2010 12 08 IABi
P.O. Box 1504
LA Qu)N-rA, G%i,iFOeu)A 92247-1504
78-495 Gni.Lr: TAmt,ico (760) 777-7000
LA QUIN IA, CALIFORNIA 92253 FAX (760) 777-7101
AGENDA
INVESTMENT ADVISORY BOARD
Caucus Room
78-495 Calle Tampico- La Quinta, CA 92253
December 8, 2010 - 4:00 P.M.
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 Adjourned Minutes of Meeting on November 10, 2010 for the
Investment Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for October, 2010
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. City of La Quinta FY 09/10 Audited Financial Statements
B. Month End Cash Report — November, 2010
C. Pooled Money Investment Board Report — September, 2010
D. November 9, 2010 Joint Meeting Minutes with the City Council
VII BOARD MEMBER ITEMS
VIII ADJOURNMENT
PUBLIC NOTICES
The La Quints Caucus Room is handicapped accessible. If special equipment is needed for the hearing impaired, please call
the Finance Department at 777-7150, twenty-four (24) hours in advance of the meeting and accommodations will be made.
Any writings or documents provided to a majority of the Investment Advisory Board 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 Calls Tampico, La Quints, CA
92253, during normal business hours.
s
INVESTMENT ADVISORY BOARD
MEETING
November 10, 2010
CALL TO ORDER
A regular meeting of the Investment Advisory Board was called to order at
4:00 p.m. by Chairman Park followed by the Pledge of Allegiance.
PRESENT: Board Members Mortenson, Park, Spirtos and Rassi
ABSENT: Board Member Blum
STAFF PRESENT: John Falconer, Finance Director and Vianka Orrantia,
Senior Secretary
II. PUBLIC COMMENT -
III. CONFIRMATION OF AGENDA - Confirmed
IV. CONSENT CALENDAR
A. Approval of Minutes of Meeting on October 13, 2010 for the
Investment Advisory Board
Board Member Mortenson requested that the following correction be
made to page 2, tenth paragraph;
In response to Board Member Mortenson, Mr. Falconer advised that
due to the fact that the policy states that the maximum maturity
can only be extended fires three to five years, [...]
MOTION — It was moved by Board Members Spirtos/Mortensen to
approve the minutes of October 13, 2010 as amended. Motion
carried unanimously.
V. BUSINESS SESSION
A. Transmittal of Treasury Report for September 2010
Mr. Falconer presented and reviewed the staff report for the month of
September, advising the Board that the portfolio decreased by $12.18
million ending the month at $151.34 million. The decrease in the
portfolio was due to the following: the semi annual debt service
payment of $11.2 million, the Capital Improvement payments of
$1.29 million, and the notable payments for the Adams Street Bridge
at $374,000, the Cove Fire Station at $287,000 and the Laguna de la
Paz Sound wall at $154,000. Mr. Falconer further advised that page
7 reflects the reinvestment of a $10 million T-Bill with the new rate at
.19% and the old rate .18%, and a slight increase in the portfolio yield
at .55% and previous year's yield at .53%.
In response to Board Member Mortenson, Mr. Falconer advised that
page 4 VI. Correspondence and Written Material, Item A., reflects the
current yields (i.e. three month, six month, etc...).
Further discussion ensued amongst the Board and staff in reference to
the possibility of extending the yield curve out further.
In response to Board Member Spirtos, Mr. Falconer advised that on
page 3 "Cash Balances," the payments listed are recurring payments
and not final payments. He further advised that the payments
represent eight to ten bond issues with two assessments districts due
to mature in approximately five years.
Mr. Falconer advised the Board that Ambac who insured several of the
RDA bond issues declared bankruptcy. Due to the current status of
Ambac, the City will be preparing the annual disclosures to the
appropriate regulatory agencies, which is part of the City's due
diligence. This item will be presented to the City Council the second
meeting of December.
General discussion ensued amongst the Board and staff regarding
Ambac and their current lawsuit against the Internal Revenue Service.
MOTION — It was moved Board Members Mortenson/Spirtos to
review, receive, and file the Treasurers Report for September 2010.
Motion carried unanimously.
VI. CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report — October 2010
Mr. Falconer presented and reviewed the Month -End Cash Report
advising the Board of several transactions reflected on page 2 for the
2
month of October. One of the transactions involves transferring
available monies into LAIF.
Mr. Falconer summarized for the Board the process of the investments
and specific transactions. In addition, he advised the Board that due
to the reduced amount of cash in the portfolio in the month of
October, the November Treasurers Report will possibly reflect over
10% being held in medium term notes.
In response to Board Member Spirtos, Mr. Falconer advised that the
"Notes" column on page 12 stated that the gas tax was not received,
due to the states budget crisis and will be remitted later in the year.
Noted and Filed
B. Pooled Money Investment Board Reports — August 2010 and LAIF
Conference Materials
Mr. Falconer advised that LAIF's current portfolio balance is $4 billion
more than it was in the previous year with the average life remaining
the same and the yields half of what they were. Mr. Falconer
commented that it appears that the state is currently investing more in
U.S. Treasury Securities at this time.
General discussion ensued amongst the Board and staff regarding the
LAIF Conference and conference materials.
Noted and Filed
VII. BOARD MEMBER ITEMS - None
Vill. ADJOURNMENT
It was moved by Board Members Mortenson/Spirtos to adjourn the
Investment Advisory Board meeting at 4:49 p.m. Motion carried
unanimously.
Senior Secretary
3
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: December 8, 2010
ITEM TITLE:
Transmittal of Treasury Report
for October 31, 2010
BACKGROUND:
Attached please find the Treasury Report October 31, 2010.
RECOMMENDATION:
Review, Receive and File the Treasury Report for October 31, 2010.
John M. FalcoJJlJJner, Finance Director
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for October 31, 2010
DATE: November 30, 2010
Attached is the Treasurer's Report for the month ending October 31, 2010, The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Department.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Notes
Sold/Matured
Other
Endin
Chan e
LAIF
$
46,914,612
$
59,042
$ (3,200,000)
350,001
$ 44,123,655
(2,790.957)
Certificates of Deposit
969,000
18,069
969,000
87,984.998
0
18,069
US Treasuries
87,966,929
(2)
0
0
0
US Gov'tSponsored Enterprises
(2)
0
0
0
Commercial Paper
15,143,378
(2)
(2)
(12,178)
15,131,200
(12,178)
Corporate Notes
1
0
581.796
0
Mutual Funds
$
581,796
151,575,715
$
59,042
$ 3,200,000 1$
355,892
1$ 148,790,649 1 $
2,785,066
Subtotal
Cash
$
240,460
$
722,339
1 & 3
$ 481,879
722,339
$
151,335,255
$
781,381
$ 3,200,000 $
355,892
$ 149,272,528 $
2,062,727
Total
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 Quints 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.
AP /1/3012-0��
Date
John M. Falconer
Finance Director/Freasurer
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.
(3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments
before warrants are presented for payment by the payee at the bank.
FA
Treasurer's Commentary
For the Month of October 2010
Cash Balances — The portfolio size decreased by $2.1 million to end the month at $149.27
million. The major reason for the decrease was payments to the Riverside County Sherriff of
$836,000, semi annual debt service payments of $552,090 for the City Hall Bond issue, and
payments of $424,000 for Capital Projects.
Investment Activity — The investment activity resulted in an average maturity decrease of 19
days from the prior month to end the month of October at 88 days. The Treasurer follows a
buy and hold investment policy with no investment purchased made during the month of
October. The sweep account earned $13 in interest income for the month of October and the
bank fees for the month were $ 1,837 which resulted in a net decrease of $1,824 in real
savings.
Portfolio Performance — The overall portfolio performance had no change from the prior month
and ended at .51 % for the month, with the pooled cash investments at .55%. The portfolio
yield should continue to stay at these levels for the near future. At this time last year, the
portfolio was yielding .50% which reflects the current interest rate environment.
Looking Ahead
The Treasurer is still concentrating on safety first and foremost. In the short term, the
Treasurer will be maintaining LAIF balances at the maximum allowable percentage because its
rate declines slower in a declining rate environment.
The Treasurer will not be investing in non-TLGP corporate notes, non-TLGP commercial paper
or Fannie Mae or Freddie Mac Goveimment Sponsored Enterprises (GSE) due to the current
economic conditions affecting the financial markets.
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City of La Contra
Comparative Rates of Interest
October 31, 2010
_ City of
La Oti nta
COmmercia' Paper
Three MOPIM1
Annualized
Eam n
s
AverageT
asu
Bllls/Nole
Year
Monty
POoletl Cdsn
FiScalA ent
Ov¢mli
Mahn tla
Month
One Year
Two Yee,
Non
LAIF Re
FY 06r0T
Ju1y2006
4,93%
5.00%
4.96%
9506%
-Financial
August 2006
4.94%
5.01%
4.W%
48,9]%
485%
Sep12006
4.98%
501%
4.BB%
5300%
4.95%
002006
5.00%
5.02%
5.01%
fiY.96%
5.02%
Nov 2006
5.04%
5.03%
5.03%
62.94%
5.10%
Dec 2006
508%
5.04%
5.06%
80.90%
5.10%
Jan 200]
5.18%
5.12%
5.16%
84.98%
5.13%
Feb 200]
5.19%
5.13%
5.1]%
45.95%
5.16%
Mar200]
5.21%
5.03%
5.15%
67,88%
S18%
1
Apr 7
5.20%
5.14%
5.15%
42.84%
5.21%
May 2o0]
5.20%
5.05%
5.16%
32.81%
522%
June 2009
5.19%
4.88%
5.10%
85.81%
5.25%
FV 0II08
July 20W
521%
4.90%
5.12%
120.00%
5.25%
August 200]
5.17%
4.85%
508%
100.59%
526%
Sept 200]
5.16%
4.86%
S.O6%
12900%
5.25%
Oct 2007
5.11%
485%
5.02%
11695%
5.23%
Nov 200]
503%
4.83%
4.0%
B934%
5.14%
Dec 2007
485%
343%
445%
12339%
496%
Jan 2008
4.58%
333%
4.22%
9631%
4.80%
Fe02008
4.12%
3.24%
3.85%
860]%
4.62%
Mar2008
40]%
2.83%
3.8]%
]4.50%
4.16%
Apr2008
345%
3.27%
3.41%
82
170%
378%
May 2008
3.14%
32]%
3.1]%
63
1.92%
340%
June 2008
3.09%
1.94%
286%
80
2.14%
307%
FY 08/09
July 2008
2.99%
193%
2.]]%
62
1.]0%
1.85%
2.29%
275%
2. 18%
2.89%
279%
Augus12008
3.16%
192%
2.8"
51
1.69%
1.89%
2.14%
238%
2.08%
2.78%
Sept 2008
2.81%
1.92%
2.64%
37
142%
179%
1.96%
2.00%
2.13%
2.]]%
002008
266%
2.61%
2.61%
29
0.90%
1.40%
1.72%
1.50%
2.07%
271%
Nov 2008
2,38%
2.36%
2.36%
64
0.16%
0.49%
1.04%
1.25%
1.46%
2.57%
ac2008
1,60%
0,18%
1.42%
116
0.05%
0,25%
0,59%
0.88%
0,97%
235%
Jan 2009
1.36%
0,18%
1.23%
82
0.15%
0.35%
0.43%
088%
0.31%
2.05%
Feb 2009
1,23%
0,18%
1.11%
75
0.30%
0,50%
061%
0.88%
048%
187%
Maf2999
126%
0,18%
1,13%
69
0.20%
042%
0,70%
088%
037%
1.82%
Apr2000
094%
0.18%
0.86%
54
0.31%
0.33%
0.59%
0.88%
0.28%
1.61%
May2009
092%
0.18%
0.84%
80
0.18%
0,30%
053%
0.88%
0.23%
153%
June 2009
0,85%
0.29%
0,80%
111
0.20%
035%
055%
1.13%
026%
1.38%
FY 09110
July 2009
069%
0.30%
0.65%
111
0.19%
0.28%
0.4]%
100%
0.28%
1.04%
August 2009
064%
0.30%
0.61%
92
0.16%
- 0,26%
0.46%
1 0%
0.24%
0.93%
Sept 2W9
0.56%
0.31%
053%
112
0,12%
0.19%
0.41%
lw%
0.19%
0.75%
Oct 2009
0.52%
0.31%
0.50%
90
0.08%
0,19%
038%
1.00%
0.19%
0.65%
Nov 2009
0.56%
031%
0.53%
152
0.04%
0,14%
0.32%
0.75%
0.15%
0.61%
Dec 2009
0.56%
OA6%
0.51%
239
0.11%
0,20%
0.16%
1,00%
0.16%
057%
Jan 2010
046%
0.15%
0.43%
179
006%
014%
0.34%
088%
0,13%
ON%
Feb 2010
0.51%
0.16%
0.48%
162
0.13%
OA9%
0.32%
0.88%
0,15%
ON%
Mar2010
0.50%
OA8%
0.47%
172
0.15%
024%
0,38%
100%
0.20%
0,55%
Apr2010
0,52%
0,16%
0,48%
M2
0,15%
0.24%
0,49%
1.00%
0,23%
0.59%
May201O
0.52%
0.16%
0,48%
116
0.17%
0.22%
0,37%
075%
0.28%
0.56%
June 2010
0.55%
0,15%
0.51%
134
0.16%
0,22%
032%
0.63%
0.32%
053%
FY 10/11
July 2010
0.50%
0,15%
0.47%
119
0.16%
0.20%
0.30%
0.63%
0.28%
053%
August
2010
0.49%
0.15%
0.46%
108
0.15%
0.19%
026%
O.N%
0.25%
0.51%
Sept 2010
0.55%
0,15%
0.51%
107
0,16%
0.19%
0.27%
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11
INVESTMENT ADVISORY BOARD
Meeting Date: December 8, 2010
ITEM TITLE:
City of La Quinta Fiscal Year 2009/10
Audited Financial Statement
BACKGROUND:
Correspondence & Written
Material Item A
Mr. Bryan Gruber, Manager with Lance Sol] & Lunghard, LLP, CPA's, will review
the City Cash and Investments presented in the report and answer Board Members
questions.
RECOMMENDATION:
Information item only.
John M. Falconer, Finance Director
CITY OF LA QUINTA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED JUNE 30, 2010
CITY OF LA QUINTA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED JUNE 30, 2010
Prepared By
FINANCE DEPARTMENT
JOHN M. FALCONER
Director of Finance
CITY OF LA QUINTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
JUNE 30, 2010
TABLE OF CONTENTS
Page
Number
INTRODUCTORY SECTION
Letterof Transmittal .......... ........................................... ...._................................_.......................__..
i
List of Principal Officials.................................................................................................................
vii
Organizational Chart ......................
..
vui
Certificate of Achievement for Excellence in Financial Reporting (GFOA).....................................
ix
FINANCIAL SECTIO14
IndependentAuditorsReport ........................... ....... ......... .............................. ........ ................
............. -A
Management's Discussion and Analysis....... _...._...........__.__....._.._..._...—................. ...
.................. 3
Basic Financial Statements:
Government -Wide Financial Statements:
Statementof Net Assets ......... .................... ...._..... .... _.................. .._.......... ._...................
...... ..17
Statementof Activities......_ ............... ......_...._._........................ ....................... ........ ...................
18
Fund Financial Statements:
Balance Sheet — Governmental Funds...........................................................................................20
Reconciliation of the Balance Sheet of Governmental Funds
tothe Statement of Net Assets.......................................................................................................23
Statement of Revenues, Expenditures and Changes in Fund
Balances — Governmental Funds...................................................................................................24
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the Statement of Activities .......................26
Budgetary Comparison Statement by Department — General Fund..............................................27
Statement of Net Assets — Proprietary Funds................................................................................28
Statement of Revenues, Expenses and Changes in Fund Net Assets —
ProprietaryFunds ..... ............................. .._........................ ...... .......... ....... ......._....... ....................29
Statement of Cash Flows — Proprietary Funds ......... ...................................................... ---
......... 30
Statement of Fiduciary Net Assets - Fiduciary Funds....................................................................32
Notes to Financial Statements.. ............................................................... ...............................
....... 33
CITY OF LA QUINTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
JUNE 30, 2010
TABLE OF CONTENTS (Continued)
Page
Number
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet - Non -Major Governmental Funds.......................................................76
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance - Non -Major Governmental Funds. ............. ........................................................ 86
Budgetary Comparison Schedules — Special Revenue Funds
StateGas Tax.........................................................................................................................95
Library..................................................... .......... ....... ............ ...................................................
96
FederalAssistance...................................................................................................................97
SLEBG.....................................................................................................................................98
IndianGaming..........................................................................................................................99
Lightingand Landscape.........................................................................................................100
RCTC.....................................................................................................................................101
Quimby...................................................................................................................................102
Congestion Management Air Quality Fund............................................................................103
PublicSafety ..........................................................................................................................104
ArtsIn Public Places .................................... ........ :.................................................................
105
South Coast Air Quality..........................................................................................................106
AB939....................................................................................................................................107
CV Violent Crime Task Force................................................................................................108
Proposition1 B Fund...............................................................................................................109
Justice Assistance Grant........................................................................................................110
HousingAuthority PA No. 1...................................................................................................111
HousingAuthority PA No. 2..................... ............... ...................... :........................................
112
Low/Moderate Income Housing PA No. 1.............................................................................113
Low/Moderate Income Housing PA No. 2.............................................................................114
Budgetary Comparison Schedules — Capital Projects Funds
CapitalImprovement.........................................................................................................115
Infrastructure.........................................................................................................................116
Transportation.......................................................................................................................117
Parks and Recreation...........................................................................................................118
CivicCenter..........................................................................................................................119
LibraryDevelopment.....................................................................................................120
CommunityCenter................................................................................................................121
StreetFacility........................................................................................................................122
ParkFacility..........................................................................................................................123
FireFacility...........................................................................................................................124
2004 Low/Mod Bond.............................................................................................................125
Redevelopment Agency PA No. 1 — Capital Projects..........................................................126
Redevelopment Agency PA No. 2 — Capital Projects..........................................................127
Budgetary Comparison Schedules — Debt Service Funds
Financing Authority — Debt Service........................................................................................128
Redevelopment Agency PA No. 1 — Debt Service.................................................................129
Redevelopment Agency PA No. 2 — Debt Service... ....... _ .................................................... 130
CITY OF LA QUINTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
JUNE 30, 2010
TABLE OF CONTENTS (Continued)
Page
Number
Combining Statement of Net Assets — Internal Service Funds....................................................132
Combining Statement of Revenues, Expenses and Changes
in Fund Net Assets — Internal Service Funds...............................................................................133
Combining Statement of Cash Flows — Internal Service Funds ................ .................. ...............134
Combining Balance Sheet —AII Agency Funds ....................... ......................._......_.........
...._..... 136
Combining Statement of Changes in Assets and Liabilities — All Agency Funds....... _............_..137
STATISTICAL SECTION
NetAssets by Component .... ........ ..............._......_......._................._......._........._..................._.140
Changesin Net Assets .......... __..___......................._.................._.._...._.._.._.............__..........141
Changes in Net Assets — Governmental Activities... ......
.....142
Changes in Net Assets — Business -type Activities.......................................................................143
Fund Balances of Governmental Funds ....................... ............ ......_................ ..........
....... _....... 144
Changes in Fund Balances of Governmental Funds....................................................................145
Assessed Value and Estimated Actual Value of Taxable Property ..............................................146
Assessed Value and Estimated Actual Value of Taxable Property -
RedevelopmentAgency....................................................................._._._.._..._ .......
........ _....... 147
Direct and Overlapping Property Tax Rates.................................................................................148
PrincipalProperty Taxpayers......................................................................................................A49
Property Tax Levies and Collections......_ ...... ................... .._............... ....... ..........
...._....... ....... 150
Ratiosof Outstanding Debt by Type............................................................................................151
Ratio of General Bonded Debt Outstanding.................................................................................152
Directand Overlapping Debt ................... ........................... ............ ...........................
.......... ._.153
Legal Debt Margin Information ..... ....... ..............._...................................._.................................154
Pledged -Revenue Coverage........................................................................................
155
Demographic and Economic Statistics.........................................................................................156
CITY OF LA QUINTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
JUNE 30, 2010
TABLE OF CONTENTS (Continued)
PrincipalEmployers... ............................... ...................................................................................
157
Full-time City Employees..............................................................................................................158
OperatingIndicators.....................................................................................................................159
Capital Asset Statistics...........................................................................................................
160
Schedule of Insurance in Force....................................................................................................161
1'.O. Box 150=1
78-195 Cni.i_r: T,\qri(:o ('760) 777-7000
1 :\ Olrl.vr:%. C.�i.iroizm.% 92253 F_AX (760) 777-7101
October 19, 2010
To the Honorable Mayor, Members of the Governing Council, and Citizens of the City of
La Quinta, California
Government Code: 26909 (a) requires that the City, as a local agency of the County,
contract with a certified public accountant to perform an annual audit of the accounts
and records of the City and that the audit conform to generally accepted auditing
standards. Further, Government Code 26909 (b) states that an audit report shall be filed
with the State Controller and with the County Auditor of the County in which the district
is located within 12 months of the end of the fiscal year. This report is published to fulfill
these requirements for the fiscal year ended June 30, 2010. In addition, City Ordinance
2,12.040 requires an annual audit be performed by a certified public accountant.
Management assumes full responsibility for the completeness and reliability of the
information contained in this report, based upon a comprehensive framework of internal
control that it has established for this purpose. Because the cost of internal control
should not exceed anticipated benefits, the objective is to provide reasonable, rather
than absolute, assurance that the financial statements are free of any material
misstatements.
Lance Soil & Lunghard LLP Certified Public Accountants have issued an unqualified
opinion on the City of La Quinta financial statements for the year ended June 30, 2010.
The independent auditor's report is located at the front of the financial section of this
report.
Management's discussion and analysis (MD&A) immediately follows the independent
auditor's report and provides a narrative introduction, overview, and analysis of the
basic financial statements. The MD&A complements the letter of transmittal and should
be read in conjunction with it.
Profile of the Government
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 Mayor serves a two-year term and the four Council Members serve four-year
terms, with two Council Members elected every two years. The Mayor and four Council
Members are elected at large.
The City was originally incorporated in 1982 as a general law City and it became a
charter City in November 1996.
The Council appoints the City Manager, who in turn appoints the Assistant City
Managers and the heads of the various departments. The City of La Quinta provides a
range of services which include: construction and maintenance of streets and other
infrastructure; community development and planning; construction and code
compliance; various recreational and cultural activities; and general municipal services.
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 and tourist information through Palm Springs Desert Resort
Communities Convention and Visitors Authority, city promotion through the La Quinta
Chamber of Commerce, water and sewer service through the Coachella Valley Water
District, electricity service through the Imperial Irrigation District, refuse collection
through Burrtec Waste Industries, public transit through Sunline Transit Agency, and
cable service through Time Warner.
The City of La Quinta also is financially accountable for a legally separate
Redevelopment Agency, Financing Authority, Housing Authority. Additional information
on these two legally separate entities can be found in the notes to the financial
statements.
Pursuant to City Ordinance 2.08.060 and 2.12.030, the City Manager and Finance
Director are responsible for the preparation of the annual budget for City Council
consideration prior to the start of the fiscal year. The annual budget serves as the
foundation for the City of La Quinta's financial planning and control.
The budget is prepared by fund, function, department and line item. Department heads
may transfer line item resources within a division with the approval of the City Manager.
Transfers between divisions and departments need approval from the City Council and
the City Manager.
Local economy
According to the State of California Economic Development Department (EDD), as of
June 2010, the total workforce for the City of La Quinta was 14,600 of which 13,500
were employed for a 7.5% unemployment rate. This rate is significantly lower than the
Riverside County unemployment rate of 14.5% and the statewide unemployment rate of
12.2%.
During the last ten years, the City of La Quinta has been in a growth phase with net
assessed values increasing from $2.68 billion in Fiscal Year 2000-2001 to $11.86 billion
(over 442%). This major increase in assessed value consists primarily of residential
development; however, in the last ten years major commercial development has
occurred along the Highway 111 corridor.
The City of La Quinta has transformed itself from a retirement community known as the
"Gem of the Desert" and the western home of golf to a year-round full -service
community. Major employers include the La Quinta Resort and Club, PGA West, Home
Depot, Wal-Mart, Rancho La Quinta, and Lowe's.
During the past ben years, the City of La Quinta general fund expenditures have
increased 297%. Two Departments that have exceeded the average include and Public
Safety (353%) and Community Services (339%). In the case of Public Safety, much of
the increase is reflected in increased police service personnel. In the case of
Community Services, much of the increase can be attributed to adding library and
museum services and park maintenance functions to the Department.
During the same ten-year period, the City of La Quinta general fund revenues increased
196%. Sources that exceeded the average include intergovernmental (584%), taxes
(191%), and interest earnings (143%). In the case of intergovernmental revenues, most
of the increase is attributable to the way the fire service contract is accounted for and an
increase in motor vehicle fees. In the case of taxes, the increase is due greatly to the
increase in sales 'tax revenues from the commercial development along Highway 111.
And finally, the increase in interest earnings is due to greater General Fund reserves
and additional advances between the General Fund and the Redevelopment Agency.
Offsetting these increases were decreases in licenses and permits (-77%) and charges
for services (-761ib) from the same period ten years ago. These decreases can be
attributed to the rapid slow down to development related activities experienced in the
City of La Quinta in Fiscal Years 2008-2009 and Fiscal Year 2009-2010.
While the City has experienced record setting growth in the past, the recession of Fiscal
Year 2008-2009 has impacted the City of La Quinta. This downturn has resulted in our
residents and businesses experiencing: (1) a higher level of unemployment, (2) lower
property values; (3) more commercial store closings and (4) more home foreclosures
than in previous years. In addition, the credit crisis has resulted in fewer new home
starts and new businesses delaying their plans to open stores in the City. While the City
is the home of large and small retailers and hotels, no significant store openings have
occurred in Fiscal Year 2009-2010 and several large retailers have closed their doors.
This has resulted in a reduction in actual tax collections in Fiscal Year 2009-2010 by
$900,000. While economists may state that the recession is over, future revenue
decline in Fiscal Years 2010-2011 and beyond may be on the horizon given the
projected decline in property tax assessment. In Fiscal Years 2008-2009 and 2009-
2010, the City did tighten its fiscal belt at its mid year reviews and will have to continue
to monitor and possibly further reduce expenditures in Fiscal Year 2010-2011 given the
revenue shortfalls that may continue to occur.
Long-term financial planning
Each year the City embarks on a strategic planning process which begins in the spring
with a discussion of the City Council goals and ends with adoption of the budget in
June.
The documents that are generated in this strategic planning process include a
presentation of the financial achievements for the past fiscal year, a five-year cash flow
projection for each City, Redevelopment Agency and Financing Authority fund, and a
financial management strategies and recommendation report for the coming fiscal year.
Within the financial strategies and recommendation report, a "build out" analysis is
included which estimates the annual General Fund revenue (inflows) and expenditures
(outflows) in thirty years. This build out analysis is updated every three years based
upon future land use designations, existing land use and population projections.
This build out report projects that in twenty (20) years, with an estimated population of
81,771 versus the current 44,421, the annual revenues into the General Fund will be
$3,276,000 less than expenditures. With this information provided during the mid -year
financial review, the City of La Quinta is attempting to attract revenue -producing
businesses and hotels consistent with its land use planning, while at the same time
providing current and future residents a level of service that makes them proud to call
La Quinta their home.
During Fiscal Year 2009-2010, the General Fund balance decreased by $297,000
consisting of revenue decreases primarily in taxes and interest income offset by
expenditure savings in the police and fire divisions in the Public Safety Department, the
Planning & Development Administration division, and the Street Maintenance division
in Public Works Department.
The General Fund balance as of June 30, 2010 was $92.0 million of which $57.9 million
versus $46.1 million in Fiscal Year 2008-2009 was nonspendable, $22.3 million versus
$23.7 million in Fiscal Year 2008-2009 was committed, $1.5 million versus $3.5 in Fiscal
Year 2008-2009 was assigned, and $10.3 million versus $19 million in Fiscal Year
2008-2009 was unassigned. The committed fund balances include an emergency
reserve set at 35% of the annual budget plus $4,000,000 and a cash flow reserve of
8.25% of the annual budget. Additional components of the strategic planning process
include the Economic Development Plan, the Capital Improvement Program, the Annual
Budget and the Five -Year Resource Allocation Plan. An explanation of each of these
documents is provided below.
Economic Development Plan
This plan outlines a vision and direction for the City's economic development activities.
It presents the mission statement, implementation policies, projected resources, and
business plan the City and the La Quinta Redevelopment Agency will follow to sustain a
comprehensive economic development effort. It is goal -oriented in that the economic
development efforts specified in the plan are a key to generating the financial resources "
necessary to support both the Resource Allocation Plan and the Capital Improvement
Plan.
Capital Improvement Plan
This plan is primarily a planning document that establishes five-year funding priorities
for capital improvements. This plan also includes a listing of all the other desired capital
improvements that cannot, or need not, be funded within the five-year horizon and
totaled $84.5 million.
iv
Five -Year Resource Allocation Plan
This plan is primarily a planning document that provides a five-year horizon for
forecasted operational needs of each department, as well as the City as a whole. This
plan is a cyclical review of all operations expenditures to reassess funding mechanisms
behind personnel responsibilities and the various service levels of all programs.
Annual Budget
This document is the annual implementation tool for the overall planning process. The
budget will encompass each element of the strategic planning effort and will implement:
the goals of the Economic Development Plan; the resource and demand allocation
outlined in the Five -Year Resource Allocation Plan; and the capital improvement
investment for a given year.
Relevant Financial Policies
The State of California has mandated in the past that the City of La Quinta, pursuant to
State of California Revenue and Taxation Code Section 97.70, contribute $332,000
from the General Fund in Fiscal Year 2005-2006 with a similar amount in Fiscal Year
2004-2005 to meet the State budget crisis. Again, in Fiscal Year 2009-2010 the State
of California has mandated that $965,000 in General Fund property taxes be transferred
to the State. Also, from Fiscal Year 2002-2003 through Fiscal Year 2005-2006, the La
Quinta Redevelopment Agency has contributed $7.8 million to the State of California
pursuant to State of California Health and Safety Code 33681.12 to meet its budget
shortfalls. The $7.8 million of funds that have been diverted to the State will not be
refunded and are not available for use within the City of La Quinta. While no State
mandated contributions were required from Fiscal Year 2006-2007 through Fiscal Year
2008-2009, the State budget crisis of Fiscal Year 2009-2010 will result in an additional
diversion of $23.69 million and $4.9 million in Fiscal Year 2010-2011 from the La Quinta
Redevelopment Agency for a total take away of $36.3 million.
Maior Initiatives
The La Quinta Redevelopment Agency (Agency) will be spending a considerable
amount of effort to acquire sites and facilitate the development of affordable housing
units in the City. Toward this end, the Agency is working on the Washington Street
Apartment Project to rehabilitate a 73-unit affordable rental housing project. In addition,
the Agency has purchased land near the southeast corner of Highway 111 and Dune
Palms Road to construct additional affordable Apartment units.
The City has a major public facility expansion underway rebuilding Fire Station 32 at its
new location at Avenue 52 and Desert Club which is scheduled to open in late 2010.
Once completed, this facility, three times the size of the station it is replacing, will better
serve the residents of the La Quinta Cove and surrounding areas. In addition, the City
is nearing completion of the final design on the Adams Street Bridge which will span the
Whitewater Channel and provide an all-weather crossing at this location.
v
The La Quinta Redevelopment Agency has acquired a 525-acre parcel at Avenue
52 and Jefferson Street for the development of two golf courses, a clubhouse, and
future hotel resort development. The first golf course was dedicated in January
2005 with the second course, permanent clubhouse, and infrastructure in the
planning stages. The Agency continues to seek quality development opportunities
for future hotel(s) on the property to generate additional General Fund revenues.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting
to the City of La Quinta for its comprehensive annual financial report (CAFR) for
the fiscal year ended June 30, 2009. This was the fourteenth consecutive year
that the City has received this prestigious award. In order to be awarded a
Certificate of Achievement, the government had to publish an easily readable and
efficiently organized comprehensive annual financial report. This report must
satisfy both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that
our current CAFR continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
The preparation of this report would not have been possible without the efficient
and dedicated service of the finance department staff. Credit also must be given to
the Mayor and City Council for their support in maintaining the highest standards of
professionalism in the management of the City of La Quinta's finances.
Respectfully submitted,
Thomas P. Genovese John M. Falconer
City Manager Finance Director
vi
City of La Quinta
Directory of Officials
June 30, 2010
CITY COUNCIL
Don Adolph, Mayor
Kristy Franklin, Mayor Pro Tern
Linda Evans, Council Member
Terry Henderson, Council Member
Stanley Sniff, Council Member
ADMINISTRATION
Thomas P. Genovese, City Manager
Doug Evans, Assistant City Manager — Development Services
Bret Plumlee, Assistant City Manager — Management Services
John M. Falconer, Finance Director
Tom Hartung, Building & Safety Director
Edie Hylton, Community Services Director
Kathy Jenson, City Attorney
Les Johnson, Planning Director
Tim Jonasson, Public Works Director/City Engineer
Veronica Montecino, City Clerk
vii
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of La Quinta
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2009
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.
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Executive Director
THIS PAGE INTENTIONALLY LEFT BLANK
x
LSEOGG°
CERTIFIED PUBLIC ACCOUNTANTS
r , • Brandon W. Burrows, CPA
• Donald L. Parker, CPA
• Michael K. Chu, CPA
• David E. Hale, CPA, CFP
A Professional Corporation
• Donald G. Slater, CPA
• Richard K. Kikuchi, CPA
• Susan F Matz, CPA
• Shelly K. Jackley, CPA
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and Members of the City Council
City of La Quinta, California
We have audited the accompanying financial statements of the governmental activities, the business -type
activities, each major fund, and the aggregate remaining fund information of the City of La Quinta,
California, as of and for the year ended June 30, 2010, which collectively comprise the City's basic
financial statements as listed in the accompanying table of contents. These financial statements are the
responsibility of the City of La Quinta's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in 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 misstatements. 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 opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, each major fund,
and the aggregate remaining fund information of the City of La Quinta as of June 30, 2010, and the
respective changes in financial position and cash Flows, where applicable, and the respective budgetary
comparison for the General Fund for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
October 8, 2010, on our consideration of the City of La Quinta's internal control over financial reporting
and our tests of its compliance with certain laws, regulations, contracts, grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of
our audit.
The management's discussion and analysis 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 principally of inquiries of management regarding the methods
of measurement and presentation of the required supplementary information. However, we did not audit
the information and express no opinion on it.
Lance, Soil & Longhand, LLP 203 North Brea Boulevard • Suite 203 • Brea, CA 92821 • TEL: 714.672.0022 • Fax: 714.672.0331 WWW.ISICpas.COM
41185 Golden Gate Circle • Suite 103 • Murrieta, CA 92562 • TEL: 951.304.2728 • Fax: 951.304.3940
To the Honorable Mayor and Members of the City Council
City of La Quinta, California
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The accompanying introductory section, the combining
and individual fund statements, schedules and statistical tables are presented for purposes of additional
analysis and are not a required part of the basic financial statements. The accompanying combining and
individual nonmajor fund financial statements and schedules have been subjected to the auditing
procedures applied in the audit of the basic financial statements, and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a whole. The accompanying
introductory section and statistical tables have not been subjected to the auditing procedures applied in
the audit of the basic financial statements and, accordingly, we express no opinion on them.
, , .lee, 5V- eG� 0��
October 8, 2010
W
2
Management's Discussion and Analysis
As management of the City of La Quinta, we offer readers of the City of La Quinta's
financial statements this narrative, overview and analysis of the financial activities for
the fiscal year ended June 30, 2010. We encourage readers to consider the information
presented here in conjunction with additional information that we have furnished in our
letter of transmittal, which can be found in an earlier section of this report. All amounts,
unless otherwise indicated, are rounded to the nearest thousands of dollars.
Financial Highlights
• The assets of the City of La Quinta exceeded its liabilities at the close of the most
recent fiscal year by $547,995,000 (net assets). Of this amount, $72,324,000
(unrestricted net assets) may be used to meet the government's ongoing obligations
to citizens and creditors.
• The governmental activities total net assets decreased by $15,643,000 and the
Business -Type total net assets decreased by $584,000 attributable to the SilverRock
Golf Course.
