2017 11 15 FAC
Financial Advisory Commission agendas
and staff reports are now available on the
City’s web page: www.laquintaca.gov
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: November 15, 2017
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE THE 1ST QUARTER 2017/18 TREASURY REPORTS-
JULY, AUGUST, AND SEPTEMBER 2017
RECOMMENDATION
Receive and file the 1st quarter 2017/18 Treasury Reports- July, August, and
September 2017.
BACKGROUND/ANALYSIS
Treasurer’s Commentary on 1st Quarter FY 2017/18
For the 1st quarter period of FY 2017/18 (July 1, 2017 through September 30, 2017) the
City’s total book value of the portfolio decreased $16.43 million, from $139.49 million
on June 30, 2017 to $123.06 million on September 30, 2017. The decrease reflects
revenue, expenditure, and investment activities during the quarter. Notably, there was
a decrease of $16.8 million in Local Agency Investment Funds (LAIF), the majority of
which was used for Successor Agency (SA) debt service bond payments in August.
Investment Activity
July 2017
• Due to market conditions, a $5 million US Agency Bond with Federal Home Loan
Mortgage Corporation (FHLMC or Freddie Mac) was called on 6/29/17. The
proceeds were used to purchase 11 new investments in order to spread
maturities for liquidity purposes. All of the new investments settled in July and
are listed below.
o First Farmers Bank and Trust CD for $240,000 with a coupon rate of
1.65% maturing on 11/21/2019
o Douglas National Bank CD for $240,000 with a coupon rate of 1.65%
maturing on 1/21/2020
o Mercantile Bank CD for $240,000 with a coupon rate of 1.75% maturing
on 7/7/2020
o First Bank of Highland CD for $240,000 with a coupon rate of 1.75%
maturing on 7/13/2020
o Bankers Bank CD for $240,000 with a coupon rate of 1.80% maturing on
1/14/2021
o Central State Bank CD for $240,000 with a coupon rate of 1.85%
maturing on 7/14/2021
o Ohio Valley Bank CD for $240,000 with a coupon rate of 1.90% maturing
on 1/19/2022
CONSENT CALENDAR ITEM NO. 2
o HSBC Bank CD for $240,000 with a coupon rate of 2.30% maturing on
7/14/2022
o Federal Farm Credit Bank US Agency Bond with a PAR value of
$1,000,000 purchased at a discount for $992,600 with a coupon rate of
1.08% maturing on 7/12/2019. This bond is callable.
o Federal Home Loan Mortgage Corp US Agency Bond with a PAR value of
1,000,000 purchased at a discount for $999,500 with a coupon rate of
2.00%, maturing on 12/29/2021. This bond is callable.
o Federal Home Loan Mortgage Corp US Agency Bond with a PAR value of
1,000,000 and a coupon rate of 2.15%, maturing on 7/27/2022. This
bond is callable.
• LAIF total was decreased by $1.88 million:
o $116,191 in earned interest
o $2,000,000 withdrawals
• Bank service charges were covered by earnings allowance, no debits or credits
were incurred.
• In July, the average-days-to-maturity of all investments was 347 days.
August 2017
• A new CD was purchased; American Express Federal Savings Bank for $240,000
with a coupon rate of 2.40% maturing on 8/29/2022
• LAIF was decreased by a $15.0 million transfer to the operating account to
cover debt service payments on bonds.
• Bank service charges were covered by earnings allowance, no debits or credits
were incurred.
• In August, the average-days-to-maturity of all investments was 344 days.
September 2017
• There were no sales, purchases or maturities in the month of September.
• Bank service charges were covered by earnings allowance, no debits or credits
were incurred.
• In September, the average-days-to-maturity of all investments was 367 days.
Portfolio Performance
Overall during the 1ST quarter of FY 2017/18, market conditions have allowed for active
trading to realize gains, increase yields, and spread maturities. The market continued
to react to the changing political climate and economic news. Staff worked with the
City’s broker partner to capitalize on market conditions. The annual effective rate of
return for this fiscal year is 0.95% as of September.
Total first quarter interest earnings and gains were as follows:
The first quarter portfolio was distributed as follows:
Other Notes
Money market funds with the fiscal agent are bond proceeds subject to bond
indentures, not the City’s investment policy. In June, the City received Successor
Agency (SA) property tax revenue to pay for debt service in August. SA funds cannot
be invested in long-term investments. Therefore, SA funds are only invested in LAIF.
Looking Ahead
The Treasurer follows a “buy and hold” investment policy, unless fiscally
advantageous to the City to actively trade outside of maturity dates. In the short
term the Treasurer will invest in negotiable certificates of deposits and LAIF as
needed. Longer term investments may include Government Sponsored Enterprise
securities, U.S. Treasuries, and Corporate Notes. All investments recognize the City’s
immediate and long-term cash flow needs.
ALTERNATIVES - None
Prepared by: Rosemary Hallick, Financial Services Analyst
Approved by: Karla Campos, Finance Director/City Treasurer
Attachments: 1. Treasurer’s Reports for July 1, 2017 to September 30, 2017
Total Earnings
July 112,439.04$
August 102,075.57$
September 102,053.13$
Total 316,567.74$
Investment Type July August September
Local Agency Investment Fund (LAIF)44%34%37%
Federal Agency Coupons 11%11%12%
Treasury Coupons 12%12%13%
Certificates of Deposit (CD's)9%10%11%
Corporate Notes 2%2%2%
Bank Accounts 4%3%4%
Money Markets with Fiscal Agent 19%29%21%
Total 100%100%100%
Percent of Portfolio
City of La Quinta
Portfolio Management
August 31, 2017
City of La Quinta
-
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value
Days to
MaturityTerm
YTM
365 Equiv.
Local Agency Investment Funds 45,435,606.91 133.57 1.084145,369,590.1545,435,606.91
Federal Agency Coupon Securities 14,473,350.00 1,56610.69 1.7601,28914,412,220.0014,500,000.00
Treasury Coupon Securities 16,417,175.00 1,22312.13 1.28496316,371,195.0016,500,000.00
Certificate of Deposits 13,090,000.00 1,4609.67 1.61978413,103,698.9313,090,000.00
Corporate Notes 2,486,250.00 8631.84 1.4237222,485,105.002,500,000.00
Bank Accounts 4,674,698.86 13.45 0.00014,674,698.864,674,698.86
Money Market with Fiscal Agent 38,786,633.34 128.65 0.000138,786,633.3438,786,633.34
135,363,714.11 100.00%Investments 135,203,141.28135,486,939.11 473 344 0.890
Cash and Accrued Interest
135,364,324.75Total Cash and Investments
610.64Subtotal
610.64
135,203,751.92135,486,939.11
610.64
610.64
473 344 0.890
Accrued Interest at Purchase
Current Year
August 31
102,075.57
Fiscal Year To Date
214,514.61
Average Daily Balance
Effective Rate of Return
124,305,794.24 131,720,050.16
0.96%0.97%
Total Earnings Month Ending
I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in comformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City
of La Quinta used the Bureau of the Public Debt, U.S. Bank monthly statement, The Bank of New York, and First Empire monthly custodian reports to determine the fair market value of investments at
month end.
Portfolio CITY
CP
Reporting period 08/01/2017-08/31/2017
Run Date: 11/07/2017 - 11:55 PM (PRF_PM1) 7.3.0
Report Ver. 7.3.6.1
ATTACHMENT 1
Days to
Maturity
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
August 31, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Local Agency Investment Funds
1Local Agency Inv Fund1055 45,435,606.91 45,435,606.91 1.08445,369,590.15 198-33-434 1.084
45,435,606.91 145,369,590.1545,435,606.9146,887,219.81Subtotal and Average 1 1.084
Federal Agency Coupon Securities
679Federal Farm Credit Bank1092 1,000,000.00 992,600.00 07/12/20191.08007/10/2017 992,590.00 7323133EGLC7 1.456
1,335Federal Home Loan Bank1053 2,500,000.00 2,491,250.00 04/28/20211.35004/28/2016 2,459,275.00 1,8263130A7QZ1 1.423
1,151Federal Home Loan Bank1064 2,500,000.00 2,500,000.00 10/26/20201.37510/26/2016 2,468,550.00 1,4613130A9UQ2 1.375
1,335Federal Home Loan Mtg Corp1054 2,500,000.00 2,500,000.00 04/28/20211.25004/28/2016 2,495,425.00 1,8263134G8Y37 2.115
1,670Federal Home Loan Mtg Corp1073 2,000,000.00 1,990,000.00 03/29/20222.00003/29/2017 2,000,120.00 1,8263134GBAE2 2.106
1,580Federal Home Loan Mtg Corp1084 1,000,000.00 999,500.00 12/29/20212.00007/06/2017 1,000,180.00 1,6373134GBXF4 2.012
1,790Federal Home Loan Mtg Corp1090 1,000,000.00 1,000,000.00 07/27/20222.15007/27/2017 1,000,200.00 1,8263134GBWG3 2.150
878Federal National Mtg Assn1072 2,000,000.00 2,000,000.00 01/27/20201.70003/27/2017 1,995,880.00 1,0363135G0S53 1.700
14,473,350.00 1,56614,412,220.0014,500,000.0014,473,350.00Subtotal and Average 1,289 1.760
Treasury Coupon Securities
1,398U.S. Treasury1045 5,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 4,915,250.00 1,808912828S27 1.125
409U.S. Treasury1063 2,500,000.00 2,502,250.00 10/15/20180.87510/24/2016 2,489,250.00 721912828L81 0.829
942U.S. Treasury1068 2,500,000.00 2,483,250.00 03/31/20201.37503/20/2017 2,499,600.00 1,107912828J84 1.602
835U.S. Treasury1069 2,500,000.00 2,490,750.00 12/15/20191.37503/20/2017 2,501,075.00 1,000912828U73 1.513
1,521U.S. Treasury1070 2,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 1,969,460.00 1,679912828T67 1.903
211U.S. Treasury1071 2,000,000.00 1,998,125.00 03/31/20180.87503/27/2017 1,996,560.00 369912828Q45 0.968
16,417,175.00 1,22316,371,195.0016,500,000.0016,417,175.00Subtotal and Average 963 1.284
Certificate of Deposits
626First Business Bank1019 240,000.00 240,000.00 05/20/20191.75005/20/2014 240,424.80 1,82631938QH72 1.751
811First Farmers Bank &Trust Co.1091 240,000.00 240,000.00 11/21/20191.65007/21/2017 239,563.20 853320165HX4 1.653
424First Merchants Bank1020 240,000.00 240,000.00 10/30/20181.50004/30/2014 240,717.60 1,64432082BDF3 1.501
101First National-Mayfield1044 248,000.00 248,000.00 12/11/20171.00006/11/2015 247,997.52 914330459AY4 1.002
150Third Saving Bank and Loan1038 240,000.00 240,000.00 01/29/20181.25004/29/2014 240,040.80 1,37188413QAN8 1.251
479Ally Bank Midvale1001 240,000.00 240,000.00 12/24/20181.70012/24/2015 240,218.40 1,09602006LWX7 1.702
1,326Amex Centurion1077 240,000.00 240,000.00 04/19/20212.25004/19/2017 241,821.60 1,46102587DP85 2.252
1,823American Express Fed Savings B1096 240,000.00 240,000.00 08/29/20222.40008/29/2017 241,543.20 1,82602587CFU9 2.402
605Barclays Bank1003 240,000.00 240,000.00 04/29/20191.90004/29/2014 241,396.80 1,82606740KGR2 1.901
241Berkshire Bank1004 240,000.00 240,000.00 04/30/20181.35004/30/2014 240,314.40 1,461084601AL7 1.351
1,637BMW Bank1067 240,000.00 240,000.00 02/24/20222.20002/24/2017 241,348.80 1,82605580AGK4 2.201
1,231Bankers Bank1086 240,000.00 240,000.00 01/14/20211.80007/14/2017 239,479.20 1,28006610RAP4 1.804
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:55 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
August 31, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,375Capital One Natl Assn FDIC42971082 240,000.00 240,000.00 06/07/20212.25006/07/2017 243,237.60 1,46114042RGD7 2.252
1,013Capital One USA FDIC339541006 245,000.00 245,000.00 06/10/20201.90006/10/2015 245,855.05 1,827140420RX0 1.902
199Carolina Alliance1007 248,000.00 248,000.00 03/19/20181.00006/19/2015 247,618.08 1,00414376RAM9 1.000
1,270Comenity Capital Bank1009 240,000.00 240,000.00 02/22/20211.70002/22/2016 238,632.00 1,82720033APG5 1.702
347CitiBank1008240,000.00 240,000.00 08/14/20181.90008/14/2013 240,950.40 1,82617284CKN3 1.901
1,412Central State Bank1085 240,000.00 240,000.00 07/14/20211.85007/14/2017 239,728.80 1,46115523RBJ4 1.851
277Compass Bank1010 248,000.00 248,000.00 06/05/20181.35006/05/2015 247,942.96 1,09620451PLG9 1.351
642Connect One1011 248,000.00 248,000.00 06/05/20191.50006/05/2015 247,942.96 1,46120786ABD6 1.501
241Cornerstone Community Bank1012 240,000.00 240,000.00 04/30/20181.35004/30/2014 240,028.80 1,461219240AZ1 1.351
241Crescent Bank and Trust1013 240,000.00 240,000.00 04/30/20181.30004/30/2014 239,949.60 1,461225645DC1 1.301
1,614Discover Bank Greenwood DE CF1066 240,000.00 240,000.00 02/01/20222.25002/01/2017 242,078.40 1,8262546722U1 2.251
872Douglas National Bank1093 240,000.00 240,000.00 01/21/20201.65007/19/2017 239,383.20 916259744DS6 1.655
196Embassy National1015 248,000.00 248,000.00 03/16/20181.00006/17/2015 247,871.04 1,003290800AL5 1.000
606Ephrata Bank1016 240,000.00 240,000.00 04/30/20191.65004/30/2014 241,440.00 1,826294209AQ4 1.651
1,008EverBank1017248,000.00 248,000.00 06/05/20201.70006/05/2015 247,208.88 1,82729976DXX3 1.702
522Farmers & Merch1018 248,000.00 248,000.00 02/05/20191.25006/05/2015 246,804.64 1,341307814DC4 1.252
626Gulf Coast Bank1024 240,000.00 240,000.00 05/20/20191.75005/19/2014 240,427.20 1,827402194EB6 1.724
1,698Goldman Sachs1078 240,000.00 240,000.00 04/26/20222.40004/26/2017 242,834.40 1,82638148PJK4 2.401
1,046First Bank of Highland1094 240,000.00 240,000.00 07/13/20201.75007/13/2017 239,431.20 1,096319141GT8 1.752
1,777HSBC Bank USA, National Associ1088 240,000.00 240,000.00 07/14/20222.30007/14/2017 240,962.40 1,82640434YLE5 2.300
133Independent Bank1025 248,000.00 248,000.00 01/12/20180.90006/12/2015 247,970.24 94545383UQY4 0.902
277MB Financial Bank1027 248,000.00 248,000.00 06/05/20181.10006/05/2015 247,737.12 1,09655266CME3 1.101
236Medallion Bank1028 240,000.00 240,000.00 04/25/20181.35004/25/2014 240,036.00 1,46158403BL95 1.351
1,040Mercantile Bank of Michigan1087 240,000.00 240,000.00 07/07/20201.75007/07/2017 239,450.40 1,09658740XZL7 1.750
283MFR Trade & Trust1026 248,000.00 248,000.00 06/11/20181.20006/10/2015 247,635.44 1,097564759QT8 1.033
