept in a drawer in the Finance
Department. Although the drawer has a lock, it is only locked up overnight. The
cash drawer is visible from the cashier's station. However, at times the cashier
must leave this area and the cash drawer is then not visible to other employees in
the Finance Department. In addition, access to this area is not restricted to
Finance employees only.
We recommend that the City consider further reducing the opportunity for
unauthorized access to the cash receipts drawer. Possible solutions might include
keeping the drawer locked during the day, reconfiguring the layout of the Finance
Department, etc. The key to the drawer should be kept in the custody of the
designated personnel.
City Comments Regarding Corrective Actions Planned or Taken
The lock box will be locked during the day and the key will be held at a different
location where only authorized personnel have access.
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES. PRACTICE SECTION
Mr. Tom Genovese
City Manager
December 2, 1994
Page Two
(2) prenumbered Receipts
Presently, only the cashier accounts for the sequence of prenumbered cash
receipts. An irregularity could occur if a cash receipt form was lost or destroyed
and the monies not deposited. Internal control standards recommend that the
sequence of cash receipt form numbers be verified by a non -cashiering individual to
verify that there is no gap in the sequence of receipts supporting the daily deposit.
We recommend that the uninterrupted sequence of cash receipt form numbers be
re -verified by an individual other than the cashier.
The Department Secretary, who prepares the deposit, has a numerical listing of
receipt numbers and she checks to make sure that all receipts turned in from the
cash receipts drawer are accounted for and that none are missing.
�3) Control Over Licenses
Business licenses are not
maintained by the cashier.
receipt form prepared and
sequentially numbered and
other than the cashier.
' - • t t - � •FIR611
prenumbered. Numbers are issued from a listing
As a result, two licenses could be issued, but only one
the related amount deposited.. Licenses should be
the numbers accounted for chronologically by someone
When new forms are ordered, pre -numbered forms should be purchased. The
uninterrupted sequence of these forms should be ascertained by someone other than
the cashier in conjunction with the review of the sequence cash receipt form
numbers.
Prenumbered forms will be ordered.
(4) Access to EDP Files
A number of finance employees have access -to the "Owner" function, which gives
access to the master file. As a result, the master file is vulnerable
ile
or inadvertent changes to the data. The ability to update or access the master f
should be limited.
Mr. Tom Genovese
City Manager
December 2, 1994
Page Three
Recommendation
When the City's new computer system is fully operational, password restrictions
should be used to limit to only the necessary people each of the following:
(a) Ability to update current data files
(b) Ability to set up and change master data files
City Comments Reszar��r� corrective Actions Planned or Taken
Through the Novell network, "read only" access will be assigned to all individuals
who are not authorized to affect the master files.
(5) S QaLion of PavTOUR ers^nrpl_ actions
The payroll and personnel functions are performed by the same person.r heme Payroll
control standards recommend that these functions
be segregated P yr
clerk should have no access to the payroll master
R CODDen ation
We recommend that all personnel functions, including personnel file maintenance be
performed by a personnel clerk. The payroll clerk should not be phermitpetee
to
establish or delete employees on the computer system. All updates
master data file on the computer (i.e., new employee additions, employee deletions,
pay increases, etc.) should be input by the personnel clerk.
city Comments Re=ar dii g Correctiy mens AiTaken
Recent reorganization within the City will be utilized to enhance the internal
control standards regarding the segregation of these duties.
(6) Fixes rise Procedures
During the audit of the City, we noted the following conditions with regard to fixed
asset records:
(a) Additions purchased during the year are not immediately assigned a
fixed asset number.
(b) The fixed asset clerk is not always notified of deletions of fixed assets.
(c) An annual physical inventory is not performed by the City.
Mr. Tom Genovese
City Manager
December 2, 1994
Page Four
Recommen ation
We recommend that the City assign fixed assets a number immediately upon
receiving the asset to adequately safeguard theassets City. In addition, we
completed by the
recommend that the City implement a form which
�chwould be
department head and forwarded to Finance to provide notification of list is ditions com lete.
and
deletions to/from fixed assets to ensure that the fixed asset P
Internal controls would also be enhanced if a physical inventory
was
omplwould the
ed
annually by each department and forwarded to Finance.
responsible for investigating any large variances from the fixed asset list.
City ComArti„ns Plannedor Taken
-_
We plan to schedule Marshall and Stevens to perform a physical inventory in July of
1995. All new items will be tagged as acquired. Since the City now has an
itemized listing (which can be sorted by department), the finance department will
request, annually, that each department provide a physical inventory of their fixed
assets.
In addition to the, above mentioned conditions, there were also several findings mentioned
in the previous year for which corrective action had been implemented by the City during
the year under audit:
(h�gg� Warrants
The accounts payable clerk has the function of mailing signed warrants to vendors.
A person independent of the accounts payable function should receivestanthe
warrants
after they are signed and mail the warrants k of to the
irre endorse larities.
control feature would further reduce the irregularities.
