2001 12 12 IABI � Y
P.O. Box 1504
78-495 CALLE T'AMPICO
LA QUINTA, CALIFORNIA 92253
(760) 777-7000
FAX (760) 777-7101
AGENDA
INVESTMENT ADVISORY BOARD
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
December 12, 2001 - 5:30 P.M.
Board Member Felice(Video Conference Location) Cisco Systems
170 West Tasman Dr., Bldg. 17, San Jose, California, 95134
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
Approval of Minutes of Meeting on November 14, 2001 for the Investment
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for October, 2001
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. City of La Quinta FY 00/01 Audited Financial Statements
B. Month End Cash Report — November, 2001
C. Pooled Money Investment Board Report — September, 2001
VII BOARD MEMBER ITEMS
Vill ADJOURNMENT
��s
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: December 12, 2001
ITEM TITLE:
Transmittal of Treasury Report
for October 31, 2001
BACKGROUND:
Attached please find the Treasury Report October 31, 2001.
RECOMMENDATION:
Review, Receive and File the Treasury Report for October 31, 2001.
Jahn M. Falconer, ginance Director
T 0 0
4t!t 4 QUMM
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for October 31, 2001
DATE: November 27, 2001
Attached is the Treasurer's Report for the month ending October 31, 2001. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Notes
Sold/Matured
Other
Ending
Change
Cash
$3,302,949
(1)
($1,359,496)
$1,943,453
($1,359,496)
LAW
$20,027,030
166,491
0
20,193,521
166491
US Treasuries (2)
$51,927,792
5,000,000
(4,000,000)
(93,514)
52,834,278
906:486
US Gov't Agencies (2)
$15,931,595
39,955
15,971,550
39,955
Commercial Paper (2)
$0
0
0
Mutual Funds
$10,963,902
35,432
(1)
10,999,334
35,432
Total
$102 153 268
$5 201 923
$5 359 496
$53 559
$101 942 136�—($211,132�
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. the City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
Joh M. Falconer j6atel
Fit nce Director/Treasurer
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
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CITY OF LA QUINTA
BALANCE SHEET 10/31/01
ASSETS:
CITY CITY RDA RDA FA
FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND
CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL
POOLED CASH
9,494,757.46
11,723,756.20
101.745.35
21,320,259,01
LQRP INVESTMENT IN POOLED CASH
785,000.00
INVESTMENT T-BILUNOTES & OTHER
34,480,000.00
785,000,00
AUTO MALL CASH
34,480,000.00
LQRP CASH
30.715.45
30.715,45
BOND REDEMPTION CASH
192,904.97
1,884.28
194,789.25
BOND RESERVE CASH
BOND PROJECT CASH
44,567,814.80
547,728.64
45,115,543 44
BOND ESCROW CASH
PETTY CASH
1,000.00
CASH & INVESTMENT TOTAL
43,975,757.46
57,300,191.42
651.356.27
1,000.00
101,927,307.15
INVESTMENT IN LAND HELD FOR RESALE
ACCOUNTS RECEIVABLE
41,026.85
60,900.00
101,926.85
PREMIUM/DISCOUNT ON INVESTMENT
(54,730.69)
69,560.30
14,829.61
LQRP-ACCOUNTS RECEIVABLE
96,831.01
96,831.01
INTEREST RECEIVABLE
(35,069.02)
457.128.00
422,058.98
LOANINOTES RECEIVABLE
13,489,653.69
13,489,653.69
DUE FROM OTHER AGENCIES
259,634.01
259,634.01
DUE FROM OTHER AGENCIES - CVAG
2,299,096.69
2,299,096.69
CVAG ALLOWANCE
(2,299,096.69)
(2,299,096.69)
DUE FROM OTHER GOVERNMENTS
0.370.37
DUE FROM OTHER FUNDS
1,040,973.94
651,038.04
1,692,011.98
DUE FROM RDA
8,497,550.20
8,497,550.20
INTEREST ADVANCE -DUE FROM RDA
3,265,434.38
3,265,434.38
ADVANCES TO OTHER FUNDS
56,483.22
56,483.22
NSF CHECKS RECEIVABLE
3,569.61
3.569.61
ACCRUED REVENUE
833.40
833.40
FIXED ASSETS
20,711,742.00
20, 711,742, 00
ACCUMULATED DEPRECIATION
711,534.48
711,534.48
TRAVEL ADVANCES
3,607.29
3.607.29
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
13,790,014.64
20,711,742.00 14,825,944.44
49,327,701.08
WORKER COMPENSATION DEPOSIT
RENT DEPOSITS
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS
2,100.00
2,100.00
DEPOSITS TOTAL
2,175.00
2,175.00
GENERAL FIXED ASSETS
9,988,279.05
9,988,279.05
ACCUMULATED DEPRECIATION
AMOUNT AVAILABLE TO RETIRE L/T DEBT
3,395,117.03
3,395,117.03
AMOUNT TO BE PROVIDED FOR L/T DEBT
951 847.65
80 866 860.97
7,750,000.00 89 568 708.62
TOTAL OTHER ASSETS
951,847.65 9.988.279.05
84,261,978.00
7,750,000.00 102,952,104.70
TOTAL ASSETS
57,767,947.10
20,711,742 00 951,847.65 72,126,135.86 9,988,279.05
84,261,978.00
651,358.27 7,750,000.00 254,209,287.93
LIABILITIES:
ACCOUNTS PAYABLE
13,741.33
13,741.33
DUE TO OTHER AGENCIES
641,650.69
730,884.56
1,372,535.25
DUE TO OTHER FUNDS
273,804.01
1,797,658.97
2,071,462.98
INTEREST ADVANCE -DUE TO CITY
11,383,537.00
11,383,537,00
ACCRUED EXPENSES
16,468.50
16,468.50
PAYROLL LIABILITIES
7,890.64
7.890.64
STRONG MOTION INSTRUMENTS
1,182.34
1,182.34
FRINGE TOED LIZARD FEES
78,981.50
78,981.50
SUSPENSE
DUE TO THE CITY OF LA QUINTA
PAYA13LES TOTAL
1,017,250.51
13,928,549.03
14,945,799.54
ENGINEERING TRUST DEPOSITS
SO. COAST AIR QUALITY DEPOSITS
LQRP DEPOSITS
14,499.00
14,499.00
DEVELOPER DEPOSITS
877,923.34
877,923.34
MISC. DEPOSITS
439,448.65
439.448.65
AGENCY FUND DEPOSITS
1,413,794.79
1,413,794.79
TOTAL DEPOSITS
2,731,166.78
14,499.00
2,745,665.78
DEFERRED REVENUE
387.604.00
11,378,904.00
11,766 508 00
OTHER LIABILITIES TOTAL
387,604.00
11,378,904.00
11,766,508.00
COMPENSATED ABSENCES PAYABLE
373,536.65
373,536.65
DUE TO THE CITY OF LA QUINTA
578,311.00
189.725.50
768,036.50
DUE TO COUNTY OF RIVERSIDE
10,989,847.00
10,989,847.00
DUE TO C.V. UNIFIED SCHOOL DIST.
8,747,405.50
8,747,405.50
DUE TO DESERT SANDS SCHOOL DIST.
BONDS PAYABLE
64,335,000.00
7,750,000.00
72,085,000.00
TOTAL LONG TERM DEBT
951,847.65
84,261,978.00
7,750,000.00
92,963,825.65
TOTAL LIABILITIES
4,136,021.29
951,847.65 25,321,952.03
84,261,978.00
7,750,000.00
122,421,798.97
EQUITY -FUND BALANCE
53,631,925.80
20,711,742.00 46,804,183.83 9,988,279.05
651,358.27
131,787,488.95
TOTAL LIABILITY & EQUITY
57,767,947.09
20 711 742 00 951,847.65 72,126,135.86 9,988,279.05
84,261,978.00
651,358.27 7,750,000.00
254,209,287,92
CASH & INVESTMENT TOTAL
101,927,307.15
PREMIUMIDISCOUNT ON INVESTMENT
14-929.61
TOTAL
101,942,136.76
�9`V
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item A
Meeting Date: December 12, 2001
ITEM TITLE:
City of La Quinta Fiscal Year 2000-01
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.
Jbhn M. Falconer, finance Director
r-
t4o
CITY OF LA QUINTA
_ La Quinta, California
_ Comprehensive Annual Financial Report
Year Ended June 30, 2001
CITY OF LA QUINTA
La Quinta, California
Comprehensive Annual Financial Report
Year ended June 30, 2001
Prepared by
FINANCE DEPARTMENT
JOHN M. FALCONER
Director of Finance
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2001
TABLE OF CONTENTS
Page
— INTRODUCTORY SECTION
Letter of Transmittal
i
— List of Principal Officials
x
Organizational Chart
xi
Certificate of Award for Outstanding Financial Reporting (CSMFO)
xii
Certificate of Achievement for Excellence in Financial Reporting (GFOA)
xiii
FINANCIAL SECTION
Independent Auditors' Report
1
_ Management's Discussion and Analysis (Required Supplementary Information)
3
Basic Financial Statements:
— Government -wide Financial Statements:
Statement of Net Assets
16
Statement of Activities
17
Fund Financial Statements:
Governmental Funds:
Balance Sheet
18
Reconciliation of the Balance Sheet of Governmental Funds
_ to the Statement of Net Assets
20
Statement of Revenues, Expenditures and Changes in Fund Balances
22
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities
24
Proprietary Fund:
— Statement of Net Assets
25
Statement of Revenues, Expenses and Changes in Net Assets
26
Statement of Cash Flows
27
Fiduciary Funds:
Statement of Fiduciary Assets and Liabilities — Agency Funds
28
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2001
TABLE OF CONTENTS, (Continued)
Page
FINANCIAL SECTION. (Continued
Notes to the Basic Financial Statements
29
REQUIRED SUPPLEMENTARY INFORMATION:
Notes to Required Supplementary Information
71
Budgetary Comparison Schedules:
General Fund
72
Low/Moderate Income Housing Project Area No. 2 Fund
74
SUPPLEMENTARY SCHEDULES:
Non -Major Governmental Funds:
Combining Balance Sheet
76
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance
80
Non -Major Special Revenue Funds:
Budgetary Comparison Schedules:
State Gas Tax Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
86
Federal Assistance Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
87
Lighting and Landscape Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
88
State Law Enforcement Block Grant (SLEBG):
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
89
Quimby Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
90
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2001
TABLE OF CONTENTS, (Continued)
Page
Public Safety Fund:
— Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
91
Village Parking Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
92
_ South Coast Air Quality Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
93
_ Local Law Enforcement Block Grant (LLEBG):
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
94
Low/Moderate Income Housing Project Area No. 1 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
— Balances — Budget and Actual
95
Low/Moderate Bond — Project Area No. 1 Fund:
_ Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
96
Low/Moderate Bond — Project Area No. 2 Fund:
— Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
97
Major and Non -Major Debt Service Funds:
Budgetary Comparison Schedules:
Financing Authority Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
100
_ Redevelopment Agency Project Area No. 1 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
101
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2001
TABLE OF CONTENTS, (Continued)
Page
Redevelopment Agency Project Area No. 2 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 102
Major and Non -Major Capital Projects Funds:
Budgetary Comparison Schedules:
Infrastructure Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 104
Capital Improvement Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 105
Transportation Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 106
Parks and Recreation Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 107
Civic Center Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 108
Library Development Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 109
Community Center Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 110
Street Facility Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual III
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2001
TABLE OF CONTENTS, (Continued)
Park Facility Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
Assessment District 97-1 La Quinta Norte Construction Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
Assessment District 2001-1 Phase VI Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
Financing Authority Capital Projects Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
Redevelopment Agency Project Area No. 1 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
Redevelopment Agency Project Area No. 2 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
Agency Funds:
Combining Balance Sheet
Statement of Changes in Assets and Liabilities
Capital Assets Used in the Operation of Governmental Funds:
Schedule by Source
Schedule by Function and Activity
Schedule of Changes by Function and Activity
Page
112
113
114
115
116
117
120
122
126
127
128
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2001
TABLE OF CONTENTS, (Continued)
Table No. Page
STATISTICAL SECTION
General Fund Expenditures by Function
1
130
General Fund Revenue by Source
2
131
Property Tax Levies and Collections
3
132
Schedule of Net Taxable Value
4
133
Property Tax Rates - Direct and Overlapping Governments
5
134
Special Assessment Billings and Collections
6
135
Schedule of Direct and Overlapping Bonded Debt
7
136
Computation of Legal Debt Margin
8
137
Revenue Bond Coverage
9
138
Demographic Statistics
10
139
Property Value, Construction Activity, and Bank Deposits
11
140
Principal Taxpayers
12
141
Major Employers
13
142
Schedule of Insurance in Force
14
143
Miscellaneous Statistical Data
15
144
General Fund Balance Trends
16
145
P.O. Box 1504
78-495 CALLE TAMPICO
LA QUINTA, CALIFORNIA 92253
November 20, 2001
Honorable Mayor, City Council,
and City Manager
City of La Quinta
La Quinta, California
(760) 7 7 7 - 7 0 0 0
FAX (760) 777-7101
FY 2000-01 COMPREHENSIVE ANNUAL FINANCIAL REPORT LETTER OF TRANSMITTAL
The Fiscal year 2001 Comprehensive Annual Financial Report (CAFR) differs significantly from prior year
CAFR reports. This year's CAFR incorporates the financial and reporting requirements of Government
Accounting Standards Board Pronouncement No. 34 — The New Financial Reporting Model. The City has
elected early implementation of this accounting pronouncement, which in its most elementary terms
attempts to present the financial position and activities of a government organization on a basis comparable
to a for- profit organization.
We want to thank the City Council for their support in early implementation of this pronouncement; our
Certified Public Accountants, Conrad & Associates, for their knowledge and expertise; our infrastructure
consultants, Conrad Business Services for their valuation services; and other Departments, particularly the
Public Works Department, for their infrastructure data.
We are pleased to present the 2001 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, 2001. 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 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.
Honorable Mayor, City Council,
and City Manager
Document Structure
The CAFR is presented in three sections:
• Introductory;
• Financial; and,
• Statistical.
The introductory section includes this transmittal letter, the City's organizational chart, a list of principal
officials, and awards for excellence in financial reporting. The financial section consists of the audit opinion,
management's discussion and analysis of the financial statements and footnotes, and required supplementary
information. 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,
Sunline Transit, Palm Springs Desert Resorts Convention and Visitors Authority, and the Desert Regional
Resorts Airport Authority.
Background
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 January 1, 2001 was 26,300, an increase of 135% from 1990.
• Retail Sales of $235 million, a 580% increase from 1990;
• Taxable Sales of $295 million, a 341 % increase from 1990;
• Assessed Valuation of $3.194 billion, a 149% increase from 1990; and,
• Hotel Room sales over $39.6 million, a 98% increase from 1990.
The City area includes the beautiful La Quinta Hotel, several world class golf resorts, numerous single family
and multi -dwelling units and light commercial industries. The City has a beautiful 10,000 sq. ft Senior Center
for City residents. The Desert Sands Unified School District provides educational opportunities for school -age
children in La Quinta.
ii
Honorable Mayor, City Council,
and City Manager
The City has been experiencing rapid growth in population. During 2000, the population grew 12.7%, 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. The total number of full time authorized positions for 2000-2001 is 72.75. In
addition to the 261,300 permanent residents, approximately 12,600 seasonal residents spend three to six months
in the City.
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
Communitv Development
- Administration
- Planning
- South Coast Air Quality
- Redevelopment
iii
Honorable Mayor, City Council,
and City Manager
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 Visitors Authority, City promotion through 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 Company, public transit through Sunline Transit Agency, and
cable service through Time Warner.
Significant Events and Accomplishments
During 2000-01 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:
Real Estate
Single family construction accounted for $258 million in building permits while multifamily construction totaled
$12 million last year. La Quinta issued $1.26 billion worth of building permits during the last ten years,
averaging over $126 million per year. In 2000, construction increased 21 % to over $304 million, a record for
annual construction in the City.
Three auto dealers have opened at the Centre in La Quinta and an additional six -dealership pads, plus 400,000
square feet of retail, have been approved by the City.
Several other large commercial projects are moving forward, including Jefferson Plaza, a 218,000 square foot
retail center, Washington Square, a 775,000 square foot retail center, and La Quinta Court, a specialty shopping
center on Highway 111 anchored by high -end grocery and restaurant services.
Other large commercial projects include Point Happy, anchored by two restaurants under development, and
approval for a 110,000 square foot shopping center.
The La Quinta Corporate Center, including a 160-room hotel with restaurant, has been approved, and a new
World Gym and light industrial buildings are under construction.
The development of quality residential communities, including PGA West, Rancho La Quinta and the Traditions
has increased the assessed valuation of the City. Several other large projects have been approved and are
moving forward. Since 1990, assessed valuations have grown to $3.19 billion in 2000. In the last decade,
assessed values have increased 149%, substantially higher than the region's growth rate of 53%.
Housine
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 and available housing inventory.
iv
Honorable Mayor, City Council,
and City Manager
The U.S. Census has established the median home price at $140,000, which is lower than averages for San
Diego and Los Angeles Counties and the State of California.
There were 1,381 housing units built during 2001, which brings the number of total units within the City to
13,522. The 13,522 units consist of 10,252 detached single family residences, 2326 attached single family
residences, 697 multi family residences, and 247 mobile homes.
Tourism
La Quinta is well known for its many championship golf courses. The City is home to 16 championship courses,
and many more are in the planning or development stages. In addition to quantity, La Quinta has some of the
highest rated courses in the world of golf. Various golf tournaments, including the prestigious Bob Hope
Chrysler Classic, are exposing La Quinta internationally as a quality destination and golf resort area.
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.
Hotel room sales in La Quinta enjoyed dramatic growth to a record $40 million in 2000. The La Quinta Hotel,
the second largest destination resort in the Coachella Valley, was the largest contributor to this increase.
The City increased funding for the Palm Springs Desert Resort Convention Bureau for tourism promotion and
increased funding for marketing services.
Capital Improvements
_ The City completed over $12 million in capital improvements during 2000-01. Projects completed or nearing
completion include the Washington Street Bridge, Phase 1 Jefferson Street improvements, completion of various
road median projects, City Entrance Monuments, and several park and recreation improvement projects.
Several significant projects are continuing, including museum expansion, Village/Cove neighborhood
improvements, Civic Center Campus development, and several park and recreation capital projects.
'The City's Capital Improvement Program (CIP) continues to increase to meet the demands of growth, and totals
$47.2 million for the 2001-2002 program. This major commitment in infrastructure will continue to provide
for both the current and future growth that the City has experienced.
Community Facilities
The City completed the design phase of the museum expansion project. Phase I construction of the Community
Park and design for a new library are also in process, and continue to enhance community facilities available
- to La Quinta residents.
v
Honorable Mayor, City Council,
and City Manager
City Operations
The following is a partial listing of the accomplishments made by City staff to the citizens of La Quinta for
2000-2001:
Initiated a Geographic Information System (GIS) traffic analysis program, continued development of GIS data
base for city-wide planning, and obtained aerial photos of City boundaries and planning areas for GIS ;
Implemented an enhanced promotional program, including "City in Progress" ad campaign, supporting local
businesses;
Implemented an improved Optical Imaging system for document storage and record retrieval;
Received several grant awards for public safety, tire recycling and bicycle lanes;
Received awards in excellence for financial and budget reports;
Implemented upgrades in management information services, including additional servers, enhanced security,
and improvements in City web site;
Completed on and off -site improvements, and Phase I of the Redevelopment Agency housing project on Avenue
48, and initiated the second housing project on Avenue 48;
Continued update of General Plan and Housing Element, and completed the first draft of City's Design
Standards for development and traffic.
Future developments
Include: continued commercial development along the Highway 111 corridor, redevelopment financed property
development on Avenue 48 and completion of residential projects in the northern part of the City.
Financial Information
GASB 34 requires a separate "matter of fact" discussion of the City's financial condition that can be found in
the required supplementary information section entitled "Management Discussion and Analysis (MDA)".
The operating results for the City of La Quinta for FY 2000101 were very good and our financial condition
is the strongest since incorporation.
The City will be faced with future funding challenges that will require a dedicated effort to fulfill our
economic development plan to garner new and additional revenues. Management believes that the following
items will impact future budgets of the City of La Quinta that will have to be addressed with future revenues
or the use of our reserves:
The need for additional police services — As the population grows the City will be faced with the need to add
additional public safety officers.
The need for additional fire services — Coupled with the growth in population and the desire by fire professionals
to have three and four person crews, the City will need to address the need for additional fire service resources.
The need for a third fire station — The City has two fire stations and the City has made a commitment to build
and maintain a third fire station in the north part of the City.
The need to fund additional landscaping costs — As a result of Proposition 218, the City has been limited on the
vi
Honorable Mayor, City Council,
" and City Manager
use of City -Wide Lighting and Landscape Assessment District funding. The City has continued to add additional
street medians, has plans for a Civic Center Campus, and plans for an 18 acre lighted park that will require funds
to maintain.
The need to pay for the operations of additional public facilities — In the five year Capital Improvement Plan the
City has plans to build a municipal library, expand the museum, and expand City Hall.
The following paragraphs outline several of the major polices of the City and attempt to supplement and not
supplant the MDA which can be found later in this report.
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.
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 that 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. At year end, the City has prepared the required entries necessary to report the City
financial position and activities on an accrual basis of accounting which recognizes revenues when earned and
expenses when 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.
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.
vii
Honorable Mayor, City Council,
and City Manager
Budgetary Controls - 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 year's 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.
Gann Limit - Appropriations Subject to the Limit - 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.
Risk Management - The California Joint Powers Insurance Authority (CJPIA) was formed 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 workers 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.
City Retirement Costs - The City is a member of the California Public Employers Retirement System (PERS).
Employer contribution rates are reviewed and adjusted annually to achieve full funding for retirement benefits
by the year 2011.
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. 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.
Honorable Mayor, City Council,
and City Manager
Certificate 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 has received
the GFOA and CSMFO awards in prior years and are hopeful that these statements continue to receive these
awards.
Acknowledgments
This report could not have been accomplished without the dedicated services of the Finance Department staff.
Recognition is given to Amy Swan -Draper, Accounting Manager for her efforts in preparing the introductory
and financial sections, Vianka Orrantia, Secretary for her report preparation skills and Sharon Christensen,
Misaela Mendoza, Diane Martin and Pat Parker for their diligence in processing most of the transactions
reported upon in the financial section of this report. Again, we also appreciate the City Manager and City
Council for providing the resources necessary to prepare this report and for their role in preserving the City's
framework of internal controls and again wish to express our appreciate for the efforts of the Conrad &
Associates, CPA's audit team, for their professionalism in conducting the annual audit for the City of La Quinta.
Respe fully submitted,
ohn M. Falcone
Finance Director and Treasurer
ix
City of La Quinta
Directory of Officials
June 30, 2001
CITY COUNCIL
John Pena, Mayor
Stanley Sniff, Mayor Pro Tern
Terry Henderson, 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
Kathy Jenson, City Attorney
Dodie Horvitz, Community Services Director
June Greek, City Clerk
Chris Vogt, Public Works Director/City Engineer
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of La Quinta,
California
W For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2000
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 OfFjc -
�� or
WED STA �
"a to
� coR% rOlt4�04prdent
c�t�ce
Executive Director.
(This page intentionally left blank)
CONRADAND CERTIFIED PUBLIC ACCOUNTANTS
1100 MAIN STREET, SUITE C
ASSOCIATES, L.L.P. IRVINE, CALIFORNIA 92614
(949) 474-2020
Fax (949) 263-5520
The Honorable Mayor and City Council
City of La Quinta
La Quinta, California
Independent Auditors' Report
We have audited the accompanying basic financial statements of the City of La Quinta,
California as of and for the year ended June 30, 2001, as listed in the accompanying table of
contents. These basic financial statements are the responsibility of the management of the City of
La Quinta, California. Our responsibility is to express an opinion on these basic financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America 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 basic 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, 2001, and the
results of its operations and the cash flows of its proprietary fund types for the year then ended in
-- conformity with accounting principles generally accepted in the United States of America.
As discussed further in the notes to the basic financial statements, the accompanying financial
_ statements reflect certain changes in the presentation of financial data required as a result of the
implementation of GASB Statement No. 33 and 34 for the year ended June 30, 2001.
The information identified in the accompanying table of contents as management's discussion
and analysis and required supplementary information is not a required part of the basic financial
statements but is supplementary information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted principals of
inquiries of management regarding the methods of measurement and presentation of the
supplementary information. However, we did not audit the information and express no opinion
on it.
Our audit was made for the purpose of forming an opinion on the basic 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 basic financial statements of the City of La Quinta, California. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements, and in
our opinion, is fairly stated in all material respects in relation to the basic financial statements
taken as a whole. The scope of our audit did not include the statistical schedules listed in the
table of contents and we do not express an opinion on them.
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
In accordance with Government Auditing Standards, we have also issued a report dated
August 17, 2001 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.
That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be read in conjunction with this report in considering the results of our
audit.
L!�«sue a.-,�/ �soti:a�Fa �`•�
August 17, 2001
2
Management Discussion and Analysis
— The Management Discussion and Analysis (MDA) is intended to provide the reader of
the statements with a concise analysis of the financial results and financial position of the
City of La Quinta.
The New Reporting Model
— The impact of the new reporting model on the financial statements constitutes the biggest
change in the way governmental activities have previously been reported. We have to
return to the original "blue book" in the mid 1980's to recall such a major change in the
accounting and reporting of governmental activities. Overall, we believe that from a
financial reporting standpoint, the preparation of this document was one of the most
challenging for the governmental accounting profession. As will be discussed later in
detail, most discussion on the new reporting model has focused on infrastructure
reporting. While time consuming and tedious, to our surprise this area did not have the
challenges involved that accounting for revenues under Government Accounting
Standards Board (GASB) 33 and accounting for advances between the City and the
Redevelopment Agency had.
Two new statements have been presented entitled the Statement of Net Assets and
Statement of Activities. The purpose of the Statement of Net Assets is to report on the
financial and capital resources for all governmental funds in a single statement. The
purpose of the Statement of Activities is to report on the activity of the government's
operations and is presented in a format that reports the net (expense)/revenue of its
various functions.
In addition, the Governmental Funds Balance Sheet and Statement of Revenues,
Expenditures and Changes in Fund Balances have been classified into major and non -
major funds. These major and non -major funds are determined based upon criteria set
forth by the GASB. The GASB believed that this major and non -major classification
_ allows the reader to review the significant funds in one report rather than have the reader
determine what is a major fund and what is non -major.
Executive Summary
The operating results for the City of La Quinta for FY 2000/01 were very good and our
financial condition is the strongest since incorporation.
As a fast growing municipality, the City of La Quinta has been able to add to its general
_ reserves with both increases in develop related activities and on -going taxes and fees for
FY 2000/01. The future challenge will be to insure that these reserves and the on -going
taxes and fees will meet the demands for public services that a community at build out
will require.
3
Background
In this MDA section, the Finance Director departs from the past, which required a "just
present the reader with the facts" approach and enters into the future with a requirement
to "tell it like it is".
The analysis also is required to convey the financial results with an element of
subjectivity. This subjectivity is based upon the Finance Director's knowledge of the
City's "business cycle" and the possible economic factors that may impact the City. The
Government Accounting Standards Board is the rule making body that promulgates or .
sets the accounting rules. This rule making body is slowly but surely moving toward a
standard of accounting based upon the full accrual basis of accounting, which is required
for for -profit companies.
To accomplish this move toward a full accrual basis of accounting, many of the
government accounting software providers are incorporating features that will generate
two separate sets of statements. One set is produced on the modified accrual basis of
accounting and the other on the full accrual basis of accounting. The intent of this
software is to capture the data throughout the year necessary to push a button at the end
of the year and print out a statement based upon the modified accrual basis of accounting
and another statement based upon the full accrual basis of accounting.
The City accounting system is based upon the modified basis of accounting throughout
the year. Once a year, at year-end, the City prepares memo entries to convert the
modified basis of accounting throughout the year to the full accrual basis of accounting.
This conversion is prepared on a spreadsheet program and is given to our outside
auditors. No formal entries are entered into the accounting system to convert to the
accrual basis of accounting. Management believes this less formal conversion process is
simpler, more flexible and less costly for the City of La Quinta.
You may be asking yourself how significant is the change in the two reporting methods?
The following table summarizes the differences:
Description
Modified Accrual
Accrual
Change
Assets
99,767,266
393,307,247
293,539,981
Liabilities
32,397,271
99,749,971
67,352,700
Revenues
59,90006
52,338,164
(7,562,442)
Expenditures
54,546,974
27,841,749
(26,705,225)
Fund Balance/Net Assets
67,369,995
293,557,276
226,187,281
Revenues over expenditures
5,353,632
24,496,415
19,142,783
It is apparent that the change in accounting methods dramatically changes the way the
reader of the financial statements interprets the financial condition and operations of the
City. Management will attempt to present the reader with an analysis that is simpler to
understand and draws distinctions between the two accounting methods where possible.
4
The GASB requires that governmental agencies provide two years worth of financial
information so that the reader will be able to draw comparisons on the results of
operations and the financial position from year to year. Recognizing the additional
efforts required under this new reporting requirement, GASB has allowed municipalities
the option of reporting only a single year's worth of information in the first year of
implementation. The City of La Quinta has exercised this one-year option. Accordingly,
since only one year's worth of data is presented, this year's MDA will not reflect prior
years' data. Management will, therefore, limit its discussions of prior year's events to
more historical terms and will not present charts with data.
Assets
The following chart lists a condensed Statement of Net Assets for the fiscal year ending
June 30, 2001. In future years, this chart will contain a current to previous year
comparison.
CITY OF LA QUINTA
Condensed Statement of Net Assets
Governmental
Activities
2001
Current and other assets
$ 83,113,424
Capital assets
310,193,823
Total assets
393,307,247
Current and other liabilities
6,975,872
— Long term liabilities
92,774,099
Total liabilities
99,749,971
Net assets
Investment in capital assets,
net of related debt
217,419,724
Restricted
45,438,930
Unrestricted
30,698,622
Total net assets
$ 293,557,276
Emplo ewes.
_
The most important asset of the City of La Quinta is its employees. While not quantified
on the books, the City has 72.75 authorized full time equivalent positions to provide the
services required by the community.
5
Cash and Investments
The City of La Quinta has cash and investments on hand to meet both immediate and
long-term needs. The City Finance Director serves as the Treasurer and is appointed by
the City Manager. The City has a seven member Investment Advisory Board. It is
appointed by the City Council and meets monthly to review the Treasurer's Report and
provide valuable assistance to the Treasurer on current trends and topics in this area, as
well as annually reviewing the Investment Policy.
The City has a conservative investment policy, which is more restrictive than the policy
limitations set forth in 53601 of the Government Code of the State of California. The
Treasurer is required to prepare a monthly Treasurer's Report that certifies that he/she
believes that the City has, to the best of its ability, the cash to meet its obligations for the
next six months. During FY 00/01, the City has met this six- month liquidity
requirement. In addition, the City has a two-year (730-day) limitation on the maximum
maturity of our investments and has a buy/hold investment strategy, which does not
promote actively selling securities before their maturity, except for liquidity purposes.
During FY 00/01, the City did not sell an investment before maturity. Therefore, the
financial statements do not report any gains or losses on investments. The following
table lists the earnings rates and average maturity of the portfolio:
Summary of FY 00/01 Interest Rates/Earnings
Month
6 Month
Benchmark (%)
Average
Maturity
Days
Pool
Interest
Rate (%)
Fiscal Agent
Interest
Rate (%)
Total
Rate
All Earnings (%)
July 2000
6.28
220
6.37
6.17
6.31
August
6.38
232
6.43
6.11
6.35
September
6.26
231
6.34
5.92
6.25
October
6.33
209
6.34
6.20
6.31
November
6.32
181
6.46
6.20
6.40
December
5.74
156
6.46
5.97
6.38
January 2001
5.03
124
6.36
5.03
6.04
February
4.66
110
6.31
5.06
6.08
March
4.27
101
5.95
4.82
5.79
April
3.79
80
5.86
4.10
5.53
May
3.55
76
5.20
3.60
4.96
June 2001
3.34
65
4.98
3.50
4.70
Average 5.16 149 6.09 5.22 . 5.93
Ending cash balances - June 30, 2001
Total Interest Earnings for the year
$73,532,907
$5,135,466
During FY 00/01, interest rates dropped throughout the year with an inverted yield curve.