1,015Bank Midwest1002 248,000.00 248,000.00 06/12/20201.65006/12/2015 246,846.80 1,827063615AVO 1.652
467Morton Community1030 248,000.00 248,000.00 12/12/20181.25006/12/2015 247,613.12 1,279619165GE7 1.251
250Merrick Bank1029 240,000.00 240,000.00 05/09/20181.35005/09/2014 240,324.00 1,46159012Y6Q5 1.351
1,601The Ohio Valley Bank1089 240,000.00 240,000.00 01/19/20221.90007/19/2017 238,684.80 1,645677721CN0 1.903
634Peapack-Gladstone Bank1031 240,000.00 240,000.00 05/28/20191.80005/28/2014 241,449.60 1,826704692AL6 1.801
1,363PrivateBank & Trust1032 240,000.00 240,000.00 05/26/20211.50005/26/2016 237,604.80 1,82674267GVG9 1.501
318Regal Bank1033 240,000.00 240,000.00 07/16/20181.40005/16/2014 240,396.00 1,52275874TAH4 1.401
1,179Fist Bank RIchmond1081 245,000.00 245,000.00 11/23/20201.80006/21/2017 244,519.80 1,251319267GC8 1.802
734Riverwood1034248,000.00 248,000.00 09/05/20191.40006/05/2015 248,096.72 1,55376951DAL4 1.402
1,754Sallie Mae Bank Salt Lake CIty1083 240,000.00 240,000.00 06/21/20222.35006/21/2017 241,740.00 1,826795450A70 2.351
220South Atlantic1036 248,000.00 248,000.00 04/09/20181.00006/09/2015 247,538.72 1,03583637AAP9 1.001
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:55 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
August 31, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
641Solomon State1035 248,000.00 248,000.00 06/04/20191.40006/04/2015 247,945.44 1,46183427LAX2 1.401
963Stearnes Bank, N.A.1076 240,000.00 240,000.00 04/21/20201.60004/21/2017 238,768.80 1,096857894TC3 1.588
1,735Synchrony Bank Retail1080 240,000.00 240,000.00 06/02/20222.40006/02/2017 242,474.40 1,82687164XQV1 2.401
90Traverse City1040 240,000.00 240,000.00 11/30/20171.10005/30/2014 240,141.60 1,280894333FE8 1.102
599Webster Bank1042 240,000.00 240,000.00 04/23/20191.80004/23/2014 241,396.80 1,82694768NJQ8 1.801
543Wells Fargo1043 240,000.00 240,000.00 02/26/20191.20002/26/2016 240,134.40 1,0969497483N5 1.201
13,090,000.00 1,46013,103,698.9313,090,000.0012,873,225.81Subtotal and Average 784 1.619
Corporate Notes
1,433Apple Inc1079 500,000.00 493,050.00 08/04/20211.55006/12/2017 493,025.00 1,514037833CC2 1.900
546Johnson and Johnson Corp1075 2,000,000.00 1,993,200.00 03/01/20191.12503/29/2017 1,992,080.00 702478160BR4 1.305
2,486,250.00 8632,485,105.002,500,000.002,486,250.00Subtotal and Average 722 1.423
Bank Accounts
1First Empire Bank1060 0.00 0.0007/01/2016 0.00 1SYS1060 0.000
1La Quinta Palms Realty1062 106,157.03 106,157.0307/01/2016 106,157.03 1SYS1062 0.000
1Wells Fargo1057 3,466,977.96 3,466,977.9607/01/2016 3,466,977.96 14159282482 0.000
1Wells Fargo1059 1,700.00 1,700.0007/01/2016 1,700.00 1SYS1059 0.000
1Washington St Apt La Quinta1061 1,099,863.87 1,099,863.8707/01/2016 1,099,863.87 1SYS1061 0.000
4,674,698.86 14,674,698.864,674,698.865,159,679.71Subtotal and Average 1 0.000
Money Market with Fiscal Agent
1US Bank1058 38,786,633.34 38,786,633.3407/01/2016 38,786,633.34 1SYS1058 0.000
38,786,633.34 138,786,633.3438,786,633.3426,008,893.91Subtotal and Average 1 0.000
473124,305,794.24 135,486,939.11 344 0.890135,203,141.28 135,363,714.11Total and Average
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:55 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 4
Par Value Book Value
Stated
RateMarket Value
August 31, 2017
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
0.00
473124,305,794.24 135,486,939.11 344 0.890
0 0
610.64
610.64
610.64
610.64
Subtotal
Accrued Interest at PurchaseAverage Balance
135,203,751.92 135,364,324.75Total Cash and Investments
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:55 PM (PRF_PM2) 7.3.0
Page 1
Stated
Rate
Transaction
Date
August 1, 2017 through August 31, 2017
Activity By Type
Balance
Beginning
Balance
Ending
Portfolio Management
City of La Quinta
CUSIP Investment #Issuer
Purchases
or Deposits
Redemptions
or Withdrawals
Local Agency Investment Funds (Monthly Summary)
Local Agency Inv Fund1055 0.001.084 15,000,000.0098-33-434
15,000,000.0060,435,606.91 45,435,606.91Subtotal0.00
Federal Agency Coupon Securities
14,473,350.00 14,473,350.00Subtotal
Treasury Coupon Securities
16,417,175.00 16,417,175.00Subtotal
Certificate of Deposits
American Express Fed Savings B1096 240,000.002.400 08/29/2017 0.0002587CFU9
0.0012,850,000.00 13,090,000.00Subtotal240,000.00
Corporate Notes
2,486,250.00 2,486,250.00Subtotal
Bank Accounts
First Empire Bank1060 259,840.35 342,067.02SYS1060
La Quinta Palms Realty1062 11,415.32 0.00SYS1062
Wells Fargo1057 17,845,995.53 18,229,382.014159282482
Washington St Apt La Quinta1061 0.00 2,333.58SYS1061
18,573,782.615,131,230.27 4,674,698.86Subtotal18,117,251.20
Money Market with Fiscal Agent
US Bank1058 13,203,664.08 0.00SYS1058
0.0025,582,969.26 38,786,633.34Subtotal13,203,664.08
137,376,581.44 135,363,714.11Total33,573,782.6131,560,915.28
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:55 PM (PRF_PM3) 7.3.0
Report Ver. 7.3.6.1
Page 1
August 31, 2017
Interest Earnings Summary
Month EndingAugust 31 Fiscal Year To Date
Portfolio Management
City of La Quinta
CD/Coupon/Discount Investments:
17,040.54Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
155,132.71
( 117,262.84)
34,782.04
155,132.71
( 83,592.53)
Less Accrued Interest at Purchase During Period ( 0.00)( 0.00)
Interest Earned during Period
Adjusted by Capital Gains or Losses
Earnings during Periods
54,910.41
0.00
106,322.22
0.00
54,910.41 106,322.22
Pass Through Securities:
0.00Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
0.00
( 0.00)
0.00
0.00
( 0.00)
Less Accrued Interest at Purchase During Period ( 0.00)( 0.00)
Interest Earned during Period
Adjusted by Premiums and Discounts
Adjusted by Capital Gains or Losses
Earnings during Periods
0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
Cash/Checking Accounts:
4,390.47Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
54,743.49
( 11,968.80)
125,076.51
54,743.49
( 71,627.61)
Interest Earned during Period 47,165.16 108,192.39
Total Interest Earned during Period
Total Capital Gains or Losses
Total Earnings during Period
102,075.57
0.00
214,514.61
0.00
102,075.57 214,514.61
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:55 PM (PRF_PM6) 7.3.0
Report Ver. 7.3.6.1
City of La Quinta
Portfolio Management
July 31, 2017
City of La Quinta
-
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value
Days to
MaturityTerm
YTM
365 Equiv.
Local Agency Investment Funds 60,435,606.91 143.99 1.051160,369,590.1560,435,606.91
Federal Agency Coupon Securities 14,473,350.00 1,56610.54 1.7601,32014,368,995.0014,500,000.00
Treasury Coupon Securities 16,417,175.00 1,22311.95 1.28499416,328,015.0016,500,000.00
Certificate of Deposits 12,850,000.00 1,4539.35 1.60579612,854,801.5412,850,000.00
Corporate Notes 2,486,250.00 8631.81 1.4237532,480,075.002,500,000.00
Bank Accounts 5,131,230.27 13.74 0.00015,131,230.275,131,230.27
Money Market with Fiscal Agent 25,582,969.26 118.62 0.000125,582,969.2625,582,969.26
137,376,581.44 100.00%Investments 137,115,676.22137,499,806.44 463 347 0.977
Cash and Accrued Interest
137,377,192.08Total Cash and Investments
610.64Subtotal
610.64
137,116,286.86137,499,806.44
610.64
610.64
463 347 0.977
Accrued Interest at Purchase
Current Year
July 31
112,439.04
Fiscal Year To Date
112,439.04
Average Daily Balance
Effective Rate of Return
139,134,306.09 139,134,306.09
0.95%0.95%
Total Earnings Month Ending
I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in comformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City
of La Quinta used the Bureau of the Public Debt, U.S. Bank monthly statement, The Bank of New York, and First Empire monthly custodian reports to determine the fair market value of investments at
month end.
Portfolio CITY
CP
Reporting period 07/01/2017-07/31/2017
Run Date: 11/07/2017 - 11:54 PM (PRF_PM1) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
July 31, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Local Agency Investment Funds
1Local Agency Inv Fund1055 60,435,606.91 60,435,606.91 1.05160,369,590.15 198-33-434 1.051
60,435,606.91 160,369,590.1560,435,606.9161,967,526.77Subtotal and Average 1 1.051
Federal Agency Coupon Securities
710Federal Farm Credit Bank1092 1,000,000.00 992,600.00 07/12/20191.08007/10/2017 991,750.00 7323133EGLC7 1.456
1,366Federal Home Loan Bank1053 2,500,000.00 2,491,250.00 04/28/20211.35004/28/2016 2,433,075.00 1,8263130A7QZ1 1.423
1,182Federal Home Loan Bank1064 2,500,000.00 2,500,000.00 10/26/20201.37510/26/2016 2,460,325.00 1,4613130A9UQ2 1.375
1,366Federal Home Loan Mtg Corp1054 2,500,000.00 2,500,000.00 04/28/20211.25004/28/2016 2,488,875.00 1,8263134G8Y37 2.115
1,701Federal Home Loan Mtg Corp1073 2,000,000.00 1,990,000.00 03/29/20222.00003/29/2017 1,997,680.00 1,8263134GBAE2 2.106
1,611Federal Home Loan Mtg Corp1084 1,000,000.00 999,500.00 12/29/20212.00007/06/2017 997,970.00 1,6373134GBXF4 2.012
1,821Federal Home Loan Mtg Corp1090 1,000,000.00 1,000,000.00 07/27/20222.15007/27/2017 1,000,040.00 1,8263134GBWG3 2.150
909Federal National Mtg Assn1072 2,000,000.00 2,000,000.00 01/27/20201.70003/27/2017 1,999,280.00 1,0363135G0S53 1.700
14,473,350.00 1,56614,368,995.0014,500,000.0013,185,256.45Subtotal and Average 1,320 1.760
Treasury Coupon Securities
1,429U.S. Treasury1045 5,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 4,892,000.00 1,808912828S27 1.125
440U.S. Treasury1063 2,500,000.00 2,502,250.00 10/15/20180.87510/24/2016 2,487,800.00 721912828L81 0.829
973U.S. Treasury1068 2,500,000.00 2,483,250.00 03/31/20201.37503/20/2017 2,495,325.00 1,107912828J84 1.602
866U.S. Treasury1069 2,500,000.00 2,490,750.00 12/15/20191.37503/20/2017 2,498,050.00 1,000912828U73 1.513
1,552U.S. Treasury1070 2,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 1,958,980.00 1,679912828T67 1.903
242U.S. Treasury1071 2,000,000.00 1,998,125.00 03/31/20180.87503/27/2017 1,995,860.00 369912828Q45 0.968
16,417,175.00 1,22316,328,015.0016,500,000.0016,417,175.00Subtotal and Average 994 1.284
Certificate of Deposits
657First Business Bank1019 240,000.00 240,000.00 05/20/20191.75005/20/2014 240,674.40 1,82631938QH72 1.751
842First Farmers Bank &Trust Co.1091 240,000.00 240,000.00 11/21/20191.65007/21/2017 239,731.20 853320165HX4 1.653
455First Merchants Bank1020 240,000.00 240,000.00 10/30/20181.50004/30/2014 240,916.80 1,64432082BDF3 1.501
132First National-Mayfield1044 248,000.00 248,000.00 12/11/20171.00006/11/2015 247,918.16 914330459AY4 1.002
181Third Saving Bank and Loan1038 240,000.00 240,000.00 01/29/20181.25004/29/2014 239,959.20 1,37188413QAN8 1.251
510Ally Bank Midvale1001 240,000.00 240,000.00 12/24/20181.70012/24/2015 240,403.20 1,09602006LWX7 1.702
1,357Amex Centurion1077 240,000.00 240,000.00 04/19/20212.25004/19/2017 240,933.60 1,46102587DP85 2.252
636Barclays Bank1003 240,000.00 240,000.00 04/29/20191.90004/29/2014 241,687.20 1,82606740KGR2 1.901
272Berkshire Bank1004 240,000.00 240,000.00 04/30/20181.35004/30/2014 240,333.60 1,461084601AL7 1.351
1,668BMW Bank1067 240,000.00 240,000.00 02/24/20222.20002/24/2017 240,494.40 1,82605580AGK4 2.201
1,262Bankers Bank1086 240,000.00 240,000.00 01/14/20211.80007/14/2017 239,001.60 1,28006610RAP4 1.804
1,406Capital One Natl Assn FDIC42971082 240,000.00 240,000.00 06/07/20212.25006/07/2017 242,397.60 1,46114042RGD7 2.252
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:54 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
July 31, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,044Capital One USA FDIC339541006 245,000.00 245,000.00 06/10/20201.90006/10/2015 245,828.10 1,827140420RX0 1.902
230Carolina Alliance1007 248,000.00 248,000.00 03/19/20181.00006/19/2015 247,504.00 1,00414376RAM9 1.000
1,301Comenity Capital Bank1009 240,000.00 240,000.00 02/22/20211.70002/22/2016 238,024.80 1,82720033APG5 1.702
378CitiBank1008240,000.00 240,000.00 08/14/20181.90008/14/2013 241,101.60 1,82617284CKN3 1.901
1,443Central State Bank1085 240,000.00 240,000.00 07/14/20211.85007/14/2017 238,692.00 1,46115523RBJ4 1.851
308Compass Bank1010 248,000.00 248,000.00 06/05/20181.35006/05/2015 247,928.08 1,09620451PLG9 1.351
673Connect One1011 248,000.00 248,000.00 06/05/20191.50006/05/2015 248,183.52 1,46120786ABD6 1.501
272Cornerstone Community Bank1012 240,000.00 240,000.00 04/30/20181.35004/30/2014 240,009.60 1,461219240AZ1 1.351
272Crescent Bank and Trust1013 240,000.00 240,000.00 04/30/20181.30004/30/2014 239,920.80 1,461225645DC1 1.301
1,645Discover Bank Greenwood DE CF1066 240,000.00 240,000.00 02/01/20222.25002/01/2017 241,176.00 1,8262546722U1 2.251
903Douglas National Bank1093 240,000.00 240,000.00 01/21/20201.65007/19/2017 239,486.40 916259744DS6 1.655
227Embassy National1015 248,000.00 248,000.00 03/16/20181.00006/17/2015 247,794.16 1,003290800AL5 1.000
637Ephrata Bank1016 240,000.00 240,000.00 04/30/20191.65004/30/2014 241,735.20 1,826294209AQ4 1.651
1,039EverBank1017248,000.00 248,000.00 06/05/20201.70006/05/2015 247,139.44 1,82729976DXX3 1.702
553Farmers & Merch1018 248,000.00 248,000.00 02/05/20191.25006/05/2015 246,926.16 1,341307814DC4 1.252
657Gulf Coast Bank1024 240,000.00 240,000.00 05/20/20191.75005/19/2014 240,676.80 1,827402194EB6 1.724
1,729Goldman Sachs1078 240,000.00 240,000.00 04/26/20222.40004/26/2017 242,181.60 1,82638148PJK4 2.401
1,077First Bank of Highland1094 240,000.00 240,000.00 07/13/20201.75007/13/2017 239,313.60 1,096319141GT8 1.752
1,808HSBC Bank USA, National Associ1088 240,000.00 240,000.00 07/14/20222.30007/14/2017 240,528.00 1,82640434YLE5 2.300
164Independent Bank1025 248,000.00 248,000.00 01/12/20180.90006/12/2015 247,876.00 94545383UQY4 0.902