• As of the close of the current fiscal year, the City of La Quinta's governmental funds
reported combined ending fund balances of $161,132,000, a decrease of
$19,296,000 in comparison with the prior year.
• At the end of the current fiscal year, the unassigned General Fund Balance
comprised $10,279,000 of the total $92,000,000 General Fund Balance or
11 percent and 24 percent of total General Fund budgeted expenditures.
• The City of La Quinta's total debt decreased by $6,645,000 during the current fiscal
year from $237,476,000 to $230,831,000 through normally scheduled debt service
payments.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of La
Quinta's basic financial statements. The City of La Quinta's basic financial statements
comprise three components: 1) government -wide financial statements, 2) fund financial
statements, and 3) notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
3
Government -wide financial statements
The government -wide financial statements are designed to provide readers with a
broad overview of the City of La Quinta's finances, in a manner similar to a private -
sector business.
The statement of net assets presents information on all of the City of La Quinta's assets
and liabilities, with the difference between the two reported as net assets. Over time,
increases or decreases in net assets may serve as a useful indicator of whether
the financial position of the City of La Quinta is improving or deteriorating.
The statement of activities presents information showing how the government's net
assets changed during the most recent fiscal year. All changes in net assets are
reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of related cash flows. Thus, revenues and expenses are
reported in this statement for some items that will only result in cash flows in
future fiscal periods (e.g., earned but unused vacation leave).
Both of the government -wide financial statements distinguish functions of the City
of La Quinta that are principally supported by taxes and intergovernmental
revenues (governmental activities) from other functions that are intended to
recover all or a significant portion of their costs through user fees and charges
(business -type activities). The governmental activities of the City of La Quinta
include general government, public safety, community services, planning and
development and public works. The business -type activities of the City of La
Quinta include the SilverRock Golf course operations.
The government -wide financial statements include not only the City of La Quinta
itself (known as the primary government), but also the La Quinta Redevelopment
Agency, the La Quinta Financing Authority, and the La Quinta Housing Authority.
Although legally separate entities they function for all practical purposes as
departments of the City of La Quinta, and therefore have been included as an
integral part of the primary government.
The government -wide financial statements can be found in the table of contents
under the Financial Section of this report.
Fund financial statements
A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. The City
of La Quinta, like other state and local governments, uses fund accounting to
ensure and demonstrate compliance with finance -related legal requirements. All
of the funds of the City of La Quinta can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.
4
Governmental funds
Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government -wide financial statements.
However, unlike the government -wide financial statements, governmental fund
financial statements focus on near -term inflows and outflows of spendable
resources, as well as on balances of spendable resources. available at the end of
the fiscal year. Such information may be useful in evaluating a government's near -
term financing requirements.
Because the focus of governmental funds is narrower than that of the government -
wide financial statements, it is useful to compare the information presented for
governmental funds with similar information presented for governmental activities in
the government -wide financial statements. By doing so, readers may better
understand the long-term impact of the government's near -term financing
decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison between governmental funds and
governmental activities.
The City of La Quinta maintains thirty eight (38) individual governmental funds,
which are distinguished between major and non -major funds. Information is
presented separately in the governmental fund balance sheet and in the
governmental fund statement of revenues, expenditures, and changes in fund bal-
ances for the general fund, two (2) debt service funds and three (3) capital project
funds. These sip: (6) funds are considered to be major funds. Data from the other
thirty two (32) governmental funds are combined into a single, aggregated
presentation. Individual fund data for each of these non -major governmental funds
is provided in the form of combining statements elsewhere in this report.
The City of La Quinta adopts an annual appropriated budget for its general fund. A
budgetary comparison statement has been provided for the general fund to
demonstrate compliance with this budget.
The basic governmental fund financial statements can be found in the table of
contents under the heading Basic Financial Statements.
5
Proprietary funds
Proprietary funds can be broken down into enterprise and internal service funds..
The City of La Quinta maintains one (1) proprietary fund. Enterprise funds are used
to report the same functions presented as business -type activities in the
government -wide financial statements. The City of La Quinta uses an enterprise
fund to account for its SilverRock Golf Course operations, which is considered to
be a major fund. Internal service funds are an accounting device used to
accumulate and allocate costs internally among the City of La Quinta's various
functions. The City of La Quinta has three (3) internal service funds to account for
its major equipment replacement including vehicles, for its information technology
systems, and for its park equipment and facility needs. Because these three
services predominantly benefit governmental rather than business -type functions,
they have been included within governmental activities in the government -wide
financial statements. The internal service funds are combined into a single,
aggregated presentation in the proprietary fund financial statements. Individual fund
data for the internal service funds is provided in the form of combining statements
elsewhere in this report
The basic proprietary fund financial statements can be found on the pages listed in the
table of contents for Proprietary Funds: Statement of Net Assets, Statement of
Revenues, Expenditures and Changes in Net Assets, and Statement of Cash Flows.
Fiduciary funds
Fiduciary funds, also called agency funds, are used to account for resources held for
the benefit of parties outside the government. Fiduciary funds are not reflected in the
government -wide financial statement because the resources of those funds are not
available to support the City of La Quinta's own programs. The accounting used for
fiduciary funds is much like that used for proprietary funds.
The basic fiduciary fund financial statements can be found on the pages listed in the : }
table of contents for Fiduciary Funds: Statement of Fiduciary Assets and Liabilities —
Agency Funds.
Notes to the financial statements
The notes provide additional information that is essential to a full understanding of the
data provided in the government -wide and fund financial statements. The notes to the
financial statements can be found on the pages listed in the table of contents for Notes
to the Basic Financial Statements.
Other information
In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information concerning the City of La
Quinta's General Fund and its budget appropriations. Required supplementary
information can be found in the table of contents under the section Required
Supplemental Information and includes Notes to the Required Supplementary
Information and a General Fund Budgetary Comparison Schedule.
f?
The combining statements referred to earlier in connection with non -major govern-
mental funds, internal service funds, and agency funds are presented immediately
following the required supplementary. Combining and individual fund statements and
schedules can be found in the table of contents under Supplementary Schedules.
Government -wide financial analysis
As noted earlier, net assets may serve over time as a useful indicator of a government's
financial position. In the case of the City of La Quinta, assets exceeded liabilities by
$547,995,000 at the close of the most recent fiscal year, which is $16,226,000 less than
the previous year.
The largest portion of the City of La Quinta's net assets, which was 69% this year and
65% last year, reflects its investment in capital assets (e.g., land, buildings; machinery,
and equipment); less any related debt used to acquire those assets that is still
outstanding. The City of La Quinta uses these capital assets to provide services to
citizens; consequently, these assets are not available for future spending.
Although the City of La Quinta's investment in its capital assets is reported net of related
debt, it should be noted that the resources needed to repay this debt must be provided
from other sources, since the capital assets themselves cannot be used to liquidate
these liabilities.
City of La Quinta Net Assets
Governmental activities
Businesstypeactivities
Total
•
2010
2009
2010
2009
2010
2009
Current and other assets
$ 207,301.319
$ 225,009,148 $
(4,606,437) $
(3,721,932)
$ 202,694,882 $
221.287.216
Capital assets
565,238,042
559,028,995
42,9 25
42,821,825,1
7
601,857MO-
7otal assets
772,539,361
784,038,143
38,327,588
39,099,893
810, 4
. 38,
Current liabilities
32-5-5 2-4-3
22,137,899
257,411
215,522
32.809,847
22,353,421
Non -current liabilities
230,0 7,350
236,278,140
54,543
285,217
230,061,893
236,563, 557
Total liabilities
262,559,786
258,41 l5,039
311,954
500,7
,871.
. 78
Net assets:
Invested in capital assets,
net of related debt
336,459,272
323,669,955
42,879,482
42,767,282
379,338,754
366,437,237
. , Restricted
96,332,870
105,2 7,168
-
-
96,332,870
105,277, 668
Unrestricted
77,187,433
96,654,981
(4,863,848)
(4,168,128)
72,323.585
92,486,853
` ola net assets
$ 509,979,575
525,622,104
5,
,5 5
547,995,209
8
An additional portion of the City of La Quinta's net assets (18 percent versus 19 percent
in the prior year) represents resources that are subject to external restrictions on how
they may be used. The remaining balance of unrestricted net assets - $72,324,000
(13 percent) may be used to meet the government's ongoing obligations to citizens and
creditors.
7
At the end of the current fiscal year, the City of La Quinta is able to report positive
balances in all three categories of net assets, both for the government as a whole, as
well as for its separate governmental activities; however, the business type unrestricted
net assets had a deficit of $4,864,000.
Governmental activities
Governmental activities net assets decreased by $15,643,000 accounting for a
3 percent change in the net assets from the previous year. Key elements of these
changes are as follows:
City of La Quinta Changes in Net Assets
Governmental
- Business -type
activities
activities
Total
Beaenues-
2010
2009
Change
2010 2009 Change
2010
2009
Lange
ogram revenues:
Charges for services
2,566,525
3,121,276
(554,751)
3,584,996 3.368.135 216,861
6.151.521
6,489,411
(337.890)
perehng grants an
contributions
15,363,650
10,725,280
4,638,370
- - -
15,363,650
10,725,280
4,638,370
pdal grants and
Contributions
13eneral revenues.
5,974,311
10,64) 270
(4,672,959)
- -
5,974,311
10,647.270
(4,672.959)
and reslatemants,c"
rans ers
(15,642,529) _ 16.919.485 (32,562,014) (583 520) (1 069 33T) 485,817 (16,226,049) 15 850 148 (32,076,197)
_
• Revenues decreased by $4,463,000 with the largest category decreases in capital
grants and contributions of $4,673,000 and investment income of $2,026,000. One
of the reasons for the decrease in the capital grant contribution account is that
development impact fees collections in Fiscal Year 2009-2010 totaled $179,000 and
in Fiscal Year 2008-2009 the total was $1,167,000 for a $988,000 decrease. Another
reason for the decrease in the capital grant contribution account was that grant
revenues from Federal, State, County, and Special Districts for capital projects
declined by $2,320,000 from the prior year. Interest income declined from
$7,390,000 in Fiscal Year 2008-2009 to $5,364,000 or $2,026,000. The portfolio
earned an average interest rate of .51 percent (a little over one half of one percent)
in Fiscal Year 2009-2010 versus a 1.72% rate in Fiscal Year 2008-2009. These
lower rates were offset slightly by a higher average cash balance of $181 million per
month in Fiscal Year 2009-2010 versus $178 million in Fiscal Year 2008-2009.
t'
:9
i
• Expenses increased by $27,613,000 with the two largest category changes being an
increase in the General Government category of $26,451,000 and increase in the
Public Safety category of $1,538,000. The increase in the General Government
category is primarily the result of the $23.5 million Supplemental Educational
Augmentation Fund (SERAF) payment made to the County of Riverside as
mandated by the State of California. The increase in the Public Safety costs is a
result of higher police costs ($600,000) and fire service costs ($500,000) than the
prior year.
• There were no contributions in assets from the governmental activities to the
business -type activities.
Expenses and Program Revenues -Government Activities
o Expenses
❑ Program ms nues
40,000,000
35,000,000
34,287.068
30.000,000
25,000,000
21,274,519
20,000,000
15,923,380 15,846,470 15 330,603
15,000,000
12 326,---
10,000,000
4.344.070
5,173,326
5,000,000
3,728,554 404 592
170,140
General Public safety Planning and Community services Public vorks Interest eguense
government development
Expenses and Program Revenues - Businesstype Activities
❑ Expenses
0 Rogram revenues
4 300,000
4,169,768
4,200,000
4,100,000
4,000.000
3 900,000
3,800,000
3,700,000
3.584,996
3,600,000
3,500,000
3.400.000
3300 000
3,200,000
Gag
9
Business -type activities
This was the fifth full year of operations for the SilverRock Golf fund since the golf
course began early operation in 2005.
Net assets decreased by $ (584,000) from the effects of an operating loss.
Charges for services primarily consisted of green fees which totaled $3,586,000,
and was $215,000 more than the previous year, with golf course expenses of
$4,170,000, which was $271,000 less than the previous year. During the year the
golf course did not renew an expiring lease for golf course equipment and instead
purchased capitalized equipment totaling $660,000. This purchase will lead to
future cost savings since lease payments will no longer be necessary for this
equipment.
During Fiscal Year 2009-2010, an additional advance of $1 million was required for the
golf course operations ($981,000 in principal and $19,000 in interest). This brings the
total outstanding advance due to the General Fund from the inception of the Golf
Course opening to $5,300,000. It is anticipated that these advances will be repaid from
future income from SilverRock activities such as transient occupancy tax, sales tax and
golf course net income generated on the site in future years.
Financial Analysis of the Government's Funds
As noted earlier, the City of La Quinta uses fund accounting to ensure and
demonstrate compliance with finance -related legal requirements.
Governmental funds - The focus of the City of La Quinta's governmental funds is
to provide information on near -term inflows, outflows, and balances of fund
balances. Such information is useful in assessing the City of La Quinta's financing
requirements. In particular, unreserved fund balance may serve as a useful
measure of a government's net resources available for spending at the end of.the
fiscal year.
As of the end of the current fiscal year, the City of La Quinta's governmental funds
reported combined ending fund balances of $161.1 million as follows:
Fund balances
Category
General Fund
Percent
All
Other Funds
Percent
Total
Funds
Percent
Nonspendable
$57,916,531
63%
$6,396,015
.9%
$64,312,546
40%
Restricted
0
0%
0
0%
0
0%
Committed
22,279,588
24%
96,332,870
139%
118,612,458
74%
Assigned
1,555,176
2%
0
0%
1,555,176
1%
Unassigned
10,278,823
11%
(33,626,907)
480%
(23,348,084)
-15%
$92,030,118
$69,101,978
$161,132,096
Total
10
Governmental fund balances ended the year totaling $161,132,000, a decrease of
$19,296,000 in comparison with the prior years ending balance of $180,428,000. Of this
amount $64,313,000 or 40% constitutes nonspendable reserves, which means that
these reserves must be maintained intact, $118,613,000 or 74% are committed fund
balances with has resulted in self-imposed limitations placed upon the funds by the
Governing Board responsible for adopting the fund budget, assigned reserves of
$1,555,000 or 1% consist of carryover appropriations which were budgeted for in Fiscal
Year 2009-2010 but were unspent and will be budgeted again in the next budget year.
The remainder of fund balance or minus $23.3 million represents unassigned fund
balances or the residual net resources after taking into consideration the other
classifications.
General Fund
The general fund is the chief operating fund of the City of La Quinta. At the end of the
current fiscal year, unassigned fund balance of the general fund was $10,279,000, while
total fund balance reached $92,030,000. As a measure of the general fund's liquidity, it
may be useful to compare the total general fund balance to budgeted expenditures
(including transfers out). The total fund balance represents 213 percent of the total
budgeted expenditures.
The City of La Quinta's general fund balance decreased by $297,000 in Fiscal Year
2009-2010. Key factors in this slight decrease are as follows:
• Actual expenditures were $3,870,000 less than the final budget. Divisions that were
under budget for the year were Planning & Development Administration ($747,000),
Street Maintenance ($691,000), Police ($430,000), and Fire ($403,000. In addition,
actual transfers out were $598,000 less than budgeted with $281,000 of this amount
unspent Fire Station 32 construction costs and $129,000 unspent Avenue 54 and
Madison Street traffic signal costs. Both of these construction project funding will be
carried over for completion in Fiscal Year 2010-2011.
• Actual revenue collections were $52,000 more than the final adjusted budget. Overall,
taxes were $706,000 more than budgeted for in Fiscal Year 2009-2010, however, the
actual taxes collected in Fiscal Year 2009-2010 ($19.7 million) was $1 million less the
prior year tax actual collections of $20.7 million. Actual transient occupancy tax
collections in Fiscal Year 2009-2010 were $4,175,000 or $305,000 less than prior year
collections. Actual sales tax collections for Fiscal Year 2009-2010 were $6,927,000 or
$353,000 less than the $7,280,000 collected in Fiscal Year 2008-2009. Other
categories that received less than the final budget were intergovernmental ($410,000)
and investment income ($188,000). Intergovernmental revenues were less than
budgeted because of a decline of $226,000 in motor vehicle in lieu collections and
interest income was less because of continuing low interest rate environment on
investments.
11
Capital Improvement Fund
The fund is primarily used to record the expenditure of funds for capital projects. The
fund had seventy three (73) active Capital Improvement Projects budgeted for during
Fiscal Year 2009-2010. The three most active projects during the year were the Cove
Fire Station 32 Project ($3,467,000), Phase 1 of the Maintenance Yard Improvements
($1,882,000) and the Phase 3 Highway 111 Project ($1,676,000). Other major projects
budgeted in the future include SilverRock Resort infrastructure improvements, Adams
Street bridge improvements, Community Park land acquisition, and the Washington
Street apartment rehabilitation project.
Civic Center Fund
The fund is primarily used to collect developer impact fees for the construction of the City
Hall expansion and the repayment of a portion of the debt service on the original City Hall
construction. The City Hall expansion was completed in Fiscal Year 2007-2008 and the
final repayment of the original City Hall construction bonds is scheduled in Fiscal Year
2018-2019. A $9.83 million advance from the General Fund is outstanding at the end of
Fiscal Year 2009-2010.
Redevelopment Agency Project Area 1 Capital Projects Fund
The fund is primarily used to account for the construction of projects in this area within the
Redevelopment Agency Project Area 1 which is generally south of Ave 50. Major capital
projects including SilverRock infrastructure improvements, SilverRock main entry road
features, permanent SilverRock Clubhouse improvements, and the Coachella Canal
relocation have been budgeted for future construction.
Redevelopment Agency Project Area 1 & 2 Debt Service Funds
The Redevelopment Agency Project Area 1 & 2 Debt Service Funds are used to
accumulate resources, primarily property taxes, to pay debt service.
The Project Area 1 Debt Service Fund Balance decreased by $18,670,000 in Fiscal Year
2009-2010 to end the year at a $13.2 million deficit. This is primarily due to a $23.5 million
payment to the County of Riverside mandated to be made by the State of California to
raise $2.1 billion state-wide over a two year period from Redevelopment Agencies to help
the State deal with its own budget shortfalls. During the year, the General Fund advanced
$10 million to the Project Area 1 Debt Service Fund, which increased the principal
amount due to the General Fund at the end of the year from $12 million to $22 million. ' `
The Fund received less property tax revenues ($38.5 million) in Fiscal Year 2009-2010
versus the prior year ($40.5 million) due to falling property values.
The Project Area 2 Debt Service Fund Balance decreased by $1.78 million to leave a
deficit of $4.9 million at year end. The key factor is that the Fund received less property
tax revenues ($20.8 million) in Fiscal Year 2009-2010 than in the prior year ($22.8 million)
due to falling property values.
12
Proprietary funds
The City of La Quinta's proprietary funds provide the same type of information found in
the government -wide financial statements, but in more detail.
The financial activities of the City enterprise fund have already been addressed in the
discussion of the City of La Quinta's business -type activities. In addition, the City has
three (3) internal service funds to accumulate resources for equipment and vehicle
replacement, information technology activities, and for park equipment and facility
replacement.
• As the City continued to experience declining revenues in Fiscal Year 2009-2010, as it
had in Fiscal Year 2008-2009, the City transferred $600,000 from the Equipment
Replacement and $600,000 from the Park Equipment and Facility Internal Service
Funds to the General Fund. In addition to these transfers, no charges for services
were made to the General Fund from the Equipment Replacement Fund and the
Park Equipment and Facility Fund in Fiscal Year 2009-2010
General Fund Budgetary Highlights
During the year there was a $3,901,000 increase in appropriations and transfers out
between the original ($39,287,000) and final amended budget ($43,188,000). Following
are the main components of the changes:
• During the mid -year review, the General Fund budget for various divisions was
reduced by $828,000 based upon an estimated decrease of revenues forecasted for
Fiscal Year 2009-2010; and,
• The FY 2008-2009 budget included carryover encumbrances of $36,000 and
$3,447,000 in carryover appropriations into FY 2009-2010.
• The Fiscal Year 2009-2010 budget included an appropriation of $1,231,427 to pay-
off the CaIPERS retirement plan "side fund". This payment to the retirement system
reduced the City future employer retirement rate by 2.221 % and is expected to save
an estimated $643,000.
The budget increases were possible because of additional anticipated revenues and
unassigned reserves and the carryover encumbrances and appropriations were
e possible from available net changes in fund balances.
13
Capital Asset and Debt Administration
Capital assets
The City of La Quinta's investment in capital assets for its governmental and business -
type activities as of June 30, 2010, amounts to $608,172,000 (net of accumulated
depreciation). This investment in capital assets includes land, right of way, buildings
and improvements, machinery and equipment, streets and bridges, and construction in
progress. The investment in capital assets increased this fiscal year from the purchase
of properties which exceeded the depreciation expenses.
The following chart lists the asset categories for governmental and business like
activities net of depreciation.
City of La Quinta Capital Assets (net of depreciation)
Governmental Business -type
activities activities Total
2010 2009 2010 2009 2010 2009
Land
tivactings an
improvements 44,736,121 45,394,528 5,363,822 5,598,377 50.099,943 50,992,905
tquipment and turniture
e is es
o ware - -
infrastructure - -
Construction in progress - -
total ,
Major capital asset events during the current fiscal year included the following:
Governmental activities
• Recording infrastructure improvements, including developer dedications of
$4,235,000, to street improvements, street right of way, street sidewalks and curbs
and gutters, and street medians;
• Completed widening of Highway 111 between the western city limits and
Washington Street totaling $1,947,000;
• Completed widening of Fred Waring Drive between Washington Street and Palm
Royale Drive totaling $1,776,000; and,
• Completed construction of the Ave 52 bridge widening project from the Traffic Circle
at Jefferson Street to Madison Street $1,999,000.
14
�a
Business -type activities
• The Golf Course purchased new maintenance equipment for $660,000 during Fiscal
Year 2009-2010
Additional information on the City of La Quinta's capital assets can be found in Footnote 6
to the financial statements.
Long-term debt
At the end of the current fiscal year, the City of La Quinta had total bonded debt
outstanding of $230,776,000. $135,935,000 of this debt amount represents bonds
secured solely by specified revenue sources (i.e., tax allocation bonds); while,
$87,650,000 of the debt represents revenue bonds that will be paid from pledged tax
increment property tax housing funds. In addition, $55,000 in capital equipment leases is
outstanding in connection with SilverRock Golf Course and $115,000 in a copier lease is
outstanding in the governmental funds.
City of La Quinta Outstanding Debt
Governmental Business -type
activities activities Total
Debttype: 2010 2009 2010 2009 2010 2009
Capital leases
Compensated absences -
Post retirement healthcare liability 225,979 107,944 225,979 107,944
Developer agreement - -
ss through agreement - -
ue to government agencies - - 2,069,482 2,330,065
Loans payable - -
ax allocation on s - -
•Revenue bonds - -
oa
The total outstanding debt decreased by $6,645,000 during Fiscal Year 2009-2010.
Additional information on the City of La Quinta's long-term debt can be found in notes 7
and 8 of the financial statements.
Economic Factors and Next Year's Budgets and Rates
These factors were considered in preparing the City of La Quinta's budget for Fiscal
Year2010-2011:
• The City of La Quinta had a 7.5 versus 7.4 percent last year unemployment rate.
This rate is significantly lower than the Riverside County unemployment rate of 14.5
versus 14.0 percent last year and the statewide unemployment rate of 12.2 versus
11.6 percent last year.
15
• During the last ten years, the City of La Quinta has been in a growth phase with
assessed values increasing from $2.68 billion in Fiscal Year 2000-2001 to $11.86
billion or over 442 percent. It is important to note however, that from Fiscal Year
2008-2009 to Fiscal Year 2009-2010 assessed values decreased by $660 million or
5.34%.
• During the current fiscal year, the general fund net loss was $(297,000) and
$1,555,000 of General fund balance has been assigned for carry over
appropriations.
• The State of California Fiscal Year 2009-2010 budget included a State-wide
diversion of tax increment funding from Redevelopment Agencies. The La Quinta
Redevelopment Agency portion of the Fiscal Year 2009-2010 take -away was
$23,560,000 and the Fiscal Year 2010-2011 takeaway has been budgeted at
$4,851,000.
• The Fiscal Year 2010-2011 General Fund advance toward golf course operations
has been budgeted at $107,000.
• The City of La Quinta adopted a balanced general fund budget for Fiscal Year 2010-
2011.
Requests for Information
This financial report is designed to provide a general overview of the City of La Quinta's
finances for all those with an interest in the government's finances. Questions
concerning any of the information provided in this report or requests for additional
financial information should be addressed to the City of La Quinta, John Falconer,
Finance Director, P.O. Box 1504, La Quinta, CA, 92247 or by telephone at 760-777-
7150.
16
CITY OF LA QUINTA
STATEMENT OF NET ASSETS
JUNE 30, 2010
Primary Government
Governmental
Business -Type
Activities
Activities
Total
Assets:
Cash and investments
$ 165,248,585
$ 301,923
$ 165,550,508
Receivables:
Accounts
124,489
11,704
136,193
Taxes
2,118,415
-
2,118,415
Notes and loans
3,920,107
-
3,920,107
Accrued interest
149,469
202
149,671
Internal balances
5,294,572
(5,294,572)
-
Prepaid costs
17,010
1,865
18,875
Deposits
16,230
250,000
266,230
Due from other governments
8,307,096
-
8,307,096
Inventories
-
122,441
122,441
Deferred charges
4,196,372
-
4,196,372
Restricted assets:
Cash with fiscal agent
16,570,211
16,570,211
Net Pension Asset
1,338,763
-
1,338,763
Capital assets not being depreciated
403,797,289
36,840,832
440,638,121
Capital assets, net of depreciation
161,440,753
6,093,193
167,533,946
Total Assets
772,539,361
38,327,588
810,866,949
Liabilities:
Accounts payable
7,499,697
190,185
7,689,882
Accrued liabilities
473,980
1,894
475,874
Accrued interest
3,962,993
-
3,962,993
Unearned revenue
1,306,449
4,332
1,310,781
Deposits payable
5,565,097
61,000
5,626,097
Due to other governments
13,744,220
-
13,744,220
Noncurrent liabilities:
Due within one year
7,943,481
54,543
7,998,024
Due in more than one year
222,063,869
-
222,063,869
Total Liabilities
262,559,786
311,954
262,871,740
Net Assets:
Invested in capital assets,
net of related debt
336,459,272
42,879,482
379,338,754
Restricted for:
Planning and development projects
31,032,124
-
31,032,124
Public safety
48,852
-
48,852
Community services
11,675,417
-
11,675,417
Public works
448,731
-
448,731
Capital projects
53,123,856
-
53,123,856
Debt service
3,890
-
3,890
Unrestricted
77,187,433
(4,863,848)
72,323,585
Total Net Assets
$ 509,979,575
$ 38,015,634
$ 547,995,209
See Notes to Financial Statement 17
CITY OF LA QUINTA
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2010
Program Revenues
Operating
Capital
Charges for
Contributions
Contributions
Expenses Services
and Grants
and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government
$ 34,287,068 $ 21,439
$ 101,191
$ -
Public safety
21,274,519 1,100,491
9,351,571
66,845
Planning and development
15,923,380 69,391
2,499,150
554,450
Community services
5,173,326 250,557
17,836
-
Public works
12,326,726 1,124,647
3,393,902
5,353,016
Interest on long-term debt
15,330,603 -
-
Total Governmental Activities
104,315,622 2,566,525
15,363,650
5,974,311
Business -Type Activities:
Golf Course
4,169,768 3,584,996
-
-
Total Business -Type Activities
4,169,768 3,584,996
-
-
Total Primary Government
$ 108,485,390 $ 6,151,521
$ 15,363,650
$ 5,974,311
General Revenues:
Taxes:
Property taxes, levied for general purpose
Tax increment
Transient occupancy taxes
Sales taxes
Franchise taxes
Business licenses taxes
Other taxes
Motor vehicle in lieu - unrestricted
Use of money and property
Other
Gain on sale of capital asset
Total General Revenues, Contributions,
Special Items and Transfers
Change in Net Assets
Net Assets at Beginning of Year
Net Assets at End of Year
r
See Notes to Financial Statements 18
I
Net (Expenses) Revenues and Changes in Net Assets
Primary Government
Governmental Business -Type
i Activities Activities Total
i
$ (34,164,438)
(10,755,612)
(12,800,389)
(4,904,933)
(2,455,161)
(15,330,603)
(80,411,136)
R
$ (34,164,438)
(10,755,612)
(12,800,389)
(4,904,933)
(2,455,161)
(15,330,603)
(80,411,136)
(5734,772) (584,772)
(5134,772) (584,772)
(80,411,136) (584,772) (80,995,908)
6,278,470
-
6,278,470
35,390,317
-
35,390,317
4,265,438
-
4,265,438
6,927,388
-
6,927,388
1,585,427
-
1,585,427
302,223
-
302,223
461,957
-
461,957
3,714,437
-
3,714,437
5,362,684
1,252
5,363,936
477,936
-
477,936
2,330
2,330
64,768,607
1,252
64,769,859
(15,642,529)
(583,520)
(16,226,049)
525,622,104
38,599,154
564,221,258
$ 509,979,575
$ 38,015,634
$ 547,995,209
See Notes to Financial Statements 19
CITY OF LA QUINTA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2010
Capital Projects Funds
Capital
Redevelopment
General
Improvement
Civic Center
Agency PA No. 1
Assets:
Pooled cash and investments
$ 40,664,631
$
4,022,880
$ -
$ 29,504,571
Receivables:
Accounts
42,500
-
-
-
Taxes
1,910,118
Notes and loans
-
-
-
-
Accrued interest
54,885
-
-
22,764
Prepaid costs
9,030
6,916
-
-
Deposits
9,830
-
Due from other governments
6,849,167
461,392
-
-
Due from other funds
348,071
-
-
-
Advances to other funds
57,897,671
-
-
3,355,081
Restricted assets:
Cash and investments with fiscal agents
-
-
-
11,000,659
Total Assets
$ 107,785,903
$
4,491,188
$ -
$ 43,883,075
Liabilities and Fund Balances:
Liabilities:
I
Accounts payable
$ 3,474,762
$
3,819,775
$ -
$ 5,423
Accrued liabilities
470,576
-
-
-
Deferred revenues
6,421,194
-
Unearned revenues
531,814
198,850
-
-
Deposits payable -
4,846,597
472,563
-
-
Due to other governments
10,942
-
-
-
Due to other funds
-
Advances from other funds
-
-
9,833,714
-
i1
Total Liabilities
15,755,785
4,491,188
9,833,714
5,423
Fund Balances:
Nonspendable:
Prepaid costs
9,030
6,916
-
-
Notes and loans
-
-
-
-
;
Advances to other funds
57,897,671
-
-
3,355,081
Deposits
9,830
-
-
-
Restricted for:
Planning and development projects
-
-
-
-
Public safety
-
-
-
-
! ,
Community services
-
-
-
-
Public works
-
-
-
-
Capital Projects
-
-
-
40,522,571
,
Debt service
-
-
-
-
-
Committed to:.
Cash flow reserve
3,246,881
-
-
-
.Emergency reserve
17,774,648
-
-
-
Post retirement health benefits
1,258,059
-
-
-
Assigned to:
Continuing appropriations
1,555,176
-
-
-
Unassigned
10,278,823
(6,916)
(9,833,714)
-
i
t
Total Fund Balances
92,030,118
-
(9,833,714)
43,877,652
Total Liabilities and Fund Balances
$ 107,785,903
$
4,491,188
$ -
$ 43,883,075
'E
See Notes to Financial Statements
20
.i
' CITY OF LA QUINTA
r ' BALANCE SHEET
GOVERNMENTALFUNDS
JUNE 30, 2010
.:
Debt Service Funds
Other
Total
t
Redevelopment
Redevelopment
Governmental
Governmental
Agency PA No. 1
_ _Agency PA No. 2
Funds
Funds
Assets:
Pooled cash and investments
$ 13,697,886
$ 23,114,569
$ 50,347,090
$ 161,351,627
Receivables:
Accounts
-
-
81,989
124,489
Taxes
107,071
59,567
41,659
2,118,415
Notes and loans
-
-
3,920,107
3,920,107
Accrued interest
13,709
16,850
38,261
146,469
Prepaid costs
-
-
824
16,770
` Deposits
-
-
6,400
16,230
Due from other governments
-
-
996,537
8,307,096
Due from other funds
-
-
2,143,702
2,491,773
Advances to other funds
-
-
938,085
62,190,837
Restricted assets:
Cash and investments with fiscal agents
-
-
5,569,552
16,570,211
Total Assets
$ 13,818,666
$ 23,190,986
$ 64,084,206
$ 257,254,024
Liabilities and Fund Balances:
Liabilities:
Accounts payable
$ -
$ -
$ 94,996
$ 7,394,956
Accrued liabilities
-
-
-
470,576
Deferred revenues
-
-
1,831,398
8,252,592
• Unearned revenues
-
-
575,785
1,306,449
Deposits payable
-
-
245,937
5,565,097
. Due to other governments
5,006,556
8,726,822
-
13,744,220
Due to other funds
-
-
2,491,773
2,491,773
Advances from other funds
22,000,000
19,378,966
5,683,585
56,896,265
Total Liabilities
27,006,556
28,105,788
10,923,474
96,121,928
Fund Balances:
Nonspendable:
Prepaid casts
-
-
824
16,770
Notes and loans
-
-
2,088,709
2,088,709
Advances to other funds -
-
-
938,085
62,190,837
Deposits
-
-
6,400
16,230
Restricted for:
Planning and development projects
-
-
31,032,124
31,032,124
Public safety
-
-
48,852
48,852
Community services
-
-
11,675,417
11,675,417
Public works
-
-
448,731
448,731
Capital Projects
-
-
12,601,285
53,123,856
_ Debt service
-
-
3,890
3,890
Committed to:
Cash Pow reserve
-
-
-
3,246,881
Emergency reserve
-
-
-
17,774,648
• Post retirement health benefits
-
-
-
1,258,059
Assigned to:
Continuing appropriations
-
-
-
1,555,176
Unassigned
(13,187,890)
(4,914,802)
(5,683,585)
(23,348,084)
Total Fund Balances
(13,187,890)
(4,914,802)
53,160,732
161,132,096
Total Liabilities and Fund (Balances
$ 13,818,666
$ 23,190,986
$ 64,084,206
$ 257,254,024
e
See Notes to Financial Statements
21
THIS PAGE INTENTIONALLY LEFT BLANK
22
CITY OF LA QUINTA
j RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2010
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 resources
in governmental fund activity:
Infrastructure and right-of-way
Other capital assets
Accumulated depreciation
Long-term debt and compensated absences that have not been included in the
governmental fund activity:
$ 161,132,096
470, 911,924
161,306,828
(82,536,666)
Bonds payable (223,585,000)
Unamortized bond premium/discount
768,802
Unamortized cost of issuance
4,196,372
Other long-term liabilities
(5,962,572)
Compensated absences
(994,178)
Governmental funds report all OPEB contributions as expenditures,
however in the Statement of Net Assets any excesses or deficiencies
in contributions in relation to the Annual Required Contribution (ARC) are
recorded as a liability.
