2012 07 17 FAFINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
REGULAR MEETING
TUESDAY, JULY 17, 2012 AT 4:00 P.M.
Beginning Resolution No. FA 2012-002
CALL TO ORDER
Roll Call:
Board Members: Evans, Franklin, Henderson, Osborne and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing Authority on any matter not
listed on the agenda. Please complete a "request to speak" form and limit your comments
to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF JUNE 19, 2012
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1. RECEIVE AND FILE TREASURER'S REPORT DATED MAY 31, 2012
FINANCING AUTHORITY AGENDA 1 JULY 17, 2012
001
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MAY 31,
2012 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING
JUNE 30, 2012
3. ADOPTION OF A RESOLUTION APPROVING THE FISCAL YEAR 2012/2013
LA QUINTA FINANCING AUTHORITY BUDGET
BUSINESS SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
ADJOURNMENT
The August 21, 2012 regular meeting of the Financing Authority has been
cancelled. The next regular meeting of the Financing Authority will be held on
September 18, 2012 at 4:00 p.m. in the City Council Chambers, 78-495 Calle
Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Susan Maysels, Interim City Clerk of the City of La Quinta, do hereby declare
that the foregoing agenda for the La Quinta Financing Authority meeting was
posted on the outside entry to the Council Chamber at 78-495 Calle Tampico and
on the bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 1 1 1, on
July 13, 2012.
DATED: July 12, 2012
SUSAN MAYSELS, Inte im City Clerk
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Financing Authority
regarding any item on this agenda will be made available for public inspection at
the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta,
California, 92253, during normal business hours.
FINANCING AUTHORITY AGENDA 2 JULY 17, 2012' 002
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CITY/SA/HA/FM MEETING DATE: July 17, 2012 AGENDA CATEGORY:
ITEM TITLE: Receive and File Treasurer's Report dated BUSINESS SESSION:
May 31, 2012 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and File.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
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AGENDA CATEGORY:
CITY/SA/HA F® MEETING DATE: July 17, 2012 BUSINESS SESSION:
ITEM TITLE: Adoption of a Resolution Approving the CONSENT CALENDAR: 3
Fiscal Year 2012/2013 La Quinta Financing Authority
Budget STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the La Quinta Financing Authority approving the Fiscal Year
2012/2013 La Quinta Financing Authority Budget.
FISCAL IMPLICATIONS:
All Fiscal Year 2012/2013 revenues, operational and debt service payments are
included in the Fiscal Year 2012/2013 Budget previously approved by the City Council
on July 3, 2012. For Fiscal Year 2012/2013 the City Council approved $678,130 for
both revenue and appropriations.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
At the Financing Authority Meeting of June 5, 2012, the Authority adopted the
Preliminary Budget and provided staff direction regarding the Final Budget for the
2012/2013 Fiscal Year.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Financing Authority include:
1) Adoption of a Resolution of the La Quinta Financing Authority approving the
Fiscal Year 2012/2013 La Quinta Financing Authority Budget; or
004
2) Do not adopt a Resolution of the La Quinta Financing Authority and do not
approve the Fiscal Year 2012/2013 La Quinta Financing Authority Budget; or
3) Provide staff with alternative direction.
Respectfully submitted,
3
John M. Falconer, Finance Director
Approved for submission by:
J.,876-eiraclbk, Executive Director
005
RESOLUTION NO. FA 2012-
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY APPROVING A BUDGET FOR FISCAL
YEAR 2012/2013
WHEREAS, each year the La Quinta Financing Authority adopts a Budget for
Revenues and Expenditures for the upcoming Fiscal Year; and
WHEREAS, the Financing Authority desires to make provisions for a level of
services commensurate with the needs of the City; and
WHEREAS, the Financing Authority has reviewed said budget and has had
several public meetings to receive public input; and
WHEREAS, the Financing Authority has, after due deliberation and
consideration, made such amendments in the proposed budget as it considers
desirable; and
NOW, THEREFORE, BE IT RESOLVED by the La Quinta Financing Authority to
adopt, as follows:
SECTION 1. The Fiscal Year 2012/2013 Budget which is on file with the La
Quinta Financing Authority Secretary is hereby approved.