308MB Financial Bank1027 248,000.00 248,000.00 06/05/20181.10006/05/2015 247,699.92 1,09655266CME3 1.101
267Medallion Bank1028 240,000.00 240,000.00 04/25/20181.35004/25/2014 240,019.20 1,46158403BL95 1.351
1,071Mercantile Bank of Michigan1087 240,000.00 240,000.00 07/07/20201.75007/07/2017 239,344.80 1,09658740XZL7 1.750
314MFR Trade & Trust1026 248,000.00 248,000.00 06/11/20181.20006/10/2015 247,590.80 1,097564759QT8 1.033
1,046Bank Midwest1002 248,000.00 248,000.00 06/12/20201.65006/12/2015 246,757.52 1,827063615AVO 1.652
498Morton Community1030 248,000.00 248,000.00 12/12/20181.25006/12/2015 247,756.96 1,279619165GE7 1.251
281Merrick Bank1029 240,000.00 240,000.00 05/09/20181.35005/09/2014 240,343.20 1,46159012Y6Q5 1.351
1,632The Ohio Valley Bank1089 240,000.00 240,000.00 01/19/20221.90007/19/2017 237,691.20 1,645677721CN0 1.903
665Peapack-Gladstone Bank1031 240,000.00 240,000.00 05/28/20191.80005/28/2014 241,752.00 1,826704692AL6 1.801
1,394PrivateBank & Trust1032 240,000.00 240,000.00 05/26/20211.50005/26/2016 236,690.40 1,82674267GVG9 1.501
349Regal Bank1033 240,000.00 240,000.00 07/16/20181.40005/16/2014 240,460.80 1,52275874TAH4 1.401
1,210Fist Bank RIchmond1081 245,000.00 245,000.00 11/23/20201.80006/21/2017 244,176.80 1,251319267GC8 1.802
765Riverwood1034248,000.00 248,000.00 09/05/20191.40006/05/2015 248,359.60 1,55376951DAL4 1.402
1,785Sallie Mae Bank Salt Lake CIty1083 240,000.00 240,000.00 06/21/20222.35006/21/2017 241,240.80 1,826795450A70 2.351
251South Atlantic1036 248,000.00 248,000.00 04/09/20181.00006/09/2015 247,439.52 1,03583637AAP9 1.001
672Solomon State1035 248,000.00 248,000.00 06/04/20191.40006/04/2015 248,186.00 1,46183427LAX2 1.401
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:54 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
July 31, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
994Stearnes Bank, N.A.1076 240,000.00 240,000.00 04/21/20201.60004/21/2017 238,747.20 1,096857894TC3 1.588
1,766Synchrony Bank Retail1080 240,000.00 240,000.00 06/02/20222.40006/02/2017 241,927.20 1,82687164XQV1 2.401
121Traverse City1040 240,000.00 240,000.00 11/30/20171.10005/30/2014 240,117.60 1,280894333FE8 1.102
630Webster Bank1042 240,000.00 240,000.00 04/23/20191.80004/23/2014 241,687.20 1,82694768NJQ8 1.801
574Wells Fargo1043 240,000.00 240,000.00 02/26/20191.20002/26/2016 240,336.00 1,0969497483N5 1.201
12,850,000.00 1,45312,854,801.5412,850,000.0011,975,161.29Subtotal and Average 796 1.605
Corporate Notes
1,464Apple Inc1079 500,000.00 493,050.00 08/04/20211.55006/12/2017 490,915.00 1,514037833CC2 1.900
577Johnson and Johnson Corp1075 2,000,000.00 1,993,200.00 03/01/20191.12503/29/2017 1,989,160.00 702478160BR4 1.305
2,486,250.00 8632,480,075.002,500,000.002,486,250.00Subtotal and Average 753 1.423
Bank Accounts
1First Empire Bank1060 82,226.67 82,226.6707/01/2016 82,226.67 1SYS1060 0.000
1La Quinta Palms Realty1062 94,741.71 94,741.7107/01/2016 94,741.71 1SYS1062 0.000
1Wells Fargo1057 3,850,364.44 3,850,364.4407/01/2016 3,850,364.44 14159282482 0.000
1Wells Fargo1059 1,700.00 1,700.0007/01/2016 1,700.00 1SYS1059 0.000
1Washington St Apt La Quinta1061 1,102,197.45 1,102,197.4507/01/2016 1,102,197.45 1SYS1061 0.000
5,131,230.27 15,131,230.275,131,230.277,524,036.79Subtotal and Average 1 0.000
Money Market with Fiscal Agent
1US Bank1058 25,582,969.26 25,582,969.2607/01/2016 25,582,969.26 1SYS1058 0.000
25,582,969.26 125,582,969.2625,582,969.2625,578,899.79Subtotal and Average 1 0.000
463139,134,306.09 137,499,806.44 347 0.977137,115,676.22 137,376,581.44Total and Average
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:54 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 4
Par Value Book Value
Stated
RateMarket Value
July 31, 2017
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
0.00
463139,134,306.09 137,499,806.44 347 0.977
0 0
610.64
610.64
610.64
610.64
Subtotal
Accrued Interest at PurchaseAverage Balance
137,116,286.86 137,377,192.08Total Cash and Investments
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:54 PM (PRF_PM2) 7.3.0
Page 1
Stated
Rate
Transaction
Date
July 1, 2017 through July 31, 2017
Activity By Type
Balance
Beginning
Balance
Ending
Portfolio Management
City of La Quinta
CUSIP Investment #Issuer
Purchases
or Deposits
Redemptions
or Withdrawals
Local Agency Investment Funds (Monthly Summary)
Local Agency Inv Fund1055 116,191.101.051 2,000,000.0098-33-434
2,000,000.0062,319,415.81 60,435,606.91Subtotal116,191.10
Federal Agency Coupon Securities
Federal Farm Credit Bank1092 992,600.001.080 07/10/2017 0.003133EGLC7
Federal Home Loan Mtg Corp1084 999,500.002.000 07/06/2017 0.003134GBXF4
Federal Home Loan Mtg Corp1090 1,000,000.002.150 07/27/2017 0.003134GBWG3
0.0011,481,250.00 14,473,350.00Subtotal2,992,100.00
Treasury Coupon Securities
16,417,175.00 16,417,175.00Subtotal
Certificate of Deposits
First Farmers Bank &Trust Co.1091 240,000.001.650 07/21/2017 0.00320165HX4
Bankers Bank1086 240,000.001.800 07/14/2017 0.0006610RAP4
Central State Bank1085 240,000.001.850 07/14/2017 0.0015523RBJ4
Douglas National Bank1093 240,000.001.650 07/19/2017 0.00259744DS6
First Bank of Highland1094 240,000.001.750 07/13/2017 0.00319141GT8
HSBC Bank USA, National Associ1088 240,000.002.300 07/14/2017 0.0040434YLE5
Mercantile Bank of Michigan1087 240,000.001.750 07/07/2017 0.0058740XZL7
The Ohio Valley Bank1089 240,000.001.900 07/19/2017 0.00677721CN0
0.0010,930,000.00 12,850,000.00Subtotal1,920,000.00
Corporate Notes
2,486,250.00 2,486,250.00Subtotal
Bank Accounts
First Empire Bank1060 29,037.98 4,946,811.31SYS1060
La Quinta Palms Realty1062 7,369.72 0.00SYS1062
Wells Fargo1057 4,401,320.11 4,663,466.994159282482
Washington St Apt La Quinta1061 18,897.98 0.00SYS1061
9,610,278.3010,284,882.78 5,131,230.27Subtotal4,456,625.79
Money Market with Fiscal Agent
US Bank1058 4,205.12 0.00SYS1058
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:54 PM (PRF_PM3) 7.3.0
Report Ver. 7.3.6.1
Page 2
Stated
Rate
Transaction
Date
July 1, 2017 through July 31, 2017
Activity By Type
Balance
Beginning
Balance
Ending
Portfolio Management
City of La Quinta
CUSIP Investment #Issuer
Purchases
or Deposits
Redemptions
or Withdrawals
0.0025,578,764.14 25,582,969.26Subtotal4,205.12
139,497,737.73 137,376,581.44Total11,610,278.309,489,122.01
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:54 PM (PRF_PM3) 7.3.0
Page 1
July 31, 2017
Interest Earnings Summary
Month EndingJuly 31 Fiscal Year To Date
Portfolio Management
City of La Quinta
CD/Coupon/Discount Investments:
17,741.50Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
117,262.84
( 83,592.53)
17,741.50
117,262.84
( 83,592.53)
Less Accrued Interest at Purchase During Period ( 0.00)( 0.00)
Interest Earned during Period
Adjusted by Capital Gains or Losses
Earnings during Periods
51,411.81
0.00
51,411.81
0.00
51,411.81 51,411.81
Pass Through Securities:
0.00Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
0.00
( 0.00)
0.00
0.00
( 0.00)
Less Accrued Interest at Purchase During Period ( 0.00)( 0.00)
Interest Earned during Period
Adjusted by Premiums and Discounts
Adjusted by Capital Gains or Losses
Earnings during Periods
0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
Cash/Checking Accounts:
120,686.04Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
11,968.80
( 71,627.61)
120,686.04
11,968.80
( 71,627.61)
Interest Earned during Period 61,027.23 61,027.23
Total Interest Earned during Period
Total Capital Gains or Losses
Total Earnings during Period
112,439.04
0.00
112,439.04
0.00
112,439.04 112,439.04
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:54 PM (PRF_PM6) 7.3.0
Report Ver. 7.3.6.1
City of La Quinta
Portfolio Management
September 30, 2017
City of La Quinta
-
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value
Days to
MaturityTerm
YTM
365 Equiv.
Local Agency Investment Funds 45,435,606.91 136.92 1.111145,369,590.1545,435,606.91
Federal Agency Coupon Securities 14,473,350.00 1,56611.76 1.7601,25914,351,975.0014,500,000.00
Treasury Coupon Securities 16,417,175.00 1,22313.34 1.28493316,303,695.0016,500,000.00
Certificate of Deposits 13,090,000.00 1,46010.64 1.61975413,097,922.3013,090,000.00
Corporate Notes 2,486,250.00 8632.02 1.4236922,475,915.002,500,000.00
Bank Accounts 4,914,491.04 13.99 0.00014,914,491.044,914,491.04
Money Market with Fiscal Agent 26,241,506.96 121.32 0.000126,241,506.9626,241,506.96
123,058,379.91 100.00%Investments 122,755,095.45123,181,604.91 521 367 0.989
Cash and Accrued Interest
123,058,990.55Total Cash and Investments
610.64Subtotal
610.64
122,755,706.09123,181,604.91
610.64
610.64
521 367 0.989
Accrued Interest at Purchase
Current Year
September 30
102,053.13
Fiscal Year To Date
316,567.74
Average Daily Balance
Effective Rate of Return
134,953,540.59 132,774,449.21
0.95%0.92%
Total Earnings Month Ending
I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in comformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City
of La Quinta used the Bureau of the Public Debt, U.S. Bank monthly statement, The Bank of New York, and First Empire monthly custodian reports to determine the fair market value of investments at
month end.
Portfolio CITY
CP
Reporting period 09/01/2017-09/30/2017
Run Date: 11/07/2017 - 11:57 PM (PRF_PM1) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
September 30, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Local Agency Investment Funds
1Local Agency Inv Fund1055 45,435,606.91 45,435,606.91 1.11145,369,590.15 198-33-434 1.111
45,435,606.91 145,369,590.1545,435,606.9145,435,606.91Subtotal and Average 1 1.111
Federal Agency Coupon Securities
649Federal Farm Credit Bank1092 1,000,000.00 992,600.00 07/12/20191.08007/10/2017 989,300.00 7323133EGLC7 1.456
1,305Federal Home Loan Bank1053 2,500,000.00 2,491,250.00 04/28/20211.35004/28/2016 2,442,825.00 1,8263130A7QZ1 1.423
1,121Federal Home Loan Bank1064 2,500,000.00 2,500,000.00 10/26/20201.37510/26/2016 2,456,225.00 1,4613130A9UQ2 1.375
1,305Federal Home Loan Mtg Corp1054 2,500,000.00 2,500,000.00 04/28/20211.25004/28/2016 2,485,475.00 1,8263134G8Y37 2.115
1,640Federal Home Loan Mtg Corp1073 2,000,000.00 1,990,000.00 03/29/20222.00003/29/2017 1,989,760.00 1,8263134GBAE2 2.106
1,550Federal Home Loan Mtg Corp1084 1,000,000.00 999,500.00 12/29/20212.00007/06/2017 994,330.00 1,6373134GBXF4 2.012
1,760Federal Home Loan Mtg Corp1090 1,000,000.00 1,000,000.00 07/27/20222.15007/27/2017 996,560.00 1,8263134GBWG3 2.150
848Federal National Mtg Assn1072 2,000,000.00 2,000,000.00 01/27/20201.70003/27/2017 1,997,500.00 1,0363135G0S53 1.700
14,473,350.00 1,56614,351,975.0014,500,000.0014,473,350.00Subtotal and Average 1,259 1.760
Treasury Coupon Securities
1,368U.S. Treasury1045 5,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 4,884,400.00 1,808912828S27 1.125
379U.S. Treasury1063 2,500,000.00 2,502,250.00 10/15/20180.87510/24/2016 2,486,925.00 721912828L81 0.829
912U.S. Treasury1068 2,500,000.00 2,483,250.00 03/31/20201.37503/20/2017 2,488,375.00 1,107912828J84 1.602
805U.S. Treasury1069 2,500,000.00 2,490,750.00 12/15/20191.37503/20/2017 2,492,275.00 1,000912828U73 1.513
1,491U.S. Treasury1070 2,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 1,955,320.00 1,679912828T67 1.903
181U.S. Treasury1071 2,000,000.00 1,998,125.00 03/31/20180.87503/27/2017 1,996,400.00 369912828Q45 0.968
16,417,175.00 1,22316,303,695.0016,500,000.0016,417,175.00Subtotal and Average 933 1.284
Certificate of Deposits
596First Business Bank1019 240,000.00 240,000.00 05/20/20191.75005/20/2014 240,460.80 1,82631938QH72 1.751
781First Farmers Bank &Trust Co.1091 240,000.00 240,000.00 11/21/20191.65007/21/2017 239,596.80 853320165HX4 1.653
394First Merchants Bank1020 240,000.00 240,000.00 10/30/20181.50004/30/2014 240,708.00 1,64432082BDF3 1.501
71First National-Mayfield1044 248,000.00 248,000.00 12/11/20171.00006/11/2015 248,032.24 914330459AY4 1.002
120Third Saving Bank and Loan1038 240,000.00 240,000.00 01/29/20181.25004/29/2014 240,069.60 1,37188413QAN8 1.251
449Ally Bank Midvale1001 240,000.00 240,000.00 12/24/20181.70012/24/2015 240,249.60 1,09602006LWX7 1.702
1,296Amex Centurion1077 240,000.00 240,000.00 04/19/20212.25004/19/2017 240,806.40 1,46102587DP85 2.252
1,793American Express Fed Savings B1096 240,000.00 240,000.00 08/29/20222.40008/29/2017 241,322.40 1,82602587CFU9 2.402
575Barclays Bank1003 240,000.00 240,000.00 04/29/20191.90004/29/2014 241,382.40 1,82606740KGR2 1.901
211Berkshire Bank1004 240,000.00 240,000.00 04/30/20181.35004/30/2014 240,343.20 1,461084601AL7 1.351
1,607BMW Bank1067 240,000.00 240,000.00 02/24/20222.20002/24/2017 240,981.60 1,82605580AGK4 2.201
1,201Bankers Bank1086 240,000.00 240,000.00 01/14/20211.80007/14/2017 239,025.60 1,28006610RAP4 1.804
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:57 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
September 30, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,345Capital One Natl Assn FDIC42971082 240,000.00 240,000.00 06/07/20212.25006/07/2017 242,505.60 1,46114042RGD7 2.252
983Capital One USA FDIC339541006 245,000.00 245,000.00 06/10/20201.90006/10/2015 245,678.65 1,827140420RX0 1.902
169Carolina Alliance1007 248,000.00 248,000.00 03/19/20181.00006/19/2015 247,729.68 1,00414376RAM9 1.000
1,240Comenity Capital Bank1009 240,000.00 240,000.00 02/22/20211.70002/22/2016 238,147.20 1,82720033APG5 1.702
317CitiBank1008240,000.00 240,000.00 08/14/20181.90008/14/2013 240,974.40 1,82617284CKN3 1.901
1,382Central State Bank1085 240,000.00 240,000.00 07/14/20211.85007/14/2017 239,016.00 1,46115523RBJ4 1.851
