2000 01 12 IABP.O. Box 1504
78-495 CALLE TAMPICO (760) 777-7000
LA QUINTA, CALIFORNIA 92253 (TDD) (760) 777-1227
AGENDA
INVESTMENT ADVISORY BOARD
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
January 12, 2000 - 5:30 P.M.
I CALL TO ORDER
A. Pledge of Allegiance
B. Roll Call
II PUBLIC COMMENT- (This is the time set aside for public comment on any matter not scheduled on the agenda.)
III CONFIRMATION OF AGENDA
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on December 8, 1999 for the Investment
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for November, 1999
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. City of La Quinta FY 98/99 Audited Financial Statements
B. Month End Cash Report and Selected Interest Rates - December 1999
C. Pooled Money Investment Board Reports - October, 1999
VII BOARD MEMBER ITEMS
VIII ADJOURNMENT
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: January 12, 2000
ITEM TITLE:
Transmittal of Treasury Report
for November, 1999
BACKGROUND:
Attached please find the Treasury Report for November, 1999.
RECOMMENDATION:
Review, Receive and File the Treasury Report for November, 1999.
John M. Falcon4r, Finance Director
T a 0
4hf 4 4 Q"
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for November 30, 1999
DATE: January 4, 2000
Attached is the Treasurer's Report for the month ending November 30, 1999. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Sold/Matured
Other
Endin
Change
Cash (1)
LAIF
US Treasuries (2)
US Gov't Agencies (2)
Commercial Paper
Mutual Funds
Total
$1,1411418
11,189,999
14,052,692
17,628,448
0
9,020,698
$53 033 255
0
11,030,324
0
0
0
$11 030 324
0
300,000
7,000,000
0
0
3,896,469
$11 196,469
($544,839)
(15,037)
42,138
$517 738
596,579
10,889,999
18,067,979
17,670,586
0
5,124,229
$52 349 372
($544,839)
(300,000)
4,015,287
42,138
0
(3,896,469)
$683 883)
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and ins in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. the City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
Join M. Falconef `"
Fi ance Director reasurer
j S 200 0
Dale
Footnote
(1) The amount reported in the other column represents the net increase (decrease) of deposits and
withdrawals from the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury and Agency investments.
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CITY OF LA QUINTA
CITY
CITY RDA
RDA FA
BALANCE SHEET 11130/99
FIXED
LONG TERM FIXED
LONG TERM FINANCING LONG TERM
GRAND
CITY ASSETS
DEBT RDA ASSETS
DEBT AUTHORITY DEBT
TOTAL
ASSETS:
POOLED CASH
3,868,088.28
6,070,262.13
(994.24)
9,937,356.17
LQRP INVESTMENT IN POOLED CASH
705,000.00
705,000.00
INVESTMENT T-BILLINOTES & OTHER
26,000,000.00
26,000,000.00
AUTO MALL CASH
781,556.49
781.556.49
LQRP CASH
61,665.48
61,665.48
BOND REDEMPTION CASH
396,111.90
28.73
396.140.63
BOND RESERVE CASH
BOND PROJECT CASH
14,088,544.14
590.543.79
14,679,087.93
BOND ESCROW CASH
PETTY CASH
1,000.00
1,000.00
CASH & INVESTMENT TOTAL
30,650,644.77
21,321,583.65
589,578.28
52,561,806.70
INVESTMENT IN LAND HELD FOR RESALE
AC
COUNTS RECEIVABLE
47,154.46
60,900.00
8,260,000.00 8,368,054.46
PREMIUM/DISCOUNT ON INVESTMENT
(254,217.28)
41,783.03
(212,434.25)
LQRP-ACCOUNTS RECEIVABLE
48,760.68
48.760.68
INTEREST RECEIVABLE
1,373.63
1,373.63
LOAN/NOTES RECEIVABLE
25,841.74
2,668,850.80
2,694,692.54
DUE FROM OTHER AGENCIES
127,984.00
127,964.00
DUE FROM OTHER GOVERNMENTS
DUE FROM OTHER FUNDS
785,357.14
741,656.90
1,527,014.04
DUE FROM RDA
6,890,277.20
6,890,277.20
INTEREST ADVANCE -DUE FROM RDA
1,384,175.34
1,384,175.34
ADVANCES TO OTHER FUNDS
434,951.70
434,951.70
NSF CHECKS RECEIVABLE
1,966.86
1.966.86
ACCRUED REVENUE
833.40
83140
TRAVEL ADVANCES
1,860.00
1,860.00
EMPLOYEE ADVANCES
PREPAID EXPENSES
60,300.00 -_
-
60,3_00.00
RECEIVABLE TOTAL
9,507,024.79
3,562,784.81
_
8,260,000.00 21,329,809.60
WORKER COMPENSATION DEPOSIT
37,637.00
37,637.00
RENT DEPOSITS
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS
2,100.00
2,100.00
DEPOSITS TOTAL
39,812.00
39.812.00
GENERAL FIXED ASSETS
1,289,694.28 15,146,522.00
10,233,506.05
26,669,722.33
ACCUMULATED DEPRECIATION
(585,360.27)
(585,360.27)
AMOUNT AVAILABLE TO RETIRE L/T DEBT
3,395,117.03
3,395,117.03
AMOUNT TO BE PROVIDED FOR L/T DEBT
1,677,482.02
94,828,721.06
8,260,000.00 104,766,203.08
TOTAL OTHER ASSETS
704.334.01 15,146,522.00
1,677,482.02 10,233,506.05
98,223,838.09
_- _ -
8,260,000.00 134,245,682.17
TOTAL ASSETS
40 901 815.57 15 148 522.00
1,677,482.02 24,884,368.46 10,233,506.05
98.223.838.09
8.849.578.28 8,260,000.00 2.08 177 110.47
LIABILITY
ACCOUNTS PAYABLE 7.660.84 11,999.44 19,660.28
DUE TO OTHER AGENCIES 522,190.29 522,190.29
DUE TO OTHER FUNDS 575.00 1,517,134.04 9,305.00 1,527,014.04
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
PAYROLL LIABILITIES
61,701.81
61,701.81
STRONG MOTION INSTRUMENTS
4,651.65
4.651.65
FRINGE TOED LIZARD FEES
21.740.00
21,740.00
SUSPENSE
129,128.81
129,128.81
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
747,648.40
11,999.44 1,517,134.04
9,305.00
2.286.086.88
ENGINEERING TRUST DEPOSITS
198.00
198.00
SO. COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
423,107.00
423.107.00
LQRP DEPOSITS
15.364.00
15,364.00
DEVELOPER DEPOSITS
1,130,464.59
1,130,464.59
MISC. DEPOSITS
329,760.95
329,760.95
AGENCY FUND DEPOSITS
800,668.11
800,668.11
TOTAL DEPOSITS
2,684,198.65
15,364.00
2,699,562.65
DEFERRED REVENUE
8.270.67
8,260,000.00
8,268,270.67
OTHER LIABILITIES TOTAL
8,270.67
8,260,000.00
8,268,270.67
COMPENSATED ABSENCES PAYABLE
337,880.86
337,880.86
DUE TO THE CITY OF LA QUINTA
1,327,801.72
8,274,452.34
9,602,054.06
QUE TO COUNTY OF RIVERSIDE
12,466,237.00
12,466,237.00
DUE TO C.V. UNIFIED SCHOOL DIST.
10,068,148.75
10,068,148.75
DUE TO DESERT SANDS SCHOOL DIST.
BONDS PAYABLE
_
87,415,000.00
_ (5504.06) 8,260,000.00
75,674,495,9_2
TOTAL LONG TERM DEBT
1,665,482.58
98,223,838.09
(504.08) 8,260,000.00
108,148,816.59
TOTAL LIABILITY
3,440,117.72
1,677,482.02 1,532,498.04
98,223,838.09
8,268,800.92 8,260,000.00
121,402,736 79
EQUITY -FUND BALANCE
37,461,697.85 15,146,522.00
23,351,870.42 10,233,506.05
580,777.36
86,774,373.68
TOTAL LIABILITY & EQUITY 40,901,815.57 15,146,522.00 1,677,482.02 24,8 44.368.46 . 10,233,506.05 98,223,838.09 8,849,578.28 8.260 000.00 . 208 177,110.47
(0.00) (0.00) (0.00) -- --- _ - - -- _ _- -_ --
CASH & INVESTMENT%TOTAL 62,661,806.70
PREMIUMIDISCOUNT ON INVESTMENT (212,434.251
TOTAL 52,349,372.45
00�9
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item A
Meeting Date: January 12, 2000
ITEM TITLE:
City of La Quinta Fiscal Year 1998-99
Audited Financial Statement
BACKGROUND:
Mr. Ken AI -Imam, Audit partner with Conrad & Associates will review the City
Cash and Investments presented in the report and answer Board Members
questions
RECOMMENDATION:
Information item only.
hn M. Falconer, Finance Director
CITY OF LA QUINTA
La Quinta, California
Comprehensive Annual Financial Report
Year ended June 30, 1999
Prepared by
FINANCE DEPARTMENT
JOHN M. FALCONER
Director of Finance
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1999
TABLE OF CONTENTS
Paize
INTRODUCTORY SECTION
Letter of Transmittal
i
List of Principal Officials
xix
Organizational Chart
xx
Certificate of Award for Outstanding Financial Reporting (CSMFO)
xxi
Certificate of Achievement for Excellence in Financial Reporting (GFOA)
xxii
FINANCIAL SECTION
Independent Auditors' Report
1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups
4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types
7
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental Fund Types
8
Statement of Revenues, Expenses and Changes in Retained Earnings -
Internal Service Fund
10
Statement of Cash Flows - Internal Service Fund
11
Notes to the Financial Statements
12
Required Supplementary Information
42
Supplemental Data:
General Fund:
Statement of Expenditures - Budget and Actual
45
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1999
TABLE OF CONTENTS, (CONTINUED)
Special Revenue Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
State Gas Tax Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Community Service Projects Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Federal Assistance Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
ISTEA Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Lighting and Landscape Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
State Law Enforcement Block Grant (SLEBG):
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Quimby Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Page
48
c
52
53
MAJ
55
56
57
58
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1999
TABLE OF CONTENTS, (CONTINUED)
Paize
Public Safety Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual 59
Village Parking Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual 60
South Coast Air Quality Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
61
Local Law Enforcement Block Grant (LLEBG):
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
62
Low/Moderate Income Housing Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
63
Low/Moderate Income Housing Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
64
Low/Moderate Bond - Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
65
Low/Moderate Bond - Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
66
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1999
TABLE OF CONTENTS, (CONTINUED)
Debt Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Financing Authority 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
Capital Projects Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Infrastructure Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Capital Improvement Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Page
68
71
72
74
76
11:1
79
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1999
TABLE OF CONTENTS, (CONTINUED)
Page
Assessment District 97-1 La Quinta Norte Construction Fund:
_ Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
80
Financing Authority Capital Projects Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
81
Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
_
in Fund Balances - Budget and Actual
82
Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
83
Agency Funds:
Combining Balance Sheet - All Agency Funds
86
Combining Statement of Changes in Assets
and Liabilities - All Agency Funds
88
General Fixed Assets Account Group:
_ Comparative Schedule of General Fixed Assets - By Source
92
Schedule of General Fixed Assets - By Function and Activity
93
-- Schedule of Changes in General Fixed Assets -
by Function and Activity
94
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1999
TABLE OF CONTENTS, (CONTINUED)
Table No.
Page
STATISTICAL SECTION
General Fund Expenditures by Function
1
96
General Fund Revenue by Source
2
97
Property Tax Levies and Collections
3
98
Schedule of Net Taxable Value
4
99
Property Tax Rates - Direct and Overlapping Governments
5
100
Special Assessment Billings and Collections
6
101
Schedule of Direct and Overlapping Bonded Debt
7
102
Computation of Legal Debt Margin
8
103
Revenue Bond Coverage
9
104
Demographic Statistics
10
105
Property Value, Construction Activity, and Bank Deposits
11
106
Principal Taxpayers
12
107
Major Employers
13
108
Schedule of Insurance in Force
14
109
Miscellaneous Statistical Data
15
110
P.O. Box 1504
78-495 CALLE TAMPICO
LA QUINTA, CALIFORNIA 92253
December 1, 1999
Honorable Mayor, City Council,
and City Manager
City of La Quinta
La Quinta, California
(760) 777-7000
(TDD) (760) 777-1227
FY 1998 99 COMPREHENSIVE ANNUAL FINANCIAL REPORT LETTER OF TRANSMITTAL
We are pleased to present the 1999 Comprehensive Annual Financial Report ( CAFR) of the City of La. Quinta
to the City Council and the City Manager. This report includes financial statements of the:
City of La Quinta;
La Quinta Redevelopment Agency; and,
La Quinta Financing Authority.
Our independent auditors, Conrad & Associates have expressed their opinion as to the fairness of these financial
statements. The completion of the independent audit is an important part of the total financial management
program for the City of La Quinta.
The information found in this report is provided by management to the Council and the public to assist those
interested in understanding the fiscal condition of the City as of June 30, 1999. Responsibility for both the
accuracy of the data, its completeness and its fairness of presentation, including all disclosures rests with the City.
To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported
in a manner designed to present fairly the financial position and results of operations of the various funds and
account groups of the City of La Quinta. All disclosures necessary to enable this reader to gain an understanding
of the government's financial activities have been included.
Document Structure
The CAFR is presented in three sections:
Introductory;
Financial; and,
Statistical.
Honorable Mayor, City Council,
and City Manager
The introductory section includes this transmittal letter, the City's organizational chart, and a list of principal
officials. The financial section consists of the general purpose financial statements, including the audit opinion
and footnotes, and the combining and individual fund and account group financial statements and schedules.
The statistical section includes selected financial and demographic information, generally on a multi -year basis.
The following governmental agencies that provide services to the citizens of the City of La Quinta have been
excluded from this report because the City does not have financial accountability over these agencies: State of
California and its departments, County of Riverside and its departments, Coachella Valley Association of
Governments, Riverside County Transportation Commission, Riverside County Waste Management District,
Desert Sands Unified School District, County Superintendent of Schools, Coachella Valley Unified School
District, Desert Community College District, Mosquito Abatement District, and Coachella Valley Water
District.
The City of La Quinta is located 120 miles east of Los Angeles in the eastern portion of Riverside County
known as the Coachella Valley. The City motto is "The Gem of the Desert". The City is governed by a five
member City Council under the Council/Manager form of government. The Mayor is directly elected by the
citizens. The City was originally incorporated in 1982 as a general law City and it became a charter City in
November 1996.
Significant 10-year demographic data is as follows:
• Population as of December 1998 was 21,763 an increase of 94% from 1990;
• Retail Sales of $158 million a 357% increase from 1990;
• Taxable Sales of $214 million a 220% increase from 1990;
• Assessed Valuation over $2.6 billion a 207% increase from 1990; and,
• Hotel Room sales over $32.5 million a 69.5% increase from 1990.
The City area includes the beautiful La Quinta Hotel, world class golf resorts, numerous single family and multi-
dwelling units and light commercial industries. The City has a modern 10,000 sq f1 Senior Center for City
residents. The Desert Sands Unified School District provides educational opportunities for school -age children
in La Quinta.
The City has .been experiencing rapid growth in population making it one of the fastest growing Cities in
California. With this growth comes a demand on local government to meet the needs of its citizens. For the
year ending June 30, 1999, the City of La Quinta posted a gain in sales tax revenue of 39.67% over the previous
year. The total number of full time authorized positions for 1998-99 is 72. In addition to the 21,763 permanent
residents approximately 11,368 seasonal residents spend three to six months in the City.
ii
Honorable Mayor, City Council,
and City Manager
Services Provided by the City
City services can be divided into those services provided directly by City staff and those services contracted out
or provided by other government agencies and organizations.
Direct services provided by City staff in the following areas include:
General Government
- Legislative
- City Manager
- Economic Development
- Personnel
Finance
- Fiscal Services
- Central Services
Building and Safety
- Administration
— - Code Compliance
- Animal Control
- Building
- Emergency Services
- Fire
- Civic Center Building
Public Works
- Administration
- Development/Traffic
- Street & Landscape Maintenance
- Capital Projects
City Clerk
- City Clerk
Community Services
- Administration
- Recreation
- Senior Center
Community Devel_o m n
- Administration
- Planning
- South Coast Air Quality
- Redevelopment
Services are also provided to the City and its citizens by contract and by the direct services of other government
agencies and organizations. These services include police and fire protection through the County of Riverside,
library services through the County of Riverside, visitor & tourist information through Palm Springs Desert
Resorts Convention and Visitors Bureau, and the La Quinta Chamber of Commerce, water service through the
Coachella Valley Water District, electricity service through the Imperial Irrigation District, refuse collection
through Waste Management, public transit through Sunline Transit Agency, and cable service through Media
One.
iii
Honorable Mayor, City Council,
and City Manager
During 1998-99 the City experienced many significant events and accomplishments that may not be readily
evident from a review of the financial statements. Some of the more important of these items are:
Single family construction accounted for $225 million in building permits while commercial construction
accounted for $10 million.
A 4,700 square foot International House of Pancakes was built in the Home Depot retail center.
The development of numerous residential communities including PGA West, Rancho La Quinta and the
Traditions has increased the assessed valuation in the City. As mentioned earlier, the City's assessed valuation
has increased 207% from 1990 to over $2.6 billion, with an increase of $365 million during the latest year.
La Quinta has housing that ranges from the affordable to luxury estates. The median home prices in La Quinta
have been relatively stable and are significantly lower than other areas of the Coachella Valley mostly due to
the reasonably priced land values.
The U.S. Census has established the median home price at $117,400 which is lower than Riverside, San Diego,
Los Angeles Counties and the State of California.
There were 870 housing units built during 1998 which brings to 13,499 the number of total units within the City.
The 13,499 units consist of 12,555 single family residences, 697 multi family residences, and 247 mobile
homes.
La Quinta is home to several of the world's highest rated golf courses. During FY 1998-99, major golf
tournaments hosted in La Quinta included the prestigious Bob Hope Chrysler Classic, the Skins Game, and the
Raymond Floyd hosted charity golf event.
The nationally recognized La Quinta Arts Festival attracts many visitors from around the country each year to
the City of La Quinta and the Coachella Valley.
The La Quinta Resort and Club, the second largest destination resort in the Coachella Valley, continues to record
dramatic growth in hotel revenues.
lv
Honorable Mayor, City Council,
and City Manager
The City increased funding for the Palm Springs Desert Resort Convention & Visitors Bureau for tourism
promotion and provided funding for the Airline Services Council to continue airline marketing efforts for the
Coachella Valley.
Coital Improvements
The City completed over $6.7 million dollars of Capital Improvements in FY 98/99. Major expenditures were
made on the Catellus Moderate Single Family and Senior Housing Project at Ave 48`h and Jefferson, the
Miles/Washington Widening Project, the Washington Street Bridge Widening Project at Avenue 50, the traffic
signal at Highway 111 and Plaza La Quinta, and public improvements at the Centre at La Quinta Auto Mall site.
Preliminary design work was completed on the Jefferson Street widening project between Highway 111 and
Avenue 54, two City entrance monuments and the Civic Center expansion.
Next year, the City's Capital Improvement Project (CIP) program will increase over $8.8 million bringing the
1999-00 City CIP program to $52.8 million. The major commitment in the infrastructure will provide for both
the current and future growth that the City has experienced.
The City completed improvements for covered parking and an emergency generator at the Senior Center,
continued to fund the Washington I-10 interchange project through the Coachella Valley Association of
Governments (CVAG) and participated in a multi jurisdiction project to rebuild the Miles Avenue crossing at
the Whitewater River.
The following is a partial listing of the accomplishments made by City staff to the citizens of La Quinta during
1998-99:
Implementation of an Economic Development Strategy Plan;
Implementation of an Economic Development Marketing Plan;
Received several grant awards for public safety, bicycle lanes, urban forestry;
— Received awards in excellence for financial and budget reports;
Started the General Plan Updates.
Future develop include, continued commercial development along the Highway 111 corridor,
redevelopment financed property developments and completion of residential projects in the northern part of
the City.
Honorable Mayor, City Council,
and City Manager
Management of the City of La Quinta is responsible for establishing and maintaining a framework of internal
controls designed to ensure that assets of the City are protected from loss, theft, or misuse and to ensure that
adequate accounting data are compiled to allow for the preparation of financial statements in conformity with
generally accepted accounting principles. The framework of internal controls is designed to provide reasonable,
but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that:
(1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and
benefits requires estimates and judgments by management.
Single Audit - As a recipient of federal, state and county financial assistance, the City also is responsible for
ensuring that an adequate framework of internal controls is in place to ensure compliance with applicable laws
and regulations related to those programs. The framework of internal controls is subject to periodic evaluation
by management.
As a part of the City's single audit, tests are made to determine the adequacy of the framework of internal
controls, including that portion relating to Federal assistance programs, as well as to determine that the
government has complied with applicable laws and regulations. The results of the government's single audit
for the fiscal year ended June 30, 1999 provided no instances. of material weaknesses in the framework of
internal controls or significant violations of applicable laws and regulations.
Accounting Controls - The City of La Quinta's accounting system is designed upon the following principles:
In the public sector, a city government maintains a variety of "funds" that provide the basis for separately
recording the financial data related to a specific activity. A fund is an accounting entity with a complete set of
self -balancing accounting records. Each fund has been established because of some restriction on the use of the
resources received by that fund. In the private sector, a corporation may have many subsidiaries which make
up the parent corporation. Likewise in the public sector, all of the funds make up the complete financial
resources of the City of La Quinta. This report includes the transactions of all entities over which the City
Council of the City of La Quinta has authority (as defined by the Governmental Accounting Standards Board).
The City's accounting system operates on a modified accrual basis of accounting for all governmental and
agency type funds. Governmental funds include the General, Special Revenue, Debt Service, and Capital
Projects Funds. Under the modified accrual basis of accounting, revenues are recorded when received in cash
or accrued when they are both measurable and collectible within the accounting period or soon enough after the
end of the period to pay liabilities of the period. Expenditures, other than interest or long term debt, are recorded
when liabilities are incurred.
The City maintains one Internal Service Fund and no Enterprise Funds. These types of funds use the accrual
basis of accounting. Revenues are recorded when earned and expenses when incurred.
vi
Honorable Mayor, City Council,
and City Manager
In addition to maintaining funds to record accounting transactions, internal controls exist within the accounting
system to ensure the safety of assets from misappropriation, unauthorized use or disposition, and to maintain
the accuracy of financial record keeping. These internal controls must be established consistent with sound
management practices based upon the cost/benefit of the controls imposed. The cost of a control should not be
excessive to its derived benefit as viewed by. City management. The internal controls in existence at the City
of La Quinta are sufficient to ensure, in all material respects, both the safety of the City's assets and the accuracy
of the financial record keeping system.
The City Manager submits a preliminary budget to the City Council before each fiscal year. Public hearings
are then held prior to July 1 to receive public comment. A budget is required to be adopted before the beginning
of the fiscal year. Amendments to the budget or budget transfers between funds require Council approval.
Budget transfers within funds require City Manager approval. The City also maintains an encumbrance system
as one budget technique. All fiscal year end appropriations and encumbrances lapse at year end unless
specifically approved by the Council for inclusion in the following years' appropriations.
Each Department receives a monthly budget -to -actual expenditure report. In addition, each department can
access on-line budgetary data from the financial information system available throughout the City-wide
computer network.
The City Council is also given an Executive level Summary of Revenues and Expenditures on a monthly basis.
In 1979, Proposition 4, the "Gann" initiative, was passed by the voters of California. The purpose of this law
was to limit government spending by putting a cap on the total proceeds of taxes that may be appropriated each
year. This limit is increased each year through a formula that takes into consideration changes in the Consumer
Price Index and state per -capita income. If a city reaches this limit, excess tax revenue must be returned to the
State or citizens through a process of refunds, rebates, or other means that may be defined at that time. The
Gann Limit for the City of La Quinta has increased steadily since 1979 and still provides the City with a
comfortable operating margin.
In 1991-92, State law allowed the recalculation of the City's limit with new inflation factors. Using population
growth in the City and growth in State per capita income, the Gann spending limit was increased to $28.02
million for Fiscal Year 1998-99. Appropriations of "proceeds of taxes" was $8.22 million for a margin of
$19.8 million.
vii
Honorable Mayor, City Council,
and City Manager
The following schedules present a summary of the General Fund, special revenue funds, debt service funds,
Capital project funds and expenditures for 1998-99 and the amount and percentage of increases and decreases
in relation to prior year revenues.
Revenue from All Governmental Fund Tunes
98-99 over %
Fund Type 1998-99 1997-98 (under) 97-98 Change
General Fund
$15,870,489
$115808,235
$4,062,254
34.4%
Special Revenue Funds
7,279,078
6,543,379
735,699
11.2%
Debt Service Funds
155267,586
1300,628
1,406,958
10.2%
Capital Project Funds
72498,334
4,670,155
25828,179
60.6%
Total
$45,915,487
136,882,397
19,033,088
24.5%
Fund Type
General Fund
Special Revenue Funds
Debt Service Funds
Capital Project Funds
Total
1998-99
1997-98
98-99 over %
(under) 97-98 Change
$ 9,847,000
$8,327,740
1,519,260
18.2%
3,874,525
3,951,583
<77,058>
<2.0>%
17,40408
16,458,977
945,911
5.7%
8,125,252
8,240,765
<115,513>
<1.4>%
$39,417,002
$37,139,116
2,277,886
6.1 %
For all governmental fund types, the increased revenue is reflective of retail sales growth and increases in permit
fees in the General Fund, increased Capital Project Fund activity, and increased tax increment revenue in the
Debt Service Fund. Expenditures in all areas of the General Fund increased by a combined amount of 18.2%,
with Capital Project fund expenditures decreasing by 1.4%. .
Honorable Mayor, City Council,
and City Manager
The City's General Fund is used to record all revenue and expenditures not specifically restricted by
law or Council policy. Major sources of revenue include property tax, sales tax, transient occupancy
tax, licenses and permits, motor vehicle license fees and interest. Categories of expenditures include
police services, public works, Community Development Community Services and administrative
functions.
The following two tables summarize actual General Fund revenues and expenditures for 1998-99 and
1997-98:
Source
Taxes
Licenses and permits
Charges for services
Intergovernmental
Interest
Litigated Settlements
Miscellaneous
Total
1998-99 1997-98
$ 8,101,191
1,951,981
1,965,219
1,466,788
1,569,796
740,985
74,529
$15,870,489
$6,764,355
1,144,564
19228,269
1,110,553
1,164,145
281,382
114,969
$1108,237
ix
98-99 over
(under) 97-98
$1,336,836
807,417
736,950
356,235
405,651
4599603
<40,440>
$4,062,252
Change
19.8%
70.5%
60.0%
32.1%
34.8%
163.3%
<I5.2>%
34.4%
Honorable Mayor, City Council,
and City Manager
The total 1998-99 General Fund revenue increased by 34.4% over FY 1997-98. The 19.8% increase in
Tax revenue consisted of increased Transit Occupancy Tax, property tax and sales tax stemming from
increased construction activity and population growth. The 70.5% increase in Licenses and Permit
revenue consisted of payments related to residential and commercial building activities. The 60% increase
in Charges for Service revenue consisted of Community Development and Public Works fees related to
commercial and residential building activities. Intergovernmental revenue increased by 32.1 % from
increases in motor vehicle taxes, and County library funding. The increase in Interest of 34.8% consisted
of larger fund balances available for investment. Litigated Settlements revenue increased by 163.3%
consisting of a final settlement received from a defendant in a legal matter.
Expenditure Type
General Government
Public Safety
Community Services
Planning & Development
Public Works
Total
1998-99 1997-98
$2,473,241
4,468,294
732,741
626,074
$2,229,389
4,099,523
494,402
345,054
98-99 over
(under) 97-98
243,852
368,771
238,339
281,020
1,546,650 19159,372 387,278
$9,847,000 $8,327,740 1,519,260
Change
10.9%
9.0%
48.2%
81.4%
33.4%
18.2%
The general government expenditure increase of 10.9% consisted mainly of the City's commitment to
economic development efforts. Public Safety expenditures increased 9% consisting of cost of living
adjustments to the County Sheriffs contract. Community Services costs increased by 48.2% due to
budgeting certain grant. related services previously paid out of General Government departments and
increased services which would be partially offset by program revenues. Planning and Development
expenditures increased due to increased consultant costs for the General Plan. Public Works expenditures
increased due to additional traffic and landscape maintenance, and construction management efforts.
x
Honorable Mayor, City Council,
and City Manager
The City's Special Revenue Funds, which account for the collection and use of special or restricted
revenues, received $7.3 million in total revenue in FY 1998-99. This as a increase of 11.2%. The Special
Revenue Fund expenditures were $3.8 million, a decrease of 2%.
