2010 06 03 FA
FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
ADJOURNED MEET/NG
THURSDAY, June 3, 2010 - 3:00 P.M.
Beginning Resolution No. FA 2010-
CALL TO ORDER
Roll Call:
Board Members: Evans, Franklin, Henderson, 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
CONSENT CALENDAR -NONE
BUSINESS SESSION
CONSIDERATION OF FISCAL YEAR 2010-2011 PRELIMINARY BUDGET.
A. MINUTE ORDER ACTION
Financing Authority Agenda ~ 1 June 3, 2010
ADJOURNMENT
The next regular meeting of the Financing Authority will be held on June 15, 2010,
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 adjourned meeting of
June 3, 2010, 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 May 28, 2010.
DATED: ay 28, 2010
VERONICA J. ONTECINO, City Clerk
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Financing Authority regarding any
item on this agenda will be made available for public inspection at the City Clerk counter at
City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal
business hours.
Financing Authority Agenda 2 June 3, 2010
AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: June 3, 2010
BUSINESS SESSION:
ITEM TITLE: COnSideratiOn of Fiscal Year 2010-201 1 CONSENT CALENDAR:
Preliminary Budget
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt the Fiscal Year 2010-2011 Preliminary Budget and direct staff to prepare a
Fiscal Year 2010-2011 Final Budget for the July 6, 2010 La Quinta Financing
Authority Meeting.
FISCAL IMPLICATIONS:
All Preliminary Fiscal Year 2010-2011 revenues, operational appropriations and debt
service funding are included in this Preliminary Budget.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Introduction.
The purpose of the La Quinta Financing Authority is to pay the debt service on the
1996 Civic Center Bonds and the 2004 Local Agency Revenue Bonds. The debt
service for FY 2010-201 1 on the 1996 Civic Center Bonds is $672,525 and the 2004
Local Agency Revenue Bonds debt service is $5,915,131. Additional debt service
costs such as trustee fees and audit fees are $12,800 for a total budget of
$6, 600,456.
Funding to pay the Civic Center bonds is paid through rent charges from the General
Fund (30%-, Redevelopment Agency (40%) and the Civic Center Development Impact
Fees (30%). The debt service payments are made every six months and are due
October 15` and April 15L. The final payment is scheduled for Fiscal Year 2019.
Funding to pay the 2004 Local Agency Revenue Bonds is paid through two separate
transfers. The first set of transfers occurs between the RDA 1 &2 Low & Moderate
Housing Funds and the RDA 1 &2 Debt Service Funds. The second set of transfers
occurs between the RDA 1 &2 Debt Service Funds and the Financing Authority Debt
Service Fund. These bonds were issued in June 2004 for low & moderate housing
purposes through the Financing Authority with the Redevelopment Agency making the
annual debt service payment. The allocation between Project Areas 1 & 2 to fund the
annual debt service is based upon tax increment revenues with 2/3`ds of the debt
seryice payment coming from Project Area 1 and 1 /3rd coming from Project Area 2.
The debt service payments are made every six months and are due September 1 st and
March 1 st. The final payment is scheduled to be made in Fiscal Year 2035.
FINDINGS AND ALTERNATIVES:
Staff is requesting:
1) Review and comment on the Fiscal Year 2010-201 1 La Quinta Financing
Authority Preliminary Budget and provide direction regarding any proposed
changes to the document; and
2) Approval of the Fiscal Year 2010-2011 Fiscal Year La Quinta Financing
Authority Preliminary Budget as amended at the June 3, 2010, La Quinta
.Financing Authority Meeting. (Any approved changes by the Authority to be
incorporated into the Final Budget for adoption on July 6, 2010.)
Respectfully submitted,
l ~~,~
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director