(225,979)
Governmental funds report all Pension contributions as expenditures,
however in the Statement of Net Assets any excesses or deficiencies
in contributions in relation to the annual contribution are recorded as an asset
1,338,763
Accrued interest payable for the current portion of interest due on
r Bonds has not been reported in the governmental funds
(3,962,993)
Revenues reported as deferred revenue in the governmental funds and recognized
in the Statement of Activities. These are included in the intergovernmental revenues
in the governmental fund activity. 8,252,592
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The assets and liabilities of the internal service funds must be added to the
statement of net assets 19,339,586
Net assets of governmental activities $ 509,979,575
p
See Notes to Financial Statements 23
CITY OF LA QUINTA
STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
YEAR ENDED JUNE 30. 2010
Capital Projects Funds
Capital Redevelopment
General Improvement Civic Center Agency PA No. 1
Revenues:
Taxes $ 19,730,707 $ - $ - $ -
Assessments - - - -
Licenses and permits 472,409 - - -
Intergovernmental 12,641,162 758,602 - -
Chargesforservices 478,716 - - Use of money and property 3,601,495 - - 196,204
Fines and forfeitures 395,823 - - -
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Pass -through agreement payments
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
-
52,508
38,884
-
126,246
-
-
325,000
jl
37,446,558
811,110
38,884
521,204 �{
5,697,766
-
- 204,362
-
19,921,752
-
-
-
1,355,177
-
-
969,116
2,773,467
-
-
-
4,759,642
-
-
-
111,049
14,366,561
-
-
34,586
219,230
-
- -
-
29,224
51,069
-
34,653,439
14,615,015
255,431
969,116
2,793,119
(13,803,905)
(216,547)
(447,912) t
`i
it
1,574,071
13,803,905
-
-
(4,664,453)
-
-
(603,719)
i
(3,090,382)
13,803,905
-
(603,719)
(297,263)
-
(216,547)
(1,051,631) `
92,327,381
-
(9,617,167)
44,929,283
$ 92,030,118
$
$ (9,833,714) $
43,877,652
See Notes to Financial Statements
24
! i CITY OF LA QUINTA
1 STATEMENT OF REVENUES,
( EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
YEAR ENDED JUNE 30, 2010
Debt Service Funds
Other
Total
Redevelopment
Redevelopment
Governmental
Governmental
Agency PA No. 1
Agency PA No. 2
Funds
Funds
„ Revenues:
Taxes
$ 38,517,789
$ 20,763,180
$ 14,820,242
$ 93,831,918
r I Assessments
-
-
966,639
966,639
Licenses and permits
-
-
-
472,409
- - Intergovernmental
-
-
6,073,312
19,473,076
Charges for services
-
-
5,327
484,043
Use of money and property
94,785
94,615
1,351,580
5,338,679
Fines and forfeitures
-
-
-
395,823
` Developer participation
-
-
182,347
273,739
Miscellaneous
-
-
157,096
608,342
i Total Revenues
38,612,574
20,857,795
23,556,543
121,844,668
Expenditures:
Current:
General government
24,056,133
253,227
9,394
30,220,882
Public safety
-
-
195,184
20,116,936
. Planning and development
-
-
3,704,199
6,028,492
Community services
-
-
1,431,159
4,204.626
Public works
-
-
2,103,245
6,862,887
Capital outlay
-
-
37,300
14,514,910
- Debt service:
Principal retirement
3,936,688
320,000
2,105,908
6,616,412
Interest and fiscal charges
8,572,395
1,956,078
4,749,202
15,357,968
Pass -through agreement payments
21,194,350
17,516,544
-
38,710,894
Total Expenditures
57,759,566
20,045,849
14,335,591
142,634,007
Excess (Deficiency) of Revenues
Over(Under)Expenditures
(19,146,992)
811,946
9,220,952
(20,789,339)
Other Financing Sources (Uses):
Transfers in
4,438,892
1,951,399
8,618,105
30,386,372
Transfers out
(3,961,932)
(4,551,399)
(15,111,862)
(28,893,365)
Total Other Financing Sources
(Uses)
476,960
(2,600,000)
(6,493,757)
1,493,007
Net Change in Fund Balances
(18,670,032)
(1,788,054)
2,727,195
(19,296,332)
Fund Balances, Beginning of Year
5,482,142
(3,126,748)
50,433,537
180,428,428
Fund Balances, End of Year
$ (13,187,890)
$ (4,914,802)
$ 53,160,732
$ 161,132,096
See Notes to Financial Statements 25
CITY OF LA QUINTA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2010
Net change in fund balances - total governmental funds $ (19,296,332)
Amounts reported for governmental activities in the statement of activities are
different because:
Governmental funds report capital outlays as expenditures. However, in the statement
of activities, the costs 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
Capital outlay 15,067,225
Depreciation expense (8,302,271)
The issuance of long-term liabilities provides current financial resources in the
governmental funds, but issuing debt increases the long-term liabilities in the
Statement of Net Assets. Repayment of principal is an expenditure in the
governmental funds, but the repayment reduces long-term liabilities in the
Statement of Net Assets.
Repayment of principal 6,616,412
Amortization of issuance costs, premiums and discounts (81,240)
Accrued interest for long-term liabilities. This is the net change in accrued interest
for the current period. 108,605
Compensated absences 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 (82,639)
Governmental funds report all contributions in relation to the annual required
contribution (ARC) for OPEB as expenditures, however in the Statement
of Activities only the ARC is an expense. (118,035)
Governmental funds report all contributions in excess to the required
contribution for PERS as expenditures, however in the Statement
of Activities only the current contribution is an expense. 1,338,763
Revenues reported as deferred revenue in the governmental funds and recognized
in the Statement of Activities. These are included in the intergovernmental revenues
in the governmental fund activity. (8,526,740)
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The net revenues (expenses) of the internal service funds is reported with
governmental activities (2,366,277)
Change in net assets of governmental activities $ (15,642,529)
See Notes to Financial Statements 26
r�
CITY OF LA QUINTA
BUDGETARY COMPARISON STATEMENT BY DEPARTMENT
GENERALFUND
YEAR ENDED JUNE 30, 2010
Variance with
j
Final Budget
Budget Amounts
Actual
Positive
'
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 92,327,381
$ 92,327,381
$ 92,327,381
$ -
Resources (Inflows):
I
Taxes
20,799,360
19,025,149
19,730,707
705,558
4
Licenses and permits
435,600
464,100
472,409
8,309
I }
Intergovernmental
13,417,395
13,050,881
12,641,162
(409,719)
Charges for services
452,700
434,700
478,716
44,016
Use of money and property
3,538,400
3,789,983
3,601,495
(188,488)
Fines and forfeitures
192,400
399,400
395,823
(3,577)
Miscellaneous
94,900
181,400
126,246
(55,154)
Transfers in
367,716
1,623,045
1,574,071
(48,974)
(
Amounts Available for Appropriation
131,625,852
131,296,039
131,348,010
51,971
c k
Charges to Appropriation (Outflow):
General government
Legislative
1,001,595
1,027,415
969,366
58,049
City Manager
430,696
379,309
343,786
35,523
Development Services
1,399,803
1,590,147
1,389,129
201,018
Management Services
1,279,477
1,562,586
1,303,594
258,992
City Clerk
580,851
625,278
556,127
69,151
Fiscal Services
872,880
860,387
880,798
(20,411)
Central Services
292,210
282,060
254,966
27,094
Public safety
Police
12,539,455
12,582,207
12,151,744
430,463
Building & Safety Admin.
240,218
201,373
292,681
(91,308)
Building
838,963
916,939
875,157
41,782
Code Compliance
958,895
1,054,785
1,008,700
46,085
Animal Control
371,295
401,854
389,190
12,664
Civic Center Bldg
528,430
538,877
478,842
60,035
Fire
4,885,910
4,968,161
4,565,159
403,002
Emergency Services
148,903
163,225
160,279
2,946
Planning and development
Administration
604,904
1,506,121
759,302
746,819
Current Planning
678,891
767,535
595,875
171,660
Community services
Community Services Admin
1,006,716
1,430,348
1,242,829
187,519
Senior Center
394,720
419,999
386,702
33,297
Parks & Recreation
198,832
210,498
200,604
9,894
Park Maintenance
975,647
994,754
943,332
51,422
Public works
Administration
487,452
540,721
532,277
8,444
Development Services
903,692
952,106
867,588
84,518
Maintenance/Operations - Street
1,026,125
2,236,408
1,545,683
690,725
Maintenance/Operations - Lighting
819,324
839,060
587,034
252,026
Construction Management
881,597
658,162
1,227,060
(568,898)
"
Capital outlay
178,800
181,315
111,049
70,266
Debt service,
Principal retirement
34,586
34,586
34,586
-
Transfers out
4,726,295
5,262,008
4,664,453
597,555
Total Charges to Appropriations
39,287,162
43,188,224
39,317,892
3,870,332
i
4
Budgetary Fund Balance, June 30
$ 92,338,690
$ 88,107,815
$ 92,030,118
$ 3,922,303
,
iSee
Notes to Financial Statements
27
CITY OF LA OUINTA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
JUNE 30, 2010
Assets:
Current:
Cash and investments
Receivables:
Accounts
Accrued interest
Prepaid costs
Deposits
Inventories
Total Current Assets
Noncurrent:
Capital assets - net of accumulated depreciation
Total Noncurrent Assets
Total Assets
Liabilities and Net Assets:
Liabilities:
Current:
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Capital leases payable
Total Current Liabilities
Noncurrent:
Advances from other funds
Accrued compensated absences
Total Noncurrent Liabilities
Total Liabilities
Net Assets:
Invested in capital assets, net of related debt
Unrestricted
Total Net Assets
Total Liabilities and Net Assets
Business -Type
Activities -
Enterprise
Funds
Governmental
Activities -
Internal
Golf Course Service Funds
$ 301,923 $ 3;896,958
11,704 -
202 3,000
1,865 240
250,000 -
122,441 -
688,135 3,900,198
42, 934, 025 15, 555, 956
42,934,025 15,555,956
$ 43,622,160 $ 19,456,154
$ 190,185 $ 104,741
1,894 3,404
4,332 -
61,000
54,543 -
311,954 108,145
5,294,572 -
- 8,423
5,294,572 8,423
5,606,526 116,568
42,879,482 15,655, 956
(4,863,848) 3,783,630
38, 015, 634 19,339,586
$ 43,622,160 $ 19,456,154
See Notes to Financial Statements 28
CITY OF LA QUINTA
1
( STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2010
,i
Business -Type
Activities -
Enterprise
Funds Governmental
Operating Revenues:
Sales and service charges
Total Operating Revenues
Operating Expenses:
Salaries and benefits
Fuel and oil
Maintenance and parts
Contract services
Software and supplies
Depreciation expense
Other
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Interest expense
Gain (loss) on disposal of capital assets
Total Nonoperating
Revenues(Expenses)
Income (Loss) Before Contributions and Transfers
r
Capital contributions
Transfers out
Changes in Net Assets
Net Assets:
Beginning of Year
End of Fiscal Year
0
Activities -
Internal
Golf Course Service Funds
3,584,996 $ 331,044
3,684,996 331,044
60,239
108,322
-
92,265
-
83,830
3,465,058
69,819
-
111,447
547,328
770,119
65,074
57,154
4,137,699 1,292,966
(552,703) (961,912)
1,252 24,005
(32,069) -
2,330
(30,817) 26,336
(583,520) (935,577)
62,307
(1,493,007)
(583,520) (2,366,277)
38,599,154 21,705,863
$ 38,015,634 $ 19,339,586
i
See Notes to Financial Statement 29
CITY OF LA QUINTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2010
Cash Flows from Operating Activities:
Cash received from customers and users
Cash received from/(paid to) interfund service provided
Cash paid to suppliers for goods and services
Cash paid to employees for services
Net Cash Provided (Used) by Operating Activities
Cash Flows from Non -Capital
Financing Activities:
Cash transfers out
Advance from other funds
Net Cash Provided (Used) by
Non -Capital Financing Activities
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets
Principal paid on capital debt
Interest paid on capital debt
Proceeds from sales of capital assets
Net Cash Provided (Used) by
Capital and Related Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Cash Provided (Used) by
Investing Activities
Net Increase(Decrease)in Cash
and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
c
Business -Type
Activities -
Enterprise
Funds
Governmental
Activities -
Internal
Golf Course
Service Funds
$ 3,590,459
$ 331,044
(1,390)
-
(3,547,572)
(318,814)
(60,438) (107,460)
(18,941) (95,230)
(1,493,007)
1,004,097
1,004,097 (1,493,007)
(659,528) (151,905)
(230,674)
(32,069) -
2,330
(922,271) (149,575)
1,281 27,312
1,281 27,312
64,166 (1,710,500)
237,757 5,607,458
$ 301,923 $ 3,896,958
See Notes to Financial Statement 30
CITY OF LA QUINTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2010
Business -Type
Activities -
Enterprise
Funds
Governmental
Activities -
Internal
Golf Course
Service Funds
Reconciliation of Operating Income to Net Cash
< Provided (Used) by Operating Activities:
Operating income (loss)
$ (552,703)
$ (961,912)
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation
547,328
770,119
(Increase) decrease in accounts receivable
3,652
-
(Increase) decrease in inventories
(59,107)
-
(Increase) decrease in prepaid expense
-
(240)
Increase (decrease) in accounts payable
28,277
95,544
Increase (decrease) in accrued liabilities
(199)
397
Increase (decrease) in deposits payable
12,000
-
Increase (decrease) in unearned revenue
1,811
-
Increase (decrease) in compensated absences
-
862
Total Adjustments
533,762
866,682
Net Cash Provided (Used) by
Operating Activities
$ (18,94t)
$ (95,230)
Non -Cash Investing, Capital, and Financing Activities:
Capital assets contributed by other funds
$ -
$ 62,307
See Notes to Financial Statement 31
CITY OF LA QUINTA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
JUNE 30, 2010
Assets:
Pooled cash and investments
Receivables:
Taxes
Accrued interest
Total Assets
Liabilities:
Deposits payable
Total Liabilities
Total Liabilities and Net Assets
Agency
Funds
$ 551,708
13,790
406
$ 565,904
$ 565,904
$ 565,904
$ 565,904
See Notes to Financial Statements 32
CITY OF LA QUINTA
NOTES TO FINANCIAL. STATEMENTS
JUNE 30, 2010
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
i
Note 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 statements present the government and its component units, which are
entities lfor which the government is considered to be financially accountable. The City is
considered to be financially accountable for an organization if the City appoints a voting
majority of that organization's governing body and the City is able to impose its will on
that organization or there is a potential for that organization to provide specific financial
benefits to or impose specific financial burdens on the City. The City is also considered
to be financially accountable if an organization is fiscally dependent (i.e., it is unable to
adopt its budget, levy taxes, set rates or charges, or issue bonded debt without approval
from the City). In certain cases, other organizations are included as component units if
the nature and significance of their relationship with the City are such that their exclusion
would cause the City's financial statements to be misleading or incomplete.
All of the City's component units are considered to be blended component units. Blended
component units, although legally separate entities, are, in substance, part of the
government's operations and so data from these units are reported with the interfund
data of the primary government.
i � 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
project areas pursuant to the State of California Health & Safety Code, Section
33000 entitled "Community Redevelopment Law". On November 29, 1983 and
May 16, 1989, the City Council approved and adopted the Redevelopment Plans for
the La Quinta Redevelopment Project Areas No. 1 and No. 2, respectively. These
plans provide for the elimination of blight and deterioration, which was found to exist
in the project areas. Although the Agency is legally separate, it is reported as if it
were part of the City because the City Council also serves as the governing board of
the Agency. Separate financial statements of the Agency can be obtained at City
Hall.
�f
33
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Summary of Significant Accounting Policies (Continued)
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.
City of La Quinta Housing Authority
The La Quinta Housing Authority (Authority) was established pursuant to California d
Housing Authorities Law (Health and Safety Code Sections 34200 et seq.) on
September 15, 2009. The purpose of the Authority is to provide safe and sanitary t
housing opportunities for La Quinta residents. 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,
i
b. Government -Wide and Fund Financial Statements
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 does not conflict with or contradict
GASB pronouncements.
Government -wide Financial Statements
The government -wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on all of the nonfiduciary activities of the
primary government and its component units. For the most part, the effect of
interfund activity has been removed from these statements. Governmental activities,
which normally are supported by taxes and intergovernmental revenues, are reported
separately from business -type activities, which rely to a significant extent on fees and
charges for support.
The statement of activities demonstrates the degree to which the direct expenses of
a given function or segment are offset by program revenues. Direct expenses are
those that are clearly identifiable with a specific function or segment. 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. Taxes and other items
not properly included among program revenues are reported instead as general
revenues.
34
rj
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Summary of Significant Accounting Policies (Continued)
Amounts paid to acquire capital assets are capitalized as assets in the
r government -wide financial statements, rather than reported as expenditure.
Proceeds of long-term debt are recorded as a liability in the government -wide
financial statements, rather than as 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 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 governmental, proprietary, and fiduciary funds are
presented after the government -wide financial statements. These statements display
information about major funds individually and nonmajor 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.
c. Measurement Focus, Basis of Accounting and Financial Statement Presentation
Government -wide Financial Statements
The government -wide financial statements are reported using the economic
resources measurement focus and the accrual basis of accounting, as are the
proprietary fund and fiduciary fund financial statements. Revenues are recorded
when earned and expenses are recorded when a liability is incurred, regardless of
the timing of related cash Flows. Property taxes are recognized as revenues in the
year for which they are levied. Grants and similar items are recognized as revenue as
soon as all eligibility requirements imposed by the provider have been met.
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 60, day availability period, with the exception of gas tax which is 310 days.
35
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Summary of Significant Accounting Policies (Continued)
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 delivered 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.
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 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.
36
CITY OF LA QUINTA
I
I
NOTES TO FINANCIAL_ STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Summary of Significant Accounting Policies (Continued)
Proprietary Funds
The City's enterprise and 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 proprietary
fund financial statements, rather than reported as expenditures. Proceeds of
long-term debt are recorded as a liability in the proprietary fund financial statements,
rather than as another financing source. Amounts paid to reduce long-term
indebtedness of the proprietary funds are reported as a reduction of the related
liability, rather than as expenditures.
Proprietary funds distinguish operating revenues and expenses from nonoperating
items. Operating revenues and expenses generally result from providing services and
producing and delivering goods in connection with a proprietary fund's principal
ongoing operations. The principal operating revenues of the Enterprise Funds are
charges to customers for sales and services.
Operating expenses for Enterprises Funds include the cost of sales and services,
administrative expenses and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and
expenses.
Private -sector standards of accounting and financial reporting issued prior to
December 1989, generally are followed in both the government -wide and proprietary
fund financial statements to the extent that those standards do not conflict with or
contradict guidance of the Governmental Accounting Standards Board. Governments
also have the option of following subsequent private -sector guidance for their
business -type activities and enterprise funds, subject to this same limitation. The
government has elected not to follow subsequent private -sector guidance.
Fiduciary Funds
The City's fiduciary funds are agency funds. Agency funds are custodial in nature.
Assets equal liabilities. Agency funds are presented using the accrual basis of
accounting.
37
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Summary of Significant Accounting Policies (Continued)
d. Major Funds, Internal Service Funds and Fiduciary Fund Types
The City's major governmental funds are as follows:
General Fund — This fund is the primary fund of the City and 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.
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 La Quinta Redevelopment Agency.
Civic Center Fund — To account for the accumulation of resources provided through
developer fees for the acquisition, construction, or improvement of the Civic Center.
Redevelopment Agency Proiect Area No "! — Capital Proiect Fund — To account for
the bond proceeds, interest and other funding that will be used for development,
planning, construction and land acquisition.
Redevelopment Agency Project Area No 1 - Debt Service 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 Proiect Area No. 2 - Debt Service Fund — This Debt service
fund is used to account for the accumulation of resources for the payment of debt
service for bond principal, interest and trustee fees for Project Area No. 2.
The City's major proprietary fund is as follows:
Golf Course — To account for the activities of the SilverRock Golf Resort.
Other fund types of the City are as follows:
Internal Service Funds:
Equipment Replacement Fund — This fund accounts for equipment and vehicle
maintenance and replacement services provided to other departments on a
cost -reimbursement basis.
Information Technology Fund — This fund is used to account for the acquisition
for computer equipment, maintenance, and services to support information
systems within the City. Costs are reimbursed by the benefiting departments.
Park Equipment and Facilities Fund — This fund is used to account for the
purchase and replacement of City owned park facility infrastructure. Costs are
reimbursed by the benefiting departments.
Agency Funds: These funds account for assets held by the City as an agency for
assessment district bondholders.
t:
I'
CITY OF LA QUINTA
NOTES TO FINANCIAL. STATEMENTS (CONTINUED)
I I JUNE 30, 2010
Note 1: Summary of Significant Accounting Policies (Continued)
e. Assets, Liabilities and Net Assets or Equity
Investments
For financial reporting purposes, investments are adjusted to their fair value.
Changes in fair value that occur during a fiscal year are recognized as investment
income reported for that fiscal year. Investment income includes interest earnings,
changes in fair value, and any gains or losses realized upon the liquidation or sale of
investments. Some investments are valued on an unamortized cost basis. For these
investments, there is no material difference from fair value.
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.
Cash and Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as
a,
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 fund's share in the cash and investment pool of the City of
La Ouinta. 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 proprietary
funds is considered cash and cash equivalents.
Inventory
Inventory is valued at cost using the first in / first out (FIFO) method. The City uses
the consumption method of accounting for inventories.
Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and
are recorded as items in both prepaid government -wide and fund financial
a statements.
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 capital assets are valued at their estimated fair market value at the date
of the contribution. Generally, capital asset purchases in excess of $5,000 are
capitalized if they have an expected useful life of three years or more.
Capital Assets include public domain (infrastructure) consisting of certain
improvements including roads, streets, sidewalks, medians, and storm drains.
39
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 1: Summary of Significant Accounting Policies (Continued)
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 proprietary funds. Depreciation is charged as an
expense against operations and accumulated depreciations is reported on the
respective balance sheet.
The following schedule summarizes capital asset useful lives:
Buildings and improvements 10-30 years
Equipment and furniture 3-20 years
Vehicles 5-10 years
Infrastructure 10-50 years
Software 5-10 years
Compensated Absences
Sick time is vested on a percentage based on number of years employed at the City.
Maximum accumulation of sick and vacation is 30 and 40 days, respectively.
Upon termination or retirement, permanent employees are entitled to receive
compensation at their current base salary for all unused vacation leave. If an
employee terminates with a minimum of two years service, the employee is entitled to
receive 25% of the value of his unused sick leave. The percentage increases by
25% for each five-year period until the employee is entitled to 75% of the value of his
unused sick leave. This will occur upon the completion of ten years of continuous
employment.
Fund Balance
The City Council adopts and amends committed fund balance amounts through a
resolution. The City Council authorizes assigned amounts for specific purposes
pursuant to the policy -making powers granted through a resolution. When an
expenditure is incurred for purposes for which both restricted and unrestricted fund
balance is available, the City considers restricted amounts to be used first, then
unrestricted. When an expenditure is incurred for purposes for which amounts in any
of the unrestricted fund balance classifications could be used, they are considered to
be spent in the order as follows: committed, assigned and then unassigned.
11
40
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
11. STEWARDSHIP
Note 2: Stewardship, Compliance and Accountability
a. Budgetary Data
General Budget Policies
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 or funds that are
approved by City Council. Prior year appropriations lapse unless they are approved
for carryover into the following fiscal year. Expenditures may not legally exceed
appropriations at the department level.
Encumbrances
Encumbrances are estimations of costs related to unperformed contracts for goods
and services. These commitments are recorded for budgetary control purposes in
the General, Special Revenue, and similar governmental funds. Encumbrances
outstanding at year-end are reported as a reservation of fund balance. They
represent the estimated amount of the expenditure ultimately to result if unperformed
contracts in process at year end are completed. They do not constitute expenditures
or estimated liabilities.
Budget Basis of Accounting
Budgets for governmental funds are adopted on a basis consistent with generally
accepted accounting principles (GAAP).
b. At June 30, 2010, the following funds had deficit fund balances:
Major Capital Projects Funds:
Civic Center
Major Debt Service Funds:
Redevelopment Agency PA No. 1
Redevelopment Agency PA No. 2
Nonmajor Special Revenue Funds:
Housing Authority PA No. 1
Housing Authority PA No. 2
Nonmajor Capital Projects Funds
Parks and Recreation
Library Development
Street Facility
Fire Facility
$ (9,833,714)
(13,187,890)
(4,914,802)
(1,414)
(1,377)
(1,417,770)
(1,937,311)
(1,390,419)
(935,294)
41
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 2: Stewardship, Compliance and Accountability (Continued)
c. Excess of expenditures over appropriations are as follows:
Expenditures for the year ended June 30, 2010, exceeded the appropriations of the
General Fund as follows:
General Fund:
General Government
Fiscal services
Public Safety
Building & safety admin
Public Works
Construction management
Budget Actual Variance
$ 860,387 $ 880,798 $ (20,411)
201,373 292,681 (91,308)
658,162 1,227,060 (568,898)
III. DETAILED NOTES ON ALL FUNDS
Note 3: Cash and Investments
Cash and investments as of June 30, 2010, are classified in the accompanying financial
statements as follows:
Statement of Net Assets:
Cash and investments
Cash with fiscal agent
Statement of Fiduciary Net Assets:
Cash and investments
Total cash and investments
Cash and investments as of June 30, 2010, consist of the following:
Cash on hand
Deposits with financial institutions
Investments
Total cash and investments
$ 165,550,508
16,570,211
551,708
$ 182,672,427
$ 1,400
(1,330,735)
184,001,762
$ 182,672,427
Investments Authorized by the California Government Code and the Entity's Investment
Policy
The table below identifies the investment types that are authorized by the California
Government Code and the City's investment policy. The table also identifies certain
provisions of the California Government Code (or the City's investment policy, if more
restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This
table does not address investments of debt proceeds held by bond trustee that are governed
by the provisions of debt agreements of the City, rather than the general provisions of the
California Government Code or the City's investment policy.
42
I CITY OF LA QUINTA
NOTES TO FINANCIAL. STATEMENTS (CONTINUED)
1 JUNE 30, 2010
Note 3: Cash and Investments (Continued)
I *Maximum
*Maximum Investment
Investment Types 'Maximum Percentage of In One
Authorized by State Law Maturity Portfolio Issuer
U.S. Treasury Obligations
5 years
None
None
U.S. Agency Securities
3 years
None
$20 million
Commercial Paper
90 days
15%
$5 million
Certificates of Deposit
3 years
60%
None
Medium -Term Notes
3 years
10%
$5 million
Money Market Mutual Funds
60 days
20%
10%
Local Agency Investment Fund (LAIF)
N/A
30%
$40 million
Investment Agreements
N/A
N/A
N/A
Based on state law requirements or investment policy requirements,
whichever is more restrictive
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustee are governed by provisions of the debt
agreements, rather than the general provisions of the California Government Code or the
City's investment policy. The table below identifies the investment types that are authorized
for investments held by bond trustee. The table also identifies certain provisions of these
debt agreements that address interest rate risk, credit risk, and concentration of credit risk.
Maximum
Authorized Investment Type Maturity
Maximum
Percentage
Allowed
U.S. Treasury Obligations
None
None
i . U.S. Agency Securities
None
None
Banker's Acceptance
360 days
None
Commercial Paper
270 days
None
Money Market Mutual Funds
N/A
None
Negotiable Certificates of Deposit
360 days
None
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
value of an investment. Generally, the longer the maturity of an investment, the greater the
sensitivity of its fair value to changes in market interest rates.
One of the ways that the City manages its exposure to interest rate risk is by purchasing a
combination of short term and long term investments and by timing cash flows from maturities
so that a portion of the portfolio is maturing or coming close to maturity evenly over time as
necessary to provide the cash flow and liquidity needed for operations.
Information about the sensitivity of the fair values of the City's investments (including
investments held by bond trustee) to market interest rate Fluctuations is provided by the
following table that shows the distribution of the City's investments by maturity:
[, i 43
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 3: Cash and Investments (Continued)
Remaining Maturity (in Months)
6 Months 6 Months to 1
Investment Type Total or Less Year 1 to 3 Years
U.S. Treasury obligations
Certificates of Deposit
Federal agency securities:
Federal Home Loan Bank
Medium term notes
State investment pool
Held by bond trustee:
Money market funds
U.S. Treasury bills
Total
$ 81,934,374 $ 69,912,432 $
969,000 240,000
18,997,423 18,997,423
15,179,517 -
50,351,232 50,351,232
581,790 581,790
15,988,426 15,988,426
- $ 12,021,942
729,000 -
10,138,059 5,041,458
$ 184,001,762 $ 156,071,303 $ 10,867,059 $ 17,063,400
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to
the holder of the investment. This is measured by the assignment of a rating by a nationally
recognized statistical rating organization. The City's investment policy limits investments in
commercial paper to those rated A-1 and P-1 or higher from Standard and Poor's (S&P) and
Moody's, respectively; medium tens notes that are rated "AA" or higher by S&P; and money
market mutual funds that are rated "AAA". The quality of U.S. Treasury securities is not
analyzed since they are not deemed to have credit risk.
As of June 30, 2010, the City had investments with a variety of issuers, all of which were
"investment grade" and were legal under state and municipal law. The City's investment in
medium term notes were all insured under the U.S Treasury Temporary Loan Guarantee
Program (TLGP) and were all rated AA or better by S&P. The City's investments in money
market mutual funds were all rated "AAA" by. S&P and Moody's. As of June 30, 2010, the
City's investments in external investment pools were unrated.
Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested
in any one issuer beyond that stipulated by the California Government Code, except for U.S.
Agency Securities (limited to a face value of $20 million) and Commercial Paper and
Medium -Term Notes (limited to a face value of $5 million). As of June 30, 2010, the City had
investments in Federal Home Loan Banks (other than U.S. Treasury securities, mutual funds,
and external investment pools) that represent 5% or more of total investments.
44
i
CITY OF LA QUINTA
` NOTES TO FINANCIAL STATEMENTS (CONTINUED)
t ! JUNE 30, 2010
Note 3: Cash and Investments (Continued)
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository
financial institution, a government will not be able to recover its deposits or will not be able to
recover collateral securities that are in the possession of an outside party. The custodial
credit risk for investments is the risk that, in the event of the failure of the counterparty
(e.g., broker -dealer) to a transaction, a government will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. The California
Government Code and the City's investment policy do not contain legal or policy
requirements that would limit the exposure to custodial credit risk for deposits or investments,
other than 'the following provision for deposits: The California Government Code requires
that a financial institution secure deposits made by state or local governmental units by
pledging securities in an undivided collateral pool held by a depository regulated under state
law (unless so waived by the governmental unit). 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.
Investment iin State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is
regulated by the California Government Code 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 relations 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.
GASB Statement No. 31
The City adopted GASB Statement No. 31, Accounting and Financial Reporting for Certain
d ; Investments and for External Investment Pools, as of July 1, 1997. GASB Statement No. 31
establishes fair value standards (e.g. mark to market) for investments in participating interest
earning investment contracts, external investment pools, equity securities, option contracts,
stock warrants and stock rights that have readily determinable fair values. Accordingly, the
City reports its investments at fair value in the balance sheet. All investment income,
including changes in the fair value of investments, is recognized as revenue in the operating
statement.
45
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 4: 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 ninety days after year-end.
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, an 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.
Note 5: Notes Receivable
Outstanding
Balance at
June 30, 2010
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. $ 3,866,786
In December 2000, the Redevelopment Agency entered into an agreement with
LINC Housing to receive $9,500,000 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 based on 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. This loan was forgiven as of June 30,
2010.
Other notes receivable 53,321
Total notes receivable balance at June 30, 2010 $ 3,920,107
46
1
CITY OF LA QUINTA
! NOTES TO FINANCIAL STATEMENTS (CONTINUED)
} JUNE 30, 2010
j 1 Note 6: Capital Assets
Capital asset activity for governmental activities for the year ended June 30, 2010, is as
follows:
Beginning
Ending
Balance at
Balance at
I t -
July 1, 2009
Additions
Deletions Transfers June 30, 2010
Governmental Activities:
Capital assets, not being depreciated:
Land
$ 75,663,033
$ 148,745
$ - $ 571,722 $ 76,383,500
Right of way
283,520,060
469,943
- 283,990,003
�. Construction -in -progress
42,402,317
14,615,009
5,480,406 (8,113,134) 43,423,786
Total Capital Assets,
; Not Being Depreciated
I Capital assets, being depreciated:
Buildings and improvements
Equipment and furniture
Vehicles
Infrastructure
Total Capital Assets,
Being Depreciated
is
Less accumulated depreciation:
a Buildings and improvements
Equipment and furniture
Vehicles
Infrastructure
Total Accumulated
Depreciation
Total Capital Assets,
Being Depreciated, Net
t 1 Governmental Activities
Capital Assets, Net
401,585,410 15,233,697 5,480,406 (7,541,412) 403,797,289
58,061,983
600,000
- 701,618 59,363,601
2,168,640
68,419
9,627 - 2,227,432
1,578,399
98,893
20,344 - 1,656,948
176,358,734
3,814,041
90,647 6,839,794 186,921,922
238,167,756
4,581,353
120,618 7,541,412 250,169,903
12,667,455
1,960,025
- - 14,627,480
1,166,107
206,289
9,627 - 1,362,769
925,902
174,641
20,347 - 1,080,196
65,964,707
5,693,998
- - 71,658,705
80,724,171 8,034,953 29,974
88,729,150
157,443,585 (3,453,600) 90,644 7,541,412 161,440,753
$ 559,028,995 $ 11,780,097 $ 5,571,050 $ - $ 565,238,042
Depreciation expense was charged to the following functions in the Statement of Activities:
General government $ 135,127
Public safety 1,046,292
Planning and development 923,961
Community services 124,086
Public works 5,805,487
Total governmental activities $ 8,034,953
47
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 6: Capital Assets (Continued)
Capital asset activity for business -type activities for the year ended June 30, 2010, is as
follows:
Business -Type Activities:
Capital assets, not being depreciated:
Land
Total Capital Assets,
Not Being Depreciated
Capital assets, being depreciated:
Buildings and improvements
Equipment and furniture
Vehicles
Software
Total Capital Assets,
Being Depreciated
Less accumulated depreciation:
Buildings and improvements
Equipment and furniture
Vehicles
Software
Total Accumulated
Depreciation
Total Capital Assets,
Being Depreciated, Net
Governmental Activities
Capital Assets, Net
Beginning Ending
Balance at Balance at
July t, 2009 Additions Deletions Transfers June 30, 2010
$ 36,840,832 $ - $ - $ - $ 36,840,832
36,840,832
6,636,465 -
1,779,148 659,528
20,348 -
20,255
8,456,216 659,528
36,840,832
- - 6,636,465
- - 2,438,676
20,348
20,255
9,115,744
1,038,088
234,555 -
- 1,272,643
1,400,594
308,712 -
_ - 1,709,306
18,312
2,035 -
- 20,347
18,229
2,026 -
- 20,255
2,475,223
547,328 -
- 3,022,551
5,980,993 112,200
6,093,193
$ 42,821,825 $ 112,200 $ - $ - $ 42,934,025
Depreciation expense was charged to the following function in the Statement of Activities:
Golf Course
$ 547,328
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities - Governmental Activities
a. Changes in Long -Term Debt
The following is a summary of changes in governmental long-term liabilities of the City for
the fiscal year ended June 30, 2010:
City:
Compensated absences payable
Due to the Coachella Valley
Association of Governments
Developer Agreement Payable
Copier Lease Payable
OPEB Liability
Redevelopment Agency:
RDA Project Area No. 1:
Tax allocation bonds
Pass -through agreements payable:
Coachella Valley
Unified School District
RDA Project Area No. 2:
Tax allocation bonds
Due to County of Riverside
Provident Loan
US Department of Agriculture:
Financing Authority:
Revenue bonds
Total
Beginning
Balance at
July 1, 2009
Additions Deletions
Balance at June
30, 2010
Due within one
year
$ 919,100
$ 1,014,832 $ 931,331
$ 1,002,601
$ 1,002,601
178,311
- 50,000
128,311
50,000
343,814
169,230
174,584
174,584
149,169
- 34,586
114,583
44,358
107,944
118,035 -
225,979
-
133,390,000
- 3,135,000
130,255,000
3,330,000
2,874,653
- 801,688
2,072,965
817,722
5,800,000
- 120,000
5.680,000
125,000
1,400,000
- 200,000
1,200,000
200,000
1,556,283
- 25,325
1.530,958
27,525
751,754
- 10,583
741,171
11,691
89,720,000 - 2,070,000 87,650,000 2,160,000
$ 237,191,028 $ 1,132,867 $ 7,547,743 230,776,152 $ 7,943,481
Less: Unamortized premiumsidiscounts (768,802)
Net Long -Term Debt $ 230,007,350
For the governmental activities, accrued employee benefits are generally liquidated by
the general fund.
b. A description of individual issues of debt (excluding defeased bonds) outstanding
as of June 30, 2010, is as follows:
Due to the Coachella Valley Association of the 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 1-10 interchange. The City has agreed to 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, 2010, the balance
payable was $128,311.
49
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities — Governmental Activities (Continued)
The minimum annual requirements to amortize the 'payable to Coachella Valley
Association of Governments as of June 30, 2010, are as follows:
Principal
2010-2011 $ 50,000
2011-2012 50,000
2012-2013 28,311
Totals $ 128,311
Developer Agreement Payable
In December 1998, the City entered into a tax sharing agreement with Stamko
Development Co. in relation to the development of an auto mall located within the City.