The average maturity of the portfolio was shortened to take advantage of the higher
T
yields on shorter -term investments. The Treasurer exceeded the benchmark 6 month
Treasury Bill rate in 9 of the 12 twelve months and overall for the year. Interest earned
on all funds totaled $5.1 million and the total portfolio at year-end increased to $73.5
million.
Receivables/Advances to Other Funds
The City of La Quinta does not have large receivable balances. We do not have any
enterprise activities such as a water or sewer department, which typically generate
receivable balances.
One of the interesting impacts of GASB 34 is the accounting for advances to and from
other funds which will be discussed in greater depth under the Advances from other funds
section of the MDA. The City has advanced funds to the City Redevelopment Agency to
promote economic activities within its boundary areas. The advances have no specified
due date and accrue interest at 10% per year. The intent is to repay these advances with
interest before the expiration of the Redevelopment Project Area Plan in approximately
thirty years. In addition, an outstanding advance from the General Fund to the Capital
Projects Fund for Public Improvements near Adams St and Hwy I I I has been made. The
outstanding balance as of June 30, 2001 is $ 12,024,009. Under GASB 34 these advances
to and from other funds have been eliminated from the Statement of Net Assets.
Capital Assets
The most debated topic of the new reporting model is the recording of fixed assets
including the City infrastructure assets and accumulated depreciation. The primary
purpose of including infrastructure assets in the financial statements is to report the total
amount of improvements and the amount that these assets have been depreciated. At
year-end, General Fixed Assets were 28% depreciated, Internal Service assets were 51 %
depreciated and infrastructure improvements were 57.5% depreciated. The higher
depreciation percentage indicates that the assets are older and will require accelerated
future expenditures in the future to replace aging assets.
Last year, the City recorded its fixed assets, except for internal service assets, in the
_ General Fixed Asset Group of Accounts and did not depreciate these assets. This year,
the assets have been included in the Statement of Net Assets and have been depreciated.
The City has an internal service fund for the replacement of equipment and major capital
items such as the roofs and air conditioners in the City Hall and Senior Center. In
addition to the general fixed assets, such as buildings, parks, computers and internal
service assets, the City has included its infrastructure assets in the Statement of Net
Assets. Infrastructure assets included in the Statement of Net Assets were City
maintained streets, street medians, curb and gutter, traffic signals, sidewalks, bridges, art-
work, sound walls, bike paths, storm drains and retention basins. Infrastructure assets not
included in the Statement of Net Assets were the construction costs of State Highway
111, private streets — generally behind gates, and public water, sewer, electricity, gas and
cable utilities maintained by others. Infrastructure assets, except for land, have been
depreciated to reflect a net infrastructure amount. In addition to the fixed assets and
infrastructure assets, capital assets also include construction in progress. Under the
7
modified accrual basis of accounting, the costs of these construction projects have
previously been expenditures and not reported in the Statement of Net Assets. Under the
new reporting model, these costs have been reported in the Statement of Assets. Projects
still in progress at year-end included the Phase 1 Jefferson Street project, Assessment
District 2000-1 improvements including the Village, the Civic Center Project, and the
Miraflores Housing and Apartment Project. The following chart details the fixed assets,
infrastructure assets, and construction in progress as of the end of the fiscal year:
CITY OF LA QUINTA
Fixed Assets and Construction in Progress
2001
Accumulated
Depreciated
Type
Life years
Total
Depreciation
Remaining
Percent
Fixed Assets
Land
N/A
$14,904,131
N/A
$14,904,131
General Fixed Assets
5-30
15,795,890
4,478,852
11,359,999
28.35%
Internal Service Fixed Assets
3-15
1,451,036
739,501
711,535
50.96%
32,151,057
5,218,353
26,975,665
Right of Way (ROW)
N/A
228,992,358
N/A
228,992,358
Art in Public Places
N/A
1,018,163
N/A
1,018,163
Subtotal
230,010,521
N/A
230,010,521
Street Pavement
20-25
44,982,465
34,179,428
10,803,037
Curbs/Gutters
50
6,969,878
2,390,746
4,579,132
Sidewalks
20
5,080,051
4,210,166
869,885
Median
50
5,193,405
1,373,020
3,820,385
Parking Medians
50
21,301
8,094
13,207
Bridges
35
9,933,145
1,508,311
8,424,834
Traffic Signals
20
3,847,342
1,033,242
2,814,100
Bike Paths
20
642,304
199,797
442,507
Sound Wall
20
74,200
3,710
70,490
Retention Basin
10
957,019
730,456
226,563
Storm Drains
50
2,028,035
229,452
1,798,583
79,729,145
45,866,422
33,862,723
57.53%
309,739,666
45,866,422
263,873,244
Construction in Progress
19,387,875
Total
$310,193,823
Liabilities
The City of La Quinta has incurred both short and long term debt. Most readers are
familiar with accounts payable, accrued salary, payroll taxes and developer deposits,
while others may be familiar with advances from other funds and bonds payable. The
City of La Quinta is current in meeting its short and long-term commitments and there is
no known violation of any bond indenture covenant. In addition, all bonds have been
insured and carry a "AAA" rating by a major rating agency. Subsequent to the balance
sheet date of June 30, 2001, Redevelopment Agency (RDA) Project Area 1 issued $48
million of "AAA" insured Tax Allocation Bonds. At the RDA's request, they asked
Standard and Poors to rate Project Area 1 on a stand-alone basis, which is without bond
insurance, and are pleased that it received an "A" "rating. Similar stand-alone ratings for
the City of La Quinta, RDA Project Area 2 and the Financing Authority are not available.
Advances From Other Fund
The General Fund has advanced funds to both the Redevelopment Project Area 1 and 2
Debt Service Funds. The City created the La Quinta Redevelopment Agency (RDA) and
its two project areas in accordance with State law to promote economic activities, remove
blight and provide low and moderate housing to its residents using property taxes
generated in each of the Project Areas. The Redevelopment Areas were created to keep
property tax revenues generated in its boundaries for projects in the project areas and to
be able to accelerate projects by issuing bonds and incurring other debt. Examples of the
projects funded to date include flood control projects at the top of the Cove, and
resurfacing of street, curb, and gutter in the Cove and Westward Ho areas. These types
of projects could not have been accomplished without the use of advances and bonds. As
of June 30, 2001, the City of La Quinta has advanced the RDA Project Debt Service Area
1 $4,973,326 and Debt Service Project Area 2 $6,961,249. The advances carry a 10%
interest rate with no specified repayment date.
Since the RDA Board is comprised of the City Council, GASB requires that the activities
of the RDA be included with the activities of the City. In the past these advances were
recorded in the General Long Term Debt Group of Accounts. Under the new reporting
model these advances have been recorded as liabilities in the individual fund statements.
As a result of this accounting change, both of these RDA Debt Service Area 1 and 2
funds have negative fund balances of $ (541,087) and $(6,258,943), respectfully. While
it is preferable to have funds with positive balances, it should be noted that these negative
balances were a result of the City advances. These advances have no specified re-
payment date and it is not the intent of Management to request repayment of the advances
in the near future. Rather, Management will seek future repayments from the debt
service funds when fund balances are available, which would be sometime before the
project areas expire — in approximately 30 years. Under GASB 34 these advances to and
from other funds have been eliminated from the Statement of Net Assets.
Long Term Liabilities
Long term liabilities consist of notes, bonds and pass -through agreements that have been
separated into the amount due in the next year and the amount due beyond.
9
In order to accelerate capital or housing projects, the City and RDA have issued bonds.
These bonds have also been insured to take advantage of lower debt service costs and
provide the investor with an added comfort level. In addition, as with a home mortgage,
we have refunded several of our bond issues to take advantage of lower interest rates,
which in turn has resulted in lower debt service costs.
The Statement of Net Assets has a long-term liability amount due within one year of
$11,399,079 and an amount due in more than one year of $81,375,020. The $11.4
million in one-year debt service is more than the normal annual debt service. The $11.4
million debt service includes an advance pass through payment of $8.6 million to the
County of Riverside for RDA Project Area 1. This payment was made earlier than
required, at the sole option of the RDA, from bond proceeds of a $48 million RDA Tax
Allocation Bond Issue executed after year-end.
NET ASSETS AND INTERNAL SERVICE FUNDS
The objective of the Statement of Net Assets is to provide a consolidated summary of the
City's assets, liabilities and net assets that reflects the City's fiscal worth and liquidity as
a whole. Over time the increases or decreases in total net assets will reflect the health of
the City. In order to report the unrestricted net assets of the City, the City must subtract
from its assets related liabilities, net investments in capital assets and restricted net assets.
Under the new reporting model, the total unrestricted net assets of the City of La Quinta,
RDA and Financing Authority is $30,698,622 as reported in the Statement of Net Assets.
As in the past, Management has elected, as detailed in the footnotes, to further restrict
and designate general fund balances that have not been reflected in the new Statement of
Net Assets. Management believes that these restrictions and designations reflect the
Council's desire to set aside funds to meet the requirements of a growing City and to be
available for future projects.
The total equity and other credits of the City is $293,557,276 of which $217,419,724
consists of capital assets, net of the related debt that was used in acquisition.
$45,438,930 consists of restrictions placed upon special revenue, capital projects, and
debt service funds leaving total unrestricted net assets of $30,698,622.
The City has one internal service fund — Equipment Replacement Fund that primarily
receives its revenues from charges for services from other City departments. Under the
new reporting model, the assets and liabilities of this internal service fund have been
included in the Statement of Net Assets.
ACTIVITIES
The objective of the Statement of Activities is to report the full cost of providing
government services for that year. The format also permits the reader to ascertain the
extent to which each function is either self-financing or draws from the general funds of
the government.
10
The following chart lists a condensed Changes in Net Assets for the fiscal year ending
June 30, 2001. In future years, this chart will contain a current to previous year
comparison.
CITY OF LA QUINTA
Changes in Net Assets
Revenues
Program revenues
Charges for services
Operating grants and
contributions
Capital grants
General revenues
Taxes
Investment income
Motor Vehicle in lieu
Other
Total revenues
Expenses
General government
Public safety
Community services
Planning and development
Public works
Interest
Total expenses
Excess (deficiency)
2001
$ 5,337,970
1,601,716
14,375,463
25,656,153
3,578,206
1,496,620
292,036
52.338.164
3,146,699
5,776,628
940,881
6,146,998
5,968,911
5.861.632
$ 24,496,415
The Statement of Activities starts with functional expenses, subtracts out functional
revenues to arrive at a net number for each function, and then subtracts out all general
revenues to arrive at the net change in net assets for the reporting period.
The functional expenses for FY 00/01 were $27,841,749, and functional revenues of
$21,315,149 were subtracted to arrive at a net cost of $6,526,600. The $6,526,600 is then
subtracted from $31,023,015 in general revenues to arrive at a net change of $24,496,415.
As mentioned earlier, this net change of $24,496,415 reported in the Statement of
_ Activities compares to a net change of $5,353,632 under the modified accrual basis of
accounting. The primary reasons for the differences between the two amounts are: 1) the
net capitalization of $6.9 in infrastructure improvements, 2) a reduction in $4.5 million
of long-term principal debt and 3) the revenue recognition of $7.5 million in deferred
revenue.
11
REVENUES
General Fund Revenues
La Quinta shared in the national and state economic prosperity during FY 00/01. The
City has been seen by homebuilders and by homebuyers as a suitable place to build and
live. Homebuilders have seen La Quinta as a place to build homes because of the
availability of land and labor which has resulted in greater than budgeted development
fees and charges for services. Homebuyers have seen La Quinta as a place to buy
because of lower interest rates and good home values which has resulted in greater
property taxes, sales taxes and motor vehicle registration taxes. As a result of the
increased population, and because of available land along the Highway 111 corridor, the
City is experiencing retail growth that has added sales taxes to the City. The City is
home to a world class destination resort which continues to generate transient occupancy
taxes. Interest income has increased based upon a higher beginning fund balance and
higher than expected revenues generated during the year. With this as background, the
following chart reflects the major revenue categories of the General Fund:
Revenues:
Original
Budget
Final
Budget
Actual
Favorable/
(Unfavorable)
Taxes
$71559,790
$7,559,790
$10,331,970
$2,772,180
Licenses and permits
802,900
802,900
2,057,423
1,254,523
Charges for services
877,425
884,703
1,998,589
1,113,886
Intergovernmental
1,511,350
1,626,705
2,164,891
538,186
Investment income
1,531,632
1,531,632
2,513,789
982,157
Miscellaneous
68,900
68,900
43,547
(25,353)
Total revenues
$12,351,997
$12,474,630
$1%110,209
$6,635,579
In summary, the revenues of the General Fund exceeded budget projections by $6.6
million. Of this $6.6 million, approximately $3 million is from development related
sources generated from permits, fees for services and grant revenues.
Other Revenues
The Statement of Activities lists $15,324,183 in tax increment funds collected. As
previously discussed, these funds are used for repayment of RDA debt and low and
moderate housing. This year the two RDA Project Areas (1 and 2) property tax
valuations have increased an average of 20% based upon new growth and higher County
Tax Assessor's assessments on existing properties. In addition, far fewer assessment
appeals at the County Assessor's office are outstanding.
EXPENSES
The Statement of Activities lists $22,739,303 in expenses for FY 00/01. Of this amount
the three largest categories are $6.1 million in Planning and Development which includes
the RDA, $5.8 million in interest debt service costs for outstanding debt, and $5.7 million
In Public Safety, which includes the costs of the County of Riverside Sheriff's contract.
The Statement of Activities does not include fire protection and library service costs.
12
The City contracts with the California Department of Forestry through the County of
Riverside for fire services and with a private vendor for library services. Through an
— agreement with the County of Riverside, $1,779,228 for fire services and $826,510 for
library services was withheld from our property tax increment payments.
General Fund Expenses
The following table lists the $11,668,362 in general fund expenditures included in the
Statement of Activities.
Expenditures
Original
Budget
Final
Budget
Actual
Favorable/
(Unfavorable)
General government
$3,190,858
$3,117,380
$3,063,640
$53,740
Public safety
5,248,032
5,958,325
5,636,154
322,171
Community services
932,599
9985249
8175460
180,789
Planning and development
8395500
15181,365
733,579
447,786
Public works
1,741,861
11964,891
1,417,529
5475362
Total expenditures
$11,952,850
$135220,210
$1156%362
$1,551,848
The major increases in the original and final budget for public safety consisted of
increases in the Building and Police divisions. The Building Division increases were
additional contract building inspectors and plan check services to deal with the increased
building activity in the City of La Quinta. Police services were increased for enhanced
special projects, which were 100% offset by grant funding. The major increase between
the original and final budget for planning and development consisted of funding for the
general plan and housing element. And finally, the major increases in public works
budgets consisted of increases in plan check contracts to service new developments and
additional slurry seal projects for road repair.
Major increases in actual costs for FY 00/01 can be attributed to higher legal costs, added
police positions, additional building inspection contract services, additional building plan
check contract services, and additional engineering plan check contract services.
Major and Non -Major Funds
The City has identified five major funds for FY 00/01 — General Fund, Low & Moderate
Income Housing Project Area 2 Fund, Debt Service RDA No.1 Fund, Debt Service RDA
No.2 Fund, and Capital Projects Fund. GASB has set forth criteria for identifying major
funds based upon the size of their balance statements or financial activity during the year.
Major funds can change from year to year except for the General Fund, which is always
considered a major fund. In addition, management is given the latitude to identify any
additional major funds, even though the funds may not meet the GASB criteria. The City
of La Quinta has not identified a non -major fund to classify as major fund.
The purpose of this major and non -major classification is to highlight for the reader those
funds that have a material impact on the City financial statement which may warrant
closer review by the reader.
13
Conclusion
As was mentioned in the Executive Summary, Management is pleased to report that the
City of La Quinta was able to add to its reserves for FY 00/01. We hope you find this
financial report, based upon the GASB 34 reporting model, helpful in your evaluation of
the financial position and the operations of the City of La Quinta. If you have any
questions about this report, please feel free to give me a call, John Falconer, CPA at 760-
777-7150.
14
BASIC FINANCIAL STATEMENTS
15
CITY OF LA QIJINTA
Statement of Net Assets
June 30, 2001
Governmental
Activities
Assets:
Cash and investments (note 2)
$ 60,446,544
Accounts receivable
2219420
Taxes receivable
242,764
Prepaid items
274,580
Interest receivable
477,890
Notes receivable (note 4)
8,861,382
Due from other governments
2,3289315
Deposits
29175
Restricted assets:
Cash and investments with fiscal agent (note 2)
1092589354
Capital assets (note 5):
Land
139981,170
Construction in progress
1993871,875
Other capital assets, net
276,824,778
Total assets 393,3079247
Liabilities:
Accounts payable
32170,751
Accrued salaries and benefits
197,842
Interest payable
15479,973
Deposits payable
1,396,422
Due to other governments
730,884
Noncurrent liabilities (notes 6 to 13):
Due within one year
11,469,079
Due in more than one year
81,305,020
Total liabilities 99,749,971
Net assets:
Invested in capital assets, net of related debt
217,419,724
Restricted for:
Public safety
72,249
Planning and development
2%498,191
Public works
12,442,770
Debt service
3,425,720
Unrestricted
30,698,622
Total net assets $ 293,557,276
See accompanying notes to the basic financial statements.
16
CITY OF LA QUINTA
Statement of Activities
Year Ended June 30, 2001
Program Revenues
Operating
Capital
Net
Charges for Contributions
Contributions
Governmental
Expenses Services and Grants
and Grants
Activities
Governmental activities:
General government
$ 3,146,699 214,601 -
10,000
(2,922,098)
Public safety
59776,628 2,860,434 157,778
22,882
(2,735,534)
Community services
940,881 123,960 197,587
31 Al
(588,053)
Planning and development
63,146,998 709,033 454,137
-
(4,983,828)
Public works
5,968,911 1,4299942 792,214
14,311,300
109564,545
Interest expense
59861,632 - -
-
(5,861,632)
Total governmental activities
$ 27,841,749 5,337,970 1,601,716
149375,463
(69526,600)
General revenues:
Taxes:
Property taxes
Tax increment
Sales taxes
Transient occupancy taxes
Franchise taxes
Other taxes
Investment income
Motor vehicle in lieu
Miscellaneous revenues
Total general revenues
Change in net assets
Net assets at beginning of year
Net assets at end of year
See accompanying notes to the basic financial statements.
1,162,534
15,324,183
3,778,583
4,249,753
625)790
515,310
3,578,206
11496,620
292,036
31,023,015
241496,415
269,060,861
$ 293,557,276
17
CITY OF LA QUINTA
Governmental Funds - Balance Sheet
June 30, 2001
Special Revenue
Debt Service Funds
Low/Moderate
Income
Redevelopment
Redevelopmen
Housing -
Agency -
Agency -
General
PA No. 2
PA No. 1
PA No. 2
Assets
Cash and investments (note 2)
$
24,81251490
351740,675
4,173,459
1,1815553
Cash with fiscal agent (note 2)
-
-
199,964
2,143
Accounts receivable
721221
-
-
-
Taxes receivable
242,764
-
-
-
Prepaid items
271,065
-
-
-
Interest receivable
477,057
-
-
-
Notes receivable (note 4)
-
102751172
-
-
Due from other fiinds (note 18)
7817340
-
I00,000
-
Due from other governments
669,912
123149
159,715
481595
Advances to other funds (note 18)
1151472,971
395135
-
-
Deposits
25,175
-
-
-
Total assets
$
38,801,995
14,419,131
4,633,138
1,232,291
Liabilities and Fund Balances
Liabilities:
Accounts payable
$
1,714,868
2451644
-
-
Accrued salaries and benefits
172,981
162469
-
-
Deferred revenue
1137800
10,627,172
-
-
Deposits payable
13,1753,876
-
-
-
Due to other funds (note 18)
-
-
-
-
Due to other governments
-
-
2001,899
529,985
Advances from other funds (note 18)
-
-
4,973,326
6,9611249
Total liabilities
3,1772525
10,668,285
5,174,225
7,491,234
Fund Balances:
Fund balances (deficits) (note 24):
Reserved for:
Debt service
-
-
-
-
Bond projects
-
-
-
-
Prepaid items
271,065
-
-
-
Deposits
2,175
-
-
-
Advances to other funds
11,472,971
39,135
-
-
Notes receivable
-
-
-
-
Unreserved, reported in (note 25):
General fund
23,8781259
-
-
-
Special revenue funds
-
32711,711
-
-
Debt service funds
-
-
(541,087)
(6,258,943)
Capital projects funds
-
-
-
-
Total fund balances
35,62451470
317505,846
(541,087)
(6,258,943)
Total liabilities and fund balances
$
38,8011995
1424192131
4,633,138
11,2321291
See accompanying notes to the basic financial statements.
18
Capital Proiects
Other
Capital
Governmental
Improvement
Funds
Totals
549,762
23,863,029
58,320,968
-
10,056,247
10,258,354
-
149,199
221,420
-
-
242,764
_ -
3,515
274,580
-
833
477,890
-
2,861,382
13,488,554
987,263
259,634
2,128,237
1,106,058
331,886
2,328,315
-
511,903
12,024,009
2,175
2,643,083 38,037,628 99,767,266
1,351,731
74,865
3,166,108
8,392
-
197,842
987,263
13025,536
12,753,771
2063,263
142283
1,396,422
-
22128,237
2328,237
-
-
7302884
89,434
-
122024,009
2,643,083
3,2422921
322397,273
- 9,909
9,909
- 10,054,701
10,054,701
- 3,515
274,580
- -
2,175
- 511,903
12,024,009
- 2,861,382
2,861,382
- -
2398789259
- 2,6419284
69352,995
- -
(6,800,030)
- 18,7129013
1897129013
- 34,794,707
67,369,993
2,6439083 389037,628
99,7679266
19
CITY OF LA QUINTA
Governmental Funds
Reconcilation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
June 30, 2001
Fund balances of governmental funds
Amounts reported for governmental activities in the statement of
net assets are different because:
Capital assets, net of depreciation, have not been included
as financial resouces in governmental fund activity.
Long term debt and compensated absences from the General Long Term
Debt Account Group that have not been included in the governmental
fund activity:
Bonds payable
Compensated absences
Other long term liabilities
Accrued interest payable for the current portion of interest due on
bonds payable has not been reported in the governmental funds.
Revenues that are measurable but not available. Amounts are recorded
as deferred revenue under the modified accrual basis of accounting.
$ 67,369,993
3091482,288
(72,085,000)
(373,537)
(20,315,562)
(1,479,973)
8,126,599
Internal service funds are used by mangement to charge the costs of
certain activities, such as equipment management, to individual funds.
The assets and liabilities of the internal service funds must be added
to the statement of net assets 2,832,468
Net assets of governmental activities $ 293,557,276
See accompanying notes to the basic financial statements.
20
(This page intentionally left blank)
21
CITY OF LA QUINTA
Governmental Fund Types - Statement of Revenues, Expenditures and Changes in Fund Balances
Year Ended June 30, 2001
Special Revenue
Debt Service Funds
Low/Moderate
Income
Redevelopment
Redevelopment
Housing -
Agency -
Agency -
General
PA No. 2
PA No. 1
PA No. 2
Revenues:
Taxes
$ 10,331,970
1,51700
14,948,451
6,070,400
Licenses and permits
2,057,423
-
-
-
Charges for services
1,998,589
-
-
-
Developer fees
-
-
-
-
Intergovernmental
21164,891
-
-
-
Investment income
2,513,789
185,625
575,845
84,159
Special assessments
-
-
-
-
Rental income
-
-
-
-
Gain (loss) on sale of land
-
-
-
-
Miscellaneous
43,545
-
-
-
Total revenues
19,110,207
1,703,225
15,524,296
6,154,559
Expenditures:
Current:
General government
3,063,641
-
-
-
Public safety
5,636,154
-
-
-
Community services
817,460
-
-
-
Planning and development
733,579
837,605
237,341
98,580
Public works
1,417,528
-
-
-
Capital projects
-
-
-
-
Debt service:
Principal
-
-
3,349,544
155,531
Interest
-
-
4,228,397
1,229,894
Payments under pass -through
obligations
-
-
6,231,592
4,717,789
Total expenditures
11,668,362
837,605
14,046,874
6,201,794
Excess (deficiency) of revenues
over (under) expenditures
7,441,845
865,620
1,477,422
47,235
Other financing sources (uses):
Transfers in (note 22)
238,565
-
1,739,031
338,760
Transfers out (note 22)
(828,438)
(492,139)
(3,888,672)
(1,230,180)
Total other financing sources (uses) (589,873)
(492,139)
(2,149,641)
(891,420)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures
and other financing uses
6,851,972
373,481
(672,219)
(938,655)
Fund balances at beginning of year,
as restated (note 21)
28,772,498
3,377,365
131,132
5,320,288
Fund balances at end of year
$ 35,624,470
3,750,846
541,087
6,258,94D
See accompanying notes to the basic financial statements.
22
Capital Projects
—
Other
Capital
Governmental
Improvement
Funds
Totals
-
3,737,113
3605,534
-
-
2,057,423
— -
-
1,998,589
276,149
2,316,249
2,592,398
6,414,543
820,906
9,400,340
-
1,534,501
4,893,919
-
782,610
782,610
-
1,067,076
1,067,076
-
406,461
406,461
— -
52,711
96,256
6,690,692
10,717,627
59,900,606
-
211,983
3,275,624
-
-
5,636,154
-
-
817,460
-
4,437,659
6,344,764
-
1,196,400
2,613,928
— 14,388,395
67,919
14,456,314
745,345
260,000
4,510,420
_ 65,683
418,955
5,942,929
-
-
10,949,381
_ 15,199,423
6,592,916
54,546,974
(8,508,731)
4,124,711
5,353,632
8,508,731
7,086,428
17,9l l,515
-
(11,472,086)
(17,9l l,515)
_ 8,508,731
(4,385,658)
-
- (260,947)
5,353,632
— - 35,055,654
62,016,361
- 34,794,707
67,369,993
23
CITY OF LA QUINTA
Reconcilation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
Year Ended June 30, 2001
Net changes in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of
activities is different because:
Governmental funds report capital outlay as expenditures. However, in
the statement of activities, the cost of those assets is allocated over their
estimated useful lives as depreciation expense. This is the amount by which
capital outlays exceeded depreciation in the current period.
Repayment of bond principal is an expenditure in the governmental funds,
but the repayment reduces long-term liabilities in the statement of net assets.
The statement of net assets includes accrued interest on long term debt.
To record as an expense the net change in compensated absences in the
statement of activities.
Revenues that are measurable but not available. Amounts are not recorded
as revenue under the modified accrual basis of accounting.
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management, to individual funds. The net revenues
(expenses) of the internal service funds is reported with governmental activities.
Change in net assets of governmental activities
See accompanying notes to the basic financial statements.
$ 5,353,632
6,886,806
4,510,420
28,403
(51,545)
7,496,990
271,709
$ 24,496,415
24
CITY OF LA QUINTA
Proprietary Fund
Statement of Net Assets
June 30, 2001
Governmental Activities -
Internal Service Fund -
Equipment Replacement
Assets
Current assets:
Cash and investments
Property, plant and equipment, net
Total assets
Liabilities
Current liabilities:
Accounts payable
Net Assets
Invested in capital assets, net of related debt
Unrestricted
Total net assets
See accompanying notes to the basic financial statements.
$ 2,125,576
711,534
2,837,110
41643
711,534
2,120,933
$ 2,832,467
25
CITY OF LA QUINTA
Proprietary Fund
Statement of Revenues, Expenses and Changes in Net Assets
Year ended June 30, 2001
Governmental Activities -
Internal Service Fund -
Equipment Replacement
Operating revenues:
Charges for services
$ 364,748
Miscellaneous
10,000
Total operating revenues
374,748
Operating expenses:
Fuel and oil
34,057
Maintenance and parts
104,237
Depreciation
106,760
Other operating expenses
295
Total operating expenses
245,349
Operating income (loss)
129,399
Non -operating revenues (expenses):
Investment income
119,427
Total non -operating revenues (expenses)
11 %427
Income (loss) before transfers
and capital contributions
248,826
Capital contributions
22,882
Changes in net assets
271,708
Net assets at beginning of year, as restated
2,560,759
Net assets at end of year
$ 2,832,467
See accompanying notes to the basic financial statements.
26
CITY OF LA QUINTA
Proprietary Fund
Statement of Cash Flows
Year ended June 30, 2001
Governmental Activities -
Internal Service Fund -
Equipment Replacement
Cash flows from operating activities:
Cash received from other customers $ 3741,748
Cash payments to suppliers for goods and services (139,288)
Net cash provided by (used for) operating activities 23 5,460
Cash flows from capital and related activities:
Purchase of fixed assets (84,760)
Net cash provided by (used for) capital and related activities (84,760)
Cash flows from investing activities:
Interest received on investments 11 %427
Net cash provided by (used for) investing activities 119,427
Net increase (decrease) in cash and cash equivalents 270,127
Cash and cash equivalents at beginning of year 15855,449
Cash and cash equivalents at end of year $ 2,125,576
Reconciliation of operating income to net cash provided by
operating activities:
Operating income (loss) $ 12%399
Adjustments to reconcile operating income (loss) to net
cash provided by operating activities:
Depreciation 106,760
Adjustments:
Decrease (increase) in accounts payable (699)
Net cash provided by (used for) operating activities $ 23 5,460
Noncash capital, financing and investing activities:
Fixed assets contributed by other funds $ 22,882
See accompanying notes to the basic financial statements.
27
CITY OF LA QUINTA
Agency Funds
Statement of Fiduciary Assets and Liabilities
June 30, 2001
Assets
Cash and investments (note 2) $ 2,828,009
Total assets $ 2,828,009
Liabilities
Accounts payable
$ 8,500
Deposits payable
704,858
Due to bondholders
2,1149651
Total liabilities
$ 2,828,009
See accompanying notes to the basic financial statements.
28
-_- -- - --
CITY OF LA QUINTA
Notes to the Basic Financial Statements
Year ended June 30, 2001
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.
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 stat
component units, which are entities for wl
financially accountable. The City is consi
an organization if the City appoints a
governing body and the City is able to i
there is a potential for that organization to
impose specific financial burdens on the
financially accountable if an organization
adopt its budget, levy taxes, set rates or
approval from the City). In certain case
component units if the nature and signifi(
are such that their exclusion would caus
misleading or incomplete.
;ments present the government and its
,ich the government is considered to be
Jered to be financially accountable for
toting majority of that organization's
mpose its will on that organization or
provide specific financial benefits to or
'.',ity. The City is also considered to be
s fiscally dependent (i.e., it is unable to
charges, or issue bonded debt without
s, other organizations are included as
ance of their relationship with the City
the City's financial statements to be
All of the City's component units are considered to be blended component units.
Blended component units, although legally separate entities, are, in substance,
part of the government's operations and so data from these units are reported with
the interfund data of the primary government.
The following organizations are considered to be component units of the City:
La Quinta Redevelopment Agency
The La Quinta Redevelopment Agency (Agency) has established two
redevelopment projec
Code, Section 33000
29, 1983 and May
Redevelopment Plans
No. 2, respectively.
deterioration, which
is legally separate, it
t
29
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
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 are not prepared.
(b) Basis of Accounting and Measurement Focus
The basic financial statements of the City are composed of the following:
• Government -wide financial statements
• Fund financial statements
• Notes to the financial statements
Financial reporting is based upon all GASB pronouncements, as well as the FASB
Statements and Interpretations, APB Opinions, and Accounting Research
Bulletins that were issued on or before November 30, 1989 that do not conflict
with or contradict GASB pronouncements. FASB Pronouncements issued after
November 30, 1989 are not followed in the preparation of the accompanying
financial statements.