The following two tables summarize Special Revenue Funds revenues and expenditures for 1998-99 and
1997-98:
Source
Taxes
Developer fees
Intergovernmental
Interest
Special assessments
Rental Income
Gain <Loss> on Land Sale
Total
1998-99
$3,592,472
650,735
596,177
1,070,240
759,273
414,236
195,945
$7.279,078
1997-98
$3,253,847
1789713
1,20%519
728,523
80%041
395,414
<22,678>
$6,543,379
98-99 over
(under) 97-98
$ 338,625
472,022
<604,342>
978,717
<49,768>
18,822
218,623
Change
10.4%
264.1 %
<50.3>%
46.9%
<6.2>%
4.8%
964.0%
$735.699 11.2%
Taxes increased 10.4% from increased construction activity in Redevelopment Project Area No. 1 and 2
which will be used for low and moderate income housing purposes. Developer fees increased 264.1 % as
a result of a contribution for the Avenue 48`h road improvements. Intergovernmental revenue decreased
50.3% due to decreases in Federal Assistance and ISTEA funding for construction projects for FY 1998-
99. Interest income increased 46.9% due to larger cash balances to invest. Proceeds from land sale
increased 964.% from the sale of Redevelopment Agency property.
S12ecial Revenue Funds
- Exnen i res
98-99 over
%
Expenditure Type
1998-99
1997-98
(under) 97-98
Change
Public Safety
$ 0
$ 33,388
$ <33,388>
<100.0>%
Planning & Development
2,704,025
2,729,873
<25,848>
<.9>%
Public Works
1,170,500
1,188,322
<17,822>
<1.5>%
Total
$3,874,525
$3,951,583
$<77,058>
<2.0>
No significant changes in Special Revenue expenditures between FY 1998-99 and FY 1997-98 were noted.
X1
Honorable Mayor, City Council,
and City Manager
The City's Debt Service Funds are used to record the payment of interest and principal on the current
portion of outstanding debt.
The following two tables summarize Debt Service Funds revenues and expenditures for 1998-99 and 1997-
98:
Source
Taxes
Interest
Rental Income
Total
1998-99 1997-98
$14,369,887 $13,015,387
213,126 110,618
684,573 734,623
$15,267,586 $1398609628
98-99 over
(under) 97-98
$ 1,354,500
1029508
<50,050>
$19406,958
Change
10.4%
92.7%
<F R>%
10.2%
The Tax revenues increase of 10.4% reflects increased building activities and lower than expected property
value reassessment appeals. Interest income increased 92.7% due to increased cash balances to invest.
Rental income decreased by 6.8% to pay for the FY 1998-99 Financing Authority debt service payments.
Expenditure Type
Planning & Development
Debt Service
Total
1998-99 1997-98
$ 270,566
17,134,322
$1754045888
$209,588
16,24%389
$16,45 8,977
98-99 over
(under) 97-98
$ 60,978
8849933
$945,911
Change
29.1 %
5.40/,
5 .7%
The increase of 29.1 % in Planning & Development is a result of higher contract administrative service fees
in the Redevelopment Agency debt service fund. The Debt Service expenditure increase of 5.4% reflects
higher scheduled tax increment pass through payments in the Redevelopment Agency.
xii
Honorable Mayor, City Council,
and City Manager
Capital Project Funds
Capital Project Funds are used to record the receipt and disbursement of monies that are restricted for the
acquisition and construction of capital facilities.
The following two tables summarize Capital Project Funds revenues and expenditures for 1998-99 and
1997-98:
Capital Project Finds
- Revenue
98-99 over
%
_
Source 1998-99
1997-98 (under) 97-98
Change
Developer fees $496631,006
$29961,792 $19701,214
57.4%
Intergovernmental 1,133,477
19167,522 <349045>
<2.9>%
-- Interest 8419769
5409637 301,132
55.7%
Special Assessments 38,493
0 389493
N/A
Litigated Settlements 821,589
204 8213,385
402,639.7%
Total $7,498,334
$49670,155 $2,828,179
60.6%
Developer fees increased by 57.4% due to increased building activities. Interest income increased
55.7% as a result of increased cash balances. Litigated settlements increased as a result of a final
settlement received from a defendant in a legal matter.
Xlll
Honorable Mayor, City Council,
and City Manager
Expenditure Type
Planning & Development
Capital Outlay
Total
Capital Project Funds - Expenditures
1998-99 1997-98
$ 1,147,357 $651,832
6,977,895 79588,933
$8,125,252 $8,240,765
98-99 over %
(under) 97-98 Change
$ 495,525
<611,038>
76.0%
<8.1>%
$<115,513>
<1.4>%
Planning and Development expenditures increased 76.0% due to payments to a developer for the La Quinta
Norte Assessment District. The Capital Outlay line item decreased 8.1 % from FY 1997-98.
The City's Internal Service Fund (Equipment Replacement Fund) is used to report the operational cost of
maintaining and replacing City vehicles and equipment. Cost allocation charges are recorded as expenditures
in General Fund departmental budgets accounts and as revenues in the Equipment Replacement Fund. Charges
are based on a schedule that recovers maintenance and depreciation costs. New vehicles and equipment are
purchased in the respective General Fund department and then transferred out as contributed capital to the
Equipment Replacement Fund at the end of the year. After the original purchase subsequent vehicles and
equipment are paid for out of the Equipment Replacement Fund.
xiv
Honorable Mayor, City Council,
and City Manager
Equipment Rolacement
Fund
98-99 over
%
Source
1998-99
1997-98
(under) 97-98
Change
Operating Revenue
Charges for Services
$ 338,665
$
199,731
$ 138,934
69.6%
_._ Operating Expense:
Cost of Services
$ 72,969
$
60,585
$ 12,384
20.4%
Administration
4,010
49626
<616>
<13.3>%
Depreciation
88,358
94,840
<6,482>
<6.8>%
Total Operating Expense
$ 165,337
$
160,051
$ 5,286
3.3%
--- Operating Income (Loss)
$ 173,328
$
39,680
$ 133,648
336.8%
Non -Operating Revenues
(Expenses)
Interest
Total Non -Operating
Revenue (Expenses)
Net Income (Loss Before
Transfers
_ Operating Transfers:
Operating Transfers In
Total Operating Transfers
Net Income (Loss)
Retained Earnings at
Beginning of Year
Retained Earnings at End of
Year
$
52,560
$
25,491
$
279069
106.1%
$
2259888
$
259491
$
27,069
106.1%
$
52,560
$
65,171
$
160,717
246.6%
$
0
$
0
$
0
n/a
$
0
$
0
$
0
n/a
$
225,888
$
65,171
$
160,717
246.6%
$
573,901
$
5089730
$
65,171
12.8%
$ 7993789 $ 573,901 $ 225,888 35.9%
xv
Honorable Mayor, City Council,
and City Manager
Risk Management
The City of La Quinta joined the California Joint Powers Insurance Authority (CJPIA) in 1997. Under a joint
exercise of powers agreement between local governments for the purpose of jointly funding programs of
insurance under Section 990 of the California Government Code. The Authority is governed by a Board of
Directors, which is composed of one director from each member organization which maintains membership in
the Liability program. The City of La Quinta joined the CJPIA in order to achieve long-term premium stability.
Each member city must remain in the pool for three years. Each year, the self -insured pool undergoes a
retrospective deposit computation based on current incurred loss valuations. Appropriate adjustments are then
made over a three-year period. 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 worker's compensation and general liability fall under the insurance
policies purchased by the City. The CJPIA provides for liability insurance coverage with a maximum of
$50,000,000 per claim. All reserves are invested and earnings are credited to members in proportion to their
equity. At present, the CJPIA has invested reserves in excess of $100,000,000. Based on historical experience,
as of June 30,1999, the City's year-end deposit with CJPIA is expected to exceed its liability for claims payable,
including incurred but not reported losses, and therefore no liability for claims payable has been recorded in the
general long-term debt account group.
Note 21 in the Notes to the Financial Statements explains in detail the financing of the City's retirement
program. Significant financial information has been disclosed in the notes in order to comply with GASB
Statement Number 27. Based upon the latest information, the total over funded benefit obligation applicable
to the employees of the City at June 30, 1997 was $813,152 up $472,910 from an over funded pension benefit
obligation of $340,242 as of June 30, 1996. Employer contribution rates are reviewed and adjusted annually
to achieve full funding for retirement benefits by the year 2011.
Debt Administration
At year end, the City of La Quinta had a number of debt issues outstanding. The City had outstanding one lease
bond issue and four tax allocation bond issues the total debt service of $148.6 million. During the year the City
has reduced the debt service on these issues by $5.7 million to $142.9 million. The City has met all debt service
payments and is not aware of deficiencies in the terms of its bond covenants.
Cash Management
The City Council annually adopts an investment policy that is intended to provide the highest investment return
with the maximum security while meeting the daily cash flow demands of the City and conforming to all
State and local statutes governing the investment of public funds. During the 1998-99 Fiscal Year, idle funds
were deposited in accordance with this policy in demand deposits, medium -term notes, treasury and agency
notes, treasury money market funds, and a pooled investment administered by the State of California. At all
times, there was compliance with the City's investment policy, and safety and liquidity objectives were placed
above rates of return considerations in making deposits and investments.
xvi
Honorable Mayor, City Council,
and City Manager
The City Treasurer is charged with the responsibility of safeguarding the City's assets, receiving all payments
due the City and investing all inactive funds. During the year the City earned nearly $3.7 million in interest on
investments in all fund types, compared to earnings of $2.54 million during 1997-98. Funds are invested in
various types of instruments as shown below. The increased earnings on pooled cash investments reflects larger
cash balances from the previous year. At June 30, 1999, the Treasurer had 100% of all available funds invested.
The City's total portfolio at year end was $ 57,550,514.
Below is a summary of cash and investments outstanding as of June 30, 1999:
Form of Cash and Investments June 0. 19_9_9
Demand Deposits $ 11184,222
U.S. Treasury Bills/Notes 1%119,499
U.S. Government Agency Securities 17,990,230
Mutual Funds -First American Treasury 4,903,842
Local Agency Investment Fund 14.352.721
Total $
52-550,51-4
As required by State law, the City Council has adopted a comprehensive investment policy specifying the type
and term of City investments. The policy allows the City Treasurer flexibility without endangering the safety,
liquidity or yield of the total. portfolio.
S'ertificate of Award for Outstanding Financial Reporting
The California Society of Municipal Finance Officers (CSMFO) and the Government Financial Officers
Association (GFOA) both present an annual Certificate of Award for Outstanding Financial Reporting. We
believe that our current report conforms to their program requirements and we are submitting this report to their
organizations for consideration. If received, the Certificates are valid for one year only. The City received the
GFOA award for the first year in 1997-98 and the CSMFO award for the previous three years.
xvii
Honorable Mayor, City Council,
and City Manager
This report could not have been accomplished without the dedicated services of the Finance Department staff.
Recognition is given to Juan Herrera, Accounting Manager, for his efforts in preparing the introductory and
financial sections, Geniene Croft, Financial Services Assistant, for her efforts in preparing the statistical section,
Debbie DeRenard, Secretary, for her report preparation skills and Sharon Christiansen, Misaela Mendoza, and
Pat Parker for their diligence in processing most of the transactions reported upon in the financial section of this
report. We also appreciate the City Manager and City Council for providing the resources to prepare this report
and for their role in preserving the City's framework of internal controls. We further appreciate the efforts of
the Conrad & Associates, CPA's, audit team for their professionalism in conducting the annual audit for the
City of La Quinta.
Respectfully submitted,
'Ill
John M. Falconer .
Finance Director and Treasurer
xviii
City of La Quinta
Directory of Officials
June 30, 1999
CITY COUNCIL
John Pena, Mayor
Terry Henderson, Mayor Pro Tern
Stanley Sniff, Council Member
Don Adolph, Council Member
Ronald Perkins, Council Member
ADMINISTRATION
Thomas P. Genovese, City Manager
Mark Weiss, Assistant City Manager
John M. Falconer, Finance Director
Tom Hartung, Building & Safety Director
Jerry Herman, Community Development Director
Dawn Honeywell, City Attorney
Dodie Horvitz, Community Services Director
Saundra L. Juhola, City Clerk
Chris Vogt, Public Works Director/City Engineer
X1X
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xxi
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of La Quinta,
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1998
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
�' CE (0)
Q� F -A
� NRED STATES
: H
W AND
s, C S QUA N s President
Executive Director
Xxii
- CONRADAND
ASSOCIATES, L.L.P
The Honorable Mayor and City Council
City of La Quinta
La Quinta, California
Independent Auditors' Report
CERTIFIED PUBLIC ACCOUNTANTS
1100 MAIN STREET, SUITE C
IRVINE, CALIFORNIA 92614
(949) 474-2020
Fax (949) 263-5520
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, 1999, as listed in the accompanying
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 and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of La Quinta, California as of June 30, 1999,
and the results of its operations and the cash flows of its proprietary fund types for the year then
ended in conformity with generally accepted accounting principles.
The information regarding the year 2000 issue identified as required supplementary information
in the accompanying table of contents is not a required part of the basic financial statements, but
is supplementary information required by the Governmental Accounting Standards Board. We
did not audit and do not express an opinion on such information. Further, we were unable to
apply to this information the procedures prescribed by professional standards because of the
difficulty in ascertaining whether the information presented includes a sufficiently complete
description of the year 2000 issue as it relates to the reporting government. In addition, we do
not provide assurance that the City of La Quinta is or will become year 2000 compliant, that the
City of La Quinta's year 2000 remediation efforts will be successful in whole or in part, or that
parties with which the City of La Quinta does business are or will become year 2000 compliant.
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
The Honorable Mayor and City Council
City of La Quinta
Page Two
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 and
schedules 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. The scope of
our audit did not include the supplemental statistical schedules listed in the table of contents and
we do not express an opinion on them.
In accordance with Government Auditing Standards, we have also issued a report dated August
13, 1999 on our consideration of the City's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts and grants.
August 13, 1999
F)
(This page intentionally left blank)
CITY OF LA QUINTA
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 1999
Governmental Fund Types
Special
Debt
Capital
Assets and Other Debits
General
Revenue
Service
Projects
Assets:
Cash and investments (note 2)
$ 15,029,867
6,457,004
3,641,336
14,462,268
Cash with fiscal agent (note 2)
-
6,110,194
183,975
8,504,138
Accounts receivable
307,358
44,006
504
60,900
Prepaid items
60,300
-
-
-
Interest receivable
172,356
229,099
37,465
124,439
Notes receivable (note 26)
-
2,556,508
-
112,343
Due from other funds (note 25)
7851357
-
-
91,970
Due from other governments
403,335
19,275
11
-
Advances to other funds (note 14)
8,779,446
551,038
-
-
Deposits
39,812
-
-
-
Property, plant and equipment (note 4)
-
Other debits:
Amount available in debt service funds
Amount to be provided for retirement of
general long-term debt
Total assets and other debits
$ 25,577,831
15,967,124
3,863,291
23,356,058
Liabilities, Equity and Other Credits
Liabilities:
Accounts payable
$ 860,632
40,807
4,403
564,041
Accrued expenses
389,972
-
-
-
Compensated absences payable (note 5)
-
Deferred revenue
8,271
-
-
-
Deposits payable
921,685
54,604
-
899,524
Retentions payable
-
-
-
163,467
Due to other funds (note 25)
77,715
775,981
9,896
13,735
Due to bondholders
-
_
_
_
Advances from other funds (notes 14)
-
-
551,038
835,969
Long-term debt (note 5 through 15)
-
_
_
_
Total liabilities
2,258,275
871,392
565,337
2,476,736
Equity and other credits:
Investment in general fixed assets
-
-
-
-
Contributed capital (note 19)
Retained earnings (note 18):
Unreserved
-
-
_
_
Fund balances (note 17):
Reserved
8,879,558
9,217,740
3,306,726
8,797,275
Unreserved
14,439,998
5,877,992
8,772
12,082,047
Total equity and other credits
23,319,556
15,095,732
3,297,954
20,879,322
Total liabilities, equity and other credits
$ 25,577,831
15,967,124
3,863,291
23,356,058
See accompanying notes to financial statements.
4
Proprietary Fiduciary
Fund Type
Fund Type
Account Groups
Totals
Internal
General
General
(Memorandum Only)
Service
Agency
Fixed Assets
Long -Term Debt
1999
1998
9471464
2,214,268
-
-
42,752,207
30,661,756
_
-
-
-
14,798,307
16,684,009
_
412,768
382,353
_
-
-
-
60,300
31491
10,135
-
-
-
573,494
308,906
— _
_
-
-
2,668,851
2,528,967
_
-
-
-
877,327
427,867
_
-
-
-
4221621
358,258
-
9,330,484
9,461,114
_
-
-
-
39,812
2,175
7045,334
-
25,380,028
-
26,084,362
27,019,447
-
-
-
3,306,726
3,306,726
4,286,709
-
-
-
104,523,619
104,523,619
107,040,025
— 1,661,933
2,214,268
25,380,028
107,830,345
205,850,878
199,165,077
4,625
423
-
-
1,474,931
1,219,587
_
_
_
-
389,972
612,675
_
—
-
-
337,881
337,881
313,620
_
_
_
-
8,271
14,230
-
642,064
-
-
2,517,877
1,160,684
_
-
-
-
1635-467
259,532
— _
-
-
-
877,327
427,867
-
1,571,781
-
-
1,571,781
1,381,509
_
-
-
7,943,477
9,330,484
9,461,114
-
-
-
99,548,987
99,548,987
102,103,038
4,625
2,214,268
-
107,830,345
116,220,978
116,953,856
-
-
25,3805,028
-
25,380,028
26,447,453
857,519
-
-
-
857,519
701,026
— 7995-789
-
-
-
799,789
573,901
_
_
_
-
30,201,299
32,892,230
_ _
_
-
-
32,391,265
21,596,611
1,657,308
-
25,380,028
-
89,62%900
82,211,221
1,661,933
2,214,268
25,3803,028
107,830,345
205,850,878
199,165,077
5
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CITY OF LA QUINTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types
Year ended June 30,1999
Totals
Special
Debt
Capital
(Memorandum Only)
General
Revenue
Service
Projects
1999
1998
Revenues:
Taxes
S 8,101,191
3,592,472
14,369,887
-
26,063,550
23,033,589
Licenses and permits
1,951,981
-
-
-
1,951,981
1,144,562
Charges for services
1,965,219
-
-
-
1,965,219
1,228,269
Developer fees
-
650,735
-
4,663,006
5,313,741
3,140,505
Intergovernmental
1,466,788
5961?177
-
1,133,477
3,196,442
3,478,594
Investment income
1,569,796
1,070,240
213,126
841,769
3,694,931
2,543,923
Special assessments
-
759,273
-
38,493
797,766
809,041
Rental income
-
414,236
684,573
-
1,098,809
1,130,037
Gain (loss) on sale of land
-
195,945
-
-
195,945
(22,678)
Litigation settlement proceeds
740,985
-
-
821,589
1,562,574
281,586
Miscellaneous
74,529
-
-
-
74,529
114,969
Total revenues
15,870,489
7,279,078
15,267,586
7,498,334
45,915,487
36,882,397
Expenditures:
Current:
General government
2,473,241
-
-
-
2,473,241
2,229,389
Public safety
4,468,294
-
-
-
4,468,294
4,132,911
Community services
732,741
-
-
-
732,741
494,402
Planning and development
626,074
2,704,025
270,566
1,147,357
4,748,022
3,936,347
Public works
1,546,650
1,170,500
-
-
2,717,150
2,347,694
Capital projects
-
-
-
6,977,895
6,977,895
7,588,933
Debt service:
Principal
-
-
3,405,000
-
3,405,000
1,960,000
Interest
-
-
5,001,240
-
5,001,240
5,034,169
Payments under pass -through
obligations
-
-
8,728,082
-
82728,082
9,255,220
Total expenditures
9,847,000
3,874,525
17,404,888
8,125,252
39,251,665
36,979,065
Excess (deficiency) of
revenues over (under)
expenditures
6,023,489
3,4042553
(2,137,302)
(626,918)
6,663,822
(96,668)
Other financing sources (uses):
Operating transfers in
148,422
11,781
1,569,263
6,887,847
8,617,313
12,894,761
Operating transfers out
(336,114)
(5,181,414)
(1,254,118)
(1,845,667)
(8,617,313)
(12,894,761)
Proceeds of bonds (net of
issuance costs)
-
-
-
705,262
705,262
21,565,688
Payments to refunded bond
escrow agent
-
-
-
-
-
(13,430,939)
Proceeds of advances
-
-
833,402
-
833,402
810,006
Total other financing
sources (uses)
(187,692)
(5,169,633)
1,148,547
5,747,442
1,538,664
8,944,755
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
5,835,797
(1,765,080)
(988,755)
5,120,524
8,202,486
8,848,087
Fund balances at beginning of year
17,483,759
16,860,812
4,286,709
15,857,561
54,488,841
45,640,754
Residual equity transfers
-
-
-
(98,763)
(98,763)
-
Fund balances at end of year
S 23,319,556
15,095,732
3,297,954
202879,322
62,592,564
54,488,841
See accompanying notes to financial statements.
7
CITY OF LA QU NTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual -
All Governmental Fund Types
Year ended June 30,1999
Revenues:
Taxes
Licenses and permits
Charges for services
Developer fees
Intergovernmental
Investment income
Special assessments
Rental income
Gain (loss) on sale of land
Litigation settlement proceeds
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital projects
Debt service:
Principal
Interest
Payments under pass -through obligations
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds (net of issuance costs)
Proceeds of advances
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
Residual equity transfers
Fund balances at end of year
General Fund
Variance
Favorable/
Budget
Actual
(Unfavorable)
$ 6,335,800
8,101,191
1,765,391
760,700
1,951,981
1,191,281
754,300
1,965,219
1,210,919
1,090,225
1,466,788
376,563
1,123,600
1,569,796
446,196
-
740,985
740,985
44,600
74,529
29,929
10,109,225
15,870,489
5,761,264
2,719,885
2,473,241
246,644
4.1759,081
4,468,294
290,787
780,231
732,741
47,490
950,093
626,074
324,019
1,543,645
1,546,650
(3,005)
1V,/�L,7JJ
7,a4/,UUV
7V7,7J�
(643,710)
6,023,489
6,667,199
222,069
148,422
(73,647)
(1,405,943)
(336,114)
1,069,829
(1,183,874)
(187,692)
996,182
(1,827,584)
5,835,797
7,663,381
17,483,759
17,483,759
17,483,759
$ 15,656,175
23,319,556
25,147,140
See accompanying notes to financial statements.
8
Special Revenue Funds
Debt Service Funds
Capital Projects Funds
Variance
Variance
Variance
Favorable/
Favorable/
Favorable/
- Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
3,429,250
3,592,472
163,222
13,716,999
14,369,887
652,888
-
-
-
20,000
650,735
630,735
-
-
-
2,076,889
4,663,006
2,586,117
832,162
596,177
(235,985)
-
-
-
8,167,869
1,133,477
(7,034,392)
- 437,500
1,070,240
632,740
12,400
213,126
200,726
405,500
841,769
436,269
796,600
759,273
(37,327)
-
-
-
38,500
38,493
(7)
341,000
414,236
73,236
672,173
684,573
12,400
-
-
-
150,000
195,945
45,945
-
-
-
-
-
-
- -
-
-
-
-
-
-
821,589
821,589
-
-
-
5,600
-
(5,600)
-
-
-
6,006,512
7,279,078
1,272,566
14,407,172
15,267,586
860,414
10,688,758
7,498,334
(3,190,424)
3,515,223
2,704,025
811,198
285,950
270,566
15,384
2,873,836
1,147,357
1,726,479
1,170,500
1,170,500
-
-
-
-
-
-
-
- -
-
-
-
-
-
36,352,632
6,977,895
29,374,737
-
-
-
3,405,000
3,405,000
-
-
-
-
-
-
-
5,001,240
5,001,240
-
-
-
-
- -
-
-
8,675,938
8,728,082
(52,144)
-
-
-
4,685,723
3,874,525
811,198
17,368,128
17,404,888
(36,760)
39,226,468
8,125,252
31,101,216
- 1,320,789
3,404,553
2,083,764
(2,960,956)
(2,137,302)
823,654
(28,537,710)
(626,918)
27,910,792
11,206
11,781
575
2,077,475
1,569,263
(508,212)
28,223,097
6,887,847
(21,335,250)
- (12,420,053)
(5,181,414)
7,238,639
(1,254,118)
(1,254,118)
-
(12,647,045)
(1,845,667)
10,801,378
_
_
745,000
705,262
(39,738)
-
-
-
833,402
833,402
-
-
-
-
- (12,408,847)
(5,169,633)
7,239,214
1,656,759
1,148,547
(508,212)
16,321,052
5,747,442
(10,573,610)
- (11,088,058)
(1,765,080)
9,322,978
(1,304,197)
(988,755)
315,442
(12,216,658)
5,120,524
17,337,182
16,860,812
16,860,812
-
4,286,709
4,286,709
-
15,857,561
15,857,561
-
_
_
_
_
_
-
-
(98,763)
(98,763)
J 5,772,754
15,095,732
9,322,978
2,982,512
3,297,954
315,442
3,640,903
20,879,322
17,238,419
9
CITY OF LA QUINTA
Statement of Revenues, Expenses and Changes in Retained Earnings -
Internal Service Fund
Year ended June 3 0, 1999
1999 1998
Operating revenues:
Charges for services $ 338,665 199,731
Operating expenses:
Fuel and oil
26,924
271189
Maintenance and parts
461045
33,396
Administration
4, 010
4, 626
Depreciation
88,358
94,840
Total operating expenses
1651,337
160,051
Operating income (loss)
1731328
39,680
Non -operating revenues (expenses):
Investment income
52,560
25,491
Total nonoperating revenues
52,560
25,491
Net income (loss)
225,888
65,171
Retained earnings at beginning of year
573,901
5087730
Retained earnings at end of year
$ 799,789
573,901
See accompanying notes to financial statements.
10
CITY OF LA QUINTA
Statement of Cash Flows - Internal Service Fund
Year ended June 30, 1999
Cash flows from operating activities:
Cash received from other departments
Casb, payments to suppliers for goods and services
Net cash provided by (used for) operating activities
Cash flows from capital and related activities:
Purchase of fixed assets
Net cash provided by (used for) capital and related activities
Cash flows from investing activities:
Interest received on investments
Net cash provided by (used for) investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Reconciliation of operating income to net cash provided by
operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to net
cash provided by operating activities:
Depreciation
Adjustments:
Change in accounts payable
Net cash provided by (used for) operating activities
Noncash capital, financing and investing activities:
Fixed assets contributed by other funds
1999 1998
$ 338,665 199,731
78,319 66,366
260,346 1337365
(64,602)(64,6M)-
421425
25,491
42,425
25,491
238,169
158,856
709,295
550,439
$ 947,464
709,295
See accompanying notes to financial statements.
$ 173,328 39,680
88,358
1,340
$ 260,346
94, 840
1,155
133,365
$ 1567493 72,306
CITY OF LA QUINTA i
Notes to the Financial Statements
Year ended June 30, 1999 J
1) Summary of Significant Accounting Policies
(a) Reporting Entity
The City of La Quinta ("the City") was incorporated May 1, 1982 under the
-general laws of the State of California. In November 1996, the City became a
charter City. 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. Approximately 30% of General Fund revenues are derived from the
transient occupancy tax generated by the La Quinta Hotel, a prominent resort in
the region.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments. As required by generally accepted
accounting principles, these financial statements present the government and its
component units, which are 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.
12
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
The following organizations are considered to be component units of the City:
La Ouinta Redevelopment Aizenc
The La Quinta Redevelopment Agency (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, 1983 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. Although the Agency
_ 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. Separate financial
statements of the Agency can be obtained at City Hall.
City of La Quinta Public Financing Authority
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 financing necessary for the construction of various public
improvements through the issuance of debt. Although the Authority 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. Separate financial statements of
the Authority can be obtained at City Hall.
(b) Fund Accounting
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.
13
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
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 primary fund of the City is used to account for all revenue and expenditures
of the City not legally restricted as to use. A broad range of municipal activities
are provided through this fund including City Manager, City Attorney, Finance,
City Clerk, Community Development, Police Services, Public Works, Building
and Safety, and Community Services.
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 Funds
The Debt Service Funds are used to account for resources set aside for repayment
of general long-term debt.
Capital Projects Funds
Capital Projects Funds are used to account for financial resources to be used for
the acquisition or construction of major capital facilities.
PROPRIETARY FUNDS
Internal Service Fund
The Internal Service Fund is used to finance and account for activities involved in
rendering services to departments within the City. Costs of materials and services
used are accumulated in this fund and charged to the user departments as such
goods are delivered or services rendered.
The Equipment Replacement Fund is the only internal service fund in the City. It
is used to account for the ultimate replacement of City owned and operated
vehicles and equipment.
14
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) SummM of Significant Accounting Policies, (Continued)
FIDUCIARY FUNDS
Agency 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 Grou
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.
General Long -Term Debt Account Group
The General Long -Term Debt Account Group is used to account for all long-term
debt of the City.
(c) Measurement Focus and Basis of Accounting
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.
15
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(l) Summary of Significant Accounting Policies, (Continued)
(c) Measurement Focus and Basis of Accounting, (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 interest and rents 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, and miscellaneous
revenues are recorded as governmental fund revenues when received in cash
because they are generally not measurable until actually received.