247Compass Bank1010 248,000.00 248,000.00 06/05/20181.35006/05/2015 248,032.24 1,09620451PLG9 1.351
612Connect One1011 248,000.00 248,000.00 06/05/20191.50006/05/2015 248,002.48 1,46120786ABD6 1.501
211Cornerstone Community Bank1012 240,000.00 240,000.00 04/30/20181.35004/30/2014 240,091.20 1,461219240AZ1 1.351
211Crescent Bank and Trust1013 240,000.00 240,000.00 04/30/20181.30004/30/2014 240,021.60 1,461225645DC1 1.301
1,584Discover Bank Greenwood DE CF1066 240,000.00 240,000.00 02/01/20222.25002/01/2017 241,656.00 1,8262546722U1 2.251
842Douglas National Bank1093 240,000.00 240,000.00 01/21/20201.65007/19/2017 239,378.40 916259744DS6 1.655
166Embassy National1015 248,000.00 248,000.00 03/16/20181.00006/17/2015 247,947.92 1,003290800AL5 1.000
576Ephrata Bank1016 240,000.00 240,000.00 04/30/20191.65004/30/2014 241,425.60 1,826294209AQ4 1.651
978EverBank1017248,000.00 248,000.00 06/05/20201.70006/05/2015 247,082.40 1,82729976DXX3 1.702
492Farmers & Merch1018 248,000.00 248,000.00 02/05/20191.25006/05/2015 246,918.72 1,341307814DC4 1.252
596Gulf Coast Bank1024 240,000.00 240,000.00 05/20/20191.75005/19/2014 240,463.20 1,827402194EB6 1.724
1,668Goldman Sachs1078 240,000.00 240,000.00 04/26/20222.40004/26/2017 242,558.40 1,82638148PJK4 2.401
1,016First Bank of Highland1094 240,000.00 240,000.00 07/13/20201.75007/13/2017 239,263.20 1,096319141GT8 1.752
1,747HSBC Bank USA, National Associ1088 240,000.00 240,000.00 07/14/20222.30007/14/2017 240,873.60 1,82640434YLE5 2.300
103Independent Bank1025 248,000.00 248,000.00 01/12/20180.90006/12/2015 248,004.96 94545383UQY4 0.902
247MB Financial Bank1027 248,000.00 248,000.00 06/05/20181.10006/05/2015 247,848.72 1,09655266CME3 1.101
206Medallion Bank1028 240,000.00 240,000.00 04/25/20181.35004/25/2014 240,098.40 1,46158403BL95 1.351
1,010Mercantile Bank of Michigan1087 240,000.00 240,000.00 07/07/20201.75007/07/2017 239,289.60 1,09658740XZL7 1.750
253MFR Trade & Trust1026 248,000.00 248,000.00 06/11/20181.20006/10/2015 247,759.44 1,097564759QT8 1.033
985Bank Midwest1002 248,000.00 248,000.00 06/12/20201.65006/12/2015 246,722.80 1,827063615AVO 1.652
437Morton Community1030 248,000.00 248,000.00 12/12/20181.25006/12/2015 247,682.56 1,279619165GE7 1.251
220Merrick Bank1029 240,000.00 240,000.00 05/09/20181.35005/09/2014 240,355.20 1,46159012Y6Q5 1.351
1,571The Ohio Valley Bank1089 240,000.00 240,000.00 01/19/20221.90007/19/2017 238,303.20 1,645677721CN0 1.903
604Peapack-Gladstone Bank1031 240,000.00 240,000.00 05/28/20191.80005/28/2014 241,440.00 1,826704692AL6 1.801
1,333PrivateBank & Trust1032 240,000.00 240,000.00 05/26/20211.50005/26/2016 237,014.40 1,82674267GVG9 1.501
288Regal Bank1033 240,000.00 240,000.00 07/16/20181.40005/16/2014 240,458.40 1,52275874TAH4 1.401
1,149Fist Bank RIchmond1081 245,000.00 245,000.00 11/23/20201.80006/21/2017 244,120.45 1,251319267GC8 1.802
704Riverwood1034248,000.00 248,000.00 09/05/20191.40006/05/2015 248,153.76 1,55376951DAL4 1.402
1,724Sallie Mae Bank Salt Lake CIty1083 240,000.00 240,000.00 06/21/20222.35006/21/2017 241,591.20 1,826795450A70 2.351
190South Atlantic1036 248,000.00 248,000.00 04/09/20181.00006/09/2015 247,662.72 1,03583637AAP9 1.001
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:57 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
September 30, 2017
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
611Solomon State1035 248,000.00 248,000.00 06/04/20191.40006/04/2015 248,004.96 1,46183427LAX2 1.401
933Stearnes Bank, N.A.1076 240,000.00 240,000.00 04/21/20201.60004/21/2017 238,704.00 1,096857894TC3 1.588
1,705Synchrony Bank Retail1080 240,000.00 240,000.00 06/02/20222.40006/02/2017 242,275.20 1,82687164XQV1 2.401
60Traverse City1040 240,000.00 240,000.00 11/30/20171.10005/30/2014 240,129.60 1,280894333FE8 1.102
569Webster Bank1042 240,000.00 240,000.00 04/23/20191.80004/23/2014 241,382.40 1,82694768NJQ8 1.801
513Wells Fargo1043 240,000.00 240,000.00 02/26/20191.20002/26/2016 240,175.20 1,0969497483N5 1.201
13,090,000.00 1,46013,097,922.3013,090,000.0013,090,000.00Subtotal and Average 754 1.619
Corporate Notes
1,403Apple Inc1079 500,000.00 493,050.00 08/04/20211.55006/12/2017 490,175.00 1,514037833CC2 1.900
516Johnson and Johnson Corp1075 2,000,000.00 1,993,200.00 03/01/20191.12503/29/2017 1,985,740.00 702478160BR4 1.305
2,486,250.00 8632,475,915.002,500,000.002,486,250.00Subtotal and Average 692 1.423
Bank Accounts
1First Empire Bank1060 38,585.85 38,585.8507/01/2016 38,585.85 1SYS1060 0.000
1La Quinta Palms Realty1062 119,452.87 119,452.8707/01/2016 119,452.87 1SYS1062 0.000
1Wells Fargo1057 3,636,712.72 3,636,712.7207/01/2016 3,636,712.72 14159282482 0.000
1Wells Fargo1059 1,700.00 1,700.0007/01/2016 1,700.00 1SYS1059 0.000
1Washington St Apt La Quinta1061 1,118,039.60 1,118,039.6007/01/2016 1,118,039.60 1SYS1061 0.000
4,914,491.04 14,914,491.044,914,491.044,682,696.22Subtotal and Average 1 0.000
Money Market with Fiscal Agent
1US Bank1058 26,241,506.96 26,241,506.9607/01/2016 26,241,506.96 1SYS1058 0.000
26,241,506.96 126,241,506.9626,241,506.9638,368,462.46Subtotal and Average 1 0.000
521134,953,540.59 123,181,604.91 367 0.989122,755,095.45 123,058,379.91Total and Average
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:57 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 4
Par Value Book Value
Stated
RateMarket Value
September 30, 2017
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
0.00
521134,953,540.59 123,181,604.91 367 0.989
0 0
610.64
610.64
610.64
610.64
Subtotal
Accrued Interest at PurchaseAverage Balance
122,755,706.09 123,058,990.55Total Cash and Investments
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:57 PM (PRF_PM2) 7.3.0
Page 1
Stated
Rate
Transaction
Date
September 1, 2017 through September 30, 2017
Activity By Type
Balance
Beginning
Balance
Ending
Portfolio Management
City of La Quinta
CUSIP Investment #Issuer
Purchases
or Deposits
Redemptions
or Withdrawals
Local Agency Investment Funds (Monthly Summary)
45,435,606.91 45,435,606.91Subtotal
Federal Agency Coupon Securities
14,473,350.00 14,473,350.00Subtotal
Treasury Coupon Securities
16,417,175.00 16,417,175.00Subtotal
Certificate of Deposits
13,090,000.00 13,090,000.00Subtotal
Corporate Notes
2,486,250.00 2,486,250.00Subtotal
Bank Accounts
First Empire Bank1060 38,585.85 0.00SYS1060
La Quinta Palms Realty1062 13,295.84 0.00SYS1062
Wells Fargo1057 2,874,641.65 2,704,906.894159282482
Washington St Apt La Quinta1061 18,175.73 0.00SYS1061
2,704,906.894,674,698.86 4,914,491.04Subtotal2,944,699.07
Money Market with Fiscal Agent
US Bank1058 657,771.28 13,202,897.66SYS1058
13,202,897.6638,786,633.34 26,241,506.96Subtotal657,771.28
135,363,714.11 123,058,379.91Total15,907,804.553,602,470.35
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:57 PM (PRF_PM3) 7.3.0
Report Ver. 7.3.6.1
Page 1
September 30, 2017
Interest Earnings Summary
Month EndingSeptember 30 Fiscal Year To Date
Portfolio Management
City of La Quinta
CD/Coupon/Discount Investments:
36,824.16Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
172,563.92
( 155,132.71)
71,606.20
172,563.92
( 83,592.53)
Less Accrued Interest at Purchase During Period ( 0.00)( 0.00)
Interest Earned during Period
Adjusted by Capital Gains or Losses
Earnings during Periods
54,255.37
0.00
160,577.59
0.00
54,255.37 160,577.59
Pass Through Securities:
0.00Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
0.00
( 0.00)
0.00
0.00
( 0.00)
Less Accrued Interest at Purchase During Period ( 0.00)( 0.00)
Interest Earned during Period
Adjusted by Premiums and Discounts
Adjusted by Capital Gains or Losses
Earnings during Periods
0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
Cash/Checking Accounts:
7,684.47Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
94,856.78
( 54,743.49)
132,760.98
94,856.78
( 71,627.61)
Interest Earned during Period 47,797.76 155,990.15
Total Interest Earned during Period
Total Capital Gains or Losses
Total Earnings during Period
102,053.13
0.00
316,567.74
0.00
102,053.13 316,567.74
Portfolio CITY
CP
Run Date: 11/07/2017 - 11:57 PM (PRF_PM6) 7.3.0
Report Ver. 7.3.6.1
US Treasury Rates
https://www.treasury.gov/resource‐center/data‐chart‐center/interest‐
rates/Pages/TextView.aspx?data=yieldYear&year=2017
Commercial Paper Rates
https://www.federalreserve.gov/releases/cp/rates.htm
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: November 15, 2017
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JUNE 30,
2017
RECOMMENDATION
Receive and file revenue and expenditure report dated June 30, 2017.
EXECUTIVE SUMMARY
•Revenue and expenditure reports are submitted for review.
•The report summarizes the City’s year-to-date (YTD) revenues and expenditures for
June 2017 (Attachment 1).
•Revenue and expenditure reports are also reviewed by the Finance Advisory
Commission (FAC).
FISCAL IMPACT – None.
BACKGROUND/ANALYSIS
Revenues
Below is a summary of the column headers used on the Revenue Summary Report All
Funds:
Original Total Budget – represents the revenue budget the Council adopted in June
2016 for fiscal year 2016/17.
Current Total Budget – includes original adopted revenue budget plus carryovers
from the prior fiscal year, as well as Council approved budget amendments. The
bulk of the carryovers are related to Capital Improvement Project (CIP) matters.
Each year total CIP projects are budgeted; however, project length may span over
multiple years. Therefore, unfinished projects from the prior year are carried over
(along with associated remaining budgets).
Period Activity – represents actual revenues received in the reporting month.
Fiscal Activity – represents actual revenues received YTD.
Variance Favorable/(Unfavorable) – represents the difference between YTD
collections and the budgeted amount.
Percent Used – represents the percentage of budgeted revenues collected YTD.
CONSENT CALENDAR ITEM NO. 3
The revenue report includes revenues and transfers into funds from other funds (income
items). Revenues are not received uniformly throughout the year, which results in peaks
and valleys depending upon large payments that are received throughout the year. For
example, large property tax payments are usually received in December and May.
Similarly, Redevelopment Property Tax Trust Fund (RPTTF) payments are typically received
in January and June.
June Revenues
$8 million in General Fund revenues were collected bringing the total YTD collections to
103 percent ($43,515,283). Total collections for all funds were $24.5 million, bringing
total YTD collections to 122 percent ($118,727,568).
The top five of General Fund revenues consisted of:
•$ 2,172,606 – State Sales Tax
•$ 1,897,652 – Motor Vehicle In Lieu
•$ 1,462,650 – Measure G Sales Tax
•$ 1,334,134 – Transient occupancy tax (hotels & short-term vacation rentals)
•$ 819,757 – Property Tax- RPTTF
The larger non-General Fund income consisted of:
•$ 11,645,604 – County Government Revenue for Debt Service
•$ 2,750,038 – Housing Authority Coral Mountain Loan Repayments
•$ 571,519 – Capital improvement transfers in from multiple funds
•$ 212,200 – Information Technology Fund internal service charges
•$ 179,702 – Measure A County Sales Tax
Expenditures
Below is a summary of the column headers used on the Expenditure Summary Report All
Funds:
Original Total Budget – represents the expenditure budget adopted by Council in
June 2016 for 2016/17.
Current Total Budget – includes the original adopted expenditure budget plus any
carryovers from the prior fiscal year, and any Council approved budget
amendments. The bulk of the carryovers are related to CIP matters. Each year
total CIP projects are budgeted; however, project length can span over multiple
years. Therefore, unfinished projects from the prior year are carried over (along
with associated revenue reimbursements).
Period Activity – represents actual expenditures made in the reporting month.
Fiscal Activity – represents actual expenditures made YTD.
Variance Favorable/ (Unfavorable) – represents the difference between YTD
expenditures and the budgeted amount (the amount yet to be expended).
Percent Used – represents the percentage of budgeted expenditures spent to date.
The expenditure report includes expenditures and transfers out to other funds. Unlike
revenues, expenditures are fairly consistent month to month. However, large debt service
payments or CIP expenditures can cause swings.
June Expenditures
General Fund expenditures totaled $8.3 million bringing the total YTD expenditures to
83.58 percent ($41,297,181). Of this amount, $940,646 is related to personnel costs
(salaries, benefits, etc.). In addition to personnel costs, the other larger General Fund
expenditures were:
•$ 4,033,376 – Sheriff contract (April, May, June)
•$ 1,375,833 – Fire service contract
•$ 362,996 – Sheriff annual facility fees and other
•$ 155,853 – Transfers Out
•$ 133,425 – Parks Equipment & Facility Fund internal service charge
Total expenditures for all funds were $10.1 million bringing total expenditures to 67.29
percent ($74,922,265). The larger non-General Fund expenditures were:
•$ 175,748 – Transfer CV Violent Crime Task Force Fund to another agency
•$ 139,233 – Silver Rock maintenance
•$ 123,913 – Capital improvement contributions to other agencies (City of Indio) for
Jefferson Street Interchange
•$122,464 – Capital improvement design costs
•$116,639 – Transportation DIF Fund transfers out
Summary
All funds are generally on target or under budget with regard to expenditures. The timing
imbalance of revenues receipts versus expenditures is funded from the City’s cash flow
reserve.