Ci y Comments R estardi .. Corrective Actions Taken
Checks are no longer returned to the accounts payable clerk after signature is
obtained. The Finance Secretary now receives the warrants and mails them out.
(2) Revenue r The Mail
Ch
ecks which are received through the mail are opened, posted and deposited by
the cash receipts cashier. A person independent of the cash receipts function
should open the mail, prepare a control listing and restrictively end r the cash
se checks.
This standard control practice would add to the existing controls
receipts area.
CityComments Re arding Corrective Ac i ns Planned or _Take
The Finan
ce Secretary now opens the mail, prepares the deposit,. and enters all
checks received onto a control log.
Mr. Tom Genovese
City Manager
December 2, 1994
Page Five
If you have any questions, please give me a call.
Very truly yours,
CONRAD do ASSOCIATES
Ken Al —Imam, CPA
Partner
KA.I:dac
2534H
1
AGENCY FUNDS
-63-
E)MIBI't D-1
CITY OF LA QUIRTA
Combining Balance Sheet -
All Agency Funds
June 30, 1994
Arts in Employee's Assessment Assessment Assessment Assessment Assessment
Public Deferred District District District District District Totals
places_ Cowensat ion No. 88-1 No, 894 No. 90-1 No. 91-1 No. 92-1 _ 1994 1993_
Assets
Cash and investments $187,727 204,966 253,2S3 243,86S 236,821 419,836 310,591 1,857,049 1,SS6,033
Due from other 5.078 4,949 9,084 17,306 13.230 49,647 37.349
governments
Total assets .18� 20� 25� 24 24� 437,142 32� 1. LAM 1-59� 3 382
Liabilities
_ - 187,727 159.117
Deposits payable $187,727 - -
Deferred compensation _ _ _ 204,966 242,487
204 , 966 - - 437_ 323 - S U 14 1,191, 778
payable - 248.814 24
Due to bondholders -
Total
liabilities 187 , 727 204$,,3+1 24K814 Z45,905 437,142
-64-
EXHIBIT D-2
AM IA PUBLIC PLACES
Assets
Cash and investments
Liabilities
Deposits payable
EMPLOYEE'S DEFERRED ODIM ATION
Assets
Cash and investments
Liabilities
Deferred compensation payable
ASSESSMENT DISTRICT AO. 88-1
Assets
Cash and investments
Due from other governments
Total assets
Liabilities
Due to bondholders
ASSESSl1it.RT DISTRICT NO, 89-2
Assets
Cash and investments
Due from other governments
Total assets
Liabilities
Due to bondholders
CITY OF LA QUTATA
All Agency Funds
Combining Statement of Changes
in Assets and Liabilities
Year ended June 30, 1994
Balance at Balance at
July 1. 1993 Addi_ Delete June 30. 1994
$ 252,889 111,488 111,124 253,253
9.087 i5,078 9,087 S-078
$ 253,622 148,235 157,992 243,865
10.046 -4,99 10.046 4,949
41� 431,705
316,239 4
-65-
EXHIBIT D-2
(Continued)
CITY OF LA QUIIATA
Agency Funds
Combining Statement of Changes in
Assets and Liabilities
(Continued)
Balance at Balance at
July 1. 1993 Additions_ Deletions June 30. 1994
SSF,SSMM DISTRICT R0. 90-1
Assets
Cash and investments
$ 247,860
149,355
160,394
236,821
Due from other governments
7.422
9,094
7,422
9.094
Total assets
S 255.282
15!
167,816'.+
905
Liabilities
Due to bondholders
S 255,292
30�
31
ASSESSMERT DISTRICT R0. 91-1
Assets
Cash and investments
$ 400.058
284,682
264,904
419,836
Due from other governments
10,794
17.306
10.794
17,306
Total assets
S 410,952
71�?,941
6$,6,551
437+.:42
Liabilities
Due to bondholders
1 410,952
1,2�
1.25�
43 7,142
SSESSMEIrr DISTRICT M. 92-1
Assets
Cash and investments
$ -
381,027
70,446
310,581
Due from other governments
-
13,230
--
---`
Total assets
S -
.9�ZSZ70,446
323,9:1
Liabilities
Due to bondholders
S -
-6+51+963
052
323, 911
-66-
EXHIBIT D-2
(Continued)
CITY OF LA QUIRTA
Agency Funds
Combining Statement of Changes in
Assets and Liabilities
(Continued)
TOTALS -AIL AGENCY FUNDS
Balance at
July 1, 1993 Additions
Balance at
Deletions June 30. 1994
Assets
Cash and investawts
$1,06,033 1.221,632
920.616 1,8S7,049
Due from other governments
37.349 49,647
37,349 49,647
Total assets
Liabilities
$1,593,392 1-27a i_4
qql-qAc -90
Deposits payable
159.117 123,893
95,283 137,727
Deferred compensation payable
242,497 7S,569
113,090 204,966
Due to bondholders
1,191,779 2,772,203
1,514,003
Total liabilities
$1,52 2-9771 665
2,65� 1-90 6,696
-67-
(This page intentionally left blank)
—69—
ov
La��Q•cy
U
OF THt
INVESTMENT ADVISORY BOARD MEETING: June 14, 1995
Informational Item: B
ITEM TITLE
Transmittal of Balance Sheet for
period ending April 30, 1995.