For a period of ten years, the agreement requires the City to make quarterly payments to
the developer in the amount of 33% of the sales and use tax revenues generated by the
site up to a maximum amount of $122,250 in any twelve month period. Additionally, if the
sales and use tax revenues generated exceed $530,000, adjusted annually by the CPI
index, the City is required to pay $76,204 for that year for a maximum of ten years, based
upon a $500,000 note at an interest rate of 8.5%. For the year ended June 30, 2010, the
City paid the developer $122,250 in sales tax reimbursement and $76,204 since the
sales tax generated exceeded the required amount. The balance at June 30, 2010, is
$174,584.
The minimum annual requirements to amortize the developer agreement payable as of
June 30, 2010, are as follows:
Principal Interest
2010-2011 $ 174,584 $ 23,870
Totals $ 174,584 $ 23,870
Copier Lease Payable
In June 2008, the City entered into a 5-year lease agreement for photocopiers for
$182,094 maturing in monthly increments ranging from $2,682 in July 2008 to $3,417 in
June 2013, with interest payable monthly at 4.93%. This lease agreement qualifies as a
capital lease for accounting purposes and therefore, has been recorded at the present
value of the future minimum lease payments at the inception date.
50
CITY OF LA QUINTA
NOTES TO FINANCIAL. STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities — Governmental Activities (Continued)
The minimum future lease obligations and the net present value of the lease payments as
of June 30, 2010 are as follows:
Year Ending
June 30,
Total
2011
$ 44,358
2012
44,358
2013
44,358
Total Payments 133,074
Less Amount Representing Sales Tax (9,306)
Less Amount Representing Interest (9,185)
Outstanding Principal $ 114,583
Tax Allocation Bonds
As of June 30, 2010, the following issuances of Tax Allocation Bonds were outstanding:
Series 1994 Proiect Area No. 1
Tar: Allocation Refunding Bonds, Series 1994, were issued by the Agency on
May 5, 1994, in the amount of $26,665,000 to refund the outstanding aggregate
principal amount of the Agency's Tax Allocation Bonds, Series 1989 and 1990. The
remaining proceeds were used to finance certain capital improvements within the
La Quinta Redevelopment Project Area No. 1.
Interest rates on the bonds range from 3.80% to 8% and are payable semi-annually
on March 1 and September 1 of each year until maturity. The interest on and
principal of the bonds are payable solely from pledged tax increment revenues. The
bonds are not just 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, 2010, is $6,920,000.
The minimum annual requirements to amortize the bond payable as of
June 30, 2010, are as follows:
Principal
Interest
2010-2011 $ 2,145,000
$ 426.868
2011-2012 2,305,000
264,443
2012-2013 2,470,000
90,155
Totals $ 6,920,000 $ 781,466
51
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities — Governmental Activities (Continued)
Series 1998, Project Area No. 1
Tax allocation refunding bonds, Series 1998, in the amount of $15,760,000 were
issued by the Agency to refund the outstanding aggregate principal amount of the
Agency's Tax Allocation Bonds, Series 1991. The remaining proceeds were used to
finance certain capital improvements within the La Quinta Redevelopment Project
Area No. 1.
Interest rates on the bonds range from 5.20% to 5.25% and are payable
semi-annually on March 1 and September 1 of each year until maturity. The interest
and principal of the bonds are payable solely from pledged tax increment revenues of
Project Area No. 1.
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, 2010, is $15,760,000.
The minimum annual requirements to amortize the bond payable as of
June 30, 2010, are as follows:
Principal
Interest
2010-2011
$
$ 819,520
2011-2012
819,520
2012-2013
819,520
2013-2014
655,000
802,490
2014-2015
690,000
767,520
2015-2020
4,025,000
3,245,970
2020-2025
5,190,000
2,054,000
2025-2030
5,200,000
557,700
Totals
$ 15,760,000
$ 9,886,240
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.
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.
.9a
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities — Governmental Activities (Continued)
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, 2010, is $5,680,000.
The minimum annual requirements to amortize the bond payable as of
June 30, 2010, are as follows:
Principal Interest
2010-2011 $ 125,000 $ 293,272
2011-2012 130,000 286,738
2012-2013 140,000 279,819
2013-2014 145,000 272,516
2014-2015 150,000 264,956
2015-2020 885,000 1,196,406
2020-2025 1,145,000 933,844
2025-2030 1,475,000 591,281
2030-2035 1,485,000 160,781
Totals $ 5,680,000 $ 4,279,613
Series 2001, Project Area No. 1
On August 15, 2001, the Agency issued tax allocation bonds in the amount of
$48,000,000 to finance capital projects benefiting the La Quinta Redevelopment
Project Area No. 1. The 2001 tax allocation bonds were issued at a discount of
$422,400 and issuance costs of $1,517,325.
The bonds consist of $17,280,000 of term bonds that accrue interest at 5.00% and
mature on September 1, 2021, and $30,720,000 of term bonds that accrue interest at
5.18% and mature on September 1, 2031. The interest and principal on the bonds
are payable from pledged tax increment revenues.
A portion of the proceeds were used to obtain a surety agreement to satisfy the bond
reserve requirement. The principal balance of outstanding bonds at June 30, 2010,
is $48,000,000 with an unamortized discount of $367,021.
The minimum annual requirements to amortize the bond payable as of
June 30, 2010, are as follows:
Principal
Interest
2010-2011
$
$ 2,430,720
2011-2012
2,430,720
2012-2013
2,430,720
2013-2014
1,565,000
2,391,595
2014-2015
1,645,000
2,311,345
2015-2020
9,550,000
10,203,600
2020-2025
12,190,000
7,488,600
2025-2030
15,625,000
3,965,123
2030-2035
7,425,000
383,393
Totals $ 48,000,000 $ 34,035,816
53
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities — Governmental Activities (Continued)
Series 2002, Project Area No 1
On June 12, 2002, the Agency issued tax allocation bonds in the amount of
$40,000,000 to finance capital projects benefiting the La Quinta redevelopment
Project Area No. 1. The 2002 tax allocation bonds were issued at a discount of
$360,000 and issuance costs of $1,250,096.
The bonds consist of $6,355,000 of serial bonds and $33,645,000 of term bonds.
Interest Rates on serial bonds range from 1.75% and 4.00% and are payable
semi-annually on March 1 and September 1 of each year until maturity. Term bonds
accrue interest at 5.00% and 5.125% and mature on September 1, 2022 and
September 1, 2023. The interest and principal on the bonds are payable from
pledged tax increment revenues.
A portion of the proceeds were used to obtain a surety agreement to satisfy the bond
reserve requirement. The principal balance of outstanding bonds at June 30, 2010,
is $35,765,000 with an unamortized discount of $324,221.
The minimum annual requirements to amortize the bond payable as of
June 30, 2010, are as follows:
Principal
Interest
2010-2011
$ 680,000
$ 1,782,926
2011-2012
705,000
1,756,429
2012-2013
735,000
1,727,981
2013-2014
705,000
1,695,656
2014-2015
735,000
1,659,656
2015-2020
4,270,000
7,693,906
2020-2025
5,450,000
6,481,519
2025-2030
8,475,000
4,862,472
2030-2035
14,010,000
1,299,188
Totals
$ 35,765,000
$ 28,959,733
Series 2003, Proiect Area No. 1
On September 1, 2003, the Agency issued tax allocation bonds in the amount of
$26,400,000 to finance capital projects benefiting the La Quinta Redevelopment
Project Area No. 1. The 2003 tax allocation bonds were issued at a discount of
$277,200 and issuance costs of $629,191.
Interest is payable semi-annually on March 1 and September 1 of each year,
commencing March 1, 2004. Interest payments range from 4.24% to 6.44% per
annum. The interest and principal on the bonds are payable from pledged tax
increment revenues.
Term bonds maturing on September 1, 2013 through September 1, 2032, are subject
to mandatory redemption from minimum sinking fund payments, in part by lot, on
September 1, 2004, September 1, 2014, and September 1, 2024, respectively, and
on each September 1 thereafter at a redemption price equal to the principal amount
thereof plus accrued interest to the redemption date.
54
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities — Governmental Activities (Continued)
The principal balance of outstanding bonds at June 30, 2010, is $23,810,000 with an
unamortized discount of $212,524.
The minimum annual requirements to amortize the bond payable as of
June 30, 2010, are as follows:
Principal
Interest
2010-2011
$ 505,000
$ 1,481,401
2011-2012
530,000
1,453,198
2012-2013
560,000
1,423,495
2013-2014
590,000
1,392,158
2014-2015
620,000
1,356,736
2015-2020
3,735,000
6,132,380
2020-2025
5,070,000
4,767,956
2025-2030
6,900,000
2,872,562
2030-2035
5,300,000
526,470
Totals
$ 23,810,000
$ 21,406,356
Pass -through Agreements Payable - 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 $421,168 to $834,076, for a total amount of
$15,284,042. Tax increment payments outstanding at June 30, 2010, totaled
$2,874,653. 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.
The minimum annual requirements to amortize payable to Coachella Valley Unified
School District as of June 30, 2010, are as follows:
Principal
2010-2011 $ 817,722
2011-2012 834,076
2012-2013 421,167
Totals $ 2,072,965
Due to County of Riverside - Proiect Area No. 2
Based on an agreement dated July 5, 1989, between the Agency and the County of
Riverside, 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
55
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities — Governmental Activities (Continued)
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, 2010, is
$1,200,000.
The minimum annual requirements to amortize amounts due to the County of
Riverside as of June 30, 2010, are as follows:
Principal
2010-2011 $ 200,000
2011-2012 250,000
2012-2013 750,000
Totals $ 1,200,000
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 bonds consist of $3,630,000 of serial bonds and $5,150,000 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 and 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 at
June 30, 2010, is $4,760,000.
The minimum annual requirements to amortize the bond payable as of
June 30, 2010, are as follows:
Principal
Interest
2010-2011
$ 420,000
$ 252,525
2011-2012
445,000
228,521
2012-2013
470,000
203,130
2013-2014
495,000
176,351
2014-2015
525,000
148,047
2015-2020
2,405,000
275,696
Totals
$ 4,760,000
$ 1,284,270
2004 Series A Local Agency Revenue Bonds
On June 29, 2004, the La Quinta Financing Authority issued revenue bonds in the
amount of $90,000,000 to finance projects benefiting low and moderate income
CITY OF LA QUINTA
NOTES TO FINANCIAL. STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities — Governmental Activities (Continued)
housing in La Quinta Redevelopment Project Area No. 1 and La Quinta
Redevelopment Project Area No. 2 and to advance refund the Agency's
Redevelopment Project Areas No. 1 and 2, 1995 Housing Tax Allocation Bonds. The
2004 local agency revenue bonds were issued with issuance costs of $2,600,229
and a premium of $476,496.
Interest is payable semi-annually on March 1 and September 1 of each year,
commencing September 1, 2005- Interest payments range from 3% to 5.25% per
annum. The interest and principal on the bonds are payable from pledged tax
increment revenues.
Term bonds maturing on September 1, 2024, September 1, 2029 and
September 1, 2034, are subject to mandatory redemption from minimum sinking fund
payments, in part by lot, on September 1, 2017, September 1, 2025, and
September 1, 2030, respectively, and on each September 1 thereafter at a
redemption price equal to the principal amount thereof plus accrued interest to the
redemption date.
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, 2010, is $82,890,000 with an unamortized premium of
$134,964.
The minimum annual requirements to amortize the bond payable as of
June 30, 2010, are as follows:
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2020
2020-2025
2025-2030
2030-2035
Totals
Washington Street Apartments
Principal
$ 1,740,000
1,805,000
1,890,000
1,975,000
2,075,000
12,080,000
15,610,000
20,050,000
25,665,000
Interest
$ 4,175,131
4,099,719
4,016,581
3,924,681
3,823,431
17,337,119
13,721,706
9,180,406
3,419,528
$ 82,890,000 $ 63,698,302
In October 2008, the La Quinta Redevelopment Agency acquired the Washington
Street Apartments for cash and the assumption of the following debt:
Provident Bank Loan
This loan was originally entered into with the previous owner of the Washington
Street Apartments and Provident Bank for $1,696,000 in August 2001 at an
8.36% interest rate. The loan is amortized on a thirty year basis with the
outstanding balance due in twenty years or August 2021. The outstanding
57
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 7: Changes in Long -Term Liabilities - Governmental Activities (Continued)
principal balance in October 2008 when the property was acquired by the Agency
was $1,572,031. The loan is secured by a deed of trust on the property and is
senior to the United States Department of Agriculture (USDA) loan which is also
secured by a deed of trust on the property. Repayment of the monthly loan
amount of $12,873 is made from tenant rent receipts. The source for the final
principal payment due in August 2021 of $1,050,109 will be determined at a
future date. The principal balance of this loan at June 30, 2010, is $1,530,958.
The minimum annual requirements to amortize the loan payable. as of
June 30, 2010, are as follows:
Principal
Interest
2010-2011
$ 27,525
$ 126,949
2011-2012
29,917
124,558
2012-2013
32,516
121,959
2013-2014
35,341
119,134
2014-2015
38,411
116,064
2015-2020
248,301
524,072
2020-2025
1,118,947
105,824
Totals $ 1,530,958 $ 1,238,560
United States Department of Agriculture (USDA) Rural Development Promissory
Note
This promissory note was originally entered into with the previous owner of the
Washington Street Apartments and USDA - Rural Development for $1,500,000
in November 1980 at a 10.00% interest rate. The note is amortized on a fifty
year basis with the outstanding balance due in October 2030. The outstanding
principal balance, in October 2008, when the property was acquired by the
Agency was $760,721. The loan is secured by a deed of trust on the property
and is subordinated to the Provident loan which is also secured by a deed of trust
on the property. Repayment of the monthly loan amount of $7,107 is made from
tenant rent receipts and a rental subsidy from the USDA. Rural Development
has agreed to a 9% interest rate subsidy on the Promissory Note as long as the
Apartment renters meet certain program eligibility requirements. The principal
balance of this note at June 30, 2010, is $741,171.
Principal
Interest
2010-2011
$ 11,691
$ 73,591
2011-2012
12,915
72,367
2012-2013
14,267
71,014
2013-2014
15,761
69,520
2014-2015
17,412
67,870
2015-2020
118,539
307,870
2020-2025
195,033
231,376
2025-2030
320,890
105,519
2030-2035
34,663
871
Totals
$ 741,171
$ 999,998
58
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 8: Changes in Long -Tenn Liabilities — Business -type Activities
Changes in business -type long-term liabilities for the year ended June 30, 2010, were as
follows:
Beginning
Balance at Balance at Due within
July 1, 2009 Additions Deletions June 30, 2010 one year
Golf Course:
Capital leases payable $ 285,217 $ - $ 230,674 $ 54,543 $ 54,543
The City of La Quinta entered into several capital lease agreements for the operation of the
Silver Rock Golf Resort. These lease agreements qualify as capital leases for accounting
purposes and, therefore, have been recorded at the present value of their future minimum
lease payments as of the inception date.
Obligations under capital leases are as follows:
National City Golf Finance
The present value of the minimum lease payments on golf carts was capitalized
using an incremental borrowing rate of 6.50% at the inception of the lease. The
lease is payable in 36 monthly installments of $7,962 which began February 1,
2008.
$ 54,543
Total capital leases payable as of June 30, 2010 $ 54,543
The following schedule summarizes the debt to maturity payments for capital leases:
Year Ending
June 30, Total
2011 $ 54,543
Total Payments 54,543
Less Amount Representing Interest -
Outstanding Principal $ 54,543
Note 9: Pledge Tax Revenues
As previously discussed, the City's Redevelopment Agency has pledged, as security for
bonds it has issued, either directly or through the Financing Authority,a portion of the tax
increment revenue (including Low and Moderate Income Housing set -aside) that it receives.
These bonds were to provide financing for various capital projects and accomplish Low and
Moderate Income Housing projects. The City has committed to appropriate each year, from
these resources amounts sufficient to cover the principal and interest requirements on the
debt. Total principal and interest remaining on the debt is $381,872,526 with annual debt
service requirements as indicated above. For the current year, the total tax increment
revenue, net of pass through payments, recognized by the City was $35,390,317 and the
debt service obligation on the bonds was $16,611,94.
59
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 10:
Note 11:
Note 12:
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, therefore, they are not included in the long-term liabilities in the
accompanying financial statements. 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 following is a summary of Improvement Bonds outstanding
at June 30, 2010:
Amount
Outstanding at
Proceeds Maturity Date Interest Rate June 30, 2010
Assessment District No. 97-1 $ 705,262
Assessment District No. 2001-1 2,285,000
Conduit Debt Financing
9/2/2018 4.10%-5.20% $ 380,000
9/2/2015 5.00% - 6.60% 785,000
2002 Series B Multifamily Housing Revenue Bonds
In April 2002, the La Quinta Redevelopment Agency issued $3,000,000 of 2002 Series B
Multifamily Housing Revenue Bonds to provide financing for the acquisition, construction and
equipping of a multifamily senior rental housing project known as Miraflores Apartments
located in the City of La Quinta. The bonds mature on June 1, 2035, and bear interest at
5.5% per annum. Outstanding bonds at June 30, 2010, are $2,790,000.
The bond is secured solely by the credit facility, Fannie Mae, and by a pledge of the trust
estate comprised of bond proceeds and property. The bond is not an obligation of the issue,
but payable solely from the security.
Interfund Receivables and Payables
The composition of current interfund receivable
and payable
as of June 30, 2010, are as
follows:
Due to Other
Funds
Non -Major
Governmental
TOTAL
Due From Other Funds
General Fund
$ 348,071
$ 348,071
Non -Major Governmental
2,143,702
2,143,702
Total:
$ 2,491,773
$ 2,491,773
The due to the General Fund and RDA PA#2 Special Revenue Fund and Non -major funds
were the results of routine interfund transactions not cleared prior to year-end.
&Yr7
CITY OF LA QUINTA
NOTES TO FINANCIAL_ STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 12: Interfund Receivables and Payables (Continued)
The composition of non -current interfund receivable and payable as of June 30, 2010, are as
follows:
Advances From Other Funds
RDA PA #1 RDA PA #2 Non -Major
Civic Center Debt Service Debt Service Golf Course Governmental TOTAL
Advances to Other Funds
General Fund $ 9,833,714 $ 22,000,000 $ 19,378,966 $ 5,294,572 $ 1,390,419 $ 57,897,671
Redevelopment Agency
PA No. 1 Capital Projects - - - - 3,355,081 3,355,081
Non -Major Governmental - 938,085 938,085
Total: $ 91833,714 $ 22,000,000 $ 19,378,966 $ 5,294,572 $ 5,683,585 $ 62,190,837
a) As of June 30, 2010, the amount due to the General Fund from RDA PA No. 1 Debt
Service was $ 22,000,000. This consists of an outstanding advance of $6,000,000
loaned to the Redevelopment Agency with repayment beginning in 2030/31 and accrued
interest at 10% per annum. The other outstanding advances of $16,000,000 loaned to
the Redevelopment. Agency require repayments beginning in 2030/31 and 2033 and
accrues interest at 7% per annum.
b) As of .Rune 30, 2010, the amount due to the General Fund from RDA PA No. 2 Debt
Serviced was $19,378,966. This consists of a $10,000,000 advance loaned to the
Redevelopment Agency with repayment beginning in 2035/36 and accrued interest at
10% per annum and a $9,378,966 advance loaned to the Redevelopment Agency
accruing interest at 7% on December 4, 2007 with an anticipated repayment date of
2018/2019.
c) As of June 30, 2010, the General Fund has advanced to the Golf Course fund
$5,294,572. The advances accrue interest at the City's investment pool rate and are to
be repaid by the golf course out of future profits.
d) In July 2002, an advance of $4,167,912 was made from the RDA PA No. 1 Capital
Projects Fund to provide funding for the development of the publicly owned
improvements to the La Quinta Community Park. The advance accrues interest at the
earnings rate of the City's investment pool fund. As of June 30, 2010, the remaining
balance: of the advance for the La Quinta Community Park is $1,417,770.
e) In April 2005, another advance of $2,490,273 was made from the RDA PA No. 1 Capital
Projects Fund to provide funding for the construction of the public library. The advance
accrues interest at the earnings rate of the City's investment pool fund. The remaining
balance of this advance at June 30, 2010, is $1,937,311,
f) In September 2006, an advance up to $9,615,094 for the City Hall expansion from the
General Fund to the Civic Center Developer Impact Fee Fund was approved. As of
June 30, 2010, the Civic Center expansion was completed and the amount of the
advance was $9,833,714 outstanding. The advance accrues interest that would have
been earned by the Local Agency Investment Fund.
61
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 12: Interfund Receivables and Payables (Continued)
g) In October 2009, an advance up to $2,033,687 for the Phase 1 of the Corporate Yard
from the General Fund to the Street and Park Maintenance Facility Funds was approved.
As of June 30, 2010 the amount of the outstanding advance was $935,295. The advance
accrues interest at the earnings rate of the City's investment pool fund.
h) In October 2009, the La Quinta Housing Authority was created to promote affordable
housing in the City. Since the Housing Authority had no funds to carry out its purposes,
advances between the Housing Authority and the City or the La Quinta Redevelopment
Agency were anticipated. As of June 30, 2010 the outstanding advance between the
Housing Authority and the La Quinta Redevelopment Agency was $2,790. The advance
accrues interest at the earnings rate of the City's investment pool fund.
Note 13: Interfund Transfers
TRANSFERS OUT
RDA PA #1
General
Capital
RDA PA #1
RDA PA #2
Non -Major
Internal Service
Fund
Projects
Debt Service
Debt Service
Governmental
Funds
TOTAL
TRANSFERSIN
General Fund
$ -
$ -
$ -
$ -
$ 374,071
$ 1,200,000
$ 1,574,071
Capital Improvement
4,662,453
603,719
-
-
8,244,726
293,007
13,803,905
RDA PA #1 Debt Service
-
-
-
-
4,438,892
-
4,438,892 `
RDA PA #2 Debt Service
-
-
-
-
1,951,399
-
1,951,399
Non -Major Governmental
2,000
-
3,961,932
4,551,399
102,774
-
8,618,105
Total:
$ 4.664,453
$ 603.719
$ 3,961,932
$ 4,551,399
$ 15,111,862
$ 1,493,007
$ 30,386,372 `
The following describes the major transfers in and transfers out included in the financial
statements:
a) $1,695,641 was transferred from the General Fund to the Capital Improvement Fund
to transfer various capital projects and sales rebate agreements. The largest capital
projects were for the Village Cove Fire Station Phase 1 and for the Ave. 58 and
Jefferson St. Street improvement project. The sales tax rebate agreements were the
Costco, Kohl's, and the Auto Mall developer.
b) $2,000 was transferred to the La Quinta Public Safety Officer Fund from the General
Fund for public safety officers disabled or killed in the line of duty.
c) $4,438,892 was transferred from the Low/Moderate Housing Project Area No. 1 Fund
to the RDA Project Area No. 1 Debt Service Fund to pay a portion of the 2004 Series
A Local Agency Revenue Bond debt service and $708,869 was transferred to the
Capital Improvement Fund for various capital projects within the project area.
d) $603,719 was transferred to the Capital Improvement Fund from the RDA Capital
Projects — PA No. 1 Fund to fund various capital projects throughout the City.
e) $3,961,932 and $1,951,399 was transferred from the RDA Project Area No.1 and
No.2 Debt Service Funds, respectively, to the Financing Authority Debt Service Fund
to pay a portion of the 2004 Series A Local Agency Revenue Bond debt service.
$2,600,000 was transferred from RDA Project Area No. 2 Debt Service Funds to the
RDA Capital Projects PA No.2 Fund to fund various capital projects within the project
area.
62
CITY OF LA QUINTA
NOTES TO FINANCIAL. STATEMENTS (CONTINUED)
JUNE 30.2010
Note 13: Interfund Transfers (Continued)
f) $7,828,863 was transferred to Capital Improvement Fund from various non -major
funds to fund various capital projects within the City.
g) $600,000 from the Equipment Replacement Fund and $600,000 from the Park
Equipment and Facility Fund were transferred to the General Fund to provide
additional financial resources.
IV. OTHER INFORMATION
Note 14: Defined Benefit Pension Plan
Plan Description
The City of La Quinta contributes to the California Public Employees Retirement System
(PERS), a cost sharing 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, CA 95814.
Funding Polite
Participants are required to contribute 8% 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; the current rate is 12.1221% of
annual covered payroll. The contribution requirements of plan members and the City are
established and may be amended by PERS. In September 2009, the City contributed
$1,338,763 to CaIPERS to pay off the side fund for the Past Service Cost. This amount will
be amortized over the next twelve years. The contribution requirement of plan member and
the City are established and may be amended by CalPERS.
Annual Pension Cost and Net Pension Obligation
For 2010, the City's annual pension cost and change in Net Pension Obligation for the year
ending June 30, 2010 were as follows:
Annual required contribution $ 953,728
Interest on net pension obligation -
Adjustment to annual required contribution -
Annual pension cost 953,728
Contributions made 2,292,491
Increase (decrease) in net pension obligation (1,338,763)
Net pension obligation (asset) beginning of the year -
Net pension obligation (asset) end of the year $ (1,338,763)
63
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 14: Defined Benefit Pension Plan (Continued)
Three -Year Trend Information for PERS
Required
Percentage
Net Pension
Fiscal Year
Contributions
Contributed
Obligation (asset)
6/30/2008
$ 902,098
100%
$
6/30/2009
973,515
100%
6/30/2010
953,728
240%
(1,338,763)
Note 15: Post -Employment Health Benefits
Plan Description
The City provides other postemployment benefits (OPEB) through a single -employer defined
benefit healthcare plan by contributing on behalf of all eligible retirees $110/month for
calendar 2009 and $105/month for calendar 2010, increased in all future years according to
the rate of medical inflation. These benefits are provided per contract between the City and
the employee associations. A separate financial report is not available for the plan.
Funding Polic
The contribution requirements of plan members and the City are established and may be
amended by the City, City Council and/or the employee association. Currently, contributions
are not required from plan members. There was no contribution made during the 2009-2010
fiscal year to cover current plan premiums.
As a result, the City calculated and recorded a Net OPEB Asset, representing the difference
between the Annual Required Contribution (ARC) and actual contributions, as presented
below:
Annual required contribution (ARC)
$ 116,821
Interest on net OPEB obligation
5,397
Adjustment to ARC
(4,183)
Annual OPEB cost
118,035
Contributions made
-
(Decrease) increase in Net OPEB obligation
118,035
Net OPEB obligation (asset) - beginning of year
107,944
Net OPEB obligation (asset) - end of year $ 225,979
The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan
and the net OPEB obligation for 2009-2010 and the two preceding years were as follows:
Actual
Percentage
Fiscal
Annual
Contribution
of Annual
Net OPEB
Year
OPEB
(Net of
OPEB Cost
Obligation
End
Cost
Adjustments)
Contributed
(Asset)
6I30/2008
N/A
N/A
N/A
N/A
6/30/2009
$ 116,821
$ 8,877
7.60%
$ 107,944
6/30/2010
$ 116,821
-
0.00%
$ 225,979
64
CITY OF LA QUINTA
NOTES TO FINANCIAL. STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 15: Post -Employment Health Benefits (Continued)
Funded Status and Funding Progress
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts
and assumptions about the probability of occurrence of events far into the future. Examples
include assumptions about future employment, mortality, and the healthcare cost trend.
Amounts determined regarding the funded status of the plan and the annual required
contributions of the City are subject to continual revision as actual results are compared with
past expectations and new estimates are made about the future.
The schedule of funding progress below presents multiyear trend information about whether
the actuarial value of plan assets is increasing or decreasing over time relative to the
actuarial accrued liabilities for benefits. The information is as of the latest actuarial valuation.
Unfunded
UAAL as a
Actuarial
Actuarial Actuarial
Actuarial
Percent of
Type of Valuation
Value of Accrued
Accrued Funded
Covered Covered Interest
Valuation Date
Assets Liability
Liability Ratio
Payroll Payroll Rate
Actual 7/1/2008
- $ 590,676
$ 590,676 0.0%
$ 7,821,474 7.6% 5.00%
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the
plan as understood by the employer and the plan members) and include the types of benefits
provided at the time of each valuation and the historical pattern of sharing of benefit costs
between the employer and plan members to that point. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term
volatility in the actuarial accrued liabilities and the actuarial value of assets, consistent with
the long-term perspective of the calculations.
In the July 1, 2008, actuarial valuation, the projected unit credit cost method was used. The
actuarial assumptions include a 5.0% investment rate of return, which is a blended rate of the
expected long-term investment return on plan assets and on the employer's own investments
calculated based on the funded level of the plan at the valuation date, and annual healthcare
cost trend rate of 4%. The actuarial value of assets is set equal to the reported market value
of assets. The UAAL is being amortized as a level dollar on an open basis. The remaining
amortization period at June 30, 2010, was twenty-nine years. The number of active
participants is 4.
Note 16: Self Insurance
The City is a member of the California Joint Powers Insurance Authority (Insurance
Authority). The Insurance Authority is composed of 122 California public entities and is
organized under a joint powers agreement pursuant to California Government Code §6500 et
seq. The purpose of the Insurance 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 Insurance Authority's
pool began covering claims of its members in 1978. Each member government has an
elected official as its representative on the Board of Directors. The Board operates through a
9-member Executive Committee.
65
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 16: Self Insurance (Continued)
Self -Insurance Programs of the Authority
General Liability
Each member government pays a primary deposit to cover estimated losses for a fiscal
year (claims year). After the close of a fiscal year, outstanding claims are valued. A
retrospective deposit computation is then made for each open claims year. Claims are
pooled separately between police and non -police. Costs are allocated to members by
the following methods within each of the four layers of coverage: (1) the first $30,000 of
each occurrence is charged directly to the member's primary deposit; (2) costs from
$30,000 to $750,000 and the loss development reserves associated with losses up to
$750,000 are pooled based on the members share of losses under $30,000; (3) losses
from $750,000 to $5,000,000 and the associated loss development reserves are pooled
based on payroll; (4a) costs of covered claims from $5,000,000 to $10,000,000 are paid
under reinsurance policies and are subject to a $2,500,000 annual aggregate deductible
(4b) costs of covered claims from $10,000,000 to $50,000,000 are covered through
excess insurance policies; (4c) costs of covered claims for subsidence losses are paid by
excess insurance with a sub -limit of $25,000,000 per occurrence per member. This
$25,000,000 subsidence sub -limit is composed of $10,000,000 in reinsurance and
$15,000,000 in excess insurance. The excess insurance layer has a $15,000,000 annual
aggregate. The costs associated with 4a, 4b, and 4c are estimated using actuarial
models and pre -funded as part of the primary and retrospective deposits.
The overall policy limit for each member including all layers of coverage is $50,000,000
per occurrence.
Workers Compensation
The City also participates in the workers' compensation pool administered by the
Insurance Authority. Each member pays a primary deposit to cover estimated losses for
a fiscal year (claims year). After the close of a fiscal year, outstanding claims are
valued. A retrospective deposit computation is then made for each open claims year.
Claims are pooled separately between public safety and non-public safety. Costs are
allocated to members by the following methods within each of the four layers of
coverage: (1) the first $50,000 of each loss is charged directly to the member's primary
deposit; (2) losses from $50,000 to $100,000 and the loss development reserve
associated with losses up to $100,000 are pooled based on the member's share of
losses under $50,000; (3) losses from $100,000 to $2,000,000 and the loss development
reserves associated with those losses are pooled based on payroll; (4) losses from
$2,000,000 up to statutory limits are paid under an excess insurance policy. Protection is
provided per statutory liability under California Workers' Compensation law.
Employer's liability losses are pooled among members to $2,000,000, coverage from
$2,000,000 to $4,000,000 is purchased as part of an excess insurance policy, and losses
from $4,000,000 to $10,000,000 are pooled among members.
66
CITY OF LA QUINTA
NOTES TO FINANCIAL. STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 16: Self Insurance (Continued)
Environmental Insurance
The City participates in the pollution legal liability and remediation legal liability insurance
which is available through the Authority. The policy covers sudden and gradual pollution
of scheduled property, streets, and storm drains owned by the City. Coverage is on a
claims -made basis. There is a $50,000 deductible. The Authority has a limit of
$50,000,000 for the 3-year period from July 1, 2008 through
July 1, 2011- Each member of the Authority has a $10,000,000 sub -limit during the
3-year term of the policy.
In addition to coverage with the Authority, the City also carries additional coverage for
earthquake & Flood and real and personal property with Pacific Insurance Co. Coverage is
$5,000,000 with a 10% deductible subject to a minimum of $25,000. The total insured value
of real and personal property is $20,000,000. An excess earthquake & flood and real and
personal property policy is held with Endurance American Specialty Insurance Company.
Coverage is $2,500,000 in excess of the $5,000,000 covered by the primary policy.
Employee dishonesty, forgery and computer fraud insurance is held with Hartford Insurance
Company. Coverage is $1,000,000 with a $5,000 deductible.
All risk property insurance, including auto physical damage is held with Lexington Insurance
Company. Coverage is up to $10,000,000 per occurrence with various sublimits depending
on the property. The total insured value of real and personal property is $65,426,900.
During the past three fiscal years none of the above programs of protection have had
settlements or judgments that exceed pooled or insured coverage. There have been no
significant reductions in pooled or insured liability coverage from coverage in the prior year.
Note 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.
Vista Dunes Court Yard Homes
In October 2007, the La Quinta Redevelopment Agency entered into an agreement
pursuant to which it transferred fee title to a parcel generally located at Adams Street and
Miles Avenue (the "Site") improved with 80 rental apartment units (the "Housing
Development") to National CORE. National CORE, in turn transferred the Site and
Housing Development to a limited partnership as a requirement to enter into a 15 year
tax credit bond sale. In the future, National CORE is obligated to (1) exercise its option to
acquire the Site and Housing Development from the limited partnership at the close of the
15 year tax credit period, as set forth in the partnership agreement, and (2) convey fee
title to the Site and Housing Development to the City, as the Agency's successor, on the
55'" anniversary of the permanent loan closing. On July 6, 2009, the permanent loan
closing occurred.
:AVA
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 18:
Note 19:
Construction Commitments
The following material construction commitments existed at June 30, 2010:
Expenditures to
Contract date as of June
Project Name Amount 30, 2009
Silver Rock Resort Infrastructure
Adams Street Bridge Improvements
Community Park Land Acquisition
Washington St. Apartment Rehabilitation
Silver Rock Resort Club House
Relocation of Coachella Canal at Silver Rock
Silver Rock Resort Entry Feature & Roads
Cove Fire Station Phase 1
Maintenance Yard
Jefferson St. Landscaping (Vista Grande to Westward Ho)
Committed Fund Balances
Remaining
Commitments
$ 21,274,573 $
13,518
$ 21,261,055
12,031,548
575,553
11,455,995
7,983,438
-
7,983,438
7,300,000
21,196
7,278,804
6,839,264
14,881
6,824,383
6,000,000
42,164
5,957,836
5,436,406
1,225
5,435,181
3,908,665
3,467,258
441,407
2,774,380
1,881,996
892,384
2,274,964
496,403
1,778,561
The City has the following committed fund balance shown on the balance sheet: Committed
to cash Flow reserves, Committed to emergency reserve, and Committed to post retirement
health benefits. These committed amounts have been approved by Council based on certain
percentages and will be used only in the event of Council approval. For the Committed to
cash flow reserve, the City established the amount of 8.25% of the Fiscal Year 2010-2011
budget which totals $3,246,881 in the General Fund for the year ended June 30, 2010. For
the Committed to emergency reserve, the City established the amount of 35% of the Fiscal
Year 2010-2011 budget plus $4,000,000 which totals $17,774,648 in the General Fund for
the year ended June 30, 2010. Also the City has committed a portion of their Unassigned
Fund balance for the payment in future years of their Post retirement health benefits. For the
year ended June 30, 2010 the City has committed $1,258,059 for this purpose.
Note 20: Golf Course Management Agreement
The City entered into an agreement with Landmark Golf Management LLC (operator) to
manage the golf operations at the city -owned SilverRock Golf Course. The Agreement
entered into on April 6, 2004, sets forth a five year term commencing upon the completion of
the golf course. On January 14, 2005, the golf course was deemed to be complete and
management was turned over to the operator. The contract provides that the operator will
manage the day to day operations, hire employees, provide golf pro shop and food services,
manage all marketing and promotional activities, prepare the annual budget report for Council
consideration, and manage accounting and payroll functions. In addition to the annual
payment for management services, the City has advanced the operator $250,000 to pay for
golf course expenses. Twice a month the operator submits a request for reimbursement to
the City to replenish the City's advance. In addition, the agreement sets forth the
establishment of a capital reserve fund of 2% of green fees. For the fiscal year ending
June 30, 2010, the Golf Course had an operating loss before contributions and transfers of
$583,520.