Government -wide Financial Statements
Government -wide financial statements display information about the reporting
government as a whole, except for its fiduciary activities. These statements
include separate columns for the governmental and business -type activities of the
primary government (including its blended component units), as well as its
discreetly presented component units. The City of La Quinta has no business -type
activities or discretely presented component units. Eliminations have been made
in the Statement of Activities so that certain allocated expenses are recorded only
once (by function to which they were allocated). However, general governmental
expenses have not been allocated as indirect expenses to the various functions of
the City.
30
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
Government -wide financial statements are presented using the economic
resources measurement focus and the accrual basis of accounting. Under the
economic resources measurement focus, all (both current and long-term)
economic resources and obligations of the reporting government are reported in
the government -wide financial statements. Basis of accounting refers to when
revenues and expenditures are recognized in the accounts and reported in the
financial statements. Under the accrual basis of accounting, revenues, expenses,
gains, losses, assets, and liabilities resulting from exchange and exchange -like
transactions are recognized when the exchange takes place. Revenues, expenses,
gains, losses, assets, and liabilities resulting from nonexchange transaction are
recognized in accordance with the requirements of GASB Statement No. 33.
Program revenues include charges for services, special assessments, and
payments made by parties outside of the reporting government's citizenry if that
money is restricted to a particular program. Program revenues are netted with
program expenses in the statement of activities to present the net cost of each
program.
Amounts paid to acquire capital assets are capitalized as assets in the government -
wide financial statements, rather than reported as an expenditure. Proceeds of
long-term debt are recorded as a liability in the government -wide financial
statements, rather than as an other financing source. Amounts paid to reduce long-
term indebtedness of the reporting government are reported as a reduction of the
— related liability, rather than as an expenditure.
Fund Financial Statements
The underlying accounting system of the City is organized and operated on the
basis of separate funds, each of which is considered to be a separate accounting
entity. The operations of each fund are accounted for with a separate set of self -
balancing accounts that comprise its assets, liabilities, fund equity, revenues and
expenditures or expenses, as appropriate. Governmental resources are allocated to
and accounted for in individual funds based upon the purposes for which they are
to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government's governmental,
proprietary, and fiduciary funds are presented after the government -wide financial
statements. These statements display information about major funds individually
and nonmaj or funds in the aggregate for governmental and enterprise funds.
Fiduciary statements include financial information for fiduciary funds and similar
component units. Fiduciary funds of the City primarily represent assets held by
the City in a custodial capacity for other individuals or organizations.
31
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
Governmental Funds
In the fund financial statements, governmental funds are presented using the
modified -accrual basis of accounting. Their revenues are recognized when they
become measurable and available as net current assets. Measurable means that
the amounts can be estimated, or otherwise determined. Available means that the
amounts were collected during the reporting period or soon enough thereafter to
be available to finance the expenditures accrued for the reporting period. The City
uses a thirty day availability period.
Revenue recognition is subject to the measurable and availability criteria for the
governmental funds in the fund financial statements. Exchange transactions are
recognized as revenues in the period in which they are earned (i.e., the related
goods or services are provided). Locally imposed derived tax revenues are
recognized as revenues in the period in which the underlying exchange
transaction on which they are based takes place. Imposed non -exchange
transactions are recognized as revenues in the period for which they were
imposed. If the period of use is not specified, they are recognized as revenues
when an enforceable legal claim to the revenues arises or when they are received,
whichever occurs first. Government -mandated and voluntary non -exchange
transactions are recognized as revenues when all applicable eligibility
requirements have been met.
In the fund financial statements, governmental funds are presented using the
current financial resources measurement focus. This means that only current
assets and current liabilities are generally included on their balance sheets. The
reported fund balance (net current assets) is considered to be a measure of
"available spendable resources." Governmental fund operating statements present
increases (revenues and other financing sources) and decreases (expenditures and
other financing uses) in net current assets. Accordingly, they are said to present a
summary of sources and uses of "available spendable resources" during a period.
Non -current portions of long-term receivables due to governmental funds are
reported on their balance sheets in spite of their spending measurement focus.
Special reporting treatments are used to indicate, however, that they should not be
considered "available spendable resources," since they do not represent net
current assets. Recognition of governmental fund type revenues represented by
noncurrent receivables are deferred until they become current receivables.
Noncurrent portions of other long-term receivables are offset by fund balance
reserve accounts.
Because of their spending measurement focus, expenditure recognition for
governmental fund types excludes amounts represented by noncurrent liabilities.
Since they do not affect net current assets, such long-term amounts are not
recognized as governmental fund type expenditures or fund liabilities.
32
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
Amounts expended to acquire capital assets are recorded as expenditures in the
year that resources were expended, rather than as fund assets. The proceeds of
long-term debt are recorded as an other financing sources rather than as a fund
liability. Amounts paid to reduce long-term indebtedness are reported as fund
expenditures.
When both restricted and unrestricted resources are combined in a fund, expenses
are considered to be paid first from restricted resources, and then from
unrestricted resources.
Proprietary Funds
The City's internal service funds are proprietary funds. In the fund financial
statements, proprietary funds are presented using the accrual basis of accounting.
Revenues are recognized when they are earned and expenses are recognized when
the related goods or services are delivered. In the fund financial statements,
proprietary funds are presented using the economic resources measurement focus.
This means that all assets and all liabilities (whether current or noncurrent)
associated with their activity are included on their balance sheets. Proprietary
fund type operating statements present increases (revenues) and decreases
(expenses) in total net assets.
Amounts paid to acquire capital assets are capitalized as assets in the internal
service fund financial statements, rather than reported as an expenditure. Proceeds
of long-term debt are recorded as a liability in the internal service fund financial
statements, rather than as an other financing source. Amounts paid to reduce long-
term indebtedness of the internal service fund are reported as a reduction of the
related liability, rather than as an expenditure.
Fiduciary Funds
The City's fiduciary funds are agency funds. Agency funds are custodial in
nature. Assets equal liabilities. Agency funds use the accrual basis of accounting.
(c) Major Funds, Internal Service Funds and Fiduciary Fund Types
The City's major funds are as follows:
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.
33
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
1) Summary of Sianificant Accountina Polices, (Continued
Low/Moderate Income Housing — Project Area No. 2 Fund — This special revenue
fund is used 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.
Redevelopment Agency Debt Service — Project Area No. 1 Fund — This debt
service fund is used to account for the accumulation of resources for the payment
of debt service for bond principal and interest and trustee fees for Project Area
No. 1.
Redevelopment Agency Debt Service — Project Area No. 2 Fund — This debt
service fund is used to account for the accumulation of resources for the payment
of debt service for bond principal and interest and trustee fees for Project Area
No. 2.
Capital Improvement Fund — This capital projects fund is used to account for the
planning, design and construction of various capital projects throughout the City
of La Quinta and the Redevelopment Agency.
Other fund types of the City are as follows:
Internal Service Fund — This fund accounts for equipment and vehicle
maintenance and replacement services provided to other departments on a cost -
reimbursement basis.
Agency Funds — These funds account for assets held by the City as an agency for
assessment district bondholders and for Arts in Public Places donations.
(d) Investments
For financial reporting purposes, investments are adjusted to their fair value
whenever the difference between fair market value and the carrying amount is
material.
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.
34
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
1) Summary of Significant Accounting Polices, (Continued
(e) 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.
(f) Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical
records are available and at an estimated historical cost where no historical
records exist. Contributed fixed assets are valued at their estimated fair market
value at the date of the contribution. Generally, fixed asset purchases in excess of
$500 are capitalized if they have an expected useful life of three years or more.
Capital assets include public domain (infrastructure) general fixed assets
consisting of certain improvements including roads, streets, sidewalks, medians,
and storm drains.
Capital assets used in operations are depreciated over their estimated useful lives
using the straight-line method in the government —wide financial statements and in
_ the fund financial statements of the internal service funds. Depreciation is charged
as an expense against operations and accumulated depreciation is reported on the
respective balance sheet.
The following schedule summarizes fixed asset useful lives:
Buildings and improvements 10-30 years
Equipment and furniture 3-20 years
Vehicles 5-10 years
Infrastructure 10-50 years
(g) 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
35
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
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.
(h) Postemployment Benefits
The City does not provide postemployment benefits (other than pension benefits)
to its employees.
36
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37
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
�l) Summary of Significant Accounting Policies, (Continued)
(i) Explanation of Differences between Governmental Funds
Balance Sheet and the Statement of Net Assets
"Total fund balances" of the City's governmental funds of
$67,369,993 differs from "net assets" of governmental activities of
$293,557,276 reported in the statement of net assets. This difference
is primarily a result from the long-term economic focus of the
statement of net assets versus the current financial resources focus of
the governmental fund balance sheets.
Capital Related Items
When capital assets (land, buildings, equipment) that are to be used
in governmental activities are purchased or constructed, the cost of
those assets are reported as expenditures in governmental funds.
However, the statement of net assets includes those capital assets
among the assets of the City as a whole:.
Infrastructure
Construction in progress
Cost of capital assets
Accumulated depreciation
Long -Term Liabilities
Long-term liabilities applicable to the City's governmental activities
are not due and payable in the current period and accordingly are not
reported as fund liabilities. All liabilities, both current and long term
are reported in the statement of net assets. Balances at June 30, 2001
were:
Compensated absences
Bonds payable
Other long term liabilities
Interest Payable
Accrued liabilities in the statement of net assets differs from the
amount reported in the governmental funds due to accrued interest
on bonds payable.
Increases Decreases Balance
- $ 67,369,993
309,739,666
19,387,875 -
30,700,021 -
- (50,345,274)
359,827,562 (50,345,274)
- (373,537)
- (72,085,000)
- (20,315,562)
(92,774,099)
- (1,479,973)
38
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
�11 Summary of Significant Accounting Policies. (Continued)
(i) Explanation of Differences between Governmental Funds
Balance Sheet and the Statement of Net Assets (,Continued)
Increases Decreases Balance
Deferred Revenue
Because the focus of governmental funds is on short term financing,
some assets will not be available to pay for current period
expenditures. Those assets are offset by deferred revenue in
governmental funds, and thus are not included in fund balances. 8,126,599 -
Internal Service Fund
Internal service funds are used by management to charge the costs
of certain activities, such as equipment management, to individual
funds. The assets and liabilities of the internal service funds is
included in governmental activities in the statement of net assets. 2,832,468 -
Reclassifications and Eliminations
Interfund balances must generally be eliminated in the
governmental statements, except for residual amounts due between
governmental activities. Amounts involving fiduciary funds should
be reported as external transactions. Any allocations must reduce
the expenses of the function from which the expenses are being
allocated, so that expenses are reported only once - in the function
in which they are allocated.
Net change
Net assets of governmental activities
370,786,629 (144,599,346) 226,187,283
$ 293,557,276
39
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies (Continued)
(i) Explanation of Differences between Governmental Funds
Balance Sheet and the Statement of Net Assets, (Continued)
Assets:
Cash and investments
Cash with fiscal agent
Accounts receivable
Taxes receivable
Prepaid items
Interest receivable
Notes receivable
Due from other funds
Due from other governments
Advances to other funds
Deposits
Capital assets, net
Total assets
Liabilities:
Accounts payable
Accrued salaries and benefits
Interest payable
Deferred revenue
Deposits payable
Due to other funds
Due to other governments
Advances from other funds
Long term liabilities
Total liabilities
Fund balances/net assets
Total liabilities and fund
balances/net assets
Total Other
Governmental Capital Accumulated
Funds Infrastructure Assets Depreciation
$ 58,320,968 - - -
10,258,354 - _ -
221,420 - - -
242,764 - - -
274,580 - - _
477,890 - - -
13,488,554 - - -
2,128,237 - -
2,328,315 - -
12,024,009 - - -
2,175 - - -
- 32%127,541 30,700,021 (50,345,274)
$ 99,767,266 329,127,541 30,700,021 (50,345)274)
$ 3,166,108 - -
197,842
12,753,771 - _ _
1,396,422 - _ _
2,1283,237 - -
730,884 - - -
12,024,009 - - -
32,397,273 - _ _
67,369,993 329,1271,541 30,700,021 (50,345,274)
$ 99,767,266 32%127,541 30,700,021 (50,345,274)
40
Long-term Certain
Internal
Reclassifications
Statement of
Debt Interest Compensated Deferred
Service
and
Net Assets
Transactions Payable Absences Revenue
Fund
Eliminations
Totals
- - - -
2,125,576
-
60,446,544
- - - -
-
-
10,258,354
- - - -
-
-
22110420
- - - -
-
-
2421,764
- - - -
-
-
2745580
- - - -
-
-
477,890
- - - (4,627,172)
-
-
8,8613,382
- - - -
-
(2,128,237)
-
- - - -
-
-
2,328,315
- - - -
-
(12,0245009)
-
- - - -
-
-
2,175
- - - -
711,535
-
310,193,823
- - - 4,627,172
2,837,111
(145152,246)
393,307,247
4,643 - 3,170,751
- - - - - 197,842
13,479,973 - - - - 1,479,973
- - (12,753,771) - - -
- - - - - 1,396,422
(2,128,237) -
730,884
- - - - - (12,024,009) -
92,400,562 - 373,537 - - - 92,774,099
92,400,562 1,479,973 373,537 (12,753,771) 4,643 (14,152,246) 99,749,971
(92,400,562) (1,479,973) (373,537) 8,126,599 2,832,468 - 293,557,276
4,627,172 2,837,111 (14,152,246) 393,307,247
41
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
(j) Explanation of Differences between Governmental Funds
Operating Statements and the Statement of Activities
Increases Decreases Balance
The "net changes in fund balances" for governmental funds of
$5,353,632 differs from the "changes in net assets" for the
governmental activities of $24,496,415 reported in the statement of
activities. The differences arise primarily from the long term
economic focus of the statement of activities versus the current
financial resources focus of the governmental funds. The effects of
the differences is illustrated below. - - $ 5,353,632
Capital Related Items
When capital assets (land, buildings, equipment) that are to be used
in governmental activities are purchased or constructed, the cost of
those assets are reported as expenditures in governmental funds.
However, in the statement of activities, the cost of those assets is
allocated over their estimated useful lives and reported as
depreciation expense. As a result, fund balance increases by the
amount of financial resources expended, whereas net assets decrease
by the amounts of depreciation expense charged for the year.
Capital outlay 10,925,802 -
Depreciation expense - 4,038,996)
10,925,802 (4,038,996)
Long -Term Liabilities
Some expenses reported in the statement of activities do not require
the use of current financial resources and therefore are not reported
as expenditures in governmental funds.
Net change in compensated absences - (51,545)
Repayment of bond principal and other long term liabilities is
reported as an expenditure in governmental funds and, thus, has the
effect of reducing fund balance because current financial resources
have been used. For the City as a whole, however, the principal
payments reduce the liabilities in the statement of net assets and do
not result in an expense in the statement of activities.
Principal payments made 4,510,420 -
42
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting_ Policies, (Continued)
(j) Explanation of Differences between Governmental Funds
Operating Statements and the Statement of Activities, (Continued)
Increases Decreases Balance
Accrued Interest
Beginning fund balance in the statement of activities has been
restated to reflect the retroactive recording of accrued interest on
bonds payable. 28,403 -
Deferred Revenue
Because the focus of governmental funds is on short term financing,
some assets will not be available to pay for current period
expenditures. Those assets are offset by deferred revenue in
governmental funds, and thus are not included as revenues. 7,496,990
Internal Service Fund
Internal service funds are used by management to charge the costs of
certain activities, such as equipment management, to individual
funds. The adjustments for internal service funds "closes" those
funds by charging additional amounts to participating governmental
activities to completely cover the internal service fund's costs for the
year. 271,709 -
Reclassifications and Eliminations
Interfund balances must generally be eliminated in the governmental
statements, except for residual amounts due between governmental
activities. Amounts involving fiduciary funds should be reported as
external transactions. Any allocations must reduce the expenses of
the function from which the expenses are being allocated, so that
expenses are reported only once - in the function in which they are
allocated.
Net change
Net assets of governmental activities
23,233,324 (4,090,541) 19,142,783
$24,496,415
43
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
(j) Explanation of Differences between Governmental Funds
Operating Statements and the Statement of Activities, (Continued)
Total
Governmental
Funds Infrastructure
Revenues:
Taxes
Licenses and permits
Charges for services
Developer fees
Intergovernmental
Investment income
Special assessments
Rental income
Gain (loss) on sale of land
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
Other financing sources (uses):
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances/net assets
Fund balances/net assets, beginning
of year, as restated
Fund balances/net assets,
end of year
Other Long-term
Capital Accumulated Debt
Assets Depreciation Transactions
$ 36,605,534 - - - -
2,057,423 - - - -
1,998,589 - - - -
2,592,398 432,164 - - -
9,400,340 (2,524,799) - - -
4,893,919 - - - -
782,610 (25,889) - - -
1,067,076 - - - -
406,461 - (217,984) - -
96,256 - - - -
59,900,606 (2,118,524) (217,984) - -
3,275,624 -
- 57,674 -
5,636,154 -
- 504,536 -
817,460 -
- 129,758 -
6,344,764 -
- 5,858 -
2,613,928 -
- 3,341,170 -
14,456,314 (12,875,014)
(334,402) - -
4,510,420 -
- - (4,510,420)
5,942,929 (52,894)
- - -
10,949,381 - - - -
54,546,974 (12,927,908) (334,402) 4,038,996 (4,510,420)
17,911,515 - - - -
(17,911,515) - - - -
5,353,632 10,809,384 116,418 (4,038,996) 4,510,420
62,016,361 318,318,157 30,583,603 (46,306,278) (96,910,982)
$ 67,369,993 329,127,541 30,700,021 50,345,274 (92,400,562)
44
Interest Compensated Deferred
Payable Absences Revenue
Internal
Service
Funds
Reclassifications
and
Eliminations
Statement
of Activities
Totals
- - -
-
(10,949,381)
25,656,153
_ - -
-
-
2,057,423
_ - -
-
-
1,998,589
- - 6,000,000
-
-
9,024,562
- - 127,969
10,000
-
7,013,510
- - 122,123
119,428
-
5,135,470
-
-
-
756,721
- - -
-
(678,955)
388,121
_ - -
-
-
188,477
- - -
22,882
-
119,138
6,250,092 152,310 (11,628,336) 52,338,164
— -
14,104
-
2,984
(203,687)
3,146,699
-
42,592
-
(135,073)
(271,581)
5,776,628
-
(6,337)
-
-
-
940,881
-
63
-
-
(203,687)
6,146,998
_
-
1,123
-
12,690
-
5,968,911
-
-
(1,246,898)
-
-
-
(28,403)
-
-
-
-
5,861,632
— -
-
-
-
(10,949,381)
-
28,403
51,545
1,246,898
(119,399)
(11,628,336)
27,841,749
-
-
-
-
(17,911,515)
-
-
-
-
-
17,911,515
-
28,403
(51,545)
7,496,990
271,709
-
24,496,415
1,508,376
(321,992)
629,609
2,560,759
-
269,060,861
— 1,479,973
(373,537)
8,1�
2,832,468
-
293,557,276
45
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments
Cash and investments are reported as follows:
Statement of Net Assets:
Cash and investments
Cash and investments with fiscal agent
Statement of Fiduciary Net Assets:
Cash and investments
Total
$ 60,446,544
10,258,354
2,828,009
73,532,907
Cash and investments held by the City at June 30, 2001 consisted of the following:
Petty cash
Demand deposits
Investments
Total
$ 739
3,410,330
70,121,838
$ 73,5322907
The City and its component units are authorized by its investment policy to invest in the
following types of investments:
Investment Type Maximum %
Government pools 15%
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:
46
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
2) Cash and Investments, (Continued
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 $100,000 239,081 4,8092341 5:1483422 3,410,330
Investments of cities in securities are classified in three categories to give an indication of
the level of custodial risk assumed by the entity.
Category 1 - includes investments that are insured or registered or for which the
securities are held by the City or the City's custodial agent (which must be a different
institution other than the party through which the City purchased the securities) in the
City's name. Investments held "in the City's name" include securities held in a separate
custodial or fiduciary account and identified as owned by the City in the custodian's
internal accounting records.
Category 2 - includes uninsured and unregistered investments for which the securities
are held in the City's name by the dealer's agent (or by the trust department of the dealer
if the dealer was a financial institution and another department of the institution
purchased the securities for the City).
Category 3 - includes uninsured and unregistered investments for which the securities
are held by the dealer's trust department or agent, but not in the City's name. Category 3
_ also includes all securities held by the broker -dealer agent of the City (the party that
purchased the securities for the City) regardless of whether or not the securities are being
held in the City's name.
47
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
Category Carrying
1 2 3 Value
Investments held by the City:
U.S. Treasury Notes
$ 20,178,344 -
- 20,178,344
U.S. Treasury Bills
%908,717 -
- 9,908,717
Government Agency Securities
15,077,379 -
- 15,077,379
Commercial Paper
5,979,666 -
- 5,979,666
5131443106 - - 51,144,106
Investments held by the City not subject to categorization:
Investment in State of California Local Agency Investment Fund 8,719,382
Investments held by fiscal agent not subject to categorization:
Investment in mutual funds:
First American Treasury Obligation Fund 10,258,350
70,121,838
Investments are adjusted at year-end to fair value, except when the difference between
fair value and book value is immaterial.
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) Property 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 that are received
from the County within sixty days after year-end.
48
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(3) Property Taxes, (Continued)
Lien date January 1
Levy date July 1
Due dates November 1 and February 1
Collection dates December 10 and April 10
The La Quinta Redevelopment Agency's primary source of revenue comes from property
taxes. Property taxes allocated to the Agency are computed in the following manner:
(a) The assessed valuation of all property within the project area is determined on the
date of adoption of the Redevelopment Plan.
(b) Property taxes related to the incremental increase in assessed values after the
adoption of the Redevelopment Plan are allocated to the Agency; all taxes on the
_ "frozen" assessed valuation of the property are allocated to the City and other
districts.
The Agency has no power to levy and collect taxes and any legislative property tax shift
might reduce the amount of tax revenues that would otherwise be available to pay the
principal of, and interest on, debt. Broadened property tax exemptions could have a
similar effect. Conversely, any increase in the tax rate or assessed valuation, or any
reduction or elimination of present exemptions would increase the amount of tax
revenues that would be available to pay principal and interest on debt.
49
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(4) Notes Receivable
In September 1994, the Redevelopment Agency sold certain
real property to LINC Housing 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.
In October 2000, the Redevelopment Agency entered into an
agreement with DC&TC, LLC to provide for the construction
of certain infrastructure related to the development of
affordable housing within Project Area No. 2. A promissory
note in the amount of $4,627,172 was entered into with the
Developer. The note bears no interest and is payable on
October 25, 2010. The balance of the note is reduced by one -
fifty -ninth (1/59) upon the close of each escrow for the units
sold within the specifications of the Affordable Housing
Agreement.
In December 2000, the Redevelopment Agency entered into an
agreement with DC&TC, LLC to receive $6,000,000 as a
reimbursement for Agency costs incurred for the construction
of infrastructure related to the development of senior
apartments. Payments are due to the Agency in the amount of
annual positive cash flow generated by the rental of the units.
All unpaid principal and interest on the note are due fifty-five
years after the completion of the project. Interest on the note
accrues at 3% per annum.
Other notes receivable
Total per fund financial statements
Less amounts not recorded in governmental statements
Total per governmental financial statements
Outstanding
Balance at
June 30, 2001
$ 2,7979297
4,627,172
• 111 111
64,085
13,488,554
(4,627,172)
8,861.382
50
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(5) Capital Assets
Capital asset activity for the year ended June 30, 2001 is as follows:
Buildings and improvements
Equipment and furniture
Vehicles
Infrastructure
Total cost of
depreciable assets
Balance at
June 30, 2000,
Balance at
as restated
Additions
Deletions
June 30, 2001
$ 15,544,136
77,553
(13,334)
15,608,355
1,574,663
196,869
(939768)
116773764
827,006
123,980
(673,218)
883,768
3045381,322
5,358,344
-
309,739,666
322,327,127 5,756,746 (174,320) 327,909,553
Less accumulated depreciation:
— Buildings and improvements
3,213,150
497,171
- 3,7109321
Equipment and furniture
787,525
175,070
- 962,595
Vehicles
509,079
635816
(44,336) 528,559
— Infrastructure
42,473,602
3,40%698
- 4558835300
Total accumulated
depreciation
Net depreciable assets
Capital assets not depreciated:
Land
- Construction in progress
Capital assets, net
46,983,356
4,145,755
449336
51,084,775
275,343,771
19610,991
(129,984)
276,824,778
149024,130
459040
(88,000)
1399819170
13,936,835
10,809,384
(5,358,344)
19,387,875
$ 303,3049736
12,465,415
59576,328
31091939,823
Depreciation expense was charged in the following functions in the Statement of Activities:
General government
$ 573,674
Public safety
5711,198
Community services
129,758
Planning and development
5,858
Public works
3,381,267
$ 4,1453,755
51
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(6) General Long -Term Debt
Changes in general long-term debt for the year ended June 30, 2001 were as follows:
City:
Compensated absences payable
Due to the Coachella Valley Association
of Governments
Developer Agreements Payable
RDA Project Area No. 1:
Tax allocation bonds
Housing tax allocation bonds
Pass -through agreements payable:
Due to County of Riverside
Coachella Valley Unified School District
RDA Project Area No. 2:
Tax allocation bonds
Housing tax allocation bonds
Due to County of Riverside
Financing Authority:
Revenue bonds
Total
Balance at
June 30, 2000 Additions
$321,992 51,545
628,311 -
695,345 -
Amounts
Balance at due within
Deletions June 30, 2001 one year
373,537 70,000
(50,000) 578,311 50,000
(695,345)
37,765,000
- (1,140,000)
36,625,000
1,195,000 _ -
16,904,618
- (279,469)
16,625,149
291,277
9,899,104
- (1,259,258)
8,639,846
8,639,846
9,418,222
- (670,817)
8,747,405
684,233
6,670,000
- (80,000)
6,590,000
85,000
4,570,382
- (75,531)
4,494,851
78,723 -
2,350,000
- -
2,350,000
100,000
8,010,000
- 2( 60,000)
7,750,000
275,000
97 231974
_ 51,545 4 10,420)
_ 92,774,099
11.469,079
7) Due to the Coachella Vallev 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, 2001, the balance was $578,311.
52
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(8) Tax Allocation Bonds
As of June 30, 2001, 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,
19941 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. There are certain limitations regarding the issuance of
parity debt as further described in the official statement. 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, 2001 is $20,865,000.
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. The
unexpended balance of proceeds at June 30, 2001 is $5,357,019.
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. There are certain limitations regarding the issuance of parity debt as further
described in the official statement. 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, 2001 is $15,760,000.
53
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
8) Tax Allocation Bonds. (Continued
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. The
unexpended balance of proceeds at June 30, 2001 is $214,396.
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. There are certain limitations regarding
the issuance of parity debt as further described in the official statement. 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, 2001 is $6,590,000.
9) 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 11 1996. Interest payments range from 4% to 6% per annum. The interest and
principal of the bonds are payable from pledged tax increment revenues of both project
areas.
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. There are certain limitations regarding the issuance of parity debt as
further described in the official statement. The principal balance of outstanding bonds at
June 30, 2001 is $21,120,000.
54
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(10) 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. The unexpended balance of proceeds at June 30, 2001
is $542,000.
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 1, 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. There are
certain limitations regarding the issuance of parity debt as further described in the official
statement. The amount of principal outstanding on the 1996 Lease Revenue Refunding
Bonds at June 30, 2001 is $7,750,000.
(11) 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, 2001 is
$8,639,846.
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, 2001 is $2,350,000.
55
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(12) 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 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, 2001 totaled $8,747,405. 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.
(13) 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, 2001 are as follows:
56
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(13) Debt Service Requirements to Maturity, (Continued)
Ending
June 30
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23
2023-24
2024-25
2025-26
2026-27
2027-28
2028-29
2029-30
2030-31
2031-32
2032-33
2033-34
Principal and
interest
Less:
Interest
Total
principal
CVAG
$50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
28,311
1995
Housing
TABS
1,590,690
1,592,820
1,588,538
1,587,990
1,590,890
1,645,502
1,646,470
1,645,125
1,641,540
1,640,840
1,641,650
1,638,750
1,638,300
1,635,150
1,634,150
1,630,150
1,632,850
1,627,100
1,627,750
1,624,500
1,622,200
1,620,550
1,619,250
1,613,150
1,611,950
1994
TABS
2,620,315
2,620,855
2,599,465
2,612,140
2,597,700
2,593,456
2,590,816
2,584,232
2,578,160
2,571,868
2,569,442
2,560,155
1998
TABS
P.A. No. 1
819,520
819,520
819,520
819,520
819,520
819,520
819,520
819,520
819,520
819,520
819,520
819,520
1,457,490
1,457,520
1,455,730
1,456,990
1,451,300
1,453,530
1,453,420
1,450,970
1,451,050
1,448,530
1,448,280
1,445,170
1,444,070
1,439,850
1,437,380
1,436,400
1998
TABS
P.A. No. 2
419,249
420,747
417,080
418,264
419,167
419,785
420,135
420,184
419,550
418,272
416,738
419,819
417,516
414,956
417,012
418,556
414,716
415,491
415,631
415,131
414,106
417,425
415,088
417,094
413,444
414,137
414,044
413,162
411,494
413,906
410,400
410,975
410,500
1996
Pass -through Agreements
Lease
Revenue
Coachella
County
Refunding
Valley
of
Bonds
USD
Riverside
Total
682,178
684,233
8,739,846
15,606,031
679,435
697,918
100,000
6,981,295
680,830
711,877
100,000
6,967,310
681,220
726,114
100,000
6,995,248
680,575
740,636
100,000
6,998,488
678,865
755,449
100,000
7,062,577
675,880
770,558
150,000
7,123,379
676,450
785,968
200,000
7,181,479
675,280
801,688
200,000
7,185,738
672,525
817,722
200,000
7,190,747
673,521
834,076
250,000
7,254,947
673,130
421,166
250,000
6,810,851
671,351
-
250,000
4,434,657
673,046
-
250,000
4,430,672
673,076
-
-
4,179,968
671,441
-
-
4,177,137
668,141
-
-
4,167,007
668,038
-
-
4,164,159
-
-
-
3,496,801
-
-
-
3,490,601
-
-
-
3,487,356
_
_
-
3,486,505
-
-
-
3,482,618
-
-
-
3,475,414
_
_
-
3,469,464
_
_
-
1,853,987
_
_
-
1,851,424
_
_
-
1,849,562
_
_
-
411,494
_
_
-
413,906
_
_
_
410,400
_
_
-
410,975
410,500
578,311 40,587,855 31,098,604 33,021,920 13,733,774 12,154,982 8,747,405 10,989,846 150,912,697
- (19,467,855) (10,233,604) (17,261,920) (7,143,774) (4,404,982) - - (58,512,135)
78 11 21,120.0020,865,000 15 00 6 5 7,750,000 8,747,405 10.989,846 92 400-,
57
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(14) 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, 2001:
Amount Outstanding
Proceeds Maturity Date Interest Rate at June 30, 2001
Assessment District No. 88-1
$ 855,984
9/2/04
5.50%-7.25%
$ 185,000
Assessment District No. 89-2
1,153,974
9/2/04
6.65%-6.75%
320,000
Assessment District No. 90-1
1,227,155
9/2/05
6.50%-7.00%
415,000
Assessment District No. 9 1 -1
2,240,866
9/2/06
6.70%-6.80%
930,000
Assessment District No. 92-1
1,880,891
9/2/08
5.00%-5.40%
1,090,000
Assessment District No. 97-1
705,262
9/2/18
4.10%-5.20%
720,000
Assessment District No. 200 1 -1
2,285,000
9/2/15
5.00%-6.60%
2,195,000
(15) 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 Policy
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, 2001, the rate was 4.116% of annual covered payroll. The contribution requirements
of plan members and the City are established and may be amended by PERS.