ISSUE AND DISCUSSION:
Attached is the Balance Sheet dated April 30, 1995.
Approved for submission to the Investment AdNsory/qoarda
M. Falconer
Finance Director
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Informational Item: C
Whither LAIF?
The present investment policy permits the investment of up to 90% of City and
RDA funds in a "Government Pool". Presumably that inartful term includes the Local
Agency Investment Fund, often referred to as LAIR LAIF is administered by the State
Treasurer who has elected to invest these moneys with State funds as part of the Pooled
Money Investment Account (PIMA). I am quite uncomfortable with this degree of
exposure of City funds for reasons set out below.
In summary, PIMA accepts risks prohibited by the City's investment policy, has
high turnover, does not report portfolio changes or investor values as promptly as other
institutions, does not issue GAAP statements nor is it subject to independent audit by a
major accounting firm and is not subject to regulation by the SEC. Investors are not
advised of PIMA's investment objectives nor when they are modified or otherwise
changed. Recently reported yields tend to be below market.
On February 8, 1995 I submitted to the Board comments from my review of 1992-
93 and 1993-94 PIMA annual reports. Those comments were repeated and expanded at
the Board meeting of May 10 based on a review of monthly data recently made available
to the City by PIMA for the months of November, 1994, January and February, 1995.
This note will summarize those comments.
• No GAAP financial statements are prepared for investors, as with banks and money
market funds.
• No audit of financial statements that are furnished by an independent accounting firm,
as with banks and money market funds.
• PIMA is neither registered with nor regulated by the SEC, as are money market funds.
• PIMA has not offered any discussion of investment policies, strategies or its current
view of markets. No disclosure of specific, or even general, investment objectives as
required of money market funds.
• Slow reporting of results to investors. (Seven months to distribute annual reports
compared to 30-45 days by other institutions.)
• PIMA fails to publish daily, monthly or annual net asset share values.
• The City is advised monthly by PIMA of monthly income but is unable to
independently confirm interest calculations or its share of capital gain or loss.
• Difficult to meaningfully compare investment results of PIMA to other investment
vehicles due to its unusual diversity of maturities. Maturities range from intra-day and
overnight to 30 year treasuries and occasionally longer FBLB maturities. In addition
to treasury and agency obligations PIMA invests in commercial paper, CMO's and an
occasional foreign security. At times it leverages itself, usually with reverse repo's.
Recent advice from the State Treasurer's office states that reverse repo's are now
limited to no more than 10% of the portfolio and maturities must be matched to the
reinvestment. PIMA has successfully employed financial derivatives for yield
enhancement, particularly in 1992-93, but to a lesser extent in later periods.
• Based on average maturities, PIMA's portfolio turnover appears to be quite high.
Annualized turnover during November, 1994 was 552%, increasing to 1,164% during
the month of January and 1,548% in February. During these periods, the average
maturity was 448 days, 374 days and 365 days respectively. Why would a portfolio
with an overall maturity of one year turnover five to fifteen times?
• Yields reported for the months of November, January and February are less than the
average yields of government notes with comparable maturities.
November
January
February
PIMA average maturity (days):
448
374
365
PIMA Yield
5.3 8%
5.61 %
5.78%
Average Yields: (Barron's)
One Year Treasury Notes
6.53%
6.98%
6.67%
There are a number of investment vehicles that the City could consider that offer
safety, liquidity and yield in that order. They include CD's issued by large commercial
banks, direct investment in T-Bills and notes, and low cost, short maturity, money market
funds that limit their investment to T-Bills. CD maturities may, at times, compromise the
City's need for instant liquidity. The magnitude of the City's non -mandated investable
funds is not sufficient to effectively invest directly in treasury bills or notes as a matter of
routine.
Short term money market funds are an alternative to complement or substitute
bank CD's and LAIF/PIMA. For example the Vanguard Admiral US Treasury Money
Market Portfolio (CUSIP# 921932109), currently with assets of $1.5 billion is 99.8%
invested in US Treasury bills with an average maturity of 40 days. The fund does not
restrict large withdrawals and will honor same -day requests for wire transfer if received
before 10:45AM EST. Next -day wire transfers will be honored if received before 4PM
EST. Redemptions are normally made by check. Other large, publicly traded money
market funds have similar rules.
The City's existing investment policy would permit the immediate reinvestment of
a substantial portion (or all) of PIMA funds into more conservative investment vehicles.
Carefully selected money market funds are an important part of a diversified investment
portfolio because they offer a degree of liquidity that is superior to bank CD's, a level of
safety equal to or superior to that available from banks and yields generally superior to
those of CD's. Based on information presently available, there are many reasons to
redeploy assets presently invested with LAW and few to continue the City's present
position with LAIF.
JAI 5/12/95