Prepared by: Rosemary Hallick, Financial Services Analyst
Approved by: Karla Campos, Finance Director
Attachment: 1. Revenue and Expenditure Report for June 2017
10/9/2017 2:22:16 PM Page 1 of 2
Revenue Summary Report All Funds
City of La Quinta, CA June 2017
For Fiscal: 2016/17 Period Ending: 06/30/2017
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
ActivityFun…
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 43,515,283.968,399,550.5240,400,600.00 42,183,600.00 1,331,683.96 103.16 %
201 - GAS TAX FUND 1,252,611.6569,390.211,299,100.00 1,264,500.00 -11,888.35 99.06 %
202 - LIBRARY & MUSEUM FUND 1,386,169.79-10,995.622,250,000.00 2,250,000.00 -863,830.21 61.61 %
210 - FEDERAL ASSISTANCE FUND 125,755.005,032.44125,800.00 125,800.00 -45.00 99.96 %
212 - SLESF (COPS) FUND 129,125.9124,655.28100,100.00 100,100.00 29,025.91 129.00 %
213 - JAG FUND 8,978.31-25.119,000.00 9,000.00 -21.69 99.76 %
215 - LIGHTING & LANDSCAPING FUND 1,449,603.2718,405.241,447,400.00 1,447,400.00 2,203.27 100.15 %
218 - CV VIOLENT CRIME TASK FORCE 18,170.36-76.3122,600.00 22,600.00 -4,429.64 80.40 %
219 - ASSET FORFEITURE 69.06-7.510.00 0.00 69.06 0.00 %
220 - QUIMBY FUND 128,218.04-19,144.6187,000.00 87,000.00 41,218.04 147.38 %
221 - AB 939 - CALRECYCLE FUND 53,142.4547,053.2652,500.00 52,500.00 642.45 101.22 %
223 - MEASURE A FUND 727,379.78177,499.34752,500.00 752,500.00 -25,120.22 96.66 %
224 - TUMF FUND 218.670.920.00 0.00 218.67 0.00 %
225 - INFRASTRUCTURE FUND 114.02-81.450.00 0.00 114.02 0.00 %
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)17,696.1911,064.190.00 0.00 17,696.19 0.00 %
231 - SUCCESSOR AGCY PA 1 RORF 53,768,083.1011,578,867.150.00 19,212,171.00 34,555,912.10 279.86 %
235 - SO COAST AIR QUALITY FUND 51,874.8925,766.7245,300.00 45,300.00 6,574.89 114.51 %
237 - SUCCESSOR AGCY PA 1 ADMIN 248,306.06123,288.010.00 -250,000.00 498,306.06 99.32 %
241 - HOUSING AUTHORITY 3,969,378.852,893,584.34889,600.00 889,600.00 3,079,778.85 446.20 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)13,977.174,343.520.00 0.00 13,977.17 0.00 %
250 - TRANSPORTATION DIF FUND 388,472.1528,432.10669,000.00 669,000.00 -280,527.85 58.07 %
251 - PARKS & REC DIF FUND 200,092.8117,801.36350,000.00 350,000.00 -149,907.19 57.17 %
252 - CIVIC CENTER DIF FUND 98,740.0110,172.04200,000.00 200,000.00 -101,259.99 49.37 %
253 - LIBRARY DEVELOPMENT DIF 34,056.003,440.0065,000.00 65,000.00 -30,944.00 52.39 %
254 - COMMUNITY CENTER DIF 13,324.58954.0235,600.00 35,600.00 -22,275.42 37.43 %
255 - STREET FACILITY DIF FUND 19,094.722,639.4435,000.00 35,000.00 -15,905.28 54.56 %
256 - PARK FACILITY DIF FUND 3,969.00400.837,000.00 7,000.00 -3,031.00 56.70 %
257 - FIRE PROTECTION DIF 45,398.854,684.6680,000.00 80,000.00 -34,601.15 56.75 %
270 - ART IN PUBLIC PLACES FUND 47,660.321,467.5298,500.00 98,500.00 -50,839.68 48.39 %
299 - INTEREST ALLOCATION FUND 0.00-134,899.050.00 0.00 0.00 0.00 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 678,105.490.00678,100.00 678,100.00 5.49 100.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 3,927,269.38667,024.477,327,300.00 20,006,554.38 -16,079,285.00 19.63 %
501 - FACILITY & FLEET REPLACEMENT 457,382.2380,707.27456,100.00 456,100.00 1,282.23 100.28 %
502 - INFORMATION TECHNOLOGY 857,908.22210,441.72849,800.00 844,800.00 13,108.22 101.55 %
503 - PARK EQUIP & FACILITY FND 548,158.95124,619.90534,700.00 534,700.00 13,458.95 102.52 %
504 - INSURANCE FUND 637,031.26157,054.27648,300.00 648,300.00 -11,268.74 98.26 %
601 - SILVERROCK RESORT 3,847,639.8343,169.514,034,800.00 4,034,800.00 -187,160.17 95.36 %
602 - SILVERROCK GOLF RESERVE 59,107.54-3,897.8361,400.00 61,400.00 -2,292.46 96.27 %
Report Total:24,562,382.76 118,727,567.8763,612,100.00 96,996,925.38 21,730,642.49 122.40 %
10/9/2017 2:29:35 PM Page 1 of 2
Expense Summary Report All Funds
City of La Quinta, CA June 2017
For Fiscal: 2016/17 Period Ending: 06/30/2017
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
ActivityFun…
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 41,297,180.958,272,972.6641,240,600.00 49,411,154.96 8,113,974.01 83.58 %
201 - GAS TAX FUND 1,186,510.21165,826.651,299,200.00 1,339,700.00 153,189.79 88.57 %
202 - LIBRARY & MUSEUM FUND 537,473.3166,338.991,717,400.00 1,820,317.75 1,282,844.44 29.53 %
210 - FEDERAL ASSISTANCE FUND 112,840.70112,840.7020,200.00 20,200.00 -92,640.70 558.62 %
212 - SLESF (COPS) FUND 117,242.4922,221.230.00 0.00 -117,242.49 0.00 %
215 - LIGHTING & LANDSCAPING FUND 1,244,237.86218,534.171,467,400.00 1,468,700.00 224,462.14 84.72 %
218 - CV VIOLENT CRIME TASK FORCE 185,616.04176,135.4146,700.00 46,700.00 -138,916.04 397.46 %
219 - ASSET FORFEITURE 9,252.349,252.340.00 0.00 -9,252.34 0.00 %
220 - QUIMBY FUND 557,337.5358,549.87437,300.00 4,395,288.74 3,837,951.21 12.68 %
221 - AB 939 - CALRECYCLE FUND 15,056.53983.7220,000.00 20,000.00 4,943.47 75.28 %
223 - MEASURE A FUND 664,140.9381,104.85651,000.00 1,755,784.32 1,091,643.39 37.83 %
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)11,082.000.000.00 0.00 -11,082.00 0.00 %
227 - State Homeland Security Programs (SHSP)3,033.493,033.490.00 0.00 -3,033.49 0.00 %
231 - SUCCESSOR AGCY PA 1 RORF 16,162,475.95-1,079,604.860.00 18,077,120.00 1,914,644.05 89.41 %
235 - SO COAST AIR QUALITY FUND 38,287.8319,681.1630,000.00 30,000.00 -8,287.83 127.63 %
237 - SUCCESSOR AGCY PA 1 ADMIN 354,740.0023,913.750.00 292,000.00 -62,740.00 121.49 %
241 - HOUSING AUTHORITY 1,032,382.09159,314.99960,200.00 975,400.00 -56,982.09 105.84 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)250.000.000.00 0.00 -250.00 0.00 %
250 - TRANSPORTATION DIF FUND 203,047.04116,638.94675,900.00 3,489,738.61 3,286,691.57 5.82 %
252 - CIVIC CENTER DIF FUND 55,993.9613,292.700.00 0.00 -55,993.96 0.00 %
253 - LIBRARY DEVELOPMENT DIF 12,890.493,044.560.00 0.00 -12,890.49 0.00 %
255 - STREET FACILITY DIF FUND 15,190.783,699.240.00 0.00 -15,190.78 0.00 %
256 - PARK FACILITY DIF FUND 3,969.171,001.060.00 0.00 -3,969.17 0.00 %
257 - FIRE PROTECTION DIF 4,580.571,059.250.00 0.00 -4,580.57 0.00 %
270 - ART IN PUBLIC PLACES FUND 64,311.62183.28129,000.00 329,000.00 264,688.38 19.55 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 678,200.504,157.25678,100.00 678,100.00 -100.50 100.01 %
401 - CAPITAL IMPROVEMENT PROGRAMS 3,810,926.07375,868.60190,400.00 20,196,783.38 16,385,857.31 18.87 %
501 - FACILITY & FLEET REPLACEMENT 423,362.04201,628.74498,900.00 559,176.00 135,813.96 75.71 %
502 - INFORMATION TECHNOLOGY 847,674.01159,272.40848,800.00 848,800.00 1,125.99 99.87 %
503 - PARK EQUIP & FACILITY FND 646,007.92538,673.65603,700.00 680,200.00 34,192.08 94.97 %
504 - INSURANCE FUND 604,244.56-4,085.62649,000.00 649,700.00 45,455.44 93.00 %
601 - SILVERROCK RESORT 4,009,944.22521,489.014,262,200.00 4,262,500.00 252,555.78 94.07 %
602 - SILVERROCK GOLF RESERVE 12,782.25-159,778.170.00 0.00 -12,782.25 0.00 %
Report Total:10,087,244.01 74,922,265.4556,426,000.00 111,346,363.76 36,424,098.31 67.29 %
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: November 15, 2017
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JULY 31
AND AUGUST 31, 2017
RECOMMENDATION
Receive and file revenue and expenditure report dated July 31 and August 31, 2017.
EXECUTIVE SUMMARY
•Revenue and expenditure reports are submitted for review.
•The report summarizes the City’s year-to-date (YTD) revenues and expenditures for
July and August 2017 (Attachment 1).
•Revenue and expenditure reports are also reviewed by the Finance Advisory
Commission (FAC).
FISCAL IMPACT – None.
BACKGROUND/ANALYSIS
Revenues
Below is a summary of the column headers used on the Revenue Summary Report All
Funds:
Original Total Budget – represents the revenue budget the Council adopted in June
2017 for fiscal year 2017/18.
Current Total Budget – includes original adopted revenue budget plus carryovers
from the prior fiscal year, as well as Council approved budget amendments. The
bulk of the carryovers are related to Capital Improvement Project (CIP) matters.
Each year total CIP projects are budgeted; however, project length may span over
multiple years. Therefore, unfinished projects from the prior year are carried over
(along with associated remaining budgets). The 2016/17 CIP carryovers will be
processed in October 2017, after the year-end audit is completed.
Period Activity – represents actual revenues received in the reporting month.
Fiscal Activity – represents actual revenues received YTD.
Variance Favorable/(Unfavorable) – represents the difference between YTD
collections and the budgeted amount.
Percent Used – represents the percentage of budgeted revenues collected YTD.
CONSENT CALENDAR ITEM NO. 4
The revenue report includes revenues and transfers into funds from other funds (income
items). Revenues are not received uniformly throughout the year, which results in peaks
and valleys depending upon large payments that are received throughout the year. For
example, large property tax payments are usually received in December and May.
Similarly, Redevelopment Property Tax Trust Fund payments are typically received in
January and June.
July Revenues
$126,672 in General Fund revenues were collected in July, or .27 percent of the YTD
budget. Total collections for all funds were $452,522, or .62 percent of the YTD budget.
The top General Fund revenues consisted of:
• $ 46,862 – Building Plan Check Fees
• $ 20,355 – Business Licenses
• $ 15,512 – Building Permits
• $ 14,775 – Miscellaneous Permits
• $ 11,610 – Wellness Center Memberships
The larger non-General Fund income consisted of:
• $ 76,973 – Tenant rent and federal assistance for the Housing Authority
• $ 48,314 – Transportation developer impact fees (DIF)
• $ 34,816 – Parks & Recreation developer impact fees (DIF)
• $ 29,746 – SilverRock
• $ 16,014 – Civic Center developer impact fees (DIF)
August Revenues
$622,459 in General Fund revenues were collected in July, bringing the total YTD revenue
to 1.55 percent ($752,131) of the budget. Total collections for all funds were $984,940,
bringing the total YTD revenue to 1.96 percent ($1,437,462) of the budget.
The top General Fund revenues consisted of:
• $273,356 – Transient occupancy (hotel) tax
• $ 60,244 – Building Plan Check Fees
• $ 43,004 – Document Transfer Tax
• $ 28,211 – Franchise Tax-Burrtec
• $ 26,403 – Business Licenses
The larger non-General Fund income consisted of:
• $ 150,163 – Gas Tax
• $ 93,800 – Housing Authority land purchase
• $ 30,368 – SilverRock
• $ 19,894 – Transportation developer impact fees (DIF)
• $ 14,336 – Parks & Recreation developer impact fees (DIF)
Expenditures
Below is a summary of the column headers used on the Expenditure Summary Report All
Funds:
Original Total Budget – represents the expenditure budget adopted by Council in
June 2017 for 2017/18
Current Total Budget – includes the original adopted expenditure budget plus any
carryovers from the prior fiscal year, and any Council approved budget
amendments. The bulk of the carryovers are related to CIP matters. Each year
total CIP projects are budgeted; however, project length can span over multiple
years. Therefore, unfinished projects from the prior year are carried over (along
with associated revenue reimbursements). The 2016/17 CIP carryovers will be
processed in October 2017, after the year-end audit is completed.
Period Activity – represents actual expenditures made in the reporting month.
Fiscal Activity – represents actual expenditures made YTD.
Variance Favorable/ (Unfavorable) – represents the difference between YTD
expenditures and the budgeted amount (the amount yet to be expended).
Percent Used – represents the percentage of budgeted expenditures spent to date.
The expenditure report includes expenditures and transfers out to other funds. Unlike
revenues, expenditures are fairly consistent month to month. However, large debt service
payments or CIP expenditures can cause swings.
July Expenditures
General Fund expenditures totaled $1.1 million, or 2.24 percent of the YTD budget. Of this
amount, $890,183 is related to personnel costs (salaries, benefits, etc.). In addition to
personnel costs, the other larger General Fund expenditures were:
• $ 66,388 – Greater Palm Springs Convention and Visitors Bureau
• $ 60,230 – Coachella Valley Association of Governments and East Valley Coalition
memberships
• $ 11,560 – Legislative services contract
• $ 11,011 – Marketing and tourism promotions
• $ 4,500 – Human resources membership dues
Total expenditures for all funds were $2.5 million, or 2.94 percent of the YTD budget. The
larger non-General Fund expenditures were:
• $ 448,537 – Liability insurance premium
• $ 220,848 – Workers Compensation insurance premium
• $ 157,700 – SilverRock maintenance
• $ 62,444 – Software license renewals
• $ 44,864 – SilverRock rental payment
August Expenditures
General Fund expenditures totaled $810,787, bringing the total YTD expenditures to 3.90
percent ($1,908,784). Of this amount, $589,314 is related to personnel costs (salaries,
benefits, etc.). In addition to personnel costs, the other larger General Fund expenditures
were:
•$ 63,614 – Park landscape maintenance
•$ 17,767 – Marketing and tourism promotions
•$ 16,739 – Utilities-electricity for public buildings
•$ 12,500 – Jacqueline Cochran Regional Airport
•$ 10,000 – Coachella Valley Economic Partnership membership
Total expenditures for all funds were $1.9 million, bringing the total YTD expenditures to
5.19 percent ($4,377,946). The larger non-General Fund expenditures were:
•$ 223,760 – Capital improvement plan construction costs
•$ 126,009 – Capital improvement plan contributions to other agencies CVAG
interchange agreement
•$ 114,748 – SilverRock maintenance
•$ 96,393 – Software license renewals
•$ 93,800 – Capital improvement plan land acquisition
Summary
All funds are generally on target or under budget with regard to expenditures. The timing
imbalance of revenue receipts versus expenditures is funded from the City’s cash flow
reserve.
Prepared by: Rosemary Hallick, Financial Services Analyst
Approved by: Karla Campos, Finance Director
Attachment: 1. Revenue and Expenditure Report for July and August 2017
10/9/2017 3:59:45 PM Page 1 of 4
Revenue Summary Report All Funds
City of La Quinta, CA July 2017
For Fiscal: 2017/18 Period Ending: 07/31/2017
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
ActivityFun…
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 129,671.69129,671.6948,551,600.00 48,551,600.00 -48,421,928.31 0.27 %
201 - GAS TAX FUND -531.15-531.151,415,400.00 1,415,400.00 -1,415,931.15 0.04 %
202 - LIBRARY & MUSEUM FUND -6,705.04-6,705.042,254,000.00 2,254,000.00 -2,260,705.04 0.30 %
210 - FEDERAL ASSISTANCE FUND 0.000.00125,800.00 125,800.00 -125,800.00 0.00 %
212 - SLESF (COPS) FUND -0.59-0.59100,100.00 100,100.00 -100,100.59 0.00 %
215 - LIGHTING & LANDSCAPING FUND -476.70-476.701,448,900.00 1,448,900.00 -1,449,376.70 0.03 %
218 - CV VIOLENT CRIME TASK FORCE -261.46-261.460.00 0.00 -261.46 0.00 %
219 - ASSET FORFEITURE -13.50-13.500.00 0.00 -13.50 0.00 %
220 - QUIMBY FUND -7,372.80-7,372.8055,000.00 55,000.00 -62,372.80 13.41 %
221 - AB 939 - CALRECYCLE FUND -1,080.40-1,080.4062,500.00 62,500.00 -63,580.40 1.73 %
