2007 07 17 FA� T
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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, JULY 17, 2007 — 4:00 P.M.
Beginning Resolution No. FA 2007-001
CALL TO ORDER
Roll Call:
Board Members: Henderson, Kirk, Osborne, Sniff, and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing Authority on any matter not
listed on the agenda. Please complete a "request to speak" form and limit your comments
to three minutes. "
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF JUNE 19, 2007.
2. APPROVAL OF SPECIAL MEETING MINUTES OF JUNE 21, 2007.
:tea 001
Financing Authority Agenda 1 July 17, 2007
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. RECEIVE AND FILE TREASURER'S REPORT DATED MAY 31, 2007.
2. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED MAY 31,
2007, AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING
JUNE 30, 2007.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION APPROVING THE FISCAL YEAR
2007/2008 LA QUINTA FINANCING AUTHORITY BUDGET.
A. RESOLUTION ACTION
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
For all Public Hearings on the agenda, a completed "request to speak" form must be filed
with the City Clerk prior to consideration of that item.
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Financing Authority to be held on
September 18, 2007, at 4:00 p.m. in the City Council Chambers, 78-495 Calle
Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Financing Authority meeting of July 17,
was posted on the outside entry to the Council Chamber at 78-495 Calle Tampico
and on the bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 111,
on .July 13, 2007.
DATED: July 13, 2007
l� VERONICA J. MONTECINO, City Clerk a, 002
b City of La Quinta, California
Financing Authority Agenda 2 July 17, 2007
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: July 17, 2007 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of CONSENT CALENDAR:
Treasurer's Report dated May 31, 2007
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and File the Treasurer's Report dated May 31, 2007,
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
t.. 003
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y AGENDA CATEGORY:
COUNCIURDA MEETING DATE: July 17, 2007 BUSINESS SESSION: �qf
ITEM TITLE: Receive and File Transmittal of Revenue CONSENT CALENDAR: o�
and Expenditure Reports dated May 31, 2007 and
Investment Summary Report for the Quarter Ending STUDY SESSION:
June 30, 2007 PUBLIC HEARING:
RECOMMENDATION:
Receive and File.
BACKGROUND AND OVERVIEW:
Receive and File Transmittal of the May 31, 2007 Statement of Revenue and
Expenditures for the La Quinta Financing Authority and Investment Summary Report
for the Quarter Ending June 30, 2007.
Respectfully submitted,
rFalohn coner, Finance Director
Approved for Submission by:
Thomas P. Genovese, Executive Director
Attachments 1: Revenue and Expenditures Report, May 31, 2007
2: Investment Summary Report for the Quarter Ending June 30, 2007
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
07/01/2006 •513112007 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
A 1 1 AL;HMENT 7
DEBT SERVICE REVENUE:
Contractual Services Fees
Non Allocated Interest
Rental Income
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
Non Allocated Interest
TOTAL CIP REVENUE
TOTAL FINANCING AUTHORITY
15,00000
10,121.16
4,878.84
67,470%
100.00
1560
84.32
15.680%
678.865 00
678,865.00
0.00
100.000%
5,930,430.00
5,930,182 23
247.77
100.000%
6,624,39500
6,619,184.07
5,210.93
99920%
0.00 0.00 0.00 0 000%
000 000 0.00 0 000%
0.00 0.00 0.00 0,000%
6,624.395 00 6.619.184.07 5,21093 99 920%
0
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LA QUINTA FINANCING AUTHORITY
EXPENDITURE SUMMARY
07/O112006 - 6131/2007 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
BOND PRI14CIPAL-1996
BOND PRINCIPAL - 2004
BOND INTEREST - 1996
BOND INTEREST - 2004
TRANSFEFI OUT
CAPITAL IMPROVEMENT EXPENDITURES
BOND ISSUANCE COSTS
TRANSFEF! OUT
15,125.00
10,12116
000
5.00384
345,000 00
345,000 00
000
0.00
1,520,000.00
3,710,178 13
0.00
(2,190,178.13)
333,865 00
333,865 00
000
000
4,403,156.00
2,212,978 13
000
2,190,177.87
0.00
000
000
0.00
TOTAL DEBT SERVICE
000 000 000 000
7,273.00 7,273.40 0.00 (0,40)
TOTAL CAPITAL IMPROVEMENT 7,273O6--7,2
TOTAL FINANCING AUTHORITY
ATTACHMENT 2
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: July 17, 2007 BUSINESS SESSION:
ITEM TITLE: Consideration of a Resolution Approving CONSENT CALENDAR:
the Fiscal Year 2007-2008 La Quinta Financing
Authority Budget STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the La Quinta Financing Authority approving the Fiscal Year 2007-
2008 La Quinta Financing Authority Budget.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2007-
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY
APPROVING A BUDGET FOR FISCAL YEAR 2007-2008
WHEREAS, each year the La Quinta Financing Authority adopts a Budget for
Revenues and Expenditures for the upcoming Fiscal Year; and
WHEREAS, the Financing Authority desires to make provisions for a level of
services commensurate with the needs of the City; and
WHEREAS, the Financing Authority has reviewed said budget and has had
several public meetings to receive public input; and
WHEREAS, the Financing Authority has, after due deliberation and
consideration, made such amendments in the proposed budget as it considers
desirable; and
NOW, THEREFORE, BE IT RESOLVED by the La Quinta Financing Authority to
adopt, as follows:
SECTION 1. The Fiscal Year 2007-2008 Budget which is on file with the La
Quinta Financing Authority Secretary is hereby approved.
SECTION 2. Budget adjustment procedures are approved as follows:
A. Additional appropriations and the transfer of cash or
unappropriated fund balance from one fund to another shall be
made only upon Financing Authority approval.
B. Transfers of budgeted appropriations between divisions or capital
projects shall be made only upon Financing Authority approval.
C. Transfers of budgeted appropriations between accounts within a
division or capital project may be made with the approval of the
Executive Director or his designee.
D. Prior year budget continuing Appropriations and Encumbrances for
unexpended capital project appropriations remaining from
uncompleted prior year capital projects shall be made with
Executive Director approval. These carry-over appropriations are
for prior year Financing Authority approved capital projects and
shall not exceed the approved project budget.
t
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Resolution No. FA 2007-
Budget Approval FY 2007/2008
Adopted: July 17, 2007
Page 2
SECTION 3. The Executive Director shall render a monthly report to the
Financing Authority on the status of City operations as it relates to the approved
budget and any amendments thereto.
PASSED, APPROVED AND ADOPTED this 17th day of July, 2007, by the following
vote:
AYES:
NOES:
ASSENT:
ABSTAIN:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
VERONICA J. MONTECINO, CIVIC, Secretary
La Quinta Financing Authority
(SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Financing Authority
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