58
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
15) Defined Benefit Pension Plan, (Continued
Annual Pension Cost
For 2001, the City's annual pension cost (employer contribution) in the amount of
$70,752 was equal to the City's required and actual contributions. The required
contribution was determined as part of the June 30, 1998, 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). Any
unfunded actuarial accrued liability is amortized as a level percentage of projected
payroll on a closed basis. PERS combines the prior service unfunded liability and the
current service unfunded liability into a single initial unfunded liability. The single
funding horizon for the 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
6/30/99 $219,350 100% -0-
6/30/00 128,123 100% -0-
6/30/01 70,752 100% -0-
Required Supplementary Information ($ amount in thousands)
Entry Age
Normal Actuarial Unfunded
Accrued Value Liability/
Valuation Date Liability of Assets (Excess Assets) Funded Status
06/30/98 $4,389,078 5,957,276 (1,568,198)
06/30/99 4,989,981 7,206,658 (2,216,677)
06/30/00 5,704,327 8,340,014 (2,635,687)
Annual UAAL
Covered As a % of
Payroll Payroll
135.7% 3,075,703 (50.987%)
144.4% 3,087,175 (71.803%)
146.2% 3,146,845 (83.756%)
59
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(16) 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.
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.
(17) Contingencies
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.
M
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(18) Due From and To Other Funds
Current interfund receivables and payables balances at June 30, 2001 are as follows:
Due
From
Non -major
Governmental
Due To Funds
General fund $ 781,340
RDA Debt Service PA No. 1 100,000
Capital Improvement 9877263
Non -major governmental funds 259,634
Totals $ 23128,237
Noncurrent interfund receivable and payable balances at June 30, 2001 are as follows:
Advances To
RDA RDA
Debt Service - Debt Service - Capital
-- Advances From PA No. 1 PA No. 2 Improvement Totals
General fund $4,461,423 6,922,114 8%434 11,472,971
Low/Moderate Income Housing
PA No. 2 - 399135 - 399135
Non -major governmental funds 511,903 - - 511,903
Totals $4973, 326 639613249 89,434 12,024,009
As of June 30, 2001 the amount due to the General Fund from RDA Debt Service 1 was
$4,461,423 and from RDA Debt Service 2 was $6,922,114. These outstanding advances
consist of monies loaned to the Redevelopment Agency with no required repayment date
and accrue an interest of 10%.
(19) 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:
61
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(19) Proposition 218, (Continued)
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.
(20) Construction Commitments
The following material construction commitments existed at June 30, 2001:
Expenditures as of
Remaining
Project Name
June 30, 2001
Commitments
Municipal Library
$ 1,676
523,324
Phase VI-D — Sagebrush, Bottlebrush, Saquaro
1,064,660
5421941
Miraflores Single Family Homes
4,953,379
596,466
Civic Center Campus Improvements
221,735
836,289
Citywide Street/Sidewalk Improvements
529221
864,046
Phase VI-C Westward Ho
1,112,098
111127,525
18 Acre Park Site at Westward Ho
32,879
2,692,121
Phase VI — Village Commercial Area
4,349,937
3,685,069
Miraflores Senior Apartments
1,126,580
3,983,244
Phase 2 — Jefferson Street Improvements
3,631
4,878,369
CVAG/Jefferson Phase I
9,212,275
6,975,658
62
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(21) Restatement of Fund Balances
Fund balances have been restated at June 30, 2000 as follows:
Non -major
General
Debt Service
Debt Service
Governmental
Fund
PA No. 1
PA No. 2
Funds
Fund balances at June 30, 2000,
as previously reported
$ 28,677,398
41186,971
972,543
35,685,563
To reflect additional sales tax
revenues earned in the prior
year
95,100
-
-
-
To record the effect of removing
advances from other funds
from the long-term debt
account group and recording
the liability in the fund
responsible for repayment
-
(4,055,839)
(6,292,831)
-
To adjust deferred revenue for
interest earned in prior years
but not yet received
-
-
-
629 909
Fund balances (deficit) at
June 30, 2000, as restated
28 772,498
= 131a132(5,320,288)
35,055,654
(22) Interfund Transfers
Interfund transfers were as follows for the year ended June 30, 2001:
Transfers From
Low/Moderate
RDA Debt RDA Debt
Non -major
General
Income Housing
Service - Service -
Governmental
Transfers To Fund
PA No. 2
PA No. 1 PA No. 2
Funds
Totals
General fund $ -
-
- -
238,565
238,565
RDA DS PA # 1 -
-
- -
1,739,031
1,739,031
RDA DS PA #2 -
338,760
- -
-
338,760
Capital Improvement 828,438
153,379
- -
7,526,914
8,508,731
Nonmajor governmental
-
3,888,672 1,230,180
1,967,576
7,086,428
Totals S 828,438492,139
3,888,6721,230,180
11,472,086
17,911.515
63
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
22) Interfund Transfers. (Continued
The following lists the major transfers in and transfers out included in the financial
statements:
Transfers from Major Funds
$3,888,672 was transferred from the RDA Debt Service — PA No. 1 Fund to the RDA
Capital Projects — PA No. 1 Fund which represents funds available for future year capital
projects within the Project Area.
$1,230,180 was transferred from the RDA Debt Service — PA No. 2 Fund to the RDA
Capital Projects — PA No. 2 fund which represents funds available for future year capital
projects within the Project Area.
Transfers from Non -Major Funds
$1,891,080 was transferred from the Infrastructure Fund to the Transportation Fund to
complete construction projects funded by Developer Impact fees.
$2,43 9,169 was transferred from the RDA Capital Projects — PA No. 1 Fund to the
Capital Improvement Fund to pay for infrastructure improvements to the La Quinta
Village Area.
$1,253,427 was transferred from the RDA Low Moderate Income Housing — PA No. 1
Fund to the RDA Debt Service — PA No. 1 Fund in accordance with the provisions of the
1995 Bond issue.
23) Subseauent Events
On August 1, 2001, the Redevelopment Agency Project Area No. 1 issued $48,000,000
of tax allocation bonds to finance certain redevelopment projects benefiting the project
area. Interest rates on the bonds range from 5.00% to 5.10% 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 1994 and 1998 tax allocation bonds. Principal payments
are due in annual installments ranging from $1,565,000 to $3,805,000. The final maturity
date of the bonds is September 1, 2031.
64
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(24) Fund Deficits
The following funds had deficit balances at June 30, 2001:
Special Revenue Funds:
Federal Assistance ($273,804)
Debt Service Funds:
RDA PA No. 1 (541,087)
RDA PA No. 2 (6,258,943)
— Federal Assistance Fund — In accordance with Government Accounting Standards Board
Pronouncement No. 33, revenues that are measurable and earned, but not available, must
be deferred. $273,804 of deferred revenue was recorded for federal reimbursement
revenues that were not collected within the available timeframe.
RDA Debt Service — PA No. 1 — In accordance with Government Accounting Standards
Board Pronouncement No. 34, the financial statements contain a restatement of fund
balance to reflect the outstanding advance of $4,973,326 which in prior years had been
accounted for in the General Long Term Debt Account Group. These outstanding
advances consist of monies loaned to the Redevelopment Agency with no required
repayment date and accrue an interest of 10% and are subordinated to other debt service
payments.
RDA Debt Service — PA No. 2 — In accordance with Government Accounting Standards
Board Pronouncement No. 34, the financial statements contain a restatement of fund
balance to reflect the outstanding advance of $6,691,249 which in prior years had been
accounted for in the General Long Term Debt Account Group. These outstanding
— advances consist of monies loaned to the Redevelopment Agency with no required
repayment date and accrue an interest of 10% and are subordinated to other debt service
payments.
(25) Unreserved Fund Balances
_ Unreserved fund balances at June 30, 2001 consisted of the following:
Special Revenue
Debt Service
Low/Moderate Redevelopment
Redeve opment ter
General
Income Housing
Agency Agency Governmental
—
Fund
PA No. 1
PA No. 1 PA No. 2 Funds Totals
Designated for:
Emergency reserve
$91119,765
-
- - - 9019,765
Cash Flows
1,800,000
-
- - - 1,800,000
— Operations/projects/
transfers
12,958,494
3,711,711
- - 22,344,871 39,015,076
Undesignated
-
-
54( 1,087) 6 258 943) (991,574 (7,791,604)
Total unreserved
fund balance (deficit)___
23,878,259
-a,711, 111
541.087) 6,2�_ 58 43) 21 35 297 42,143.�237
—
65
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(26) Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 2001 exceeded the appropriations of the
following funds/departments:
General Funds:
Legislative
Economic development
Fiscal services
Building and safety administration
Civic center building
Public works administration
Capital projects administration
Special revenue funds:
South Coast Air Quality
Debt services funds:
Redevelopment Agency Project Area No. 1
Redevelopment Agency Project Area No. 2
Capital projects funds:
Civic Center Fund
A.D. 2000-1 Phase VI Fund
(27) Changes in Accounting Principle
Budge Actual
$ 585,850
690,118
8663,350
8907901
264,342
295,671
153,082
160,081
495,560
526,590
63,683
154,870
(318,244)
(83,350)
5,700 10,699
13,883,908 14,046,874
5,872,505 6,201,794
203,700 211,983
- 25,889
Variance
(104,268)
(24,551)
(31,329)
(6,999)
(31,030)
(91,187)
(234,894)
(4,999)
(162,966)
(329,289)
(8,283)
(25,889)
During the year ended June 30, 2001, the City of La Quinta implemented GASB
Statements No. 33 and 34. GASB Statement No. 34 changed the financial reporting
model of local governmental units. As a result of GASB Statement No. 34, fund financial
statements are required to be presented with a focus on the major funds of that local
government. Previously, financial reporting for local governments had focused on
reporting by fund type. The modified accrual basis of accounting and the current financial
resources measurement focus is used in the fund financial statements for the
governmental funds of the City.
GASB Statement No. 34 also requires the presentation of government -wide financial
statements. Previously, government -wide financial statements were not required.
Government -wide financial statements are presented using the economic resources
measurement focus and the accrual basis of accounting. The economic resources
measurement focus requires that all (both current and long-term) assets and liabilities of
the City be reported in the government -wide financial statements. The effect of the
application of the economic resources measurement focus and the accrual basis of
66
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(27) Changes in Accounting Principle, (Continued)
accounting on the net assets of the City as of July 1, 2000 is set forth in note 21 to the
basic financial statements.
GASB Statement No. 33 formalized revenue recognition principles for the nonexchange
transactions of local governmental units. GASB Statement No. 33 had minimal effects on
— the financial statements of the City, which was already following the principles set forth
by GASB Statement No. 33.
67
(This page intentionally left blank)
68
REQUIRED SUPPLEMENTARY INFORMATION
69
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.
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues (other than major capital
projects) and the related expenditures that are legally required to be accounted for in a separate
fund. The following fund has been classified as a major fund. The budget -actual comparison for
this fund has been presented in the accompanying financial statements as required
supplementary information:
Redevelopment Agency, Low and Moderate Income Housing P.A. No. 2 Fund — 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.
70
CITY OF LA QUINTA
Notes to Required Supplementary Information
Year ended June 30, 2001
1) Budgets and Budgetary Accountin
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 $10,011,868 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.
(2) Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 2001 exceeded the appropriations of the
following funds/departments:
Budget
Actual
Variance
General Fund:
Legislative
$ 585,850
690,118
(104,268)
Economic development
866,350
890,901
(24,551)
Fiscal services
264,342
295,671
(31,329)
Building and safety administration
153,082
1601,081
(6,999)
Civic center building
495,560
526,590
(31,030)
Public works administration
63,683
1541,870
(91,187)
Capital projects administration
(318,244)
(83,350)
(234,894)
71
CITY OF LA QUINTA
General Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (Negative)
Actual
Revenues:
Taxes
$ 7,559,790
7,559,790
10,331,970
2,772,180
8,888,825
Licenses and permits
802,900
802,900
2,057,423
1,254,523
2,493,360
Charges for services
877,425
884,703
1,998,589
1,113,886
1,922,097
Intergovernmental
1,511,350
1,476,705
2,164,891
688,186
2,388,749
Investment income
1,531,632
1,519,000
2,513,789
994,789
1,868,073
Miscellaneous
68,900
68,900
43,545
(25,355)
106,371
Total revenues
12,351,997
12,311,998
19,110,207
6,798,209
17,667,475
Expenditures:
General government:
Legislative
482,500
585,850
690,118
(104,268)
405,857
City manager
319,075
253,211
253,211
-
246,023
Economic development
866,350
866,350
890,901
(24,551)
814,903
Personnel
465,355
364,167
265,766
98,401
249,713
Fiscal services
332,828
264,342
295,671
(31,329)
311,476
Central services
472,715
475,465
407,638
67,827
552,696
City clerk
252,035
287,995
260,336
27,659
233,936
Total general government
3,190,858
3,097,380
3,063,641
33,739
2,814,604
Public safety:
Police
3,467,100
3,774,313
3,650,632
123,681
3,084,646
Building and safety
administrative
139,250
153,082
160,081
(6,999)
191,787
Code compliance
489,925
509,925
415,552
94,373
358,775
Animal control
191,905
198,155
139,803
58,352
133,602
Building
447,271
776,871
717,419
59,452
592,238
Emergency services
21,521
23,141
20,671
2,470
43,654
Fire
20,000
27,278
5,406
21,872
9,261
Civic center building
471,060
495,560
526,590
(31,030)
578,848
Total public safety
5,248,032
5,958,325
5,636,154
322,171
4,992,811
Community services:
Senior center 242,190 249,190 219,143 30,047 222,931
Parks and recreation
administration 601,709 658,959 534,836 124,123 490,471
Parks and recreation programs 88,700 90,100 63,481 26,619 55,126
Total community services 932,599 998,249 817,460 180,789 768,528
(Continued)
72
CITY OF LA QUINTA
General Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
(Continued)
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (Negative)
Actual
Planning and development:
Community development
administration
355,700
381,865
280,049
101,816
266,430
Current planning
483,800
799,500
453,530
345,970
482,519
Total planning
and development
839,500
1,181,365
733,579
447,786
748,949
Public works:
Public works administration
133,765
63,683
154,870
(91,187)
110,008
Development and traffic
559,687
772,787
706,364
66,423
754,425
Maintenance/operations - St.
476,963
770,113
96,345
673,768
517,252
Maintenance/operations - L & L
569,352
676,552
543,299
133,253
341,750
Capital projects administration
2,094
(318,244)
(83,350)
(234,894)
18,439)
Total public works
1,741,861
1,964,891
1,417,528
547,363
1,704,996
Total expenditures
11,952,850
13,200,210
11,668,362
1,531,848
11,029,888
Excess (deficiency) of revenues
over (under) expenditures
399,147
(888,212)
7,441,845
8,330,057
6,637,587
Other financing sources (uses):
Transfers in
98,700
475,300
238,565
(236,735)
79,510
Transfers out
(328,180)
(1,555,785)
(828,438)
727,347
(1,359,255
Total other financing
sources (uses)
(229,480)
(1,080,485)
(589,873)
490,612
1,279,745)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
169,667
(1,968,697)
6,851,972
8,820,669
5,357,842
Fund balance at beginning of year,
as restated
28,772,498
28,772,498
28,772,498
-
23,319,556
Fund balance at end of year
$ 28,942,165
26,803,801
35,624,470
8,820,669
28,677,398
73
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Income Housing Project Area No. 2 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Revenues:
Taxes
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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 with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
$ 13,2195165
1,410,644
1,517,600
106,956
1,254,407
60,800
60,800
185,625
124,825
1515458
1,279,965
1,471,444
1,703,225
231,781
1,405,865
25152,482
3,012,672
837,605
2,175,067
532,773
2,1525482
3,012,672
837,605
2,175,067
532,773
(872,517)
(1,541,228)
865,620
25406,848
873,092
(338,760)
(1,941,399)
492,139)
1,449,260
338,842
(338,760)
(1,941,399)
492,139
1,449,260
(338,842)
(1,211,277)
(3,482,627)
373,481 3,856,108
534,250
3,377,365
3,377,365
3,377,365 -
2,843,115
$ 2,166,088
(105,262)
3,750,846 3,856,108
3,377,365
74
SUPPLEMENTARY SCHEDULES
75
Assets
Cash and investments
Cash with fiscal agent
Accounts receivable
Prepaid items
Interest receivable
Notes receivable
Due from other funds
Due from other
governments
Advances to other funds
Total assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Deferred revenue
Deposits payable
Due to other funds
Total liabilities
Fund balances:
Reserved for:
Debt service
Bond projects
Prepaid items
Advances to other funds
Notes receivable
Unreserved, reported in:
Special revenue funds
Capital projects funds
Total fund balances
Total liabilities and
fund balances
CITY OF LA QUINTA
Non -Major Governmental Funds
Combining Balance Sheet
June 30, 2001
Special Revenue Funds
Lighting
State Federal and Public Village
Gas Tax Assistance Landscape SLESF Quimby Safety Parking
$ 351,659 - 105,414 54,140 505,277 11,543 -
273,804 18053 - - - -
$ 351,659 273,804 123,567 54,140 505,277 11,543 -
273,804 - - - - -
273,804 - - - -
547,608 - - - - -
351,659
(273,804)
123,567
54,140
505,277
11,543 -
351,659
(273,804)
123,567
54,140
505,277
11,543 -
$ 351,659
273,804
123,567
54,140
505,277
11,543 -
76
Debt
Special Revenue Funds
Service Fund
Low/
Moderate
Low/
Low/
Income
Moderate
Moderate
South Coast
Housing-
Bond-
Bond-
Financing
Air Quality
LLEBG PA No. 1
PA No. 1
PA No. 2
Authority
56,063
6,566 2,985,890
-
340,862
8,363
-
- -
1,550,700
2,390,586
1,546
-
- 88,299
-
-
-
-
833
-
-
-
- 2,861,382
-
-
-
-
- 39,929
-
-
-
-
- 511,903
-
-
-
56,063
6,566 6,487,403
1,551,533
2,731,448
9,909
2,253 - 14,102 - - -
- - 751,732 - - -
14,283 - - -
- - - 718,603 148,567 -
2,253 - 780,117 718,603 148,567 -
9,909
_ - - -
1,550,700
2,390,586 -
- - 511,903
-
- -
- - 2,861,382
-
- -
53,810 6,566 2,3341001
(717,770)
192,295 -
53,810 6,566 5,707,286
832,930
2,582,881 9,909
- 56,063 6,566 6,487,403
1,551,533
2,731,448 9,909
(Continued)
77
CITY OF LA QUINTA
Non -Major Governmental Funds
Combining Balance Sheet
(Continued)
Capital Projects Funds
Parks &
Civic
Library
Community
Infastructure
Transportation
Recreation
Center
Development
Center
Assets
Cash and investments
5,026,077
3,519,560
1,035,979
1,233,222
662,901
275,447
Cash with fiscal agent
-
-
_
_
_
_
Accounts receivable
-
-
_
-
_
_
Prepaid items
-
-
_
_
_
_
Interest receivable
-
-
_
_
_
_
Notes receivable
-
-
_
_
Due from other funds
-
-
_
-
Due from other
governments
-
_
_
_
Advances to other funds
-
-
_
_
_
_
Total assets
5,026,077
3,519,560
1,035,979
1,233,222
662,901
275,447
Liabilities and Fund Balances
Liabilities:
Accounts payable
42,030
-
-
-
_
_
Deferred revenue
-
Deposits payable
-
Due to other funds
476,237
Total liabilities
518,267
Fund balances:
Reserved for:
Debt service
-
_
-
Bond projects
-
_
_
_
Prepaid items
-
_
-
_
Advances to other funds
-
-
_
_
Notes receivable
-
-
_
_
Unreserved, reported in:
Special revenue funds
-
_
_
-
_
_
Capital projects funds
4,507,810
3,519,560
1,035,979
1,233,222
662,901
275,447
Total fund balances
4,507,810
3,519,560
1,035,979
1,233,222
662,901
275,447
Total liabilities and
fund balances
5,026,077
3,519,560
1,035,979
1,233,222
662,901
275,447
78
Capital Proiects Funds
A.D. 97-1
Financing
Redevelopment
Redevelopment
Street Park LQ Norte
A.D. 2000-1
Authority
Agency
Agency
Facility Facility Construction
Phase VI
Projects
PA No.I
PA No.2
Totals
61,191 16,149 63,129
1,209,088
94,209
2,955,712
3,284,588
23,863,029
_ _ -
-
542,000
5,357,019
214,396
10,056,247
_
-
60,900
149,199
3,515
-
3,515
-
-
833
-
_
_
-
2,861,382
- - -
259,634
-
-
-
259,634
331,886
511,903
61,191 16,149 63,129 1,468,722 636,209 8,316,246 3,559,884 38,037,628
11,689 4,791 74,865
- - 1,025,536
14,283
511,026 - - - 2,128,237
511,026 - 11,689 4,791 3,242,921
9,909
-- - - - - 542,000 5,357,019 214,396 10,054,701
- 3,515 - 3,515
_ - 511,903
- 2,861,382
- - 2,641,284
61,191 16,149 63,129 957,696 94,209 2,944,023 3,340,697 18,712,013
61,191 16,149 63,129 957,696 636,209 8,304,557 3,555,093 34,794,707
61,191 16,149 63,129 1,468,722 636,209 8,316,246 3,559,884 38,037,628
79
CITY OF LA QUINTA
Non -Major Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2001
Special Revenue Funds
Lighting
Gas
Federal
and
Public
Village
Tax
Assistance
Landscape
SLESF
Quimby
Safety
Parking
Revenues:
Taxes
$
Developer fees
-
-
3,750
-
Intergovernmental
629,332
15,830
-
100,028
-
-
-
Investment income
17,142
-
1,495
5,946
31,282
633
1,009
Special assessments
-
-
782,610
-
-
-
_
Rental income
-
_
_
Gain (loss) on sale of land
Miscellaneous
-
_
_
Total revenues
646,474
15,830
787,855
105,974
31,282
633
1,009
Expenditures:
Current:
General government
-
_
_
_
_
_
_
Planning and
development
-
_
_
Public works
418,400
-
778,000
Capital outlay
-
_
_
Debt service:
Principal
Interest
-
Total expenditures
418,400
-
778,000
-
-
-
-
Excess (deficiency) of
revenues over (under)
expenditures
228,074
15,830
9,855
105,974
31,282
633
1,009
Other financing sources (uses):
Transfers in
-
-
-
-
-
2,000
-
Transfers out
-
289,634
-
125,565
100,783
-
31,129
Total other financing
sources (uses)
-
289,634
-
125,565
100,783
2,000
31,129
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
228,074
(273,804)
9,855
(19,591)
(69,501)
2,633
(30,120)
Fund balances (deficits) at
beginning of year, as restated
123,585
-
113,712
73,731
574,778
8,910
30,120
Fund balances (deficit) at
end of year
$ 351,659
273,804
123,567
54,140
505,277
11,543
-
80
Special Revenue Funds
Low/
Moderate
Low/
Low/
Income
Moderate
Moderate
South Coast
Housing-
Bond-
Bond -
Air Quaility
LLEBG
PA No. 1
PA No. 1
PA No. 2
-
-
3,737,113
-
-
_
-
45,848
-
-
25,944
49,772
-
-
-
2,656
2,032
96,383
268,391
74,163
-
-
388,121
-
-
_
-
406,461
-
-
-
-
25,096
-
-
28,600
51,804
4,699,022
268,391
74,163
10,699
-
3,265,008
-
-
10,699
-
3,265,008
-
-
17,901
51,804
1,434,014
268,391
74,163
-
45,400
1,739,031
1,177,000
-
-
45,400
1,739,031
1,177,000
-
17,901
6,404
(305,017)
(908,609)
74,163
35,909
162
6,012,303
1,741,539
2,508,718
53,810
6,566
5,707,286
832,930
2,582,881
Financing
Authority
1,514
678,955
27,615
708,084
9,133
260,000
418,955
688,088
19,996
19,996
10,087
9,909
(Continued)
81
CITY OF LA QUINTA
Non -Major Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
(Continued)
Capital Projects Funds
Parks &
Civic
Library
Community
Street
Infastructure
Transportation
Recreation
Center
Development
Center
Facility
Revenues:
Taxes
-
_
_
Developer fees
-
823,412
413,975
637,564
242,803
110,033
27,696
Intergovernmental
-
_
_
_
_
_
_
Investment income
210,806
184,044
50,586
61,369
86,245
13,457
2,833
Special assessments
-
_
_
_
_
-
_
Rental income
-
_
-
-
Gain (loss) on sale of land
-
-
_
-
Miscellaneous
-
_
-
-
Total revenues
210,806
1,007,456
464,561
698,933
329,048
123,490
30,529
Expenditures:
Current:
General government
-
-
-
211,983
-
-
-
Planning and
development
-
_
_
-
Public works
-
Capital outlay
42,030
Debt service:
Principal
-
Interest
-
Total expenditures
42,030
-
-
211,983
-
-
-
Excess (deficiency) of
revenues over (under)
expenditures
168,776
1,007,456
464,561
486,950
329,048
123,490
30,529
Other financing sources (uses):
Transfers in
-
1,891,080
-
-
_
_
_
Transfers out
_ 2,253,879
180,903
-
-
1,676
-
-
Total other financing
sources (uses)
2,253,879)
1,710,177
-
-
1,676
-
-
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
(2,085,103)
2,717,633
464,561
486,950
327,372
123,490
30,529
Fund balances (deficits) at
beginning of year, as restated
6,592,913
801,927
571,418
746,272
335,529
151,957
30,662
Fund balances (deficit) at
end of year
4,507,810
3,519,560
1,035,979
1,233,222
662,901
275,447
61,191
82
Capital Projects Funds
A.D.97-1
Financing
Redevelopment
Redevelopment
Park
LQ Norte
A.D. 2000-1
Authority
Agency
Agency
Facility
Construction
Phase VI
Projects
PA No.I
PA No.2
Totals
_
_
_
_
_
-
3,737,113
6,168
-
-
-
-
5,000
2,316,249
_
_
_
_
_
-
820,906
793
3,475
135,651
48,514
67,250
166,832
1,534,501
-
_
_
-
-
-
782,610
1,067,076
406,461
_
_
_
_
_
-
52,711
6,961
3,475
135,651
48,514
67,250
171,832
10,717,627
211,983
830,458 322,361 4,437,659
- 1,196,400
25,889 - - - 67,919
- 260,000
- 418,955
- - 25,889 -
830,458
322,361
6,592,916
6,961 3,475 109,762 48,514
763,208
(150,529)
4,124,711
- - 74,496 -
3,888,672
1,230,180
7,086,428
(1,580,002) -
2,788,179
1,158,905
(11,472,086)
- - (1,505,506) -
1,100,493
71,275
(4,385,658)
6,961
3,475
(1,395,744)
48,514
337,285
(79,254)
(260,947)
9,188
59,654
2,353,440
587,695
7,967,272
3,634,347
35,055,654
16,149
63,129
957,696
636,209
8,304,557
3,555,093
34,794,707
83
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84
NON -MAJOR 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 that 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.
Federal Assistance Fund - To account for revenues from the Community Development Block
-- 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 Fund - 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.
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.
85
CITY OF LA QUINTA
Special Revenue Funds
State Gas Tax Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
Revenues:
Intergovernmental
$ 413,900
586,678
629,332
42,654
406,326
Investment income
4,500
4,500
17,142
12,642
5,332
Total revenues
418,400
591,178
646,474
5511296
411,658
Expenditures:
Current:
Public works
418,400
418,400
418,400
-
395,400
Total expenditures
418,400
418,400
418,400
-
395,400
Excess (deficiency) of revenues
over (under) expenditures
-
172,778
228,074
55,296
16,258
Fund balances at beginning of year
123,585
123,585
123,585
-
107,327
Fund balances at end of year
$ 123,585
296,363
351,659
55,296
123,585
86
CITY OF LA QUINTA
Special Revenue Funds
Federal Assistance Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Revenues:
Intergovernmental
Investment income
Total revenues
Other financing sources (uses):
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 with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
$ 340,400
340,000
15,830
(324,170)
30,000
340,400
340,000
15,830
324,170
30,000
-
130,000
289,634
159,634
30,000
-
130,000
289,634
159,634
30,000)
340,400 210,000 (273,804)
.p >� L1V,VVV `G/
(483,804) -
483,804 -
87
CITY OF LA QUINTA
Special Revenue Funds
Lighting and Landscape
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Revenues:
Developer fees
Investment income
Special assessments
Total revenues
Expenditures:
Current:
Public works
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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
Budget
Original
Final
Actual
$ -
-
3,750
4,300
4,300
1,495
773,700
773,700
782,610
778,000
778,000
787,855
778,000
778,000
778,000
778,000
778,000
778,000
-
-
9,855
- - 9,855
113,712 113,712 113,712
$ 113,712 113,712 123,567
Variance with
Final Budget
2000
Positive (negative)
Actual
3,750
34,840
(2,805)
-
8,910
785,794
9,855
820,634
-
764,400
-
764,400
9,855
56,234
12,705
12,705
9,855 43,529
- 70,183
9,855 113,712
88
CITY OF LA QUINTA
Special Revenue Funds
SLEBG
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Revenues:
Intergovernmental
Investment income
Total revenues
Other financing sources (uses):
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
Budget
Original Final
Actual
$ 48,400 173,759
100,028
1,500 1,500
5,946
49,900 175,259
105,974
30,100 173,759 (125,565
30,100 173,759 125,565
19,800
1,500
(19,591)
73,731
73,731
73,731
$ 93,531
75,231
54,140
Variance with
Final Budget 2000
Positive (negative) Actual
(73,731) 48,372
4,446 4,411
(69,285) 52,783
48,194
48,194
(21,091)
(11,Uy1)
39,910
39,910
12,873
60,858
73,731
89
CITY OF LA QUINTA
Special Revenue Funds
Quimby Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Revenues:
Developer fees
Investment income
Total revenues
Other financing sources (uses):
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 with
Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
$ 55,000 55,000 - (55,000)
9,000 9,000 31,282 22,282
6400 64,000 31,282 32,718
70,000 329,844 100,783 229,061
70,000 329,844 100,783 229,061
(6,000)
(265,844)
(69,501)
5741778
574,778
574,778
$ 568,778
308,934
505,277
196,343
196,343
370,640
18,116
388,756
12,356)
�12,356
376,400
198,378
574,778
UIC
CITY OF LA QUINTA
Special Revenue Funds
Public Safety Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
_ Year ended June 30, 2001
Variance with
—
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
— Revenues:
Investment income
$ 200
200
633
433
4,600
_ Total revenues
200
200
633
433
400
Other financing sources (uses):
_ Transfers in
200
2,000
2,000
-
2,000
Total other financing
_ sources (uses)
2,000
2,000
2,000
-
2,000
Excess (deficiency) of revenues
_ and other financing sources
over (under) expenditures and
other financing uses
2,200
29200
29633
433
6,600
Fund balances at beginning of year
81910
8,910
85910
-
2,310
Fund balances at end of year
$ 11,110
119110
11,543
433
8,910
91
CITY OF LA QUINTA
Special Revenue Funds
Village Parking Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Ori final
Final
Actual
Positive (negative)
Actual
Revenues:
Investment income
$ 1,500
1,500
1,009
491
1,495
Total revenues
11500
19500
1,009
491
1,495
Other financing sources (uses):
Transfers out
-
29,236
31,129
1,893
-
Total other financing
sources (uses)
-
29,236
31,129
1,893
-
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
1,500
(27,736)
(30,120)
(2,384)
1,495
Fund balances at beginning of year
30J20
30,120
30,120
-
28,625
Fund balances at end of year
$ 31,620
21384
-
2,384
30,120
92
CITY OF LA QUINTA
Special Revenue Funds
South Coast Air Quality Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
_
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
Revenues:
Intergovernmental
$ 21,244
21,244
25,944
49700
23,545
Investment income
800
800
2,656
1,856
1,373
Total revenues
22,044
22,044
28,600
631556
24,918
Expenditures:
Current:
_ Planning and development
5,700
5,700
10,699
4,999
7,573
Total expenditures
5,700
51700
10,699
41999
73,573
_ Excess (deficiency) of revenues
over (under) expenditures
16,344
16,344
173,901
19557
179345
— Fund balances at beginning of year
359909
359909
35,909
-
182564
Fund balances at end of year
$ 523253
52,253
53,810
1,557
35,909
93
CITY OF LA QUINTA
Special Revenue Funds
LLEBG
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
Revenues:
Intergovernmental
$ 279000
4%564
49,772
Investment income
300
300
2,032
Total revenues
27,300
49,864
51,804
Other financing sources (uses):
Transfers out
27,600)
0,164
45,400
Total other financing
sources (uses)
27,600
50,164
45,400
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(300)
(300)
6,404
Fund balances at beginning of year
162
162
162
Fund balances at end of year
$ (138
_(138
6,566
208
1,732
1,940
4,764
4,764
6,704
6,704
162
162
162
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Income Housing Project Area No. 1 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
Revenues:
Taxes
$ 3,100,292
3,486,725
3,737,113
250,388
3,194,919
Developer fees
-
-
45,848
45,848
48,860
Investment income
312,880
312,880
96,383
(216,497)
267,399
_ Rental income
341,000
341,000
388,121
47,121
404,752
Gain (loss) on sale of land
150,000
150,000
406,461
256,461
361,102
Miscellaneous
-
-
25,096
25,096
-
Total revenues
3,904,172
43,290,605
4,699,022
408,417
4,277,032
_ Expenditures:
Current:
Planning and development
7,508,980
8,725,380
3,265,008
5,460,372
2,164,104
- Total expenditures
7,508,980
8,725,380
39265,008
5,460,372
2,164,104
Excess (deficiency) of revenues
_ over (under) expenditures
(3,604,808)
(4,434,775)
1,434,014
5,868,789
25112,928
Other financing sources (uses):
Transfers out
(1,739,031)
(1,739,031)
(1,739,031)
-
1,739,297
Total other financing
sources (uses)
(1,739,031)
(1,739,031)
(1,739,031)
-
(1,739,297)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(5,343,839)
(6,173,806)
(305,017)
5,868,789
373,631
Fund balances at beginning of year,
_ as restated
6,012,303
6,012,303
6,012,303
-
6,268,281
Fund balances at end of year
$ 668,464
161,503
5,707,286
5,868,789
6,641,912
95
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Bond - Project Area No. 1 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Revenues:
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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
Budget
Original Final
Variance with
Final Budget
2000
Actual Positive (negative)
Actual
268,391 268,391
32,618
268,391 268,391
32,618
- - - 67,695
- - 67,695
- 268,391 268,391 35,077
(1,784,724) (1,177,000) 607,724 1,570,149
(1,784,724) (1,177,000) 607,724 (1,570,149)
- (1,784,724) (908,609) 876,115 (1,605,226)
1,741,539 1,741,539 1,741,539 - 3,346,765
$ 1,741,539 43,185 832,930 876,115 1,741,539
CITY OF LA QUINTA
- Special Revenue Funds
Low/Moderate Bond - Project Area No. 2 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
—
Original Final
Actual
Positive (negative)
Actual
Revenues:
_ Investment income
$ - -
74,163
74,163
8,734
Total revenues
- -
74,163
74,163
8,734
— Expenditures:
Current:
Planning and development
- -
-
-
24,609
Total expenditures
- -
-
-
24,609
Excess (deficiency) of revenues
— over (under) expenditures
- -
74,163
74,163
15,875
Other financing sources (uses):
Transfers in
- -
-
-
373,267
Transfers out
- (2,522,731)
-
2,522,731
-
Total other financing
sours;: 's (uses)
- (2,522,731)
-
2,522,731
373,267
Excess ;deficiency) of revenues
— and other financing sources
over (under) expenditures and
other financing uses
- (2,522,731)
741163
21596,894
357,392
Fund balances at beginning of year
2,508,718 2,508,718
2,508,718
-
2,151,326
Fund balances at end of year
$ 2,508,718 14,013
2,582,881
2,596,894
2,508,718
97
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98
MAJOR AND NON -MAJOR 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 Authority Fund - 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.