223 - MEASURE A FUND -1,080.70-1,080.70724,500.00 724,500.00 -725,580.70 0.15 %
224 - TUMF FUND -55.88-55.880.00 0.00 -55.88 0.00 %
225 - INFRASTRUCTURE FUND -34.86-34.860.00 0.00 -34.86 0.00 %
231 - SUCCESSOR AGCY PA 1 RORF 1.001.000.00 0.00 1.00 0.00 %
235 - SO COAST AIR QUALITY FUND -239.46-239.4650,300.00 50,300.00 -50,539.46 0.48 %
241 - HOUSING AUTHORITY 61,365.3861,365.38919,000.00 919,000.00 -857,634.62 6.68 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)4,204.124,204.120.00 0.00 4,204.12 0.00 %
250 - TRANSPORTATION DIF FUND 42,852.8142,852.81369,000.00 369,000.00 -326,147.19 11.61 %
251 - PARKS & REC DIF FUND 34,816.0034,816.00200,000.00 200,000.00 -165,184.00 17.41 %
252 - CIVIC CENTER DIF FUND 16,014.0016,014.00100,000.00 100,000.00 -83,986.00 16.01 %
253 - LIBRARY DEVELOPMENT DIF 5,848.005,848.0030,000.00 30,000.00 -24,152.00 19.49 %
254 - COMMUNITY CENTER DIF 2,027.012,027.0115,400.00 15,400.00 -13,372.99 13.16 %
255 - STREET FACILITY DIF FUND 1,972.001,972.0015,000.00 15,000.00 -13,028.00 13.15 %
256 - PARK FACILITY DIF FUND 679.43679.434,000.00 4,000.00 -3,320.57 16.99 %
257 - FIRE PROTECTION DIF 7,361.007,361.0040,000.00 40,000.00 -32,639.00 18.40 %
270 - ART IN PUBLIC PLACES FUND 3,321.243,321.2453,500.00 53,500.00 -50,178.76 6.21 %
299 - INTEREST ALLOCATION FUND 139,555.75139,555.750.00 0.00 139,555.75 0.00 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 0.000.00671,400.00 671,400.00 -671,400.00 0.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 0.000.008,423,900.00 9,173,900.00 -9,173,900.00 0.00 %
501 - FACILITY & FLEET REPLACEMENT -4,260.33-4,260.33531,000.00 531,000.00 -535,260.33 0.80 %
502 - INFORMATION TECHNOLOGY 38.4038.40714,000.00 714,000.00 -713,961.60 0.01 %
503 - PARK EQUIP & FACILITY FND -4,382.86-4,382.86680,000.00 680,000.00 -684,382.86 0.64 %
504 - INSURANCE FUND -5.97-5.971,001,000.00 1,001,000.00 -1,001,005.97 0.00 %
601 - SILVERROCK RESORT 29,746.2929,746.294,004,200.00 4,004,200.00 -3,974,453.71 0.74 %
602 - SILVERROCK GOLF RESERVE -450.62-450.6261,300.00 61,300.00 -61,750.62 0.74 %
Report Total:452,521.80 452,521.8072,620,800.00 73,370,800.00 -72,918,278.20 0.62 %
ATTACHMENT 1
10/9/2017 5:00:45 PM Page 2 of 4
Expense Summary Report All Funds
City of La Quinta, CA July 2017
For Fiscal: 2017/18 Period Ending: 07/31/2017
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
ActivityFun…
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 1,097,997.131,097,997.1348,081,400.00 48,951,400.00 47,853,402.87 2.24 %
201 - GAS TAX FUND 115,950.60115,950.601,435,000.00 1,435,000.00 1,319,049.40 8.08 %
202 - LIBRARY & MUSEUM FUND 4,340.824,340.821,947,500.00 1,947,500.00 1,943,159.18 0.22 %
210 - FEDERAL ASSISTANCE FUND 0.000.00125,800.00 125,800.00 125,800.00 0.00 %
212 - SLESF (COPS) FUND 0.000.00100,000.00 100,000.00 100,000.00 0.00 %
215 - LIGHTING & LANDSCAPING FUND 59,616.7059,616.701,519,300.00 1,519,300.00 1,459,683.30 3.92 %
221 - AB 939 - CALRECYCLE FUND 0.000.0020,000.00 20,000.00 20,000.00 0.00 %
223 - MEASURE A FUND 0.000.00787,000.00 787,000.00 787,000.00 0.00 %
225 - INFRASTRUCTURE FUND 0.000.0022,600.00 22,600.00 22,600.00 0.00 %
235 - SO COAST AIR QUALITY FUND 0.000.0032,000.00 32,000.00 32,000.00 0.00 %
241 - HOUSING AUTHORITY 51,571.7651,571.761,192,100.00 1,192,100.00 1,140,528.24 4.33 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)0.000.009,400,000.00 9,400,000.00 9,400,000.00 0.00 %
250 - TRANSPORTATION DIF FUND 0.000.001,005,100.00 1,005,100.00 1,005,100.00 0.00 %
254 - COMMUNITY CENTER DIF 0.000.00101,600.00 101,600.00 101,600.00 0.00 %
270 - ART IN PUBLIC PLACES FUND 0.000.00122,000.00 122,000.00 122,000.00 0.00 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 0.000.00671,400.00 671,400.00 671,400.00 0.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 28,633.6428,633.648,614,400.00 9,364,400.00 9,335,766.36 0.31 %
501 - FACILITY & FLEET REPLACEMENT 12,660.6512,660.651,069,300.00 1,069,300.00 1,056,639.35 1.18 %
502 - INFORMATION TECHNOLOGY 101,387.99101,387.99914,000.00 914,000.00 812,612.01 11.09 %
503 - PARK EQUIP & FACILITY FND 0.000.00670,000.00 670,000.00 670,000.00 0.00 %
504 - INSURANCE FUND 684,576.80684,576.80969,200.00 969,200.00 284,623.20 70.63 %
601 - SILVERROCK RESORT 328,106.03328,106.034,003,400.00 4,003,400.00 3,675,293.97 8.20 %
Report Total:2,484,842.12 2,484,842.1282,803,100.00 84,423,100.00 81,938,257.88 2.94 %
10/9/2017 7:12:22 PM Page 3 of 4
Revenue Summary Report All Funds
City of La Quinta, CA August 2017
For Fiscal: 2017/18 Period Ending: 08/31/2017
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
ActivityFun…
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 752,130.99622,459.3048,551,600.00 48,551,600.00 -47,799,469.01 1.55 %
201 - GAS TAX FUND 149,631.38150,162.531,415,400.00 1,415,400.00 -1,265,768.62 10.57 %
202 - LIBRARY & MUSEUM FUND -6,705.040.002,254,000.00 2,254,000.00 -2,260,705.04 0.30 %
210 - FEDERAL ASSISTANCE FUND 0.000.00125,800.00 125,800.00 -125,800.00 0.00 %
212 - SLESF (COPS) FUND 8,332.748,333.33100,100.00 100,100.00 -91,767.26 8.32 %
215 - LIGHTING & LANDSCAPING FUND -476.700.001,448,900.00 1,448,900.00 -1,449,376.70 0.03 %
218 - CV VIOLENT CRIME TASK FORCE -261.460.000.00 0.00 -261.46 0.00 %
219 - ASSET FORFEITURE -13.500.000.00 0.00 -13.50 0.00 %
220 - QUIMBY FUND -7,372.800.0055,000.00 55,000.00 -62,372.80 13.41 %
221 - AB 939 - CALRECYCLE FUND 1,429.192,509.5962,500.00 62,500.00 -61,070.81 2.29 %
223 - MEASURE A FUND -1,080.700.00724,500.00 724,500.00 -725,580.70 0.15 %
224 - TUMF FUND -55.880.000.00 0.00 -55.88 0.00 %
225 - INFRASTRUCTURE FUND -34.860.000.00 0.00 -34.86 0.00 %
231 - SUCCESSOR AGCY PA 1 RORF 2.311.310.00 0.00 2.31 0.00 %
235 - SO COAST AIR QUALITY FUND -239.460.0050,300.00 50,300.00 -50,539.46 0.48 %
241 - HOUSING AUTHORITY 155,165.3893,800.00919,000.00 919,000.00 -763,834.62 16.88 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)8,549.024,344.900.00 0.00 8,549.02 0.00 %
250 - TRANSPORTATION DIF FUND 62,746.8119,894.00369,000.00 369,000.00 -306,253.19 17.00 %
251 - PARKS & REC DIF FUND 49,152.0014,336.00200,000.00 200,000.00 -150,848.00 24.58 %
252 - CIVIC CENTER DIF FUND 22,608.006,594.00100,000.00 100,000.00 -77,392.00 22.61 %
253 - LIBRARY DEVELOPMENT DIF 8,256.002,408.0030,000.00 30,000.00 -21,744.00 27.52 %
254 - COMMUNITY CENTER DIF 2,930.01903.0015,400.00 15,400.00 -12,469.99 19.03 %
255 - STREET FACILITY DIF FUND 2,784.00812.0015,000.00 15,000.00 -12,216.00 18.56 %
256 - PARK FACILITY DIF FUND 959.43280.004,000.00 4,000.00 -3,040.57 23.99 %
257 - FIRE PROTECTION DIF 10,392.003,031.0040,000.00 40,000.00 -29,608.00 25.98 %
270 - ART IN PUBLIC PLACES FUND 6,698.123,376.8853,500.00 53,500.00 -46,801.88 12.52 %
299 - INTEREST ALLOCATION FUND 159,396.1019,840.350.00 0.00 159,396.10 0.00 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 0.000.00671,400.00 671,400.00 -671,400.00 0.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 0.000.008,423,900.00 9,173,900.00 -9,173,900.00 0.00 %
501 - FACILITY & FLEET REPLACEMENT -4,260.330.00531,000.00 531,000.00 -535,260.33 0.80 %
502 - INFORMATION TECHNOLOGY 1,524.401,486.00714,000.00 714,000.00 -712,475.60 0.21 %
503 - PARK EQUIP & FACILITY FND -4,382.860.00680,000.00 680,000.00 -684,382.86 0.64 %
504 - INSURANCE FUND -5.970.001,001,000.00 1,001,000.00 -1,001,005.97 0.00 %
601 - SILVERROCK RESORT 60,113.8830,367.594,004,200.00 4,004,200.00 -3,944,086.12 1.50 %
602 - SILVERROCK GOLF RESERVE -450.620.0061,300.00 61,300.00 -61,750.62 0.74 %
Report Total:984,939.78 1,437,461.5872,620,800.00 73,370,800.00 -71,933,338.42 1.96 %
10/9/2017 7:19:47 PM Page 4 of 4
Expense Summary Report All Funds
City of La Quinta, CA August 2017
For Fiscal: 2017/18 Period Ending: 08/31/2017
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
ActivityFun…
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 1,908,783.72810,786.5948,081,400.00 48,951,400.00 47,042,616.28 3.90 %
201 - GAS TAX FUND 181,280.2165,329.611,435,000.00 1,435,000.00 1,253,719.79 12.63 %
202 - LIBRARY & MUSEUM FUND 29,328.6824,987.861,947,500.00 1,947,500.00 1,918,171.32 1.51 %
210 - FEDERAL ASSISTANCE FUND 0.000.00125,800.00 125,800.00 125,800.00 0.00 %
212 - SLESF (COPS) FUND 0.000.00100,000.00 100,000.00 100,000.00 0.00 %
215 - LIGHTING & LANDSCAPING FUND 102,477.2642,860.561,519,300.00 1,519,300.00 1,416,822.74 6.75 %
221 - AB 939 - CALRECYCLE FUND 728.75728.7520,000.00 20,000.00 19,271.25 3.64 %
223 - MEASURE A FUND 0.000.00787,000.00 787,000.00 787,000.00 0.00 %
225 - INFRASTRUCTURE FUND 0.000.0022,600.00 22,600.00 22,600.00 0.00 %
235 - SO COAST AIR QUALITY FUND 0.000.0032,000.00 32,000.00 32,000.00 0.00 %
237 - SUCCESSOR AGCY PA 1 ADMIN 1,500.001,500.000.00 0.00 -1,500.00 0.00 %
241 - HOUSING AUTHORITY 54,363.172,791.411,192,100.00 1,192,100.00 1,137,736.83 4.56 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)0.000.009,400,000.00 9,400,000.00 9,400,000.00 0.00 %
250 - TRANSPORTATION DIF FUND 0.000.001,005,100.00 1,005,100.00 1,005,100.00 0.00 %
254 - COMMUNITY CENTER DIF 0.000.00101,600.00 101,600.00 101,600.00 0.00 %
270 - ART IN PUBLIC PLACES FUND 2,995.262,995.26122,000.00 122,000.00 119,004.74 2.46 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 0.000.00671,400.00 671,400.00 671,400.00 0.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 485,866.55457,232.918,614,400.00 9,364,400.00 8,878,533.45 5.19 %
501 - FACILITY & FLEET REPLACEMENT 32,787.9920,127.341,069,300.00 1,069,300.00 1,036,512.01 3.07 %
502 - INFORMATION TECHNOLOGY 246,433.96145,045.97914,000.00 914,000.00 667,566.04 26.96 %
503 - PARK EQUIP & FACILITY FND 1,000.001,000.00670,000.00 670,000.00 669,000.00 0.15 %
504 - INSURANCE FUND 778,722.5994,145.79969,200.00 969,200.00 190,477.41 80.35 %
601 - SILVERROCK RESORT 551,677.83223,571.804,003,400.00 4,003,400.00 3,451,722.17 13.78 %
Report Total:1,893,103.85 4,377,945.9782,803,100.00 84,423,100.00 80,045,154.03 5.19 %
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: November 15, 2017
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
SEPTEMBER 30, 2017
RECOMMENDATION
Receive and file revenue and expenditure report dated September 30, 2017.
EXECUTIVE SUMMARY
• Revenue and expenditure reports are submitted for review.
• The report summarizes the City’s year-to-date (YTD) revenues and expenditures
and period activity as of September 30, 2017 (Attachment 1).
• Revenue and expenditure reports are also reviewed by the Finance Advisory
Commission (FAC).
FISCAL IMPACT – None.
BACKGROUND/ANALYSIS
Revenues
Below is a summary of the column headers used on the Revenue Summary Report All
Funds:
Original Total Budget – represents the revenue budget the Council adopted in June
2017 for fiscal year 2017/18.
Current Total Budget – includes original adopted revenue budget plus carryovers
from the prior fiscal year, as well as Council approved budget amendments. The
bulk of the carryovers are related to Capital Improvement Project (CIP) matters.
Each year total CIP projects are budgeted; however, project length may span over
multiple years. Therefore, unfinished projects from the prior year are carried over
(along with associated remaining budgets). The 2016/17 CIP carryovers will be
processed in October 2017, after the year-end audit is completed.
Period Activity – represents actual revenues received in the reporting month.
Fiscal Activity – represents actual revenues received YTD.
Variance Favorable/(Unfavorable) - the difference between YTD collections and the
budgeted amount.
Percent Used – represents the percentage of budgeted revenues collected YTD.
CONSENT CALENDAR ITEM NO. 5
The revenue report includes revenues and transfers into funds from other funds (income
items). Revenues are not received uniformly throughout the year, which results in peaks
and valleys depending upon large payments that are received throughout the year. For
example, large property tax payments are usually received in December and May.
Similarly, Redevelopment Property Tax Trust Fund payments are typically received in
January and June.
September Revenues
$2,580,481 in General Fund revenues were collected in September, bringing the total YTD
revenue to 6.86 percent ($3,332,612) of the budget. Total collections for all funds were
$2,827,195, bringing the total YTD revenue to 5.81 percent ($4,264,656) of the budget.
The top General Fund revenues consisted of:
• $966,477 – Measure G Sales/Transaction Tax
• $709,405 – Sales Tax
• $200,372 – Transient Occupancy Tax
• $262,163 – Property Tax
• $102,937 – Fire Service Credit
The larger non-General Fund income consisted of:
• $ 64,756 – Measure A County Sales Tax
• $ 41,557 – SilverRock
• $ 38,586 – Allocated Interest
• $ 24,601 – Rent Income
• $ 22,736 – Transportation Developer Impact Fees (DIF)
Expenditures
Below is a summary of the column headers used on the Expenditure Summary Report All
Funds:
Original Total Budget – represents the expenditure budget adopted by Council in
June 2017 for 2017/18
Current Total Budget – includes the original adopted expenditure budget plus any
carryovers from the prior fiscal year, and any Council approved budget
amendments. The bulk of the carryovers are related to CIP matters. Each year
total CIP projects are budgeted; however, project length can span over multiple
years. Therefore, unfinished projects from the prior year are carried over (along
with associated revenue reimbursements). The 2016/17 CIP carryovers will be
processed in October 2017, after the year-end audit is completed.
Period Activity – represents actual expenditures made in the reporting month.
Fiscal Activity – represents actual expenditures made YTD.
Variance Favorable/ (Unfavorable) – represents the difference between YTD
expenditures and the budgeted amount (the amount yet to be expended).
Percent Used – represents the percentage of budgeted expenditures spent to date.
The expenditure report includes expenditures and transfers out to other funds. Unlike
revenues, expenditures are fairly consistent month to month. However, large debt service
payments or CIP expenditures can cause swings.
September Expenditures
General Fund expenditures totaled $1,015,081, bringing the total YTD expenditures to
5.97 percent ($2,923,864). Of this amount, $544,536 is related to personnel costs
(salaries, benefits, etc.). In addition to personnel costs, the other larger General Fund
expenditures were:
•$ 62,361 – Marketing and Tourism Promotions
•$ 45,384 – Police Contract Services
•$ 38,235 – Contract Traffic Engineer
•$ 37,021 – Professional Inspection Services
•$ 31,939 – Parks Landscape Maintenance
Total expenditures for all funds were $7,263,601 million, bringing the total YTD
expenditures to 13.8 percent ($11,654,597) of the budget. The larger non-General Fund
expenditures were:
•$ 4,717,898 – Successor Agency Bond Interest
•$ 493,483 – Capital Improvement Plan - Construction
•$ 138,518 – SilverRock Maintenance
•$ 85,238 – Capital Improvement Plan – Design
•$ 61,996 – Capital Improvement Plan – Inspection and Surveying Services
Summary
All funds are generally on target or under budget with regard to expenditures. The timing
imbalance of revenue receipts versus expenditures is funded from the City’s cash flow
reserve.