68
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 21: Reimbursement Agreements
The City entered into a transient occupancy tax (TOT) revenue reimbursement agreement on
August 31, 2006, with Village Resort LLC, the owner of an Embassy Suites Hotel. The hotel
owner is required to remit on a monthly basis any TOT collected to the City, thirty days after
each month. Under terms of the agreement, the City shall make quarterly payments of 40%
of any TOT generated from the Hotel in an amount not to exceed $1,000,000 over a five year
period. The: agreement terminates when either, the $1,000,000 limit is reached or in
5 years whichever comes first. In addition, the hotel may not assign or transfer this
agreement without the City's prior written consent, which it may withhold at its discretion.
The hotel opened in November 2006. As of June 30, 2010, the City made $599,898 in
reimbursement payments to the owner leaving an outstanding balance of $400,102.
The City entered into a sales tax sharing agreement on January 30, 2006, with Costco
Wholesale Corporation. Under the terms of the agreement the City shall make quarterly
payments of 40% of any sales tax generated from Costco in an amount not to exceed
$4,000,000 over a ten year period. Due to the reporting of sales tax information by the State
Board of Equalization to the City, the reimbursement payments by the City will lag by one
quarter. The agreement terminates when either the $4,000,000 limit is reached or in
10 years whichever comes first. The Costco business opened in November 2006. As of
June 30, 2010, the City made $989,656 in reimbursement payments to the owner leaving an
outstanding balance of $3,010,344.
The City entered into a transient occupancy tax (TOT) revenue reimbursement agreement on
March 1st, 2010, with LQ Hospitality, LLC, the owner of a Homewood Suites Hotel. The hotel
owner is required to remit on a monthly basis any TOT collected to the City, thirty days after
each month. Under terms of the agreement, the City shall make quarterly payments of 40%
of any TOT generated from the Hotel in an amount not to exceed $300,000 over a two year
period. The agreement terminates when either the $300,000 limit is reached or in
2 years whichever comes first. In addition, the hotel may not assign or transfer this
agreement without the City's prior written consent, which it may withhold at its discretion. As
of June 30, 2010, the City made $46,342 in reimbursement payments to the owner leaving an
outstanding balance of $253,658.
Note 22: Transactions with the State of California
a. Proposition 1A Borrowing by the State of California
Under the provisions of Proposition 1A and as part of the 2009- 10 budget package
passed by the California state legislature on July 28, 2009, the State of California
borrowed 8% of the amount of property tax revenue, including those property taxes
associated with the in- lieu motor vehicle license fee, the triple flip in lieu sales tax, and
supplemental property tax, apportioned to cities, counties and special districts (excluding
redevelopment agencies). The state is required to repay this borrowing plus interest by
June 30, 2013. After repayment of this initial borrowing, the California legislature may
consider only one additional borrowing within a ten- year period. The amount of this
borrowing pertaining to the City of La Quinta was $1,036,084.
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 22: Transactions with the State of California (Continued)
Authorized with the 2009- 10 State budget package, the Proposition 1A Securitization
Program was instituted by the California Statewide Communities Development Authority
("California Communities"), a joint powers authority sponsored by the California State
Association of Counties and the League of California Cities, to enable local governments
to sell their Proposition 1A receivables to California Communities. Under the
Securitization Program, California Communities simultaneously purchased the
Proposition 1A receivables and issued bonds ("Prop 1A Bonds") to provide local agencies
with cash proceeds in two equal installments, on January 15, 2010 and May 3, 2010. The
purchase price paid to the local agencies equaled 100% of the amount of the property tax
reduction. All transaction costs of issuance and interest were paid by the State of
California. Participating local agencies have no obligation on the bonds and no credit
exposure to the State. The City participated in the securitization program and accordingly
property taxes have been recorded in the same manner as if the State had not exercised
its rights under Proposition 1A. The receivable sale proceeds were equal to the book
value and, as a result, no gain or loss was recorded.
b. Delay of State Gas Tax Payments
In March 2010, the State Legislature passed legislation delaying a variety of State
payments to local agencies in response to anticipated State cash flow problems in fiscal
year 2010-2011. AB5 8x contains provisions to delay a portion (approximately 60%) of
the payments of State Gas Tax monies for the first nine months of 2010-2011 (July 2010
through March 2011) to be paid no later than April 28, 2011.
c. SERAF Shift for fiscal year 2009-2010 and 2010-2011
On July 23, 2009, the State adopted legislation, requiring a shift of monies during fiscal
years 2009-2010 and 2010-2011 to be deposited into the County "Supplemental"
Educational Revenue Augmentation Fund (SERAF). These monies were to be
distributed to meet the State's Prop 98 obligations to schools. The California
Redevelopment Association (CRA) and its member agencies filed a legal action in an
attempt to stop these amounts from having to be paid; however, in May 2010 the
Sacramento Superior Court upheld the legislation. This decision is in the process of
being appealed by CRA and its member agencies. Additionally, the question as to the
ability of the State to take resources for these purposes will be considered by the voters
in November 2010.
The payment of the SERAF was due on May 10, 2010 for fiscal year 2009-2010 and it
was made in the amount of $23,582,367. The legislation allowed this payment to be
made from any available monies present in any project area(s). Subsequent legislation
was passed which even allowed the funding for this payment to be borrowed from the
Low and Moderate Income Housing Fund with appropriate findings from its legislative
body. Any amounts borrowed from Low and Moderate Income Housing (including any
suspended set -aside amounts) are to be repaid by June 30, 2015. If those amounts are
not repaid, by that date, then the set -aside percentage to Low and Moderate Income
Housing will increase from 20% to 25% for the remainder of the life of the Agency.
To accomplish the payment, the Agency utilized a $10,000,000 advance from General
Fund Reserves, $10,000,000 that was previously budgeted to be transferred to the
Project Area No. 1 Capital Project Fund that was not done, and the remaining $3,582,367
was a transfer from the Project Area No. 1 Capital Project to the Project Area No. 1 Debt
Service fund for the payment. No Low and Moderate Income Housings Funds were
utilized to make the fiscal year 2009-2010 SERAF payment.
70
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2010
Note 22: Transactions with the State of California (Continued)
It is estimated that the Agency's share of the SERAF shift for fiscal year 2010-2011 will
amount to approximately $4,850,687 and this amount will be payable in May 2011 if the
appeal and/or the voter question above are not successful.
Note 23: Subsequent Event
In July 2010, the La Quinta Redevelopment Agency entered into an Owner Participation
Agreement (OPA) with an autodealer, Garff Properties -La Quinta, LLC ("Garff') that provides
for the Agency to provide a rehabilitation loan to Garff of up to $2,300,000 for the construction
of a new dealership facility and rehabilitation of an existing dealership facility. In connection
with the OPA, Garff has executed a promissory note which is secured by a deed of trust, and
an operating covenant. The loan will be repaid by crediting future sales and property tax
increment taxes generated on the site until the cumulative taxes collected equals the loan
amount. At that time, the note will be cancelled and the operating covenant will terminate. If,
after ten years of operation, a shortfall exists between the revenues collected and the
outstanding loan amount, the note will be cancelled and the operating covenant will
terminate. Further, if at any time through no fault of the dealership certain future events
outside of the dealership control occur the note will be cancelled and the operating covenant
will terminate.
71
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I:Y:
OTHER GOVERNMENTAL FUNDS
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.
Library Fund — To account for revenues from property tax increment dedicated library services.
Federal Assistance Fund — To account for revenues from the Community Development Block Grants
received from the Federal Government and the expenditures of those resources.
State Law Enforcements 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.
Indian Gaming Fund — To account for contributions for public safety activities to reduce crime and
increase public safety.
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.
Riverside County Transportation Commission (RCTC) Fund - To account for grant funds related to
transportation projects.
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.
Congestion Management Air Quality Fund — To account for grant funds related to improving air quality.
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.
Arts in Public Places — To account for development fees paid in lieu of acquisition and installation of
approved artworks in a development with expenditures restricted to acquisition, installation, maintenance
and repair of artworks at approved sites.
South Coast Air Quality Fund — To account for contributions from the South Coast Air Quality
Management District. Use is limited to reduction and control of airborne pollutants.
AB 939 Fund — To account for the State mandated program to reduce waste sent to the landfills through
recycling efforts.
Development Agreement Fund — To account for the proceeds of development agreement revenues
collected and the related expenditures in accordance with State requirements.
73
Coachella Valley Violent Crime Gang Task Force - To account for the revenues and expenditures of this
valley -wide crime prevention program with funding coming from the member agencies and grant revenue.
Proposition I Fund - To account for the revenues and expenditures related to Proposition I monies.
Justice Assistance Grant — To account for Federal Bureau of Justice Block Grant program grant funds,
which are used to reduce crime and improve public safety.
Housing Authority PA No.1 — To account for the housing activities of the Housing Authority in Project Area
1 which is to promote and provide for quality housing.
Housing Authority PA No.2 — To account for the housing activities of the Housing Authority in Project Area
2 which is to promote and provide for quality housing.
Low / Moderate Income Housing — Project Area No. 1 Fund — This fund is used to account for the
required 20% set aside of property tax increments that is legally restricted for increasing and improving
housing for low and moderate income households.
Low / Moderate Income Housing — Proiect Area No. 2 Fund — This fund is used to account for the
required 20% set aside of property tax increments that is legally restricted for increasing and improving
housing for low and moderate income households.
CAPITAL PROJECT FUNDS
Capital projects funds account for the financial resources to be used for the acquisition, construction or
improvements of major capital facilities and infrastructure.
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.
Transoortation Fund Parks and Recreations Fund Library Development Fund Community Center Fund
Street Facility Fund Park Facility Fund Fire 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. Eight 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.
Redevelopment Agency Capital Projects Fund Area 2 - To account for the bond proceeds, interest and
other funding that will be used for development, planning, construction and land acquisition.
2004 Low/Mod Bond Fund — To account for the 2004 revenue bond proceeds that will be used to finance
projects benefiting low and moderate income housing in La Quinta Redevelopment Project Area No. 1
and Project Area No. 2.
DEBT SERVICE FUNDS
Debt Service Funds are used to account for the accumulation of resources for, and the payment of,
governmental long-term debt principal and interest.
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 and 2004 Local Agency Revenue Bond debt obligations.
74
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ro
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010
Revenue Funds
Federal
State Gas Tax
Library
Assistance
SLEBG
Assets:
Pooled cash and investments
$ 248,485
$
$
$ 199
Receivables:
Accounts
-
-
-
- -
Taxes
Notes and loans
-
Accrued interest
91
Prepaid costs
-
Deposits
-
-
Due from other governments
180,025
483,298
21,048
25,773
Due from other funds
-
-
-
-
Advances to other funds
Restricted assets:
Cash and investments with fiscal agents
Total Assets
$ 428,601
$ 483,298
$ 21,048
$ 25,972
Liabilities and Fund Balances:
Liabilities:
Accounts payable
$
$
$
$
Deferred revenues
Unearned revenues
Deposits payable
Due to other funds
73,873
21,048
Advances from other funds
-
-
'
Total Liabilities
73,873
21,048
,
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Advances to other funds
Deposits
Restricted for:
Planning and development projects
_
Public safety
_
25,972
Community services
-
409,425
-
Public works
428,601
-
Capital Projects
_
Debt service
Unassigned
_
_
_
Total Fund Balances
428,601
409,425
-
25,972
Total Liabilities and Fund Balances
$ 428,601
$ 483,298
$ 21,048
$ 25,972
76
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010 (Continued)
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Due from other governments
Due from other funds
Advances to other funds
Restricted assets:
Cash and investments with fiscal agents
Total Assets
Special Revenue Funds
Lighting and
Indian Gaming Landscaping RCTC Quimby
$ - $ - $ - $ 10,364,601
20,130
7,987
84,837
$ $ 20,130 $ 84,837 $ 10,372,588
Liabilities and Fund Balances:.
Liabilities:
Accounts payable $ $ $ $
Deferred revenues
Unearned revenues
Deposits payable
Due to other funds 84,837
Advances from other funds -
Total Liabilities 84,837
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans - - - -
Advances to other funds
Deposits
Restricted for:
Planning and development projects -
Public safety -
Community services - - 10,372,588
Public works - 20,130 -
Capital Projects - -
Debt service -
Unassigned - - -
Total Fund Balances 20,130 - 10,372,588
Total Liabilities and Fund Balances $ $ 20,130 $ 84,837 $ 10,372,588
77
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010
Special Revenue Funds
Congestion
Management
Air Quality
Art in Public
South Coast
Fund
Public Safety
Places
Air Quality
Assets:
Pooled cash and investments
$ -
$ 22,862
$ 892,719
$ 274,800
Receivables:
Accounts
-
-
-
-
Taxes
-
Notes and loans
-
-
-
-
Accrued interest
-
18
685
220
Prepaid costs
-
-
-
Deposits
-
-
Due from other governments
155,895
13,113
Due from other funds
-
-
Advances to other funds
Restricted assets:
Cash and investments with fiscal agents
-
-
-
Total Assets
$ 155,895
$ 22,880
$ 893,404
$ 288,133
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ $ $ $
Deferred revenues
Unearned revenues
Deposits payable
Due to other funds 155,895
Advances from other funds - - - -
Total Liabilities 155,895
Fund Balances:
Nonspendable:
Prepaid costs - - - -
Notes and loans - - - -
Advances to other funds - - - -
Deposits - - - -
Restricted for:
Planning and development projects - 288,133
Public safety 22,880 - -
Community services - 893,404
Public works - - - -
Capital .Projects - - -
Debt service - - -
Unassigned - - - -
Total Fund Balances 22,880 893,404 288,133
Total Liabilities and Fund Balances $ 155,895 $ 22,880 $ 893,404 $ 288,133
78
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL_ FUNDS
JUNE 30, 2010 (Continued)
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Due from other governments
Due from other funds
Advances to other funds
Restricted assets:
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Deferred revenues
Unearned revenues
Deposits payable
Due to other funds
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Advances to other funds
Deposits
Restricted for:
Planning and development projects
Public safety
Community services
Public works
Capital Projects
Debt service
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
Special Revenue Funds
CV Violent
Development Crime Task Proposition
AB 939 Agreement Force 1B
$ 1,339,019 $ 198,966 $ - $ 575,344
1,039 153 441
$ 1,340,058 $ 199,119 $ - $ 575,785
$ 5,000 $ $ $
575,785
199,119 -
5,000 199,119
1,335,058
575,785
1,335,058 -
$ 1,340,058 $ 199,119 $ $ 575,785
rK
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010
Special Revenue Funds
Low/Moderate
Justice
Housing Housing
Income
Assistance
Authority PA Authority PA
Housing PA
Grant
No.1 No.2
No.1
Assets:
Pooled cash and investments
$
$ $
$ 7,575,402
Receivables:
Accounts
12,844
Taxes
26,768
Notes and loans
3,920,107
Accrued interest
5,059
Prepaid costs
-
Deposits
Due from other governments
12,418
Due from other funds
-
Advances to other funds
2,791
Restricted assets:
Cash and investments with fiscal agents
-
-
Total Assets
$ 12,418
$ $
$ 11,542,971
Liabilities and Fund Balances
Liabilities:
Accounts payable $ - $ $ $ 10,970
Deferred revenues - 1,831,398
Unearned revenues - -
Deposits payable - 18,266
Due to other funds 12,418 -
Advances from other funds - 1,414 1,377
Total Liabilities 12,418 1,414 1,377 1,860,634
Fund Balances:
Nonspendable:
Prepaid costs
- -
Notes and loans
- 2,088,709
Advances to other funds
- 2,791
Deposits
- -
Restricted for:
Planning and development projects
7,590,837
Public safety
-
Community services
Public works
-
Capital Projects
_
Debt service
_
Unassigned
- (1,414) (1,377) -
Total Fund Balances
(1,414) (1,377) 9,682,337
Total Liabilities and Fund Balances $
12,418 $ - $ $ 11,542,971
80
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010 (Continued)
Special
Revenue
Funds Capital Projects Funds
Low/Moderate
Income
Housing PA Parks and
No.2 Infrastructure Transportation Recreation
Assets:
Pooled cash and investments $ 19,678,116 $ 404,728 $ 4,552,226 $
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Due from other governments
Due from other funds
Advances to other funds
Restricted assets:
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Deferred revenues
Unearned revenues
Deposits payable
Due to other funds
Advances from other funds
Total Liabilities
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
Advances to other funds
Deposits
Restricted for:
Planning and development projects
Public safety
Community services
Public works
Capital Projects
Debt service
Unassigned
Total Fund Balances
Total Liabilities and Fund Balances
48,145
14,891
15,405 311 3,411
824 - -
6,400
2,143,702 - - -
$ 21,907,483 $ 405,039 $ 4,555,637 $
$ 53,611 $ $ $
28,552
- 1,417,770
82,163 1,417,770
824 -
6,400
21,818,096
405,039 4,555,637
- (1,417,770)
21,825,320 405,039 4,555,637 (1,417,770)
$ 21,907,483 $ 405,039 $ 4,555,637 $
m
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010
Assets:
Pooled cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Prepaid costs
Deposits
Due from other governments
Due from other funds
Advances to other funds
Restricted assets:
Cash and investments with fiscal agents
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accounts payable
Deferred revenues
Unearned revenues
Deposits payable
Due to other funds
Advances from other funds
Total Liabilities
Capital Projects Funds
Library Community
Development Center Street Facility Park Facility
$ $ 1,166,754 $ $
898
$ $ 1,167,652 $
1,937,311 1,390,419
1,937,311 1,390,419
Fund Balances:
Nonspendable:
Prepaid costs
Notes and loans
-
- -
Advances to other funds
-
- -
Deposits
-
- -
Restricted for:
Planning and development projects
-
- -
Public safety
-
- -
Community services
-
- -
Public works
-
- -
Capital Projects
-
1,167,652 -
Debt service
-
- -
Unassigned
(1,937,311)
(1,390,419)
Total Fund Balances
(1,937,311)
1,167,652 (1,390,419)
Total Liabilities and Fund Balances
$ $
1,167,652 $ $
82
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010 (Continued)
Debt Service
Capital Projects Funds Funds
2004
Low/Mod
Redevelopment
Financing
Fire Facility
Bond
Agency PA No. 2
Authority
Assets:
Pooled cash and investments
$ -
$ -
$ 3,048,979
$ 3,890
Receivables:
Accounts
-
-
21,000
-
Taxes
-
-
-
Notes and loans
-
-
-
Accrued interest
-
-
2,543
Prepaid costs
-
-
-
-
Deposits
-
-
-
-
Due from other governments
-
-
-
-
Due from other funds
-
-
-
-
Advances to other funds
-
-
935,294
-
Restricted assets:
Cash and investments with fiscal agents
-
5,569,552
-
-
Total Assets
$
$ 5,569,552
$ 4,007,816
$ 3,890
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ $
$
25,415 $
Deferred revenues
-
Unearned revenues
Deposits payable
Due to other funds
-
2,143,702
- -
Advances from other funds
935,294
-
-
Total Liabilities
935,294
2,143,702
25,415
Fund Balances:
Nonspendable:
Prepaid costs
-
-
Notes and loans
-
-
-
Advances to other funds
-
-
935,294
Deposits
-
-
- -
Restricted for:
Planning and development projects
-
-
- -
Public safety
-
-
- -
Community services
-
-
- -
Public works
-
-
- -
Capital Projects
-
3,425,850
3,047,107 -
Debt service
-
-
- 3,890
Unassigned
(935,294)
-
- -
Total Fund Balances
(935,294)
3,425,850
3,982,401 3,890
Total Liabilities and Fund Balances
$ $
5,569,552 $
4,007,816 $ 3,890
W
CITY OF LA QUINTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010
Total
Governmental
Funds
Assets:
Pooled cash and investments
$ 50,347,090
Receivables:
Accounts
81,989
Taxes
41,659
Notes and loans
3,920,107
Accrued interest
38,261
Prepaid costs
824
Deposits
6,400
Due from other governments
996,537
Due from other funds
2,143,702
Advances to other funds
938,085
Restricted assets:
Cash and investments with fiscal agents
5,569,552
Total Assets
$ 64,084,206
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ 94,996
Deferred revenues
1,831,398
Unearned revenues
575,785
Deposits payable
245,937
Due to other funds
2,491,773
Advances from other funds
5,683,585
Total Liabilities
10,923,474
Fund Balances:
Nonspendable:
Prepaid costs
824
Notes and loans
2,088.709
Advances to other funds
938.085
Deposits
6,400
Restricted for:
Planning and development projects
31,032,124
Public safety
48,852
Community services
11,675,417
Public works
448,731
Capital Projects
12,601,285
Debt service
3,890
Unassigned
(5,683,585)
Total Fund Balances
53,160,732
Total Liabilities and Fund Balances
$ 64,084,206
84
THIS PAGE INTENTIONALLY LEFT BLANK
m
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
Special Revenue Funds
Federal
State Gas Tax
Library
Assistance
SLEBG
Revenues:
Taxes
$
$
$
$
Assessments
Intergovernmental
1,108,080
2,082,803
90,818
100,000
Charges for services
-
-
-
-
Use of money and property
519
819
Developer participation
-
-
Miscellaneous
-
-
-
-
Total Revenues
1,108,599
2,082,803
90,818
100,819
Expenditures:
Current:
General government
Public safety
Planning and development
-
Community services
-
1,415,034
Public works
1,131,354
-
Capital outlay
-
Debt service:
Principal retirement
-
Interest and fiscal charges
-
2,258
Total Expenditures
1,131,354
1,417,292
Excess (Deficiency) of Revenues
Over(Under)Expenditures
(22,755)
665,511
90,818
100,819
Other Financing Sources (Uses):
Transfers in
-
-
-
Transfers out
(63,322)
(125,000)
(90,818)
(104,367)
Total Other Financing Sources
(Uses)
(63,322)
(125,000)
(90,818)
(104,367)
Net Change in Fund Balances
(86,077)
540,511
(3,548)
Fund Balances, Beginning of Year
514,678
(131,086)
29,520
Fund Balances, End of Year
$ 428,601
$ 409,425
$
$ 25,972
86
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL. FUNDS
YEAR ENDED JUNE 30, 2010 (Continued)
Revenues:
Taxes
Assessments
Intergovernmental
Charges for services
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Special Revenue Funds
Lighting and
Indian Gaming Landscaping RCTC Quimby
- 966,639 -
104,705 - 1,737,375
52,498
25,479
104,705 966,639 1,737,375 77,977
971,891
971,891
104,705 (5,252) 1,737,375 77,977
(104,705) (1,737,375) (168,570)
Total Other Financing Sources
(Uses) (104,705) (1,737,375) (168,570)
Net Change in Fund Balances (5,252) (90,593)
Fund Balances, Beginning of Year 25,382 10,463,181
Fund Balances, End of Year $ $ 20,130 $ $ 10,372,588
87
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
Revenues:
Taxes
Assessments
Intergovernmental
Charges for services
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Special Revenue Funds
Congestion
Management
Air Quality Art in Public South Coast
Fund Public Safety Places Air Quality
155,895 79,438
116 4,543 1,514
- 16,836 -
- 1,000
155,895 116 22,379 80,952
- 22,359
16,125 -
37,300
53,425 22,359
Excess (Deficiency) of Revenues
Over (Under) Expenditures 155,895
Other Financing Sources (Uses):
Transfers in 2,000
Transfers out (155,895)
(31,046) 58,593
(88,851)
Total Other Financing Sources
(Uses) (155,895) 2,000 (88,851)
Net Change in Fund Balances 2,116 (31,046) (30,258)
Fund Balances, Beginning of Year 20,764 924,450 318,391
Fund Balances, End of Year $ $ 22,880 $ 893,404 $ 288,133
m
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010 (Continued)
Special Revenue Funds
CV Violent
Development Crime Task
AB 939
Agreement Force
Proposition 1 B
Revenues:
Taxes
$ _
$ _ $
$
Assessments
_
_
Intergovernmental
-
-
31,267
Charges for services
-
_
Use of money and property
7,000
-
2,956
Developer participation
-
_
-
Miscellaneous
_
_
Total Revenues
7,000
34,223
Expenditures:
Current:
General government
-
_
Public safety
-
195,184
Planning and development
107,633
-
Community services
-
_ _
Public works
_
Capital outlay
-
- _
Debt service:
Principal retirement
_
_ _
_
Interest and fiscal charges
-
- -
Total Expenditures
107,633
- 195,184
Excess (Deficiency) of Revenues
Over(Under)Expenditures
(100,633)
- (195,184)
34,223
Other Financing Sources (Uses):
Transfers in
_
Transfers out
(10,721)
(34,223)
Total Other Financing Sources
(Uses)
(10,721)
(34,223)
Net Change in Fund Balances
(111,354)
(195,184)
Fund Balances, Beginning of Year
1,446,412
195,184
Fund Balances, End of Year
$ 1,335,058
$ $
$
89
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
Revenues:
Taxes
Assessments
Intergovernmental
Charges for services
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Soecial Revenue Funds
Low/Moderate
Justice Housing Housing Income
Assistance Authority PA Authority PA Housing PA
Grant No.1 No.2 No.1
$ $ $ $ 9,629,447
84,249
280,021
105,300
84,249 10,014,768
1,414 1,377 1,433,064
1,414 1,377 1,433,064
84,249 (1,414) (1,377) 8,581,704
(84,249) (5,147,760)
(84,249) (5,147,760)
(1,414) (1,377) 3,433,944
6,248,393
$ $ (1,414) $ (1,377) $ 9,682,337
m
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL. FUNDS
YEAR ENDED JUNE 30, 2010
(Continued)
Special
Revenue
Funds
Capital Projects Funds
Low/Moderate
Income
Housing PA
Parks and
No.2
Infrastructure Transportation
Recreation
Revenues:
Taxes
$ 5,190,795
$ $ $
Assessments
-
Intergovernmental
498,682
Charges for services
-
Use of money and property
263,002
2,039 24,049
-
Developer participation
-
- 79,352
34,790
Miscellaneous
31,250
- 19,546
Total Revenues
5,983,729
2,039 122,947
34,790
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
1,329,025
35,908 -
203,848 7,784
1,568,781 7,784
Excess (Deficiency) of Revenues
Over(Under)Expenditures 4,414,948 2,039 122,947 27,006
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
(2,476,949) (4,503) (1,474,859)
(2,476,949) (4,503) (1,474,859) -
1,937,999 (2,464) (1,351,912) 27,006
19,887,321
407,503
5,907,549
(1,444,776)
$ 21,825,320 $
405,039
$ 4,555,637
$ (1,417,770)
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
Capital Projects Funds
Library
Community
Development
Center
Street Facility
Park Facility
Revenues:
Taxes
$ -
$ -
$ -
$
Assessments
-
-
-
Intergovernmental
-
-
-
Charges for services
-
-
-
Use of money and property
-
5,866
477
160
Developer participation
13,846
2,886
2,795
858
Miscellaneous
-
-
-
-
Total Revenues
13,846
8,752
3,272
1,018
Expenditures:
Current:
General government
-
-
-
-
Public safety
-
-
-
-
Planning and development
-
-
-
-
Community services
-
-
-
-
Public works
-
-
-
-
Capital outlay
-
-
-
-
Debt service:
Principal retirement
-
-
-
Interest and fiscal charges
10,531
-
1,089
Total Expenditures
10,531
-
1,089
-
Excess (Deficiency) of Revenues
Over(Under)Expenditures
3,315
8,752
2,183
1,018
Other Financing Sources (Uses):
Transfers in
-
-
102,774
-
Transfers out
(1,834,996)
(102,774)
Total Other Financing Sources
(Uses) (1,732,222) (102,774)
Net Change in Fund Balances 3,315 8,752 (1,730,039) (101,756)
Fund Balances, Beginning of Year
(1,940,626)
1,158,900
339,620 101,756
Fund Balances, End of Year
$ (1,937,311) $
1,167,652
$ (1,390,419) $ -
92
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
(Continued)
Debt Service
Capital Projects Funds
Funds
2004
Low/Mod
Redevelopment
Financing
Fire Facility Bond
Agency PA No. 2
Authority
Revenues:
Taxes $
- $ -
$ _
$
Assessments
- -
_
Intergovernmental
- -
-
-
Charges for services
- -
-
5,327
Use of money and property
- 14,464
16,256
675,281
Developer participation
5,505 -
-
-
Miscellaneous
- -
-
-
Total Revenues
5,505 14,464
16,256
680,608
Expenditures:
Current:
General government
-
9,394
Public safety
- -
-
_
Planning and development
- 618,000
191,327
Community services
- -
-
Public works
- -
-
Capital outlay
- -
-
-
Debt service:
Principal retirement
- -
-
2,070,000
Interest and fiscal charges
5,081 -
-
4,518,611
Total Expenditures
5,081 618,000
191,327
6,598,005
Excess (Deficiency) of Revenues
Over(Under)Expenditures
424 (603,536)
(175,071)
(5,917,397)
Other Financing Sources (Uses):
Transfers in
-
2,600,000
5,913,331
Transfers out
(826,033)
(475,892)
-
Total Other Financing Sources
(Uses)
(826,033)
2,124,108
5,913,331
Net Change in Fund Balances
424 (1,429,569)
1,949,037
(4,066)
Fund Balances, Beginning of Year
(935,718)
4,855,419
2,033,364
7,956
Fund Balances, End of Year
$ (935,294)
$ 3,425,850 $
3,982,401 $
3,890
93
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
Total
Governmental
Funds
Revenues:
Taxes
$ 14,820,242
Assessments
966,639
Intergovernmental
6,073,312
Charges for services
5,327
Use of money and property
1,351,580
Developer participation
182,347
Miscellaneous
157,096
Total Revenues
23,556,543
Expenditures:
Current:
General government
9,394
Public safety
195,184
Planning and development
3,704,199
Community services
1,431,159
Public works
2,103,245
Capital outlay
37,300
Debt service:
Principal retirement
2,105,908
Interest and fiscal charges
4,749,202
Total Expenditures
14,335,591
Excess (Deficiency) of Revenues
Over (Under) Expenditures 9,220,952
Other Financing Sources (Uses)
Transfers in 8,618005
Transfers out (15,111,862)
Total Other Financing Sources
(Uses) (6,493,757)
Net Change in Fund Balances 2,727,195
Fund Balances, Beginning of Year 50,433,537
Fund Balances, End of Year $ 53,160,732
Z]
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
STATE GAS TAX
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 514,678
$ 514,678
$ 514,678
$ -
Resources (Inflows):
Intergovernmental
953,800
983,595
1,108,080
124,485
Use of money and property
5,400
1,500
519
(981)
Amounts Available for Appropriation
1,473,878
1,499,773
1,623,277
123,504
Charges to Appropriation (Outflow):
Public works
1,131,354
1,131,354
1,131,354
-
Transfers out
-
537,840
63,322
474,518
Total Charges to Appropriations
1,131,354
1,669,194
1,194,676
474,518
Budgetary Fund Balance, June 30
$ 342,524
$ (169,421)
$ 428,601
$ 598,022
95
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
LIBRARY
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ (131,086)
$ (131,086)
$ (131,086)
$
Resources (Inflows):
Intergovernmental
2,549,700
2,549,700
2,082,803
(466,897)
Use of money and property
2,800
2,800
(2,800)
Amounts Available for Appropriation
2,421,414
2,421,414
1,951,717
(469,697)
Charges to Appropriation (Outflow):
Community services
1,720,350
1,720,350
1,415,034
305,316
Debt service:
Interest and fiscal charges
-
4,000
2,258
1,742
Transfers out
125,000
125,000
-
Total Charges to Appropriations
1,720,350
1,849,350
1,542,292
307,058
Budgetary Fund Balance, June.30
$ 701,064
$ 572,064
$ 409,425
u
m
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
FEDERAL ASSISTANCE
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ -
$
$
$
Resources (Inflows):
Intergovernmental
230,000
363,555
90,818
(272,737)
Amounts Available for Appropriation
230,000
363,555
90,818
(272,737)
Charges to Appropriation (Outflow):
Transfers out
230,000
347,730
90,818
256,912
Total Charges to Appropriations
230,000
347,730
90,818
256,912
Budgetary Fund Balance, June 30
$ -
$ 15,825
$
$ (15,825)
97
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
SLEBG
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 29,520
$ 29,520
$ 29,520
$
Resources (Inflows):
Intergovernmental
100,000
100,000
100,000
-
Use of money and property
-
100
819
719
Amounts Available for Appropriation
1 99,520
129,620
130,339
719
Charges to Appropriation (Outflow):
Transfers out
100,000
129,544
104,367
25,177
Total Charges to Appropriations
100,000
129,544
104,367
25,177
Budgetary Fund Balance, June 30
$ 29,520
$ 76
$ 25,972
$ 25,896
m
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
INDIAN GAMING
YEAR ENDED JUNE 30, 20111
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ -
$ -
$ -
$ -
Resources (Inflows):
Intergovernmental
120,000
120,000
104,705
(15,295)
Use of money and property
300
150
-
(150)
Amounts Available for Appropriation
120,300
120,150
104,705
(15,445)
Charges to Appropriation (Outflow):
Transfers out
120,300
120,300
104,705
15,595
Total Charges to Appropriations
120,300
120,300
104,705
15,595
Budgetary Fund Balance, June 30
$
$ (150)
$
$ 150
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
LIGHTING AND LANDSCAPE
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 25,382