The proprietary (internal service) fund types are accounted for on an "income
determination" or "cost of services" measurement focus. Accordingly, all assets
and liabilities are included on the balance sheet, and the reported fund equity
provides an indication of the economic net worth of the fund. Operating
statements for proprietary fund types report increases (revenues) and decreases
(expenses) in total economic net worth.
The accrual basis of accounting is utilized by the proprietary funds. Revenues are
recognized when they are earned and expenses are recorded when the related
liability is incurred. Unbilled service receivables, if material, have been recorded
in the financial statements as an accrued revenue.
16
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
(d) Budgetary Data
The City adopts an annual budget prepared on the modified accrual basis of
accounting for its governmental funds and on the accrual basis of accounting for
_ its proprietary 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.
Additional appropriations in the amount of $26,489,134 were made during the
year. 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.
(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
balances.
(f) Advances to Other Funds
Long-term interfund advances between the City and the Agency are recorded as a
receivable and in the long-term debt account group.
(g) Investments
Investments are reported in the accompanying balance sheet at fair value.
Changes in fair value that occur during a fiscal year are recognized as investment
income reported for that fiscal year. Investment income includes interest earnings,
changes in fair value, and any gains or losses realized upon the liquidation or sale
of investments.
The City pools cash and investments of all funds, except for assets held by fiscal
agents. Each fund's share in this pool is displayed in the accompanying financial
statements as cash and investments. Investment income earned by the pooled
investments is allocated to the various funds based on each fund's average cash
and investment balance.
17
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued,)
(h) Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as short-
term, highly liquid investments that are both readily convertible to known
amounts of cash or so near their maturity that they present insignificant risk of
changes in value because of changes in interest rates. Cash equivalents also
represent the proprietary funds' share in the cash and investment pool of the City
of La Quinta. Cash equivalents have an original maturity date of three months or
less from the date of purchase. For purposes of the statement of cash flows, the
entire balance of cash and investments on the combined balance sheet for the
internal service fund is considered cash and cash equivalents.
(i) Due from Other Governments
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, 1999.
The County of Riverside assesses, bills, and collects property taxes for the City.
0) Property, Plant and Equipment
Property, plant and equipment used in governmental fund type operations are not
capitalized in the funds used to acquire or construct them. Instead, capital
acquisition and construction are reflected as expenditures in the governmental
fund, and the related assets are carried in the General Fixed Assets Account
Group.
Property, plant and equipment are recorded at cost where historical records are
available and at an estimated historical cost where no historical records exist.
Donated fixed assets are valued at their estimated fair market value at the date of
the donation.
Public domain ("infrastructure") general fixed assets consisting of certain
improvements other than buildings, including roads, bridges, curbs and gutters,
streets and sidewalks, drainage systems and lighting systems are not capitalized,
as these assets are immovable and of value only to the government.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized. Improvements are
capitalized and depreciated over the remaining useful lives of the related fixed
assets, as applicable.
18
---- ar- - _ -
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) SummM of Significant Accounting Policies, (Continued)
0) Property, Plant and Equipment, (Continued)
Assets in the general fixed assets account group are not depreciated. Depreciation
of building improvements, equipment and furniture, and vehicles in the
proprietary fund is computed over the estimated useful lives using the straight-line
method.
The following schedule summarizes proprietary fund type fixed asset useful lives:
Building improvements 15 years
Equipment and furniture 3-20 years
Vehicles 5-10 years
(k) Employee Leave Benefits
Sick time is vested on a percentage based on number of years employed at the
City. Maximum accumulation of sick and vacation is 30 and 40 days,
respectively.
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
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.
(1) Capitalization of Leases
Capitalized leases have been treated in accordance with Financing Accounting
Standards Board Statement No. 13 (Accounting for Leases) (see note 6).
(m) Postemployment Benefits
The City does not provide postemployment benefits (other than pension benefits)
to its employees.
(n) Capital Projects
Capital projects expenditures include public domain or infrastructure projects
which are not capitalized as additions to general fixed assets.
19
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
(o) Cash Equivalents for Statement of Cash Flows
For purpose of the statement of cash flows, cash equivalents are defined as short-
term, highly -liquid investments that are . both readily convertible to known
amounts of cash or so near their maturity that they present insignificant risk of
change in value because of changes in interest rates. Investments purchased
within three months of original maturity are considered to be cash equivalents.
Cash and cash equivalents in the accompanying statements include the proprietary
funds' share of the cash and investment pool of the City of La Quinta.
(p) Applicability of FASB Pronouncements to Proprietary Funds
The City applies all applicable Governmental Accounting Standards Board
(GASB) pronouncements in accounting and reporting for its proprietary
operations as well as the following pronouncements issued on or before
November 30, 1989, unless these pronouncements conflict with or contradict
GASB pronouncements: Financial Accounting Standards Board (FASB)
Statements and Interpretations; Accounting Principles Board (APB) Opinions;
and Accounting Research Bulletins (ARBs) of the Committee on Accounting
Procedures.
(q) Memorandum Only Totals
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.
(2) Cash and Investments
Cash and investments are reported as follows on the combined balance sheet:
Cash and investments
Cash with fiscal agent
Total
$42,752,207
14,798,307
$57,550,514
Cash and investments held by the City at June 30, 1999 consisted of the following:
Demand deposits
Investments
Total
$ 1,184,222
56,366,292
$57,550,514
20
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
The City and its component units are authorized by its investment policy to invest in the
following types of investments:
Investment Type Maximum %
Savings/operating accounts 85%
Government pools 35%
U.S. government and agency securities 75%
Commercial Paper 30%
Mutual Funds 20%
Certificates of Deposit 60%
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, as follows:
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.
~- 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.
Category Bank Book
Form of Deposit 1 2 3 Balance Balance
Deposits held by the City:
Demand deposits $100,000 919,178 3,419,358 4,438,536 1,184,222
21
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
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 parry 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.
Category
1 2 3 Carrying Value
Investments held by the City:
U.S. Treasury Notes $ 8,070,247 - - 8,070,247
Federal Home Loan Bank 7,996,334 - - 7,996,334
Federal Farm Credit Bank 4,973,944 - - 4,973,944
FNMA 5,019,952 - - 5,01931952
Investments held by fiscal agent:
U.S. Treasury Notes - 11,049,252 - 115049,252
$26,060,477 11.049.252
Investments held by the City not subject to categorization:
Investment in State of California Local Agency Investment Fund 1433525721
Investments in mutual funds:
First American Treasury Obligation Fund 15154,787
Investments held by fiscal agent not subject to categorization:
Investment in mutual funds:
First American Treasury Obligation Fund 3,749,055
$56,366,292
22
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
The carrying amount of the above investments do not differ materially from their fair
value.
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is
regulated by California Government Code Section 16429 under the oversight of the
Treasurer of the State of California. The fair value of the City's investment in this pool is
reported in the accompanying financial statements at amounts based upon the City's pro-
rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to
the amortized cost of that portfolio). The balance available for withdrawal is based on the
accounting records maintained by LAIF, which are recorded on an amortized cost basis.
Included in LAIF's investment portfolio are collateralized mortgage obligations,
mortgage -backed securities, other asset -backed securities, loans to certain state funds, and
floating rate securities issued by federal agencies, government -sponsored enterprises, and
corporations.
3) Pronertv Taxes
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.
23
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
3) Pronertv Taxes, (Continued
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.
(4) Fixed Assets
A summary of changes in general fixed assets for the year ended June 30, 1999 are as
follows:
Transfers
Balance at
to Proprietary
Balance at
June 30, 1998
Additions
Retirements
Funds
June 30, 1999
Land
$13,280,910
-
(1,205,239)
-
12,075,671
Equipment and furniture
1,014,292
191,524
(189,656)
-
1,116,160
Vehicles
161,052
156,493
-
(156,493)
161,052
Leasehold improvements
201,070
-
-
-
201,070
Buildings
11,790,129
35,946
-
-
11,826,075
Total
$26,447,453
383,963
(1,294,895)
156 493
25,380,028
The following is a summary of proprietary fund type fixed assets for the City at June 30,
1999:
Building improvements
Equipment
Vehicles
Less accumulated depreciation
Total
Internal Service Fund
$613,890
106,488
569,316
(585,360)
704 334
24
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(5) General Long -Term Debt
Changes in general long-term debt for the year ended June 30, 1999 were as follows:
Balance at Balance at
July 1, 1998 Additions Deletions June 30, 1999
City:
Compensated absences payable
$ 313,620 243261
-
337,881
Capital leases payable
22,139 -
(10,140)
11,999
Due to the Coachella Valley Association
of Governments
728,311 -
(50,000)
678,311
Developer Agreements Payable
780,871 -
(131,580)
649,291
— RDA Project Area No. 1:
Tax allocation bonds
39,885,000 -
(1,035,000)
38,850,000
Housing tax allocation bonds
17,429,406 -
(257,128)
17,172,278
— Pass -through agreements payable:
Due to County of Riverside
10,322,052 -
(205,815)
10,116,237
Coachella Valley Unified School District
10,690,125 -
(621,976)
10,068,149
Advances from other funds*
4,014,837 371,521
(800,000)
3,586,358
RDA Project Area No. 2:
Tax allocation bonds
6,750,000 -
-
6,750,000
— Housing tax allocation bonds
4,710,594 -
(67,872)
4,642,722
Due to County of Riverside
2,279,540 70,460
-
2,350,000
Advances from other funds*
4,895,239 461,880
(1,000,000)
4,357,119
— Financing Authority:
Revenue bonds
8,505,000 -
(245,000)
8,260,000
Total
$111,326,734 928,122
(4,424,511)
107,830,345
* Advances from other funds are money owed by the La Quinta Redevelopment Agency
to the City of
— La Quinta, which also include interest accrued
on the advances.
(6) Capital Leases Payable
The City entered into two capital leases in July 1997 to acquire copiers. Per lease
agreements, monthly payments are $752 and $397, respectively, with the final payment
due in July 2000.
25
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(7) Due to the Coachella Valley Association of Governments
The City of La Quinta entered into an Interchange Reimbursement Agreement with the
Coachella Valley Association of Governments (CVAG) to finance capital improvements
at the Washington Street I-10 interchange. The City will reimburse CVAG $828,311
over a period of seventeen years beginning July 31, 1996. The annual payments to
CVAG range from $28,311 to $50,000. At June 30, 1999, the balance was $678,311.
(8) Developer Agreements Payable
A developer lease agreement was entered into in December 1996 between the City of La
Quinta and Home Depot U.S.A., Inc. for $880,000. As stipulated by the agreement,
Home Depot conveyed the title to certain property to the City, the City then leased the
same property to Home Depot for one dollar. Home Depot then subleased the same
property back to the City. The City's lease payment to Home Depot each year are equal
to 48% of sales tax revenues generated by the store up to a maximum of $128,680 per
year. The payments will continue for 12 years after the date that the City first receives
sales tax revenues from the store or until total principal and interest due has been paid to
Home Depot. Interest due on the outstanding principal is eight percent (8%) per annum.
Home Depot is required by the agreement to pay for certain street improvements in the
vicinity of the store. The balance at June 30, 1999 was $649,291.
(9) Tax Allocation Bonds
As of June 30, 1999, the following issuances of Tax Allocation Bonds were outstanding:
Series 1994
Tax Allocation Refunding Bonds, Series 1994, were issued by the Agency on May 5,
1994, in the amount of $26,665,000 to refund the outstanding aggregate principal amount
of the Agency's Tax Allocation Bonds, Series 1989 and 1990. The remaining proceeds
were used to finance certain capital improvements within the La Quinta Redevelopment
Project Area No. 1.
Interest rates on the bonds range from 3.80% 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, 1999 is $23,090,000.
26
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
91 Tax Allocation Bonds, (Continued
A portion of the bond proceeds, in the amount of $27,922,526, was deposited in an
irrevocable trust with an escrow agent to provide for all future debt service payments on
the 1989 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, 1999, $15,250,000 of the 1990 defeased bonds are
outstanding.
Series 1998, Project Area No. 1
Tax allocation refunding bonds, Series 1998, in the amount of $15,760,000 were issued
by the Agency to refund the outstanding aggregate principal amount of the Agency's Tax
Allocation Bonds, Series 1991. The remaining proceeds were used to finance certain
capital improvements within the La Quinta Redevelopment Project Area No. 1.
Interest rates on the bonds range from 5.20% to 5.25% and are payable semi-annually on
March 1 and September 1 of each year until maturity. The interest and principal of the
bonds are payable from pledged tax increment revenues on a parity with the Agency's
previously issued Tax Allocation Refunding Bonds, Series 1994.
Term Bonds maturing September 1, 2028 are subject to mandatory sinking fund
redemption, in part by lot, on September 1, 2013 and on each September 1 thereafter,
through September 1, 2028, at a price equal to the principal amount thereof plus accrued
interest. 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, 1999 is
$15,760,000.
A portion of the bond proceeds, in the amount of $7,822,592, was deposited in an
irrevocable trust with an escrow agent to provide for all future debt service payments on
the 1991 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, 1999, $7,205,000 of the defeased bonds are outstanding.
Series 1998, Project Area No. 2
Tax allocation refunding bonds, Series 1998, in the amount of $6,750,000 were issued by
the Agency to refund the outstanding aggregate principal amount of the Agency's Tax
Allocation Bonds, Series 1992. The remaining proceeds were used to finance certain
capital improvements within the La Quinta Redevelopment Project Area No. 2.
27
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(9) Tax Allocation Bonds, (Continued)
Interest rates on the bonds range from 3.75% to 5.28% and are payable semi-annually on
March 1 and September 1 of each year until maturity. The interest and principal of the
bonds are payable solely from pledged tax increment revenues of Project Area No. 2.
Term Bonds maturing September 1, 2028 and September 1, 2033 are subject to
mandatory sinking fund redemption, in part by lot, on September 1, 2009 and September
1, 2019, respectively, and on each September 1 thereafter at a price equal to the principal
amount thereof plus accrued interest. 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, 1999 is $6,750,000.
A portion of the bond proceeds, in the amount of $5,608,347, was deposited in an
irrevocable trust with an escrow agent to provide for all future debt service payments on
the 1992 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, 1999, $5,240,000 of the defeased bonds are outstanding.
(10) 1995 Housing Tax Allocation Bonds (TABS)
La Quinta Redevelopment Project Areas No. 1 and 2 1995 Housing Tax Allocation
Bonds were issued by the Agency on July 1, 1995, in the amount of $22,455,000 to
increase, improve and/or preserve the supply of low and moderate income housing in the
City.
Interest is payable semi-annually on March 1 and September 1 of each year commencing
March 1, 1996. Interest payments range from 4% to 6% per annum.
Term Bonds maturing on September 1, 2025 are subject to mandatory sinking fund
redemption, in part by lot, on September 1, 2011 and on each September 1 thereafter,
through September 1, 2025, at a price equal to the principal amount plus accrued interest.
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, 1999 is
$21,815,000.
(11) 1996 Lease Revenue Refunding Bonds
On November 15, 1996, the Authority issued $8,790,000 of 1996 Lease Revenue
Refunding Bonds to defease the remaining 1991 Local Agency Revenue Bonds in the
amount of $8,200,000 and to provide funds for construction of remaining improvements
to the La Quinta Civic Center site.
28
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
111 1996 Lease Revenue Refundinia Bonds, (Continued
The bonds consist of $3,630,000 of serial bonds and $5,160,000 of term bonds. The
serial bonds will accrue interest at rates between 3.70% and 5.30% and principal amounts
mature between October 19 1997 to October 1, 2008 in amounts ranging from $285,000 to
$380,000. The term bonds accrue interest at a rate of 5.55% and mature on October 1,
2018.
A surety agreement has been purchased to satisfy the bond reserve requirement. The
amount of principal outstanding on the 1996 Lease Revenue Refunding Bonds at June 30,
1999 is $8,260,000.
A portion of the $8,790,000 bond proceeds, along with the remaining reserve from the
1991 Local Agency Revenue Bonds, was used to purchase state and local government
securities that were deposited in an irrevocable trust with an escrow bank to provide for
all future debt service payments of the outstanding 1991 Local Agency Revenue Bonds of
$8,200,000. As a result, these certain bonds are considered to be defeased and the
liability has been removed from the general long-term debt account group of the
Authority. At June 30, 1999, the amount of defeased bonds outstanding is $6,640,000.
(12) Due to County of Riverside
Proiect 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
$10,517,13 8 from tax 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, 1999 is
$10,116,237.
29
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(12) Due to County of Riverside, (Continued)
Project Area No. 2
Based on an agreement dated July 5, 1989 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 tax
increment is to be paid to the County in amounts ranging from $100,000 to $250,000
over a payment schedule through June 30, 2015. Interest does not accrue on this
obligation. The balance at June 30, 1999 is $2,350,000.
(13) Notes Payable to Coachella Valley Unified School District
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 furtherance 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 $474,517 to $834,076, for a total amount of $15,284,042. Tax
increment payments outstanding at June 30, 1999 totaled $10,068,149. The District
agrees to use such funds to provide classroom and other construction costs, site
acquisition, school busses, and expansion or rehabilitation of current facilities.
(14) Advances To and From Other Funds
The following represents a summary of the various transactions between the City of La
Quinta and the La Quinta Redevelopment Agency, which are accounted for as advances
from the City:
Balances at Balances at
July 1, 1998 Proceeds Repayments June 30, 1999
Agency expenditures
incurred by the City:
Project Area No. 1 $4,014,837 371,521 (800,000) 3,586,358
Project Area No. 2 4,895,239 461,880 (1,000,000) 4,357,119
Total $8,910,076 833,401 (1,800,000) 7,943,477
30
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(14) Advances To and From Other Funds, (Continued)
There is no stipulated repayment date established for the City advances. Interest is paid
at 10% per year.
In addition, the Agency elected to borrow $511,903, and $39,135 from Project Area No.
1 and Project Area No. 2, respectively, of the Low/Moderate Income Housing Funds to
make the ERAF payment in fiscal year ended June 30, 1994. The Redevelopment
Agency Project Area No. 1 and Project Area No. 2 Debt Service Funds will repay the
Low/Moderate Income Housing Special Revenue Funds. The Agency has ten years to
repay this loan. The Agency has elected to make repayment in the tenth year (2003-04).
Interest does not accrue on this obligation.
In fiscal year ended June 30, 1999, the General Fund advanced $1,000,000 to the Capital
Improvement Fund to provide funding for the development of the La Quinta Auto Mall.
The Capital Improvement Fund is expected to repay the advance within two years.
Interest does not accrue on this obligation. The balance at June 30, 1999 is $835,969.
(15) Debt Service Requirements to Maturity
The minimum annual requirements (including sinking fund requirements) to amortize the
long-term debt of the City as of June 30, 1999 are as follows (advances payable to the City
and amounts payable under developer agreements have been excluded since minimum
annual debt service payments have not been established):
31
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(15) Debt Service Requirements to Maturity, (Continued)
1996
Pass -through Agreements
Lease
1995
1998
1998
Revenue
Coachella
County
Ending
Capital
Housing
1994
TABS
TABS
Refunding
Valley
of
June 30
Leases CVAG
TABS
TABS
P.A. No. 1
P.A. No. 2
Bonds
USD
Riverside
Total
1999-00
$13,781 50,000
1,592,570
2,624,696
819,520
420,507
679,670
649,927
773,528
7,624,199
2000-01
1,148 50,000
1,592,187
2,624,885
819,520
417,467
678,955
670,817
1,803,705
8,658,684
2001-02
- 50,000
1,590,690
2,620,315
819,520
419,249
682,178
684,233
1,903,705
8,769,890
2002-03
- 50,000
1,592,820
2,620,855
819,520
420,747
679,435
697,918
1,903,705
8,785,000
2003-04
- 50,000
1,588,538
2,599,465
819,520
417,080
680,830
711,877
2,290,473
9,157,783
2004-05
- 50,000
1,587,990
2,612,140
819,520
418,264
681,220
726,114
2,290,473
9,185,721
2005-06
- 50,000
1,590,890
2,597,700
819,520
419,167
680,575
740,636
2,290,473
9,188,961
2006-07
- 50,000
1,645,502
2,593,456
819,520
419,785
678,865
755,449
100,000
7,062,577
2007-08
- 50,000
1,646,470
2,590,816
819,520
420,135
675,880
770,558
150,000
7,123,379
2008-09
- 50,000
1,645,125
2,584,232
819,520
420,184
676,450
785,968
200,000
7,181,479
2009-10
- 50,000
1,641,540
2,578,160
819,520
419,550
675,280
801,688
200,000
7,185,738
2010-11
- 50,000
1,640,840
2,571,868
819,520
418,272
672,525
817,722
200,000
7,190,747
2011-12
- 50,000
1,641,650
2,569,442
819,520
416,738
673,521
834,076
250,000
7,254,947
2012-13
- 28,311
1,638,750
2,560,155
819,520
419,819
673,130
421,166
250,000
6,810,851
2013-14
- -
1,638,300
-
1,457,490
417,516
671,351
-
250,000
4,434,657
2014-15
- -
1,635,150
-
1,457,520
414,956
673,046
-
250,000
4,430,672
2015-16
- -
1,634,150
-
1,455,730
417,012
673,076
-
-
4,179,968
2016-17
- -
1,630,150
-
1,456,990
418,556
671,441
-
-
4,177,137
2017-18
- -
1,632,850
-
1,451,300
414,716
668,141
-
-
4,167,007
2018-19
- -
1,627,100
-
1,453,530
415,491
668,038
-
-
4,164,159
2019-20
- -
1,627,750
-
1,453,420
415,631
-
-
-
3,496,801
2020-21
- -
1,624,500
-
1,450,970
415,131
-
-
-
3,490,601
2021-22
- -
1,622,200
-
1,451,050
414,106
-
-
-
3,487,356
2022-23
- -
1,620,550
-
1,448,530
417,425
-
-
-
39486,505
2023-24
- -
1,619,250
-
1,448,280
415,088
-
-
-
3,482,618
2024-25
- -
1,613,150
-
1,445,170
417,094
-
-
-
3,475,414
2025-26
- -
1,611,950
-
1,444,070
413,444
-
-
-
3,469,464
2026-27
- -
-
-
1,439,850
414,137
-
-
-
1,853,987
2027-28
- -
-
-
1,437,380
414,044
-
-
-
1,851,424
2028-29
- -
-
-
1,436,400
413,162
-
-
-
1,849,562
2029-30
- -
-
-
-
411,494
-
-
-
411,494
2030-31
- -
-
-
-
413,906
-
-
-
413,906
2031-32
- -
-
-
-
410,400
-
-
-
410,400
2032-33
- -
-
-
-
410,975
-
-
-
410,975
2033-34
- -
-
-
-
410,500
-
-
-
410,500
Principal
and
interest
14,929 678,311 43,772,612
36,348,185
34,660,960 14,571,748
13,513,607
10,068,149 15,106,062 168,734,563
Less:
Interest
(2,390) - (21,957,612)
(13,258,185)
(18,900,960) 7 821 748 (5,253,607)
- (2,639,825) (69,834,867)
*Total
principal $11,999 678,311 21,815,000 23,090,000 15,760,000 6,750,000 8,260,000 10,068,149 12,466,237 98,899,696
* Net present value of future lease payments for capital leases.
32
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(16) Debt Without Governmental Commitment
The City of La Quinta sold 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 neither 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 not liable for repayment of the debt, but is
only acting as agent for the property owners in collecting the assessments and forwarding
the collections to bondholders. The Bonds do not constitute an obligation of the City;
therefore, they are not included 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, 1999:
Amount Outstanding
Proceeds Maturity Date Interest Rate at June 30, 1999
Assessment District No. 88-1
$ 855,984
9/2/04
5.50%-7.25%
$ 320,000
i Assessment District No. 89-2
13,153,974
9/2/04
6.65%-6.75%
505,000
Assessment District No. 90-1
1,227,155
9/2/05
6.50%-7.00%
610,000
Assessment District No. 91-1
2,240,866
9/2/06
6.70%-6.80%
1,320,000
— Assessment District No. 92-1
1,880,891
9/2/08
5.00%-5.40%
1,335,000
Assessment District No. 97-1
705,262
9/2/18
4.10%-5.20%
745,000
(17) Reserves and Designations of Fund Balances
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, 1999 consisted of the following reserves and designations:
Totals
—
General
Special
Debt
Capital
(Memorandum
Fund
Revenue
Service
Projects
Only)
Reserved for:
— Debt service
$ -
-
3,306,726
-
3,306,726
Bond projects
-
6,110,194
-
8,684,932
14,795,126
Advances to other funds
8,779,446
551,038
-
-
9,330,484
Prepaid items
60,300
-
-
-
60,300
Deposits
39,812
-
-
-
39,812
Notes receivable
-
2,556,508
-
112,343
2,668,851
— Subtotal
8,879,558
9,217,740
3,306,726
8,797,275
30,201,299
33
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(17) Reserves and Designations of Fund Balances, (Continued)
Totals
General
Special
Debt
Capital
(Memorandum
Fund
Revenue
Service
Proiects
Only)
Unreserved:
Designated for:
Emergency reserve
49235,063
-
-
-
4,235,063
Cash flows
1,800,000
-
-
-
1,800,000
Operations/projects/transfers
8,404,935
6,490,095
-
12,095,000
26,990,030
Undesignated
-
(612,103)
(8,772
(12,953)
(633,828)
Subtotal
14,439,998
5,877,992
(8,772
12,082,047
32,3914265
Total fund balances
$23,319,556
15,095,732
3,297,954
20,879,322
62,592.564
18) Retained Earninizs
As of June 30, 1998, all of the retained earnings in the proprietary fund were unreserved.
As provided under generally accepted accounting principles, reserves are only established
in proprietary funds for equity legally restricted by parties external to the governmental
unit.
(19) Contributed Capital
A summary of changes in contributed capital for the year ended June 30, 1999 are as
follows:
Balance at June 30, 1998 $701,026
Fixed Assets contributed by other funds 156,493
Balance at June 30, 1999 $857,519
34
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(20) Deferred Compensation
The City has made available to its employees a deferred compensation plan, which was
created in accordance with Internal Revenue Code Section 457, whereby employees
authorize the City to defer a portion of their salary and deposit it in individual investment
accounts. Funds may be withdrawn by participants upon termination of employment or
retirement. The City makes no contribution under the plan. These assets have been
excluded from the accompanying financial statements because they are administered by
third party administrators who hold these assets in trust for the exclusive benefit of plan
participants and their beneficiaries.
(21) Defined Benefit Pension Plan
Plan Description
The City of La Quinta contributes to the California Public Employees Retirement System
(PERS), an agent multiple -employer public employee defined benefit pension plan.
PERS provides retirement and disability benefits, annual cost -of -living adjustments, and
death benefits to plan members and beneficiaries. PERS acts as a common investment
— and administrative agent for participating public entities within the State of California.
Benefit provisions and all other requirements are established by state statute and city
ordinance. Copies of PERS' annual financial report may be obtained from their executive
office: 400 P Street, Sacramento, California 95814.
Funding Polic
Participants are required to contribute 7% of their annual covered salary. The City makes
the contributions required of City employees on their behalf and for their account. The
City is required to contribute at an actuarially determined rate. For the year ended June
-- 30, 1999, the rate was 7.093% of annual covered payroll. The contribution requirements
of plan members and the City are established and may be amended by PERS.
Annual Pension Cost
For 1999, the City's annual pension cost (employer contribution) in the amount of
$219,350 was equal to the City's required and actual contributions. The required
contribution was determined as part of the June 30, 1996, actuarial valuation using the
entry age normal actuarial cost method. The actuarial assumptions included (a) 8.25%
investment rate of return (net of administrative expenses), (b) projected annual salary
increases that vary by duration of service, and (c) 2% per year cost -of -living adjustments.
Both (a) and (b) included an inflation component of 3.5%. The actuarial value of PERS
assets was determined using techniques that smooth the effects of short-term volatility in
the market value of investments over a four-year period (smoothed market value). PERS
unfunded actuarial accrued liability is being amortized as a level percentage of projected
35
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(21) Defined Benefit Pension Plan, (Continued)
payroll on a closed basis. PERS has combined the prior service unfunded liability and
the current service unfunded liability into a single initial unfunded liability. The single
funding horizon for this initial unfunded liability is June 30, 2011.
Miscellaneous Employees
Three -Year Trend Information
Annual Pension
Percentage of
Net Pension
Fiscal Year
Cost (APC)
APC Contributed
Obligation
6/30/97
$239,356
100%
-0-
6/30/98
218,983
100%
-0-
6/30/99
219,350
100%
-0-
Required Supplementary Information ($ amount in thousands)
Entry Age
Normal
Actuarial
Unfunded
Annual
UAAL
Accrued
Value
Liability/
Covered
Asa % of
Valuation Date
Liability
of Assets
(Excess Assets)
Funded Status
Payroll
Payroll
06/30/95
$2,763,799
2,836,709
(72,910)
102.6%
2,599,639
(2.805%)
06/30/96
3,296,923
3,637,165
(340,242)
110.3%
2,717,286
(12.521%)
06/30/97
3,788,306
4,601,458
(813,152)
121.5%
2,864,531
(28.387%)
(22) Claims Payable/Self Insurance
The City is a member of the California Joint Powers Insurance Authority (Authority).