Prepared by: Rosemary Hallick, Financial Services Analyst
Approved by: Karla Campos, Finance Director
Attachment: 1. Revenue and Expenditure Report for September 2017
10/24/2017 2:38:44 PM Page 1 of 2
Revenue Summary Report All Funds
City of La Quinta, CA September 2017
For Fiscal: 2017/18 Period Ending: 09/30/2017
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
ActivityFun…
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 3,332,612.192,580,481.2048,551,600.00 48,551,600.00 -45,218,987.81 6.86 %
201 - GAS TAX FUND 149,631.380.001,415,400.00 1,415,400.00 -1,265,768.62 10.57 %
202 - LIBRARY & MUSEUM FUND -6,705.040.002,254,000.00 2,254,000.00 -2,260,705.04 0.30 %
210 - FEDERAL ASSISTANCE FUND 0.000.00125,800.00 125,800.00 -125,800.00 0.00 %
212 - SLESF (COPS) FUND 16,666.118,333.37100,100.00 100,100.00 -83,433.89 16.65 %
215 - LIGHTING & LANDSCAPING FUND -476.700.001,448,900.00 1,448,900.00 -1,449,376.70 0.03 %
218 - CV VIOLENT CRIME TASK FORCE -261.460.000.00 0.00 -261.46 0.00 %
219 - ASSET FORFEITURE -13.500.000.00 0.00 -13.50 0.00 %
220 - QUIMBY FUND -7,372.800.0055,000.00 55,000.00 -62,372.80 13.41 %
221 - AB 939 - CALRECYCLE FUND 4,070.872,641.6862,500.00 62,500.00 -58,429.13 6.51 %
223 - MEASURE A FUND 63,675.1864,755.88724,500.00 724,500.00 -660,824.82 8.79 %
224 - TUMF FUND -55.880.000.00 0.00 -55.88 0.00 %
225 - INFRASTRUCTURE FUND -34.860.000.00 0.00 -34.86 0.00 %
231 - SUCCESSOR AGCY PA 1 RORF 3,329.373,327.060.00 0.00 3,329.37 0.00 %
235 - SO COAST AIR QUALITY FUND -239.460.0050,300.00 50,300.00 -50,539.46 0.48 %
241 - HOUSING AUTHORITY 179,927.3524,761.97919,000.00 919,000.00 -739,072.65 19.58 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)12,894.734,345.710.00 0.00 12,894.73 0.00 %
250 - TRANSPORTATION DIF FUND 85,482.8122,736.00369,000.00 369,000.00 -283,517.19 23.17 %
251 - PARKS & REC DIF FUND 65,536.0016,384.00200,000.00 200,000.00 -134,464.00 32.77 %
252 - CIVIC CENTER DIF FUND 30,144.007,536.00100,000.00 100,000.00 -69,856.00 30.14 %
253 - LIBRARY DEVELOPMENT DIF 11,008.002,752.0030,000.00 30,000.00 -18,992.00 36.69 %
254 - COMMUNITY CENTER DIF 3,962.011,032.0015,400.00 15,400.00 -11,437.99 25.73 %
255 - STREET FACILITY DIF FUND 3,712.00928.0015,000.00 15,000.00 -11,288.00 24.75 %
256 - PARK FACILITY DIF FUND 1,279.43320.004,000.00 4,000.00 -2,720.57 31.99 %
257 - FIRE PROTECTION DIF 13,856.003,464.0040,000.00 40,000.00 -26,144.00 34.64 %
270 - ART IN PUBLIC PLACES FUND 9,013.782,315.6653,500.00 53,500.00 -44,486.22 16.85 %
299 - INTEREST ALLOCATION FUND 197,981.9538,585.850.00 0.00 197,981.95 0.00 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 0.000.00671,400.00 671,400.00 -671,400.00 0.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 0.000.008,423,900.00 9,173,900.00 -9,173,900.00 0.00 %
501 - FACILITY & FLEET REPLACEMENT -4,260.330.00531,000.00 531,000.00 -535,260.33 0.80 %
502 - INFORMATION TECHNOLOGY 2,461.40937.00714,000.00 714,000.00 -711,538.60 0.34 %
503 - PARK EQUIP & FACILITY FND -4,382.860.00680,000.00 680,000.00 -684,382.86 0.64 %
504 - INSURANCE FUND -5.970.001,001,000.00 1,001,000.00 -1,001,005.97 0.00 %
601 - SILVERROCK RESORT 101,671.0141,557.134,004,200.00 4,004,200.00 -3,902,528.99 2.54 %
602 - SILVERROCK GOLF RESERVE -450.620.0061,300.00 61,300.00 -61,750.62 0.74 %
Report Total:2,827,194.51 4,264,656.0972,620,800.00 73,370,800.00 -69,106,143.91 5.81 %
ATTACHMENT 1
10/24/2017 2:36:24 PM Page 1 of 2
Expense Summary Report All Funds
City of La Quinta, CA September 2017
For Fiscal: 2017/18 Period Ending: 09/30/2017
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
ActivityFun…
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 2,923,864.331,015,080.6148,081,400.00 48,951,400.00 46,027,535.67 5.97 %
201 - GAS TAX FUND 243,895.5162,615.301,435,000.00 1,435,000.00 1,191,104.49 17.00 %
202 - LIBRARY & MUSEUM FUND 59,166.4929,837.811,947,500.00 1,947,500.00 1,888,333.51 3.04 %
210 - FEDERAL ASSISTANCE FUND 0.000.00125,800.00 125,800.00 125,800.00 0.00 %
212 - SLESF (COPS) FUND 0.000.00100,000.00 100,000.00 100,000.00 0.00 %
215 - LIGHTING & LANDSCAPING FUND 239,850.81137,373.551,519,300.00 1,519,300.00 1,279,449.19 15.79 %
221 - AB 939 - CALRECYCLE FUND 728.750.0020,000.00 20,000.00 19,271.25 3.64 %
223 - MEASURE A FUND 0.000.00787,000.00 787,000.00 787,000.00 0.00 %
225 - INFRASTRUCTURE FUND 0.000.0022,600.00 22,600.00 22,600.00 0.00 %
231 - SUCCESSOR AGCY PA 1 RORF 4,717,897.664,717,897.660.00 0.00 -4,717,897.66 0.00 %
235 - SO COAST AIR QUALITY FUND 0.000.0032,000.00 32,000.00 32,000.00 0.00 %
237 - SUCCESSOR AGCY PA 1 ADMIN 1,500.000.000.00 0.00 -1,500.00 0.00 %
241 - HOUSING AUTHORITY 77,010.5822,647.411,192,100.00 1,192,100.00 1,115,089.42 6.46 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)0.000.009,400,000.00 9,400,000.00 9,400,000.00 0.00 %
250 - TRANSPORTATION DIF FUND 0.000.001,005,100.00 1,005,100.00 1,005,100.00 0.00 %
254 - COMMUNITY CENTER DIF 0.000.00101,600.00 101,600.00 101,600.00 0.00 %
270 - ART IN PUBLIC PLACES FUND 39,995.2637,000.00122,000.00 122,000.00 82,004.74 32.78 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 0.000.00671,400.00 671,400.00 671,400.00 0.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 1,238,936.58753,070.038,614,400.00 9,364,400.00 8,125,463.42 13.23 %
501 - FACILITY & FLEET REPLACEMENT 99,820.9167,032.921,069,300.00 1,069,300.00 969,479.09 9.34 %
502 - INFORMATION TECHNOLOGY 325,159.9965,676.03914,000.00 914,000.00 588,840.01 35.58 %
503 - PARK EQUIP & FACILITY FND 36,521.6935,521.69670,000.00 670,000.00 633,478.31 5.45 %
504 - INSURANCE FUND 785,031.596,309.00969,200.00 969,200.00 184,168.41 81.00 %
601 - SILVERROCK RESORT 865,217.04313,539.214,003,400.00 4,003,400.00 3,138,182.96 21.61 %
Report Total:7,263,601.22 11,654,597.1982,803,100.00 84,423,100.00 72,768,502.81 13.80 %
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: November 15, 2017
STAFF REPORT
AGENDA TITLE: APPOINT THE CHAIRMAN AND TWO COMMISSIONERS TO FORMULATE THE
ANNUAL MEASURE G SALES TAX OVERSIGHT COMPLIANCE REPORT
RECOMMENDATION
Appoint the Chairman and two Commissioners to formulate the annual Measure G sales
tax oversight compliance report.
EXECUTIVE SUMMARY
•Measure G, the one percent (1%) Transactions and Use Tax measure was approved
by voters at the November 8, 2016 General Election and subsequently adopted by
resolution on December 20, 2016 with an effective date of April 1, 2017. Additional
funds are subject to citizen oversight.
•Staff recommends the Financial Advisory Commission (FAC) appoint the Chairman
and two Commissioners to serve on the sub-committee to verify revenue and
expenses associated with Measure G funds.
•The sub-committee shall prepare a report and present their findings to City Council
in January.
BACKGROUND/ANALYSIS
The Measure was approved on November 8, 2016 and adopted by resolution on December
20, 2016 with an effective date of April 1, 2017. Additional funds generated by the
Measure are subject to citizen oversight.
The verification of revenue and expenses will include the following:
1.A review of payments received to date
2.A review of approved uses of funds for capital projects, reserves, and contract
services
3.A review of proposed uses for future funds
4.A review of funds available for appropriation
Starting in June 2016, Measure G funds have been received on a monthly basis. City staff
recommends appointing the Chairman and two Commissioners on the sub-committee.
The sub-committee shall present its report to the City Council during a community
workshop in January. This annual budget workshop is intended to start the fiscal year
2018/19 budget cycle and identity priorities based on community input.
As a reference, attached is a transactions and use tax oversight committee report from
the City of Arcata.
BUSINESS SESSION ITEM NO. 1
ALTERNATIVES
Select the Chairman and one Commissioner to the committee or none.
Prepared by: Karla Campos, Finance Director
Attachments: 1.Sample oversight report from the City of Arcata
M E M O R A N D U M
Date: November 2, 2016
To: Honorable Mayor and City Council Members
From: Transactions and Use Tax Oversight Committee
Re: Annual Report to the Council
Committee Members
Currently, the Transactions and Use Tax Oversight Committee (TUTOC) Committee is composed of the
following members, each serving a 4-year term:
Term
Expires
Michael Machi, Chair 12/31/18
Jeff Knapp, Vice Chair 12/31/18
Ginger Campbell 12/31/18
Steve Cole 12/31/16
Robin Hashem 12/31/18
Josh Wolf 12/31/16
Vacancy 12/31/16
Staff Liaison: Janet Luzzi, Finance Director
These community members were appointed to represent long institutional memory regarding the City’s
budget and community needs for street infrastructure improvements and public safety issues.
Since the Committee’s report to Council in November 2015, the members of the TUTOC have met two
times: May 12, 2016 and October 4, 2016.
Introduction
The TUTOC was created in conjunction with the approval of Measure “G” in November 2008, the ballot
measure imposing a three-quarter cent general transactions and use tax in the City of Arcata for 20 years.
Although this is a general tax, the City is committed to using the increased general fund revenue
generated from this tax to improving public works (streets) and public safety services.
The duties of the TUTOC are as follows:
1.Review prior year general fund support of public works (streets) and public safety activity budgets
relative to historical expenditures in those activities using historical data, community needs, and other
information as required to assess the propriety of the City’s expenditure of funds.
2. Report to the City Council the result of the Committee’s review and make recommendations for
general fund expenditures for the following fiscal year in the public works (streets) and public safety
activity budgets.
3.Review and make recommendations on other general fund matters as the City Council may direct
through resolution.
Transactions & Use Tax Revenue
During fiscal year 2015/16, the City of Arcata received $2,080,841 (net of administration costs of
$16,970) from the City’s transactions and use tax, which represents approximately 15 percent of the
ATTACHMENT 1
TUTOC Report to City Council
Fiscal Year 2015/16
Page 2
City’s total general fund revenue. The following graphic data summarizes and compares the revenue
generated by the City’s TUT to sales tax by business type for fiscal year 2015/16.
Table 1: Tax Revenue by Business Type
TUT Compared to 75% of Sales Tax Revenue
1 Cent
Sales Tax
Revenue
.75 Cent
Transactions
Tax Revenue
75% of Sales
Tax Revenue
Favorable
(Unfavorable)
Variance
Percent
Transactions
Tax of
Sales Tax
Autos & Transportation $ 88,598 $ 250,538 $ 66,449 $ 184,090 282.78%
Building & Construction 279,281 211,179 209,461 1,718 75.62%
Business & Industry 374,816 439,506 281,112 158,394 117.26%
Food & Drugs 369,058 293,096 276,794 16,303 79.42%
Fuel & Service Stations 299,627 239,435 224,720 14,715 79.91%
General Consumer Goods 342,492 322,748 256,869 65,879 94.24%
Restaurants & Hotels 450,774 341,309 338,081 3,229 75.72%
Gross Revenue $ 2,204,646 $ 2,097,811 $ 1,653,485 $ 444,327 95.15%
County/State Pool 269,032
State Board of Equalization
Admin Fees (29,062) (16,970)
Net Revenue $ 2,444,616 $ 2,080,841
Chart 1: Comparison of Transactions and Use Tax as Percentage of Sales Tax
Effective April 1, 2015, the total sales tax rate in the City of Arcata is 8.75 percent. Of this amount, the
State receives 6.5 percent and the City of Arcata receives 1.0 percent. The City’s TUT tax rate adds
another .75 percent. With the passage of the County’s Measure Z, the City’s overall sales tax rate
increased by 0.50 percent to 8.75 percent.
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Autos &
Transportation
Building &
Construction
Business &
Industry
Food & Drugs Fuel & Service
Stations
General
Consumer
Goods
Restaurants &
Hotels
1 Cent Sales Tax Revenue .75 Cent Transactions Tax Revenue 75% of Sales Tax Revenue
TUTOC Report to City Council
Fiscal Year 2015/16
Page 3
Because the TUT rate is 75 percent of the City’s portion of the sales tax rate, one would expect the
percentage of TUT revenue to sales tax revenue to be 75 percent. However for fiscal year 2015/16, the
City’s TUT generated approximately 95.2 percent of the revenue received from sales tax before other
adjustments. This is because the City’s TUT is assessed and allocated to the district where goods are
delivered or placed into use rather than where the sale was negotiated. This means that the City is
capturing TUT tax on the sale of automobiles and other registered modes of transportation, like boats,
motorcycles and airplanes that occur outside of the City’s taxing district and also on business and industry
items that are brought into the district from outside suppliers.
The table below compares the revenue received for the past seven years. This revenue has steadily
increased over this time period to $2.080 million. It is anticipated that the City will realize approximately
$2.1 million in fiscal year 2016/17.
Table 2: Tax Revenue Comparison
Industry Group 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16
Autos & Transportation $ 167,165 $ 178,467 $ 180,400 $ 191,519 $ 203,739 $ 220,025 $ 250,538
Building & Construction 182,476 188,855 197,778 181,762 211,377 212,151 211,179
Business & Industry 308,838 356,258 365,135 364,469 415,606 458,303 439,506
Food & Drugs 230,777 217,592 227,497 234,243 237,900 257,315 293,096
Fuel & Service Stations 191,606 260,727 325,665 298,330 288,205 270,813 239,435
General Consumer Goods 240,013 259,676 254,692 278,237 279,566 312,379 322,748
Restaurants & Hotels 222,434 252,529 259,346 273,311 299,056 316,338 341,309
Gross Revenue 1,543,409 1,714,104 1,810,513 1,821,871 1,935,449 2,047,324 2,097,811
Administration Cost (10,550) (10,156) (12,170) (12,754) (14,610) (14,980) (16,970)
Net Revenue $1,532,859 $1,703,948 $1,798,343 $1,809,117 $1,920,839 $2,032,344 $2,080,841
Public Works Street Expenditures
The inability of the City to adequately maintain much of the City’s street infrastructure was the primary
reason Measure G was brought to the voters and approved. Prior to the adoption of the City’s TUT, the
general fund was not able to support the maintenance of City streets to the extent required.
The City’s general fund support of streets since fiscal year 2005/06 is detailed in Exhibit 1. Over the
years presented, the ongoing general fund support has varied from a high of $370,769 in fiscal year
2015/16 to low of $12,505 in fiscal year 2012/13. On average, the City’s support of streets has amounted
to approximately $224,300 annually. For fiscal year 2016/17, the City’s support will increase to
$425,613.
During fiscal year 2015/16 the City utilized these funds for the following projects:
• Foster Avenue Extension funding gap based on years of cost escalation since funding was cut due
to State Transportation Improvement Program funding availability ($200,000). This project has
been identified as a high priority project for many years by the City of Arcata and the Humboldt
County Association of Governments (HCAOG) and creates a much needed east-west connection
between Highway 101 and Alliance Road.
• Matching funds for Rails with Trails Project Phase 1 ($399,080). The Arcata City Trail
constitutes the northern end of a planned 13-mile long Humboldt Bay Trail. Once complete, it
will become a component of the California Coastal Trail, providing transportation, recreation and
coastal access opportunities to the public.
TUTOC Report to City Council
Fiscal Year 2015/16
Page 4
• 2015 Concrete and Asphalt Improvements ($120,251)
o Pedestrian improvements on 8th and H Street intersection and on F Street adjacent to Ball
Park fence
o Sidewalk and bus stop installations city-wide
o Sidewalk infill on 11th Street and various locations
o Traffic calming/turn pocket installation at West End Road and Aldergrove Road
For 2016/17, the City appropriated an additional $1,175,000 of general funds generated by the City’s
TUT. These funds are slated to be used for the following projects which are expected to be completed
during 2016/17:
• Matching funds for Humboldt Bay Trail Project (Approximately $400,000), Phase 2 of the Arcata
Rails with Trails project, which includes construction, operation and maintenance of
approximately 3.0 miles of non-motorized multi-use trail that runs from State Route 255 through
the Arcata Marsh and Wildlife Sanctuary south to the City limits south of Bayside
Cutoff/Highway 101 intersection along Humboldt Bay.
• 2016 Pavement Management Project for pavement preservation of various City streets, including
($600,000-$800,000):
o Buttermilk Lane between Bayside Road and Margaret Lane;
o Bayside Road between Crescent Way and Buttermilk Lane;
o Crescent Way between Old Arcata Road and Bayside Road; and
o South H Street between Samoa Boulevard and South G Street
• Continuation of Citywide traffic calming measures, and sidewalk and ADA improvements
• Continue to work on Comprehensive traffic study in the Sunset/Foster/Alliance neighborhood
($49,200)
• Continue to work on Old Arcata Road Design Project ($54,450)
• Paving local streets using City forces ($30,000 - $40,000):
o Intersection of Grant Avenue and Ross Streets
o E Street between 4th and 5th Street
o Eastern Avenue between Foster Avenue and Grant Avenue
o L Street between 15th and 16th
o Hauser Court
o Westwood Court
o 13th Street between A and C streets
Pavement Condition Index
The City uses the Pavement Condition Index (PCI) as a means to assess and rate the
City’s street conditions. This index is a numerical index between 0 and 100 which is
used to indicate the general condition of a pavement, where 100 represents the best
possible condition and 0 represents the worst possible condition. The latest available
PCI for the City of Arcata is 66, a decrease of 4 points since 2013. Staff anticipates
that this will remain relatively flat as deferred work continues to exist.
However, local sales tax on motor fuel and special fuel taxes have not been keeping up
with ongoing maintenance needs and there is no foreseeable funding to replace these
revenues. The City’s Engineer estimates that the City of Arcata would require $23.9
million today to increase the City’s PCI from 66 (fair) to 83 (satisfactory). With our
current levels of additional Measure G funding of approximately $1,175,000 annually,
the City’s Engineer has indicated that it may be difficult to maintain our existing PCI
and that the City’s future PCI may fall below our current level.