99
CITY OF LA QUINTA
Debt Service Funds
Financing Authority Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
Revenues:
Investment income
$ -
-
11,514
1,514
-
Rental income
678,955
678,955
678,955
-
679,670
Miscellaneous
9,175
9,175
27,615
18,440
-
Total revenues
688,130
688,130
708,084
19,954
67%670
Expenditures:
Current:
Planning and development
% 175
9,175
9,133
42
9,648
Debt service:
Principal
2%000
260,000
260,000
-
250,000
Interest
418,955
418,955
418,955
-
429,670
Total expenditures
688,130
688,130
6889088
42
6899318
Excess (deficiency) of revenues
over (under) expenditures
-
-
19,996
199996
9,648
Other financing sources (uses):
Transfers in
-
-
-
-
8,333
Total other financing
sources (uses)
-
-
-
-
8,333
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
-
-
19,996
19,996
(19315)
Fund balances (deficit) at
beginning of year
10,087
109087
10,087
-
89772
Fund balances (deficit) at end of year
$ (10,087)
(109087
9,909
19,996
10,087
100
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 1 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
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):
Transfers in
Transfers out
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,
as restated
Fund balances at end of year
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
$ 11,489,722
13,946,901
14,948,451
1,001,550
12)779,677
-
-
575,845
575,845
588,883
11,489,722
13,946,901
15,524,296
1,577,395
13,368,560
221,000
236,280
237,341
(1,061)
214,629
1,352,660
3,349,544
3,349,544
-
1,352,660
3,703,920
4,228,397
4,228,397
-
3,707,492
6,084,577
6,069,687
6,231,592
(161,905)
6,842,720
11,362,157
13,883,908
14,046,874
(162,966)
12,117,501
127,565
62,993
1,477,422
1,414,429
1,251,059
1,739,297
1,739,031
1,739,031
-
1,739,297
(981,937)
(3,888,672)
(3,888,672)
-
(1,855,699)
-
-
-
-
362,208
757,360 (2,149,641) (2,149,641) - 245,806
884,925
(2,086,648)
(672,219)
1,414,429 1,496,865
131,132
131,132
131,132
- 2,690,106
$ 1,016,057
(1,955,519
(541,087)
1,414,429 4,186,971
101
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 2 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances Budget and Actual
Year ended June 30, 2001
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):
Transfers in
Transfers out
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,
as restated
Fund balances at end of year
Variance with
Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
$ 4,786,659 5,641,374 6,070,400 429,026 5,017,628
- - 84,159 84,159 521296
43,786,659 5,641,374 6,154,559 513,185 5,069,924
88,770
88,770
98,580
155,531
155,531
155,531
1,005,741
912,016
1,229,894
4,142,833
4,716,188
4,717,789
5,392,875
5,872,505
6,201,794
(9,810) 82,987
152,340
(317,878) 1,042,718
(1,601) 3,716,567
(329,289) 4,994,612
(606,216) (231,131) (47,235) 18306 75,312
338,760 338,760 338,760 - 338,842
(152,668) (1,230,180) (1,230,180) - (493,939)
- - - - 435,708
186,092 (891,420) (891,420) - 280,611
(420,124)
(1,122,551)
(938,655)
183,896 355,923
(5,320,288)
(5,320,288)
(5,320,288)
- 616,620
$ 5,740,412
6,442,839
6,258,943
183,896 972,543
102
MAJOR AND NON -MAJOR 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, prior to
adoption of the new Developer Impact Fee Structure on August 16, 1999. This fund accounts for
all developer resources received prior to this date, and is budgeted by the Council through
adoption of the annual capital improvement program budget.
Transportation Fund, Parks and Recreation Fund, Civic Center Fund, Library Development
Fund, Community Center Fund, Street Facility Fund, Park Facility Fund — To account for the
accumulation of resources provided through developer fees for the acquisition, construction, or
improvement of the City's infrastructure. The Developer Impact Fee was adopted by the City
Council on August 16, 1999. Six new funds have been established to account for the specific
impact areas of these fees, and are budgeted by the Council through adoption of the annual
Capital Improvement Program budget.
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.
Assessment District 2000-1 Phase VI Fund — To account for the bond proceeds and other
funding that will be used for improvements to Assessment District 2000-1.
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.
103
CITY OF LA QUINTA
Capital Projects Funds
Infastructure Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Revenues:
Developer fees
Investment income
Total revenues
Expenditures:
Capital projects
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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
Budget
Original Final
Variance with
Final Budget
Actual Positive (negative)
2000
$ - -
-
-
722,117
358,989 358,989
210,806
(148,183)
408,366
358,989 358,989
210,806
(148,183)
1,130,483
- 46,700
42,030
4,670
266,909
- 4631700
421030
4,670
266,909
358,989 312,289
168,776
(143,513)
863,574
(3,386,343) (5,298,092) 2,253,879) 3,044,213 (3,905,989)
(3,386,343)
(5,298,092)
2,253,879
3,044,213 (3,905,989)
(3,027,354)
(4,985,803)
(2,085,103)
2,900,700 (3,042,415)
6,592,913
6,592,913
6,592,913
- 9,635,328
$ 3,565,559
1,607,110
4,507,810
2,900,700 6,592,913
104
CITY OF LA QUINTA
Capital Projects Funds
Capital Improvement Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget Final Budget 2000
— Original Final Actual Positive (negative) Actual
Revenues:
Developer fees
Intergovernmental
Total revenues
Expenditures:
Capital projects
Debt service:
Principal
Interest
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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
$ 20,000
515,784
276,149
(239,635)
563,056
4,697,200
18,951,359
6,414,543
(12,536,816)
3,728,384
4,717,200
19,467,143
6,690,692
(12,776,451)
43291,440
8,985,217
44,512,311
14,388,395
30,123,916
11,906,629
745,345
745,345
745,345
-
50,000
65,683
65,683
65,683
-
-
9,796,245
45,323,339
15,199,423
30,123,916
11,956,629
(5,079,045) (25,856,196) 8,508,731 17,347,465 7,665,189
5,079,045 25,856,196 8,508,731 (17,347,465) 7,665,189
5,079,045 25,856,196 8,508,731 (17,347,465) 7,665,189
105
Revenues:
Developer fees
Investment income
Total revenues
Other financing sources (uses):
Transfers in
Transfers out
CITY OF LA QUINTA
Capital Projects Funds
Transportation Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
$ 284,000
284,000
823,412
539,412
779,825
23,100
23,100
184,044
160,944
229102
307,100
307,100
1,007,456
700,356
801,927
1,891,080
1,891,080
1,891,080
-
-
(1,264,322)
(1,506,322)
(180,903)
1,325,419
-
Total other financing
sources (uses)
626,758
384,758
1,710,177
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
933,858
691,858
2,717,633
Fund balances at beginning of year
801,927
801,927
801,927
Fund balances at end of year
$ 1,735,785
1,493,785
3,519,560
1,325,419 -
2,025,775 801,927
2,025,775 801,927
106
CITY OF LA QUINTA
Capital Projects Funds
Parks and Recreation Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
-- Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
Revenues:
Developer fees $ -
2012000
413,975
212,975
5562103
Investment income -
20,500
50,586
30,086
152315
Total revenues -
221,500
464,561
243,061
5712418
Fund balances at beginning
of year 571,418
5715418
5711418
-
-
Fund balances at end of year $ 571,418
792,918
1,0352979
2435061
5712418
107
CITY OF LA QUINTA
Capital Projects Funds
Civic Center Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
Revenues:
Developer fees
$ -
284,500
6371564
353,064
725,367
Investment income
-
19,400
61,369
41,969
20,905
Total revenues
-
303,900
698,933
395,033
746,272
Expenditures:
Current:
General government
203,700
203,700
211,983
8,283
-
Total expenditures
203,700
203,700
211,983
8,283
-
Excess (deficiency) of revenues
over (under) expenditures
(203,700)
100,200
486,950
386,750
746,272
Fund balances at beginning of year
746,272
746,272
746,272
-
-
Fund balances at end of year
$ 542,572
846,472
1,233,222
386,750
746,272
108
CITY OF LA QUINTA
-- Capital Projects Funds
Library Development Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and. Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
—
Original
Final
Actual
Positive (negative)
Actual
Revenues:
_ Developer fees
$ 1504000
150,000
242,803
92,803
326,539
Investment income
17,900
17,900
86,245
68,345
8,990
Total revenues
167,900
167,900
329,048
161,148
335,529
Other financing sources (uses):
Transfers in
1,386,518
-
-
-
-
_ Transfers out
(525,000)
(525,000)
1,676
523,324
-
Total other financing
_ sources (uses)
861,518
(525,000)
(1,676)
523,324
-
Excess (deficiency) of revenues
and other financing sources
— over (under) expenditures and
other financing uses
1,029,418
(357,100)
327,372
684,472
335,529
_ Fund balances at beginning of year
335,529
335,529
335,529
-
-
Fund balances at end of year
$ 1,364,947
21,571
662,901
684,472
335,529
109
Revenues:
Developer fees
Investment income
Total revenues
Fund balances at beginning
of year
CITY OF LA QUINTA
Capital Projects Funds
Community Center Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
$ 53,500 53,500 110,033
5,100 5,100 13,457
58,600 58,600 123,490
151,957 151,957 151,957
Fund balances at end of year $ 210,557 210,557 275,447
56,533
8,357
64,890
147,886
4,071
151,957
64,890 151,957
110
CITY OF LA QUINTA
Capital Projects Funds
Street Facility Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
Revenues:
Developer fees
$ 9,500
9,500
272696
182196
26,162
Investment income
1,000
1,000
2,833
1,833
42500
Total revenues
102500
10,500
302529
20,029
303662
Fund balances at beginning
of year
30,662
302662
3002
-
-
Fund balances at end of year
$ 412162
412162
61,191
20,029
30,662
111
CITY OF LA QUINTA
Capital Projects Funds
Park Facility Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
Revenues:
Developer fees $ 3,000
Investment income 200
Total revenues 3,200
Fund balances at beginning
3,000 6,168 3,168
200 793 593
3,200 6,961 3,761
8,934
254
9,188
of year
9,188
9,188
9,188 - -
Fund balances at end of year
$ 12,388
12,388
16,149 3,761 9,188
112
CITY OF LA QUINTA
Capital Projects Funds
A.D. 97-1 LQ Norte Construction Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original Final
Actual
Positive (negative)
Actual
Revenues:
Investment income
$ - -
32475
3,475
42444
Total revenues
- -
3,475
3,475
4,444
Expenditures:
Current:
Planning and development
- -
-
-
125,584
Total expenditures
- -
-
-
125,584
Excess (deficiency) of revenues
over (under) expenditures
- -
3,475
3,475
(121,140)
Fund balances at beginning of year
59,654 59,654
59,654
-
180,794
Fund balances at end of year
$ 59,654 59,654
63,129
3,475
59,654
113
CITY OF LA QUINTA
Capital Projects Funds
A.D. 2000-1 Phase VI Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original Final
Actual
Positive (negative)
Actual
Revenues:
Investment income
$ - -
135,651
135,651
20,336
Special assessments
- -
-
-
345,837
Total revenues
- -
135,651
135,651
366,173
Expenditures:
Capital projects
- -
25,889
(25,889)
-
Total expenditures
- -
25,889
(25,889)
-
Excess (deficiency) of revenues
over (under) expenditures
- -
109,762
109,762
366,173
Other financing sources (uses):
Transfers in
- -
74,496
74,496
-
Transfers out
- (2,188,059)
(1,580,002)
608,057
-
Proceeds of bonds
- -
-
-
2,240,013
Total other financing
sources (uses)
- (2,1883,059)
(1,505,506)
682,553
2,240,013
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
- (2,188,059)
(1,395,744)
792,315
2,606,186
Fund balances at beginning of year
2,353,440 2,353,440
2,353,440
-
-
Residual equity transfer
- -
-
-
252,74
Fund balances at end of year
$ 2,353,440 165,381
957,696
792,315
2,353,440
114
CITY OF LA QUINTA
Capital Projects Funds
Financing Authority Capital Projects Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
Revenues:
Investment income $ -
-
48,514
48,514
14,773
Total revenues -
-
48,514
48,514
14,773
Other financing sources (uses):
Transfers out -
(517,732)
-
517,732
8,333
Total other financing
sources (uses) -
(517,732)
-
517,732
8,333
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses -
(517,732)
48,514
566,246
6,440
Fund balances at beginning of year 587,695
587,695
587,695
-
581,255
Fund balances at end of year $ 587,695
69,963
636,209
566,246
587,695
115
CITY OF LA QUINI'A
Capital Projects Funds
Redevelopment Agency Project Area No. 1 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget
Final Budget
2000
Original
Final
Actual
Positive (negative)
Actual
Revenues:
Investment income
$ 290,400
290,400
67,250
(223,150)
115413
Total revenues
2901,400
290,400
673,250
(223,150)
111,413
Expenditures:
Current:
Planning and development
96731822
1,044,992
83031458
214,534
783,471
Capital projects
-
-
-
-
1065773
Total expenditures
967,822
1,044,992
830,458
214,534
8905244
Excess (deficiency) of revenues
over (under) expenditures
(677,422)
(754,592)
(763,208)
(8,616)
878,831)
Other financing sources (uses):
Transfers in
1,692,447
3,888,672
3,888,672
-
1,855,699
Transfers out
(477,375)
(5,023,815)
(2,788,179)
21235,636
(1,428,676)
Proceeds of advances
-
-
-
-
107,273
Total other financing
sources (uses)
1,2155072
(15135,143)
1,100,493
2,235,636
53431296
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
537,650
(1,889,735)
337,285
2,227,020
(344,535)
Fund balances at beginning of year
7,967,272
7,967,272
7,9675272
-
8,3115807
Fund balances at end of year
$ 8,504,922
6,077,537
8,304,557
29227,020
7,967,272
116
CITY OF LA QUINTA
Capital Projects Funds
Redevelopment Agency Project Area No. 2 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2001
Variance with
Budget Final Budget 2000
Original Final Actual Positive (negative) Actual
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):
Transfers in
Transfers out
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
Fund balances at end of year
$ - - 5,000 5,000 5,000
38,490 38,489 166,832 128,343 98,028
38,490 38,489 171,832 133,343 103,028
357,410 442,910 322,361 120,549 400,721
357,410 442,910 322,361 120,549 400,721
(318,920) (404,421) (150,529) 253,892 297,693
152,668 1,230,180 1,230,180 - 493,939
- (2,495,473) (1,158,905) 1,336,568 (232,037)
1,500,000
152,668 (1,265,293) 71,275 1,336,568 1,761,902
(166,252)
(1,669,714)
(79,254)
1,590,460 1,464,209
3,634,347
3,634,347
3,634,347
- 2,170,138
$ 3,468,095
131964,633
3,5559093
1,5909460 3,634,347
117
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, 2000-1 - To account for assessments
paid to the City for debt service payments on bond issues used to finance sewer improvements.
119
CITY OF LA QUINTA
Agency Funds
Combining Balance Sheet
June 30, 2001
Arts in
Public Places
Assessment
District
No. 88-1
Assessment
District
No. 89-2
Assessment
District
No. 90-1
Assets
Cash and investments $ 713,358 202,741 250,979 243,696
Total assets $ 713,358 202,741 250,979 243,696
Liabilities
Accounts payable $ 8,500 - - -
Deposits payable 704,858 - - -
Due to bondholders - 202,741 250,979 243,696
Total liabilities $ 713,358 202,741 250,979 243,696
120
Assessment
Assessment
Assessment
Assessment
District
District
District
District
No. 91-1
No. 92-1
No. 97-1
No. 2000-1 2001
503,421
390,903
123,072
399,839 2,828,009
503,421
390,903
123,072
39%839 2,828,009
503,421 390,903
8,500
- - 704,858
123,072 399,839 2,114,651
123,072 399,839 2,828,009
121
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year ended June 30, 2001
Balance at
June 30, 2000 Additions
ARTS IN PUBLIC PLACES
Balance at
Deletions June 30, 2001
Assets
Cash and investments
$
670,159
238,138
(194,939
713,358
Liabilities
Accounts payable
694
28,119
(20,313)
8)500
Deposits payable
669,465
268,124
(232,731)
704,858
Total liabilities
$
670,159
296,243
253,044
713,358
ASSESSMENT DISTRICT NO. 88-1
Assets
Cash and investments
$
169,150
97,164
63,573)
202,741
Liabilities
Due to bondholders
$
169,150
104,269
(70)678)
202,741
ASSESSMENT DISTRICT NO. 89-2
Assets
Cash and investments
$
228,282
135,472
(112,775)
250,979
Liabilities
Due to bondholders
$
228,282
148,023
(125,326)
250,979
(Continued)
122
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
(Continued)
— Balance at
Balance at
June 30, 2000 Additions
Deletions
June 30, 2001
ASSESSMENT DISTRICT NO. 90-1
Assets
Cash and investments $
212,518 146,284
115,106
243,696
— Liabilities
Due to bondholders $
212,518 157,529
126,35j)
243,696
ASSESSMENT DISTRICT NO. 91-1
Assets
Cash and investments $
4579828 271,102
(225,509)
503,421
Liabilities
— Due to bondholders $
457,828 288,586
(2429993)
503,421
— ASSESSMENT DISTRICT NO. 92-1
Assets
Cash and investments $
339,630 2349628
(183,355)
3909903
Liabilities
Due to bondholders $
339,630 246,613
(195,340
3909903
(Continued)
123
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
(Continued)
Balance at
Balance at
June 30, 2000
Additions
Deletions
June 30, 2001
ASSESSMENT DISTRICT NO. 97-1
Assets
Cash and investments
$
123,312
71,276
(71,516)
123,072
Liabilities
Due to bondholders
$
123,312
77,484
77,724)
123,072
ASSESSMENT DISTRICT NO.2000-1
Assets
Cash and investments
$
282,927
317,981
(201,069)
399,839
Liabilities
Due to bondholders
$
282,927
327,936
(211,024)
399,839
TOTALS -ALL AGENCY FUNDS
Assets
Cash and investments
$
2,483,806
1,512,045
1,167,842
21828,009
Total assets
$
2,483,806
1,512,045
(1,167,842)
2,828,009
Liabilities
Accounts payable
$
694
28,119
(20,313)
8,500
Deposits payable
66%465
268,124
(232,731)
704,858
Due to bondholders
1,8139647
1,350,440
1104%436
2,114,651
Total liabilities
$
29483,806
1,646,683
1,302,480
2,828,009
124
CAPITAL ASSETS USED IN THE
OPERATION OF GOVERNMENTAL FUNDS
125
CITY OF LA QUINTA
Capital Assets Used in the Operation of Governmental
Funds Schedule by Source 1
June 30, 2001
Governmental funds capital assets:
Land $ 13,981,170
Buildings and improvements 14,986,522
Equipment and furniture 1,571,276
Vehicles 161,052
Infrastructure 3 09,73 9,666
Construction in progress 19,3 87, 875
Total governmental funds capital assets $ 359,827,561
Investment in general fixed assets by source:
General fund $ 231)809,779
Capital projects funds 321,978,742
Redevelopment agency 14,039,040
Total governmental funds capital assets $ 3 59, 827, 561
1 This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in the internal service fund are excluded from
the above amounts. Generally, the capital assets of the internal service funds are
included as governmental activities in the statement of net assets.
126
4
_
CITY OF LA QUINTA
Capital Assets Used in
the Operation of Governmental Funds
Schedule
by Function and Activity
_
June 30, 2001
Buildings and
Equipment
Construction
Function and Activity
Land Improvements
and Furniture Vehicles Infrastructure
in Progress
Totals
i General government:
Legislative
$ - -
8,572 - -
-
8,572
City manager
6,951,090 121,867
156,527 - -
-
7,229,484
Economic
_ development
- -
13,551 - -
-
13,551
Personnel
- 25,304
4,036 - -
-
29,340
Finance
- -
91,340 - -
-
91,340
Central services
- -
197,311 - -
-
197,311
City clerk
- -
204,454 - -
-
204,454
Total general
government
6,951,090 147,171
675,791 - -
-
7,774,052
Public safety:
Police
- -
33,790 - -
-
33,790
Building and safety
administration
- -
75,503 - -
-
75,503
Code compliance
- -
20,172 - -
-
20,172
Animal control
- -
2,546 - -
-
2,546
Building
- -
12,110 - -
-
12,110
Emergency services
- 1,792
53,714 - -
-
55,506
Fire
- -
- 161,052 -
-
161,052
Civic center building
- 9,744,142
83,908 - -
1,676
9,829,726
Total public safety
- 9,745,934
281,743 161,052 -
1,676
10,190,405
Community services:
Community services
administration
- 2,024,311
45,952 - 1,018,163
-
3,088,426
Parks and recreation
i programs
- 1,971,294
16,082 - -
-
1,987,376
Senior center
- -
997 - -
-
997
Total community
_ services
- 3,995,605
63,031 - 1,018,163
-
5,076,799
Community development:
Community development
administration
- -
107,206 - -
-
107,206
Redevelopment agency
7,030,080 880,000
- - -
6,128,960
14,039,040
Total community
development
7,030,080 880,000
107,206 - -
6,128,960
14,146,246
Public works:
Public works
administration
- 4,000
70,514 - -
-
74,514
Development and
_
traffic
- -
141,507 - 299,066,788
12,462,504
311,670,799
Street maintenance
and operations
- 12,742
83,482 - 2,028,035
-
2,124,259
Lighting landscape
_
maintenance
and operations
- 201,070
142,072 - 7,626,680
794,735
8,764,557
Capital projects
- -
57930 - -
-
5,930
Total public works
- 217,812
443,505 - 308,721,503
13,257,239
322,640,059
Total
$ 13,981,170 14,986,522
1,571,276 161,052 309,739,666
19,387,875
359,827,561
- This schedule presents
only the capital asset balances related to governmental funds. Accordingly, the capital assets
reported in the internal
service fund are excluded from the
above amounts. Generally, the capital assets of the internal
service funds are included as governmental activities in the statement of net assets.
127
CITY OF LA QUINTA
Capital Assets Used in the Operation of Governmental Funds
Schedule of Changes by Function and Activity '
Year ended June 30, 2001
Function and Activity
General government
Public safety
Community services
Community development
Public works
Total
Governmental
Governmental
Funds Capital
Funds Capital
Assets
Assets
June 30, 2000
Additions
Deletions
June 30, 2001
7,777,154
68,159
(71,261)
7,774,052
10,125,883
87,404
(22,882)
1011903405
5,066,406
30,243
(19,850)
5,076,799
14,142,674
3,572
-
141146,246
311,789,643
10,850,416
-
32216401)059
$ 348,901,760
11,03%794
113,993
3591,82711561
1 This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in the internal service fund are excluded from
the above amounts. Generally, the capital assets of the internal service funds are
128
TABLE 1
CITY OF LA QUINTA
General Fund Expenditures by Function
Last Ten Fiscal Years
Fiscal Year
Ending
General
Public
Public
Community
Planning &
Capital
June 30
Government
Safety
Works
Service
Development
Projects
Total
1992
$ 1,921,155
2,155,813
618,612
157,897
904,171
11,813
5,769,461
1993
1,807,205
2,393,202
6009253
146,686
884,537
-
5,831,883
1994
2,359,673
2,786,575
673,144
11 %265
5111416
-
6,450,073
1995
1,565,265
3,143,697
5769304
199,115
538,610
282,113
65305,104
1996
1,793,301
3,227,438
813,352
413,142
453,656
201,475
6,902,364
1997
2,376,935
3,442,056
889,694
4692110
455,563
170,000
72803,358
1998
2,229,389
4,099,523
1,159,372
494,402
345,054
-
8,327,740
1999
2,473,241
4,468,294
1,546,650
732,741
626,074
-
9,847,000
2000
2,814,604
4,992,811
1,704,996
768,528
748,949
-
11,029,888
2001
3,0639641
5,636,154
1,417,528
817,460
733,579
-
11,668,362
Source: City of La Quinta Audited Financial Statements
130
TABLE 2
CITY OF LA QUINTA
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
1992
$ 3,135,044
576,293
930,503
488,015
(1)
261,380
120,867
5,512,102
1993
3,581,830
622,107
1,157,587
384,000
(1)
238,321
219,641
6,203,486
1994
4,212,604
777,241
1,600,032
469,695
(1)
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
815,980
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
2000
8,888,825
2,493,360
2,388,749
1,922,097
-
1,868,073
106,371
17,667,475
2001
10,331,970
2,057,423
2,164,891
1,998,589
-
2,513,789
43,545
19,110,207
(1) 1995 was the first year Litigation Settlement Proceeds was identified as a revenue source
Source: City of La Quints Audited Financial Statements
131
TABLE 3
CITY OF LA QUINTA
Property Tax Levies and Collections
Last Ten Fiscal Years
Percent of
Fiscal Year
Total
Current
Percent
Delinquent
Total
Ending
Tax
Tax
of Levy
Tax
Collections
June 30
L yy
Collection
Collected
Collections
to Tax Lew
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
8243,073
760,350
92.3%
-
92.3%
1998
886,175
980,838
110.7%
-
110.7%
1999
991,001
11148,040
115.8%
-
115.8%
2000
1,001,074
1,005,983
100.5%
-
100.5%
2001
1,071,723
1,091,128
101.8%
-
101.8%
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.
Source: City of La Quinta and County of Riverside
132
TABLE 4
CITY OF LA QUINTA
Schedule of Net Taxable Value
Last Ten Fiscal Years
Fiscal Year
Assessed
Less
Less
Net
Ending
Secured
Unsecured
Property
Property
Homeowner's
Taxable
June 30
Pro a
PropeM
Value
Exemptions
Exemptions
Value
1992
$ 11594,767,374
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
20,518,400
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
18,84400
2,324,438,867
9,676,787
24,877,018
2,289,885,062
1999
2,674,887,437
181756,736
2,693,644,173
10,998,340
27,581,722
2,655,064,111
2000
2,665,520,656
18,712,736
2,684,233,392
11,655,584
28,259,200
2,644,318,608
2001
3,162,945,116
30,599,753
3,193,544,869
19,757,668
30,391,400
3,143,395,801
(1) Homeowner's exemption not available
Source: County of Riverside
133
CITY OF LA QUINTA
Property Tax Rates - Direct and Overlapping Governments
Last Five Fiscal Years (per $100 of Assessed Value)
General
Desert Sands Unified
College of the Desert
Coachella Valley Water District
Total Tax Rate
Source: County of Riverside
TABLE 5
2000/01
1999/00
1998/99
1997/98
1996/97
1.00000
1.00000
1.00000
1.00000
1.00000
0.09750
0.09750
0.09750
0.09750
0.09750
0.00000
0.00000
0.00000
0.00000
0.00000
0.02080
0.02080
0.02080
0.02080
0.02080
1.11830
1.11830
1.11830
1.11830
1.11830
134
TABLE 6
—
CITY OF LA QUINTA
Special Assessment Billings and Collections
Last Ten Fiscal Years
Year
Special Special
Ratio of
Ended
Assessment Assessment
Collections
June 30
Billings Collections (1)
to Billings
_ 1992
$ 5579574 5529249
99.0%
1993
5599029 548,291
98.0%
1994
766,011 734,560
95.9%
1995
836,502 7373,700
88.2%
_ 1996
7299647 6999351
95.9%
1997
791,012 757,256
95.7%
1998
7919012 7619109
96.2%
1999
790,532 7709164
97.4%
2000
8339630 8009825
96.0%
2001
835,577 803,756
96.2%
(1) Includes Prepayments and Foreclosures
Source: Muni Financial Services
135
TABLE 7
CITY OF LA QUINTA
Schedule of Direct and Overlapping Bonded Debt
June 30, 2001
Percent
June 30, 2001
Direct and Overlapping Bonded Debt
Applicable
Bonded Debt
Riverside County General Fund Obligations
0.986%
$6,190,196
Riverside County Board of Education Certificates of Participatioi
0.986%
156,400
Desert Community College District Certificates of Participation
3.949
17,889
Desert Sands Unified School District Certificates of Participation
8.727
2,218,485
Desert Sands Unified School District Lease Tax Obligation
8.727
4,228,184
Desert Sands Unified School District Community Facilities No.l
100.000
2,285,000
Coachella Valley County Water District, I.D. #71 Storm Water
Unit Certificates of Participation
6.484
850,052
Coachella Valley County Water District, I.D. #55
69.480
7,361,406
Coachella Valley County Water District, I.D. #58
2.576
185,343
Coachella Valley Unified School District
6.212
1,203,530
City of La Quinta General Fund Obligations (Finance Authority)
100.000
7,750,000
City of La Quinta 1915 Act Bonds
100.000
8,235,000
Total Direct and Overlapping Bonded Debt
$40,681,485 (1)
Note: (1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue,
tax allocation bonds and nonbonded capital lease obligations.