The Authority is composed of 84 California public entities and is organized under a joint
powers agreement pursuant to California Government Code Section 6500, et seq. The
purpose of the Authority is to arrange and administer programs for the pooling of self -
insured losses, to purchase excess insurance or reinsurance, and to arrange for group -
purchased insurance for property and other coverages. The Authority's pool began
covering claims of its members in 1978. Each member government has a representative
on the Board of Directors. The Board operates through a 9-member Executive
Committee.
36
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
22) Claims Payable/Self Insurance, (Continued
General Liability
Each member government pays a primary deposit to cover estimated losses for a fiscal
year (claims year). Six months after the close of a fiscal year, outstanding claims are
valued. A retrospective deposit computation is then made for each open claims year.
Costs are spread to members as follows: the first $20,000 of each occurrence is charged
directly to the city; costs from $20,001 to $500,000 are pooled based on a members share
of costs under $20,000; costs from $500,001 of $5,000,000 are pooled based on payroll.
-- Costs to covered claims above $5,000,000 are currently paid by reinsurance. The
protection for the City is $50,000,000 per occurrence and $50,000,000 annual aggregate.
Workers Compensation
The City also participates in the workers compensation pool administered by the
Authority. Pool deposits and retrospective adjustments are valued in a manner similar to
the General Liability pool. The City of La Quinta is charged for the first $20,000 of each
claim. Costs above that level are pooled to $50,000. Costs from $50,001 to $100,000 per
claim are pooled based on the City's losses under its retention level. Costs between
$100,001 and $500,000 per claim are pooled based on payroll. Costs in excess of
$500,000 are paid by excess insurance purchased by the Authority. The excess insurance
provides coverage to statutory limits.
During the past three fiscal years none of the above programs of protection have had
settlements or judgments that exceeded pooled or insured coverage. There have been no
significant reductions in pooled or insured liability coverage from coverage provided for
the prior year.
37
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(23) Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 1999 exceeded the appropriations of the
following funds/departments:
General funds:
Economic development
Animal control
Building
Public works administration
Maintenance/operations
Capital projects administration
Special revenue funds:
Low/Moderate Bond Project Area No. 2
Debt service funds:
Financing Authority
Redevelopment Agency Project Area No. 1
Capital projects funds:
A.D. 97-1 LQ Norte Construction Fund
(24) Contingencies
Budget
Actual
Variance
$ 743,165
7433,372
(207)
155,137
1673,663
(12,526)
424,938
445,941
(21,003)
56,148
113,851
(57,703)
192,424
238,839
(46,415)
(205,905)
42,801
(248,706)
43,073 60,325 (17,252)
690,173 693,609 (3,436)
11,708,299 11,746,724 (38)425)
469,842 (469,842)
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.
38
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(25) Due From and To Other Funds
Current interfund receivables and payables balances at June 30, 1999 are as follows:
Current
Current
Interfund
Interfund
Receivables
Pa. ay bles
General Fund
$785,357
77,715
- Special Revenue Funds:
Local Law Enforcement Block Grant
-
575
Low/Mod Income Housing PA No. 1
-
15
Low/Mod Income Housing PA No. 2
-
10
Low/Mod Bond - PA No. 1
-
626,800
Low/Mod Bond - PA No. 2
-
148,581
Debt Service Funds:
Redevelopment Agency PA No. 1
-
591
Financing Authority
-
93,305
Capital Projects Funds:
Capital Improvement Fund
91,379
-
Redevelopment Agency PA No. 1
-
47
_
Redevelopment Agency PA No. 2
591
24
Financing Authority
-
13,664
-
877 327
877,327
26) Notes Receivable
In September 1994, the Agency sold certain real property to E.G. Williams Development
Corporation for $2.112,847. The property was used to construct single-family homes and
rental units to increase the City's supply of low and moderate income housing. The note
bears interest at 6% per annum and is due in full on June 15, 2029. At June 30, 1999, the
outstanding balance plus accrued interest is $2,556,508. At June 30, 1999, the total
outstanding balance of all notes receivable (including other notes aggregating $112,343)
is $2,668,851.
39
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(27) Proposition 218
Recent developments, including the voters' enactment of Proposition 218 in November
1996, have affected the manner in which local governments may impose, extend or
increase certain taxes, assessments and property -related fees. The more significant
changes which may affect local government revenue streams are as follows:
1. If there is a majority protest against an assessment, the assessment cannot be
imposed. This means that increasing an assessment requires majority voter
approval.
2. Certain fees are defined as property -related. Some property -related fees require
voter approval at an election; others allow for a majority protest but do not require
an election. Property -related fees must comply with certain substantive
provisions of Proposition 218, which generally limit the amount of fees.
3. Any local tax, assessment, fee or charge is subject to reduction or repeal by
initiative.
Uncertainty exists as to the scope and impact of these developments on local government
revenue streams. Future legislation and litigation may resolve some of these
uncertainties.
(28) Construction Commitments
The following material construction commitments existed at June 30, 1999:
Expenditures as of Remaining
Project Name June 30, 1999 Commitments
City Entrance Monuments
Traffic Signal Project
Washington Storm Drain
Village Development
Miles/Washington St. Widening
Civic Center Campus
Washington St. Widening/Ave. 50
Phase V-D Project
Phase V-A Project
Auto Mall Improvements
Catellus Senior Apartments
Phase V-C Project
Catellus Single Family Housing
Phase V-B Project
CVAG/Jefferson Project
$ 31,914
306,170
23,371
339,129
-
397,690
23,331
476,669
1,734,052
573,268
4%871
651,111
279,437
937,455
47,275
954,624
27,458
1,161,192
294,151
1,505,849
487,673
1,515,004
76,147
2,274,813
2,046,245
3,503,603
45,766
4,042,725
279,532
8,084,468
40
REQUIRED SUPPLEMENTARY INFORMATION
41
CITY OF LA QUINTA
Required Supplementary Information
Year ended June 30, 1999
Risk Mitijzation for the Year 2000 Issue
The City is in the process of evaluating its computer systems and other equipment that may
contain embedded chips to ascertain which of these might be impacted by a failure to properly
recognize and process transactions dated on or after January 1, 2000. As of June 30, 1999, the
unexpended portion of contracts entered into by the City with various vendors to replace or
upgrade its computer systems and other equipment to reduce the risk of year 2000 difficulties
was approximately $30,950. Additional amounts may be expended for the City's year 2000
assessment, remediation, and testing activities, as well as amounts that may need to be expended
after January 1, 2000 to correct problems not previously detected and corrected by the City.
Because of the unprecedented nature of the year 2000 issue, it is not possible to provide
assurances that the City has or will achieve complete year 2000 compliance, even after
completing all planned year 2000 corrective actions and related testing. Nor can the City
determine the effect, if any, on City operations should entities external to the City (other
governments, significant vendors, suppliers, service providers, customers, taxpayers, businesses,
etc.) fail to achieve year 2000 compliance in a timely manner. An audit is not designed to
substantiate the assertions of management with respect to this issue or to evaluate the adequacy
of management's plans with respect to this issue. Equipment and systems considered by
management to be critical to conducting operations include the following:
Data Processing Systems - The data processing systems under evaluation include
Accounting Systems, Animal License Software, Builders Square Program, Questas City
Clerk Program, and the Code Track Program. As of June 30, 1999, the City has assessed
one hundred percent of their data processing systems and identified options for replacing
obsolete systems or locating new vendors to correct non -compliant systems. Ninety
percent of data processing hardware and software systems have been tested for year 2000
compliance. Roughly ninety-five percent of upgrades have been implemented for non-
compliant data processing systems, with the remaining five percent to be completed by
July 1999.
Non -Data Processing Systems - The non -data processing systems under evaluation
include Heating and Air Conditioning, Phone Systems, Mobile Phones, Street Lights,
Traffic Signals, Irrigation Software, Stadium Lights, Drainage Pumps, and the Civic
Center Alarm System. As of June 30, 1999, the City has assessed ninety percent of non -
data processing systems for year 2000 compliance. The systems still to be assessed for
year 2000 compliance include mobile phones, traffic signals and the Civic Center alarm
system. Assessment of non -data processing systems will continue through July 1999.
The City has identified options for replacing systems or locating new vendors to correct
non -compliant systems for ninety percent of non -data processing systems. Seventy
percent of non -data processing systems have been tested for year 2000 compliance, with
the exception of traffic signals, Civic Center alarms, and mobile phones. As of June 30,
1999, fifteen percent of non -data processing systems have been upgraded, and the
remaining eighty-five percent will be upgraded by September 1999.
42
DESCRIPTION OF FUNDS
FUND TYPE - GENERAL FUND
GENERAL FUND - The primary fund of the City used to account for all revenue and
expenditures of the City not legally restricted as to use. A broad range of municipal activities are
provided through this fund including City Manager, City Attorney, Finance, City Clerk,
Community Development, Police Services, Public Works, Building and Safety, and Community
Services.
43
(This page intentionally left blank)
44
CITY OF LA QUINTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended June 30, 1999
General government:
Legislative
City manager
Economic development
Personnel
Fiscal services
Central services
City clerk
Total general government
Public safety:
Police
Building and safety administrative
Code compliance
Animal control
Building
Emergency services
Fire
Civic center building
Total public safety
Community services:
Senior center
Parks and recreation administration
Parks and recreation programs
Total community services
Planning and development:
Community development administration
Current planning
Total planning and development
Public works:
Public works administration
Development and traffic
Maintenance/operations - St.
Maintenance/operations - L & L
Capital projects administration
Total public works
Total expenditures
Budget
$ 475,800
2962566
7431165
37,965
292,978
638,256
235,155
2,719,885
A rtnal
466,685
258,637
743,372
14,369
287,761
4892462
212,955
Variance -
Favorable
(Unfavorable)
9,115
37,929
(207)
23,596
5,217
148,794
22,200
2,473,241 246,644
35,0951828
23,857.1621
238,207
178.1123
1671001
113,122
378,010
323,349
542661
1551137
1671?663
(12,526)
4243,938
4452941
(21,003)
715,540
612024
101516
192000
11,382
71618
436,505
4342313
2,192
45,7591,081
4,4681294
2901787
222,200
2032904
18,296
504,881
4771192
27,689
53,150
51,645
13,505
7802231
732,741
47,490
3732043
2502888
1221155
577,050
3751P186
2012864
9501093
6261074
3243,019
56,148
113.1851
(57,703)
7141075
673.1841
402234
7862903
477,318
3093,585
1921424
2381839
(46,415)
(205,905)
42,801
(248,706)
1,5433,645
15,5461,650
(3,005)
$ 103752,935
%8473,000
905,935
45
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues (other than expendable trusts and
major capital projects) and the related expenditures which are legally required to be accounted
for in a separate fund.
The City of La Quinta has the following Special Revenue Funds:
State Gas Tax Fund - To account for gasoline allocations made by the State of California. These
revenues are restricted by the State to expenditures for street -related purposes only.
Community Service Projects Fund - To account for the accumulation of resources for parks and
other community services projects. Capital projects to be funded from this source will be
budgeted and expended in a separate capital project fund.
Federal Assistance Fund - To account for revenues from the Community Development Block
Grants received from the Federal Government and the expenditures of those resources.
Intermodal Surface Transportation Efficiency (ISTEA) Fund - To account for revenues from
ISTEA grants received from the Federal Government and the expenditures of those resources.
Lighting and Landscape Special Assessment District 89-1 Fund - To account for special
assessments levied on real property and the expenditure thereof from City-wide lighting and
landscape maintenance and improvements.
State Law Enforcement Block Grant (SLEBG) Fund - To account for state funded "Citizens for
Public Safety" (COPS) program activities, as per Assembly Bill 3229, which supplements
frontline police services such as anti -gang community crime prevention.
Quimby Fund - To account for the accumulation of developer fees received under the provisions
of the Quimby Act for park development and improvements. Capital projects to be funded from
this source will be budgeted and expended in a separate capital projects fund.
La Quinta Public Safety Officer Fund - To account for contributions to be distributed to public
safety officers disabled or killed in the line of duty.
Village Parking Fund - To account for the accumulation of resources provided through developer
fees to facilitate parking and traffic flow in that area of the City known as "The Village". Capital
projects funded from this source will be budgeted in a separate capital projects fund.
South Coast Air Quality Fund - To account for contributions from the South Coast Air Quality
Management District. Use of such contributions is limited to reduction and control of airborne
pollutants.
Local Law Enforcement Block Grant (LLEBG) Fund - To account for Federal Bureau of Justice
Block Grant program which may be used for the purpose of reducing crime and improving public
safety.
Redevelopment Agency, Low and Moderate Income Housing P.A. No. 1 and No 2 Funds - To
account for the required 20% set aside of property tax increments that is legally restricted for
increasing or improving housing for low and moderate income households.
46
SPECIAL REVENUE FUNDS, (CONTINUED)
Redevelopment Agency, Low and Moderate Bond Fund P.A. No. 1 and No. 2 Funds - To
account for bond proceeds and expenditures of bond -financed low and moderate income housing
programs.
47
CITY OF LA QUINTA
Special Revenue Funds
Combining Balance Sheet
June 30, 1999
Community
Lighting
State Service Federal
and
Public
Gas Tax Projects Assistance
ISTEA Landscape
SLEBG
Quimby
Safety
Assets
Cash and investments
$ 107,327 - -
- 85,748
60,858
198,378
6,478
Cash with fiscal agent
- - -
_ _
_
_
_
Accounts receivable
- - _
_ _
_
_
_
Interest receivable
- - -
- _
_
_
_
Notes receivable
- - _
_ _
_
_
_
Due from other funds
- - -
- _
_
_
_
Due from other
governments
- - -
- 19,275
-
-
-
Advances to other funds
- - -
- _
_
_
_
Total assets
$$ 1� - -
105,023
60,858
19�
6,478
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ - - _
_ _
_
_
_
Deposits payable
- - -
- 34,840
-
-
4,168
Due to other funds
- - -
- _
_
_
_
Total liabilities
- - -
- 34,840
-
-
4,168
Fund balances:
Reserved for:
Bond projects
- _ _
_ _
_
_
_
Advances to other funds
Notes receivable
Unreserved:
Designated for
operations/
projects/transfers
107,327 - -
- 70,183
60,858
198,378
2,310
Undesignated
- - -
- _
_
_
_
Total fund balances
107,327 - -
- 70,183
60,858
198,378
2,310
Total liabilities and
fund balances
$$ 1� - -
i 105,023
60,85819_
6,478
48
Low/
Low/
Moderate
Moderate
Low/
Low/
Income
Income
Moderate
Moderate
Village
South Coast
Housing-
Housing-
Bond-
Bond-
Totals
Parking
Air Quality LLEBG
PA No. 1
PA No. 2
PA No. 1
PA No. 2
1999
1998
28,625
18,564 575
3,167,751
2,782,700
-
-
6,457,004
5,962,772
-
- -
-
-
3,839,690
2,270,504
6,110,194
8,129,831
-
- -
44,006
-
-
-
44,006
23,301
-
- -
22,659
29,209
140,046
37,185
229,099
34,626
-
- -
2,556,508
-
-
-
2,556,508
2,420,750
-
-
-
-
-
62,192
-
- -
-
-
-
-
19,275
5,450
-
- -
511,903
39,135
-
-
551,038
551,038
28,625
18,564 575
6,302,827
2,851,044
3,979,736
2,307,689
15,967,124
17,189,960
- - - 18,935
7,919 6,171 7,782 40,807
54,988
- - - 15,596
- - - 54,604
49,266
- - 575 15
10 626,800 148,581 775,981
224,894
- - 575 34,546
7,929 632,971 156,363 871,392
329,148
- - 3,839,690 2,270,504 6,110,194 8,129,831
511,903 39,135 - - 551,038 551,038
2,556,508 - - - 2,556,508 2,420,750
28,625 18,564 - 3,199,870 2,803,980 - - 6,490,095
5,839,915
- - - - - (492,925) 119,178 (612,103)
(80,722
28,625 18,564 - 6,268,281 2,843,115 3,346,765 2,151,326 15,095,732
16,860,812
28,625 18,564 575 6,302,827 2,851,044 3,979,736 2,307,689 15,967,124
17,189,960
49
CITY OF LA QUINTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 1999
Community
Lighting
Gas
Service
Federal
and
Public
Tax
Projects
Assistance
ISTEA
Landscape
SLEBG
Quimby
Safety
Revenues:
Taxes
$ -
-
_
_
_
Developer fees
-
-
-
-
7,000
-
5,520
-
Intergovernmental
384,524
-
30,000
91,639
-
46,246
-
-
Investment income
4,906
-
-
-
1,655
2,495
10,422
310
Special assessments
-
-
-
-
759,273
-
-
-
Rental income
-
-
_
_
_
Gain (loss) on sale of land
-
-
-
_
_
_
_
_
Total revenues
389,430
-
30,000
91,639
767,928
48,741
15,942
310
Expenditures:
Current:
Public safety
-
-
_
-
_
-
_
_
Planning and
development
-
-
-
_
_
-
Public works
368,800
-
-
-
801,700
-
-
-
Total expenditures
368,800
-
-
-
801,700
-
-
-
Excess (deficiency) of
revenues over (under)
expenditures
20,630
-
30,000
91,639
33,772)
48,741
15,942
310
Other financing sources (uses):
Operating transfers in
-
-
-
-
-
-
-
2,000
Operating transfers out
-
(5,810)
30,000
(91,639)
131,333)
(693)
-
-
Total other financing
sources (uses)
-
(5,810)
(30,000)
(91,639)
(131,333)
693
-
2,000
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
20,630
(5,810)
-
-
(165,105)
48,048
15,942
2,310
Fund balances at beginning
of year
86,697
5,810
-
-
235,288
12,810
182,436
-
Fund balances at end of year
$ 107,327
-
-
-
70,183
60,858
198,378
2,310
50
Low/
Low/
Moderate
Moderate
Low/
Low/
Income
Income
Moderate
Moderate
Village
South Coast
Housing-
Housing-
Bond-
Bond-
Totals
Parking
Air Quaility
LLEBG
PA No. 1
PA No. 2
PA No. 1
PA No. 2
1999
1998
-
-
-
2,575,456
1,017,016
-
-
3,592,472
3,253,847
-
-
-
15,911
622,304
-
-
650,735
178,713
-
15,810
27,958
-
-
-
-
596,177
1,200,519
1,510
3,590
566
275,497
139,342
490,032
139,915
1,070,240
728,523
-
-
-
-
-
-
-
759,273
809,041
-
-
-
414,236
-
-
-
414,236
395,414
-
-
-
195,945
-
-
-
195,945
(22,678)
1,510
19,400
28,524
3,477,045
1,778,662
490,032
139,915
7,279,078
6,543,379
- - - - - 33,388
2,127,114 471,575 45,011 60,325 2,704,025 2,729,873
- - - - 1,170,500 1,188,322
2,127,114 471,575 45,011 60,325 3,874,525 3,951,583
1,510 19,400 28,524 1,349,931 1,307,087 445,021 79,590 3,404,553 2,591,796
- - 9,781 - - - - 11,781 3,280,377
6( 9,205) (48,523) (1,099,888) (202,749) (2,392,558) (1,109,016) (5,181,414) (9,412,442
(69,205) (38,742) (1,099,888) (202,749) 2,392,558) (1,109,016 (5,169,633) (6,132,065
1,510
(49,805)
(10,218) 250,043
1,104,338
(1,947,537)
(1,029,426)
(1,765,080)
(3,540,269)
- 27,115
68,369
10,218 6,018,238
1,738,777
5,294,302
3,180,752
16,860,812
20,401,081
28,625
18,564
- 6,268,281
2,843,115
3,346,765
2,151,326
15,095,732
16,860,812
WH
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, 1999
Revenues:
Intergovernmental
Investment income
Total revenues
Expenditures:
Current:
Public works
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Fund balances at beginning of year
Fund balances at end of year
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
$ 3663,100
384,524
183,424
354,644
2,700
4,906
2,206
33,080
368,800
389,430
2011630
357,724
3682,800 3683P800
3681P800 368,800
20,630
86,697 86,697
$ 863,697 107,327
336,100
336,100
20,630 21,624
- 65,073
201,630 86,697
52
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, 1999
Variance -
Favorable
1998
Budget
Actual (Unfavorable)
Actual
Revenues:
Investment income
$ -
- -
252100
Total revenues
-
- -
25,100
Other financing sources (uses):
Operating transfers out
5,810
5,810 -
563,383
Total other financing
sources (uses)
5,810
5,810 -
563,383
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(5,810)
(52810) -
(538,283)
Fund balances at beginning of year
5,810
5,810 -
544,093
Fund balances at end of year
$ -
- -
53,810
53
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 30, 1999
Variance -
Favorable
1998
Budget Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
$ 228,400 303,000
(198,400)
334,732
Investment Income
11,100 -
1,100
-
Total revenues
2293,500 30,000
199,500
3342732
Other financing sources (uses):
Operating transfers out
130,000 30,000
100,000
334,732
Total other financing
sources (uses)
130,000 30,000
100,000
334,732
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
992500 -
(99,500)
-
Fund balances at beginning of year
-
Fund balances at end of year
$ 993,500 -
99,500
-
54
CITY OF LA QUINTA
Special Revenue Funds
ISTEA Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
$ 1143,465
9110639
(22,826)
410,034
Investment Income
-
-
-
55501
Total revenues
114,465
911,639
22,826
4155535
Other financing sources (uses):
Operating transfers out
114,465
91,639
22,826
415,535
Total other financing
sources (uses)
114,465
91,639
221-826
415,535
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
$ -
-
-
-
55
CITY OF LA QUINTA
Special Revenue Funds
Lighting and Landscape
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Variance -
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Developer fees
$ -
73,000
73,000
Investment income
5,100
12655
(3,445)
Special assessments
7962600
759,273
37,327
Total revenues
801,700
7672928
33,772
Expenditures:
Current:
Public works
801,700
8012700
-
Total expenditures
801,700
8013,700
-
Excess (deficiency) of revenues
over (under) expenditures
-
33,772
33,772
Other financing sources (uses):
Operating transfers out
144,038
1311333
121,705
Total other financing
sources (uses)
(144,038)
(131,333
12,705
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(144,038)
(165,105)
(21,067)
Fund balances at beginning of year
235,288
235,288
-
Fund balances at end of year
$ 91,250
70,183
21,067)
1998
63,370
8091041
815,411
852,222
852,222
36,811
(36,811)
272,099
235,288
56
CITY OF LA QUINTA
Special Revenue Funds
_ SLEBG
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
$ 46,246
46,246
-
433,636
Investment income
-
23,495
23,495
610
Total revenues
461,246
481741
2,495
442246
Expenditures:
Current:
Public safety
-
-
-
332388
Total expenditures
-
-
-
331,388
Excess (deficiency) of revenues
over (under) expenditures
465246
481741
2,495
10,858
— Other financing sources (uses):
Operating transfers out
58,937
693
58,244
-
Total other financing
sources (uses)
58,937
693
581,244
-
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(12,691)
48,048
60,739
101,858
Fund balances at beginning of year
121,810
12,810
-
12952
Fund balances at end of year
$ 119
60,858
603,739
12,810
57
CITY OF LA QUINTA
Special Revenue Funds
Quimby Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 3021999
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
Revenues:
Developer fees
$ 20,000
5,520
(14,480)
1673,586
Investment income
2,700
10,422
7,722
31,352
Total revenues
223,700
15,942
(6,758)
17031938
Fund balances at beginning of year
1821,436
182,436
-
11,498
Fund balances at end of year
205,136
198,378
6,758
182,436
58
CITY OF LA QUINTA
Special Revenue Funds
Public Safety Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Variance -
Favorable 1998
Budget
Actual
(Unfavorable) Actual
Revenues:
Investment Income
$ 200
310
110 -
Total revenues
200
310
110 -
Other financing sources (uses):
Operating transfers in
2,000
21,000
- -
Total other financing
sources (uses)
2,000
2,000
- -
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
2,200
2,310
110 -
Fund balances at beginning of year
-
-
- -
Fund balances at end of year
$ 23,200
23,310
110 -
59
CITY OF LA QUINTA
Special Revenue Funds
Village Parking
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Revenues:
Investment income
Total revenues
Fund balances at beginning of year
Fund balances at end of year
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
$ 11-100
1,510
410
12098
131100
1,510
410
11,098
27,115
271,115
—
261,017
$ 283,215
281,625
410
273,115
.o
— CITY OF LA 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, 1999
--
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
$ 483,993
15,810
(33,183)
252,055
— Investment income
2,100
3,590
1,490
2,206
Total revenues
512093
19,400
31,693
27,261
_ Expenditures:
Current:
— Planning and development
133,797
-
131797
-
Total expenditures
131,797
-
13,797
-
_ Excess (deficiency) of revenues
over (under) expenditures
37,296
192,400
17,896
27,261
-- Other financing sources (uses):
Operating transfers out
92,433
69,205
23,228
-
_ Total other financing
sources (uses)
92,433
691,205
23,228
-
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
— other financing uses
(55,137)
(49,805)
52332
272261
Fund balances at beginning of year
68,369
68,369
-
413,108
— Fund balances at end of year
$ 13,232
182564
5,332
68,369
61
CITY OF LA QUINTA
Special Revenue Funds
LLEBG
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Revenues:
Intergovernmental
Investment Income
Total revenues
Other financing sources (uses):
Operating transfers in
Operating transfers out
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
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
$ 27,958
27,958
-
28,474
-
566
566
13,230
27,958
28,524
566
29,704
9,206
911781
575
-
40,699
48,523
7,824
39,020
31,493
38,742
7,249
39,020
(3,535) (10,218) (6,683) (9,316)
102218 10,218 - 19,534
$ 6,683 - 6,683 10,218
62
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Income Housing Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 3021999
Revenues:
Taxes
Developer fees
Investment income
Rental income
Gain (loss) on sale of land
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
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
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
$ 234922277
21575,456
833,179
23,432,379
-
15,911
152,911
11,127
2472500
275,497
27,997
1051590
3413,000
414,236
73,236
395,414
150,000
195,945
452945
(22,678
3,230,777
3,4773,045
246,268
231921,832
2,560,649 2,127,114
2,560,649 2,127,114
670,128 1,349,931
1,738,801 1,099,888
1,738,801 1,099,888
(1,068,673) 2503,043
6,018,238 6,018,238
$ 4,949,565 6,2681,281
433,535
433,535
679,803
638,913
123182716
1,318,716
1,795,539
1,795,539
1,126,293
212,193
1,742,501
1,530,308
(404,015)
6,422,253
6,018)238
63
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Income Housing Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Revenues:
Taxes
Developer fees
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
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
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
$ 936,973
1,017,016
803,043
8213,468
-
622,304
622,304
-
20,000
1393,342
119,342
553,851
956,973
1,778,662
8213,689
877,319
838,376
471,575
3661,801
2471,158
8381,376
4712575
3661801
247,158
118,597
00751087
15,188,490
6303,161
-
-
-
2652517
1,480,886
202,749
13,2782137
339,341
1,480,886
202,749
12278,137
73,824
(1,362,289) 1210431338 23466,627 556,337
1,73 8,777 1,73 8,777 - I I182,440
$ 376,488 2,8435,115 23,466,627 1,738,777
64
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Bond - Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
Revenues:
Investment income
$ 135,000
4901,032
3551,032
4163,525
Total revenues
135,000
4901P032
35511032
4161,525
Expenditures:
Current:
Planning and development
597328
453,011
14,317
456,081
Total expenditures
592328
452011
143-317
4563,081
Excess (deficiency) of revenues
over (under) expenditures
75,672
445,021
369,349
39,556
Other financing sources (uses):
Operating transfers out
5,623,442
2,3921,558
31230,884
3,016,305
Total other financing
sources (uses)
(5,623,442)
2113921558
311230,884
3,016,305)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(5,547,770)
(1,947,537)
31,6002233
(3,055,861)
Fund balances at beginning of year
53,294,302
5,294,302
-
8,3501,163
Fund balances at end of year
$ 253,468
3,3463,765
3,6002233
53,294,302
65
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Bond - Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances Budget and Actual
Year ended June 30, 1999
Variance -
Favorable
1998
Budget
Actual
(Unfavorable)
Actual
Revenues:
Investment income
$ 201000
1391,915
1193,915
102,010
Total revenues
202000
1392915
119,915
1021,010
Expenditures:
Current:
Planning and development
433P073
602325
17,252
2313,095
Total expenditures
43,073
60,325
172252
231,095
Excess (deficiency) of revenues
over (under) expenditures
232073
79,590
1023,663
129,085
Other financing sources (uses):
Operating transfers in
-
-
-
21802,667
Operating transfers out
22990,542
121091,016
11,881,526
2,957,681
Total other financing
sources (uses)
(2,990,542)
1,109,016)
128811-526
155,014
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(3,013,615)
(12029,426)
129843,189
(284,099)
Fund balances at beginning of year
321802752
321801752
-
324642851
Fund balances at end of year
$ 1671P137
2,151,326
12,984,189
3,1805,752
DEBT SERVICE FUNDS
Debt Service Funds are used to account for the accumulation of resources for, and the payment
of, general long-term debt principal and interest.