$ 25,382
$ 25,382
$ -
Resources (Inflows):
Assessments
947,800
947,800
966,639
18,839
Amounts Available for Appropriation
973,182
973,182
992,021
18,839
Charges to Appropriation (Outflow):
Public works
979,504
973,182
971,891
1,291
Total Charges to Appropriations
979,504
973,182
971,891
1,291
Budgetary Fund Balance, June 30 $ (6,322) $ $ 20,130 $ 20,130
1[4f:
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
RCTC
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts Actual Positive
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Original Final Amounts (Negative)
1,970,763 1,737,375 (233,388)
1,970,763 1,737,375 (233,388)
1,970,763 1,737,375 233,388
1,970,763 1,737,375 233,388
101
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
QUIMBY
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$10,463,181
$10,463,181
$ 10,463,181
$
Resources (Inflows):
Use of money and property
15,600
40,000
52,498
12,498
Developer participation
-
-
25,479
25,479
Amounts Available for Appropriation
10,478,781
1O7503,181
10,541,158
37,977
Charges to Appropriation (Outflow):
Transfers out
704,366
9,617,963
168,570
9,449,393
Total Charges to Appropriations
704,366
9,617,963
168,570
9,449,393
Budgetary Fund Balance, June 30
$ 9,774,415
$ 885,218
$ 10,372,588
$ 9,487,370
„
102
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
CONGESTION MANAGEMENT AIR QUALITY FUND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ - $
$
$ -
Resources (Inflows):
Intergovernmental
1,163,000
155,895
(1,007,105)
Amounts Available for Appropriation
1,163,000
155,895
(1,007,105)
Charges to Appropriation (Outflow):
Transfers out
1,163,000
155,895
1,007,105
Total Charges to Appropriations
1,163,000
155,895
1,007,105
Budgetary Fund Balance, June 30
$ $ -
$ -
$
103
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
PUBLIC SAFETY
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of money and property
Transfers in
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Public safety
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
BudgetAmounts Actual Positive
Original Final Amounts (Negative)
$ 20,764 $ 20,764 $ 20,764 $
200 100 116 16
2,000 2,000 2,000 -
22,964 22,864 22,880 16
2,000 2,000 2,000
2,000 2,000 - 2,000
$ 20,964 $ 20,864 $ 22,880
104
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
ART IN PUBLIC PLACES
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of money and property
Developer participation
Miscellaneous
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Community services
Capital outlay
Transfers out
Total Charges to Appropriations
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 924,450
$ 924,450
$ 924,450
$ -
3,800
3,800
4,543
743
33,525
33,525
16,836
(16,689)
-
1,000
1,000
961,775
962,775
946,829
(15,946)
36,200
36,200
16,125
20,075
260,000
603,030
37,300
565,730
-
200,000
-
200,000
296,200
839,230
53,425
785,805
Budgetary Fund Balance, June 30 $ 665,575 $ 123,545 $ 893,404 $ 769,859
105
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
SOUTH COAST AIR QUALITY
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Planning and development
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Budget Amounts
Original Final
$ 318,391 $ 318,391
Variance with
Final Budget
Actual Positive
Amounts (Negative)
$ 318,391 $
96,900
96,900
79,438
(17,462)
2,800
1,350
1,514
164
418,091
416,641
399,343
(17,298)
324,582
26,600
22,359
4,241
48,000
345,982
88,851
257,131
372,582
372,582
111,210
261,372
$ 45,509
$ 44,059
$ 288,133
$ 244,074
:,
106
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
AB 939
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, Jule 1
$1,446,412
$ 1,446,412
$ 1,446,412
$ -
Resources (inflows):
Use of money and property
14,000
5,000
7,000
2,000
Amounts Available for Appropriation
1,460,412
1,451,412
1,453,412
2,000
Charges to Appropriation (Outflow):
Planning and development
108,482
151,982
107,633
44,349
Capital outlay
80,000
-
-
-
Transfers out
-
205,000
10,721
194,279
Total Charges to Appropriations
188,482
356,982
118,354
238,628
Budgetary Fund Balance, June 30
$1,271,930
$ 1,094,430
$ 1,335,058
$ 240,628
107
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
CV VIOLENT CRIME TASK FORCE
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Public safety
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 195,184
$ 195,184
$ 195,184
$
61,400
-
-
1,900
-
-
258,484
195,184
1 55,184
-
46,100
205,000
195,184
9,816
46,100
205,000
195,184
9,816
$ 212,384
$ (9,816)
$
$ 9,816
108
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
PROPOSITION 113
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Intergovernmental
Use of money and property
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, Jane 30
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
606,885 31,267 (575,618)
2,000 2,956 956
608,885 34,223 (574,662)
609,841 34,223 575,618
609,841 34,223 575,618
$ $ (956) $ $ 956
109
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
JUSTICE ASSISTANCE GRANT
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$
$ -
$ -
$
Resources (Inflows):
Intergovernmental
69,416
86,303
84,249
(2,054)
Use of money and property
-
50
-
(50)
Amounts Available for Appropriation
69,416
86,353
84,249
(2,104)
Charges to Appropriation (Outflow):
Transfers out
69,416
86,303
84,249
2,054
Total Charges to Appropriations
69,416
86,303
84,249
2,054
Budgetary Fund Balance, June 30
$
$ 50
$
$ (50)
110
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
HOUSING AUTHORITY PA NO. 1
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ $ -
$ -
$ -
Charges to Appropriation (Outflow):
Planning and development
25,750
1,414
24,336
Total Charges to Appropriations
25,750
1,414
24,336
Budgetary Fund Balance, June 30
$ $ (25,750)
$ (1,414)
$ 24,336
111
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
HOUSING AUTHORITY PA NO. 2
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ $ -
$ -
$ -
Charges to Appropriation (OutFlow);
Planning and development
25,750
1,377
24,373
Total Charges to Appropriations
25,750
1,377
24,373
Budgetary Fund Balance, June 30
$ $ (25,750)
$ (1,377)
$ 24,373
ISM
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
LOW/MODERATE INCOME HOUSING PA NO. 1
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 6,248,393
$ 6,248,393
$ 6,248,393
$ -
Resources (Inflows):
Taxes
10,833,900
9,623,500
9,629,447
5,947
Use of money and property
293,700
293,700
280,021
(13,679)
Miscellaneous
-
19,444
105,300
85,856
Proceeds from sale of capital asset
150,000
150,000
-
(150,000)
Amounts Available for Appropriation
17,525,993
16,335,037
16,263,161
(71,876)
Charges to Appropriation (Outflow):
Planning and development
2,338,821
1,756,051
1,433,064
322,987
Transfers out
4,478,892
5,228,892
5,147,760
81,132
Total Charges to Appropriations
6,817,713
6,984,943
6,585,824
404,119
Budgetary Fund Balance, June 30
$10,708,280
$ 9,350,094
$ 9,682,337
$ 332,243
113
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
LOW/MODERATE INCOME HOUSING PA NO.2
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$19,887,321
$19,887,321
$19,887,321
$
Resources (Inflows):
Taxes
5,668,000
5,411,100
5,190,795
(220,305)
Intergovernmental
498,200
498,200
498,682
482
Use of money and property
335,000
265,000
263,002
(1,998)
Miscellaneous
4,200
29,200
31,250
2,050
Amounts Available for Appropriation
26,392,721
26,090,821
25,871,050
(219,771)
Charges to Appropriation (Outflow):
Planning and development
1,490,972
1,717,730
1,329,025
388,705
Debt service:
Principal retirement
35,996
35,996
35,908
88
Interest and fiscal charges
203,760
203,760
203,848
(88)
Transfers out
11,705,921
12,177,388
2,476,949
9,700,439
Total Charges to Appropriations
13,436,649
14,134,874
4,045,730
10,089,144
Budgetary Fund Balance, June 30
$12,956,072
$11,955,947
$ 21,825,320
$ 9,869,373
114
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
CAPITAL IMPROVEMENT
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ -
$ -
$ -
$ -
Resources (Inflows):
Intergovernmental
-
11,930,113
758,602
(11,171,511)
Developer participation
-
490,108
52,508
(437,600)
Transfers in
27,381,609
87,010,557
13,803,905
(73,206,652)
Amounts Available for Appropriation
27,381,609
99,430,778
14,615,015
(84,815,763)
Charges to Appropriation (Outflow):
Capital outlay
-
99,477,324
14,366,561
85,110,763
Debt service:
Principal retirement
-
248,454
219,230
29,224
Interest and fiscal charges
-
-
29,224
(29,224)
Total Charges to Appropriations
-
99,725,778
14,615,015
85,110,763
Budgetary Fund Balance, June 30
$ 27,381,609
$ (295,000)
$ -
$ 295,000
1§161
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
INFRASTRUCTURE
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 407,503
$ 407,503
$ 407,503
$ -
Resources (inflows):
Use of money and property
100
1,700
2,039
339
Amounts Available for Appropriation
407,603
409,203
409,542
339
Charges to Appropriation (Outflow):
Transfers out
-
397,576
4,503
393,073
Total Charges to Appropriations
397,576
4,503
393,073
Budgetary Fund Balance, June 30
$ 407,603
$ 11,627
$ 405,039
$ 393,412
fiG:
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
TRANSPORTATION
YEAR ENDED JUNE 30, 20101
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 5,907,549
$ 5,907,549
$ 5,907,549
$ -
Resources (Inflows):
Use of money and property
6,000
20,000
24,049
4,049
_ Developer participation
382,400
115,800
79,352
(36,448)
Miscellaneous
-
-
19,546
19,546
Amounts Available for Appropriation
6,295,949
6,043,349
6,030,496
(12,853)
Charges to Appropriation (Outflow):
Transfers out
2,246,624
5,699,192
1,474,859
4,224,333
Total Charges to Appropriations
2,246,624
5,699,192
1,474,859
4,224,333
Budgetary Fund Balance, June 30
$ 4,049,325
$ 344,157
$ 4,555,637
$ 4,211,480
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
PARKS AND RECREATION
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ (1,444,776)
$ (1,444,776)
$(1,444,776)
$
Resources (Inflows):
Developer participation
111,500
53,520
34,790
(18,730)
Amounts Available for Appropriation
(1,333,276)
(1,391,256)
_ (1,409,986)
(18,730)
Charges to Appropriation (Outflow):
Debt service:
Interest and fiscal charges
15,000
7,784
7,216
Total Charges to Appropriations
15,000
7,784
7,216
Budgetary Fund Balance, June 30
$ (1,333,276)
$ (1,406,256)
$(1,417,770)
$ (11,514)
118
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
CIVIC CENTER
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (inflows):
Developer participation
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
General government
Debt service:
Interest and fiscal charges
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ (9,617,167) $ (9,6 77,167) $(9,617,167) $
140,400 59,700 38,884 (20,816)
(9,476,767) (9,557,467) (9,578,283) (20,816)
202,764
202,764
204,362
(1,598)
-
92,500
51,069
41,431
202,764
295,264
255,431
39,833
$ (9,679,531)
$ (9,852,731)
$(9,833,714) $
19,017
119
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
LIBRARY DEVELOPMENT
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ (1,940,626)
$ (1,940,626)
$(1,940,626)
$
Resources (Inflows):
Developer participation
44,400
21,300
13,846
(7,454)
Amounts Available for Appropriation
(1,896,226)
(1,919,326)
(1,926,780)
(7,454)
Charges to Appropriation (Outflow):
Debt service:
Interest and fiscal charges
19,500
10,531
8,969
Total Charges to Appropriations
19,500
10,531
8,969
Budgetary Fund Balance, June 30
$ (1,896,226)
$ (1,938,826)
$(1,937,311)
$ 1,515
120
CITY OF LA QUINTA
` I BUDGETARY COMPARISON SCHEDULE
COMMUNITY CENTER
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$1,158,900
$ 1,158,900
$ 1,158,900
$ -
Resources (Inflows):
Use of money and property
11,700
5,000
5,866
866
Developer participation
9,300
4,440
2,886
(1,554)
Amounts Available for Appropriation
1,179,900
1,168,340
1,167,652
(688)
Budgetary Fund Balance, June 30
$1,179,900
$ 1,168,340
$ 1,167,652
$ (688)
121
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
STREET FACILITY
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 339,620
$ 339,620
$ 339,620
$ -
Resources (Inflows):
Use of money and property
-
500
477
(23)
Developer participation
14,700
4,020
2,795
(1,225)
Transfers in
-
102,539
102,774
235
Amounts Available for Appropriation
354,320
446,679
445,666
(1,013)
Charges to Appropriation (Outflow):
Debt service:
Interest and fiscal charges
-
4,250
1,089
3,161
Transfers out
2,476,398
1,834,996
641,402
Total Charges to Appropriations
-
2,480,648
1,836,085
644,563
i
Budgetary Fund Balance, June 30
$ 354,320
$ (2,033,969)
$(1,390,419)
$ 643,550
122
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
PARK FACILITY
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of money and property
Developer participation
Amounts Available for ,Appropriation
Charges to Appropriation (Outflow):
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 101,756
$ 101,756
$ 101,756
$
1,000
160
160
-
2,800
1,320
858
(462)
105,556
103,236
1O 7 44
(462)
-
102,539
102,774
(235)
102,539
102,774
(235)
$ 105,556
$ 697
$
$ (697)
123
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
FIRE FACILITY
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ (935,718)
$ (935,718)
$ (935,718)
$
Resources (Inflows):
Developer participation
26,500
8,400
5,505
(2,895)
Amounts Available for Appropriation
(909,218)
(927,318)
(930,213)
(2,895)
Charges to Appropriation (Outflow):
Debt service:
Interest and fiscal charges
9,250
5,081
4,169
Total Charges to Appropriations
9,250
5,081
4,169
Budgetary Fund Balance, June 30
$ (909,218)
$ (936,568)
$ (935,294)
$ 1,274
t
124
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
2004 LOW/MOD BOND
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July '1
$ 4,855,419
$ 4,855,419
$ 4,855,419
$
Resources (Inflows):
Use of money and property
17,500
20,000
14,464
(5,536)
_ . Amounts Available for Appropriation
4,872,919
4,875,419
4,869,883
(5,536)
Charges to Appropriation (Outflow):
Planning and development
-
824,000
618,000
206,000
Transfers out
901,740
826,033
75,707
Total Charges to Appropriations
1,725,740
1,444,033
281,707
Budgetary Fund Balance, June 30
$ 4,872,919
$ 3,149,679
$ 3,425,850
$ 276,171
125
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
REDEVLOPMENT AGENCY PA NO. 1
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ 44,929,283
$44,929,283
$ 44,929,283
$
Resources (Inflows):
Use of money and property
194,500
199,139
196,204
(2,935)
Miscellaneous
-
-
325,000
325,000
Transfers in
10,000,000
-
-
Amounts Available for Appropriation
55,123,783
45,128,422
45,450,487
322,066
Charges to Appropriation (Outflow):
Planning and development
1,076,940
1,175,628
969,116
206,512
Transfers out
6,085,000
42,429,881
603,719
41,826,162
Total Charges to Appropriations
7,161,940
43,605,509
1,572,835
42,032,674
Budgetary Fund Balance, June 30
$ 47,961,843
$ 1,522,913
$ 43,877,652
$ 42,354,739
126
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
REDEVLOPMENT AGENCY PA NO. 2
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Use of money and property
Transfers in
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
Planning and development
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
$ 2,033,364
$ 2,033,364
$ 2,033,364
$
41,400
20,650
16,256
(4,394)
-
2,600,000
2,600,000
2,074,764
4,654,014
4,649,620
(4,394)
242,721
323,079
191,327
131,752
3,303,371
3,440,121
475,892
2,964,229
3,546,092
3,763,200
667,219
3,095,981
$(1,471,328)
$ 890,814
$ 3,982,401
$ 3,091,587
127
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
FINANCING AUTHORITY
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Charges for services
Use of money and property
Transfers in
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
General government
Debt service:
Principal retirement
Interest and fiscal charges
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
$ 7,956 $ 7,956 $ 7,956 $
15,000 15,000 5,327 (9,673)
675,280 675,280 675,281 1
5,913,331 5,913,331 5,913,331
6,611,567 6,611,567 6,601,895 (9,672)
15,800 15,800 9,394 6,406
2,070,000 2,070,000 2,070,000
4,518,611 4,518,611 4,518,611 -
6,604,411 6,604,411 6,598,005 6,406
$ 7,156 $ 7,156 $ 3,890 $ (3,266)
128
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
REDEVELOPMENT AGENCY PA NO. 1
YEAR ENDED JUNE 30, 2010
Budgetary Fund Balance, July 1
Resources (Inflows):
Taxes
Use of money and property
Transfers in
Amounts Available for Appropriation
Charges to Appropriation (Outflow):
General government
Debt service:
Principal retirement
Interest and fiscal charges
Pass -through agreement payments
Transfers out
Total Charges to Appropriations
Budgetary Fund Balance, June 30
Budget Amounts
Original Final
$5,482,142 $ 5,482,142
43,335,700
42,700
4,438,892
53,299,434
508,200
3,936,688
8,164,062
23,920,933
13,961,932
50,491,815
$ 2,807,619
38,494,000
75,000
4,438,892
48,490,034
24,066,767
3,936,688
8,572,395
22,724,933
3,961,932
63,262,715
$ (14,772,681)
Variance with
Final Budget
Actual Positive
Amounts (Negative)
$ 5,482,142 $
38,517,789
23,789
94,785
19,785
4,438,892
-
48,533,608
43,574
24,056,133
10,634
3,936,688
8,572,395 -
21,194,350 1,530,583
3,961,932 -
61,721,498 1,541,217
$ (13,187,890) $ 1,584,791
129
CITY OF LA QUINTA
BUDGETARY COMPARISON SCHEDULE
REDEVELOPMENT AGENCY PA NO.2
YEAR ENDED JUNE 30, 2010
Variance with
Final Budget
Budget Amounts
Actual
Positive
Original
Final
Amounts
(Negative)
Budgetary Fund Balance, July 1
$ (3,126,748)
$ (3,126,748)
$(3,126,748)
$
Resources (Inflows):
Taxes
22,671,800
21,644,500
20,763,180
(881,320),
Use of money and property
140,000
100,000
94,615
(5,385)
Transfers in
1,951,399
1,951,399
1,951,399
Amounts Available for Appropriation
21,636,451
20,569,151
19,682,446
(886,705)
Charges to Appropriation (Outflow):
General government
268,000
255,100
253,227
1,873
Debt service:
Principal retirement
120,000
120,000
320,000
(200,000)
Interest and fiscal charges
1,956,078
1,956,078
1,956,078
-
Pass -through agreement payments
19,253,381
18,291,681
17,516,544
775,137
Transfers out
1,951,399
4,551,399
4,551,399
-
Total Charges to Appropriations
23,548,858
25,174,258
24,597,248
577,010
Budgetary Fund Balance, June 30
$ (1,912,407)
$ (4,605,107)
$(4,914,802)
130
INTERNAL SERVICE FUNDS
Internal service funds are used to account for activities involved in rendering services to departments
within the City. Costs of materials and services used are accumulated in this fund and charged to the
user departments as such goods are delivered or services rendered.
The City of La Quinta has the following Internal Service Funds:
Equipment Replacement Fund — used to account for the ultimate replacement of City owned and
operated vehicles and equipment
Information Technology Fund — used to account for the purchase and replacement of information
systems.
Park Equipment and Facilities Fund — used to account for the purchase and replacement of City owned
park facility infrastructure.
131
CITY OF LA QUINTA
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
JUNE 30, 2010
Governmental Activities - Internal Service Funds
Park
Equipment Information Equipment
Replacement Technology and Facilities Totals
Assets:
Current:
Cash and investments $ 1,785,112 $ 1,346,683 $ 765,163 $ 3,896,958
Receivables:
Accrued interest 1,332 1,037 631 3,000
Prepaid costs 240 - 240
Total Current Assets 1,786,444 1,347,960 765,794 3,900,198
Noncurrent:
Capital assets - net of accumulated depreciation 1,089,316 385,651 14,080,989 15,555,956
Total Noncurrent Assets 1,089,316 385,651 14,080,989 15,555,956
Total Assets $ 2,875,760 $ 1,733,611 $ 14,846,783 $ 19,456,154
Liabilities and Net Assets:
Liabilities:
Current:
Accounts payable
Accrued liabilities
Total Current Liabilities
Noncurrent:
Accrued compensated absences
Total Noncurrent Liabilities
Total Liabilities
Net Assets:
Invested in capital assets, net of related debt
Unrestricted
Total Net Assets
Total Liabilities and Net Assets
$ 9,241
$ 79,866
$ 15,634
$ 104,741
-
3,404
-
3,404
9,241
83,270
15,634
108,145
-
8,423
-
8,423
-
8,423
8,423
9,241
91,693
15,634
116,568
1,089,316
385,651
14,080,989
15,555,956
1,777,203
1,256,267
750,160
3,783,630
2,866,519
1,641,918
14,831,149
19,339,586
$ 2,875,760
$ 1,733,611
$ 14,846,783
$ 19,456,154
a
See Notes to Financial Statement 1 132
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2010
Operating Revenues:
Sales and service charges
Total Operating Revenues
Operating Expenses:
Salaries and benefits
Fuel and oil
Maintenance and parts
Contract services
Software and supplies
Other
Depreciation expense
Total Operating Expenses_;
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Gain (loss) on disposal of capital .assets
Total Nonoperating
Revenues(Expenses)
Governmental Activities - Internal Service Funds
Park
Equipment Information Equipment and
Replacement Technology Facilities Totals
$ - $ 331,044 $ - $ 331,044
331,044 - 331,044
-
108,322
108,322
92,265
-
92,265
83,830
- -
83,830
15,572
38,613 15,634
69,819
-
111,447 -
111,447
1,975
55,179 -
57,154
234,684
111,152 424,283
770,119
428,326 424,713 439,917 1,292,956
(428,326) (93,669) (439,917) (961,912)
10,642 7,142 6,221 24,005
2,330 - - 2,330
12,972 7,142 6,221 26,335
Income (Loss) Before Contributions and Transfers (415,354) (86,527) (433,696) (935,577)
Capital contributions 15,407 - 46,900 62,307
Transfers out (600,000) (893,007) (1,493,007)
Changes in Net Assets (999,947) (86,527) (1,279,803) (2,366,277)
Net Assets:
Beginning of Year 3,866,466 1,728,445 16,110,952 21,705,863
End of Fiscal Year $ 2,866,519 $ 1,641,918 $ 14,831,149 $ 19,339,586
See Notes to Financial Statement 133
CITY OF LA QUINTA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2010
Governmental Activities - Internal Service Funds
Park
Equipment
Information
Equipment and
Replacement
Technology
Facilities
Totals
Cash Flows from Operating Activities:
Cash received from customers and users
$ -
$ 331,044
$ -
$ 331,044
Cash paid to suppliers for goods and services
(193,390)
(125,424)
(318,814)
Cash paid to employees for services
(107,460)
(107,460)
Net Cash Provided (Used) by Operating Activities (193,390)
98,160
(95,230)
Cash Flows from Non -Capital
Financing Activities:
Cash transfers out
(600,000)
(893,007)
(1,493,007)
Net Cash Provided (Used) by
Non -Capital Financing Activities
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets
Proceeds from sales of capital assets
Net Cash Provided (Used) by
Capital and Related Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Cash Provided (Used) by
Investing Activities
Net Increase(Decrease)in Cash
and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
(600,000)
(98,892) (53,013)
2,330
(96,562) (53,013)
(893,007) (1,493,007)
(151,905)
2,330
(149,575)
12,328
7,519
7,465
27,312
12,328
7,519
7,465
27,312
(877,624)
52,666
(885,542)
(1,710,500)
2,662,736
1,294,017
1,650,705
5,607,458
$ 1,785,112
$ 1,346,683
$ 765,163
$ 3,896,958
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)
$ (428,326)
$ (93,669)
$ (439.917)
$ (961,912)
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation
234,684
111,152
424,283
770,119
(Increase) decrease in prepaid expense
-
(240)
-
(240)
Increase(decrease)in accounts payable
252
79,658
15,634
95,544
Increase (decrease) in accrued liabilities
-
397
-
397
Increase (decrease) in compensated absences
-
862
-
862
Total Adjustments
234,936
191,829
439,917
866;682
Net Cash Provided (Used) by
Operating Activities
$ (193,390)
$ 98,160
$
$ (95,230)
Non -Cash Investing, Capital, and Financing Activities:
Capital assets contributed by other funds
$ 15,407
$ -
$ 46,900
$ 62,307
See Notes to Financial Statement 134
AGENCY FUNDS
Agency funds are used to account for assets held by the City as an agent for 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:
Assessment District No. 97-1 and 2001-1 — To account for assessments paid to the City for debt service
payments on bond issuers used to finance sewer improvements.
135
CITY OF LA OUINTA
COMBINING BALANCE SHEET
ALL AGENCY FUNDS
JUNE 30, 2010
Assessment
Assessment District No.
District No 97-1 2001-1 Totals
Assets:
Pooled cash and investments
Receivables:
Taxes
Accrued interest
Total Assets
Deposits payable
Total Liabilities
$
149,321
$
402,387
$
551,708
1,419
12,371
13,790
109
297
406
$
150,849
$
415,055
$
565,904
$
150,849
$
415,055
$
565,904
$
150,849
$
415,055
$
565,904
See Notes to Financial Statements 136
CITY OF LA QUINTA
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED JUNE 30, 2010
Balance
Balance
July
1, 2009
Additions
Deductions
June 30, 2010
Assessment District No. 97-1
Assets:
Pooled cash and investments
$
138,694
$
65,950
$
55,323
$
149,321
Receivables:
Taxes
2,396
1,419
2,396
1,419
Accrued interest
157
109
157
109
Total Assets
$
141,247
$
67,478
$
57,876
$
150,849
Liabilities:
Deposits payable
$
141,247
$
64,925
$
55,323
$
150,849
Total Liabilities
$
141,247
$
64,925
$
55,323
$
150,849
Assessment District No. 20014
Assets:
Pooled cash and investments
$
428,276
$
200,954
$
226,843
$
402,387
Receivables:
Taxes
8,900
12,371
8,900
12,371
Accrued interest
498
297
498
297
Total Assets
$
437,674
$
213,622
$
236,241
$
415,055
Liabilities:
Deposits payable
$
437,674
$
203,969
$
226,588
$
415,055
Total Liabilities
$
437,674
$
203,969
$
226,588
$
415,055
Totals -All Agency Funds
Assets:
Pooled cash and investments
$
566,970
$
266,904
$
282,166
$
551,708
Receivables:
Taxes
11,296
13,790
11,296
13,790
Accrued interest
655
406
655
406
Total Assets
$
578,921
$
281,100
$
294,117
$
565,904
Liabilities:
Deposits payable
$
578,921
$
268,894
$
281,911
$
565,904
Total Liabilities
$
578,921
$
268,894
$
281,911
$
565,904
See Notes to Financial Statements 137
i
THIS PAGE INTENTIONALLY LEFT BLANK
m
138
STATISTICAL SECTION
This part of the City of La Quinta's comprehensive annual financial report presents
detailed information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about the
government's overall financial health.
Contents
Financial Trends
Page
These schedules contain trend information to help the reader
understand how the government's financial performance and
well-being have changed over time. 126
Revenue Capacity
These schedules obtain information to help the reader assess
the govemment's most significant local revenue source, the
property tax. 146
Debt Capacity
These schedules present information to help the reader assess
the ability of the government's current levels of outstanding debt
and the government's ability to issue additional debt in the
future. 151
Demographic and Economic Information
These schedules offer demographic and economic indicators to
help the reader understand the environment within which the
government's financial activities that take place. 156
Operating Information
These schedules contain service and infrastructure data to help
the reader understand how the information in the government's
financial report relates to the services the government provides
and the activities it performs. 159
139
CITY OF LA QUINTA TABLE 1 ,
Net Assets by Component
Last Ten Fiscal Years
(acmual basis ofaccounting)
22101
Q
2443
2004
2005
2006
2007
2008
2009
2010
Govenmemal.ohnins:
Invested in capital assets,
no of toned debt
S 217.419,724
195,474,945
225.818,022
249,059,500
733.361,129
253,559,117
3010,220,033
343.019,328
323,669,955
336,459,472
Restrictul
45,438,930
74.156,69)
40,038,313
44,415,966
43,421,957
65,159,623
49,277,895
86,041,189
105,297,168
9Q332.810
Unrestrkted
30,698,622
43025,999
48290000
45,169328
60,361071
86,129,376
106,939,5]9
79,642,102
96,654,981
7]18]433
Total govern.] towno..sots
S 293,557,276
312,657,635
314,146,335
338,644,794
33].144,05]
404,848,116
456,437,505
509,702.619
525622,104
509,9]9,5]5
BusNesi-npe tion,"ics:
Invested in capiul assets,
42,075.172
42,692,025
42,]]8,015
42,536,608
42,879,482
nn of,dtiled deb
S -
-
-
-
41.300,1146
Restricted
-
-
-
-
-
Umestrieted
(626,658)
(1665646)
(2385462)
(3109524)
(3937,454)
(4867848)
Total Wsiness-type u,Mt,,s net assets
-
-
-
40.674,188
40,409,526
40,3%563
39,668,491
38,599,154
38,015,634 y
Ptimary g.,rnusem
Invented in capital rise¢,
net of relaad&W
S 217,419,724
195,474,945
225,818,022
249,059500
274,661,975
295,634,289
342,912,058
385,797,343
36Q20Q563
f
379,338,754
Restrined
45,438.930
74,156,691
40,038,313
44,415,966
43421,857
65,159,623
49,277,995
86,041,10
105,297,168
96,332.870
Umnatrtoted
30,698622
43,025,999
48.290,000
45,169328
59,734,413
84.463,730
104554,115
76532578
92717527
72,323,585 -
Totalprimarygovertunctnnetassets
$ 293,557.276
312,657,635
314,146,335
338.644.794
3]],818,245
445,257.642
496,74g068
548,371,110
564,221,258
547,995,209
somee Cityof La Qnim
Iw
140
Cf OF UQ1 A
T"U2
Chang. in Nel Assen
hsrtmFival Vean
[acmmlDvis ofaccowungJ
F-al
Ycm
'
2W1
2002
2W3
2W4
SW3
2W6
2W7
2W8
2W9
2010
Expere
Govmmental ac vi ..
General govemn<m
S 3,146,699
3,261,5I6
32WA62
4,319]]8
3,595,0
4,229,87I
6]4,342
6953.03
7,836,146
34287,068
Public u0,,
5P6628
7,322,532
B,547,W5
10,256,463
8512,875
9061,241
12,n4,10
13472,036
19,716,961
21226,519
Cbmm ,services
940,881
1411,943
1521,825
1646999
1,157,141
1426,033
4,9,453
5.]9],116
14,808,850
15,923,380
pl.-BaMEawelapmem
6,1.6998
7,110,125
19093,80
],526,9]9
5752,219
5,W6y15
7.736520
35•J23A58
7,317,689
5,173,326
Publrt wmb
5.%k911
fi434239
6,195,759
6,W3OII
9,101,582
IO,W6.315
10511874
1109]526
11,100,833
12,326,n6
• Imerm on long-term hbt
3,961632
7791759
9,555.401
9,65tl]]9
15265.051
15,49 656
15,163422
15,522,t41
14631418
ISI30.603
- - Tmal govmurcnul.......e...
27,9417497
33512174
13
J9212,W9
4J )84294
461291154
56719711
89166050
76,431897
1N,315622
Bminess-W rcprpia
GolfC.,
-
1B]]291
4523,146
4520173
4]61581
4,440546
4.169768
Total b.,..s:gpearnviu. eapemes
1,8]],291
6523, 146
4$20,IA
4,761,M
4,440,546
6,169768
Twlp mq Bovem 1exp es
27,84 749
31,51:174
47,M312
39,212W9
45,262,OR5
50,652200
612J98Ad
92.927631
80,972,443
108,485,3%
Fro®amen
GOvmurcnnl rc s.
• CNtBes 6t arv¢esc
Gemilgavmnem
21e1,601
253,891
298,049
339,376
445,661
717.949
60.530
8.328
25,053
21,439
P 1., s.f"
19W434
2544,528
2917,866
4,W4621
4438,115
4, 168,2%
ZA591515
2,050492
1,373952
1,10p,491
Plarmio8.rodeveluymrn
71i033
w,098
61127B
662,737
754,938
I,873,676
169,643
134211
138,391
69j91
Cmm. ,sen'iar
122,96.
170,865
MAO
252,6]]
252,501
428,947
387,065
374,092
275,178
230,557
Public wmb
1429,%2
1,316,373
1,5W,225
tM3,993
2,BI5.703
3,021,379
2244,156
1,9W,437
1J08202
1,124,667
01"noltg gan. erd conmbmis
1601716
1699.255
I,]9],031
I,799,503
1.935578
3,603,I73
3,796,M
5.%5,664
10,725,280
15,363,650
Capiul g.. aW mroibun.0
14,375463
11662,424
5160405
RO9013
18591423
13918901
1'1,601131
500W 419
1064]2]0
5,974311
TmlBmmturcntaleaitinm
pogam m'enuu
Z1915,149
18,21.434
12,5S530
20961050
29,231921
47,732,131
26918,535
60463M1
24,49)826
23904486
Bus es "acry
CM,. fm amic'esn
G.If Cuune
-
-
1,091,816
3120,728
1540,148
3,814,233
3,368,135
3,584,M
C,a, gnnb aM.00mbutiw
82
Tmal bwi -nye acnnpu
arnoes
lrtogam
_
10918J6
1,120,728
3340I48
4,166,920
3,369,135
3.586996
Toullmmary gwetvnenl
Progam m'enm
21313 L49
IS 212434
12585,360
20,961050
30,325.757
50852,859
30,459283
64630563
21Mt,96
27,489482
'
Immnue�
frominm0)
f.onmme0l
(connnueQ
Ironom�<a)
fcondnud)
I<omwie�
(wnnnued)
(cominae¢)
(zominm�
Na
G.,-nul actrviees
(6526600)
115299,]40)
(34911,952)
G8,250,959)
Qa, 150,A'!3)
I,W3,017
i29,A01,1I6 )
(rz?]94,661
I519J00]p
f8(594,772
BusStms-tme sstinn.
_
O36,328
11402618)
(5946611
f1,0]A41p
f5B4 ]]2)
Taul mt mam•es lon0nua)
165266,E
f15299 c40J
3491i 952
IIA 25O959)
{14936328)
2IXtb59
'noO5)
130980601)
(3839]068)
I5],010482)
(A099590A)
Genoal tn'enues aM mAe cbanges m net rise¢
t Gm mnmul annma.
Tax
ITrkeery ux<s
1,162,634
I450,196
1SWAM
2198,141
2,579,245
1671,071
499909
6,014305
6,653,191
6,2]8,4]0
Tnx invemem
15,124,183
IB,199,329
2L191U2
24450,337
24,443,112
3516.,9Z9
42583,031
4214,893
36,702, 197
35390,317
hula to
2]]8,583
5093,5A1
Y145,381
5,240,03]
073,5.
],6R0]5
8,896,7I6
8,492,213
],2]9,3 IJ
6,927388
Tnr-1 angnnguxcs
4249,]53
19671103
40362W
1261,W
4BJ1338
5,417239
5,448,361
5.327,203
1480,467
4,265438
• Fr,.h,, taxes
Q%NO
614,696
69054a
.95,810
1,185,087
I,644470
1,259,985
1.748,082
1,533,249
1,585427
Business liceve tax.
15Q@6
168,798
186220
191062
251,618
276911
311],032
3l7,011
295304
30.2,223
OlMnaxa
359,284
31 E0N
513.934
675,W9
IJ41,177
1..9,701
972,753
641,705
455,069
461,95]
Invcstmcntlrc0me
1179,2.
3,W609]
1353.A68
2,718".
4,33k030
6,319502
11,954,911
10230,09
],38]$46
1,362.684
Motor veM<Ie in lien. wu.mctN
149,WO
1473217
I,168,091
1.6086151
2453,642
2.740,233
3,291055
3,RO3,647
3,940801
32144)]
Gain 004e)on W, of n.,W rims
-
121,197)
-
3717,470
1,967,291
-
57,346
21,542
2330
' Mlstlhtrcom
292(06
692691
5138]6
148$612
2397,494
1,943093
2,052266
U20,627
118,56]
4A.116
T-fe,,
141459643
(11]J ZO]
(1I6645)
Toml gov,-Ial a,t...
31,023115
33,695.21
11, w11
42749119
12,650f16
66 IN726
8000536
79967521
6885]516
64]6860]
Bt¢ s-trye a rvines
NveamenGrcorrc
59
1S17
4310
1,014
1252
rain'I-)...1, dmPoul.uas
_
_
_
_
_
(47921)
)amf.s
_
41459 M3
LI37N3
87i,645
Toml bmi-,, adivmc
_
41,459.3
I13]]56
8]6462
I63411)
]10]4
1252
Toul Primary 1m -,n.
31,023115
31 695 242
3641p,fi52
427, 49418
54109]]9
176139482
815e6998
79,924,110
68860630
M,]69,SIR
Chnngex in nu assess
Guvcmmmwlaminez
24 1965 15
1139531p
108,701,
24,498,459
(15w.737)
67,704,80
lo,S89360
52165,114
16,919,493
115642529)
Bminesstvpeaamua
-
40674188
12646621
1102963)
16380P21
II Oh9 )]])
(5A352D)
Toml primary.... rent
5 24496515
18,395502
1,488,7W
24,498459
39,173451
62440.141
50,]8639]
51,627,042
[5,850,N8
Q6.226W9)
r TMt-f, -, I.,]a,d& lf-, lnCrovments rtans(ertetl to tM GutPriae Funtl.
Sourc,'. C.I A La Qmnu
141
MY OP IA QIJUTA
TAW 3 �
U.,A ivNa Ascar - Governmemal
Anivitio
Las, mF.1Y.
S 7
(amual bans ofaomnting)
Faeal Yoe
22001
205E
2003
L
L
2006
207
2008
7N9
2o1D
E.pmsa:
S 3.146,699
3241576
3203462
4319,778
3,595,906
4,229,871
6,284342
6,953.073
7,836,146
34j9),Nll
Gmmlg cats
Public safay
5,776,628
7,522.532
8,547,005
ID,156,463
8,512875
90652"
1?724,100
13,472,036
19,736941
21274,519
940,981
1411,943
1321,925
1.'"
1,157,141
1426,013
4,299,453
5,797,116
14808850
15923380
Cowmniry smica
Plamivg ADO M xvpmcvl
6,146,998
?110,125
19,083,860
7,526,977
5,752,239
5,906915
7,736,520
35323,958
7J17.689
5,03326
PubOc.mhs
5,968,911
6434,239
6,785,754
6,003,013
9,101 582
10,006335
10,511,874
11,097526
11, 100,833
12,526,726
Imnul ev loog-tmn Eebt
5861632
7,791,759
8555401
9,658P9
15,265,05,
15494656
15163422
15,523,441
15631438
15330603
TaW govammnlaT sa-D. axpemo
27,841749
33511,174
4),49)312
1921?0119
43384794
46,129,054
56719711
98,166,050
76431897
104315622 I j
Nogam
ChG 1 awica:
253,891
3)7,3)6
445663
.