Source: California Municipal Statistics, Inc.
136
CITY OF LA QUINTA
Computation of Legal Debt Margin
June 30, 2001
Net Assessed Valuation
_ Debt Limit - 15 % of Assessed Valuation
Amount of Debt Applicable to Debt Limit
Legal Debt Margin
$3,143,395,801
$471,5091370
-0
$471,50%370
TABLE 8
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
137
TABLE 9
CITY OF LA QUINTA
Revenue Bond Coverage
Local Agency Revenue Bonds (City Hall Project)
Last Nine Fiscal Years
Fiscal Year
Debt Service Requirements
Ending
Revenue Available
June 30
for Debt Service
Principal
Interest
Total
Coverage
1992
$ 182,784
-
182,784
182,784
1.00
1993
548,352
-
548,352
548,352
1.00
1994
548,352
-
54831352
548,352
1.00
1995
699,477
155,000
5443,477
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
43%573
684,573
1.00
2000
679,670
250,000
429,670
679,670
1.00
2001
678,955
260,000
418,955
678,955
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 Quinta
138
CITY OF LA QUINTA
Demographic Statistics
Last Ten Fiscal Years
Total
Fiscal Year
Population
Riverside
Ending
Square
Percent
County
June 30
Miles (1)
Population (2)
Change
Population (2)
1992
28.0
14,727
12.7%
1,281,000
1993
28.2
15,589
5.9%
1,323,500
1994
28.2
16,680
7.0%
1,357,400
1995
31.2
17,591
5.5%
1,393,500
1996
31.2
18,050
2.6%
15381,879
1997
31.2
185931
4.9%
1,379,956
1998
31.2
205444
8.0%
154415237
1999
31.2
21,763
6.5%
1,4735307
2000
31.2
24,240
10.77%
155225900
2001
31.2
26,321
8.58%
155455387
Source: (1) City of La Quinta
(2) State of California Department of Finance
TABLE 10
City
Population
Percent
139
Fiscal Year
Ending
June 30
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
CITY OF LA QUINTA
Property Value and Construction Activity
Last Ten Fiscal Years
Property
Value 1
$ 1,594,767,374
1,773,323,102
1,872,768,156
1,927,834,908
2,043,276,054
2,164,204,951
2,305,593,987
2,674,887,437
2,665,520,656
3,162,945,116
Commercial
Construction
Units
Value
12
7,334,871
7
2,441,392
13
6,081,796
4
1,100,119
8
1,018,940
11
1,876,747
14
2,689,642
19
8,894,767
40
13,071,684
39
15,289,134
(1) From Schedule of Net Taxable Value
Source: City of La Quinta
TABLE 11
Residential
Construction
Units
Value
320
35,744,443
324
39,145,539
531
79,318,969
238
29,163,494
336
53,973,239
322
36,971,047
461
70,403,691
770
132,521,054
1,590
2922524,629
12069
195,774,186
140
TABLE 12
CITY OF LA QUINTA
Principal Taxpayers
June 30, 2001
Taxpayer
Type of Activity
KSL La Quinta Hotel Corp.
Hotel
KSL PGA West Corporation
Residences
Sunrise Desert Partners
Condominiums
KSL Landmark Corporation
Vacant Land
KSL Land Corporation
Residential Land
KSL La Quinta Corporation
Golf Courses
TD Desert Development
Residential Land
La Quinta Golf Properties, Inc.
Golf Course
M & H Realty Partnership
Shopping Centers
Washington Adams Partnership
Commercial
Tradition Club Associates
Recreational, vacant land
Source: City of La Quinta
141
TABLE 13
CITY OF LA QUINTA
Major Employers
June 30, 2001
Employer
Employees
Activity
La Quinta Hotel and Golf Resort
1,500
Resort Hotel
PGA West
1,100
Golf Resort
Desert Sands Unified School District
550
School District Administration
Wal-Mart
250
Retailer
The Home Depot
180
Retailer
Loew's Home Improvement
150
Retailer
Stater Brothers
126
Groceries
Vons
103
Groceries
Ralphs
100
Groceries
City of La Quinta
73
Municipal Government
Source: City of La Quinta
� i�
142
TABLE 14
CITY OF LA QUINTA
Schedule of Insurance in Force
June 30, 2001
Company Name
Policy Number
Coverage
Limits
Term
Premium
Hartford
PEBA07068
Employee Dishonesty,
$1,000,000
12/03/00 - 01
$2,500
Forgery, Computer Fraud
General Star
IAG371825A
All Risk Property Insurance
25,139,000
07/01/01- 02
16,505
Indemnity & Westchester
FPL388464
Including Auto Physical Damage
Fire
(Excluding Quake & Flood)
_ Agricultural Ins.
CCP5629789
Earthquake & Flood
4,500,000
02/07/01- 02
15,780
Company
Real & Personal Property
Part of $7,500,000
Including Contigent Tax Interruption
California
Certificate #5
Comprehensive General $0 Deductible Retention
12/03/00 - 01
60,300
Joint Powers
Liability
$50 Million
Insurace Authority
-- California
Certificate
Worker's Compensation
5,000,000
12/03/00 - 01
37,637
Joint Powers
#5009-056
Insurance Authority
Greenwich Ins. Co.
AC63329789
Earthquake & Flood
3,000,000
02/07/01-02
9,970
Real & Personal Property
Part of $7,500,000
Including Contigent Tax Interruption
Chubb Custom
Special Events
$1,000,000
N/A
N/C
Insurance
Source: City of La Quinta
143
TABLE 15
CITY OF LA QUINTA
Miscellaneous Statistical Data
June 30, 2001
Date of Incorporation
............................... May 2, 1982
Type of City
................................Charter City
Form of Government
...........................Counci.l / Manager
City Employees
................................. 72.75
City Land Area (square miles) .................................... 31.2
Population
................................. 26,321
Number of Parks
................................. 9
Total Acreage
................................. 40
Miles of Streets
................................. 170.0
Miles of Bike Paths
................................. 9.7
Number of Major Intersections .................................. 45
Number of Traffic Signals and Safety Lighting ....................... 32
Number of Traffic Signs
................................. 2,605
Number of Street Lights
................................. 8
Public Schools
................................. 4
Private Schools
................................. 1
Churches
................................. 3
Banks / Savings and Loan
................................. 3
Number of Single Family Units - Detached
.......................... 10,252
Number of Single Family Units - Attached
.......................... 2,326
Number of Multiple Family Units ................................
697
Number of Mobile Homes
................................. 247
Source: City of La Quinta
144
CITY OF LA QUINTA
General Fund Balance Trends
Last Ten Fiscal Years
Fiscal Year
Ending
June 30 Reserved
1992
$ 63227,579
1993
5,372,575
1994
49354,139
1995
6,100,309
1996
6,680,048
1997
8,202,641
1998
8,915,742
1999
8,8799558
2000
10,565,563
2001
1197469211
Source: City of La Quinta
Unreserved
Designated Undesignated
76,323 (662,573)
82,056 508,301
3,7921864 --
4,228,680 --
5,686,027 --
5,9365591 --
8,568,017 --
14,43%998 --
18,111,835 --
23,878,259 --
TABLE 16
Totals
5,641,329
5,962,932
8,147,003
10,328,989
12,366,075
14,13%232
17,483,759
23,3199556
28,677,398
35,624,470
145
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item B
Meeting Date: December 12, 2001
TITLE:
Month End Cash Report — November 2001 and
Other selected Financial Data
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.
RECOMMENDATION:
Information item only.
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L, AIF Performance Report http://www.treasurer.ca.gov/laif/performance.htm
Philip A gewldes state Treasurer
Inside the State Trees rees Office It
Local Agency Investment Fund
LAW Performance Report
Reporting Date:
Effective Date:
Quarter Yield:
Daily:
Year:
Life:
Quarter Ending 9/30/01
Apportionment Rate:
Earnings Ratio:
Fair Value Factor:
Monthly Average For October:
Corporate
Bonds
4.
Commerck
Paper
18.15%
Time Deposil
9.48%
11 /28/01
11 /28/01
3.66%
3.44%
4.15%
178
4.47%
.00012254784317284
1.004705758
3.785%
Pooled Money Investment Account
Portfolio Composition*
$51.2 Billion
10/31/01
Loans Treasuries
5.81 % 11.93%
■Treasuries
Igages ❑ Mortgages
1.02% ® Agencies
■ CD's/BN's
CD's/BN's
14.48%
Agencies
35.53%
❑ Time Deposits
Bankers Acceptances
■ Repo
■ Commercial Paper
0 Corporate Bonds
Loans
■ Reverses
*The PMIA portfolio does not hold any securities of PG&E or Southern California Edison.
V U 3
1 of 2 12/03/2001 9:18 AM
L• AIF Performance Report http://www.treasurer.ca.gov/laif/performance.htm
lam
21 Adobe PDF version of LAIF Performance.
2-1 Help with Adobe Acrobat PDF.
O u 4
2 of 2 12/03/2001 9:18 AM
FRB: H.1.5--Selected Interested Rat...y Daily Update-- November 30, 2001 http://www.federalreserve.gov/Releases/H15/update/
H.1
Selectee! Interest Rates (Daily)
Release Date: November 30, 2001
Weekly release dates and announcements I Historical data I About
Daily update Other formats: Screen reader I ASCII
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
SELECTED INTEREST RATES
Yields in percent per annum
Instruments
SELECTED INTEREST RATES
Federal funds (effective) 1 2 3
Commercial paper 3 4 5 6
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
CDs (secondary market) 3 7
1-month
3-month
6-month
Eurodollar deposits (London) 3 8
1-month
3-month
6-month
Bank prime loan 2 3 9
Discount window borrowing 2 10
U.S. Government securities
Treasury bills (secondary market) 3 4
4-week
3-month
6-month
Treasury constant maturities 11
1-month
3-month
6-month
1-year
2-year
3-year
5-year
For immediate release
November 30, 2001
Mon Tue Wed Thu
Nov 26 Nov 27 Nov 28 Nov 29
2.04
2.01
2.04
2.09
2.00
2.00
2.03
1.98
2.05
2.02
1.99
1.97
2.06
2.05
1.97
1.92
2.00
2.02
1.98
1.98
2.05
2.06
2.04
2.03
2.04
2.07
2.01
1.99
2.07
2.06
2.06
2.06
2.07
2.07
2.07
2.07
2.13
2.07
2.07
2.07
2.04
2.05
2.02
2.10
2.07
2.08
2.04
2.00
2.12
2.13
2.06
2.01
5.00
5.00
5.00
5.00
1.50
1.50
1.50
1.50
1.98
1.98
1.93
1.88
1.94
1.88
1.84
1.77
2.00
1.94
1.88
1.76
2.00
2.01
1.96
1.90
1.98
1.92
1.87
1.80
2.04
1.98
1.92
1.80
2.43
2.36
2.26
2.03
3.22
3.11
3.12
2.87
3.70
3.58
3.60
3.33
4.41
4.32
4.33
4.10
U�
1 of 3 12/03/2001 9:18 AM
FRB: H.1*5--Selected Interested Rat ... y Daily Update-- November 30, 2001
http://www.federalreserve.gov/Releases/H 15/update/
7-year
10-year
20-year
30-year
Interest rate swaps 12
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
Corporate bonds
Moody's seasoned
Aaa
Baa
State & local bonds 13
Conventional mortgages 14
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
FOOTNOTES
4.85
4.77
4.76
4.56
5.05
4.98
4.98
4.79
5.66
5.64
5.63
5.52
5.39
5.37
5.36
5.24
2.62
2.74
2.48
2.49
3.54
3.73
3.42
3.49
4.21
4.40
4.12
4.20
4.64
4.83
4.58
4.65
4.93
5.11
4.88
4.95
5.29
5.47
5.25
5.33
5.57
5.75
5.56
5.63
5.98
6.12
6.03
6.07
7.22
7.12
7.12
7.00
8.01
7.99
7.99
7.86
5.15
The daily effective federal funds rate is a weighted average of rates
on brokered trades.
Weekly figures are averages of 7 calendar days ending on Wednesday of
the current week; monthly figures include each calendar day in the
month.
Annualized using a 360-day year or bank interest.
On a discount basis.
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.
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.
An average of dealer offering rates on nationally traded certificates
of deposit.
Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
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.
Rate for the Federal Reserve Bank of New York.
Yields on actively traded issues adjusted to constant maturities.
Source: U.S. Treasury.
International Swaps and Derivatives Association (ISDA) mid -market
par swap rates. Rates are for a Fixed Rate Payer in return for
receiving three month LIBOR, and are based on rates collected at
11:00 a.m. by Garban Intercapital plc and published on Reuters
Page ISDAFIXI. Source: Reuters Limited.
Bond Buyer Index, general obligation, 20 years to maturity, mixed
quality; Thursday quotations.
Contract interest rates on commitments for fixed-rate first mortgages.
Source: FHLMC.
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 0 66
2 of 3 12/03/2001 9:18 AM
FRB: H.1,5--Selected Interested Rat ... y Daily Update-- November 30, 2001 http://www.federalreserve.gov/Releases/H15/update/
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.
Weekly release dates and announcements I Historical data I About
Daily update Other formats: Screen reader I ASCII
Home I Statistical releases
Accessibility
To comment on this site, please fill out our feedback form.
Last update: November 30, 2001
3 of 3 12/03/2001 9:18 AM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Release I About I Outstanding I Historical discount rates I Historical outstandings I Year end I
Data as of November 30, 2001
Commercial Paper Rates and Outstandings
Derived from data supplied by The Depository Trust Company
Posted December 3, 2001
Yield curve
Monev market basis
7 15
30 60
Days to mature ty
Financial — -- Nonfinancial •.••• A2/P2
Percent
.8
. 7
2.6
2.5
2.4
2.3
2.2
2.1
2.0
4 1.9
AM
1 of 3
0 i� V
12/03/2001 9:18 AM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Discount rate spread
Thirtv-day. A2/P2 less AA nonfinancial commercial pager (dailv)
Racic nnintc
150
140
3: 130
120
110
100
F 90
80
70
150
50
40
_ 30
10
01 dAN98 01 J UL98 01 dAN99 01 J UL99 01 JANOO 01 JULOO 01 JAN01 01 JUL01 01 dAN02
---- A2 /r— --- A2/P2 spread. 5—day movinq averoga
Discount rate history
Thirtv-dav commercial saner (dailv)
Percent
8
7
4
3
2
I r 1
01 dAN98 01 JUL98 01 JAN99 01 J UL99 01 JANOO 01 JULOD 01 dAN01 01 JU L01 01 JAN02
— Financial — -- Nonfinancial -- A2/P2
Outstandings
Weekly (Wednesday), seasonally adjusted
Billions of dollars Billions of dollars
2 of 3
0U9
12/03/2001 9:18 AM
FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
1305
120{
110�
100;
90�
360
350
34C�
3,30
320
310
300
290
280
270
260
20
2-#0
230
220
210
800
01JAN98 01 JUL98 01JAN99 01 JUL99 01JAN00 01JUL00 01 JAN01 01 JUL01 01JAN02
— Financial — -- Ncnfinand al
The daily commercial paper release will usually be available before 11:00am EST. However, the
Federal Reserve makes no guarantee regarding the timing of the daily commercial paper release.
When the Federal Reserve is closed on a business day, yields for the previous business day will
appear in the historical discount rates table. This policy is subject to change at any time without
notice.
Commercial paper outstanding
Commercial paper outstanding, miscellaneous categories
Volume Statistics 2001:Q3
Release I About I Outstanding I Historical discount rates I Historical outstandings I Year end I
Home I Statistical releases
Accessibility
To comment on this site, please fill out our feedback form.
Last update: December 3, 2001
3 of 3 12/03/2001 9:18 AM
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INVESTMENT ADVISORY BOARD
Meeting Date: December 12, 2001
TITLE:
Pooled Money Investment Board Report
for September 2001
BACKGROUND:
Correspondence
& Written Material Item C
The Pooled Money Investment Board Report for September 2001 is included in the
agenda packet.
RECOMMENDATION:
Receive & File
hn M. Falconer, Finance Director
September 2001
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA .
A COMPARISON OF SEPTEMBER 2001 WITH SEPTEMBER 2000
(DOLLARS IN THOUSANDS)
SEPT MBE.R:2001: 'SERTEMBER.2000: CHANGE:...
....
Average Daily Portfolio $ 48,017,074 $ 4104689674 +6,548,400
Accrued Earnings $ 169,237 $ 221,615-52,378
I Effective Yield 4.288 6.502 -2.214 I
I Average Life -Month End (in Days) 169 192 -23 I
Total Security Transactions
Amount
$
21,343,348
$
22,1779686
-834,338
Number
466
481
-15
Total Time Deposit Transactions
Amount
$
1,388,500
$
1,729,190
-340,690
Number
98
136
-38
Average Workday Investment Activity
$
1,196,413
$
1,195,3"
+1,069
Prescribed Demand Account Balances
For Services
$
327,851
$
159,223
+168,628
For Uncollected Funds
$
205,061
$
231,139
-26,078
1
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 Coupons
Certificates of Deposit
Bank Notes
Bankers' Acceptances
Repurchases
Federal Agency Discount Notes
Time Deposits
GNMAs
Commercial Paper
FHLMC
Corporate Bonds
Pooled Loans
GF Loans
Reversed Repurchases
Total (All Types)
INVESTMENT ACTIVITY.
Pooled Money
Other
Time Deposits
Totals
PMIA Monthly Average Effective Yield
Year to Date Yield Last Day of Month
September 30, 2001
PERCENTAGE
CHANGEFROM
AMOUNT
PERCENT
PRIOR MONTH
$1,634,760
3.34
+.56
0
0.00
0.00
3,505,417
7.15
-.15
0
0.00
0.00
$5,140,177
10.49
+.41
4,039,026
8.24
-.47
6,960,234
14.21
-1.85
1,425,012
2.91
-.47
0
0.00
0.00
0
0.00
0.00
11,063,188
22.58
+5.05
4,844,045
9.89
-.30
898
0.00
0.00
9,840,250
20.08
-3.66
9,267
0.02
0.00
2,403,564
4.91
+.02
3,266,473
6.67
+1.27
0
0.00
0.00
0
0
0
$48,992,134 100.00
SEPTEMBER 2001
NUMBER
AMOUNT
466
$ 21,343,348
26
189,693
98
1,388,500
590
$ 22,921,541
4.288
4.482
2
9
AUGUST 2001
NUMBER
AMOUNT
542
$ 25,250,087
25
477,781
136
2,165,000
703
$ 27,892,868
4.502
4.571
Pooled Money Investment Account
Portfolio Composition
$48.9 Billion
Corporate
Bonds
4.91%
Time Deposits
9.89%
Loans
6.67%
CD's/BN's
17.12%
Treasuries
IOA9%
4
Mortgages
0.02%
Agencies
30.82%
09/30/01
S Treasuries
S Mortgages
13 Agencies
0 CD's/BN's
■ Time Deposits
0 Bankers Acceptances
■ Repo
0 Commercial Paper
® Corporate Bonds
0 Loans
0 Reverses
09/04/01 REDEMPTIONS
CD
DANSKE
3.900% 09/04/01
3.840
$50,000
95
$506,746.08
3.893
CD
DANSKE
3.900% 09/04/01
3.840
50,000
95
506,7.46.08
3.893
CP
DELAWARE
09/04/01
3.570
41,608
6
24,756.76
3.621
CP
DELAWARE
09/04/01
3.570
50,000
6
29,750.00
3.621
CP
CITICORP
09/04/01
3.520
50,000
7
34,222.22
3.571
CP
CITICORP
09/04/01
3.520
50,000
7
34,222.22
3.571
CP
HOUSEHOLD
_ 09/04/01
3.460
50,000
8
38,444.44
3.510
CP
HOUSEHOLD
09/04/01
3.460
50,000
8
38,444.44
3.510
CP
CITICORP
09/04/01
3.510
50,000
8
39,000.00
3.561
CP
CITICORP
09/04/01
3.510
50,000
8
39,000.00
3.561
CP
CONAGRA
09104/01
3.640
20,000
12
24,266.67
3.695
CP
GECC
09/04/01
3.660
50,000
35
177,916.67
3.724
CP
GECC
09/04/01
3.660
50,000
35
177,916.67
3.724
CP
GECC
09/04/01
3.660
50,000
35
177,916.67
3.724
CP
GECC
09/04/01
3.660
50,000
35
177,916.67
3.724
CP
GECC
09/04/01
3.660
50,000
35
177,916.67
3.724
CP
GECC
09/04/01
3.660
50,000
35
177,916.67
3.724
CP
GECC
09/04/01
3.660
50,000
35
177,916.67
3.724
CP
GECC
09/04/01
3.660
50,000
35
177,916.67
3.724
CP
CITICORP
09/04/01
3.700
50,000
50
256,944.44
3.770
CP
CITICORP
09/04/01
3.700
50,000
50
256,944.44
3.770
CP
SALOMON
09/04/01
3.710
50,000
60
309,166.67
3.784
CP
SALOMON
09/04/01
3.710
50,000
60
309,166.67
3.784
CP
CRC
09/04/01
3.600
50,000
76
380,000.00
3.677
CP
CRC
09/04/01
3.600
50,000
76
380,000.00
3.677
CP
CRC
09/04/01
3.630
50,000
78
393,250.00
3.709
CP
CRC
09/04/01
3.630
50,000
78
393,250.00
3.709
CP
FMCC
09/04/01
3.750
50,000
89
463,541.67
3.837
CP
AMER EXP
09/04/01
3.750
50,000
90
468,750.00
3.838
CP
AMER EXP
09/04/01
3.750
50,000
90
468,750.00
3.838
CP
SRAC
09/04/01
4.100
50,000
95
540,972.22
4.202
CP
NCAT
09/04/01
3.830
50,Op0
96
51.0,666.67
3.923
CP
NCAT
09/04/01
3.830
50,000
96
510,666.67
3.923
PURCHASES
CP
CAMPBELL
09/05/01
3.700
40,000
CP
CONAGRA
09/10/01
3.760
42,000
CP
SRAC
09/12/01
3.650
10,000
CP
SRAC
09/12/01
3.650
50,000
CP
GMAC
11 /09/01
3.530
35,000
CP
GMAC
11/09/01
3.530
50,000
09/05/01 REDEMPTIONS
CP CAMPBELL 09/05/01 3.700 40,000 1 4,111.11 3.751
CP AMER EXP 09/05/01 3.550 50,000 7 34,513.89 3.601
CP AMER EXP 09/05/01 3.550 50,000 7 34,513.89 3.601
4
09/05/01 REDEMPTIONS (continued)
CID
HOUSEHOLD
09/05/01
3.510
15,000
9
13,162.50
3.561
j CID
CITICORP
09/05/01
3.510
50,000
9
43,875.00
3.561
CID
CITICORP
09/05/01
3.510
50,000
9
43,875.00
3.561
CID
HOUSEHOLD
09/05/01
3.510
50,000
9
43,875.00
3.561
NO PURCHASES
09/06/01 REDEMPTIONS
CID
AMER EXP
09/06/01
3.550
50,000
8
39,444.44
3.602
CID
AMER EXP
09/06/01
3.550
50,000
8
39,444.44
3.602
DISC NOTES
FNMA
09/06/01
6.160
38,000
349
2,269,275.56
6.642
PURCHASES
CP
CONAGRA
09/10/01
3.620
35,000
CID
FCAR
12/10/01
3.380
50,000
CID
FCAR
12/10/01
3.380
50,000
CID
NCAT
12/27/01
3.380
15,000
CID
NCAT
12/27/01
3.380
50,000
09/07/01 REDEMPTIONS
CID
AMER EXP
09/07/01
3.550
50,000
9
44,375.00
3.602
CID
AMER EXP
09/07/01
3.550
50,000
9
44,375.00
3.602
CID
HELLER
09/07/01
3.630
50,000
9
45,375.00
3.683
CID
TEXT FIN
09/07/01
3.660
50,000
32
162,666.67
3.722
CID
CONAGRA
09/07/01
3.780
27,064
35
99,460.20
3.846
DISC NOTES
FNMA
09/07/01
5.090
38,000
233
1,251,857.22
5.336
DISC NOTES
FNMA
09/07/01
5.090
50,000
233
1,647,180.56
5.336
PURCHASES
,
CD
STNRD CH
3.390%
11 /01 /01
3.390
50,000
CD
STNRD CH
3.390%
11/01/01
3.390
50,000
CD
STNRD CH
3.390%
11/05/01
3.390
50,000
CD
STNRD CH
3.390%
11/05/01
3.390
50,000
CP
CONAGRA
09/10/01
3.570
50,000
CID
HELLER
10/15/01
3.620
25,000
CID
CAFCO
10/15/01
3.420
25,000
CID
i
HELLER
10/15/01
3.620
50,000
CID
SALOMON
10/15/01
3.400
50,000
CID
SALOMON
10/15/01
3.400
50,000
CID
CAFCO
10/15/01
3.420
50,000
CID
HOUSEHOLD
11/28/01
3.260
50,000
CID
HOUSEHOLD
11 /28/01
3.260
50,000
' CID
GMAC
12/03/01
3.470
50,000
CID
GMAC
12/03/01
3.470
50,000
5
i y q
MATURITY TRANS PAR :DAYS AMOUNT EFFECTIVe,
5 . w!.?.'w ! ..�'a Mfg '\ •
"DATE:YI-.E- LQ.�':� p►...N_. W.,.`_.I.'
09/10/01 PURCHASES (continued)
CID GOLDMAN 12/16/01 3.250 50,000
09/10/01 REDEMPTIONS
CD
HYPO
3.600% 409/10/01
3.600
50,000
31
155,000.00
3.650
CD
HYPO
3.600% 09/10/01
3.600
50,000
31
155,000.00
3.650
CID
CONAGRA
- 09/10/01
3.570
50,000
3
14,875.00
3.570
CID
CONAGRA
09/10/01
3.620
35,000
4
14,077.78
3.671
CID
CONAGRA
09/10/01
3.760
42,000
6
26,320.00
3.814
CID
CONAGRA
09/10/01
3.650
50,000
11
55,763.89
3.704
CID
CONAGRA
09/10/01
3.650
50,000
11
55,763.89
3.704
CID
FCAR
09/10/01
3.520
50,000
17
83,111.11
3.574
CID
FCAR
09/10/01
3.520
50,000
17
83,111.11
3.574
CID
FCAR
09/10/01
3.520
50,000
17
83,111.11
3.574
CID
SALOMON
09/10/01
3.610
50,000
33
165,458.33
3.672
CID
SALOMON
09/10/01
3.610
50,000
33
165,458.33
3.672
CID
SALOMON
09/10/01
3.610
50,000
33
165,458.33
3.672
CID
SALOMON
09/10/01
3.610
50,000
33
165,458.33
3.672
CID
CONAGRA
09/10/01
3.740
25,000
35
90,902.78
3.805
CID
HELLER
09/10/01
3.770
50,000
39
204,208.33
3.838
CID
BEAR
09/10/01
3.650
50,000
41
207,847.22
3.716
CID
BEAR
09/10/01
3.650
50,000
41
207,847.22
3.716
CID
BEAR
09/10/01
3.650
50,000
41
207,847.22
3.716
CID
SRAC
09/10/01
3.900
50,000
41
222,083.33
3.971
CID
CAMPBELL
09/10/01
3.710
25,000
89
229,298.61
3.796
DISC NOTES
FNMA
09/10/01
6.160
50,000
354
3,028,666.67
6.648
PURCHASES
CID
HOUSEHOLD
09/11/01
3.500
50,000
CID
HELLER
09/28/01
3.550
50,000
CID
SRAC
10/29/01
3.580
50,000
CID
AMER EXP
11/27/01
3.230
50,000
CID
AMER EXP
11/27/01
3.230
50,000
CID
FCAR
11/27/01
3.240
50,000
CID
FCAR
11/27/01
3.240
50,000
09/11/01 REDEMPTIONS
CID HOUSEHOLD 09/11/01 3.500 50,000
CID GECC 09/11/01 3.610 50,000
CID GECC 09/11/01 3.610 50,000
PURCHASES
MTN W/F 4.250% 08/15/03 4.180 20,000
MTN W/F 4.250% 08/15/03 4.180 33,650
0
1 4,861.11 3.548
34 170,472.22 3.672
34 170,472.22 3.672
09/12/01 REDEMPTIONS
CP
SRAC
09/12/01
3.650
10,000
8
8,111.11
3.703
CP
SRAC
09/12/01
3.650
50,000
8
40,555.56
3.703
CP
HELLER
09/12/01
3.600
20,000
15
30,000.00
3.655
DISC NOTES
FNMA
09/12/01
6.120
25,000
355
1,508,750.00
6.603
DISC NOTES
FNMA
.09/12/01
6.120
50,000
355
3,017,500.00
6.603
DISC NOTES
FNMA
09/12/01
6.120
50,000
355
3,017,500.00
6.603
DISC NOTES
FNMA
09/12/01
6.120
50,000
355
3,017,500.00
6.603
NO PURCHASES
09/13/01 REDEMPTIONS
DISC NOTES
FHLMC
09/13/01
6.145
5,000
356
303,836.11
6.633
DISC NOTES
FHLMC
09/13/01
6.135
25,000
356
1,516,708.33
6.621
DISC NOTES
FHLMC
09/13/01
6.135
50,000
356
3,033,416.67
6.621
DISC NOTES
FHLMC
09/13/01
6.140
50,000
356
3,035,888.89
6.627
DISC NOTES
FHLMC
09/13/01
6.145
50,000
356
3,038,361.11
6.633
DISC NOTES
FHLMC
09/13/01
6.160
22,423
359
1,377,419.98
6.654
PURCHASES
CP
CITICORP
09/20/01
3.650
50,000
CP
CITICORP
09/20/01
3.650
50,000
CP
CITICORP
09/20/01
3.650
50,000
CP
GECC
09/20/01
3.530
50,000
CP
GECC
09/20/01
3.530
50,000
CP
GECC
09/20/01
3.530
50,000
CP
GECC
09/20/01
3.530
50,000
CP
GECC
09/20/01
3.530
50,000
CP
GECC
09/20/01
3.530
50,000
CP
GECC
09/20/01
3.530
50,000
CP
GECC
09/20/01
3.530
50,000
CP
SRAC
09/20/01
3.650
50,000
CP
AMER EXP
09/28/01
3.420
50,000
CP
AMER EXP
09/28/01
3.420
50,000
CP
AMER EXP
09/28/01
3.420
50,000
CP
AMER EXP
09/28/01
3.420
50,000
09/14/01 REDEMPTIONS
DISC NOTES
FNMA
09/14/01
6.160
50,000
358
3,062,888.89
6.653
PURCHASES
CP
SALOMON
09/20/01
4.000
50,000
CP
SALOMON
09/20/01
4.000
50,000
CP
SALOMON
09/20/01
4.000
50,000
CP
GOLDMAN
09/28/01
3.750
50,000
7
Lap � d R�e
ANS PAR DAYS �AMOUN,T � ` EE CTIVE ,
'
ELD 000�IEID.�af14RNEa�YlELO
09/17/01 PURCHASES (continued)
CP
GOLDMAN
09/28/01
3.750
50,000
CID
GOLDMAN
09/28/01
3.750
50,000
CID
GOLDMAN
09/28/01
3.750
50,000
CID
HELLER
09/28/01
3.600
50,000
09/17/01 REDEMPTIONS
DISC NOTES
FHLMC
.09/17/01
4.670
50,000 203 1,316,680.56
DISC NOTES
FHLMC
09/17/01
4.670
50,000 203 1,316,680.56
PURCHASES
CID
AMER EXP
09/27/01
3.020
50,000
CID
AMER EXP
09/27/01
3.020
50,000
CID
FMCC
09/27/01
3.100
50,000
CID
MORG STAN
09/27/01
3.050
50,000
CID
MORG STAN
09/27/01
3.050
50,000
CID
MORG STAN
09/27/01
3.050
50,000
CID
CONAGRA
09/28/01
3.320
23,000
CID
CONAGRA
09/28/01
3.300
27,000
CID
HERTZ
09/28/01
3.100
40,000
CID
GOLDMAN
09/28/01
3.100
50,000
CID
GOLDMAN
09/28/01
3.100
50,000
CID
GOLDMAN
09/28/01
3.100
50,000
CID
GOLDMAN
09/28/01
3.100
50,000
CID
FCAR
10/29/01
2.970
10,000
CID
FCAR
10/29/01
2.970
50,000
CID
FCAR
10/29/01
2.970
50,000
CID
FCAR
10/29/01
2.970
50,000
CID
GECC
10/29/01
2.950
50,000
CID
GECC
10/29/01
2.950
50,000
09/18/01 NO REDEMPTIONS
PURCHASES
CD
HSBC
2.890% 11 /20/01
2.890
50,000
CD
HSBC
2.890% 11/20/01
2.890
50,000
CID
CITICORP
10/03/01
2.890
50,000
CID
CITICORP
10/03/01
2.890
50,000
CID
CITICORP
10/03/01
2.890
50,000
CID
GECC
01/02/02
2.780
50,000
CID
GECC
01/02/02
2.780
50,000
CID
GECC
01/02/02
2.780
50,000
CID
GECC
01/02/02
2.780
50,000
CID
NCAT
01/02/02
2.810
50,000
CID
NCAT
01/02/02
2.810
50,000
8
4.862
4.862
77r�n� 'Yr S,�wcx
a�p5er" �{;.'�:1��'i`•e�'M�'4aYi�°R•aY1'y��7uk..,v ,.w ... ,�
$! MATURITY TRANS PAR . 'OAYopN. M` ^OUNTg ;fF ECTNE
DATE A
TELO 000 a�'' s
i_1tEF{� RNE tELDM
09/19/01 REDEMPTIONS
FHLB
6.500%
09/19/01
6.567
50,000 363 3,264,444.44 6.605
FHLB
6.500%
09/19/01
6.567
50,000 363 3,264,444.44 6.605
PURCHASES
CD
MONTREAL
2.480%
12/27/01
2.480
50,000
CD
MONTREAL
2.480%
12/27/01
2.480
50,000
CD
U/C CALIF
2.570%
01/22/02
2.570
50,000
CD
U/C CALIF
2.570%
01/22/02
2.570
50,000
CP
GMAC
11/14/01
2.750
50,000
CP
GMAC
11/14/01
2.750
50,000
CP
AMER EXP
11/15/01
2.350
50,000
CP
AMER EXP
11/15/01
2.350
50,000
CP
GOLDMAN
01/22/02
2.500
50,000
CP
GOLDMAN
01/22/02
2.500
50,000
DISC NOTES
FNMA
12/20/01
2.170
25,000
DISC NOTES
FNMA
12/20/01
2.170
50,000
DISC NOTES
FNMA
12/20/01
2.170
50,000
DISC NOTES
FNMA
12/20/01
2.170
50,000
DISC NOTES
FNMA
12/20/01
2.170
50,000
DISC NOTES
FNMA
12/20/01
2.170
50,000
DISC NOTES
FNMA
12/20/01
2.170
50,000
09/20/01 REDEMPTIONS
CD
MONTREAL
3.510% 09/20/01
3.510
50,000
24
117,000.00
3.558
CD
MONTREAL
3.510% 09/20/01
3.510
50,000
24
117,000.00
3.558
CP
SALOMON
09/20/01
4.000
50,000
6
33,333.33
4.058
CP
SALOMON
09/20/01
4.000
50,000
6
33,333.33
4.058
CP
SALOMON
09/20/01
4.000
50,000
6
33,333.33
4.058
CP
GECC
09/20/01
3.530
50,000
7
34,319.44
3.581
CP
GECC
09/20/01
3.530
50,000
7
34,319.44
3.581
CP
GECC
09/20/01
3.530
50,000
7
34,319.44
3.581
CP
GECC
09/20/01
3.530
50,000
7.