The City of La Quinta has the following Debt Service Funds:
La Quinta Financing AuthoriFund - To account for rental activity for the Civic Center and
rental income used to pay the Financing Authority Civic Center debt obligation.
Redevelopment Agency, P.A. No. 1 and No. 2 - To account for the accumulation of resources for
the payment of debt service for bond principal interest and trustee fees.
67
CITY OF LA QUINTA
Debt Service Funds
Combining Balance Sheet
June 3021999
Financing
Redevelopment
Redevelopment
Totals
Authority
Agency -PA No. 1
Agency -PA No. 2
1999
1998
Assets
Cash and investments
$ -
2,996,002
645,334
3,6415,336
55,2725,572
Cash with fiscal agent
29
1832946
-
1835,975
743,235
Accounts receivable
504
-
-
504
11
Interest receivable
-
26,453
11,012
37,465
-
Due from other
governments
-
11
-
11
-
Total assets
$ 533
3,20651412
6565,346
328631,291
55,3465,818
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ -
45,403
-
41,403
45,340
Accrued expenses
-
-
-
-
504,731
Due to other funds
9,305
-
591
9,896
-
Advances from other
funds
-
511,903
39,135
551,038
5515,038
Total liabilities
91P305
516,306
39,726
565,337
1,0607109
Fund balances:
Reserved for:
Debt service
-
23,6902106
616.1620
3,3061726
45,2861709
Unreserved:
Undesignated
82772)
-
-
(8,772
-
Total fund balances
8,772)
226902106
6162620
3,297,954
45P2865,709
Total liabilities
and fund balances
$ 533
3,206,412
6565,346
35,863,291
5,346,818
68
CITY OF LA QUINTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30,1999
Financing Redevelopment Redevelopment
Authority Agency -PA No. 1 Agency -PA No.2
Revenues:
Totals
1999 1998
Taxes
$ -
101301,824
410681063
14,3691887
131015,387
Investment income
264
1311849
81,013
213.1126
110,618
Rental income
6843,573
-
-
6841573
7341623
Total revenues
6843,837
10,4331673
431149,076
1532672586
13,860,628
Expenditures:
Current:
Planning and
development
91036
1933,047
68,483
270,566
2093,588
Debt service:
Principal
245,000
2,092,128
11067,872
3,4051000
1,9601000
Interest
43%573
3,5789729
982,938
520011240
55P0341169
Payments under pass -
through obligations
-
53,882,820
2,845,262
83,7285,082
9112551,220
Total expenditures
693,609
113746,724
43,9645,555
173,4045p888
1611458,977
Excess (deficiency) of
revenues over (under)
expenditures
(8,772)
(1,313,051)
(815,479)
(2,137,302
(2,598,349
Other financing sources (uses):
Operating transfers in
-
1,3661514
202,749
1,5691263
2,965,779
Operating transfers out
-
(511,509)
(742,609)
(1,254,118)
(9101,721)
Proceeds of advances
-
371,521
46131881
8333-402
810,006
Total other financing
sources (uses)
-
1,226,526
77,979
111148,547
2,8655,064
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures and
other financing uses
(8,772)
(86,525)
(893,458)
(988,755)
266.1715
Fund balances at beginning
of year
-
2,7762631
1,510,078
432863709
4,019,994
Fund balances (deficit)
at end of year
$ (8,772)
2,690,106
616,620
3,297,954
4,286,709
69
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 3 0, 1999
Variance -
Favorable 1998
Budget Actual (Unfavorable) Actual
Revenues:
Investment income
$ 12,400
264
Rental income
672,173
684, 573
Miscellaneous
51600
-
Total revenues
690,173
684,837
Expenditures:
Current:
Planning and development
5,600
9,036
Debt service:
Principal
245,000
245,000
Interest
43%573
43%573
Total expenditures
690,173
693,609
Excess (deficiency) of revenues
over (under) expenditures
-
8,772
Other financing sources (uses):
Operating transfers in
-
-
Total other financing
sources (uses)
-
-
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
-
(8,772)
Fund balances (deficit) at
beginning of year
-
-
Fund balances (deficit) at end of year
$ -
8,772
70
(12,136)
12,400
(5,600)
5,336
(3,436)
3,436
(8,772)
(8,772)
8,772
734>623
734,623
6,427
285,000
449,623
741,050
6,427
7,897
7, 897
1,470
1,470
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Revenues:
Taxes
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Debt service:
Principal
Interest
Payments under pass -through
obligations
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
Variance -
Favorable
Budget Actual
(Unfavorable)
$ 9,969,108 1023013P824
332,716
- 131,849
131,849
9,96911108 10,43331673
4641)565
1998
9,729,515
29,829
92759,344
212,000
1933,047
185,953
1523-565
220902852
220923,128
(1,276)
124823,979
32573,754
3,578,729
(4,975)
3,4965P109
51P8312693
5,882,820
51,127
632512259
11,708,299
11,746,724
38,425
11,382,912
(1,739,191)
(1,313,051)
426,140
(1,623,568)
1,73831801
1,3662514
(372,287)
12796,304
(511,509)
(511,509)
-
(3682565)
371,521
371,521
-
364,985
1,5982813
1,2262,526
372,287
117923724
(140,378) (86,525) 5310853 1691,156
2,776,631 2,776,631 - 2,6071-475
$ 2,636,253 2,690,106 53,853 2,7763,631
71
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 3021999
Revenues:
Taxes
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Debt service:
Principal
Interest
Payments under pass -through
obligations
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
Variance -
Favorable 1998
Budget Actual (Unfavorable) Actual
$ 3,747,891 4,068,063
- 81,013
31,7471,891 4,1493,076
683,350
681P483
111069,148
12067,872
9872913
9823,938
2,844,245 23,845,262
41,969,656 4,9641,555
(1,221,765) 815,479
33 8,674
20231749
(742,609)
(742,609)
4611,881
4613,881
573946
77,979
(1,163,819) (893,458)
151510,078 1,510,078
$ 346,259 616,620
72
320,172
81,013
401,185
(133)
1,276
4,975
1,017
5,101
(135,925)
13 5,925
270,361
270,361
3,285,872
80,789
3,366,661
50,596
192,021
1,088,437
3,003,961
4,335,015
968,354
1,161,578
(542,156)
96,089
1,413,989
1,510,078
CAPITAL PROJECTS FUNDS
Capital projects funds account for the financial resources to be used for the acquisition,
construction or improvements of major capital facilities and infrastructure.
The City of La Quinta has the following Capital Projects Funds:
Infrastructure Fund - To account for the accumulation of resources provided through developer
fees for the acquisition, construction or improvement of the City's infrastructure as defined in
Resolution 98-39. Capital projects to be funded from this source will be budgeted and expended
in a separate capital projects fund.
Capital Improvement Fund - To account for the planning, design and construction of various
— capital projects throughout the City of La Quinta and the Redevelopment Agency.
Assessment District 97-1 La Quinta Norte Construction Fund - To account for the bond proceeds
— and other funding that will be used for improvements to Assessment District 97-1.
Financing Authority Capital Projects Fund - To account for the Public Financing Authority bond
proceeds that will be used for specific projects and programs of the City.
Redevelopment Agency, Capital Projects Funds Area 1 and 2 - To account for the bond
proceeds, interest and other funding that will be used for development, planning, construction
and land acquisition.
73
Assets
Cash and investments
Cash with fiscal agent
Accounts receivable
Interest receivable
Notes receivable
Due from other funds
Total assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Deposits payable
Retainage payable
Due to other funds
Advances from other funds
Total liabilities
Fund balances:
Reserved for:
Bond projects
Notes receivable
Unreserved:
Designated for
operations/projects
Undesignated
Total fund balances
Total liabilities and
fund balances
CITY OF LA QUINTA
Capital Projects Funds
Combining Balance Sheet
June 30, 1999
A.D.97-1
Financing
Capital
LQ Norte
Authority
Infastructure
Improvement
Construction
Projects
$ 9,543.1606
22352.1806
1805,794
711
-
-
-
5941)208
1001820
-
91,379
-
-
$ 9,644,426
2,4447185
180,794
5941P919
$ 95,098 5453,225 - -
- 899,524 - -
1635,467 - -
- - 13,664
- 835,969 - -
%098 2,44431185 - 132664
180,794 594,208
%6355,328 - - -
- - - (12,953)
9,635,328 - 180,794 5811,255
$ 9,6443,426 25,4441185 180,794 594,919
74
Redevelopment
Redevelopment
Totals
Agency -PA No.l
Agency -PA No.2
1999
1998
1,000,971
1,383,380
14,4621268
711854,997
7,3072105
6023,825
8,504,138
834793943
-
60,900
60,900
813258
95,974
133645
1241439
1421956
-
112,343
1121,343
108,217
-
591
91,970
306,361
8,318,050
23,1731,684
2333561,058
16,973,732
6,196 31522 5643,041
3793,160
- - 899,524
373,635
- - 163,467
2595,532
47 24 1331735
1033,844
- - 835,969
-
65,243 35,546 23,476,736
1,116,171
75,307,105
602,825
81684,932
8,479,943
-
1125,343
112,343
1085217
1,004,702
124541,970
12,09551000
72281,216
-
-
(12,953
(11,815)
8,311,807
2,1705,138
20,879,322
155,8575,561
811318,050
23,1733,684
23,3563,058
1611973,732
75
CITY OF LA QUINTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 1999
AD. 97-1
Capital
LQ Norte
Infastructure
Improvement
Construction
Revenues:
Developer fees
$ 4,41751323
2401,683
-
Intergovernmental
-
15,1331,477
-
Investment income
5201694
-
5,644
Special assessments
-
-
38,493
Litigation settlement proceeds
-
-
-
Total revenues
41)938,017
1,374,160
44,137
Expenditures:
Current:
Planning and development
-
-
469,842
Capital projects
205,395
657721500
-
Total expenditures
205,395
6,772,500
4691P842
Excess (deficiency) of revenues
over (under) expenditures
45,7323,622
(5,398,340)
(425,705)
Other financing sources (uses):
Operating transfers in
91,639
5,398,340
-
Operating transfers out
(829,675)
-
-
Proceeds of bonds (net of
issuance costs)
-
-
705,262
Payments to refunded bond
escrow agent
-
-
-
Total other financing sources
(uses)
(738,036)
5,39817340
705,262
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
3,99451586
-
27%557
Fund balances at beginning of year
55,6402742
-
-
Residual equity transfer
-
-
(98,763)
Fund balances at end of year
$ %635,328
-
180,794
76
Financing
Redevelopment
Redevelopment
Totals
Authority
Agency -PA No.1
Agency -PA No.2
1999
1998
-
-
53,000
416631006
259611792
-
-
-
1,1333,477
1,167,522
40,721
1642275
11 0,43 5
841,769
5401637
-
-
-
38,493
-
-
8211,589
-
8217589
204
4011721
985,864
1153,435
7,4981,334
4,670,155
- 356,105
321,410
1,147,357
651,832
- -
-
6,977,895
73,5881933
- 3563,105
321.4410
85,1251,252
8,240,765
40,721 6291759
(205,975)
(626,918)
(3,570,610)
- 6551259
742,609
6,887,847
6,5792703
(48,770) (278,887)
(688,335)
(1,845,667)
(2,366,728)
- -
-
705,262
211,5651688
- -
-
-
(13,430,939)
(48,770) 376,372
541274
55P74751442
12,347,724
(8,049) 110062131 (151,701) 5,120,524 8,777,114
589,304 7,305,676 21,321,839 1528573561 7,080,447
-(98,763) -
581,255 8,311,807 22170,138 202879,322 15,857,561
77
CITY OF LA QUINTA
Capital Projects Funds
Infastructure Fund
Statement
of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Variance -
Favorable
1998
Budget Actual
(Unfavorable)
Actual
Revenues:
Developer fees
$ 1,06611500 4,417,323
3,350,823
214293,742
Investment income
187,200 520,694
333,494
2243,923
Total revenues
1,2531700 4,938,017
3,6842317
2,6543,665
Expenditures:
Capital projects
205,395 2053,395
-
220,379
Total expenditures
2053,395 205,395
-
220,379
Excess (deficiency) of revenues
over (under) expenditures
1,0483,305 411732,622
3,684,317
224341,286
Other financing sources (uses):
Operating transfers in
- 91,639
91,639
-
Operating transfers out
6,304,294 (829,675
5)474,619
1,341,883
Total other financing
sources (uses)
6,304,294 738,036
535661258
1,341,883
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(5,255,989) 3,994,586
9,250,575
13,0923,403
Fund balances at beginning of year
53,640,742 5,640,742
-
43p548,339
Fund balances at end of year
$ 384,753 91P635,328
9,2503,575
5,6403742
78
�s.
CITY OF LA QUINTA
Capital Projects Funds
Capital Improvement Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Revenues:
Developer fees
Intergovernmental
Total revenues
Expenditures:
Capital projects
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
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
Budget Actual
$ 1,010,389
2405,683
8,167,869
1,133,477
9,1781258
1137431160
361,1471237
62772,500
361147,237
62772,500
(26,968,979)
5,398,340
261P968)979
53P3982340
Variance -
Favorable
1998
(Unfavorable)
Actual
(769,706)
532,050
(7,034,392)
1,167,522
(7,804,098)
1,699,572
29113741737
7,368,554
29,374,737
77368,554
21,570,639
5,668,982
(21,570,639)
526%982
(21,570,639)
5,668,982
79
CITY OF LA QUINTA
Capital Projects Funds
A.D. 97-1 LQ Norte Construction Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 307 1999
Revenues:
Investment income
Special assessments
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Proceeds of bonds (net of
issuance costs)
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
Residual equity transfer
Fund balances at end of year
Budget Actual
Variance -
Favorable 1998
(Unfavorable) Actual
$ 13500 5,644 43,144 -
382500 382493 7 -
403,000 443,137 41,137 -
4695,842 469,842 -
469,842 469,842 -
403,000 425,705 465,705 -
745,000 705,262 39,738 -
74531000 705,262 39,738 -
785,000 279,557 (505,443) -
98,763 98,763) -
$ 785,000 180,794 604,206 -
80
CITY OF LA QUINTA
Capital Projects Funds
Financing Authority Capital Projects Fund
Statement of Revenues, Expenditures and Changes
- in Fund Balances - Budget and Actual
Year ended June 3021999
_
Variance -
Favorable
1998
Budget Actual
(Unfavorable)
Actual
Revenues:
Investment Income $ - 4011721
401721
271,277
Total revenues - 4011721
403721
2731277
Other financing sources (uses):
Operating transfers out 567,376 48,770
518,606
176,207
_ Total other financing
sources (uses) 567,376 48,770
5182606
176,207
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
_ other financing uses (567,376) (8,049)
559,327
(148,930)
Fund balances at beginning of year 589,304 5893,304
-
7383,234
Fund balances at end of year $ 21,928 581,255
5595327
589,304
81
CITY OF LA QUINTA
Capital Projects Funds
Redevelopment Agency Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
.in Fund Balances - Budget and Actual
Year ended June 30, 1999
Revenues:
Investment income
Litigation settlement proceeds
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds (net of issuance costs)
Payments to refunded bond escrow agent
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
Variance -
Favorable 1998
Budget Actual (Unfavorable) Actual
$ 186,800 1643275 (22,525) 42,161
- 821,589 82131589 204
1861P800 9851,864 7991,064 423,365
2,468,946
356,105
2,1123,841
370,024
2,468,946
3561,105
2,1123,841
3701,024
2,282,146
629,759
.2)911,905
327,659
5111509 65511259 1433,750 368,565
(3,448,747) (278,887) 3311692860 (52,358)
- 152134,466
7,822,592
2,937,238 376,372 3,31311610 71P6281,081
(5,219,384) 1,006,131 6,225,515 731300,422
713053,676 75P3053P676 - 53,254
$ 2,086,292 81,311,807 6,22531515 71P305,676
82
CITY OF LA QUINTA
Capital Projects Funds
Redevelopment Agency Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1999
Revenues:
Developer fees
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds (net of issuance costs)
Payments to refunded bond escrow agent
-- 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
Variance -
Favorable
Budget Actual
(Unfavorable)
$ - 5,000
5,000
30,000 110,43 5
803435
303P000 1153,435
853,435
4042890
3211,410
4042890
321,410
74,890
205,975
742,609
7421,609
(2,326,628) (688,335)
1,584,019 54,274
(1,958,909) (151,701)
2,3217839 27321,839
$ 362,930 231170,138
83,480
83,480
168,915
1,638,293
1,638,293
1,807,208
12807,208
1998
246,276
281,808
281,808
35,532
542,156
(796,280)
6,431,222
5,608,34 ,
568,751
5331219
1,788,620
2,321,839
83
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84
AGENCY FUNDS
Agency funds are used to account for assets held by the City as an agent for an individual,
private organizations and other governmental units. The agency funds and their purposes are as
follows:
The City of La Quinta has the following agency funds:
Arts in Public Places Fund - To account for development fees paid in lieu of acquisition and
installation of approved art works in a development with expenditures restricted to acquisition,
installation, maintenance and repair of art works at approved sites. The development fees are
refundable if not expended within two years.
Assessment District No. 88-1, 89-2, 90-1, 91-1, 92-1, 97-1 - To account for assessments paid to
the City for debt service payments on bond issues used to finance sewer improvements.
85
CITY OF LA QUINTA
Agency Funds
Combining Balance Sheet
June 30, 1999
Assessment
Assessment
Assessment
Arts in
District
District
District
Public Places
No. 88-1
No. 89-2
No. 90-1
Assets
Cash and investments
$
642,487
199,919
228,604
257,208
Accounts receivable
-
-
-
-
Total assets
$
642.7487
199,919
228,604
257,208
Liabilities
Accounts payable
$
423
-
-
-
Deposits payable
642,064
-
-
-
Due to bondholders
-
199,919
2281604
257,208
Total liabilities
$
6421,487
1993,919
22804
2571)208
86
Assessment
Assessment
Assessment
District
District
District
Totals
No. 91-1
No. 92-1
No. 97-1
1999 1998
444,213
340,335
101,502
2,214,268 1,774,777
-
-
-
- 266
444,213
340,335
1017502
2,214,268 1,775,043
- - - 423
2,500
- - - 642,064
391,034
444)213 340)335 101,502 1,57111781
1,381,509
444,213 340,335 101,502 2,214,268
1,7751)043
87
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year ended June 3 0, 1999
Balance at Balance at
July 1, 1998 Additions Deletions June 30, 1999
ARTS IN PUBLIC PLACES
Assets
Cash and investments
$
3931P534
3303,236
81,283
642,487
Liabilities
Accounts payable
2,500
29,359
(31,436)
423
Deposits payable
391,034
423,753
172,723
642,064
Total liabilities
$
39311534
453,112
(204,159)
6423,487
ASSESSMENT DISTRICT
NO. 88-1
Assets
Cash and investments
$
1711)523
122,478
94,082
1991,919
Liabilities
Due to bondholders
$
1713,523
140,072
111,676
1991919
ASSESSMENT DISTRICT
NO. 89-2
Assets
Cash and investments
$
201,485
171,136
(144,017)
22831604
Accounts receivable
266
-
266
-
Total assets
$
201,751
1713,136
144,283
2283,604
Liabilities
Due to bondholders
$
201,751
191,107
164,254
228,604
88
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
(Continued)
Balance at
Balance at
July 1, 1998
Additions
Deletions
June 30, 1999
ASSESSMENT DISTRICT NO. 90-1
Assets
Cash and investments
$
2323,727
160,763
136,282
2571)208
Liabilities
Due to bondholders
$
232,727
178,232
(153,751)
2573,208
ASSESSMENT DISTRICT NO. 91-1
Assets
Cash and investments
$
43 8,151
3 02,165
296,103
4442213
Liabilities
Due to bondholders
$
4381,151
350v383
3443,321
444,213
ASSESSMENT DISTRICT NO. 92-1
Assets
Cash and investments
$
3371357
2493,670
246,692
3402335
Liabilities
Due to bondholders
$
3372357
295,275
292,297
340,335
89
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
(Continued)
Balance at
Balance at
July 1, 1998
Additions
Deletions
June 30, 1999
ASSESSMENT DISTRICT NO. 97-1
Assets
Cash and investments
$
-
116,918
15,416
1013502
Liabilities
Due to bondholders
$
-
118,195
16,693
1011502
TOTALS -ALL AGENCY FUNDS
Assets
Cash and investments
$
1,7741,777
1,453,366
(1,013,875)
21,214,268
Accounts receivable
266
-
266
-
Total assets
$
1,775,043
1,453,366
1,014,1
2,21411268
Liabilities
Accounts payable
$
2,500
292359
(31,436)
423
Deposits payable
391,034
423,753
(172,723)
64210064
Due to bondholders
1,381,509
1,273,264
1,082,992
1,571,781
Total liabilities
$
1,775,043
1,7261,376
1,287,151
23,214,268
90
GENERAL FIXED ASSETS ACCOUNT GROUP
91
CITY OF LA QUINTA
Comparative Schedule of General Fixed Assets - By Source
June 30, 1999
General fixed assets:
Land
Buildings
Leasehold improvements
Furniture and fixtures
Vehicles
Total general fixed assets
Investment in general fixed assets from:
General fund
Redevelopment agency
Total investment in general fixed assets
1999 1998
$ 12,075,671
11,826,075
201,070
1,116,160
161,052
13,280,910
11;790)129
201,070
1,014,292
161,052
$ 25,380,028 26,447,453
$ 151146,522 15,008,708
10,233,506 11,438,745
$ 25,380,028 26,447,453
92
CITY OF LA QUINTA
Schedule of General Fixed Assets - By Function and Activity
June 30, 1999
—
Furniture
Leasehold
and
Function and Activity
Land Buildings Improvements
Fixtures Vehicles
Totals
— General government
$ 1250752671 113,8262075 -
1,674 -
233,9032420
Legislative
- - -
203,484 -
203,484
City manager
- - -
171,206 -
1711206
Finance
- - -
1191250 -
1193,250
City clerk
- - -
180,540 -
1805,540
Community services
- - 2011070
673,348 -
2685418
Building and safety
- - -
20%118 161,052
3701170
Community
— development
- - -
1112460 -
111,460
Public works
- - -
2351080 -
2353,080
_ Total
$ 121075,671 115,8265,075 2013,070
131116,160 1613,052
25,38051028
93
CITY OF LA QUINTA
Schedule of Changes in General Fixed Assets - By Function and Activity
Year ended June 30, 1999
Transfer to
Balance at
Proprietary
Balance at
July 1, 1998
Additions
Deletions
Funds
June 30, 1999
General government
$ 25,071,039
37,620
(1,205,239)
-
23,903,420
Legislative
20,484
-
-
-
20,484
City manager
147,896
62,686
(39,376)
-
171,206
Finance
108,351
17,666
(6,767)
-
119,250
City clerk
1871183
862
(7,505)
-
180,540
Community services
292,274
12,152
(36,008)
-
268,418
Building and safety
289,031
81,139
-
-
370,170
Community development
106,567
4,893
-
-
111,460
Public works
224,628
166,945
-
156,493
235,080
Totals
$ 26,447,453
383,963
1,294,895
156,493
25,380,028
94
STATISTICAL SECTION
95
Fiscal Year
Ending
June 30
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
(1)
Source:
CITY OF LA QUINTA
General Fund Expenditures by Function
Last Ten Fiscal Years
General
Public
Government
Safety
1,514,110
1,883,105
1,968,275
2,501,105
1,921,155
2,155,813
1,807,205
2,393,202
2,359,673
2,786,575
1,565,265
3,143,697
1,793,301
3,227,438
2,376,935
3,442,056
2,229,389
4,099,523
$2,473,241
4,468,294
Public
Works
(1)
(1)
618,612
600,253
673,144
576,304
813,352
889,694
1,159,372
1,546,650
Community
Planning &
Capital
Service
Development
Projects
928,798
(1)
-
777,366
(1)
-
157,897
904,171
11,813
146,686
884,537
119,265
511,416
-
199,115
538,610
282,113
413,142
453,656
201,475
469,110
455,563
170,000 .
494,402
345,054
-
732,741
626,074
-
TABLE 1
Total
4,326,012
5,246,745
5,769,461
5,831,883
6,450,073
6,305,104
6,902,364
7,803,358
8,327,740
$9,847,000
Prior to fiscal year 1992 Public Works and Planning & Development expenditures were included with Community Service.
City of La Quints Audited Financial Statements
4
96
CITY OF LA QUINTA TABLE 2
General Fund Revenue by Source
Last Ten Fiscal Years
Fiscal Year
Licenses
Charges
Litigation
Ending
and
Inter-
for
Settlement
June 30
Taxes
Permits
Governmental
Services
Proceeds
Interest
Miscellaneous
Total
1990
3,154,942
3,286,872
630,791
(1)
(2)
155,530
114,686
7,342,821
1991
3,288,565
785,381
790,880
602,600
(2)
642,813
101,411
6,211,650
1992
3,135,044
576,293
930,503
488,015
(2)
261,380
120,867
5,512,102
1993
3,581,830
622,107
1,157,587
384,000
(2)
238,321
219,641
6,203,486
1994
4,212,604
777,241
1,600,032
469,695
(2)
585,264
1,042,872
8,687,708
1995
4,946,304
902,914
747,784
551,727
477,872
718,310
137,028
8,481,939
1996
5,393,456
998,030
815,990
610,873
12,386
905,420
230,705
8,966,850
1997
5,942,698
793,689
1,072,803
976,897
40,593
941,327
22,712
9,790,719
1998
6,764,355
1,144,562
1,110,553
1,228,269
281,382
1,164,145
114,969
11,808,235
1999
$8,101,191
1,951,981
1,466,788
1,965,219
740,985
1,569,796
74,529
$15,870,489
(1)
Previously included in Licenses and Permit
(2)
1995 was the first year Litigation Settlement Proceeds was identified as
a revenue source
Source:
City of La Quinta
Audited Financial Statement
97
CITY OF LA QUINTA
Property Tax Levies and Collections
Last Nine Fiscal Years
Percent of
Fiscal Year
Total
Current
Percent
Delinquent
Total
Ending
Tax
Tax
of Levy
Tax
Collections
June 30
Levy
Collection
Collected
Collections
to Tax Levy
1991
$280,339
256,297
91.4%
21,921
99.2%
1992
282,201
260,365
92.3%
25,703
101.4%
1993
282,630
244,731
86.6%
14,824
91.8%
1994
288,407
275,752
95.6%
900
95.9%
1995
549,273
487,043
88.7%
786
88.8%
1996
670,398
643,309
96.0%
2,312
96.3%
1997
824,073
760,350
92.3%
0
92.3%
1998
886,175
980,838
110.7%
0
110.7%
1999
$991,001.00
1,148,040
115.8%
0
115.8%
Note: 1. Proposition 13 limits cities to levying a tax rate for bonded indebtedness only after 1978.
2. Levies and collections are for General Fund only excluding supplemental property taxes.
3. Detail prior to fiscal year 1991 not available.
Source: City of La Quinta and County of Riverside
CITY OF LA QUINTA TABLE _ 4
Schedule of Net Taxable Value
Last Nine Fiscal Years
Fiscal Year
Assessed
Less
Less
Net
Ending
Secured
Unsecured
Property
Property
Homeowner's
Taxable
June 30
Property
Property
Value
Exemptions
Exemptions_
_-____Value _..