21439
"k saixi,
PrbOc a&ry
860,4346DI
2,860,g4
2544,538
917,866
2,91?866
4,004,6ZI
4,438,115
4,168206
168,206
2,659515
59.515
0,49E
2,050,49E
73,95)
13)3952
I,IOU,191
Community amiss
123,960
170.965
205,806
252,677
252501
428,947
387,065
374,092
275,178
250,557 ,
Plamivg avd develwmm
709,033
565.0E
61 U79
662,D7
754,938
1,873676
169,643
134,211
138,391
69,391
Publiowhs
1,429,942
1316,373
1594,225
1813,993
2,815,703
3021379
2,244,156
1,90043)
1,308,702
1,124,64)
1
Operating B aDa and conhibutima
1,601,716
1699,255
1,)9)031
1,799503
1,935,579
3,603,I73
3,7%6495
5,905,664
10,775290
15.363650 I
Capital grata and roohibuliona
14375,463
ll,662,424
5,160,405
12090.143
18591423
33,918,901
17,601,131
50,090,419
10,6472)0
5,9)4311
Total cxxxx.xl s,tt'a'.
21,315149
18,212434
12585,360
20,96i'm
29,233,921
4).732111
26,918535
60461,643
24493926
219D4486 _
progomrnmua
Nxt progam rwmue(apames)
(6526,600)
05299.)40)
(34911,952)
08,25019591
(14150873)
1663,07
429801176)
(2]702407
(51938091)
(90411136) -
: 4
Geveral ea vua and oIbcr chavga iv na aura
Tanta
-
hopmyum
1,162,634
1450,196
1800616
2,198,141
2,579,245
3,6)9,0)9
4,9",051
6,014,305
6,653583
6,278470
Taxlmemmt
15,324,183
18,899329
21191832
24450337
24,443,112
35,168329
42583,031
4?114891
36,702,197
35,M,317
Sala
3,779,583
3,093,598
4,345,581
5,240,037
6,)73,566
7,613075
6,9%.716
8492213
1,279513
6.927388
tax
T...' ocavpan<yum
4,249,753
396),003
4036290
4261267
4831338
5,437,238
5448}61
5,327203
448D,467
4,265,438
Fraabisetax
625,790
654,06
690,544
895,810
1,185,087
1,W,x70
1,259985
124808E
1533249
1585,427
I.,."
156,026
168,798
186220
191%2
251618
276917
307,032
317,011
285,304
302223
Busioaa taxn
Odber.
359,284
111,024
513,934
675,996
1,141,17)
1049701
8)2.)53
641)05
455,089
461957
Minor vxhideiv lieu,...... M
1496,620
1473217
1,769091
1608,151
2,453,642
2749233
3291,055
3803,64E
3,940,801
3,714,437
lovdmcm irnorrc
3578,106
1006,07
1353968
1i38,505
4336,050
6319502
1I'W'951
10,230,489
),38),2M
5,362,684 i
Gain(I-A) oo ole ofopllal As.
-
QQ9))
-
3,717,470
196719E
-
57,346
21,542
2,330
Mi 11.
292,016
692,691
513876
1,489,612
2397,474
1943091
2,052246
1220,627
118,567
4)),936
T,..fxA
-
-
-
(41459643)
41137203)
(874645)
-
-
Tdalgmtmmmulaclivitiea
31023,115
33,695,242
)6400652
42,749.418
11650136
66,101)26
80,690536
79967,521
68,857556
64768607
Change iv vn assess-
govetuoeunladie0ia
5 24496FW
18,395502
1,488,700
24,498,459
11500,717)
67204803
50899,360
52265.114
16919d85
(15,642.329)
Source: City vl la Quima
e
142
CITY OF LA QUINTA
TABLE 4
Changes
in Net Assets - Business -type Activities
Last Six Fiscal Years
i
(accrual basis of accounting)
Fiscal
Year
-
2005
2006 2007
2008
2009
2010
Expenses:
Golf Course
1,877,291 '
4,523,146 4,520,173
4,761,581
4A40,546
4,169,768
Total business -type activities expenses
L877,291
4,523,146 4,520,173
4,761,581
4,440.546
4,169,768
Program revenues:
Charges for services:
Golf Course
1,091,836 2
3,120,728 3,540,748
3,814,233
3,368,135
3,584,996
Capital grants and contributions
352,687
` Total business -type activities
Program revenues
1,091,836
3,120,728 3,540,749
4,166,920
3,368,135
3,584,996
NTheCyo/La Q�ivm rmptememed rFe bmrne„ypeoni�itie, in
2ooa205
FY 785,455)
(1,402,418) (979,425 )
(594,66I )
I,072,411
( )
(584,772)
General revenues and other changes in net assets:
Investment income
-
553 1,817
4,310
3,074
1,252
Gain (loss) on sale of capital assets
-
- -
(47,721)
-
-
` - Transfers
-
164,190 874,645
-
-
Capital contributions `
41,459,643
973,013 979,425
-
-
-
Total business -type activities
41,459,643
1,137,756 1,855,887
(43,411)
3,074
1,252
Changes in net assets -business-type activities
40,674,188
(264,662) 876,462
(638,072)
1,0( 69,337)
5( 83,520)
The transfer was for land &golf course improvements
transferred to the Enterprise Fund.
' This was the first full year of operations for the Golf Course
Source: CiNof La Quinm
143
GaeaJ hand:
N..,eldable:
RWaid ants
Nava and bans
Advsecw to mM finds
coanddd:
Cash0twn.-
EmaBaeYo..s
P.. ocon. ba1N bacfits
Capital Psojcs
F tiolul purpos.
Library
Eat , d.'dopsmrt
Assi,ad:
Continuant, appnopriaswa
U."Itd'.
Total general Pod
All o0er govatmwnal funds:
Notspsedeble
F".id ca
Not. aed loans
A&-. to other Rods
Oe,oans
Beane
Phoneme, aM tleuekpn.tt pr jcs
Public aafery
Cominuniry'et-ea
Public wu6
Copinl Pr.j .
DGI4 .
,,,aed:
commoing appropr.n.
UnassieTMd:
1ota1a11o0ten,oastuovnalhoub
CRY OF LA QUINTA
FtW Fataec. of Govanmmtel Futdt
Last Teen F cal Yore
(enalified atrvel bass ofaccuombo
L 2002 m 2M 2005 20M
2ao3 Zoos LY 2010
8 211 065
226,495
17,515
292,816
507,931
503,642
1i,A4
10.01
12,424
9,030
11672,971
12,521,890
21081,322
28671,093
31,904,659
22,7q%1
23,591329
45,264,966
46,131,692
57,897,671
2,175
149.518
1,03
M,858
5,903
4,825
9,830
9,830
i.gw, W
1900000
1,8m,lm
2,175,000
2608,786
3,041,984
3470,309
3,699,359
3.341,602
3,246,881
9.119,765
9,186,650
10,323,200
11,915,000
15,067,577
16,90,386
19,722524
19,651 824
18,201 948
17,P4,"ll
1,258,059
589,875
lo,gr,058
482,718
2,1WOW
2,144,085
1,000,000
750,000
500,W0
250,000
11,981
46),072
4,967,072
2,321130
1,911,131
1069,661
1319,787
2,257j00
2,835,892
3485,747
1,555,176
12,95P,494
16,995,060
14,261.273
ll.4 ,439
10,699,419
15,197,331
29,27IX6
16,734,016
18,988,053
10,279,823
$ 35624470
40819,603
47,684,683
54,T05,236
61926%7
76,769,124
84,W,520
92452,019
92,327,391
92,030,119
f 3,515
),98)
7,917
5353
19.197
),)40
2,861382
2,136,111
2,117,586
2,V3,425
2,117,873
2,112,597
2,081,645
2,076,063
2,067,028
2,088,909
551,038
1,288,863
3,811.874
5336,158
7,061 02)
5,365.097
4,823,Sa3
4,402,213
4321, 119
4,293,166
185,000
1,110
-
4,340
6,4W
6,099,522
8,150,707
7,903,406
)519,862
16,144,465
26,172,191
13.297.481
21 906,749
25,807.752
31,032,124
72,2,19
72,255
40,208
8?1)
154, 115
143,846
15 3,8 19
198,843
243,468
48952
505.2I7
I,043,79
9%,814
1359,723
2,889,245
9,696,895
12.214315
11,406,628
11 387,631
11 675,417
475,226
401,984
3)4,)00
409534
256,881
462,171
1 4,878
309,566
7,539,191
4 ,nl
28,959.009
52,445,043
3g673,421
124658,452 n
99,196,105
92,112,91)
66,225,066
69,626,225
50,556,856
53,123.856
9.%9
4,9%,086
2,273,588
4,093,123
4,605,101
10,298,494
24.30oV0
5,094635
5,490,098
3,8%
2,000
(7,791,60f) (6,118,351) (111,403,485) 00 244 236) (18,801.305) (7,133,230) (7,854,868) (19653,179) (19,339,821) (33,626,%7)
8 31,745,523 64,416,455 57973,112 125,263,451 113,610617 139,220955 11930135 953TIJ46 88101049 69,101,97
1 The i=a c any VunonlY the tauh of IM taauano<of Ile, 2004 Fiwwth, AutMriry IwMe.
r In Focal Year 2009�2010, the Ca, mglenuuW GASB 54 abicb chaogN the teponmg eo3uiren ue for ford
h Urca m thefilnrcul atatvnnntl. Tka table fuss been nptlated to «Oxt eFc impact 0f GASB 54 not mly
F cal Ym 2009-2010 but all fuec peen,0
Source: Ciryofla Quima
144
CffY OF LA QUBJTA
TABLE 6
Changes in Fund
Balances of Governmental
Funds
j
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal
Year
2001
20(12
2003
20M
2005
20M
207
2008
2009
2010
Revenues
Taxes S
36,605,534
43,011.931
50,326,811
58,301,082
68,175,347
89,704,947
100,103,324
105,870,933
99,816,072
93,831,918
i Special assessments
782,610
757.619
780259
816,045
825,292
818,526
877,191
909229
927,816
966,639
Licenses and permits
2,057,423
1,857,691
1,982,127
3,096,145
3,226,167
5,145,430
2,788,882
2,107,035
871,167
472,409
Intergovernmental
9,400,340
9,583,451
7,194,521
11,856627
10,242,876
18,585,468
14,803,W1
15,382,135
18,679,355
19,473,076
Charges for services
1,998,589
1,757,70
2,302,759
2,619,578
3402,602
3,367,989
1,821,794
1,334,060
673,779
484,043
Use ofmoney and properly
5,960,995
5,136,398
4,463,219
4,854,728
9,798,356
12,671,662
14,804,348
12,874,926
7,043,646
5,338,679
Contributions
-
-
-
-
-
-
-
37,643,190
240,591
395,823
Developer fees
2,592,398
2 298,647
3,021,245
5,718,073
6,091,156
12,473,440
5,310,440
6,537,991
2.243,785
273,739
Other
502,717
584,197
487777
1,359,539
528,903
637,054
412,353
629,471
720,185
608,342
Total revenues
59, 00,606
64,987,678
70554718
88,623817
102,290,699
143,404,516
140,922,303
183,288,970
131216396
121,944668
Expenditures
'
Current:
Genital govcmmmt
3,275,624
3,1615%
3,344,407
4,099,376
3,970,921
4,644,954
6,150,699
7,367,144
7,230,436
30,220,882
Public safe,}
5,636,154
7,610,308
8,314428
9,672,708
12,364,587
13,029,187
15,685,493
17,181,775
18,946,866
20,116,936
Plarming and development
6,344,764
10,693,374
7,804,294
7,490,421
5,719,373
5,847563
28,994,177
15,374,160
7,261.835
6,028,492
. - Community services
817,460
1,067,837
993,964
1,025,397
1,101,509
1,248,308
4,027,302
5,336,757
4,698,985
4,204,626
Publc works
2,613,928
2,897,312
3,685,050
4,536,589
6,206,769
6,987,014
6,755,507
6,563,494
6,324,055
6,862,887
Capital projects
14,456,314
57,342.978
16,057,578
43,331,919
4g012,387
25,445,550
36420,417
82,883.317
32,363,859
14,514,910
Debt service:
Principal ni,uremem
4,510,420
11,453487
2,931,952
3,610,538
3,793,660
4,777,748
5,647,940
5,949,311
6,319,580
6,616,412
r Interest and fiscal charges
5,942,929
7,017,016
9,469,314
13,961,721
14,355,577
15,554,612
11,059,977
15,424,708
15,348,598
15,357,969
Payment o band escrow
-
-
-
1,591,107
-
-
-
Payments under pass -through obli
10,949,381
13,669,1416
17,561,994
21,448,147
25,756,321
35,958,291
36,498,575
42,989,023
42 426,670
38,710,894
Total expenditures
54546,974
114,913074
70,192,981
110,757,923
113.284100
113497227
155240,087
199,069,689
140.920,884
142,634007
Excess (deficiency) of
rev cc(wder)
expeinfmres
5,353,632
(49,925,396)
361,737
(22,134106)
(10993,401)
29,91L289
(14,317,794)
(15,780,719)
(970,t488)
(20789339)
Other financing sources (uses):
Issuance oftax allocation bonds
-
88,000,00)
-
26,400,01M)
-
-
-
-
-
-
Iss n ner of revenue bonds
-
-
90,000,000
-
-
-
-
-
-
Psymm m ebond escrow
-
-
(19,955,000)
-
-
-
-
-
-
Tramfeos m
17,911,511
64,255590
23,887,256
154,613,662
49,248,081
35,828,335
60,954,576
88,60402
40,502,929
30,386,372
Tremfcrs out
(17,911,515)
(65,255,590)
(23 887,256)
(154,613,662)
(49,248,091)
(35,992,525)
(60,954,516)
(87,342,608)
(40,527,930)
(28,893,365)
Other debts issued
-
-
-
-
-
-
-
2,332,752
-
Capitalleases
-
-
-
-
-
-
-
182.094
-
-
Proceeds from sale ofcapital assets
-
146,603
-
-
3,566,295
8,209,396
124,097
158.061
-
-
-- Total other financing
sources(uses)
87146603
96445-000
8566295
8,045,206
124,097
1,60Y.229
2307751
1,493,007
Net changem fund balances S
5.3:;3,632
37.22I2D7
361,737
74,310,894
S(2427,106
37.956,495
(14.193,687)
(14,178,490)
(7.396,737)
(19,296332)
Debt service as a percentage of
noncapital r,ceditums
49.1%
54.2%
43.5%
579%
620%
65.5%
6L0%
47.1%
59.0%
47.6%
Source. City of W Qwnta
145
CITY OF LA QUINTA
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
(in dollars)
Entire City (including Redevelopment Agency)
Fiscal Year Taxable
Ended Less: Assessed
June 30 Secured Unsecured Exemptions Value
2001
2,665,520,656
18,712,736
(39,914,784)
2002
3,162,945,116
30,599,753
(50,149,068)
2003
3,789,678,041
32,607,713
(54,726,303)
2004
5,412,382,710
40,940,877
(95,420,075)
2005
6,289,493,552
44,014,548
(113,037,003)
2006
7,856,383,375
72,554,357
(115,071,146)
2007
9,986,151,525
88,740,840
(99,245,721)
2008
11,854,669,637
101,433,002
(89,688,505)
2009
12,410,626,893
113,185,065
(107,777,195)
2010
11,742,665,902
121,272,880
(110,752,890)
2,644,318,608
3,143,395,801
3,767,559,451
5,357,903,512
6,220,471,097
7,813,866,586
9,975,646,644
11,866,414,134
12,416,034,763
11,753,185,892
NOTE:
In 1978 the voters of the State of California passed Proposition 13 which
limited property taxes to a total maximum rate of 1 % based upon the
assessed value of the property being taxed. Each year, the assessed value
of property may be increased by an "inflation factor" (limited to a
maximum increase of 2%). With few exceptions, property is only re-
assessed at the time that it is sold to a new owner. At that point, the new
assessed value is reassessed at the purchase price of the property sold. The
assessed valuation data shown above represents the only data currently
available with respect to the actual market value of taxable property and is
subject to the limitations described above.
Source: County of Riverside Auditor -Controller
TABLE 7
Direct
Perent Chanee
-0.40%
18.87%
0
42.21 %
16.10%
25.62%
27.67%
18.95%
4.63%
-5.34%
M
146
CITY OF LA QUINTA TABLE 8
Assessed Value and Estimated Actual Value of Taxable Property - Redevelopment Agency
Last Five Fiscal Years
(in dollars)
Redevelopment Agency
Project Area I
Fiscal Year
Taxable
Ended
Less:
Assessed
Base
Taxable
June 30
Secured
Unsecured
Exemptions
Value
Year
Increment
2006
3,962,433,928
29,248,534
(35,653,495)
3,956,028,967
199,398,233
3,756,630,734
2007
4,789,836,901
34,084,343
(36,081,051)
4,787,840,193
199,398,233
4,588,441,960
2008
5,223,508,114
34,250,061
(36,913,004)
5,220,845,171
199,398,233
5,021,446,938
2009
5,259,271,091
31,678,492
(36,844,457)
5,254,105,I26
199,398,233
5,054,706,893
2010
4,925,639,242
36,169,030
(36,077,902)
4,925,730,370
199,398,233
4,726,332,137
Redevelopment Agency Project Area 2
Fiscal Year Taxable
Ended Less: Assessed Base Taxable
June 30 Secured Unsecured Exemptions Value Year Increment
2006
2,132,426,502
32,999,788
(54,125,422)
2,111,300,868
95,182,755
2,016,118,113
2007
2,434,082,787
42,914,862
(53,144,959)
2,423,8527690
95,182,755
2,328,669,935
2008
2,764,306,278
50,616,017
(40,774,044)
2,774,148,251
95,182,755
2,678,965,496
2009
2,843,981,136
62,180,440
(57,076.727)
2,849,084,849
95,182,755
2,753,902,094
2010
2,641,339,455
66,270,232
(60,340,787)
2,647,268,900
95,182,755
2,552,086,145
Source: County of Riverside Auditor -Controller
147
CITY OF LA QUINTA
Once' and Overlapping Property Tax Roes
(Rate per 31N of assessed value)
lag Five Fiscal Year
TVLE9
City
Redcvelopmem
Redevelopment
Non -Project Area
Project
Area I
Project Aura 2
2DO6t
207'
20011t
20091
2010'
2006'
2007a
2008'
2009'
2010"
20W
2W2a
2008a
2009'
2010a
D., Ra¢s'.
City of La QIN.
00260
0.0360
007W
00506
00506
OWN,
00000
O.ONO
0.0152
0.0036
00000
00000
O.ONO
DONO
0.000D
Redeveloperem seen, Project Ate. 1
0.Dow
OWN
0ONO
0.0000
O.ONO
05830
0.5880
05150
05245
0.5432
OWN
0.0000
owO
01W00
O.NN
Redomlopmc..gamey Peoject Area 2
0DODD
0.o000
OWN
OWN
0ONO
ON00
0SON
OWS)
O.NN
OWN
0280
0.2920
02910
03193
03174
Conaryofaiveaide
0.1960
0.1960
0.1960
0.2586
02586
02639
0.2619
02619
0,2325
025D1
0.2612
0.2617
02617
02516
02530
County Free Literary
00250
0.0250
00250
00294
0.0284
00226
0.0226
0.0226
00222
0,0226
0.0280
0.0280
00280
00280
0,0280
County Structure Fie Proaaaion
0.054D
0.0540
00540
D.0610
00610
00595
00595
00595
0.0595
0.0395
ONO3
00603
00603
D.%03
D0603
Coachella Voley(CV) Unified School
0Oo00
00W0
O.ONO
0.0000
OWN
0 0I20
D0150
0.W20
0.0149
00162
OWN
00000
0.0020
OWN
011000
Desen Satld3 Uoified School
0.4320
04320
04320
03765
03265
00160
0.0140
0.0140
0.0695
0.0568
o20N
0,1980
0.1990
0.IBW
0-1859
Desert Cammuniry College
0.07N
0.0200
0070
0.0782
0.0282
ON30
0.W30
00720
00177
0,0152
0020
0.0410
00410
0.03"
00396
Riveddc County Dflice of Education
00380
00380
0.0380
0,N26
0(426
0.W30
0.0030
00180
0.0093
0.027
00230
0.0220
00220
D0210
00210
Riverside County Regional Park & Open Space
O N40
O.ONO
0 ONO
O.NN
O.ONO
OWN
O.ONO
00030
0 DOW
0.000
OWN
O.ONO
ow')
O.OWO
O.DON
CV Public Cememry
0.0032
0W32
0W32
O.N35
0.0035
OWN
0Who
0ONO
0,0008
0.0002
0(0W
O.00N
0o"
orow
0.0000
IN Mosquito
00127
00122
00122
0.0142
D0142
00120
00120
00120
Dol 12
0.0111
00150
00140
00140
0.0141
0,0141
DaeetR¢rcatlon Damn,
0.0192
00192
00192
00215
00215
ONIO
0.0020
0.0010
000"
0.0014
ONO
00060
0WOO
0.0053
0W53
CV Water DROct
00250
00250
00250
00294
00284
0.0130
0.0130
00010
00123
00120
00720
0.0260
002W
0.0752
0D753
CV Resource Coeaeyeram
0Not
0ON3
0ON3
0.W04
O.00od
QNN
O.NN
0.0130
00001
0000
OWN
DNoo
DOM
OWN
0.0000
CVWD Dinner l Debt Service
00118
00118
00118
0.0000
0ONO
0OND
OOWO
0.0000
000D0
O.ONO
DOOM
Owl)
0ONO
OWN
0&NO
CVWD Stamm Water Unit
0.0320
00320
0.040
0030
00JO
ONIO
ONIO
ODNO
OOD00
O.ONO
0N10
ON10
0Nt0
O.WOO
00000
Tonal Diect Rate
0.9992
0.9992
0.9992
1 wo
1.0000
1 D000
low
LOON
I ONO
1.0000
10000
I ONO
low
I.00W
I.ON
Tax Rate Are.
020-05 020-W5 020 W5 020-WS 020-005
020-015 020-015
020-099 020089
020-089
020144 010.144
020-1aa
020144
02O-t44
O cch,ung Rates''
City of La Qom.
-
Counry of Rivoine
Rlvenide County Office of Ed....
%-ale County Pennon Obl"non
'
Desert Samoa Unified
00767 00261 00799
00299
0.0811
00762
00761
00)56
0.07"
00811
0.0267
00161
00256
00999
0,0911
Coachella Valley Unified School District
Coachella Valley Water ounce
ON42 0.01320.0462
004"
4.06W
0,0199
00208
0.0484
0.04"
00660
0M42
00332
ON84
00464
0,0660
Coachella Valley Recreation & Park Diamll
Deaen Comm College Dinner
00199 0.0199 0.0199
0009
002N
0.0208
00199
0.0199
00199
002N
00199
00199
0.0199
0.01"
0.0200
Total Ovalapping Rare
0.1409 0.1293 0.1461
0. 1462
0.1621
01175
0.1169
0.1440
0.1462
0.1691
0. 1409
0.1293
0.1440
0. 1462
0,1621
Trust Diem and OverUppNg Rate
1.1401 11285 1.1453
1.1462
IA621
1.1175
1.1169
1.1440
1.1463
1.1671
1.1409
1.1293
1.1440
1.1462
1.1671
NOTE -
In 197t, CAbor is ecru posh Popminm 13 v1tie6
seu be lanal ur rare o s I W 1..
bard ..a-.1
du¢t mnn.
.. I OOY. a xbuN W all uunp aBaanu fu orm an, ruhjrtr peymy roisee vitbin.
Source Counryof Riverside Audimr Connoller's ORtce
Duect are hum Tax Ram Ama (TRA) 020-059 provided by
Hot Caren & Cone and ovedapping debt roes from
Califomia Mcomipal Smlgks
a Due,, may Ialren from all von -RDA TRA's provided by O e
Count, of Rrvaelds and do not include ERAF deductions and
over lapping rates p.... ded by Califomu Municipal Statistics
Direct rate.ken ham an..ary . by the City of La Quetta
Finance Depanmem gaff of all TRA's in the Project area and
do on inhade State ERAF deductions and overlapping rates
Intruded by California Municipal Situates
a Omur ins taken from naln of Or,TRA in the Pmjecl
a and do not include State ERAF deductions and
.vlzpping roes loo,cl d bl Califomia Municipal Satistics
' Oved.ppmg ra.s are based upon a single as rare area only.
F
148
CITY OF LA QUINTA
TABLE 10
Principal
Property Taxpayers
Current
Year and Nine Years
Ago
(in dollars)
2010
2001
Percent of
Percent of
Total City
Total City
Taxable
Taxable
Taxable
Taxable
Assessed
Assessed
Assessed
Assessed
Taxpayer
Value
Rank
Value
Value
Rank
Value
KSL Desert Resort, Inc
$ 204,496,893
1
1.74%
228,137,968
1
8.63%
TD Desert Development
107,930,953
2
0.92%
36,130,189
2
1.37%
MSR Resort Golf Course
98,061,022
3
0.83%
-
-
East of Madison LLC
67,038,913
4
0.57%
-
-
Walmart Real Estate Business Trust
50,781,966
5
0-43%
-
-
Coral Option 1 LLC
42,590,434
6
0.36%
-
-
ND La Quinta Partners
41,789,035
7
0,36%
-
-
Griffin Ranch
38,378,266
8
0.33°%
-
-
WRM La Quints
37,778,949
9
0.29%
-
-
Village Resort
34,485,244
10
0.29%
-
-
Quarry at La Quinta
-
-
20.544,413
3
0.78%
Country Club Properties
-
-
16,323.124
4
0.62%
Eagle Hardware and Garden Inc.
-
-
16,142,128
5
0.61%
Reilly Homes Madison
-
-
14,652,580
6
Q55%
Advanced Development Corporation
-
-
14.379,156
7
0.54%
Brookfield Heritage Inc
-
-
13.529,591
8
0,51%
M & H Realty Partnership II
-
-
13,279,041
9
0.50%
Mery Griffin Living Trust
-
-
12,763,836
10
0.48%
$ 723,331,675
6.12%
385.882,026
14.59%
NOTE :The amounts shown above include
assessed value data
for both the City and the
Redevelopment Agency.
Source: HdL Coren & Cone
149
CITY OF LA QUINTA TABLE 11
Property Tax Levies and Collections
Last Five Fiscal Years
( in dollars)
Collected within the
Fiscal Taxes Levied Fiscal Year of Levy Collections in Total Collections to Date
Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy
2006
61,420,601
73,097,362
119.01%
2,092,062
75,189,424
122.42%
2007
74,170,170
83,797,365
112.98%
1,802,076
85,599,441
115.41%
2008
83,018,429
87,804,912
105.77%
3,216,547
91,021,459
109.64%
2009
83,934,188
86,721,572
103.32%
1,471,940
88,193,512
105.07%
2010
78,621,410
80,651,874
102.58%
434,643
81,086,517
103.14%
NOTE:
The amounts presented include City property taxes and Redevelopment Agency tax increment. This schedule
also includes amounts collected by the City and Redevelopment Agency that were passed -through to other
agencies.
150
CITY OF LA QUINTA
Ratios of Outstanding Debt by Type
Last Five Fiscal Years
(in dollars)
Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended
' 2006 2007 2008
Governmental Activities
Reimbursement Agreement
Compensated Absences
Capital lease
USDA I,.
Provident Savings Iran
' Due to Coachella Valley Unified School District
Due to County of Riverside
Developer Agreement
Tax Allocation Bonds Project Area I
Tax Allocation Bonds Project Area 2
2004 Local Agency Revenue Bonds
City Hall Lease Revenue Bonds
Unamor o iff Discount and Issuance Costs
Total Governmental
Business -type Activities
Capital Leases
Total Business -type activities
Total Primary Government
Population - State Department of Finance January I
Number of Households
Median household Income
Percentage of Personal Income
Debt Per Capita
TABLE 12
Fiscal Year Ended Fiscal Year Ended
2009 2010
$ 328,311 S
278,311 S
228,311 S
178.311 5
128,311
608,266
734.055
829,227
919.100
1,002,601
-
-
-
149,169
114,583
-
-
-
751,754
741,171
-
-
-
1,556,283
1,530,958
5,186,627
4,431,178
3,675,731
2,874,653
2,072,965
1,850,000
1,750,000
1,600,000
1,400,000
1,200,000
776,030
643,539
511,048
343,814
174,584
141,785,000
139,145,000
136,350,000
133,390,000
130,255,000
6,130,000
6,025,000
5,915,000
5,800,000
5,690,000
89,265,000
87,745,000
86,175,000
84-560,000
82,890,000
6,245,000
5,900,000
5,540,000
5.160,000
4,760,000
(877,230)
(877,230)
(841,087)
(804,944)
(768,801)
251,297,004
245,774,853
239,983,230
236,278,140
229,791,372
1,090,602
825,848
681,048
285217
54,543
1,090,602
925.848
681.048
285.217
54,543
$ 252,387,606 $
246,600,701 S
240,664,278 S
236,563,357 5
229,935,915
38,340
41,092
42,958
43,778
44,421
18,762
20.I76
21,958
21.355
21,699
S 65,906 $
67,754 $
74,683 S
76,227 S
90,124
20.41%
18.04%
15.30%
14.53%
11.75%
$ 6,583 S
6.001 S
5,602 $
5,404 S
5,174
Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements
-
' The debt service payment for the 2004 tease Revenue Bonds are made from Redevelopment Project Area I ne
2 low & moderate income tax increment.
151
CITY OF LA QUINTA TABLE 13
Ratio of General Bonded Debt Outstanding
Last Five Fiscal Years
(In Dollars)
Outstanding General Bonded Debt
Fiscal Year City Hall Lease 2004 Tax Percent of Per
Ended Lease Local Agency Allocation Assessed Median
June 30 Obligation Revenue Bonds ' Bonds Total Value ' Household Income
2006
6,245,000
89,265,000
147,915,000
243,425,000
3.12%
$
3,694
2007
5,900,000
87,745,000
145,170,000
238,815,000
2.39%
$
3,525
2008
5,540,000
86,175,000
142,265,000
233,980,000
1.97%
$
3,133
2009
5,160,000
84,560,000
139,190,000
228,910,000
1.84%
$
3,003
2010
4,760,000
82,890,000
135,935,000
223,585,000
1.90%
$
2,481
General bonded debt is debt payable with governmental fund resources and general
obligation bonds recorded in enterprise funds (of which, the City has none).
Assessed value has been used because the actual value of taxable property is not
readily available in the State of California.
Source: City of La Quinta
152
CITY OF LA QUINTA
TABLE 14
Direct and Overlapping Debt
June 30, 2010
City Assessed Valuation
$ 4,474,767,610
Redevelopment Agency Incremental Valuation
7,278,418,282
Total Assessed Valuation
$ 11,753,185,892
- Source: Riverside County Auditor Controller
Estimated
Share of
Percentage
Outstanding
Overlapping
Applicable
Debt 6/30/10
Debt
Overlapping Debt Repaid with Property Taxes And Assessments:
Desert Community College District
8.105%
$ 323,954,507
26,256,513
Coachella Valley Unified School District
34.620%
115,202,921
39,883,251
Desert Sands Unified School District (DSUSD)
7.605%
278,387,325
21,171,356
Coachella Valley County Water District I.D. No. 55
86.023%
3,730,000
3,208,658
Coachella Valley County Water District I.D. No. 58
6.536%
1,755,000
114,707
DSUSD Community Facilities District No. 1
100.000%
E820,000
1,820,000
City of La Quinta 1915 Act Bends
100.000%
1,165,000
1,165,000
Coachella Valley Water District Assessment District No. 68
86.247%
2,110,000
1,819,812
Total overlapping debt repaid with property taxes
728,124,753
95,439,297
Overlapping Other Debt including Certifications of Participation (COP)
Riverside County General Fund Obligations
1.827%
$ 736,427,761
13,454,535
Riverside County Pension Obligations
1.827%
375,100,000
6.853,077
Riverside County Board of Education COP
1.827%
7,240,000
132,275
Coachella Valley Unified School District COP
34.620%
51,680,000
17,891,616
DSUSD COP
7.605%
65,970,000
5,017,019
Coachella Valley County Water District I.D. No. 71 COP
11.790%
4,025,000
474,548
Coachella Valley Recreation and Park District COP
13.466%
2,400,000
323,184
Total overlapping other debt
1,242,842,761
44,146,254
Total overlapping debt
$ 1,242,842,761
139,585,551
City direct debt
229,835,915
Total direct and overlapping debt
S 369,421,466
Notes:
For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed
property values. Applicable percentages were estimated by determining the portion of another governmental unit's
taxable assessed value that is within the city's boundaries and dividing it by each unit's total taxable assessed value.
Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This
schedule estimates the portion of the outstanding debt of those overlapping governments that is home by the residents
and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay
long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However,
this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt of each
overlapping government.
Source: California Municipal Statistics. Inc.- overlapping debt
Source: City of La Quinta - City Direct debt
153
CITY OF LA QUMTA
Legal Debt Margin Information
Lsst Tar Fiscal Years
TABLE 15
2001 L 200 2M ZIM 2M 244Z 2003 M M
Assessed valuaboc f 2,644,318,608 3,143,395,801 3.767$59,451 5,357,903,512 6,220,471,097 7,90,866,586 9,975,646,644 11,966,414,134 12,416,034,763 11,153,185,892
Debt limir pror.oca, 15% 15% 15% 15% is% IS. 15% 15% 15% 15%
Debt limn 396,642,791 4]1,509,3)0 565,133,918 803.685,527 933,020,665 1,172,079,988 14%,346,991 1,)99,962,120 1,863405,214 1,263,977,884
Total net deb applicable to limit
General obligition bond -
Legal debt margin S 396,64),)91 471,509,510 565,133.918 803,685,527 933,0?0,665 1,172,079,998 1,496,346,997 1,779,962,120 1,862,405,214 1,762,977.894
Total debt applicable to the lima
u apeecam., of debt to. 00% 0.0°. 00% 0014. O.M. 00% 0.0% 0.W 0.M. 00%
Section 43WS ofthe Government Code ofthe State ofCalifomu lam at the amount of indebtedness for
pubf impmvemcrosto 15%ofthe guessed valumaonofall read and 1110nal property ofthc Chy.
The Cary of La Q... has no gmoral bonded indebtediio.
Smote: City of La Quinu Finanu Deparunrnt based upon NC Assessed valuation received Oom Nc
County of Riverside Auditor Controllers Once
154
CITY OF
LA QUINTA
TABLE 16
Pledged -Revenue Coverage
Last Five
Fiscal Years
(In Dollars)
Tax Allocation Bonds - Project Area
1
Fiscal Year
Ended
Tax
Less: Other
Net Tax
Debt Service
June 30
Increment
Debt Payments
Increment'
Principal
Interest
Coverage'
2006
36,506,201
20,638,731
15,867,470
2,500,000
7,805,905
1.54
2007
42,029,503
20,820,149
21,209,354
2,640,000
7,659,900
2.06
2008
43,476,312
25,383,713
18,092,599
2,795,000
7,500,553
1.76
2009
40,519,380
25,046,356
15.473,024
2,960,000
7,330,188
1.50
2010
38,517,789
47,006,738 °
(8,488,949)
3,135,000
7,144,062
(0.83)
Tax Allocation Bonds - Project Area
2
Fiscal Year
Ended
Tax
Less: Other
Net Tax
Debt Service
June 30
Increment
Debt Payments
Increment)
Principal
Interest
Coverage
2006
19.849,893
17,325,411
2,524,482
100,000
319,168
6,02
2007
20,777,158
18,553,875
2,223,283
105,000
314.785
5.30
2008
23,087,750
20,929,512
2,158,238
110,000
310,135
5.14
2009
22,783,714
21.042,814
1,740,900
115,000
305,184
F14
2010
20,763,180
19.373,073
1,390,107
I20,000
299,550
331
2004 Local Agency
Revenue Bonds
Fiscal Year
Ended
Tax
Less. Other
Net Tax
Debt Service
June 30
Increment'
Debt Payments
Increment
Principal
Interest
Coverage
2006
14,089,024
-
14,089,024
735,000
4,436,981
2.72
2007
15,701,664
-
15,701,664
1,520,000
4,402,909
2.65
2008
16,641,016
-
16,641,016
1,570,000
4.356,806
2.81
2009
15,825,773
-
15,825,773
1,615,000
4,304,994
2.67
2010
14,820.242
-
14,820,242
1,670.000
4,243.331
2,51
Local Agency Revenue Bonds (City Hall Project
Fiscal Year
Ended
Lease Less. Other
Net Lease
Debt Service
June 30
Revenue' Debt Payments
Revenue
Principal
Interest
Coverage
2006
680,575 -
680,575
330.000
350,575
1,00
2007
678.865 -
678.865
345,000
333,865
1.00
2008
675,880 -
675,880
360,000
315.880
1.00
2009
676.450 -
676,450
380.000
296,450
1.00
2010
675.280 -
675.280
400.000
275.280
1,00
Note: Details regarding the city's outstanding debt can be found in the notes to the financial
statements.