34,319.44
3.581
CP
GECC
09/20/01
3.530
50,000
7
34,319.44
3.581
CP
GECC
09/20/01
3.530
50,000
7
34,319.44
3.581
CP
GECC
09/20/01
3.530
50,000
7
34,319.44
3.581
CP
GECC
09/20/01
3.530
50,000
7
34,319.44
3.581
CP
SRAC
09/20/01
3.650
50,000
7
35,486.11
3.703
CP
CITICORP
09/20/01
3.650
50,000
7
35,486.11
3.703
CP
CITICORP
09/20/01
3.650
50,000
7
35,486.11
3.703
CP
CITICORP
09/20/01
3.650
50,000
7
35,486.11
3.703
PURCHASES
DISC NOTES FFCB 12/07/01 2.180 31,289
DISC NOTES FFCB 12/13/01 2.050 25,000
DISC NOTES FFCB 12/13/01 2.050 50,000
0
_ .,R. .+y1...2 Att�.'.::t J,-,�;.�s .� :w.+ 'r...:.•p .!�i�:?• v ' a3y ,�: ,�r ��� v �:;,. rl �., 'a'k��w#,.+n.Yy, �. 5.�
D�IfOEYrt`1lVl►ES�'C`AEN7'yACCtaUNT
"q'S?r+,s.tE.;, ,� ..l"oz.,>,as3 .::• vt �,:. ;aw r v`r'y ;�,,•'vi h a.i'G
'"`Y �xx>w
�, n s y,�xy,�%�.h �xs•$o l _ s 14a"ut a a, �/ w,F,.FTA1'^, xAN.i.�OxU�: rNT
iC�.
TIV>"MATURITY D
YIELD 0HELD ,-A 00
a�m�Cfw•r..K3Dsrera?3fi+s Gu�zaa5ta xa6w.. ............_r• .....�'"; , x..._..._ _ .v:. »?t. . ,..a <.s.+d.
09/21/01 PURCHASES (continued)
DISC NOTES
FFCB
12/13/01
2.050
50,000
DISC NOTES
FHLB
12/12/01
2.050
45,000
DISC NOTES
FHLB
12/12/01
2.050
50,000
DISC NOTES
FHLB
12/20/01
2.160
25,364
DISC NOTES
FHLB
0S/25/02
2.300
30,000
DISC NOTES
FHLB
03/25/02
2.300
50,000
DISC NOTES
FHLMC
10/30/01
2.070
29,000
DISC NOTES
FHLMC
12/31/01
2.250
16,028
DISC NOTES
FHLMC.:
12/31/01
2.250
50,000
DISC NOTES
FNMA
. 12/20/01
2.190
40,000
DISC NOTES
FNMA
02/08/02
2.150
50,000
DISC NOTES
FNMA
02/08/02
2.150
50,000
DISC NOTES
FNMA
03/21/02
2.300
4,000
DISC NOTES
FNMA
03/21/02
2.300
50,000
DISC NOTES
FNMA
03/21/02
2.300
50,000
DISC NOTES
FNMA
03/21/02
2.300
50,000
DISC NOTES
FNMA
03/21/02
2.300
50,000
DISC NOTES
FNMA
03/21/02
2.300
50,000
DISC NOTES
FNMA
06/21/02
2.300
50,000
DISC NOTES
FNMA
06/21/02
2.300
50,000
09/21/01 REDEMPTIONS
DISC NOTES
FNMA
09/21/01
4.000
50,000
150
833,333.33
4.124
DISC NOTES
FNMA
09/21/01
4.000
50,000
150
833,333.33
4.124
DISC NOTES
FNMA
09/21/01
6.150
50,000
360
3,075,000.00
6.644
DISC NOTES
FNMA
09/21/01
6.150
50,000
360
3,075,000.00
6.644
PURCHASES
DISC NOTES
FHLB
11/30/01
2.240
48,800
DISC NOTES
FHLB
11/30/01
2.240
50,000
DISC NOTES
FHLB
12/07/01
2.270
27,549
DISC NOTES
FHLB
12/21/01
2.260
30,000
DISC NOTES
FHLB
12/21/01
2.260
50,000
DISC NOTES
FHLB
12/24/01
2.250
50,000
DISC NOTES
FHLB
12/24/01
2.250
50,000
DISC NOTES
FHLB
12/24/01
2.250
50,000
DISC NOTES
FHLB
12/31/01
2.250
10,000
DISC NOTES
FHLB
12/31/01
2.250
50,000
DISC NOTES
FHLMC
11/30/01
2.250
50,000
DISC NOTES
FHLMC
11/30/01
2.250
50,000
DISC NOTES
FHLMC
12/07/01
2.270
20,000
DISC NOTES
FHLMC
12/13/01
2.280
10,000
DISC NOTES
FHLMC
12/13/01
2.280
50,000
DISC NOTES
FHLMC
12/28/01
2.280
25,000
DISC NOTES
FNMA
12/14/01
2.270
50,000
DISC NOTES
FNMA
12/20/01
2.260
946
10
0
!�«
,MATURITY '.TRANS PAR:, � 'DAYS ' AMOUNT �FEECTIVE•
DATE .YIELD' 00...«� W� RNED .� Y,. "XI�L_._ ,
09/24/01 PURCHASES (continued)
DISC NOTES
FNMA
12/20/01
2.260
60,000
j DISC NOTES
FNMA
03/21/02
2.300
13,861
1 DISC NOTES
FNMA
03/21/02
2.290
24,000
I DISC NOTES
FNMA
03/21/02
2.300
• 50,000
DISC NOTES
FNMA
06/17102
2.300
50,000
j DISC NOTES
FNMA
06/17/02
2.300
50,000
09/24/01 REDEMPTIONS
DISC NOTES
FHLMC
09/24/01
4.900
50,000
237
1,612,916.67
5.133
DISC NOTES
FHLMC
09/24/01
4.900
50,000
237
1,612,916.67
5.133
DISC NOTES
FHLMC
09/24/01
4.950
50,000
248
1,705,000.00
5.195
DISC NOTES
FHLMC
09/24/01
4.950
50,000
248
1,705,000.00
5.195
PURCHASES
CID
CITICORP
09/26/01
3.000
15,000
CID
CITICORP
09/26/01
3.000
50,000
CID
CITICORP
09/26/01
3.000
50,000
CID
CITICORP
09/26/01
3.000
50,000
CID
CITICORP
09/26/01
3.000
50,000
CID
COUNTRY
09/28/01
2.980
16,479
CID
COUNTRY
09/28/01
2.980
50,000
DISC NOTES
FHLB
03/22/02
2.360
40,000
DISC NOTES
FHLB
03/22/02
2.360
50,000
DISC NOTES
FHLB
03/22/02
2.360
50,000
DISC NOTES
FHLB
03/22/02
2.360
50,000
DISC NOTES
FHLB
03/22/02
2.360
50,000
DISC NOTES
FHLB
03/22/02
2.360
50,000
DISC NOTES
FHLMC
11/20/01
2.480
50,000
DISC NOTES
FHLMC
11/20/01
2.480
50,000
DISC NOTES
FHLMC
02/28/02
2.400
24,000
DISC NOTES
FHLMC
02/28/02
2.400
27,635
DISC NOTES
FHLMC
02/28/02
2.400
50,000
DISC NOTES
FHLMC
03/22/02
2.360
17,641
DISC NOTES
FNMA
12/06/01
2.450
50,000
DISC NOTES
FNMA
12/06/01
2.450
50,000
DISC NOTES
FNMA
03/14/02
2.365
22,739
DISC NOTES
FNMA
03/21/02
2.360
50,000
DISC NOTES
FNMA
03/21/02
2.360
50,000
DISC NOTES
FNMA
03/21/02
2.360
50,000
DISC NOTES
FNMA
03/21/02
2.360
50,000
DISC NOTES
FNMA
06/21/02
2.360
501000
DISC NOTES
FNMA
06/28/02
2.360
50,000
09/25/01 REDEMPTIONS
DISC NOTES FNMA
09/25/01 5.020 50,000
11
263 1,833,694.44 5.283
��'. � `'?F' Y?i,..T,6t', `�' ::rSf v. .v l':"Xi%.c .+. ;its' •� ..�..k 3 . id=K::% .. r:: ?^ �, ;�.a sae. a^�, any ♦i ^73'<"v ♦ � � � �.��' .�}; ,�u?. "Qf�> {�.+�..r .,a � • . ^�+ `� .. �. .. .. ✓ � �.' ;�k s � e � � �'a8!, bias+ ,�' 'kvil��' .:�w �Ly* �3M.♦+^ „� `� c
�'(( .'t`� 0.+,:R^e.� ;,Xti:y i �Xr4-.s ;y ax,�a.L 1r*.1r `srX.,,r*„y�.�4'♦le, i f' .�.
� +� ..:� ;^, 3' ` �..� � t;�F� .s' '� ♦C is �a: 's. ^� ♦� �♦♦� ' a ♦ �.
jv.'. fv , .it � hiY+y ✓ yy s .t'*F � --.
K'S a �.y. � •. .K �b'.J,^ i
ast"d'r8 wrzaa.3lia�l �. r e4,.: �xfi `^ d-: .; , < aWL T V.E%
�. f., ,nw'w9,N'w�ra 1::. n, ,. VIVIATURITY .TRANS PAR.:"DAYS" .,�: , M+Q NT L. EFI,EC, I
AT �. „y'"iYP nr� DESCRIPTION DATE :YIELD L01 HE D a 'EARNS° b3YlEl
,
09/25/01 REDEMPTIONS (continued)
DISC NOTES FNMA 09/25/01 5.020 50,000 263 1,833,694.44 5.283
DISC NOTES FNMA 09/25/01 5.020 50,000 263 1,833,694.44 5.283
DISC NOTES FNMA -09/25/01 5.020 50,000 260 1,762,222.22 5.128
PURCHASES
CD
RABO
2.4300/6*
01 /29/02
2.420
50,000
CD
RABO
2.430%
01/29/02
2.420
50,000
CD
HELABA
2.400%
02/08/02
2.400
50,000
CD
HELABA
2.400%
02/08/02
2.400
50,000
CD
SOC GEN
2.440%
02/08/02
2.440
50,000
CID
COUNTRY
09/28/01
3.200
49,243
CID
CITICORP
09/28/01
3.020
50,000
CID
CITICORP
09/28/01
3.020
50,000
09/26/01 REDEMPTIONS
BN
BANC ONE
4.130%
09/26/01
4.130
50,000
146
837,472.22
4.187
BN
BANC ONE
4.130%
09/26/01
4.130
50,000
146
837,472.22
4.187
BN
BANC ONE
4.130%
09/26/01
4.130
50,000
146
837,472.22
4.187
BN
BANC ONE •
4.130%
09/26/01
4.130
50,000
146
837,472.22
4.187
CD
DEUTSCHE
3.700%
09/26/01
3.700
50,000
82
421,388.89
3.751
CD
DEUTSCHE
3.700%
09/26/01
3.700
50,000
82
421,388.89
3.751
CD
HYPO
3.560%
09/26/01
3.550
50,000
92
453,622.60
3.599
CD
HYPO
3.560%
09/26/01
3.550
50,000
92
453,622.60
3.599
CD
MONTREAL
3.570%
09/26/01
3.570
50,000
92
456,166.67
3.619
CD
MONTREAL
3.570%
09/26/01
3.570
50,000
92
456,166.67
3.619
CD
TORONTO
3.565%
09/26/01
3.560
50,000
92
454,894.65
3.609
CD
TORONTO
3.565%
09/26/01
3.560
50,000
92
454,894.65
3.609
CD
UBS
3.570%
09/26/01
3.560
50,000
92
454,900.41
3.609
CD
UBS
3.570%
09/26/01
3.560
50,000
92
454,900.41
3.609
CD
SVENSKA
3.630%
09/26/01
3.630
50,000
100
466,666.67
3.406
CD
SVENSKA
3.630%
09/26/01
3.630
50,000
100
466,666.67
3.406
CD
SVENSKA
3.630%
09/26/01
3.630
50,000
100
466,666.67
3.406
CD
TORONTO
3.635%
09/26/01
3.630
50,000
100
504,173.60
3.680
CD
TORONTO
3.635%
09/26/01
3.630
50,000
100
504,173.60
3.680
CD
TORONTO
3.635%
09/26/01
3.630
50,000
100
504,173.60
3.680
CD
TORONTO
3.635%
09/26/01
3.630
50,000
100
504,173.60
3.680
CD
SOC GEN
3.800%
09/26/01
3.800
50,000
113
596,388.89
3.852
CD
HSBC
3.820%
09/26/01
3.820
50,000
117
620;750.00
3.873
CD
HSBC
3.820%
09/26/01
3.820
50,000
117
620,750.00
3.873
CD
US BANK
3.820%
09/26/01
3.820
50,000
117
620,750.00
3.873
CD
US BANK
3.820%
09/26/01
3.820
50,000
117
620,750.00
3.873
CD
U/B CALIF
4.150%
09/26/01
4.150
30,000
146
504,916.67
4.207
CD
U/B CALIF
4.150%
09/26/01
4.150
50,000
146
841,527.78
4.207
CD
U/B CALIF
4.200%
09/26/01
4.200
50,000
155
904,166.67
4.258
CD
U/B CALIF
4.200%
09/26/01
4.200
50,000
155
904,166.67
4.258
CD
U/B CALIF
4.200%
09/26/01
4.200
50,000
155
904,166.67
4.258
12
�a:
E!1 .E;prya:NE'..?uer kA.�.r araw -.1�1A::�Y.A5R�_s:ts�%£,:I.j;V:.1s►'c g fS�i>yiy„�pJ ryµ,
tFZ .�r.is •1 a `.�at� .ka,� r� Y 3 '. i v .i
"
^#'��� '��.'•+ 1�����3��y''%� j{ _' S �1t• �j h .�`' f f r `� M .A ,n
t x ' zit
;s k h.,��k�r� aid `MATURITY TRANS PAR P'C►AYSr A[UO FFE���{/�
j :£f...... 'a£ v ,. ,'h c S� r<y� �^T �;� �..:.`.
aYY4 ,flESCRIPT10Nµ ` ATE YIELD 0�001 �ELp>`FAR�NE �t.�,/IELD
09/26/01 REDEMPTIONS (continued)
CD
U/B CALIF
4.200% 09/26/01
4.200
50,000
155
904,166.67
4.258
CD
DEUTSCHE
4.600% 09/26/01
4.600
50,000
163
1,041,388.89
4.663
CD
DEUTSCHE
4.600% 09/26/01
4.600
50,000
163
1,041,388.89
4.663
CP
CITICORP
09/26/01
3.000
15,000
2
2,500.00
3.042
CP
CITICORP
09/26/01
3.000
50,000
2
8,333.33
3.042
CP
CITICORP
09/26/01
3.000
50,000
2
8,333.33
3.042
CP
CITICORP
09/26/01
3.000
50,000
2
8,333.33
3.042
CP
CITICORP
09/26/01
3.000
50,000
2
8,333.33
3.042
CP
DFC
09/26/01
3.500
7,401
34
24,464.43
3.560
CP
DFC
09/26/01
3.500
50,000
34
165,277.78
3.560
CP
FMCC
09/26/01
3.530
27,000
40
105,900.00
3.593
CP
FCAR
09/26/01
3.540
48,000
40
188,800.00
3.603'
CP
FCAR
09/26/01
3.540
50,000
40
196,666.67
3.603
CP
SALOMON
09/26/01
3.500
50,000
40
194,444.44
3.562
CP
SALOMON
09/26/01
3.500
50,000
40
194,444.44
3.562
CP
SALOMON
09/26/01
3.500
50,000
40
194.444.44
3.562
CP
SALOMON
09/26/01
3.500
50,000
40
194,444.44
3.562
CP
HELLER
09/26/01
3.680
50,000
55
281,111.11
3.752
CP
AMER EXP
09/26/01
3.660
50,000
82
416,833.33
3.742
CIS
AMER EXP
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
AMER EXP
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
AMER EXP
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
GECC
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
GECC
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
GECC
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
GECC
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
GECC
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
GECC
09/26/01
3.660
50,000
82
416,833.33
3.742
CP
SRAC
09/26/01
4.100
40,000
117
533,000.00
4.213
DISC NOTES
FHLMC
09/26/01
6.100
50,000
309
2,617,916.67
6.526
DISC NOTES
FHLMC
09/26/01
6.100
50,000
309
2,617,916.67
6.526
PURCHASES
DISC NOTES
FHLB
03/27/02
2.350
25,000
DISC NOTES
FHLB
03/27/02
2.350
50,000
DISC NOTES
FHLB
03/27/02
2.350
50,000
DISC NOTES
FHLB
03/27/02
2.350
50,000
DISC NOTES
FHLB
03/27/02
2.350
50,000
DISC NOTES
FHLMC
12/27/01
2.420
50,000
DISC NOTES
FHLMC
03/22/02
2.360
50,000
DISC NOTES
FHLMC
03/28/02
2.350
50,000
DISC NOTES
FHLMC
03/28/02
2.360
50,000
DISC NOTES
FHLMC
06/26/02
2.320
50,000
DISC NOTES
FHLMC
06/26/02
2.320
50,000
DISC NOTES
FNMA
02/28/02
2.360
123
DISC NOTES
FNMA
03/14/02
2.350
30,000
DISC NOTES
FNMA
02/28/02
2.360
50,000
13
Al MATURITY TRANS PAR `DAYS Y ;AMOUNT: a -EFFECTIVE,,
DATE YIELD LI MELD , .. .
09/27/01 PURCHASES (continued)
DISC NOTES FNMA 06/28/02 2.310 $0,000
09/27/01 REDEMPTIONS
CP
AMER EXP
A9/27/01
3.020
50,000
10
41,944.44
3.064
CP
AMER EXP
09/27/01
3.020
50,000
10
41,944.44
3.064
CP
FMCC
_ 09/27/01
3.100
50,000
10
43,055.56
3.145
CP
MORG STAN
09/27/01
3.050
50,000
10
42,361.11
3.094
CP
MORG STAN
09/27/01
3.050
50,000
10
42,361.11
3.094
CP
MORG STAN
09/27/01
3.050
50,000
10
42,361.11
3.094
CP
HELLER
09/27/01
3.680
50,000
44
224,888.89
3.747
PURCHASES
CD
CIBC
2.490%
12/27/01
2.490
20,000
CD
BAYER LNDS
2.420%
12/27/01
2.420
50,000
CD
CIBC
2.490%
12/27/01
2.490
50,000
CD
CIBC
2.490%
12/27/01
2.490
50,000
CD
HELABA
2.420%
12/27/01
2.420
50,000
CD
HELABA
2.420%
12/27/01
2.420
50,000
CD
HELABA
2.410%
01 /29/02
2.410
50,000
CD
HELABA
2.410%
01/29/02
2.410
50,000
DISC NOTES
FHLB
03/27/02
2.325
45,445
DISC NOTES
FHLB
03/27/02
2.325
50,000
DISC NOTES
FNMA
12/27/01
2.415
41,730
DISC NOTES
FNMA
12/27/01
2.415
50,000
DISC NOTES
FNMA
12/27/01
2.415
50,000
DISC NOTES
FNMA
12/27/01
2.415
50,000
DISC NOTES
FNMA
12/27/01
2.415
50,000
TREAS
BILLS
03/28/02
2.248
50,000
TREAS
BILLS
03/28/02
2.248
50,000
09/28/01 REDEMPTIONS
CD
NOVA SCOT
3.490%
09/28/01
3.490
50,000
36
174,500.00
3.538
CD
NOVA SCOT
3.490%
09/28/01
3.490
50,000
36
174,500.00
3.538
CD
TORONTO
3.635%
09/28/01
3.635
50,000
101
509,909.72
3.685
CD
TORONTO
3.635%
09/28/01
3.635
50,000
101
509,909.72
3.685
CD
HSBC
3.820%
09/28/01
3.820
50,000
119
631,361.11
3.873
CD
HSBC
3.820%
09/28/01
3.820
50,000
119
631,361.11
3.873
CP
COUNTRY
09/28/01
3.200
49,243
3
13,131.47
3.245
CP
CITICORP
09/28/01
3.020
50,000
3
12,583.33
3.062
CP
CITICORP
09/28/01
3.020
50,000
3
12,583.33
3.062
CP
COUNTRY
09/28/01
2.980
16,479
4
5,456.38
3.022
CP
COUNTRY
09/28/01
2.980
50,000
4
16,555.56
3.022
CP
CONAGRA
09/28/01
3.320
23,000
11
23,332.22
3.369
CP
CONAGRA
09/28/01
3.300
27,000
11
27,225.00
3.349
CP
HERTZ
09/28/01
3.100
40,000
11
37,888.89
3.146
14
09/28/01 REDEMPTIONS (continued)
CID
GOLDMAN
09/28/01
3.100
50,000
11
47,361.11
3.146
CID
GOLDMAN
09/28/01
3.100
50,000
11
47,361.11
3.146
CID
GOLDMAN
09/28/01
3.100
50,000
11
47,361.11
3.146
CID
GOLDMAN
09/28/01
3.100
50,000
11
47,361.11
3.146
CID
GOLDMAN
09/2&01
3.750
50,000
14
72,916.67
3.807
CID
GOLDMAN
09/28/01
3.750
50,000
14
72,916.67
3.807
CID
GOLDMAN
09/28/01
3.750
50,000
14
72,916.67
3.807
CID
GOLDMAN
09/28/01
3.750
50,000
14
72,916.67
3.807
CID
HELLER
09/28/01
3.600
50,000
14
70,000.00
3.655
CP
AMER EXP"
09/28/01
3.420
50,000
15
71,250.00
3.472
CID
AMER EXP
09/28/01
3.420
50,000
15
71,250.00
3.472
CID
AMER EXP
09/28/01
3.420
50,000
15
71,250.00
3.472,
CID
AMER EXP
09/28/01
3.420
50,000
15
71,250.00
3.472
CID
HELLER
09/28/01
3.550
50,000
18
88,750.00
3.605
DISC NOTES
FHLMC
09/28/01
4.890
50,000
263
1,786,208.33
5.141
DISC NOTES
FHLMC
09/28/01
4.890
50,000
263
1,786,208.33
5.141
DISC NOTES
FHLMC
09/28/01
6.070
50,000
303
2,554,458.33
6.485
DISC NOTES
FHLMC
09/28/01
6.070
50,000
303
2,554,458.33
6.485
PURCHASES
CD
HYPO
2.530%
11/02/01
2.530
50,000
CD
HYPO
2.530%
11/02/01
2.530
50,000
CD
ANZ
2.470%
12/27/01
2.460
50,000
CD
ANZ
2.470%
12/27/01
2.460
50,000
CID
AMER EXP
10/01/01
3.350
50,000
CID
AMER EXP
10/01/01
3.350
50,000
CID
HELLER
10/09/01
3.500
50,000
CID
HELLER
10/12/01
3.500
50,000
CID
GOLDMAN
01/29/02
2.480
50,000
CID
GOLDMAN
01 /29/02
2.480
50,000
CID
GOLDMAN
02/13/02
2.420
10,000
CID
GOLDMAN
02/13/02
2.420
50,000
CID
GOLDMAN
02/13/02
2.420
50,000
DISC NOTES
FNMA
12/27/01
2.410
50,000
DISC NOTES
FNMA
12/27/01
2.410
50,000
TREAS
BILLS
03/28/02
2.265
50,000
TREAS
BILLS.
03/28/02
2.265
50,000
TREAS
BILLS
03/28/02
2.265
50,000
TREAS
BILLS
03/28/02
2.265
50,000
09/30/01 REDEMPTIONS
MTN ASSOC 7.875% 09/30/01 5.750 15,000 934 2,269,368.75 6.943
MTN ASSOC 7.875% 09/30/01 5.770 11,975 937 1,823,762.56 6.936
NO PURCHASES
15
a/ The abbreviations indicate the type. of security purchased or sold;
Le., (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 (EXIM),
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 (FFC), Corporate Securities (CB), US Ship Financing Bonds
(TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee
Valley Authority (TVA), Medium Term Notes (MTN), Real Estate
Mortgage Investment Conduit (REMIC).
b/ Purchase or sold yield based on 360 day calculation for discount
obligations and Repurchase Agreements.
c/ Repurchase Agreement.
d/ Par amount of securities purchased, sold or redeemed.
e/ 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.
it Buy back agreement.
RRS Reverse Repurchase Agreement.
RRP Termination of Reverse Repurchase Agreement.
16
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
ALHAMBRA
Grand National Bank
05/31/01
3.680
3,000,000.00
11/27/01
Grand National Bank
06/25/01
3.500
1,000,000.00
01/07/02
Grand National Bank
07/13/01
3.560
2,000,000.00
01/09/02
Grand National Bank
05/17/01 -
3.700
3,000,000.00
05/17/02
Grand National Bank
07/13/01
3.520
3,095,000.00
07/12/02
Omni Bank
07/27/01
3.590
1,300,000.00
10/25/01
Omni Bank
08/24/01
3.440
2,000,000.00
11/21/01
Omni Bank
08/31 /01
3.420
3,000,000.00
11 /30/01
Omni Bank
08/31/01
3.340
3,000,000.00
02/27/02
ARROYO GRANDE
Mid -State Bank
04/16/01
4.130
5,000,000.00
10/15/01
Mid -State Bank
05/24/01
3.750
5,000,000.00
11/20/01
Mid -State Bank
06/21/01
3.510
5,000,000.00
12/18/01
Mid -State Bank
07/13/01
3.560
5,000,000.00
01/16/02
Mid -State Bank,
08/15/01
3.400
5,000,000.00
02/14/02
Mid -State Bank
09/14/01
3.230
5,000,000.00
03/13/02
BEVERLY HILLS
City National Bank
06/05/01
3.650
25,000,000.00
12/03/01
City National Bank
08/20/01
3.380
25,000,000.00
02/15/02
City National Bank
09/05/01
3.330
40,000,000.00
03/07/02
City National Bank
04/16/01
4.170
25,000,000.00
04/16/02
BREA
Jackson Federal Bank
07/26/01
3.560
10,000,000.00
01/22/02
CAMARILLO
Camarillo Community Bank
08/01/01
3.560
2,000,000.00
10/30/01
Camarillo Community Bank
08/20/01
3.400
3,000,000.00
11/19/01
CHICO
North State National Bank
03/02/01
4.600
1,500,000.00
11/28/01
North State National Bank
09/07/01
3.400
1,000,000.00
12/07/01
North State National Bank
04/06/01
4.000
5,000,000.00
01/25/02
Tri Counties Bank
09/06/01
3.430
10,000,000.00
12/05/01
Tri Counties Bank
09/11 /01
3.300
10,000,000.00
12/10/01
17
a/ 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 (EXIM),
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 (FFC), Corporate Securities (CB), US Ship Financing Bonds
(TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee
Valley Authority (TVA), Medium Term Notes (MTN), Real Estate
Mortgage Investment Conduit (REMIC).
b/ Purchase or sold yield based on 360 day calculation for discount
obligations and Repurchase Agreements.
c/ Repurchase Agreement.
d/ Par amount of securities purchased, sold or redeemed.
e/ 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.
it Buy back agreement.
RRS Reverse Repurchase Agreement.
RRP Termination of Reverse Repurchase Agreement.
16
TIME DEPOSITS
DEPOSIT
PAR
MATURITY
NAME
DATE
YIELD
AMOUNT ($)
DATE
ALHAMBRA
Grand National Bank
05/31/01
3.680
3,000,000.00
11/27/01
Grand National Bank
06/25/011
3.500
1,000,000.00
01/07/02
Grand National Bank
07/13/01
3.560
2,000,000.00
01 /09/02
Grand National Bank
05/17/01
3.700
3,000,000.00
05/17/02
Grand National Bank
07/13/01
3.520
3,095,000.00
07/12/02
Omni Bank
07/27/01
3.590
1,300,000.00
10/25/01
Omni Bank
08/24/01
3.440
2,000,000.00
11/21/01
Omni Bank
08/31/01
3.420
3,000,000.00
11/30/01
Omni Bank
08/31/01
3.340
3,000,000.00
02/27/02
ARROYO GRANDE
Mid -State Bank
04/16/01
4.130
5,000,000.00
10/15/01
Mid -State Bank
05/24/01
3.750
5,000,000.00
11/20/01
Mid -State Bank
06/21/01
3.510
5,000,000.00
12/18/01
Mid -State Bank
07/13/01
3.560
5,000,000.00
01/16/02
Mid -State Bank,
08/15/01
3.400
5,000,000.00
02/14/02
Mid -State Bank
09/14/01
3.230
5,000,000.00
03/13/02
BEVERLY HILLS
City National Bank
06/05/01
3.650
25,000,000.00
12/03/01
City National Bank
08/20/01
3.380
25,000,000.00
02/15/02
City National Bank
09/05/01
3.330
40,000,000.00
03/07/02
City National Bank
04/16/01
4.170
25,000,000.00
04/16/02
BREA
Jackson Federal Bank
s
07/26/01
3.560
10,000,000.00
01/22/02
CAMARILLO .