_ 1991
$1,278,307,230
7,156,844
1,285,464,074
3,474,595
(1)
1,281,989,479
1992
1,594,767,374
6,396,816-
1,601,164,190
3,605,829
(1)
1,597,558,361
1993
1,773,323,102
6,943,559
1,780,266,661
3,814,434
(1)
1,776,452,227
-- 1994
1,872,768,156
8,119,527
1,880,887,683
3,946,378
18,901,202
1,858,040,103
1995
1,927,834,908
22,822,285
1,950,657,193
4,357,954
20,518,406
1,925,780,839
1996
2,043,276,054
23,801,872
2,067,077,926
6,936,774
22,399,068
2,037,742,084
1997
2,164,204,951
22,511,720
2,186,716,671
6,919,376
22,407,418
2,157,389,877
1998
2,305,593,987
18,844,880
2,324,438,867
9,676,787
24,877,018
2,289,885,062
1999
$2,674,887,437
18,756,736
2,693,644,173
10,998,340
27,581,722
$2,655,064,111
Note: Detail prior to fiscal year 1991 not available
(1) Homeowner's exemption not available
Source: County of Riverside
CITY OF LA QUWrA
Property Tax Rates - Direct and Overlapping Governments
Last Five Fiscal Years (per $100 of Assessed Value)
1998/99
1997/98
1996/97
1995/96
1994/95
General
1.00000
1.00000
1.00000
1.00000
1.0000
Desert Sands Unified
0.09750
0.09750
0.09750
0.09750
0.09750
College of the Desert
0.00000
0.00000
0.00000
0.00000
0.00000
Coachella Valley Water District
0.02080
0.02080
0.02080
0.02080
0.02080
Total Tax Rate
1.11830
1.11830
1.11830
1.11830
1.11830
Source: County of Riverside
TABLE 5
100
CITY OF LA QUINTA
Special Assessment Billings and Collections
Last Nine Fiscal Years
— Year
Special
Special
Ratio of
Ended
Assessment
Assessment
Collections
June 30
Billings
Collections (1)
to Billings
1991
$355,924
335,177
94.1
1992
5571574
552,249
99.0
1993
559,029
548,291
98.0
— 1994
766,011
734,560
95.9
1995
836,502
737,700
88.2
1996
729,647
699,351
95.9
1997
791,012
757,256
95.7
1998
791,012
761,109
96.2
— 1,999
$790,532
770,164
97.4
(1)
Includes Prepayments and Foreclosures
Source:
Muni Financial Services
TABLE 6
101
CITY OF LA QUINTA
Schedule of Direct and Overlapping Bonded Debt
June 30, 1999
Direct and Overlapping Bonded Debt
Percent
Applicable (1)
June 30, 1999
Bonded Debt
Riverside County General Fund Obligations
1.006
$5,637,306
Riverside County Board of Education Certificates of Participation
1.006
181,755
Desert Community College District Certificates of Participation
3.859
67,648
Desert Sands Unified School District Certificates of Participation
8.991
2,383,149
Desert Sands Unified School District Lease Tax Obligation
8.991
6,722,971
Coachella Valley County Water District, I.D. #71 Storm Water
Unit Certificates of Participation
6.308
926,645
Coachella Valley County Water District, I.D. #55
69.080
8,130,716
Coachella Valley County Water District, I.D. #58
1.832
152,606
Coachella Valey Unified School District
43676.000
928,152
City of La Quinta Certificates of Participation
100.000
8,260,000 (1)
City of La Quints 1915 Act Bonds
100.000
2,975,000
Total Direct and Overlapping Bonded Debt
$36,365,948 (2)
(1) Based on 1998-99 ratios.
(3) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and
tax allocation bonds and nonbonded
capital lease obligations.
Source: California Municipal Statistics, Inc.
102
CITY OF LA QUINTA
Computation of Legal Debt Margin
June 30, 1999
Assessed Valuation
Debt Limit - 15 % of Assessed Valuation
Amount of Debt Applicable to Debt Limit
Legal Debt Margin
52.693.644.173
404,046,626
-0-
$404,046,626
Notes: Section 43605 of the Government Code of the State of California limits the amount of indebtedness
for public improvements to 15% of the assessed valuation of all real and personal property of the
City.
The City of La Quinta has no general bonded indebtedness.
Source: City of La Quinta
TABLE 8
103
CITY OF LA QUINTA
Revenue Bond Coverage
Local Agency Revenue Bonds (City Hall Project)
Last Eight Fiscal Years
TABLE 9
Fiscal Year
Debt Service Requirements
Ending
Revenue Available
June 30
for Debt Service
Principal
Interest
Total
Coverage
1992
$182,784
0
182,784
182,784
1.00
1993
548,352
0
548,352
548,352
1.00
1994
548,352
0
548,352
548,352
1.00
1995
699,477
155,000
544,477
699,477
1.00
1996
696,402
160,000
536,402
696,402
1.00
1997
607,950
170,000
437,950
607,950
1.00
1998
734,623
285,000
449,623
734,623
1.00
1999
684,573
245,000
439,573
684,573
1.00
Note: Revenue available consists of lease payments made by the City of La Quinta to the La Quinta Financing
Authority.
Source: City of La Quints
104
CITY OF LA QUINTA TABLE 10
Demographic Statistics
Last Ten Fiscal Years
Total
City
Fiscal Year
Population
Riverside
Population
Ending
Square
Percent
County
Percent
_ June 30
Miles (1)
Population (2)
Change
Population (2)
Of County
1990
23.3
10,587
3.1 %
1,144,400
0.9%
— 1991
23.8
13,070
23.5%
1,225,800
1.1 %
1992
28.0
14,727
12.7%
1,281,000
1.1%
1993
28.2
15,589
5.9%
1,323,500
1.2%
1994
28.2
16,680
7.0%
1,357,400
1.2%
1995
31.2
17,591
5.5%
1,393,500
1.3%
— 1996
31.2
18,050
2.6%
1,381,879
1.3%
1997
31.2
18,931
4.9%
1,379,956
1.4%
1998
31.2
20,444
8.0%
1,441,237
1.4%
1999
31.2
21,763
6.5%
1,473,307
2.2%
Source:
(1) City of La Quints
—
(2) State of California Department of Finance
105
CITY OF LA QUINTA
Property Value and Construction Activity
Last Nine Fiscal Years
TABLE 11
Fiscal Year
Commercial
Residential
Ending
Property
Construction
Construction
June 30
Value (1)
Units Value
Units
Value
1991
$1,278,307,230
3
7,299,000
304
38,320,527
1992
1,594,767,374
12
7,334,871
320
35,744,443
1993
1,773,323,102
7
2,441,392
324
39,145,539
1994,
1,872,768,156
13
6,081,796
531
79,318,969
1995
1,927,834,908
4
1,100,119
238
29,163,494
1996
2,043,276,054
8
1,018,940
336
53,973,239
1997
2,164,204,951
11
1,876,747
322
36,971,047
1998
2,305,593,987
14
2,689,642
461
70,403,691
1999
$2,674,887,437
19
8,894,767
770
132,521,054
NOTE: Detail prior to fiscal year 1991 not available
(1) From Schedule of Net Taxable Value
Source: City of La Quints
106
CITY OF LA QUINTA
Principal Taxpayers
June 10,1990
Taxpayer
KSL Desert Resorts Inc.
Michael T. and Lynn C. Goodlett
TD Desert Development
KSL Land Corporation
La Quinta Golf Properties Corporation
Wal Mart Stores Inc.
KSL Hotel Land
GMS Realty
Capital Pacific Holdings
Eagle Hardware and Garden Inc.
Tvne of Activitv
Recreational, Residential Land
Vacant Land
Vacant Land, Residential
Vacant Land, Residential
Recreational, Commercial Land
Commercial
Vacant Miscellaneous
Commercial
Vacant Residential
Retailer
Source: HdL Coren & Cone, Riverside County Assessor 1998/99 Combined Tax Rolls
TABLE 12
107
Source:
Employer
La Quints Hotel and Golf Resort
Desert Sands Unified School District
Wal-Mart
Home Depot
Rancho La Quinta
Stater Brothers
Eagle Hardware
Vons
City of La Quints
Ralphs
City of La Quinta
CITY OF LA QUINTA
Major Employers
June 30, 1999
Employees
1,500
525
280
185
150
150
125
75
72
65
Activity
Hotel and Golf Resorts
School District
Retailer
Retailer
Golf and Tennis Resort
Groceries
Retailer
Groceries
Municipal Government
Groceries
108
CITY OF LA QUINTA
TABLE 14
Schedule of Insurance in Force
June 30, 1999
_ Company Name
Policy Number
Coverage
Limits
Term
Premium
Hartford
PEBAO7068
Employee Dishonesty,
$1,000,000
12/03/98 - 99
$2,500
Forgery, Computer Fraud
Reliance Insurance
NZB1500917
All Risk Property Insurance
25,621,400
07/01/99-00
15,902
Company
Including Auto Physical Damage
(Excluding Quake & Flood)
Reliance Insurance
IMF 026349
Earthquake & Flood
5,000,000
02/07/99-00
20,200
Company
Real & Personal Property
-
Including Contigent Tax Interruption
California
Certificate #5
Comprehensive General
$0 Deductible Retention
12/03/98 - 99
60,300
Joint Powers
Liability
$50 Million
Insurace Authority
California
Certificate
Worker's Compensation
5,000,000
12/03/98 - 99
37,637
Joint Powers
45009-056
Insurance Authority
American National
EMP9880468
Earthquake & Flood
2,500,000
02/07/99-00
5,000
Real & Personal Property
Including Contigent Tax Interruption
Chubbs Custom
Special Events
$1,000,000
N/A
Insurance
Source: City of La Quinta
109
CITY OF LA QUINTA TABLE 15
Miscellaneous Statistical Data
June 30, 1999
Date of Incorporation .......................................
May 2, 1982
Type of City .......................................
Charter City
Form of Government .....................................
Council / Manager
City Employees .......................................
72
.
City Land Area (square miles) ....................................
31.2
Population.......................................
21,763
Number of Parks
.......................................
Total Acreage
5
.......................................
26
Miles of Streets ........................................
170.0
Miles of Bike Paths .........................................
3.0
Number of Major Intersections ..................................
45
Number of Traffic Signals and Safety Lighting ................... :...
32
Number of Traffic Signs ........................................
2,605
Number of Street Lights
.......................................
7
Public Schools .......................................
4
Private Schools .......................................
1
Churches.......................................
3
Banks / Savings and Loan ......................................
2
Number of Single Family Units - Detached ..........................
10,295
Number of Single Family Units - Attached ..........................
2,260
Number of Multiple Family Units ........................ 0 .......
697
Number of Mobile Homes .......................................
247
Source: . City of La Quinta
110
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item B
Meeting Date: January 12, 2000
TITLE:
Month End Cash Report and Selected
Interest Rates - December 1999
BACKGROUND:
This cash report is not a complete Treasury Report (exclude petty cash, deferred
compensation and fiscal agent balances) but would report in a timely fashion
selected cash balances.
The Interest Rates are submitted for information only.
RECOMMENDATION:
Information item only.
ohn M. Falconer, Finance Director
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Federal Reserve Statistical Release H.15 - Daily Update
http://www.federalreserve.gov/Releases/H 15/update/
M
*elected Interest Rates
Release Date: January 4, 2000
H.15: Release I Release dates I About I ASCII I Historical data I Daily update
H.15 Daily Update
The weekly release is posted on Monday. Daily updates of the weekly release are posted
Tuesday through Friday on this site.
H.15 DAILY UPDATE: WEB RELEASE ONLY For immediate release
SELECTED INTEREST RATES January 4, 2000
Yields in percent per annum
Mon
Jan 3
Instruments
SELECTED INTEREST RATES
Federal funds (effective) 1 2 3
5.43
Commercial paper 3 4 5 6
Nonfinancial
1-month
5.51
2-month
5.53
3-month
5.60
Financial
1-month
5.59
2-month
5.66
3-month
5.77
Bankers acceptances (top rated) 3 4 7
3-month
5.85
6-month
5.96
CDs (secondary market)
1-month
5.70
3-month
5.89
6-month
6.05
Eurodollar deposits (London) 3 9
1-month
5.69
3-month
5.94
6-month
6.06
Bank prime loan 2 3 10
8.50
Discount window borrowing 2 11
5.00
U.S. Government securities
Treasury bills
Auction high 3 4 12
3-month
5.36
6-month
5.59
1-year
Secondary market 3 4
3-month
5.27
061r.)
1 of 3 01/05/2000 8:50 AM
Federal Reserve Statistical Release H.15 - Daily Update
http://www.federalreserve.gov/Releases/H 15/update/
6-month
5.55
1-year
5.72
Treasury constant maturities
3-month
5.48
6-month
5.81
1-year
6.09
2-year
6.38
3-year
6.42
5-year
6.50
7-year
6.65
10-year
6.58
20-year
6.94
30-year
6.61
Composite
Over 10 years (long-term) 14
6.87
Corporate bonds
Moody's seasoned
Aaa
7.75
Baa
8.27
State & local bonds 15
Conventional mortgages 16
FOOTNOTES
1. The daily effective federal funds rate is a weighted average of rates
on trades through N.Y. brokers.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of
the current week; monthly figures include each calendar day in the
month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper
trades settled by The Depository Trust Company. The trades represent
sales of commercial paper by dealers or direct issuers to investors
(that is, the offer side). See Board's Commercial Paper Web pages
(http://www.federalreserve.gov/releases/cp) for more information.
6. The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and
90-day dates reported on the Board's Commercial Paper Web page.
7. Representative closing yields for acceptances of the highest rated
money center banks. Source: Telerate, Inc.
8. An average of dealer offering rates on nationally traded certificates
of deposit.
9. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
10. Rate posted by a majority of top 25 (by assets in domestic offices)
insured U.S.-chartered commercial banks. Prime is one of several base
rates used by banks to price short-term business loans.
11. Rate for the Federal Reserve Bank of New York.
12. Auction date for daily data; weekly and monthly averages computed
on an issue -date basis. Data are stop yields from uniform -price
auctions, rounded to two decimal places. (The U.S. Treasury
publishes stop yields to three decimal places at
http://www.publicdebt.treas.gov).
13. Yields on actively traded issues adjusted to constant maturities.
Source: U.S. Treasury.
14. Unweighted average of rates on all outstanding bonds neither due nor
callable in less than 10 years.
15. Bond Buyer Index, general obligation, 20 years to maturity, mixed
quality; Thursday quotations.
16. Contract interest rates on commitments for fixed-rate first mortgages.
Source: FHLMC.
0 G 4
2 of 3 01/05/2000 8:50 AM
Federal Reserve Statistical Release H.15 - Daily Update http://www.federalreserve.gov/Releases/H15/update/
DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Yields on Treasury securities at "constant maturity" are interpolated
by the U.S. Treasury from the daily yield curve. This curve, which
relates the yield on a security to its time to maturity, is based on
the closing market bid yields on actively traded Treasury securities in
the over-the-counter market. These market yields are calculated from
composites of quotations obtained by the Federal Reserve Bank of New
York. The constant maturity yield values are read from the yield curve
at fixed maturities, currently 3 and 6 months and 1, 2, 3, 5, 7, 10, 20,
and 30 years. This method provides a yield for a 10-year maturity, for
example, even if no outstanding security has exactly 10 years remaining
to maturity. In estimating the 20-year constant maturity, the Treasury
incorporates the prevailing market yield on an outstanding Treasury bond
with approximately 20 years remaining to maturity.
H.15: Release I Release dates I About I ASCII I Historical data I Daily update
Home I Statistical releases
To comment on this site, please fill out our feedback form.
Last update: January 4, 2000
3 of 3 01/05/2000 8:50 AM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Federal Reserve Release
0 a 1. . A I ft ifif -.-I 1=� -
Release About Outstanding Historical discount rates I Historical outstandings
Data as of January 4, 2000 volume
Commercial Paper Rates and Outstandings statistics
Derived from data supplied by The Depository Trust Company 1999: 4
Posted January 5, 2000 -- ----
Discount rates
Yield curve
Money market basis
Percent
1 7 15 30 ISO 90
Days io Mduffy
Fin ne io l — — — Nonf ina ncia l • •• • • A2/P2
Discount rate spread
Thirty -day A2/P2 less AA nonfinancial commercial paper (daily)
Basis points
6.1
6.0
5.9
5.8
5.7
5.6
5.5
5.4
5.3
110
100
90
80
70
60
50
40
30
2.0
10
01 MAAY98 09AUG98 17 NOV98 25 FE999 05J U N99 1 M EP99 22D EC99 31 M11AR00
42 "" . - p earl — — — A2%P2 spread. 5—day moving awe rage
E} v 0
1 of 3 01/05/2000 8:50 AM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Discount rate history
Thirty -day commercial paper (daily)
01 MIIAY98 09AUG98 17 NOV98 28FE999 051 U N99 13S EP99
— Fnaneiai — — — Nonfinaneial ••••• A3/P3
Outstandings
Weekly (Wednesday), seasonally adjusted
Billions of dollars
12001
1100
1000
+Xi
800
01 MIfAY98 09AUG98 17N CYV9B 25 FE999 05J U N99 13SE P99
— Fina neia I — — — Nonfinancial
Percent
k 8
7
a
5
4
22❑ EC99 31 MAR00
Billions of dollars
290
280
270
280
25D
240
230
220
210
22❑ EC99 31 MIIAR00
Commercial paper outstanding
Commercial paper outstanding, miscellaneous categories
Release I About I Outstanding I Historical discount rates I Historical outstandings
Home I Statistical releases
0 � '7
2 of 3 01/05/2000 8:50 AM
FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.gov/Releases/CP/
To comment on this site, please fill out our feedback form.
Last update: January 5, 2000
3 of 3 01/05/2000 8:51. AM
LAIF Performance Report, Philip Angelides http://www.treasurer.ca.gov/Stolperfhtm
Philip l sState Treasurer
Inside the She Treasurer's Office
Local Agency Investment Fund
LAIF Performance
Reporting Date:
12/29/99
Effective Date:
12/29/99
Quarter Yield:
5.498%
Daily:
5.749%
Year:
5.355%
Life:
197 Days
Quarter Ending 09/30/99:
Apportionment Rate:
5.21 %
Earnings Ratio
.00014244868910525
Fair Value Factor
.998606521
Monthly Average For
5.484%
November
Obi
1 of 2 01/05/2000 9:10 AM
LAIF Performance Report, Philip Angelides http://www.treasurer.ca.gov/Stolperf.htfn
orpo
Boni
7.49'
Commercial
Paper
20.93%
Pooled M on ey Investment Account
Portfolio Composition
$30.8 Billion
11/30/99
Reverses
Loans -2.73% Treasuries
7 1001 14.53%
CD's/BN's
21.49%
WSJ"* I",- I I=
me Deposits
8.62%
Mortgages
0.05%
gencies
)-.44 %
■Treasuries
❑Time Deposits
■Mortgages
®Agencies
■ CD's}BN's
■ Commercial Paper
■ Corporate Bonds
E]Loans
■ Reverses
010
2 of 2 01/05/2000 9:10 AM
INVESTMENT ADVISORY BOARD
Meeting Date: January 12, 2000
TITLE:
Pooled Money Investment Board Report
for October 1999
BACKGROUND:
Correspondence & Written
Material Item C
The Pooled Money Investment Board Report for October 1999 is included in the
agenda packet.
At the December IAB meeting, staff was directed to contact LAIF and inquire
about the percentage changes in collateralized certificates of direct and reverse
repurchase agreements.
Staff contacted Pat Beal, LAIF Administrator who stated that the Treasurer has
pursued the investment of collateralized certificates of deposit to a greater degree
then in the past in order to spread money to local banks.
Attached is the LAIF policy on collateralized time deposits from the LAIF Answer
book. Also attached is a fax from Ms. Beal with an analysis of a sample financial
institution (Coast Commercial Bank of Santa Cruz) and the government code
requiring bank deposits.
Reverse repurchase agreements are made by LAIF based upon market conditions
and involve 1 year T-Bills. The proceeds from the loaning of these securities are
matched to Certificates of Deposit which pay a higher yield for the same time
period.
Staff also inquired about the status of the investment staff at LAIF and was told
that no changes in the core investment group have been made.
Receive &
Falconer, Finaoce Director
DEC 2 71999
Philip Angell*
des By
October 1999
063
STATE OF CALIFORNIA
STATE TREASURER'S OFFICE
POOLED MONEY INVESTMENT BOARD REPORT
OCTOBER 1999
TABLE OF CONTENTS
SUMMARY........................................................................... l
SELECTED INVESTMENT DATA.............................................2
PORTFOLIO COMPOSITION...................................................3
INVESTMENT TRANSACTIONS...............................................4
TIMEDEPOSITS..................................................................14
DEMAND BANK DEPOSITS...................................................22
POOLED MONEY INVESTMENT BOARD DESIGNATION .......... 23
064
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF OCTOBER 1999 WITH OCTOBER 1998
(DOLLARS IN THOUSANDS)
Average Daily Portfolio
Accrued Earnings
Effective Yield
� Average Life -Month End (In Days)
Total Security Transactions
Amount
Number
Total Time Deposit Transactions
Amount
Number
Average Workday Investment Activity
Prescribed Demand Account Balances
For Services
For Uncollected Funds
$ 3199399867 $ 311,218,919 $ +7209948
$ 145,832 $ 1479354 $ (1422)
5.391 5.557 -0.166
194 184 +10 1
$ 14,156,318 $ 19,270,925 $ (591149607) I
314 431 -117
$ 678,600 $ 1,147,790 $ (469,190)
64 76 -12
$ 7419746 $ 972,320 $ (230,574)
$ 211,828 $ 177,619 $ +34,209
$ 132,800 $ 130,565 $ + 2,235
PHILIP ANGELIDES
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
TYPE OF SECURITY
Government
Bills
Bonds
Notes
Strips
Total Government
Federal Agency Discount Notes
Ceritficates of Deposit
Bank Notes
Bankers' Acceptances
Repurchases
Federal Agency Discount Notes
Time Deposits
GNMAs
Commercial Paper
FHLMC
Coporate Bonds
Pooled Loans
GF Loans
Reversed Repurchases
Total (Ail Types)
Pooled Money
Other
Time Deposits
Totals
PMIA Monthly Average Effective Yield
Year to Date Yield Last Day of Month
OCTOBER 31,1999
PERCENTAGE
CHANGE FROM
AMOUNT PERCENT PRIOR MONTH
$ 2,017,602
6.44
-0.34
0
0.00
0
29747,815
8.76
+0.13
0
0.00
0
$ 497659417
15.20
-0.21
$ 3,262,514
10.41
+1.0
5,179,103
16.52
-2.17
1,8921,982
6.04
+0.4
•
0.00
0
-
0.00
0
39538,064
11.29
+0.37
2,575,490
8.21
+1.09
19545
0.00
0
693569740
20.28
-3.89
15,190
0.05
+0.01
292989060
7.33
+0.74
1,8751,882
5.98
-0.61
7279700
2.32
+2.32
(1,137,631)
-3.63
-1.07
$ 3193519056
100.00
OCTOBER 1999
NUMBER AMOUNT
314 $ 14,156,318
59 1579230
64 678,600
437 $149992,148
5.391
5.265
SEPTEMBER 1999
NUMBER AMOUNT
385 $1794601,262
20 11,409
79 875,640
484 $1893479311
5.274
5.224
2 _ _�
Col
E
7
Commercial
Paper
20.28%
Pooled Money Investment Account
Portfolio Composition
$31.4 Billion
Reverses
Loans -3.63% Treasuries
,q 'An%,
CD's/BN's
22.56%
3
ie Deposits
8.21 %
Mortgages
0.05%
ncies
70%
10/31 /9 9
8 Treasuries
B Time Deposits
■ Mortgages
® Agencies
O CD's/BN's
0 Bankers Acceptances
■ Repo
El Commercial Paper
0 Corporate Bonds
* Loans
® Reverses
POOMONEY INVESTMEikT"ACC�OUNT M
r ,
at..
of MATURITY TRANW .-AMOUNT ER ECTNE
pgiE ___ ...M ... __.� . _ _._.___w �_. _. _ _. _ �b ._ . _ . _. ___ ......._
QF9QJRM ,IL4�t r_ . -0 iAB�iFEi
10/01/99 REDEMPTIONS
BN
FNB Chic
5.170%
10/01/99
5.170
$15,000
78
$168,025.00
5.241
BN
FNB Chic
5.170%
10/01/99
5.170
50,000
78
560,083.33
5.241
BN
FNB Chic
5.170%
10/01/99
5.170
50,000
78
560,083.33
5.241
CD
Deutsche
5.250%
10/01/99
5.250
25,000
59
215,104.17
5.322
CD
Deutsche
5.250%
10/01/99
5.250
50,000
59
430,208.33
5.322
CP
GECC
10/01/99
5550
50,000
1
7,708.33
5.627
CP
GECC
10/01/99
5.550
50,000
1
7,708.33
5.627
CP
GECC
10/01/99
5.550
50,000
1
7,708.33
5.627
CP
GECC
10/01/99
5.550
50,000
1
7,708.33
5.627
CP
Heller
10/01/99
5.360
50,000
46
342,444.44
5.471
CP
GECC
10/01/99
5.090
50,000
78
551,416.67
5.218
CP
GECC
10/01/99
5.090
50,000
78
551,416.67
5.218
CP
Heller
10/01/99
5.240
50,000
87
633,166.67
5.380
CP
FMCC
10/01/99
5.160
50,000
94
673,666.67
5.303
CP
FMCC
10/01/99
5.160
50,000
94
673,666.67
5.303
CP
GMAC
10/01/99
5.180
50,000
94
676,277.78
5.323
CP
GMAC
10/01/99
5.180
50,000
94
676,277.78
5.323
CP
JP Morgan
10/01/99
5.190
50,000
94
677,583.34
5.334
CP
JP Morgan
10/01/99
5.190
50,000
94
677,583.34
5.334
CP
GMAC
10/01/99
5.160
50,000
95
680,833.33
5.303
CP
GMAC
10/01/99
5.160
50,000
95
680,833.33
5.303
Disc Notes
FHLMC
10/01/99
4.460
50,000
361
2,236,194.44
4.733
Disc Notes
FHLMC
10/01/99
4.460
50,000
361
2,236,194.44
4.733
PURCHASES
CP
Assoc
10/04/99
5.370
50,000
CP
Assoc
10/04/99
5.370
50,000
CP
Assoc
10/04/99
5.370
50,000
CP
Assoc
10/04/99
5.370
50,000
CP
GMAC
10/04/99
5.400
50,000
CP
GMAC
10/04/99
5.400
50,000
CP
Amer Exp
10/05/99
5.330
50,000
CP
Amer Exp
10/05/99
5.330
50,000
10/04/99 REDEMPTIONS
CP
Assoc
10/04/99
5.370
50,000
3
22,375.00
5.447
CP
Assoc
10/04/99
5.370
50,000
3
22,375.00
5.447
CP
Assoc
10/04/99
5.370
50,000
3
22,375.00
5.447
CP
Assoc
10/04/99
5.370
50,000
3
22,375.00
5.447
CP
GMAC
10/04/99
5.400
50,000
3
22,500.00
5.477
CP
GMAC
10/04/99
5.400
50,000
3
22,500.00
5.477
CP
Household
10/04/99
5.300
50,000
35
257,638.89
5.401
CP
Heller
10/04/99
5.360
50,000
49
364,777.78
5.474
CP
GMAC
10/04/99
5.200
50,000
62
447,777.78
5.319
CP
GMAC
10/04/99
5.200
50,000
62
447,777.78
5.319
CP
JC Penney
10/04/99
5.360
50,000
90
670,000.00
5.508
CP
FMCC
10/04/99
5.200
10,000
96
138,666.67
5.346
CP
FMCC
10/04/99
5.200
50,000
96
693,333.33
5.346
4
G3
POOLIED-MOI.tEYY1N1/ESTMENT ACCOUNT"`
«...... .� ..
.i1. MATURtt1f,DAYS' AMOUNT
E E.
�QATE: TYPE M
' � �Y�ELQ �HEi.O,�EARIM_
10/04/99 REDEMPTIONS (continued)
CP
FMCC
10/04/99
5.200
50,000
96
693,333.33
5.346
CP
FMCC
10/04/99
5.180
50,000
97
697,861.11
5.326
CP
FMCC
10/04/99
5.180
50,000
97
697,861.11
5.326
CP
JP Morgan
10/04/99
5.190
50,000
97
699,208.34
5.336
CP
JP Morgan
10/04/99
5.190
50,000
97
699,208.34
5.336
CP
FMCC
10/04/99
5.160
50,000
98
702,333.33
5.306
CP
FMCC
10/04/99
5.160
50,000
98
702,333.33
5.306
MTN
GMAC
6.050% 10/04/09
6.100
35,000
717
4,191,434.72
6.102
PURCHASES
CP
Amer Exp
10/05/99
5.300
15,000
CP
Amer Exp
10/05/99
5.300
50,000
CP
Household
10/05/99
5.300
50,000
CP
Household
10/05/99
5.300
50,000
CP
Merrill
10/05/99
5.300
50,000
CP
Merrill
10/05/99
5.300
50,000
CP
SRAC
02/08/00
5.950
50,000
10/05/99 REDEMPTIONS
CP
Amer Exp
10/05/99
5.300
15,000
1
2,208.33
5.374
CP
Amer Exp
10/05/99
5.300
50,000
1
7,361.11
5.374
CID.