Tax increment has been reduced by other debt payments, which may or may not be subordinated to Tax
Allocation Bonds
P Lease revenues consist of payments from the City General Fund, Civic Center Development Impact Fee Fund
and the Redevelopment Agency Capital Projects Fund
' Tax increment revenues from bah Project Area 1 and Project Area 2 Low & Moderate Income Funds are used
to pay the annual debt service payments.
° The State of California w,sessed the La Quinta Redevelopment Agency a supplemental educational relief
augmentation fund payment of $23,582,367 in FY 2009/2010 which was paid from Project Area I tax increment
revenues. This payment was funded by a S 10 million loan from the General Fund to the Agency. S 10 million
from the Debt service Fund and 53,582,367 from the RDA Project Area I Capital Projects Fund- If this payment
would not have been made the coverage ratio would have been 1.47.
155
CITY OF LA QUINTA
Demographic and Economic Statistics
Last Five Calendar Years
TABLE 17
Calendar Calendar Calendar Calendar
Calendar
Year Year Year Year
Year
2006 2007 2008 2009
2010
City Land (Sq Miles)
(3) 35.10 35.10 35.31 3531
35.31
Population
(1) 38,340 41,092 42,958 43,778
44,421
Median Household Income (in dollars)
(4) $65,906 $67,754 $74,683 $76,227
$90,124 -
NumberofDwellingUnits
(3) 18,762 20,176 21,058 21,355
21,699
Persons per Household
(3) 2.855 2.846 2.851 2.851
2.865
Average Income per person per household
$23,084 $23,807 $26,195 $26,737
$31,457
Labor Force -
(2) 14,500 15,300 15,200 14,800
14,600
Employment
(2) 14,100 14,900 14,600 13,700
13,500
Unemployment Rate
(2) 2.76% 2.61% 3.95% 7,43%
7,53%
Median age
(4) 36 36.4 36A 364
42.2
Sources:
(1) State of California Department of Finance - January 1 of earh year
(2) State of California Economic Development Department website
(3) City of La Quints Building & Safety and Community Development Departments
(4) Desert Wheeler's Newsletter City Overview through 2009; Hdl-Coren & Cone Companies thereafter
(4) Desert Wheeler's Newsletter City Overview through 2009; HdLCoren & Cone Companies thereafter
156
TABLE 18
CITY OF LA QUINTA
Principal Employers
Current
Year and Nine Years Ago
-
2009-2010
2000-2001
Percent of
Number of
Total
Number of
Employer
Activity
Rank Employees
Employment
Employees
Rank
La Quinta Resort & Club
Hotel & Golf Resort
1 1,500
11.11%
1,500
1
PGA West
Golf Resort
2 1,200
8.89%
1,100
2
Desert Sands Unified School Distict Government
3 764
5.66%
550
3
Wal-Mart Super Center
Retailer
4 350
259%
250
4
Home Depot
Retailer
5 210
1.56%
180
5
Hideaway
Golf Resort
6 150
1.11%
-
Lowe's Home Improvement
Retailer
7 150
1.11%
150
6
ND La Quinta Partners LLC
Real estate Developme
8 150
L 11 %
Stater Brothers
Grocery Store
9 130
0.96%
126
7
Tradition Golf Club
Grocery Store
10 101
0.75%
103
8
Vons
Grocery Store
-
-
I03
8
Ralphs
Grocery Store
-
-
100
9
City of La Quinta
Government
13
-
73
10
Rancho La Quinta
Golf Resort
-
150
6
Total employment listed
4,705
34.85%
4,385
Total City Employment - July 1
13,500
11,600
"Total Employment" as used above represents the total employment of all employers located
within City limits with over 100 employees
Source. 2009-2010 Willdan Financial and 2000-2001 City of La Quinta CAFR
157
CITY OF LA QUB4TA
Full-time City Employees
by Function
Last Six Fiscal Years
Fiscal Year
Fiscal Year
Fiscal Year
Ending
Ending
Ending
June 30
June 30
June 30
Function
2005
2006
2007
Administration
8.00
9.00
10.00
City Clerk
5.00
5.00
5.00
Finance
8.00
9.00
9.00
Community Services
8.00
10.25
10.25
Building and Safety
21.00
22.00
24.00
Planning and Development
9.00
12.00
12.00
Public Works
23.50
26.25
26.25
Golf Course
0.50
0.50
0.50
Total
83.00
94.00
97.00
Source: City of La Quinta
NOTE: The City of La Quinta contracts with the County of Riverside for Police
Services and with the California Department of Forestry through a contract with
the County of Riverside for Fire Services. In addition the City -owned Golf
Course is operated by Landmark Golf. These positions have not been included
as these positions are not City employees.
TABLE 19
Fiscal Year
Fiscal Year
Fiscal Year
Ending
Ending
Ending
June 30
June 30
June 30
2008
2009
2010
12.00
13.00
14.00
6.00
6.00
6.00
9.00
9.00
9.00
11.25
10.25
10.25
25.00
25.00
24.00
12.00
10.00
9.00
28.25
27.25
26.25
0.50
0.50
0.50
104.00
101.00
99.00
158
CITY OF LA QUINTA
Operating Indicators
by Function
Last Five Fiscal Years
TABLE 20
2006
2007
2008
2009
2010
Finance:
Number of Active Business Licenses
3,208
3,424
3,690
3,523
3,428
- - Number of Animal Licenses Processed
892
1,022
1,272
1,609
1,768
Number of Accounts Payable Checks Processed
4,696
4,722
4,840
4,819
4,393
Number of investment purchases
39
73
64
36
32
Par value of investments
$327,417,000
$392.729,000
$424,500,000
$229,969,000
$267,213,000
Number of cleared checks
5,081
4,837
5,501
5,269
4,984
Number of outgoing bank wires
202
158
136
91
75
Public Works:
Encroachment permits issued
304
218
110
132
78
Request for services
618
419
1152
1931
1306
Building & Safety:
Perils:
Single family Detached
1,044
526
297
129
56
Single family Attached
227
38
0
6
12
Residential Pool
866
612
331
207
152
WaNFence
1,502
963
583
299
178
Other
1,607
1,404
1,121
908
790
Total Permits
5,246
3,543
2,332
1,549
1,188
Code Compliance:
Animal Control Incidents Handled
1,901
687
2,920
3,630
3,984
- Vehicle abatements
909
296
351
346
214
Garage Sale Permits
1,190
1,444
1,519
1,535
1,663
Weed abatements
141
76
117
97
125
Nuisance abatements
1.611
2,032
2,142
3,130
2,340
Community Services:
Library activities:
Library Volume
42,050
44,981
66,124
81,124
89,060
Library books checked out
55.002
99,659
117,738
215.843
259,711
Library Cards Issued
5,550
5,325
3,675
3,684
3,547
Number of School Children Visiting Library
745
260
841
1,036
772
Library Volunteer Hours
1,891
1,583
1,951
2,342
2,723
Senior Center.
Number or visits
14,305
12.955
14,013
15,739
20,326
Senior Center Volunteer Hours
3,481
4,192
3,332
2,583
3,131
Recreation activities.
Participants:
Leisure Classes
1,373
1,192
990
1,140
1,437
Special events
4,668
1.809
8.109
11,053
8,795
Adult Sports
3402
6,827
8.550
10,806
13,364
Golf course:
Golf rounds played
38.934
40.548
40,516
39,150
43,779
Average S Green fee
71.12
76.97
81 09
76J 3
71.59
Planning and Development;
Number of residential units approved
1,063
534
338
too
255
Commercial square footage approved
533,726
124,821
342,502
390,097
6,200
Source: City of La Quinta
159
CITY OF LA QUINTA
TABLE 21
Capital Asset Statistics
by Function
Last Five Fiscal Years
Fiscal Year
Fiscal Year Fiscal Year
Fiscal Year
Fiscal Year
Ending
Ending Ending
Ending
Ending
June 30
June 30 June 30
June 30
June 30
2006
2007 2008
2009
2010
Public works:
Streets (miles)
118.40
122 - 127
127
127
Bikepaths (miles)
22.00
22 22
22
22
Streetlights
73
85 85
261
265
Traffic signals
44
45.25 45.25
49
50
Traffic Signs
2,799
2,845 2,895
2,899
2,909
Bridges
12
12 12
12
12
Parks and recreation:
Parks
12
12 13
13
13
Park Acreage
207
207� 209
209
218
Undeveloped Park Acreage
40
40 40
40
40
Senior Center
1
l 1
I
I
Museum
I
I - I
I
1
Library
1
I I
I
I
Golf Course:
Municipal golf courses I 1 I
Source: City of La Quinta
In Fiscal Year ending 2009 street lights at intersections were included for the first time
iDIII
CITY OF LA QUINTA
TABLE 22
Schedule of Insurance in Force
•
June 30, 2010
Company Name
Policy No her
Coverage
Limits
Term
Premium
Hartford
72BPEEW0254
Employee Dishonesty,
$1,000,000
12/3/09- 12/3/10
$3,013
Forgery, Computer Fraud
Lexington
20412656
All Risk Property Insurance
63,806,700
7/01/09 - 7/01/10
50,433
Including Auto Physical Damage,
Terrorism, Boiler & Machinery
(Excluding Earthquake)
Lloyds
750020221-L-00
Earthquake/Flood
20,000,000
2/07/10-2/07/I1
125,951
Real & Personal Property
•
Including Contingent Tax Interruption
' California
Comprehensive General
$50 Million
7/01/09 - 7101/10
365,209
Joint Powers
Liability Single
Limit per Occun ence
• Insurance Authority
California
Worker's Compensation
10,000,000
7/01/09-7/01/10
106,288
Joint Powers
Insurance Authority
Alliant
PEC0011896301
Pollution Liability
10,000,000
7/01/08-7/01/11
19,215
161
THIS PAGE INTENTIONALLY LEFT BLANK
162
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item B
Meeting Date: December 8, 2010
ITEM TITLE -
Month End Cash Report - November, 2010
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.
John M. Falconer, Finance Director
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03-03-2011.
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12-02 2010
06-02-2011
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11-26-2010
01-20
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11-26-2010
02-24
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0. 140
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26 WEEK
11-26 2010
05 26r2011
0. 195
0.198
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11-18 2010
12-16-2010
0. 125
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11-18-2010
02-17
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11-18 2010
05-19-2011
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11-18 2010
11-12-201t
0 280
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11-12-2010
12 09
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0. 305
0. 106
99.99212E
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11-12 2010
01-06-2011
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11-12-2010
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05-05-2011
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10-28-2030
11-26-2010
0.130
0.112
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56 DAY
10-28 2010.
12-23-2010
0. 150
0,152
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912295X40
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10 28-2010
01-22-2011
0. 120
0,132
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10-28-2010
04-28-1011
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10-21-2010
11-192010
0. 135
0.132
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56 DAY
10 21 2010
12-16-2010
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0.152
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0120-2011
0.135
0.132
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10 21-2010
04-21-2011
0.120
0.123
99.914056
91279521,12
52 WEEK
10-21-2010
10-20-2011
0.225
0.229
99]72500
9127952K6
4 WEEK
10-14-2010
11-12-2010
Man
0.142
99.988722
912J95W72
56-DAY
10-14-2010
12-09-2010
0,150
0.152
99.976667
912195X30
13 WEEK
10-14-2010
at 13-2011
0.12E
0.12Y
99.968403
912I95VX2
26 WEEK
10-14-2010
04-14-2011
0.165
0,162
99.916583
912)952l4
4-WEEK
10 07-2010
11-04-2010
0,135
0,137
99.989500
912295W36
56-DAY
10 024010
12-02-2010
0.14E
0.142
99.977144
912J95W98
13 WEEK
10-02-2010
01-06-2011
0.130
0.132
99,967139
912195X21
26-WEEK
10 02-2010
114-07-2011
0,185
0.188
99,906472
912Y95VD0
a -WEEK
09 3. 2010
10-28-2010
0.080
0.081
9A993228
912795W49
52-DAY
09 30-2010
11-26-2010
MID
0,132
99.919117
912295W80
13 WEEK
09 30-2010
12-30-2010
0,155
0.152
99,960819
0'1191.55
26 WEEK
09 30-2010
03-31-2011
0,190
0,193
99903944
91.2795219
Effective With the 11/2/99 auction, all bills are auctioned using the single -pi iced method.
I 111dar, 1,f1 roll1l 111 All I La1. & culpanre I l va, & L.1,11 Narl, I Alt a Tvml & o4na .D . I t, c.,>aOlty I Data QeaOb
U S. Pparr ne n, fth, Trlalur,,B.,la 11lI f hit GetA
http://www.treasurydirect.gov/RI/OFBills
11/30/2010 3
Recent Note, Bond, and TIPS Auction Results
Page 1 of 1
TreasuryDirect
Ils,11 I I.,11.1intrAlm.,III Data D insults , LI Auctronorta , Re2' 1 PI flow, and I NIS Ar',Um, Results
Recent Note, Bond, and TIPS Auction Results
[ssua ri in, Irte'e x Yield Pike
seta aly term Tvve Dace It= Rnm IN. vA, slm cusxv
2-YEAR NOTE 11-30-2010 11-30 2012 0.500 0.520 99 1 0259 912828PV6
5 YEAR NOTE 1130-20I0 11-30-2015 1.3]5 1.411 99.826792 912828113
2-YEAR NOTE 11-30-201E 11 10 201] 2,250 2. 253 99.080673 91208PKC
3-YEAM1 NOTE t1 35-2010 11-15-2013 0.500 0.5]5 99111247 912828PH8
9-YEAR 8-MONTH TIPS 11 d5-2010 0745-2a 20 12" 0009 lw8103581 912828NMS
10-YEAR NOTE 31-35-2010 11 ,5-2020 2.625 2.636 99.903856 912828PCB
30-YEAR BOND 15 2010 11 15 2040 4.250 4.320 98.829162 912810QL5
2YEAR NOTE 33 01-2010 1U 31 2012 0,375 0.400 999503I5 912028PO6
5-YEAM1 NOTE 33-01-2010 10-31 2015 1.250 1.330 99.614432 912828PE4
7 YEAR NOTE 11-U1-2010 10-31-2011 1.815 1,920 99.3818d6 912828PP1
4-YEAR 6-MONTH TIPS SO-29-2UtU U4-IS-2015 O.SUU -0.55U lUS.50860] 9I2828MYJ
3 YEAR NOT[ 30-35-201U 1U-15-2011 O.SOU 0.569 99, 795046 912828PBO
9YEAR 10 MONTH NOTE 10-15-2010 08-15-2020 2.625 2,475 101.298742 912028NT3
29YEAR 10-MONTH BOND 10-15-2010 08-15-2040 3.875 3,852 100 397647 912810QK1
2 YEAR NOTE 09-30 20t0 09-30-20t2 0.315 0.441 99AO3724 912823N%4
S'YEAR NOTE 0930 2010 (930-2Ut5 1.]50 1160 99.951690 91282➢NZ9
7 YEAR NOTE 09-30-2010 09-30-0)11 1.815 1.891, As 902081 912828PA2
3 YEAR NOTE 09-15-2010 09-15-2013 0ISO 0.190 99,881642 912828NY2
9-YEAR 10 MONTH TIPS 09-15 2010 07-15-2020 1250 1,019 102. 109198 912828IMP
9YEAR 11 MONTH NOTE 09 15 2010 08-15-2020 2.625 2.670 9260]]96 912828NT3
29YEAR 11 MONTH BOND 09-15-2010 08 15-2040 3.8]5 3.820 100.97053D 912610QK7
2 YEAR NOTE 08-31 201.0 0831-2012 0.3]5 0 498 99 755524 912828PH7
5 YEAR NOTE 08-3 b2010 0631-2015 1.250 1. 324 99.402792 912828NV8
]-PEAR NOTE 08.31 2010 08 31-2017 1.825 1,989 99 2S8493 912828/1
29YEAR 6-MONTH TIPS 08-31 2010 02-15-2040 2. 125 1.768 109.086149 912810QFB
3-TEAR NOTE 08-163010 08-15-2013 0,750 0,844 99,722359 912826Nu0
10 YEAR NOTE 08-16 2010 08-15-2020 2 625 2,730 99.086655 912828NT3
30-YEAR BOND 08-16-2010 08-15-2040 3 875 3.954 98,619129 912810QK7
2-YEAR NOTE 08 02 2010 0731-2012 0.625 0,665 99.92DRE3 912828NQ9
5-YEAR VOTE 08-022010 07-31-2015 1750 1.196 997dlRs 91262Ut1P1
7-YEAR Run 08-02-2010 07-31-2012 2,375 2.194 99 878150 912826NR7
3-YEAR Ron 07-15-2010 07-15-2013 1,000 1.055 99.838004 91282811N6
9-YEAR 10 MONTH NONE 07-15-2010 05-15-2020 3.500 3,119 103.199611 912828ND8
10-YEAR 7115 07-15-2010 07 15-2020 1.250 1.295 99,579194 912825NMB
29-YEAR SO -MONTH BOND 0]-15-2010 05-15-2040 4.3]5 4,080 m5.053815 9128I0QH4
2-YEAR NOIE 06-30-2010 06-30-2012 0.625 0738 99 776"0 9126261ISS
N 5-YEAR OTE 0630-2010 06-30-2015 le's 1995.99.431646 912826N10
7YEAR ROTE 06-30-2010 06 30-2017 2.500 2,575 99.522396 912828NK2
3-YEAR NOTE 06-15-0010 06-15-2013 1.125 1.220 99.]2098] 912B28NH9
9-YEAR 11-MONTH NOTE 06-15-2010 05-35-2020 3.500 3.242 102.169092 91232814D➢
-Denotes TIPS bond; all other TIPS without a6terisks are notes
Rees f INf,rmO?., Au I Ls. A 6ulslanw I f r M Y & t, la NI I W£t t I =tea & C,,,Idrr.r1 I Alles5lbIlry I Meta QPa11Y
U.SD P rtne v oftRN T ry RVIN1au NJ the Prbhl Debt
4
http://www.treasurydirect.go'v/RI/OFNtebnd 11 /30/2010
Bill Lockyer, State Treasurer
Inside the State Treasurer's Office
Local Agency Investment Fund (LAIF)
PMIA Performance Report
a_te
ar
Yeld
•waiter
mate . a_
it Fa'9
tuntyu''
s °
11/9/2010
0.46
0.47
193
11/10/2010
0.46
0.47
193
11/11/2010
0.46
0.47
193
11/12/2010
0.45
0.47
188
11/13/20101
0.45
0.47
188
11/14/2010
0.45
0.47
188
11/15/2010
0.46
0.47
189
11/16/2010
0.46
0.47
189
11/17/2010
0.46
0.47
186
11/18/2010
0.46
0.47
189
11/19/2010
0.46
0.47
189
11/20/2010
0.461
0.471
189
11/21/20101
0.46
0.47
189
11/22/2010
0, 461
0.471
185
11/23/20101
0.451
0.471
180
LAIF Performance Report
Quarter end 09/3012010
Apportionment Rate:
Earnings Ratio:
Fair Value Factor:
Daily:
Quarter To Date:
Average Life:
0.51 %
.00001404107774697
1.001914850
0.47%
0.51 %
185
PMIA Average Monthly Effective Yields
OCT 2010 0.480%
SEP 2010 0.500%
AUG 2010 0.513%
Pooled Money Investment Account
Portfolio Composition
$68.6 Billion
10/31 /10
Corporate Bondq
0.00%
Commercial Paper
11.09%
Repurchases
0.73%
Time Deposits
6.11%
CDs/BNs
8.02%
Loans
11.73%
Agencies Mortgages
13.06% 0.85%
Treasuries
48.41 %
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --November 26, 2010
Page 1 of 3
FEDERAL RESERVE STATISTICAI, RELEASE
H.15 DAILY UPDATE: WEB RELEASE ONLY
SELECTED INTEREST RATES
For use at 4:15 p.m. Eastern Time
Yields in percent per annum
November
26,
2010
2010
2010
2010
2010
Instruments
Nov
Nov
Nov
Nov
22
23
24
25*
Federal funds (effective) 1 2 3
0.19
0.20
0.20
0.20
Commercial Paper 3 4 5 6
Nonfinancial
1-month
0.23
0.19
0.20
2-month
0.23
0.17
n.a.
3-month
0.25
0.22
n.a.
Financial
1-month
0.21
0.21
0.22
2-month
0.21
0.22
0.25
3-month
0.25
0.27
0.26
CDs (secondary market) 3 '7
1-month
0.23
0.24
0.23
3-month
0.26
0.27
0.27
6-month
0.34
0.36
0.36
Eurodollar deposits (London) 3 8
1-month
0.33
0.33
0.33
0.33
3-month
0.39
0.39
0.39
0.39
6-month
0.60
0.60
0.60
0.60
Bank prime loan 2 3 9
3.25
3.25
3.25
3.25
Discount window primary credit 2 10
0.75
0.75
0.75
0.75
U.S. government securities
Treasury bills (secondary market) 3 4
4-week
0.12
0.15
0.16
3-month
0.15
0.15
0.16
6-month
0.20
0.20
0.20
1-year
0.25
0.25
0.27
Treasury constant maturities
Nominal 11
1-month
0.12
0.15
0.16
3-month
0.15
0.15
0.16
6-month
0.20
0.20
0.20
1-year
0.26
0.26
0.28
2-year
0.49
0.45
0.53
3-year
0.72
0.69
0.81
5-year
1.44
1.40
1.56
7-year
2.11
2.08
2.24
10-year
2.80
2.77
2.93
20-year
3.85
3.82
3.96
30-year
4.20
4.18
4.29
Inflation indexed 12
5-year
-0.14
-0.14
-0.03
7-year
0.22
0.22
0.33
10-year
0.70
0.69
0.80
http://www.federalreserve.gov/Releases/H 15/update/
Federal Reserve Statistical Release :•
H.15
Selected Interest Ratea> (Daily)
Skip m Content
Release Date: November 26, 2010
WeM release dates I historical data I Data Do nload Program (DUP)_I About I Announcements
Daily update Otherjormats: Screen reader I ASCII
'�� Data Downiaatl
� Program
The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday
through Friday on this site. If Monday is a holiday, the weekly release will be posted on Tuesday
after the holiday and the daily update will not be posted on that Tuesday.
11/30/2010 6
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --November 26, 2010
Page 2 of 3
20-year
30-year
Inflation -indexed long-term average 13
Interest rate swaps 14
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
Corporate bonds
Moody's seasoned
Aaa 15
Ise
State & local bonds 16
Conventional mortgages 17
* Markets closed.
n.a. Not available.
Footnotes
1.48
1.46
1.56
1.64
1.63
1.73
1.36
1.35
1.45
0.44
0.44
0.50
0.67
0.63
0.72
0.97
0.89
1.00
1.34
1.24
1.36
1.71
1.62
1.74
2.35
2.27
2.39
2.96
2.89
3.01
3.88
3.84
3.93
4.89
4.85
n.a.
5.94
5.90
n.a.
4.40
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly
figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The
Depository Trust Company. The trades represent sales of commercial paper by dealers or direct
issuers to investors (that is, the offer side). 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
(www.federalreserve.gov/releases/cp/).
6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not
excluded from relevant indexes, nor is any financial or nonfinancial commercial paper that may be
directly or indirectly affected by one or more of the Federal Reserve's liquidity facilities. Thus
the rates published after September 19, 2008, likely reflect the direct or indirect effects of the
new temporary programs and, accordingly, likely are not comparable for some purposes to rates
published prior to that period.
7. An average of dealer bid rates on nationally traded certificates of deposit.
S. Source: Bloomberg and CTRB ICAP Fixed Income & Money Market Products.
9. 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.
10. The rate charged for discounts made and advances extended under the Federal Reserve's primary
credit discount window program, which became effective January 9, 2003. This rate replaces that for
adjustment credit, which was discontinued after January 8, 2003. For further information, see
www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate reported is that
for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as
well as the rate on primary credit are available at www.federalreserve.gov/releases/hl5/data.htm.
11. Yields on actively traded non -inflation -indexed issues adjusted to constant maturities. The
30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced
on February 9, 2006. From. February 18, 2002, to February 9, 2006, the U.S. Treasury published a
factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year
nominal rate. The historical adjustment factor can be found at
www.treas.gov/offices/domestic-finance/debt-management/interest-rate/itcompositeindex_historical.shtml.
Source: U.S. Treasury.
12. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities.
Source: U.S. Treasury. Additional information on both nominal and inflation -indexed yields may be
http://www.federalreserve.gov/Releases/Hl 5/update/
11/30/2010 7
PKtS: H.1J--Jelectecl Interest Kates, web -Only Lally update --November 26, 2uiu rage 3 of 3
found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/.
13. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of
more than 10 years.
14. 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. Eastern time by Carbon Intercapital plc and published on Reuters Page ISDAFIX?l.
ISDAFIX is a registered service mark of ISDA. Source: Reuters Limited.
15. Moody's Aaa rates through December 6, 2001, are averages of Asa utility and Aaa industrial bond
rates. As of December 7, 2001, these rates are averages of Aaa industrial bonds only.
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. Contract interest rates on commitments for fixed-rate first mortgages. Source: Primary Mortgage
Market Survey? data provided by Freddie Mac.
---------------------------------------------------------------------------------------------------
Note: weekly and monthly figures on this release, as well as annual figures available on the
Board's historical H.15 web site (see below), are averages of business days unless otherwise noted.
-----------------------------------------`____-______-_----_-------------------------------------_-
Current and historical H.15 data are available on the Federal Reserve Board's web site
(www.federalreserve.gov/). For information about individual copies or subscriptions, contact
Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886).
Description of the Treasury Nominal and Inflation -Indexed Constant Maturity Series
Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury
from the daily yield curve for non -inflation -indexed Treasury securities. This curve, which relates
the yield on a security to its time to maturity, is based on the closing market bid yields on
actively traded Treasury securities in the over-the-counter market. These market yields are
calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The
constant maturity yield values are read from the yield curve at fixed maturities, currently 1, 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.
Similarly, yields on inflation -indexed securities at "constant maturity" are interpolated from the
daily yield curve for Treasury inflation protected securities in the over-the-counter market. The
inflation -indexed constant maturity yields are read from this yield curve at fixed maturities,
currently 5, 7, 10, and 20 years.
----------------------------------------------------------------------------------------------------
Weekly release dates I Historical data I Data Download -Program (DDP)_I About I Announcements
Daily update Otherformats Screen, reader IASCII
Statistical releases
_Home I Economicresearch earth and data
Accessibility l Comam Us
Last update: November 26, 2010
http://www.federalreserve.gov/Releases/Hl5/update/ 11/30/2010 8
I, KB: Commercial raper Kates and Uutstancimgs
rage i or .s
Federal Reserve Release
1111-1-11
Release I About I Announcements I Outstu dings ( Volume statistics I Year-end I MaturitXDistribution i Data
Download Program (DDP)
Data as of November 29, 2010
Commercial Paper Rates and Outstanding
Derived from data supplied by The Depository Trust & Clearing Corporation
Posted November 30, 2010
Discount rates
FTermnonfinancial
AA
o A2/P2
nonfinancral
AA
financial
AA
asset -backed
1-day
0.20
C 0.34
0.19
0.28
7-day
0.20
C 0.35
0.18
0.44
15-day
0.19
C 0.37
0.20
0.31
30-day
0.21
C 0.35
0.21
0.29
60-day
0.20
C iT.a.
0.22
0.33
90-day
0.21
C n.a.
0.25
0.33
Trade data insufficient to support calculation of the 60-day A2/P2 nonfinancial and 90-day A2/P2 nonfinancial rates for November 29, 2010.
Yield curve
Money market basis
--- AA nonfinancial
•••.....••• A2f1`2 nonfinancial
-- AA fimmc fall
f.:
t
1 7 15 30
Days to Maturity
.r
Percent
-----1 0.75
Ne
0.50
0.25
0.00
http://www.federalreserve.gov/Releases/CP/ 11/30/2010 9
1,KB: Commercial Yaper xates and Uutstandmgs
rage 1 of S
Discount rate spread
AGIF. tens AA nommanciai corn meretai paper (aatly) oasts points
r��4sd
!i— sprw�d. 5-dny a11c'hriav ucp
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Discount rate history
7
6
5
4
3
2
1
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Outstandings
Weekly (Wednesday), seasonally adjusted
10
http://www.federalreserve.gov/Releases/CP/ 11/30/2010
FRB: Commercial Paper Rates and Dutstandings
Page 3 of 3
1270
1170
1070
970
870
770
670
570
470
370
Billions of dollars
Billions of dollars
^� SVonfinarrcial (ri±,+ht suticj �`+`
Emu unciol{Irfl'CAO
k ,t ,..
h{
n tI'j•'t i yV
f
1 ,
(Y� t
2001 2003 2005 2007 2009
M
240
200
160
120
The daily commercial paper release will usually be available before 11:00am EST. However, the Federal
Reserve Board makes no guarantee regarding the timing of the daily commercial paper release. When the
Federal Reserve Board is closed on a business day, rates for the previous business day will be available
through the Federal Reserve Board's Data Download Program (DDP). This policy is subject to change at
any time without notice.
Release I About I Announcements I Outstandings I Volume statistics I Year-end I Maturity Distribution I Data
Download Program_(DDP)
Home I Statistical releases..
Accessibility I Contact Us
Last update: November 30, 2010
11
http://www.federalreserve.gc,v/Releases/CP/ 11 /30/2010
City of La Ouinta
Cash Flow
Budget to Actual
October 31, 2010
Cash Basis
Budget
Actual
Accrual/
Adjusted Total
Variance
Account
10/10
10/10
Adustment
10/10
Over Under
Notes
Property Tax/ Tax Increment
-
623.850
-
623,850
- 623.850
Supplemental Property Tax received
Transient Occupancy Tax
199.797
186.956
186,956
(12,841)
Sales Tax
296,176
279,300
279,300
(16,876)
SilverRock Golf
109,343
41,124
41,124
(68,219)
Golf Course closed for reemerging
Library
485
(485)
Riverside Co Transportation Commission
-
Otherrevenues
2,215437
3,092,484
3092,464
877,047
list ptr Rre Service Revenue$1. tm
Revenues
2,821,238
4,223,714
4,223,714
1,402,476
Expenditures
Salaries B Fringe Benefits
1,294,656
1,129,380
1,129,380
(165,276)
1st Gb Fire Service Costs $1.1 m; Annual rent
Other expenditures
- 2,141,782
3631,882
3,631.882
1,490,100
payment 5552k
3,436,438
4.761,262
4,761252
1,324,824
Subtotal
237,222
202.431
202.431
(34,791)
Redevelopment Agency
Debt Service(PrincipalllnteresVPass Through)
824,565
333,167
833,467
8,902
1061787
1035,898
1,035,898
25,889
Subtotal
1,239,939
1,239 939
1,239939
Capital Projects
Total Expenditures
5,738,164
7,037,099
7,037,099
1,298,935
Net Revenues/Expendltums
2,916,926)
(2,813,385)1
1 (2,813,385)1
2,701,412
NOTE 1:
Expenditures are budgeted at 8,34 % per month
Difference between actual and budget
(Underspent)
DEPARTMENT
Overspent
Notes
GENERAL GOVERNMENT
(79,169)
CITY CLERK
5,785
COMMUNITY SERVICES
32,573
FINANCE
13.092
BUILDING B SAFETY
553,817
Annual rent payment
PUBLIC SAFETY
(302,052)
1st Ctr Fire Service dusts less Nan budget
PLANNING
119,738
2 menms General Plan contract payment
PUBLIC WORKS:
(16,359)
328425
SUBTOTAL -GENERAL FUND
Library
Gas Tax
Federal Assistance
-
JAG Grant
Slesf (Cops) Revenue
Indian Gaming
Lighting 8 Landscaping
RCTC
'Development Agreement
AS 939
4,940
Quimby
Infrastructure
Proposition 16
South Coast Air Quality
1,911
Transportation
Parks 8 Recreation
Civic Center
Library Development
Community Center
-
Street Facility
-
Park Facility
-
Fire Protection
Arts In Public Places
(4,437)
interest Allocation
-
Equipment Replacement
(17,988)
Information Technology
23,662
Park Maintenance Facility
(37,563)
SilverRock Golf
(25,976)
SilverRock Reserve
LQ Public Safety Officer
(167)
Housing Authority
288
Finance Authority
(1,066)
Capital Improvement
Total
272,029
12
INVESTMENT ADVISORY BOARD
Meeting Date: December 8, 2010
TITLE:
Pooled Money Investment Board Report
for September 2010
BACKGROUND:
Correspondence
& Written Material Item C
The Pooled Money Investment Board Report for September 2010 is included in the
agenda packet.
RECOMMENDATION:
Receive & File
tx-eo��
John M. Falconer, Finance Director
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF SEPTEMBER 2010 WITH SEPTEMBER 2009
(DOLLARS IN THOUSANDS)
SEPTEMBER 2010 SEPTEMBER 2009 GRANGE
Average Daily Portfolio $
Accrued Earnings $
Effective Yield
Average Life -Month End (In Days)
65,447,550 $
26,893 $
0.600 %
185
61,118,055 $ +4,329,495
37,700 $-10,807
0.750 % -0.26 %
234
-49 I
Total Security Transactions
Amount
$
23,870,222
$
28,698,114
$
-4,827,892
Number
487
585
-98
Total Time Deposit Transactions
Amount
$
2,669,500
$
2,675,000
$
-6,500
Number
124
115
+9
Average Workday Investment Activity
$
1,263,796
$
1,493,958
$
-230,162
Prescribed Demand Account Balances
For Services
$
1,341,692
$
1,045,464
$
+296,228
i
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
September 30, 2010
DIFFERENCE IN
PERCENT OF
PERCENT OF
PORTFOLIO FROM
TYPE OF SECURITY
AMOUNT PORTFOLIO
PRIOR MONTH
Government
Bills
$ 24,816,931 36.73
+0.01
Bonds
0 0.00
Notes
6,650,737 9.84
+0.06
Strips
0 0.00
Total Government
$ 31,467,668 46.57
+0.07
Federal Agency Debentures
$ 1,086,062
1.61
+0.01
Certificates of Deposit
7,190,000
10.64
+0.35
Bank Notes
200,000
0.30
+0.01
Bankers' Acceptances
0
0.00
0
Repurchases
0
0.00
0
Federal Agency Discount Notes
5,731,359
8.48
-0.41
Time Deposits
4,226,650
6.26
+0.09
GNMAs
65
0.00
0
Commercial Paper
6,571,530
9.73
+1.64
FHLMC/Remics
600,821
0.89
-0.02
Corporate Bonds
0
0.00
-0.16
AB 55 Loans
301,517
0.45
-0.07
GF Loans
9,881,700
14.63
-1.51
NOW Accounts
0
0.00
0
Other
300,000
0.44
0
Reversed Repurchases
0
0.00
0
Total (All Types)
$ 67,557,372
100.00
SEPTEMBER 2010
AUGUST 2010
NUMBER
AMOUNT
NUMBER
AMOUNT
Pooled Money
487
$ 23,870,222
364
$
17,743,081
Other
13
601,792
18
$
2,584,001
Time Deposits
124
2,669,500
84
$
1,832,500
Totals
624
$ 27,141,514
466
$
22,159,682
PMIA Monthly Average Effective Yield
0.500
0.513
Year to Date Yield Last Day of Month
0.515
0.522
01
Pooled Money Investment Account
Portfolio Composition
$67.6 Billion
W11']K107 I�
Loans
i F naai
Corporate Bc
0.00%
Commercial Paper
9.73%
Time Deposits
6.26%
CDs/
10.9
Agencies Mortgages
10.53% 0.89%
Treasuries
46.57%
INVESTMENT ADVISORY BOARD
Meeting Date: December 8, 2010
ITEM TITLE:
November 9, 2010 Joint Meeting Minutes
with the City Council
BACKGROUND:
Correspondence & Written
Material Item D
The minutes from the joint meeting with the City Council will be approved at the
December 7, 2010 City Council meeting and will be distributed at the December 8,
2010 Investment Advisory Board Meeting.
RECOMMENDATION:
Information item only.
�� John M. Falconer, Finance Director
BOARD MEMBER ITEMS