Camarillo Community Bank
08/01/01
3.560
2,000,000.00
10/30/01
Camarillo Community Bank
08/20/01
3.400
3,000,000.00
11/19/01
CHICO
North State National Bank
03/02/01
4.600
1,500,000.00
11/28/01
North State National Bank
09/07/01
3.400
1,000,000.00
12/07/01
North State National Bank
04/06/01
4.000
5,000,000.00
01/25/02
Tri Counties Bank
09/06/01
3.430
10,000,000.00
12/05/01
Tri Counties Bank
09/11/01
3.300
10,000,000.00
12/10/01
17
TIME DEPOSITS
DEPOSIT PAR
NAME DATE YIELD AMOUNT ($)
CHICO (continued)
Tri Counties Bank
09/18/01
4
CHULA VISTA
North Island Federal Credit Union
05/29/01
CITY OF INDUSTRY
EverTrust Bank
06/15/01
EverTrust Bank
07/27/01
EverTrust Bank
07/18/01
CONCORD
CA State 9 Credit Union
08/21/01
DU_
Western State Bank
04/02/01
Western State Bank
06/06/01
Western State Bank
08/14/01
Western State Bank
08/27/01
DUBLIN
Operating Engineers FCU
07/13/01
Operating Engineers FCU
09/12/01
Operating Engineers FCU
08/08/01
EL CENTRO
Valley Independent Bank
08/02/01
Valley Independent Bank
08/14/01
EL SEGUNDO
Hawthorne Savings FSB
06/28/01
Xerox Federal Credit Union
08/13/01
Xerox Federal Credit Union
09/04/01
18
MATURITY
DATE
2.700 10,000,000.00 12/17/01
3.770 20,000,000.00 11/27/01
3.560 6,000,000.00 12/12/01
3.540 3,000,000.00 01/25/02
3.600 3,000,000.00 01/25/02
3.440
4.120
3.680
3.420
4.430
10,000,000.00 11 /19/01
2,000,000.00
10/01 /01
2, 000, 000.00
12/03/01
1,000,000.00
02/25/02
2,000,000.00
02/25/02
3.590
5,000,000.00
10/11 /01
3.280
10,000,000.00
12/11 /01
3.490
5,'000,000.00
02/04/02
3.580
20,000,000.00
10/31/01
3.420
7,500,000.00
02/14/02
3.520
60,000,000.00
01/04/02
3.470
20,000,000.00
11/13/01
3.350
7,000,000.00
03/04/02
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) D_
FRESNO
United Security Bank
04/09/01
4.020
United Security Bank
04/05/01
4.140
United Security Bank
05/14/01
3.780
United Security Bank
_
07/31/01
3.510
FULLERTON
Fullerton Community Bank
05/21/01
Fullerton Community Bank
07/18/01
GLENDALE
Verdugo Banking Company
07/05/01
GRANADA HILLS
Bank of Granada Hills
09/18/01
HUNTINGTON BEACH
First Bank and Trust
04/30/01
First Bank and Trust
08/27/01
First Bank and Trust
09/11/01
INGLEWOOD
Imperial Bank
07/12/01
Imperial Bank
08/01/01
Imperial Bank
09/05/01
LAKEPORT
Lakeport Community Bank
06/19/01
LA JOLLA
Silvergate Bank
09/14/01
Silvergate Bank
08/08/01
LODI
Farmers & Merchant Bk Cen CA
07/05/01
W
3.790
3.640
3.660
2.740
4.010
3.400
3.240
1,000,000.00
10/05/01
4, 000, 000.00
10/05/01
10, 000, 000.00
11 /15/01
15,000,000.00
02/06/02
9, 000, 000.00 11 /19/01
8, 000, 000.00 01 /25/02
5,000,000.00 01/08/02
2,000,000.00 03/18/02
1,000,000.00 10/29/01
2,000,000.00 02/26/02
12,000,000.00 03/11/02
3.600 71,0000000.00 10/09/01
3.560 183, 000; 000.00 10/30/01
3.400 63,000,000.00 12/04/01
3.560 2,000,000.00 12/17/01
3.310 3, 500, 000.00 12/13/01
3.520 5,000,000.00 02/04/02
3.650 10,000,000.00 01/11/02
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
LOS ANGELES
Broadway Federal Bank
04/09/01
4.030
2,500,000.00
10/12/01
Broadway Federal Bank
07/09/01
3.610
2,500,000.00
01/08/02
Broadway Federal Bank
06/13/01
3.580
3,000,000.00
03/11/02
California Center Bank
_
07/03/01
3.680
10,000,000.00
10/02/01
California Chohung Bank
05/21/01
3.760
4,000,000.00
11/19/01
California Chohung Bank
07/03/01
3.650
1,500,000.00
01/07/02
California Chohung Bank
07/18/01
3.630
1,000,000.00
01/14/02
Cathay Bank
04/13/01
4.080
19,000,000.00
10/10/01
Cathay Bank
09/04/01
3.340
30,000,000.00
03/04/02
Cathay Bank
09/26/01
2.430
19,000,000.00
03/25/02
Cedars Bank
07/12/01
3.620
2,500,000.00
10/10/01
Cedars Bank
09/06/01
3.460
2,500,000.00
03/06/02
Eastern International Bank
05/07/01
3.800
900,000.00
11/05/01
Eastern International Bank
06/12/01
3.650
1,000,000.00
12/10/01
General Bank
06/28/01
3.630
25,000,000.00
12/10/01
General Bank
07/20/01
3.550
15,000,000.00
01/18%02
General Bank
07/30/01
3.540
20,000,000.00
01/28/02
General Bank
08/07/01
3.490
15,000,000.00
02/08/02
General Bank
05/30/01
3.710
10,000,000.00
02/20/02
General Bank
05/22/01
3.800
20,000,000.00
02/20/02
General Bank
08/13/01
3.400
15,000,000.00
03/07/02
General Bank
06/14/01
3.570
20,000,000.00
03/18/02
Hanmi Bank
04/16/01
4.060
25,000,000.00
10/15/01
Hanmi Bank
05/31/01
.3.680
25,000,000.00
11/27/01
Hanmi Bank
09/26/01
2.400
25,000,000.00
12/20/01
Manufacturers Bank
08/03/01
3.560
10,000,000.00
11/01/01
Manufacturers Bank
09/10/01
3.330
30,000,000.00
12/11/01
Manufacturers Bank
09/18/01
2.700
20,000,000.00 '
12/21/01
Marathon National Bank
08/06/01
3.510
2,000,000.00
02/04/02
Mellon First Business Bank
06/18/01
3.560
25,000,000.00
01/04/02
Mellon First Business Bank
07/18/01
3.610
25,000,000.00
02/01/02
Mellon First Business Bank
09/24/01
2.360
25,000,000.00
03/20/02
Mercantile National Bank
08/13/01
3.410
2,000,000.00
02/08/02
Nara Bank, NA
09/21/01
2.270
5,000,000.00
12/19/01
Pacific Union Bank
04/04/01
4.110
20,000,000.00
10/01/01
Pacific Union Bank
09/06/01
3.460
20,000,000.00
12/05/01
Preferred Bank
09/17/01
3.000
9,000,000.00
12/18/01
Preferred Bank
08/13/01
3.390
4,000,000.00
02/08/02
Preferred Bank
08/27/01
3.400
7,000,000.00
02/26/02
Preferred Bank
06/11/01
3.600
9,000,000.00
03/08/02
Preferred Bank
07/16/01
3.550
6,000,000.00
07/16/02
Sae Han Bank
04/16/01
4.130
3,000,000.00
10/15/01
20
NAME
LOS ANGELES (continued
State Bank of India (Calif)
State Bank of India (Calif)
State Bank of India (Calif)
Western Federal Credit Union
Wilshire State Bank
Wilshire State Bank
Wilshire State Bank
MANTECA
Delta National Bank
MERCED
County Bank
.County Bank
County Bank
MONTEREY PARK
Trust Bank FSB
Trust Bank FSB
NORTH HIGHLANDS
Safe Credit Union
Safe Credit Union
OAKDALE
Oak Valley Community Bank
Oak Valley Community Bank
Oak Valley Community Bank
Oak Valley Community Bank
�G;114W,ML
Metropolitian Bank
ONTARIO
Citizens Business Bank
TIME DEPOSITS
DEPOSIT PAR MATURITY
DATE YIELD AMOUNT ($) DATE
08/27/01
3.380
06/12/01
3.600
07/18/01 _
3.510
04/24/00
4.170
05/17/01
3.700
08/31 /01
3.340
07/13/01
3.540
08/21 /01 3.420
04/20/01
3.930
03/09/01
4.500
07/20/01
3.650
04/02/01
4.120
07/02/01
3.660
07/16/01 3.600
08/01 /01 3.490
07/09/01
3.640
09/05/01
3.380
03/23/01
4.140
06/05/01
3.640
09/24/01 2.390
03/08/01 4.630
21
2,000,000.00
02/25/02
5,500,000.00
04/02/02
2,000,000.00
07/18/02
25, 000, 000.00
10/24/01
2, 000, 000.00
11 /15/01
4,000,000.00
02/27/02
4,000,000.00
07/12/02
3, 000, 000.00 11 /19/01
5,000,000.00 10/17/01
10, 000, 000.00 12/07/01
5,000,000.00 01/16/02
4,000,000.00 10/01 /01
2,000,000.00 01/02/02
5,000,000.00
01/14/02
20,000,000.00
02/06/02
2, 500, 000.00
10/10/01
500,000.00
03/22/02
1,500,000.00
03/22/02
1,500,000.00
06/05/02
1,000,000.00 03/25/02
25, 000, 000.00 12/03/01
TIME DEPOSITS
DEPOSIT
PAR
MATURITY
NAME
DATE
YIELD
AMOUNT
DATE
ONTARIO (continued)
Citizens Business Bank
03/26/04
4.150
30,000,000.00
03/26/02
Citizens Business Bank
04/05/01
4.070
25,000,000.00
04/05/02
Citizens Business Bank
05/07/D1
3.800
10,000,000.00
05/07/02
Citizens Business Bank
08/22/01
3.480
30,000,000.00
08/22/02
PALO ALTO
Bank of Petaluma
06/19/01
3.570
12,000,000.00
12/17/01
Bank of Petaluma
08/06/01
3.520
1,000,000.00
02/25/02
Bank of Petaluma
06/05/01
3.660
2,500,000.00
02/25/02
Bank of Santa Clara
06/04/01
3.630
20,000,000.00
02/25/02
Bay Area Bank
05/02/01
3.920
5,000,000.00
10/30/01
Bay Area Bank
07/25/01
3.570
5,000,000.00
01/14/02
Bay Bank of Commerce
05/02/01
3.940
5,000,000.00
10/30/01
Coast Commercial Bank
07/16/01
3.620
5,000,000.00
01/14/02
Coast Commercial Bank
06/11/01
3.620
20,000,000.00
02/25/02
Cupertino National Bank
05/02/01
3.920
35,000,000.00
10/30/01
Cupertino National Bank
06/19/01
3.550
10,000,000.00
12/17/01
Cupertino National Bank
07/24/01
3.570
10,000,000.00
01/14/02
Cupertino National Bank
06/01 /01
3.610
20,000,000.00
02/25/02
Golden Gate Bank
06/01 /01
3.630
9,000,000.00
02/25/02
Mid -Peninsula Bank
05/02/01
3.930
35,000,000.00
10/30/01
Mid -Peninsula Bank
06/01/01
3.620
5,000,000.00
02/25/02
Mid -Peninsula Bank
09/14/01
3.000
10,000,000.00
03/13/02
Peninsula Bank of Commerce
06/11/01
3.600
15,000,000.00
02/25/02
PASADENA
Community Bank
08/13/01
3.380
15,000,000.00
02/08/02
Community Bank
04/25/01
3.770
5,000,000.00
04/25/02
Community Bank
06/22/01
3.400
20,000,000.00
06/21/02
Community Bank
07/11/01
3.520
20,000,000.00
07/11/02
Wescom Credit Union
04/12/01
4.170
25,000,000.00
10/09/01
Wescom Credit Union
05/15/01
3.810
10,000,000.00
11/13/01
Wescom Credit Union
06/18/01
3.600
15,000,000.00
12/14/01
Wescom Credit Union
07/30/01
3.540
15,000,000.00
01/28/02
PICO RIVERA
Pacific Western National Bank 05/29/01 3.760 1,000,000.00 11/20/01
22
JlTIIT, I
PLACERVILLE
El Dorado Savings Bank
El Dorado Savings Bank
El Dorado Savings Bank
El Dorado Savings Bank
El Dorado Savings Bank
El Dorado Savings Bank
El Dorado Savings Bank
El Dorado Savings Bank
POMONA
PFF Bank and Trust
PFF Bank and Trust
PORTERVILLE
Bank of the Sierra
QUINCY
Plumas Bank
RANCHO SANTA FE
La Jolla Bank, FSB
La Jolla Bank, FSB
La Jolla Bank, FSB
La Jolla Bank, FSB
RED BLUFF
Tehama Bank
Tehama Bank
REDDING
North Valley Bank
REDWOOD CITY
TIME DEPOSITS
DEPOSIT PAR MATURITY
DATE YIELD AMOUNT ($) DATE
02/08/01 ,
4.770
5,000,000.00
02/08/02
03/07/01
4.520
5,000,000.00
03/07/02
03/22/01
4.210
5,000,000.00
03/22/02
04/13/01
4.100
5,000,000.00
04/12/02
04/13/01
4.100
5,000,000.00
04/12/02
05/02/01
3.910
5,000,000.00
05/02/02
06/18/01
3.460
5,000,000.00
06/10/02
06/05/01
3.640
5,000,000.00
06/10/02
03/09/01 4.700 10, 000, 000.00 12/04/01
08/28/01 3.420 8,000,000.00 02/28/02
07/25/01 3.590 10,000,000.00 10/23/01
05/23/01 3.800 2, 000, 000.00 02/20/02
05/25/01
3.760
15,000,000.00
11/20/01
09/24/01
2.320
10,000,000.00
02/01/02
06/06/01
3.620
10,,000,000.00
03/01/02
08/06/01
3.500
15,000,000.00
08/06/02
08/30/01
3.450
4,000,000.00
11/30/01
07/03/01
3.620
5,000,000.00
07/03/02
V
03/19/01 4.310 3,000,000.00 12/14/01
Provident Central Credit Union 05/04/01 . 3.910 20,000,000.00 11/01/01
23
NAME
RICHMOND
TIME DEPOSITS
DEPOSIT PAR MATURITY
DATE YIELD AMOUNT ($) DATE
Mechanics Bank
10/13/00
5.980
10,000,000.00
10/12/01
Mechanics Bank
03/07/01
4.520
10,000,000.00
03/07/02
Mechanics Bank
04/06/Q1
4.000
10,000,000.00
04/05/02
Mechanics Bank
04/25/01
3.790
10,000,000.00
04/25/02
Mechanics Bank
05/07/01
3.870
10,000,000.00
05/07/02
Mechanics Bank
06/12/01
3.560
10,000,000.00
06/12/02
Mechanics Bank
07/11/01
3.520
10,000,000.00
07/11/02
Mechanics Bank
08/13/01
3.490
10,000,000.00
08/13/02
SACRAMENTO
American River Bank
01/11/01
5.100
1,500,000.00
10/12/01
American River Bank
04/17/01
4.190
1,000,000.00
10/15/01
American River Bank
07/10/01
3.600
1,500,000.00
01/14/02
American River Bank
09/28/01
2.370
1,000,000.00
03/29/02
American River Bank
09/24/01
2.360
3,000,000.00
03/29/02
American River Bank
06/26/01
3.380
1,000,000.00
06/26/02
Bank of Sacramento
06/04/01
3.620
500,000.00
11/15/01
Bank of Sacramento
05/17/01
3.720
1,000,000.00
11/15/01
Bank of Sacramento
06/26/01
3.510
1,000,000.00
12/21/01
Golden One Credit Union
06/08/01
3.610
. 10,000,000.00
12/05/01
Golden One Credit Union
03/23/01
4.120
20,000,000.00
03/22/02
Golden One Credit Union
04/25/01
3.770
10,000,000.00
04/25/02
Golden One Credit Union
06/08/01
3.600
10,000,000.00
06/07/02
Merchants National Bank
04/23/01
1.840
2,000,000.00
10/19/01
Merchants National Bank
07/23/01
3.460
2,000,000.00
07/23/02
River City Bank
04/06/01
4.070
4,000,000.00
10/04/01
River City Bank
04/25/01
3.820
3,000,000.00
10/29/01
River City Bank
08/28/01
3.470
2,000,000.00
11/26/01
River City Bank
07/03/01
3.660
2,000,000.00
01/07/02
Sanwa Bank of California
07/26/01
3.560
22,000,000.00
01/23/02
U.S. Bank
05/24/01
3.770
25,000,000.00
11/20/01
U.S. Bank
08/07/01
3.500
25,000,000.00
02/04/02
U.S. Bank
08/07/01
3.550
25,000,000.00
05/06/02
Union Bank of California
07/23/01
3.540
50,000,000.00
10/19/01
Union Bank of California
04/30/01
3.890
100,000,000.00
10/29/01
Union Bank of California
08/14/01
3.430
150,000,000.00
11/09/01
Union Bank of California
09/21/01
2.230
100,000,000.00
12/19/01
United California Bank
09/07/01
3.380
60,000,000.00
03/06/02
24
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
SAL_
Community Bk Central Calif 07/27/01 3.570 5,000,000.00 10/25/01
SAN BERNARDINO
Business Bank of California. .07/10/01 3.630 8,000,000.00 01/09/02
Business Bank of California 08/06/01 3.530 12,000,000.00 02/05/02
SAN DIEGO
First Future Credit Union
09/04/01
3.320
5,000,000.00
03/01/02
First United Bank
02/16/01
4.950
1,000,000.00
02/15/02
Mission Federal Credit Union
07/30/01
3.570
10,000,000.00
10/31/01
Mission Federal Credit Union
08/28/01
3.430
10,000,000.00
02/27/02
Neighborhood National Bank
08/24/01
3.420
2,000,000.00
11/21/01
Santel Federal Credit Union
06/04/01
3.570
5,000,000.00
11/30/01
Santel Federal Credit Union
06/22/01
3.520
3,000,000.00
12/19/01
SAN FRANCISCO
America California Bank
07/30/01
3.610
1,000,000.00
10/31/01
America California Bank
07/30/01
3.570
1,500,000.00
01/28/02
Bank of Canton California
06/15/01
3.570
20,000,000.00
12/12/01
Bank of Canton California
09/10/01
3.230
20,000,000.00
03/08/02
Bank of Canton California
05/22/01
3.770
15,000,000.00
05/22/02
Bank of Canton California
07/16/01
3.550
25,000,000.00
07/16/02
Bank of Canton California
08/31 /01
3.470
20,000,000.00
08/30/02
Bank of the West
04/16/01
4.140
50,000,000.00
10/15/01
Bank of the West
05/25/01
3.750
142,000,000.00
11/20/01
Bank of the West
07/06/01
3.650
34,000,000.00
01102J02
Bank of the West
07/09/01
3.600
50,000,000.00
01/08/02
Bank of the West
07/27/01
3.560
76,500,000.00
01/24/02
Bank of the West
08/17/01
3.420
25,000,000.00
02/20/02
Bank of the West
08/02/01
3.560
25,000,000.00
02/20/02
Bank of the West
08/24/01
3.400
50,000,000.00
02/20/02
California Federal Bank
04/4 9/01
3.980
100,000,000.00
10/16/01
California Federal Bank
07/06/01
3.650
8,000,000.00
01/04/02
California Federal Bank
07/06/01
3.650
42,000,000.00
01/04/02
California Federal Bank
05/24/01
3.730
50,000,000.00
02/22/02
California Pacific Bank
03/19/01
4.300
1,000,000.00
12/14/01
Millennium Bank
07/02/01
3.680
2,000,000.00
10/29/01
Oceanic Bank
03/15/01
4.430
4,000,000.00
03/15/02
Trans Pacific National Bank
03/19/01
4.250
800,000.00
03/19/02
25
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
SAN FRANCISCO (continued)
United Commercial Bank
03/20/01
4.320
25,000,000.00
12/14/01
United Commercial Bank
08/31/01
3.340
30,000,000.00
02/28/02
United Commercial Bank
04/04/01
4.160
30,000,000.00
04/04/02
United Commercial Bank
06/05/01
3.660
10,000,000.00
06/05/02
United Commercial Bank.
07/31/01
3.480
40,000,000.00
07/31/02
SANJOSE
Heritage Bank of Commerce
08/17/01
3.410
2,000,000.00
02/15/02
Meriwest Credit Union
04/23/01
3.990
5,000,000.00
10/19/01
Meriwest Credit Union
07/20/01
3.560
5,000,000.00
01/18/02
Meriwest Credit Union
08/10/01
3.490
5,000,000.00
02/06/02
Meriwest Credit Union
08/28/01
3.440
5,000,000.00
02/28/02
San Jose National Bank
05/04/01
3.920
10,000,000.00
11/01/01
San Jose National Bank
04/30/01
3.870
10,000,000.00
04/30/02
Santa Clara Co. Fed. C.U.
08/07/01
3.500
15,000,000.00
02/05/02
SAN LUIS OBISPO
First Bank of San Luis Obispo
05/10/01
3.700
2,000,000.00
11/06/01
First Bank of San Luis Obispo
03/19/01
4.310
5,000,000.00
12/14/01
Mission Community Bank
04/12/01
4.050
1,500,000.00
10/11/01
Mission Community Bank
06/12/01
3.650
1,000,000.00
12/10/01
Mission Community Bank
09/10/01
3.250
1,000,000.00
03/08/02
San Luis Trust Bank
04/09/01
4.020
1,350,000.00
10/10/01
San Luis Trust Bank
05/01 /01
4.040
1,000,000.00
10/26/01
SAN MARINO
East West Federal Bank
05/18/01
3.720
38,000,000.00
11/16/01
East West Federal Bank
05/30/01
3.710
35,000,000.00
11/28/01
East West Federal Bank
07/06/01
3.660
12,000,000.00
01/04/02
East West Federal Bank
06/04/01
3.590
30,000,000.00
01/04/02
East West Federal Bank
08/02/01
3.560
35,000,000.00
02/07/02
SAN RAFAEL
Metro Commerce Bank
06/01/01
3.610
1,800,000.00
11/28/01
Westamerica Bank
07/13/01
3.590
50,000,000.00
10/11/01
Westamerica Bank
08/14/01
3.450
50,000,000.00
11/09/01
Westamerica Bank
09/20/01
2.250
25,000,000.00
12/19/01
Westamerica Bank
07/18/01
3.510
25,000,000.00
07/18/02
26
NAME
SAN RAFAEL (continued
Westarnedca Bank
SAN RAMON
EBTEL Federal Credit Union
EBTEL Federal Credit Union
EBTEL Federal Credit Union
EBTEL Federal Credit Union
SANTA BARBARA
FNB of Central California
FNB of Central California
FNB of Central California
FNB of Central California
FNB of Central California
Los Robles Bank
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
Santa Barbara Bank & Trust
SANTA CLARITA
Valencia Bank & Trust
SANTA MARIA
Hacienda Bank
SANTA ROSA
National Bank of the Redwoods
National Bank of the Redwoods
Redwood Credit Union
Redwood Credit Union
SONORA
Central California Bank
TIME DEPOSITS
DEPOSIT PAR MATURITY
DATE YIELD AMOUNT ($) DATE
07/30/01
3.490
50,000,000.00
07/30/02
.05/18/01
3.690
1,000,000.00
11 /14/01
06/22/01
3.520
750,000.00
12/19/01
07/06/01
3.670
1,000,000.00
01/02/02
08/17/01
3.440
750,000.00
02/13/02
04/17/01
4.190
10,000,000.00
10/12/01
03/06/01
4.650
10,000,000.00
11/30/01
07/23/01
3.570
5,000,000.00
01/25/02
07/09/01
3.590
10,000,000.00
01/25/02
09/12/01
3.220
10,000,000.00
03/11/02
07/27/01
3.560
6,000,000.00
02/08/02
04/06/01
4.060
10,000, 000.00
10/01 /01
05/03/01
3.940
10,000,000.00
11/01/01
06/08/01
3.620
10,000,000.00
11 /30/01
03/09/01
4.490
10,000,000.00
11 /30/01
07/06/01
3.650
30,000,000.00
01/25/02
07/27/01
3.560
10,000,000.00
02/08/02
09/17/01 3.000 4,000,000.00 03/19/02
09/11 /01 3.260 1,000,000.00 03/11/02
04/30/01
3.860
10,000,000.00
10/29/01
07/31/01
3.510
5,000,000.00
01/28/02
06/04/01
3.600
17,000,000.00
11 /30/01
07/09/01
3.610
8,000,000.00
12/28/01
09/04/01 3.410 1,000,000.00
27
12/03/01
NAME
STOCKTON
TIME DEPOSITS
DEPOSIT PAR MATURITY
DATE YIELD AMOUNT ($) DATE
Pacific State Bank
04/16/0a
4.160
1,000,000.00
10/12/01
Pacific State Bank
07/11/01
3.620
1,000,000.00
01/08/02
Union Safe Deposit Bank
04/13/01
4.100
10,000,000.00
10/11/01
Union Safe Deposit Bank
05/08/01
3.810
10,000,000.00
11/05/01
Union Safe Deposit Bank
06/14/01
3.660
10,000,000.00
12/11/01
Union Safe Deposit Bank
07/16/01
3.640
5,000,000.00
01/23/02
Union Safe Deposit Bank
07/26/01
3.590
10,000,000.00
01/23/02
Union Safe Deposit Bank
08/07/01
3.520
10,000,000.00
02/14/02
Union Safe Deposit Bank
08/22/01
3.420
10,000,000.00
03/01/02
Washington Mutual Bank
05/01/01
3.870
30,000,000.00
10/26/01
Washington Mutual Bank
06/01/01
3.620
30,000,000.00
11/28/01
Washington Mutual Bank
03/14/01
4.500
30,000,000.00
12/10/01
Washington Mutual Bank
06/26/01
3.470
15,000,000.00
12/21/01
Washington Mutual Bank
07/24/01
3.570
30,000,000.00
01/24/02
Washington Mutual Bank
08/23/01
3.390
30,000,000.00
02/19/02
SUNNYVALE
Asiana Bank
TORRANCE
09/26/01 2.420 1,500,000.00 12/20/01
China Trust Bank (USA)
07/23/01
3.570
25,000,000.00
10/19/01
China Trust Bank (USA)
08/17/01
3.440
20,000,000.00
11/16/01
China Trust Bank (USA)
09/11/01
3.300
5,000,000.00
12/14/01
China Trust Bank (USA)
09/06/01
3.480
20.000,000.00
12/14/01
South Bay Bank
05/04/01
3.930
4,000,000.00
11/08/01
South Bay Bank
05/25/01
3.770
2,000,000.00
11/20/01
South Bay Bank
07/27/01
3.560
1,000,000.00
01/25/02
South Bay Bank
06/07/01
3.620
3,000,000.00
03/01/02
South Bay Bank
09/06/01
3.430
5,000,000.00
03/15/02
TU_
First Fidelity Investment & Loan
07/19/01
3.580
10,000,000.00
10/17/01
First Fidelity Investment & Loan
07/30/01
3.560
9,000,000.00
11/02/01
First Fidelity Investment & Loan
08/07/01
3.560
6,000,000.00
11/06/01
First Fidelity Investment & Loan
09/05/01
3.460
15,000,000.00
12/05/01
Sunwest Bank
07/10/01
3.640
3,500,000.00
10/09/01
Sunwest Bank
04/20/01
3.910
2,500,000.00
10/17/01
Sunwest Bank
07/26/01
3.570
5,800,000.00
11/01/01
Sunwest Bank
08/08/01
3.540
2,000,000.00
11/06/01
28
TIME DEPOSITS
DEPOSIT PAR
N_ DATE YIELD AM_ �$�
TUSTIN (continued)
Sunwest Bank 09/07/01 3.390
VACAVILLE
Travis Credit Union 08/31/01 3.460
VISALIA
Bank of Visalia 08/01/01
WATSONVILLE
Monterey Bay Bank
07/02/01
Monterey Bay Bank
09/20/01
WHITTIER
Quaker City Bank
04/18/01
Quaker City Bank
05/31/01
Quaker City Bank
06/27/01
Quaker City Bank
07/12/01
Quaker City Bank
04/06/01
TOTAL TIME DEPOSITS SEPTEMBER 2001
29
3.550
3.680
2.390
MATURITY
D_
1,000,000.00 12/07/01
40, 000, 000.00 11 /30/01
2, 000, 000.00 10/30/01
8,000,000.00 01/07/02
8,000,000.00 03/20/02
4.200
8,000,000.00
10/16/01
3.700
25,000,000.00
11/27/01
3.490
10, 000, 000.00
12/28/01
3.570
14,000,000.00
01/08/02
4.000
8,000,000.00
04/05/02
49844,0459000.00
BANK DEMAND DEPOSITS
SEPTEMBER 2001
($ in thousands)
DAILY BALANCES
DAY OF
BALANCES
WARRANTS
MONTH
PER BANKS
OUTSTANDING
1
$ .341,698
$ 3,374,766
2
341,698
3,374,766
3
341,698
3,374,766
4
_74,681
197929484
5
4481981
1,6539511
6
692,517
19682,765
7
262,429
1,873,041
8
262,429
11873,041
9
262,429
1,873,041
10
435,662
1,675,571
11
331,821
199559958
12
8219372
1,5789261
13
501,533
1,6759481
14
5709689
1,5649154
15
570,689
115649154
16
6709689
195709056
17
7549340
1,555,870
18
5500000
1,4269039
19
3979336
196829627
20
643,260
1,887,601
21
5039025
29295,837
22
5039025
2,295,837
23
503,025
2,2959837
24
4069717
197079615
25
717,565
197829415
26
6619532
2,2099421
27
530,637
2,3529564
28
378,102
2,3889653
29
378,102
2,3889653
30
378,102
2,3939393
AVERAGE DOLLAR DAYS
$ 471,359 a/
a/ The prescribed bank balance for September was $532,912. This consisted of
$327,851 in compensating balances for services, balances for uncollected
funds of $210,562 and a deduction of $5,501 for September delayed
deposit credit.
30
DESIGNATION BY POOLED MONEY INVESTMENT BOARD
OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS
No. 1627
In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its
meeting on September 19, 2001, 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-
actions, 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
$ 327,851,000
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:
Time Deposits in
Various Financial
Institutions
In Securities (sections 16503a Estimated
From To Transactions (section 16430)* and 16602)* Total
(1) 09/17/2001 09/21/2001 $ 3,504,800,000 $ 43,722,455,000 $ 4,851,045,000 $ 48,573,500,000
(2) 09/24/2001 09/28/2001 $ (1,559,900,000) $ 42,162,555,000 $ 4,851,045,000 $ 47,013,600,000
(3) 10/01/2001 10/05/2001 $ 4,418,000,000 $ 46,580,555,000 $ 4,851,045,000 $ 51,431,600,000
(4) 10/08/2001 10/12/2001 $ (634,100,000) $ 45,946,455,,
000 $ 4851,045,000 $ 50,797,500,000
(5) 10/15/2001 10/19/2001 $ 704,200,000 $ 46,650,655,000 $ 4,851,045,000 $ 51,501,700,000
w
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 $ 327,851,000.
POOLED MONEY INVESTMENT OARD:
C rson
Member '
Dated: September 19, 2001 '
' Government Code
Member --_--=-
31