Household
10/05/99
5.300
50,000
1
7,361.11
5.374
CP
Household
10/05/99
5.300
50,000
1
7,361.11
5.374
CP
Merrill
10/05/99
5.300
50,000
1
7,361.11
5.374
CP
Merrill
10/05/99
5.300
50,000
1
7,361.11
5.374
CP
Amer Exp
10/05/99
5.330
50,000
4
29,611.11
5.407
CP
Amer Exp
10/05/99
5.330
50,000
4
29,611.11
5.407
CP
Comnwealth
10/05/99
5.650
10,000
5
7,847.22
5.732
CP
Heller
10/05/99
5.400
50,000
7
52,500.00
5.533
CP
Merrill
10/05/99
5.300
30,000
12
53,000.00
5.383
CP
ConAgra
10/05/99
5.440
20,000
13
39,288.89
5.526
PURCHASES
CP
ConAgra
10/06/99
5.350
50,000
CP
Amer Exp
10/08/99
5.230
50,000
CP
Amer Exp
10/08/99
5.230
50,000
CP
Text Fin
10/12/99
5.350
45,000
CP
Heller
10/21 /99
5.420
50,000
CP
GECC
03/01/00
5.830
40,000
CP
GECC
03/06/00
5.830
50,000
CP
GECC
03/06/00
5.830
50,000
10/06/99 SALES
Treas Notes 5.625% 12/31 /99 5.075 50,000 615 4,672,697.47 5.533
Treas Notes 5.625% 12/31 /99 5.075 50,000 614 4,664,928.13 5.533
Treas Notes 5.375% 01 /31 /00 5.175 25,000 588 2,268,248.69 5.653
Ou9
5
POOLED MONEY- INVESTMENT ACCOUNT
Af TRANS PAR,
DAYS AMOUNT EFFECTIVE
MW DESCRIPTION DALE Y1ELQ -AW EM EAR= Y1ELQ
10/06/99 SALES (continued)
Treas
Notes
5.375% 01 /31 /00
5.175
25,000
588
2,268,248.70
5.653
Treas
Notes
5.375% 01 /31 /00
5.175
50,000
588
4,536,497.38
5.653
Treas
Notes
5.500% 03/31 /00
5.214
50,000
463
3,576,430.25
5.641
REDEMPTIONS
CP
ConAgra
10/06/99
5.350
50,000
1
7,430.56
5.425
CP
Rohm
10/06/99
5.450
7,952
14
16,853.82
5.537
NO PURCHASES
10/07/99 REDEMPTIONS
CP
FMCC
10/07/99
5.280
50,000
13
95,333.33
5.363
CP
FMCC
10/07/99
5.280
50,000
13
95,333.33
5.363
CP
FMCC
10/07/99
5.280
50,000
13
95,333.33
5.363
CP
FMCC
10/07/99
5.280
50,000
13
95,333.33
5.363
CP
FMCC
10/07/99
5.280
50,000
13
95,333.33
5.363
CP
FMCC
10/07/99
- 5.280
50,000
13
95,333.33
5.363
PURCHASES
CP
Armstrong
10/08/99
5.370
18,500
CP
GECC
10/08/99
5.260
50,000
CP
GECC
10/08/99
5.260
50,000
CP
GECC
10/08/99
5.260
50,000
CP
GECC
10/08/99
5.260
50,000
CP
Rohm
10/08/99
5.300
50,000
CP
Rohm
10/08/99
5.300
50,000
MTN
Assoc
6.680% 06/05/00
6.030
7,000
MTN
Assoc
6.330% 06/09/00
6.027
18,500
10/08/99 REDEMPTIONS
CP
GECC
10/08/99
5.260
7,000
1
1,022.78
5.333
CP
Armstrong
10/08/99
5.370
18,500
1
2,759.58
5.444
CP
GECC
10/08/99
5.260
50,000
1
7,305.56
5.333
CP
GECC
10/08/99
5.260
50,000
1
7,305.56
5.333
CP
GECC
10/08/99
5.260
50,000
1
7,305.56
5.333
CP
Rohm
10/08/99
5.300
50,000
1
7,361.11
5.374
CP
Rohm
10/08/99
5.300
50,000
1
7,361.11
5.374
CP
Amer Exp
10/08/99
5.230
50,000
3
21,791.67
5.304
CP
Amer Exp
10/08/99
5.230
50,000
3
21,791.67
5.304
CP
ConAgra
10/08/99
5.600
14,200
9
19,880.00
5.685
CP
GMAC
10/08/99
5.200
50,000
66
476,666.67
5.322
CP
GMAC
10/08/99
5.180
50,000
98
705,055.56
5.327
CP
GMAC
10/08/99
5.180
50,000.
98
705,055.56
5.327
CP
Household
10/08/99
5.170
50,000
102
732,416.67
5.319
CP
FMCC
10/08/99
5.080
50,000
107
754,944.44
5.229
CP .
FMCC
10/08/99
5.080
50,000
107
754,944.44
5.229
6
010
POOLED MONEY INVESTMENT: ACCOUNT
t e
31/ MATURITY TRANS : PAR DAYS 'AMOUNT EFFECTIVE
DESCRPTION
. _w.... L
- YlE.1.Q ,
10/08/99 REDEMPTIONS (continued)
CP
GECC
10/08/99
5.000
50,000
126
875,000.00
5.159
CID
GECC
10/08/99
5.000
50,000
126
875,000.00
5.159
CID
GECC
10/08/99
5.000
50,000
126
875,000.00
5.159
CID
GECC
10/08/99
5.000
50,000
126
875,000.00
5.159
Disc Notes
FHLMC
10/08/99
4.680
15,000
171
333,450.00
4.852
PURCHASES
MTN Chase
10/12/99 REDEMPTIONS
CID Text Fin
CID Countrywide
Disc Notes FNMA
NO PURCHASES
10113/99 REDEMPTIONS
5.818% 12/10/01 6.335 17,500
10/12/99 5.350 45,000 7 46,812.50 5.429
10/12/99 5.410 33,000 13 64,469.17 5.495
10/12/99 4.560 50,000 277 1,754,333.33 4.791
CID
GMAC
10/13/99
5.310
50,000
44
324,500.00
5.418
CID
Salomon
10/13/99
5.220
10,000
68
98,600.00
5.345
CID
GECC
10/13/99
5.190
50,000
71
511,791.67
5.316
CID
GECC
10/13/99
5.190
50,000
71
511,791.67
5.316
CID
GECC
10/13/99
5.190
50,000
71
511,791.67
5.316
CID
GMAC
10/13/99
5.180
20,000
103
296,411.11
5.330
CID
GMAC
10/13/99
5.180
50,000
103
741,027.78
5.330
CID
Household
10/13/99
5.170
50,000
107
768,319.44
5.323
CID
GECC
10/13/99
5.000
50,000
131
909,722.22
5.163
CID
GECC
10/13/99
5.000
50,000
131
909,722.22
5.163
PURCHASES
CID
GECC
10/14/99
5.200
50,000
CID
GECC
10/14/99
5.200
50,000
CID
GECC
10/14/99
5.200
50,000
10/14/99 REDEMPTIONS
CD
Bayer Lnds
5.170%
10/14/99
5.165
CD
Bayer Lnds
5.170%
10/14/99
5.165
CD
Deutsche
5.190%
10/14/99
5.190
CD
Deutsche
5.190%
10/14/99
5.190
CD
CIBC
5.190%
10/14/99
5.190
CD
CIBC
5.190%
10/14/99
5.190
CID
GECC
10/14/99
5.200
CID
GECC
10/14/99
5.200
CID
GECC
10/14/99
5.200
CID
GMAC
10/14/99
5.170
CID
GMAC
10/14/99
5.170
50,000
80
573,339.64
5.231
50,000
80
573,339.64
5.231
50,000
86
619,916.67
5.262
50,000
86
619,916.67
5.262
50,000
90
648,750.00
5.262
50,000
90
648,750.00
5.262
50,000
1
7,222.22
5.272
50,000
1
7,222.22
5.272
50,000
1
7,222.22
5.272
50,000
83
590,222.22
5.253
50,000
83
590,222.22
5.253
Oil
7
POOLED MONEY:-1N1/ESTMENT AOCO.ItNT.,,
..
al MATURITY TRANS _ PAR:, DAYS A#ROUNT EFFECTIVE
-IM: ;EARNM YIELQ
z QESCRIF ._...___:: _. _..._._ _ _ .. .._.... _ _.. _ .
10/14/99 REDEMPTIONS (continued)
CP
JP Morgan
10/14/99
5.100
50,000
84
595,000.00
5.233
CP
JP Morgan
10/14/99
5.100
50,000
84
595,000.00
5.233
Treas
Bills
10/14/99
4.440
50,000
339
2,090,500.00
4.698
Treas
Bills
10/14/99
4.440
50,000
339
2,090,500.00
4.698
Treas
Bills
10/14/99
- 4.197
50,000
344
2,005,472.22
4.433
Treas
Bills
10/14/99
4.197
50,000
344
2,005,472.22
4.433
Treas
Bills
10/14/99
4.200
50,000
344
2,006,666.50
4.436
Treas
Bills
10/14/99
4.200
50,000
344
2,006,666.50
4.436
Treas
Bills
10/14/99
4.135
50,000
345
1,981,354.17
4.365
Treas
Bills
10/14/99
4.135
50,000
345
1,981,354.17
4.365
Treas
Bills
10/14/99
4.140
50,000
345
1,983,750.00
4.370
Treas
Bills
10/14/99
4.140
50,000
345
1,983,750.00
4.370
RRP
Treas
Bills
10/14/99
4.555
50,000
80
(501,038.36)
-4.618
Treas
Bills
10/14/99
4.555
50,000
80
(501,038.36)
-4.618
Treas
Bills
10/14/99
4.500
50,000
83
(512,265.62)
-4.562
Treas
Bills
10/14/99
4.500
50,000
83
(512,265.62)
-4.562
Treas
Bills
10/14/99
4.527
50,000
84
(522,629.07)
-4.589
Treas
Bills
10/14/99
4.527
50,000
84
(522,629.07)
-4.589
Treas
Bills
10/14/99
4.590
50,000
86
(542,306.97)
-4.653
Treas
Bills
10/14/99
4.590
50,000
86
(542,306.97)
-4.653
Treas
Bills
10/14/99
4.640
50,000
90
(573,350.30)
-4.704
Treas
Bills
10/14/99
4.640
50,000
90
(573,350.30)
-4.704
PURCHASES
BN
B/A
6.030% 02/29/00
6.030
50,000
CP
Rohm
10/15/99
5.300
28,030
CP
GECC
03/01/00
5.880
50,000
CP
W/F
03/08/00
5.870
25,000
CP
W/F
03/08/00
5.870
50,000
10115/99 REDEMPTIONS
CP
Rohm
10/15/99
5.300
28,030
1
4,126.64
5.374
CP
JP Morgan
10/15/99
4.790
50,000
178
1,184,194.45
4.974
CP
JP Morgan
10/15/99
4.790
50,000
178
1,184,194.45
4.974
Disc Notes
FNMA
10/15/99
4.680
25,000
178
578,500.00
4.857
Disc Notes
FNMA
10/15/99
4.680
25,000
178
578,500.00
4.857
Disc Notes
FNMA
10/15/99
4.190
50,000
359
2,089,180.56
4.433
PURCHASES
CD
Deutsche
6.050% 01 /10/00
6.050
15,000
CD
Deutsche
6.050% 01 /10/00
6.050
50,000
CP
GECC
02/08/00
5.970
50,000
01w
POOLED MONEY INVESTMENT ACCOUNT
Sv
..
�! Af
MATURrTY
TRANS
PAR
DAYS
AMOUNT
EFFECTNE`
DAM
IM,
QA�E
YIFI.Q
-I!>
EAQNFn
YIELQ
10118/99
REDEMPTIONS
CP Text Fin
10/18/99
5.400
15,450
19
44,032.50
5.490
CP GECC
10/18/99
5.310
50,000
19
140,125.00
5.398
CP GECC
10/18/99
5.310
50,000
19
140,125.00
5.398
CP Heller
10/18/99
5.400
50,000
19
142,500.00
5.490
PURCHASES
CD Dresdner 6.060%
02/16/00
6.055
30,000
CP GECC
01/27/00
6.000
20,000
CP GECC
03/06/00
5.900
50,000
CP GECC
03/06/00
5.900
50,000
•
CP W/F
03/10/00
5.900
50,000
10/19/99
NO SALES
PURCHASES
CP Morg Stan
02/16/00
5.960
30,000
CP Morg Stan
02/16/00
5.960
50,000
CP GECC
03/01/00
5.920
50,000
CP GECC
03/01/00
5.920
50,000
CP GECC
03/02/00
5.920
50,000
CP GECC
03/02/00
5.290
50,000
CP GECC
03/06/00
5.920
50,000
CP GECC
03/06/00
5.920
50,000
16/20/99
REDEMPTIONS
CP Hertz
10/20/99
5.200
50,000
78
563,333.33
5.332
PURCHASES
CP Heller
02/29/00
6.080
50,000
CP Heller
03/01/00
6.080
50,000
10/21/99
REDEMPTIONS
CD Soc Gen 5.315%
10/21/99
5.315
50,000
57
420,770.83
5.388
CD Soc Gen 5.315%
10/21/99
5.315
50,000
57
420,770.83
5.388
CP Heller
10/21/99
5.420
50,000
16
120,444.44
5.508
CP GECC
10/21/99
5.310
50,000
22
162,250.00
5.401
CP GECC
10/21/99
5.310
50,000
22
162,250.00
5.401
PURCHASES
CP Morg Stan
01 /10/00
6.100
5,000
CP Morg Stan
01/10/00
6.100
50,000
Treas Bills
10/12/00
5.142
50,000
Treas Bills
10/12/00
5.142
50,000
flis
9
POOLED.: MONEY. INVESTMENT ACCOUNT
-
- sY
a�.;
MATURITY
.,TRANS
PAR DAYS
A�AOlINT EFFECTIVE:
DATE
Y1ELQ
S IiELQ=
-EARNED YwLQ
10/21/99 PURCHASES r/
Disc Notes FNMA
01/26/00
5.125
4,380
Disc Notes FNMA
03/10/00
5.125
50,000
Disc (dotes FNMA
03/10/00
5.125
50,000
10/22/99 SALES C/
Disc Notes FNMA
01/26/00
5.125
4,380 1
601.62 5.196
Disc Notes FNMA
03/10/00
5.125
50,000 1
6,817.25 5.186
Disc Notes FNMA
03/10/00
5.125
50,000 1
6,817.25 5.186
PURCHASES
CP Rohm
10/25/99
5.230
49,744
CP Morg Stan
01 /12/00
6.100
50,000
CP Morg Stan
03/02/00
5.960
50,000
CP Morg Stan
03/02/00
5.960
50,000
CP GECC
03/29/00
5.910
50,000
CP GECC
03/29/00
5.910
50,000
CP GECC
03/29/00
-5.910
50,000
Treas Bills
10/12/00
5.175
50,000
10/25/99 REDEMPTIONS
CP Rohm
NO PURCHASES
10/26/99 REDEMPTIONS
CD B/A
NO PURCHASES
10/27/99 REDEMPTIONS
10/25/99 5.230 49,744
4.700% 10/26/99 4.700 50,000
3 21,680.09 5.304
365 2,382,638.89 4.765
BN
B/A
5.310%
10/27/99
5.310
50,000
63
464,625.00
BN
B/A
5.310%
10/27/99
5.310
50,000
63
464,625.00
CD
U/B Calif
5.030%
10/27/99
5.030
50,000
153
1,068,875.00
CD
U/B Calif
5.030%
10/27/99
5.030
50,000
153
1,068,875.00
CD
Mellon
4.900%
10/27/99
4.900
50,000
181
1,231,805.56
CD
Mellon
4.900%
10/27/99
4.900
50,000
181
1,231,805.56
CD
Mellon
4.900%
10/27/99
4.900
50,000
181
1,231,805.56
CD
Morg Guar
4.900%
10/27/99
4.900
50,000
188
1,279,444.44
CD
Morg Guar
4.900%
10/27/99
4.900
50,000
188
1,279,444.44
CD
Morg Guar
4.900%
10/27/99
4.900
50,000
188
1,279,444.44
CD
Morg Guar
4.900%
10/27/99
4.900
50,000
188
1,279,444.44
CD
Bkrs Trst
4,930%
10/27/99
4.920
50,000
189
1,291,566.10
CD
Bkrs Trst
4.930%
10/27/99
4.920
50,000
189
1,291,566.10
CD
Bkrs Trst
4.930%
10/27/99
4.920
45,000
190
1,168,560.11
CD
Bkrs Trst
4.930%
10/27/99
4.920
50,000
190
1,298,400.12
5.383
5.383
5.099
5.099
4.968
4.968
4.968
4.968
4.968
4.968
4.968
4.988
4.988
4.988
4.988
kV
Ole
c
POOLED MONEY: NYfSTMENT=ACCOt�NT ry
r TRANS' ; PAR ' tkA AMOUNT EFFECTNE
M a MATUFtM
TYPE DESGBIPiQjli Q�AIE
at
mo
YIE1 n
10/27/99 REDEMPTIONS (continued)
CD
Westpac Bk
4.925%
10/27/99
4.915
50,000
190
1,297,080.61
4.983
CD
U/B Calif
4.960%
10/27/99
4.960
35,000
191
921,044.44
5.028
CD
U/B Calif
4.960%
10/27/99
4.960
50,000
191
1,315,777.78
5.028
CD
Bkrs Trst
4.960%
10/27/99
4.950
50,000
191
1,313,192.89
5.018
CD
Bkrs Trst
4.960%
10/27/99
4.950
50,000
191
1,313,192.89
5.018.
CP
GECC
10/27/99
5.310
25,000
28
103,250.00
5.406
CP
GECC
10/27/99
5.310
50,000
28
206,500.00
5.406
CP
Household
10/27/99
5.310
50,000
28
206,500.00
5.406
CP
Household
10/27/99
5.310
50,000
28
206,500.00
5.406
CP
Comnwealth
10/27/99
5.500
26,000
44
174,777.78
5.614
CP
GMAC
10/27/99
5.310
50,000
71
523,625.00
5.440
CP
GMAC
10/27/99
5.310
50,000
71
523,625.00
5.440
CP
GECC
10/27/99
5.160
40,000
110
630,666.67
5.315
CP
GECC
10/27/99
5.160
50,000
110
788,333.33
5.315
CP
GECC
10/27/99
5.160
50,000
110
788,333.33
5.315
CP
GECC
10/27/99
5.160
50,000
110
788,333.33
5.315
CP
FMCC
10/27/99
5.150
50,000
110
786,805.56
5.305
CP
FMCC
10/27/99
5.150
50,000
110
786,805.56
5.305
CP .
FMCC
10/27/99
5.150
50,000
110
786,805.56
5.305
CP
FMCC
10/27/99
5.150
50,000
110
786,805.56
5.305
CID
B/A
10/27/99
5.170
50,000
117
840,125.00
5.331
CP
B/A
10/27/99
5.170
50,000
117
840,125.00
5.331
CP
GMAC
10/27/99
5.240
50,000
120
873,333.33
5.407
CP
GMAC
10/27/99
5.240
50,000
120
873,333.33
5.407
CP
GMAC
10/27/99
5.140
50,000
126
899,500.00
5.306
CP
Bear
10/27/99
5.070
50,000
132
929,500.00
5.237
CP
Bear
10/27/99
5.070
50,000
132
929,500.00
5.237
PURCHASES
CP
Heller
02/08/00
6.150
30,000
CP
GECC
03/27/00
5.910
50,000
CP
GECC
03/27/00
5.910
50,000
10/28/99 NO REDEMPTIONS
PURCHASES
CP
Rohm
11/04/99
5.420
50,000
CP
Rohm
11 /05/99
5.420
50,000
CP
Amer Exp
11/08/99
5.270
5,000
CP
Amer Exp
11/08/99
5.270
50,000
CP
Amer Exp
11/08/99
5.270
50,000
CP
Assoc
11/08/99
5.270
50,000
CP
Assoc
11/08/99
5.270
50,000
CP
Amer Exp
11 /09/99
5.270
50,000
CP
Amer Exp
11 /09/99
5.270
50,000
CP
ConAgra
11 /10/99
5.470
23,885
CP
Assoc
11 /10/99
5.270
50,000
CP
Assoc
11 /10/99
5.270
50,000
11
POOLED MONEY INVESTMENT ACCOUNT
df :
el
MATURITY
TRANS
PAR:: DAYS AMOUNT
QATE_ .,...... DESCRIPTION
i
X=
i s Hw
_ _.. FABNEQ
10/28/99 PURCHASES r/
Disc Notes FHLMC
01/20/00
5.350
7,870
Disc Notes FNMA
01/26/00
5.350
50,000
Disc Notes FNMA
01/26/00
5.350
50,000
Disc Notes FNMA
03/10/00
5.350
50,000
Disc Notes FNMA
03/10/00
-5.350
50,000
10/29/99 REDEMPTIONS
CP GMAC
CP GMAC
SALES r/
Disc Notes
FHLMC
Disc Notes
FNMA
Disc Notes
FNMA
Disc Notes
FNMA
Disc Notes
FNMA
PURCHASES
BN
B/A
BN
B/A
CP
Assoc
CP
Assoc
CP
Assoc
CP
GMAC
CP
GMAC
CP
Household
CP
Household
CP
Morg Stan
CP
Morg Stan
CP
GECC
CP
GECC
10/29/99 5.310
10/29/99 5.310
50,000 73 538,375.00 5.442
50,000 73 538,375.00 5.442
01 /20/00
5.350
7,870
1
1,128.85
5.424
01/26/00
5.350
50,000
1
7,171.08
5.424
01/26/00
5.350
50,000
1
7,171.08
5.424
03/10/00
5.350
50,000
1
7,125.61
5.424
03/10/00
5.350
50,000
1
7,125.61
5.424
6.010% 03/29/00
6.010% 03/29/00
11 /01 /99
11 /01 /99
11 /01 /99
11 /01 /99
11 /01 /99
01 /10/00
01 /10/00
01 /10/00
01 /10/00
03/27/00
03/27/00
6.010
6.010
5.330
5.330
5.330
5.330
5.330
6.020
6.020
6.100
6.100
5.880
5.880
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
30,000
50,000
12 10
Al The abbreviations indicate the type of security purchased or sold;
i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes,
and Participation Certificates: Federal National Mortgage Association
(FNMA), Farmers Home Administration Notes (FHA), Student Loan
Marketing Association (SLMA), Small Business Association (SBA),
Negotiable Certificates of Deposit (CD), Negotiable Certificates of
Deposit Floating Rate (CD FR), Export Import Notes (EIGM),
Bankers Acceptances (BA), Commercial Paper (CP), Government
National Mortgage Association (GNMA), Federal Home Loan Bank
Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan
Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC),
Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount
Notes (FTC), Corporate Securities (CB), U.S. Ship Financing Bonds
(TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee
Valley Authority (TVA) Medium Term Notes (MTN).
b/ Purchase or sale yield based on 360 day calculation for discount
obligations and Repurchase Agreements.
.C/ Repurchase Agreement.
.d/ Par amount of securites purchased, sold, or redeemed.
g/ Securities were purchased and sold as of the same date.
f/ Repurchase Agreement against Reverse Repurchase Agreement.
g/ Outright purchase against Reverse Repurchase Agreement.
h/ Security "SWAP" transactions.
Y Buy back agreement.
RRS Reverse Repurchase Agreement.
RRP Termination of Reverse Repurchase Agreement.
NAME
AGOURA HILLS
Pacific Crest Bank
Pacific Crest Bank
East West Bank
East West Bank
East West Bank
East West Bank
Grand National Bank
Grand National Bank
Grand National Bank
Grand National Bank
Grand National Bank
BEVERLY HILLS
City National Bank
City National Bank
City National Bank
City National Bank
City National Bank
City National Bank
Roseville First National Bank
Western Sierra National Bank
CHICO
a North State National Bank
North State National Bank
North State National Bank
North State National Bank
North State National Bank
Tri Counties Bank
TO Counties Bank
Tri Counties Bank
Tri Counties Bank
10/12/99 5.180 5,000,000.00 04/17/00
10/12/99 5.390 5,000,000.00 10/16/00
08/17/99
4.740
38,000,000.00
11/15/99
10/07/99
4.830
35,000,000.00
01/14/00
10/14/99
4.960
8,000,000.00
01 /21 /00
07/16/99
4.710
27,000,000.00
01 /21 /00
09/08/99
4.910
3,000,000.00
12/07/99
10/15/99
4.960
1,000,000.00
01/14/00
07/16/99
4.730
2,000,000.00
01/14/00
09/20/99
4.830
3,095,000.00
01 /20/00
08/13/99
5.140
3,000,000.00
02/07/00
05/19/99
4.820
20,000,000.00
02/28/00
03/31 /99
4.740
50,000,000.00
03/31 /00
05/04/99
4.820
25,000,000.00
05/03/00
07/27/99
5.040
10,000,000.00
07/26/00
09/15/99
5.280
20,000,000.00
09/15/00
10/12/99
5.360
25,000,000.00
10/16/00
07/26/99 4.740 1,000,000.00 01 /24/00
08/04/99 4.970 3,000,000.00 11 /05/99
04/06/99
4.730
1,000,000.00
04/06/00
10/04/99
5.020
1,000,000.00
04/07/00
08/24/99
5.210
1,000,000.00
08/24/00
09/07/99
5.240
500,000.00
09/01 /00
08/30/99
5.160
1,000,000.00
09/01 /00
09/09/99
4.920
10,000,000.00
12/09/99
09/16/99
4.860
10,000,000.00
12/16/99
09/21 /99
4.730
10,000,000.00
12/21 /99
07/14/99
4.740
10,000,000.00
01 /11 /00
14
018
NAME
CITY OF INDUSTRY
EverTrust Bank
TIME
DEPOSIT DATE
09/14/99
DEPOSIT
YIELD
4.760
PAR AMOUNT (S) MATURITY
1,000,000.00
DATE
12/13/99
EverTrust Bank
09/22/99
4.670
2,000,000.00
12/21 /99
EL CENTRO
Valley Independent Bank
08/11/99
5.150
3,750,000.00
02/07/00
Valley Independent Bank
FRESNO
08/11/99
5.250
3,750,000.00
08/11/00
United Security Bank
08/20/99
5.090
10,000,000.00
02/16/00
INGLEWOOD
Imperial Bank
10/14/99
5.190
20,000,000.00
04/13/00
Imperial Bank
10/21 /99
5.290
25,000,000.00
05/25/00
Imperial Bank
10/28/99
5.450
20,000,000.00
06/22/00
Imperial Bank
05/19/99
4.860
25,000,000.00
11/18/99
Imperial Bank
06/28/99
5.100
25,000,000.00
12/22/99
Imperial Bank
09/16/99
4.970
25,000,000.00
01/27/00
Imperial Bank
07/15/99
4.800
50,000,000.00
02/03/00
Imperial Bank
09/23/99
5.050
18,000,000.00
02/24/00
Imperial Bank
08/23/99
5.040
25,000,000.00
03/02/00
Imperial Bank
09/09/99
5.220
25,000,000.00
03/09/00
Imperial Bank
07/29/99
4.840
18,000,000.00
03/30/00
Imperial Bank
08/12/99
5.100
26,000,000.00
04/27/00
LODI -
Bank of Lodi
09/16/99
4.860
1,000,000.00
12/15/99
Bank of Lodi
10/08/99
5.110
2,000,000.00
04/10/00
LOS ANGELES
Broadway Federal Bank
07/01 /99
5.160
1,250,000.00
12/28/99
Broadway Federal Bank
07/01/99
5.200
1,250,000.00
06/30/00
Broadway Federal Bank
09/29/99
5.230
2,500,000.00
10/02/00
Community Bank
06/10/99
5.000
5,000,000.00
12/07/99
Community Bank
06/14/99
5.070
10,000,000.00
12/13/99
Community Bank
07/13/99
4.750
20,000,000.00
01/10/00
Community Bank
06/22/99
5.030
5,000,000.00
06/22/00
Community Bank
08/11/99
5.230
15,000,000.00
08/11/00
Community Bank
10/25/99
5.490
5,000,000.00
10/27/00
Founders National Bank of L.A.
06/17/99
5.020
95,000.00
12/14/99
General Bank
10/12/99
4.590
10,000,000.00
11/12/99
General Bank
07/20/99
4.680
7,000,000.00
01 /21 /00
General Bank
10/25/99
5.130
28,000,000.00
01/24/00
General Bank
07/27/99
4.730
15,000,000.00
02/02/00
General Bank
08/03/99
4.900
15,000,000.00
02/14/00
General Bank
08/13/99
5.110
25,000,000.00
03/10/00
Manufacturers Bank
08/11 /99
4.900
10,000,000.00
11 /09/99
Manufacturers Bank
09/07/99
4.970
10,000,000.00
12/06/99
Preferred Bank
08/18/99
4.840
4,000,000.00
11 /16/99
Preferred Bank
08/26/99
4.970
2,000,000.00
11/30/99
Preferred Bank
09/03/99
4.940
5,000,000.00
12/03/99
Preferred Bank
09/16/99
4.820
9,000,000.00
12/15/99
Preferred Bank
09/20/99
4.710
9,000,000.00
12/20/99
Preferred Bank
09/28/99
4.820
3,000,000.00
01 /04/00
Preferred Bank
07/16/99
4.700
3,000,000.00
01/18/00
Wilshire State Bank
08/31/99
5.290
4,000,000.00
08/31/00
Oak Valley Community Bank
03/30/99
4.630
1,000,000.00
01/31/00
Oak Valley Community Bank
09/20/99
5.070
11000,000.00
03/24/00
Oak Valley Community Bank
03/30/99
4.750
1,000,000.00
03/31/00
Oak Valley Community Bank
05/06/99
4.830
500,000.00
05/22/00
Oak Valley Community Bank
08/10/99
5.220
500,000.00
08/09/00
Oak Valley Community Bank
09/27/99
5.190
500,000.00
09/29/00
Citizens Business Bank
03/09/99
4.850
5,000,000.00
03/08/00
Citizens Business Bank
03/23/99 .