SECTION 2. Budget adjustment procedures are approved as follows:
A. Additional appropriations and the transfer of cash or
unappropriated fund balance from one fund to another shall be
made only upon Financing Authority approval.
B. Transfers of budgeted appropriations between divisions or capital
projects shall be made only upon Financing Authority approval.
C. Transfers of budgeted appropriations between accounts within a
division or capital project may be made with the approval of the
Executive Director or his designee.
D. Prior year budget continuing Appropriations and Encumbrances for
unexpended capital project appropriations remaining from
uncompleted prior year capital projects shall be made with
Executive Director approval. These carry-over appropriations are
for prior year Financing Authority approved capital projects and
shall not exceed the approved project budget.
006
Resolution No. FA 2012-
Budget Approval FY 201212013
Adopted: July 17, 2012
Page 2
SECTION 3. The Executive Director shall render a monthly report to the
Financing Authority on the status of City operations as it relates to the approved
budget and any amendments thereto.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta Financing
Authority held on this 17th day of July, 2012, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
SUSAN MAYSELS, Interim Secretary
La Quinta Financing Authority
(SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Financing Authority
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CITY/SA/HA F® MEETING DATE: July 17, 2012 AGENDA CATEGORY:
BUSINESS SESSION:
ITEM TITLE: Receive and File Revenue and Expenditure
Reports dated May 31, 2012 and Investment Summary CONSENT CALENDAR:
Report for the Quarter Ending June 30, 2012
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File.
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Transmittal of the May 31, 2012 Statement of Revenue and Expenditures and
Investment Summary Report for the Quarter Ending June 30, 2012 for the La
Quinta Financing Authority.
Respectfully submitted,
John M. Falconer, Finance Director
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Approved for submission by:
Attachments: 1. Revenue and Expenditure Report, May 31, 2012
2. Investment Summary for the Quarter Ending June 30,
2012
I$ 009
2
ATTACHMENT 1
LA QUINTA FINANCING AUTHORITY 07101/2011.0613v20u
REVENUE DETAIL ADJUSTED REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
Contacmel SeMoss Fees
11,BW.00
9,107.29
2,492,71
78.510%
Non Allocated Interest
0,00
1,338.00
(1,338.00)
0.000%
Rental Income
673,521.00
673,521.25
(0,25)
100,000%
Transfer In
0.00
0.00
0,00
0.000%
TOTAL DEBT SERVICE
685,121,00
683,966.54
1,154,46
99.830%
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
0.00
0,00
0.00
0.000%
Non Allocated Interest
0.00
0.D0
0.00
0.000%
TOTAL CIP REVENUE
0.00
0.00
0.00
0.000%
TOTAL FINANCING AUTHORITY 685,121.00 683.986.54 1,154.46 99.830%
010.
3
u OUINTA FINANCING AUTHORITY
ADJUSTED
U81=12
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
' BUDGET
DEBT SERVCE EXPENDITURES
SERVICES
11,800.00
7,577.29
0.00
4,02271
BOND PRINCIPAL -1998
445,000.00
445.00O.00
0.00
0.00
BOND PRINCIPAL - 2004
0.00
OAO
0.00
0.00
BOND PRINCIPAL - 2011
0.00
0.00
0,00
0.00
BONDINTEREST-1998
228,521.00
228,521.25
0.00
(0.251
BOND INTERES T - 2004
0.00
0,00
0.00
O.00
BOND INTEREST - 2011
0.00
0.00
0,00
000
TRANSFER OUT
2,695,719.00
2895 T19.00
0.00
000
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT EXPENDITURES
BOND ISSUANCE COSTS 000 0.00 0.00 0,00
TRANSFER OUT 000 000 0.00 O.00
TOTAL CAPITAL IMPROVEMENT
TOTAL FINANCING AUTHORITY
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