4.780
10,000,000.00
03/22/00
Citizens Business Bank
04/07/99
4.720
10,000,000.00
04/06/00
Citizens Business Bank
08/23/99
4.970
20,000,000.00
05/25/00
Citizens Business Bank
06/16/99
5.150
10,000,000.00
06/15/00
Citizens Business Bank
07/07/99
5.100
5,000,000.00
07/06/00
Citizens Business Bank
08/10/99
5.220
10,000,000.00
08/09/00
NAME
PALO ALTO
Bay Area Bank
Cupertino National Bank
Cupertino National Bank
Cupertino National Bank
Mid -Peninsula Bank
Mid -Peninsula Bank
Mid -Peninsula Bank
POMONA
PFF Bank and Trust
PFF Bank and Trust
Bank of Petaluma
BEDDING
North Valley Bank
Mechanics Bank
Mechanics Bank
Mechanics Bank
Mechanics Bank
Mechanics Bank
Mechanics Bank
SACRAMENTO
American River Bank
Bank of Sacramento
River City Bank
River City Bank
River City Bank
Sanwa Bank of California
Sanwa Bank of California
Sanwa Bank of California
10/08/99
5.140
5,000,000.00
04/17/00
08/06/99
4.980
10,000,000.00
02/04/00
08/30/99
5.120
10,000,000.00
02/25/00
10/19/99
5.090
10,000,000.00
03/22/00
08/06/99
4.980
15,000,000.00
02/04/00
08/30/99
5.120
10,000,000.00
02/25/00
03/10/99.
5.180
10,000,000.00
03/08/00
05/25/99
4.900
8,000,000.00
11/30/99
09/08/99
5.600
10,000,000.00
03/10/00
08/10/99 5.140 1,000,000.00 02/07/00
03/23/99 4.780 3,000,000.00 03/22/00
03/08/99
4.840
10,000,000.00
03/07/00
04/05/99
4.740
10,000,000.00
04/04/00
05/06/99
4.810
10,000,000.00
05/05/00
06/11/99
5.150
10,000,000.00
06/12/00
08/12/99
5.250
10,000,000.00
08/11 /00
10/07/99
5.330
10,000,000.00
10/13/00
09/29/99
4.990
1,000,000.00
04/03/00
09/02/99
5.060
500,000.00
12/03/99
07/13/99
4.780
5,000,000.00
01/10/00
07/30/99
4.870
5,000,000.00
01 /31 /00
08/18/99
5.210
5,000,000.00
08/18/00
08/03/99
4.900
7,000,000.00
02/07/00
07/15/99
5.000
10,000,000.00
07/14/00
07/27/99
5.010
5,000,000.00
07/26/00
,17__.
Sanwa Bank of California
08/16/99
5.190
50,000,000.00
08/15/00
Sanwa Bank of California
08/23/99
5.180
10,000,000.00
08/22/00
Union Bank of California
08/03/99
4.740
100,000,000.00
11/02/99
Union Bank of California
08/17/99
4.730
50,000,000.00
11/16/99
Union Bank of California
10/27/99
5.150
50,000,000.00
01/25/00
Union Bank of California
08/26/99
5.160
100,000,000.00
02/23/00
Union Bank of California
09/28/99
5.040
100,000,000.00
03/28/00
Bank of Salinas 07/22/99 4.680 8,000,000.00 01 /26/00
Bank of Salinas 09/16/99 4.930 12,000,000.00 01/27/00
San Diego First Bank
06/01 /99
4.840
1,500,000.00
11 /30/99
San Diego First Bank
06/22/99
5.030
1,500,000.00
06/21 /00
San Diego First Bank
08/04/99
5.150
1,000,000.00
08/07/00
Bank of Canton California
05/06/99
4.810
5,000,000.00
05/05/00
Bank of Canton California
05/13/99
4.780
5,000,000.00
05/12/00
Bank of Canton California
06/01/99
5.000
5,000,000.00
05/31/00
Bank of Canton California
06/02/99
5.000
5,000,000.00
05/31/00
Bank of Canton California
07/21/99
4.950
5,000,000.00
07/21/00
Bank of Canton California
09/01/99
5.280
5,000,000.00
09/01/00
Bank of Canton California
09/13/99
5.290
5,000,000.00
09/13/00
Bank of the West
07/07/99
4.990
34,000,000.00
01/05/00
Bank of the West
07/13/99
4.770
25,000,000.00
01/12/00
Bank of the West
07/13/99
4.770
25,000,000.00
01/12/00
Bank of the West
07/21 /99
4.680
25,000,000.00
01 /31 /00
Bank of the West
06/08/99
4.820
25,000,000.00
02/16/00
Bank of the West
04/29/99
4.760
51,500,000.00
04/29/00
Bank of the West
08/27/99
4.960
25,000,000.00
05/25/00
Bank of the West
05/19/99
4.890
30,000,000.00
05/25/00
Bank of the West
05/26/99
4.860
87,000,000.00
05/25/00
California Federal Bank
09/27/99
4.840
3,000,000.00
01/05/00
California Federal Bank
10/04/99
4.890
5,000,000.00
01/05/00
California Federal Bank
07/16/99
4.720
100,000,000.00
01/18/00
NAME
SAN FRA_NCISCO (cost 1
Millennium Bank
Oceanic Bank
Oceanic Bank
Trans Pacific National Bank
United Commercial Bank
United Commercial Bank
United Commercial Bank
United Commercial Bank
United Commercial Bank
SAN JOSE
San Jose National Bank
SAN LEANDRO
Bay Bank of Commerce
SAN LUIS OBISPO
First Bank of San Luis Obispo
First Bank of San Luis Obispo
First Bank of San Luis Obispo
First Bank of San Luis Obispo
First Bank of San Luis Obispo
San Luis Trust Bank
San Luis Trust Bank
Westamerica Bank
Westamerica Bank
Westamerica Bank
Westamerica Bank
Westamerica Bank
10/27/99
5.390
2,000,000.00
05/01/00
03/05/99
4.920
2,000,000.00
03/07/00
03/12/99
4.780
2,000,000.00
03/15/00
09/13/99
5.260
800,000.00
03/17/00
08/13/99
5.150
20,000,000.00
02/11 /00
10/04/99
5.030
20,000,000.00
04/05/00
09/20/99
5.100
20,000,000.00
04/27/00
09/03/99
5.310
20,000,000.00
09/01 /00
10/07/99
5.360
10,000,000.00
10/13/00
07/12/99 5.010 5,000,000.00 07/11 /00
10/07/99 4.84 5,000,000.00 01 /13/00
08/02/99
4.750
3,600,000.00
11 /03/99
08/10/99
4.880
2,000,000.00
11 /08/99
08/24/99
4.930
2,500,000.00
11/22/99
10/04/99
4.890
1,000,000.00
01 /14/00
10/27/99
5.180
1,000,000.00
01 /25/00
09/23/99
4.850
350,000.00
01 /13/00
10/27/99
5.170
1,000,000.00
01 /31 /00
08/13/99
4.860
50,000,000.00
11 /15/99
07/13/99
4.770
25,000,000.00
01 /12/00
07/21 /99
4.680
25,000,000.00
01 /27/00
07/20/99
4.680
25,000,000.00
01 /31 /00
07/27/99
4.770
25,000,000.00
01 /31 /00
NAME
SANTA BARBARA
FNB of Central California
TIME
DEPOSIT DATE
08/11/99
DEPOSIT
YIELD
5.140
-
PAR AMOUNT (S) MATURITY
DATE
02/07/00
5,000,000.00
FNB of Central California
10/01/99
5.000
5,000,000.00
03/31/00
Santa Barbara Bank & Trust
07/08/99
4.760
5,000,000.00
01/07/00
Santa Barbara Bank & Trust
07/16/99
4.740
5,000,000.00
01/14/00
Santa Barbara Bank & Trust
07/19/99
4.740
5,000,000.00
01 /21 /00
Santa Barbara Bank & Trust
08/13/99
5.150
5,000,000.00
02/11/00
Santa Barbara Bank & Trust
08/31 /99
5.200
5,000,000.00
03/03/00
Santa Barbara Bank & Trust
09/13/99
5.180
5,000,000.00
03/17/00
Santa Barbara Bank & Trust
10/04/99
5.010
5,000,000.00
04/07/00
Santa Barbara Bank & Trust
SANTA CLARITA
10/08/99
5.110
5,000,000.00
04/17/00
Valencia Bank & Trust
CRUZ
9/23/99
5.28
1,000,000.00
9/22/00
SANTA
Coast Commercial Bank
SARATOGA
09/15/99
4.820
20,000,000.00
12/14/99
Saratoga National Bank
06/22/99
5.100
1,750,000.00
06/30/00
Saratoga National Bank
STOCKTON
10/01/99
5.150
5,000,000.00
06/30/00
Union Safe Deposit Bank
10/15/99
4.990
10,000,000.00
01/14/00
Union Safe Deposit Bank
08/16/99
5.140
10,000,000.00
02/15/00
Washington Mutual Bank
09/17/99
5.260
15,000,000.00
09/15/00
Washington Mutual Bank
TORRANCE
10/13/99
5.370
15,000,000.00
10/27/00
China Trust Bank (USA)
08/16/99
4.810
5,000,000.00
11 /15/99
China Trust Bank (USA)
09/07/99
4.950
10,000,000.00
12/06/99
China Trust Bank (USA)
09/15/99
4.860
10,000,000.00
12/10/99
China Trust Bank (USA)
09/20/99
4.730
5,000,000.00
12/17/99
China Trust Bank (USA)
09/27/99
4.840
10,000,000.00
01 /05/00
China Trust Bank (USA)
10/25/99
5.130
15,000,000.00
01/24/00
South Bay Bank
05/06/99
4.780
2,000,000.00
11 /02/99
South Bay Bank
06/15/99
5.140
2,000,000.00
12/13/99
South Bay Bank
07/21 /99
4.750
1,000,000.00
01 /31 /00
TU_
First Fidelity Thrift & Loan
10/18/99
5.090
5,000,000.00
01 /18/00
First Fidelity Thrift & Loan
10/25/99
5.120
4,000,000.00
01 /28/00
Sunwest Bank
10/12/99
4.870
3,500,000.00
01/11/00
Sunwest Bank
10/07/99
4.830
3,300,000.00
01 /13/00
Sunwest Bank
07/20/99
4.680
1,000,000.00
01 /21 /00
Sunwest Bank
10/08/99
4.830
4,000,000.00
01/21/00
Sunwest Bank
09/10/99
5.170
1,000,000.00
03/08/00
TOTAL TIME DEPOSITS AS OF OCTOBER 3191999 295759490,000.00
BANK DEMAND DEPOSITS
OCTOBER 1999
($ in thousands)
DAY OF
MONTH
BALANCES
DER BANKS
WARRANTS
OUTSTANDING
1
$ 429,666
$ 2,517,985
_ 2
429,666
2,517,985
3
429,666
21,517,985
4
482,236
29235,238
5
209,146
29140,174
6
2249230
199009800
7
1319870
196469324
8
179,795
11710,755
9
1799795
1,710,755
10
179,795
197101,755
11
1799795
197109755
12
829072
1,568,278
13
3079814
195159454
14
98,861
19295,853
15
437,968
193019690
16
437,968
1,3099934
17
4379968
193099934
18
5879077
193699454
19
321,562
194569686
20
253,287
1,4071956
21
4519673
1,331,369
22
124,250
1,251,278
23
124,250
1,2519278
24
1249250
1,2519278
25
1829774
1,1109114
26
346,390
1,132,331
27
223o341
190349,271
28
4309951
1,258,220
29
419,067
19086,553
30
4199067
19086,553
31
419,067
1,227,341
AVERAGE DOLLAR DAYS $ 299,526 6L
eL The prescribed bank balance for October was$344,628. This consisted of
$195,877 In compensating balances for services, balances for uncollected
funds of $148,751 and a deduction of $15,951 for September delayed
deposit credit.
--
DESIGNATION BY POOLED MONEY INVESTMENT BOARD
OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS
No. 1604
In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its
meeting on October 20, 1999, has determined and designated the amount of money available for deposit and investment
under said sections. In accordance with sections 16480.1 and 16480.2 of the Government Code, it is the intent that the
money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in
securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management,
and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ-
ations, and for investment in securities and the type of such deposits and investments as follows:
1. In accordance with law, for deposit in demand
bank accounts as Compensating Balance for Services $ 208,462,000
The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes
of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein
as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for
any deposits not credited by the bank as of the date of deposit The balances in such accounts may fall below the above
amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number
of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy
collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be
maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management
2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest -
bearing deposits in banks and savings and loan associations as follows:
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
From
To
10/18/99
10=99
10/25/99
10/29/99
11 /01 /99
11 /05/99
11 /08/99
11 /12/99
11 /15/99
11 /19/99
11 /22/99
11 /26/99
11 /29/99
12/03/99
12/06/99
12/10/99
12/13/99 12/17/99
Transactions
833,600,000
(606,500,000)
2,039,500,000
47,700,000
838,700,000
(717,200,000)
(272,200,000)
83,000,000
2,361,300,000
Time Deposits in
various Financial
Institutions
In Securities
(sections 16503a
(section 16430)'
and 16602)'
$
30,939,110,000
$ 2,575,490,000
$
30,332,610,000
$ 2,575,490,000
$
32,372,110,000
$ 2,575,490,000
$
32,419,810,000
$ 2,575,490,000
$
33,258,510,000
$ 2,575,490,000
$
32,541,310,000
$ 2,575,490,000
$
32,269,110,000
$ 2,575,490,000
$
32#352,110,000
$ 2,575,490,000
$
34,713,410,000
$ 2,575,490,000
Estimated
Total
$ 33,514,600,000
$ 32,908,100,000
$ 34,947,600,000
$ 34,995,300,000
$ 35,834,000,000
$ 35,116,800,000
$ 34,844,600,000
$ 34,927,600,000
$ 37,288,900,000
From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in
prime commercial paper under section 16430(e), Government Code.
Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the
amounts and for the same types of investments as specifically designated above.
Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by
which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance
of $ 208,462,000.
---- Dated: October 20, 1999 ----
'Government Code
POOLED MONEY WN E MENT BOARD:
A.
GJ
0
d) Although statutory authority does not limit eligibility accor to
ranking or rating, previously listed general criteria elimi lesser
credits.
D. Certific qfDeposits
1)
Maxim turity: Statutory:
None,
Policy:
5 'Years.
2)
Maximum par va e, toW porto:
None.
3)
Maximum par value , ame-
None.
4)
Maximum par value per matu '
None.
5)
Credit:
a) Criteria concerning loan make-up, LDC Wosure, geographic
location, market perceptions, and fina 'al cation all serve to
eliminate lesser names.
b) Liquidity as far as both credit risk and mar ab, in the
secondary level are addressed. There must be a m et ` the
moment.7� W,��
E. Collateralized Time Deposits
1) Maximum maturity: Statutory: None.
Policy: 5 years.
2) Maximum par value, total portfolio: None.
3) Maximum par value per name: Statutory: Shall not exceed the
net worth of the
institution.
Policy: Same.
4) Maximum par value per maturity: None.
5) Credit: Institutions must be rated average or better, or above a "D", by a
recognized rating service utilized by the State Treasurer's Office (STO)
Investment Division, and must pass a credit evaluation by the STO Staff
which may include such criteria as geographic location, market perception,
20 September 4, 1998
6)
2)
3)
4)
5)
loan diversity, management factors, overall fiscal soundness and the
Community Reinvestment Act Rating of the institution. If, while holding a
pool deposit, an institution is downgraded below acceptable levels by the
rating agencies, the following steps shall be taken:
a) Notify the Deposits Section to monitor collateral closely.
b) Review financials and update credit report.
c) Determine the appropriate plan of action which may include early
termination of the time deposit, or allow the time deposit to mature.
Collateral must comply with Government Code, Chapter 4, Bank Deposit
Law Section 16500 (et seq.) and the Savings and Loan Association and
Credit Union Deposit Law G.C. Section 16600 (et seq.).
A "Fur
Maximum maturity: Statutory: 180 days.
Policy: 180 days.
axumm par value, total portfolio: Statutory: 30%e of the current
portfolio.
Policy: Same.
Maximum par va per name: Statutory: 10% of outstanding
Policy: Same.
Maximum par value per matui None.
Credit:
a) Rated "Prt'me" quality as defined a nationally recognized
organization which rates such securities.
b) Organized and operating within the United States.
c) Have total assets in excess of five hundred millio dollars
($500,000,000).
d) Approved by the Pooled Money Investment Board.
U
21 September 4, 1998
JAN-04-2000 16:16 FROM CALIF ST. TREASURER LAIF TO
87607777105 P.01
-7Local Agency Investment Fund
S AA U OF C LWY" M lw
STATE TREASURER'S OFFICES
4#t;P.O. BOX 942809
SACRAWNT01, CA 94209-0001
3r
" •' (916)-653-3001
(916) 654-9931 FAX
TELECOPY
f 10m.
i
DATE: Gr'�
Ate44
:%
�Fmm; A
SwlLJL7-,4
FAx NUMBE :*7 1 'e7l
'
NUMBER OF pA.GES-(NCLUDI iG COVER PAGE).
If you do not rep eive total of pages transmitted, please call '
Y � P�
at (916) 653-30p1.
me
Notes and/or cvm nts.•
l
OA64JAV a-1
JAN-04-2000 16:16 FROM CALIF ST. TREASURER LAIF TO
Coast Comm
87607777105 P.02
Coast Commerical Un k
Santa Cruz
CRA R*hn
CORE CAP-UNRLOSSIAS
9.27%
68
7.39%
NPL /Loans
1.17%
0.86%
NPAs/ASSETS
0.65%
0.57%
OPERATING PROFIT
3.16%
93
1.88%
ROA
1.95%
1.18%
LIQUID ASSETSILIAB
12.50%
65
20.10%
30.2
Jun-99
rNIM
711A -
scpr --- -1qjL
Mar-99
801A
Dec,98
871A
Sep-98
90/A+
zoo
Su riot
Retu m o.on Assets
11'
1 '�� 1 ik'
I��.:S`�r C 'ISS
1
! Y � Y}ffR t 1 .J/V}4 !.� 1•'• J �j�p /' }�1
r� i-r fi '.�' �'1 r! � 4�� L•!ir Nri
:�J�. I }M .IZ.Ite
1 �^Y• (�i I.
+':: •:1�1r�
j}jj�� .R{t
� I N: } sl `.� •w � } �,1J %�'\'f l`a,1 , i�.t ��•,t ••�I 'L
r, 1lJr. [ 1 1 f ( �i I.4'� J,�nj`� S CI rM� 1:<..d L�/
'� � + ,. 1'. I r S`� i'�1{ I.i
1)I. ;
1 t
n ,Eti
y�:
','
1 1
1 �. ��..,�♦ 14{�
� 1 II 1 1 1
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�}.�: (�,' 1 .t'�f
♦�M �~I �.). .�,`f''r+ I�t Irl 1'
if ;.I, �.^i:'11 C : ! J: ,,
.11r\
•�1
l
N
1�
1 • 1 1 '
1� Y ��F
� ,i1 y. 1. "�' ,f ,, N
A
.
i lil
.I:�:. +":'k. ��.SM.;�t"i}:
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•
O
,.A %Ver-t
10 ; Note: values are in thousands
Page +I
JRN-04-2000 16:18 FROM CALIF ST. TREASURER LAIF
-:= r=1 - 11
To 87607777105 P.O3
Loan Portfolio
Composition Commercial and
Construction/Development
Comm Const. &
16% Dev.
71%
i_3 �e.a_ui'»—__.s:i���iY
,� r• «sdLc > _v}...�rL'�n :4_��_.'i�_1•:1. 1�1L,J�a:- 3��
.. ■tea
.�+. i. i I ..��. 3 tu, �.:,.„ ..::.�t k_ ,.•.,� ;• Il I' +as :a :,d.-S,Jr.x.a
••; OIL1
Loan Portfolio Composition by Quarter
Mar-98 Sep-99 Jun-99
95454
98M
85980
27.27%
30.31 %
26.49%
33.57%
36.54%
31.24%
Rage 2
JAN-04-2000 16:19 FROM CALIF ST. TREASURER LAIF TO 8760?777105 P.04
BANK DEPOSIT -LAW
STATE TREASURER
SACRAMENT02 CALIF ORM A,
JAN-04-2000 16:20 FROM CALIF ST. TREASURER LAIF TO 87607777105 P.05
Govemment Code
Chapter 4
$ANK DEPOSITS
Article 1. General
16500. As used in this chapter, "eligible bank" means a state -or national bank located in this State and
selected by the Treasurer for the safekeeping of money belonging to or in custody of the State. Such
a bank is eligible to receive deposits only to the extent that it furnishes the security required by this
obapter.
16500.5 For purposes of being are eligible bank for the safekeeping of moneys belonging to, or in the custody
of, the state, the phrase "state or national bank located in this state", "state or national bank", state or
national bank in this state", and "state or -national banks in the state" shall include a foreign bank
licensed under Article 3 (commencing with Section 1750) of Chapter 13.5 of Division 1 of the
Financial Code to maintain a federal branch in this state.
16501. Under such conditions as he with the approval of the Director of Finance may fix, the Treasurer may
deposit money in banks outside this State for the payment of the principal or interest of bonds, made
payable outside afthis State, at the place at which the bonds are payable.
16502. All other money in the State Treasury or under the control of the Treasurer belonging to or in the
custody of the State, shall, so far as possible, be deposited by the Treasurer to the credit of the State
in eligible banks. Any sum in the State Treasury so deposited is deemed to be in the State Treasury.
Any other amount so deposited is deemed to be held in trust by the Treasurer.
16503. Subject to the limitations of Article 4.5 (commencing with Section 16480) of Chapter 3, the
Treasurer shall determine what amounts of money shall be deposited:
(a) As time deposits, and the rates of interest to be received.
(b) As demand deposits, and the rates of interest to be received, if any.
16504. Subject to the applicable contract, the Treasurer may call, in money from time deposits and place it in
demand deposits, when necessary to meet current requirements; and time money in his possession
for which there is no demand may be placed as demand deposits.
16505. Deposits in any bank shall not exceed the total of its paid. to capital and surplus.
16506. All money belonging to or in the custody of the state under the control of any state officer or
employee, other than the 'treasurer, except petty cash funds authorized by the Department of
Finance, shall be required to deposit with the Treasurer the same security as is required by this
chapter for deposits made by the Treasurer.
Banks receiving deposits from a county advanced or apportioned to.it pursuant to Section 4481 of the Food and
cur
Agricultural Code shall be required to see such deposits in accordance with Article Z (commencing with
Section 53630) of Chapter 4, Part 1, Division 2 of Title 5.
0 :� '-
JAN-04-2000 16:20 FROM CALIF ST. TREASLRER LAIF TO 87607777105 P.06
16507. A State officer is not Liable on his official bond for losses caused by the failure of -'a bank in which is
made a deposit of money belonging to an inmate of a State Institution, if the officer was required or
permitted by law to act as a trustee or fiduciary with respect to the money and if he made the deposit
in good faith and in accordance with law.
16508. The Treasurer is not responsible for any money deposited in a bank pursuant to this chapter, and
while it remains so deposited.
16509. The Treasurer is responsible for the safekeeping, management and disbursement of the certificates of
deposit received and the securities, deposited with him, the interest received on deposits,, and the
proceeds of any sale under this chapter.
16510. Any State officer or employee who deposits any money belonging to or in the custody of the State in
arty Finarmer other than as prescribed in this chapter is subject to forfeiture of his office or
employment.
Article 2. Security for deposits
1652o. Security shall not be required for that portion of any deposit that is insured under any law of the
United States.
16521. To be eligible to receive and retain demand or time deposits, a bank shall deposit with the Treasurer
as security for such deposits, securities specified in Section 16522, and approved by the Treasurer, in
an amount in value at least ld percent in excess of the amount deposited with the bank. Uncollected
funds shall be excluded r& the amount deposited in a demand account with a bank when
determining the security requirements for such deposits.
16522. The following securities may be received as security for demand and time deposits:
(a) Bonds, notes, or other obligations of the United States, or those for which the faith and credit
of the United States we pledged for the payment of principal and interest, including the
guaranteed portions of small business administration loans, so long as such loans are
obligations for which the faith and credit of the United States are pledged for the payment of
principal and interest.
(b) Notes or ' bonds or any obligations of a local public agency (as defined in the United States
Housing Act of 1949) or any obligations of a public housing agency (as defined in the United
States Housing Act of 1937) for which the faith and credit of the United States arc pledged
fvr the payment of principal and interest.
(c) Bonds of this state or any county, city, town, metropolitan water district, municipal utility
district, -bridge and highway district, flood control district, school district, water district,
water conservation district. or irrigation district within this state, and, in addition, revenue or
tax anticipation notes, and revenue bonds payable solely out of the revenues from a revenue -
producing property owned, controlled or operated by this state, or such local agency or
district, or by a department, board,, agency, or authority thereof.
(d) Registered warrants of this state.
JAN-04-2000 16:21 FROM CALIF ST. TREASLRER LAIF TO 87607777105 P.07
te) bons, consouaarm oonas, cojazem trust aeDenwres, consonuatea aeDennires, or outer
obligations issued by the United States postal Service, federal land ba As or federal
intermediate credit banks established under the Federal Farm Loan Act, as amended,
debentures and consolidated debentures issued by the Central Bank for Cooperatives and
banks for cooperatives established under the -Farm Credit Act of 1933, as amended,
consolidated obligations of the .Federal Dome Loan Banks established under the Federal
Home Loan Bank Act, bonds, debentures, and other obligations of the Federal National
Mortgage Association and of the_ Government National Mortgage Association established
under the National Housing Act as amended, in the bonds of any Federal home loan bank
established under said act, bonds; - debentures, and other obligations of the Federal Home
Loan Mortgage Corporation established under the Emergency Horne Finance Act of 1970,
and in bonds, notes, and other obligations issued by the Tennessee Valley Authority under
the Tennessee Valley Authority Act as amended. .
(fl Bonds and notes of the California Housing Finance Agency issued pursuant to Chapter 7
(commencing with Section 41700) of Part 3 of Division 31 of the Health and Safety Code.
(g) Promissory notes secured by &a .mortgages and first trust deeds upon residential real
property located in California, provided that:
(1) Notwithstanding Section 16521, the, promisor ry notes shall at all tunes be in an amount
in value at -least 50 percent in excess of the amount deposited with, the bank;
(2) The Treasurer issues regulations,- establishes procedures for determining the value of
the promissory notes and develops standmds necessary to protect the security of the
deposits so collateralized;
(3) The depository may exercise; enforce, or.waive any right or power granted to it by
promissory note, mortgage, or doed of trust;. and
(4) The following may not be used as security flor deposits:
W Any promissory note -on which any payment is more than 90 days past due,
(ii) Any promissory note secured by a mortgage or -deed of trust as to which there is a
lien prior to the mortgage or deed of trust, or
(iii) Any promissory note secured by a mortgage or deed of trust as to which a notice
of default hasbeen recorded pursuant to Section 2924 of the Civil Code or an
action has bean commenced pursuant to Section 725a of the Code of Civil
Procedure.
(h) Bonds issued by the State of Israel.
(i) Obligations issued, assumed, ofguaranteed by the Intemational BM& for Reconstruction and
Development, the Inter -American' Development Bank, the Asian Development Bank, the
African Development Bank, or the Government Development Bank of Puerto Rico.
(j) Any municipal securities, as deed by Section 3(a) (29) of the Securities Exchange Act of
June b, 1934 (I5 U.S.C. 78, as amended), which are issued by this state or any local agency
thereof.
L
JAN-04-2000 16:22 FROM CALIF ST. TREASURER LAIF TO 87607777105 P.08
(a) Authorize any qualified trust company, other than the depositor bank, or the Federal Deserve
Bank of San Francisco or any branch thereof or any state or national bank located in any city
designated as a reserve or central reserve city by the Board of Governors of the Federal
Reserve Systeru to receive as his agent deposits of any securities approved under this chapter.
(b) place and maintain for safekeeping as a trust deposit with any qualified trust company, other
than the depositor bank, or with the Federal Reserve Bank of San Francisco or any branch
thereof any securities that have been received by him under this chapter.
(c) Whenever any qualif ed trust company accepts such securities under paragraph (a) or (b)
such trust company, with the prior approval of the Treasurer, may keep such securities for
safekeeping with any state or national bank located in a city desited as a reserve or central
reserve city by the Board of Governors of the Federal Rcscrve System.
16552, The Treasurer shall take from the qualified trust company or from the Federal Reserve Bank of San
Francisco or a branch thereof a receipt for any securities received by it under this article. Neither the
Treasurer nor the State is responsible for the custody and safe return of such securities until they are
withdrawn from the qualified trust company or from the Federal Reserve Bank of San Francisco or a
branch thereof by the Treasurer.
16553. Any qualified trust Company or the Federal Reserve Bank of San Francisco or any branch thereof to
which securities are delivered, either as agent or depositary for the Treasury, shall make such
disposition of the securities as the Treasurer directs and is responsible only for strict compliance
with written instructions given to it by the Treasurer. All such securities are at all times subject to the
order of the Treasurer.
16554. The charges of any qualified trust company or of the Federal Reserve Bank of San Francisco or a
branch .thereof for the handling and safekeeping of such securities are not a charge against the
Treasurer but shall be paid by the owner.
TOTAL P.08
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