TUTOC Report to City Council
Fiscal Year 2015/16
Page 5
Public Safety Expenditures
TUT funds have also been appropriated for the purpose of maintaining adequate staffing in the Police
Department in order to provide police services commensurate with community needs. For many years,
the Arcata Police Department had been understaffed due to under-allocation of personnel, injuries, or the
inability of keeping officers, and difficulty in filling vacancies in a timely manner. This resulted in
difficulty providing adequate levels of service throughout the entire City, and excessive overtime for
employees.
As a result of the approval of the City’s TUT, the City has been able to maintain the increased full-
staffing levels in the Police Department. Exhibit 2 summarizes operating expenditures since 2009/10
when the positions funded by the TUT became fully staffed.
In general, most of the City’s other general fund revenues have recovered from the Great Recession.
However, the increases in revenues have not kept pace with the significant increases associated with the
level of staffing that has been implemented in the Police Department since the passage of Measure G. As
shown on Exhibit 2, since Fiscal Year 2009/10 in which the Police Department was fully staffed as a
result of Measure G, total annual operating costs for the Police Department’s Activity 21, Police, have
increased by $964,464 or 122 percent. This trend will be difficult to sustain and may cause the City to
reduce appropriations for street purposes and dip into reserves to balance its budget. In order to maintain
the level of service in the Police Department, the ratio of TUT funds allocated to Public Safety increased
from 33 percent of total estimated TUT revenue to approximately 44 percent for fiscal year 2016/17.
Also, in order to address the City’s structural deficit in fiscal year 2015/16, the number of officers has
decreased by one allocation, from 27 to 26.
A memo from the Police Chief (Exhibit 3) is attached to this report that provides more detail of the other
benefits achieved by increased staffing levels.
Committee Recommendation of Future General Fund Expenditures
There are several points the committee wants to be sure the Council pays attention to:
1. The ongoing General Fund Support of streets varies from year to year depending on a variety of
factors, including the street projects planned and budgeted, and status of all other demands for the
City’s General Funds. From fiscal years 2008/09 to 2016/17, the ongoing General Fund Support of
Streets varied from a high of $370,769 in 2015/16 to a low of $12,505 in fiscal year 2012/13 which
resulted from the loss of the City’s redevelopment agency.
Since the passage of Measure G, an average of $1,087,150 has been appropriated annually, ranging
from a high of $1,250,000 in fiscal year 2013/14 to a low of $775,000 in fiscal year 2009/10 when it
first became available. For fiscal year 2015/16, the amount of additional funds that has been
allocated for street purposes was $1,175,000.
2. The ratio of TUT funds allocated to the Police Department went from 33.0 percent of total estimated
TUT revenue in 2013/14 to 49.3 percent in 2014/15. During the promotion of Measure G, the TUT
funds were originally to be split 1/3 to public safety and 2/3 to street infrastructure. However, with a
few years of experience under its belt, the committee has observed that perhaps this ratio cannot be
held hard and fast. The significant fluctuation in the ratio may be necessary in order to maintain
adequate public safety staffing. While street improvements can be done on a project-by-project basis,
the Police Department’s portion of the TUT monies are directly tied to funding personnel with its
ever rising costs of employee health insurance and retirement benefits.
The committee highlights this information because it is important for the Council to remain aware during
the budget process that while technically the TUT is a general use tax, the original promise of Measure G
TUTOC Report to City Council
Fiscal Year 2015/16
Page 6
is to support public safety and public works infrastructure and to be sure TUT monies are used for those
purposes because that’s what the citizens of Arcata voted for.
Committee members encourage the City continue to maintain the staffing levels in the Police Department
and maintain the levels of appropriation for the Public Works Department for street improvements. In
light of the City’s ongoing financial uncertainty, we encourage the Council to continue making decisions
regarding other General Fund expenditures as if TUT did not exist and focus TUT monies on improving
the City’s road infrastructure and public safety services.
Conclusion
In light of the continuing adverse economic conditions and instability at the state level, the Transaction
and Use Tax funds have had a significant and positive effect on the financial stability of the City. These
TUT funds have helped to provide a level of self-sufficiency, particularly for public safety and street
improvement activities, that would have suffered if Arcata voters had not seen the need to support public
safety and streets infrastructure and passed Measure G.
City of Arcata
Public Works - Streets
Summary of General Fund Support
Budget
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Ongoing GF Support of Streets 136,052$ 96,906$ 174,479$ 321,133$ 235,575$ 200,837$ 188,272$ 12,505$ 303,964$ 226,071$ 370,769$ 425,613$
Additional Support:775,000 1,150,000 1,000,000 1,145,000 1,250,000 1,115,000 1,175,000 1,175,000
Total GF Support 136,052$ 96,906$ 174,479$ 321,133$ 1,010,575$ 1,350,837$ 1,188,272$ 1,157,505$ 1,553,964$ 1,341,071$ 1,545,769$ 1,600,613$
Pavement Mgmt Program - Contracted 662,500$ 987,500$ 810,000$ 940,000$ 1,054,000$ 975,000$ 1,000,000$ 1,000,000$
Pavement Mgmt Program - Force Accounts - 50,000 75,000 75,000 72,000 40,000 50,000 50,000
Traffic Calming 25,000 25,000 25,000 30,000 25,000 16,667 41,667 41,667
Handicapped Ramps 25,000 25,000 25,000 30,000 25,000 16,667 16,667 16,667
Sidewalk Improvements 25,000 25,000 25,000 30,000 25,000 16,666 16,666 16,666
Engineering Services 37,500 37,500 40,000 40,000 49,000 50,000 50,000 50,000
775,000$ 1,150,000$ 1,000,000$ 1,145,000$ 1,250,000$ 1,115,000$ 1,175,000$ 1,175,000$ Exhibit 1Actual General Fund Support
City of Arcata
Police Department - Activity 21
Summary of Expenditures
Fully
Initial Implemented
Base Year Actual Actual Actual Actual Actual Actual Actual Actual Budget
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Regular Salaries 1,713,975 1,844,244 2,117,795 2,217,426 2,351,750 2,184,217 2,353,831 2,449,511 2,212,626 2,312,657
Overtime Wages 332,562 353,304 264,422 276,774 288,750 397,928 298,618 229,212 393,533 290,200
Part-time Wages 80,220 90,883 71,178 85,465 79,553 63,359 47,302 78,761 115,374 46,320
Employee Benefits 1,085,394 1,214,473 1,321,611 1,515,481 1,641,778 1,646,917 1,831,814 1,727,315 1,814,896 2,028,445
Total Personnel Costs 3,212,150 3,502,904 3,775,006 4,095,146 4,361,831 4,292,420 4,531,565 4,484,799 4,536,430 4,677,622
Materials & Supplies 422,834 521,816 623,496 567,730 534,858 481,975 580,010 662,749 669,760 685,344
Total Operating Costs 4,398,502 4,662,876 4,896,689 4,774,395 5,111,575 5,147,548 5,206,190 5,362,966
Percentage Increase Since 2009/10 100%106%111%109%116%117%118%122%
Increased Annual Operating Costs Since 2009/10 - 264,374 498,187 375,893 713,073 749,046 807,688 964,464
# of Sworn Officers 24 27 27 27 27 27 27 27 26 26
# of Dispatchers 6 7 7 7 7 7 7 7 7 7
TUT Funds Allocated 500,000 525,000 585,000 730,000 625,000 1,110,000 925,000 925,000
TUT Funds Budgeted 585,000 1,575,000 1,755,000 1,875,000 1,875,000 2,250,000 2,100,000 2,100,000
% TUT Funds Allocated to Police 85.5%33.3%33.3%38.9%33.3%49.3%44.0%44.0%
Additional TUT Funds used to cover other revenue losses
due to State taking & reduction of other revenues.305,000 - - 105,000 - 360,000 225,000 225,000
The most appropriate year for comparison would be 2007/08 because this is the year that the Department was most severely understaffed. In fiscal
year 2008/09, the City appropriated 4 additional unfunded positions using reserves with the hope that Measure G would be approved.Exhibit 2Comments
TO: Transaction and Use Tax Oversight Committee
FROM: Tom Chapman, Chief of Police
DATE: September 29, 2016
SUBJECT: Police Department Update
_____________________________________________________________________________
The police department’s portion of the transaction and use tax is fully dedicated to
funding personnel. As in the past year, rising personnel costs (supplemental benefits)
have out-paced revenue from the transaction and use tax. Last year we reduced
staffing that was paid by general fund for the first year since the adoption of the
transaction and use tax. We reduced our allocation of sworn staff from 27 to 26,
eliminated the Youth & Family Services Manager Position, and eliminated the evidence
technician and record’s specialist positions to be combined into a property and records
specialist position. We were also prepared to eliminate one of the K-9 positions.
However, with Measure Z funds from Humboldt County we have been able to fund a
27th sworn position dedicated as a School Resource Officer and two Juvenile Diversion
Counselors. In addition, through community donations we have been able to reinstate
the second K-9 position with the addition of Baron and K-9 Officer O’Donovan.
Staffing levels in dispatch and among officers has continued to fluctuate due to medical
leave, turnover, accommodating mandatory training, and vacations. The staffing level
before the transaction and use tax was inadequate to absorb turnover. The slightest
change in staffing resulted in significant overtime and reduced services to the
community. This fiscal year we allocated funds for a Dispatch Supervisor position.
Even with the addition of this position we had the lowest staffing levels in dispatch that
the Department has ever seen. At one point we were down to only one full-time
dispatcher. We were able to continue services by having a dedicated dispatch
supervisor, part-time employees and utilizing officers. We have hired two new
dispatchers, but we have yet to reach our desired staffing level.
The department has been working towards community based solutions to prevent
crime. The Department has committed resources to proactively recruit citizens to form
Neighborhood Watch programs. We currently have 27 Neighborhood Watch groups. In
addition to the Neighborhood Watch programs we have also participated in a
Downtown Business Watch program to address public safety concerns specific to
Downtown vendors.
2
Summary of Current Staffing Levels
•23 fully trained sworn positions
•2 officers in the field training program
•1 officer in the police academy
•Total of 26 officers with 1 vacancy
•Two sworn staff out on injury. At any given time 2 or 3 officers are on vacation
or at training.
•There are 6 dispatch positions allocated. We currently have 4 active dispatchers
and one out on injury. We are still dependent on the dispatch supervisor, 2 part-
time dispatchers and officers to cover routine shifts and additional coverage for
training, sick leave and vacation. Even at that level we are covering open shifts
with overtime.
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: November 15, 2017
STAFF REPORT
AGENDA TITLE: DISCUSS RESERVE ANALYSIS REPORT AND FINDINGS
RECOMMENDATION
Discuss Reserve Analysis Report and Findings and provide further direction to present
reserve policy finding to City Council.
EXECUTIVE SUMMARY
• City Council requested an analysis of the City’s reserves.
• The subcommittee has prepared a Reserve Policy DRAFT Interim Report for review
and discussion.
BACKGROUND/ANALYSIS
During the 2017/18 budget process City Council requested an analysis of the City’s reserves.
Three members of the Financial Advisory Commission (FAC) joined the Financial Services
Analyst and Finance Director in an in depth analysis with additional hours of independent
research.
The scope of the analysis included a review of:
• the current reserve policy and funding
• reserve categories
• a Coachella Valley wide comparison of reserves and funding
• best practices recommended by accounting standards boards
• City demographics, revenue sources, expenditure volatility, other funds
dependency on the General Fund, growth projections, and unfunded capital
projects
• mitigation risks, including a review of insurance policies
• a review of City infrastructures and vulnerability to extreme events
The sub-committee has prepared a Reserve Policy DRAFT Interim Report (Attachment 1) for
review and discussion.
ALTERNATIVES
The FAC could request the sub-committee to conduct further analysis before presenting the
report to City Council.
Prepared by: Karla Campos, Finance Director
Attachment: 1. Reserve Policy DRAFT Interim Report
STUDY SESSION ITEM NO. 1
City of La Quinta
Reserve Policy
DRAFT Interim Report
Financial Advisory Commission
Reserve Policy Subcommittee
November 2017
ATTACHMENT 1
Page Not Used
City of La Quinta
Financial Advisory Commission
Reserve Policy Subcommittee
Interim Report-November 2017
TOC-i
Table of Contents
Contents
Executive Summary ....................................................................................................................................... 1
1.0 Background .............................................................................................................................................. 3
1.0 Financial Advisory Commission & Reserve Analysis Subcommittee ...................... 3
1.1 Reserve Policy Subcommittee ............................................................................................... 3
2.0 Reserve Policy ....................................................................................................................................... 3
2.1 Background .................................................................................................................................... 3
2.2 Current Reserve Policy................................................................................................................ 4
2.3 Guiding Principles, City of La Quinta Reserves .................................................................... 5
2.4 Ten-Year Financial Projection .................................................................................................. 6
2.5 Reserves versus Fund Balances ............................................................................................... 7
3.0 General Fund Reserves ........................................................................................................................ 8
3.1 Emergency Reserve ..................................................................................................................... 8
3.1.1 Natural Disaster Component .................................................................................................. 9
3.1.2Economic Disaster Component ................................................................................................ 9
3.2 Cash Flow Reserve ..................................................................................................................... 11
3.3 CIP Sinking Fund Reserve ........................................................................................................ 12
3.4 Unfunded Pension Liability ..................................................................................................... 12
4.0 Summary of All Recommendations ........................................................................................... 13
City of La Quinta 1
Financial Advisory Commission
Reserve Policy Subcommittee
Interim Report-November 2017
City of La Quinta
Financial Advisory Commission
Reserve Policy Sub-Committee
Interim Report
Executive Summary
The La Quinta (City) City Council formed the La Quinta Financial Advisory
Commission (FAC) in June 2017 to replace the long-standing Investment Advisory
Board (IAB).
At the regular FAC meeting on August 9, 2017, the FAC appointed Commissioners
Dick Mills, Daniel Twohey and Mark Johnson to serve on a sub-committee to
analyze and recommend improvements to the City’s Reserve Policy.
The Reserve Policy Subcommittee met with City Finance Staff four times and
met/communicated together as a group on several occasions. The Subcommittee
focused on developing a pragmatic methodology to determine the appropriate
reserve levels as opposed to utilizing a percentage. This process establishes a
rationale and protocol that will make it less feasible for an outside agency (the state)
to access the City’s reserves.
The following interim recommendations were reviewed and approved by the FAC
on November 15, 2017.
Recommendations
The following Reserve Policy changes are recommended and summarized in Table 1:
1. Utilize a Ten-Year Projection to evaluate the City’s financial condition and
update it annually.
2. Fund Balances and Reserves should be referenced separately in presentations
to eliminate confusion and give true picture of Reserves.
3. Emergency Reserve with two components: Natural Disaster and Economic
a. Emergency Reserve Natural Disaster Component
i. Modify the City Ordinance to simplify access to the Emergency Reserve.
ii. Undertake a comprehensive Asset/Risk/Insurance/Government
Funding Study (study) which is essential to setting this reserve level.
City of La Quinta 2
Financial Advisory Commission
Reserve Policy Subcommittee
Interim Report-November 2017
iii. Establish an Asset Management Program as part of this Study to better
track, maintain and replace assets and develop a long-term Capital
Improvement Program (CIP).
iv. Fund this reserve initially with $1.5 million and set the reserve level after
the Study is complete.
b. Emergency Reserve Economic Disaster Component-set at $11 million and
fund with $1.0 million annually.
4. Cash Flow Reserve. Set at $5 million initially and, reset annually using the
formula.
5. CIP Sinking Fund Reserve. Set at $10 million and fund with $1.0 million
annually.
6. CalPERS Pension Trust. Form an irrevocable trust and fund with $1 million
annually for 10 years as a General Fund Expense.
Table 1-Reserve/Trust Recommendations
Reserve/Trust Reserve Target Annual Funding ($)
Emergency Reserve
Natural Disaster TBD $1,500,000
Economic Disaster $11,000,000 $1,000,000
Total Emergency
Reserve TBD $2,500,000
Cash Flow $5,000,000 $500,000
CIP Sinking Fund $10,000,000 $1,000,000
Total Reserves $26,000,000 $4,000,000
CalPERS Pension Trust $10,000,000 $1,000,000
City of La Quinta 3
Financial Advisory Commission
Reserve Policy Subcommittee
Interim Report-November 2017
1.0 Background
1.0 Financial Advisory Commission & Reserve Analysis Subcommittee
The principal functions of the FAC are: (1) review at least annually the City's
investment policy and recommend appropriate changes; (2) review monthly
treasury reports and note compliance with the investment policy and adequacy
of cash and investments for anticipated obligations; (3) receive and consider
other reports provided by the City Treasurer; (4) meet with the independent
auditor after completion of the annual audit of the city's financial statements,
and receive and consider the auditor's comments on auditing procedures,
internal controls, and findings for cash and investment activities; (5) review
annually the revenue derived from the one percent (1%) transactions and use
tax instituted by voters in November 2016 to ensure these funds are used to
provide services, programs and capital projects in the City, and (6) serve as a
resource for the City treasurer on matters such as proposed investments,
internal controls, use of financial institutions, custodians, brokers and dealers.
The current FAC members include; George Batavick (Chairman), Richard (Dick)
Mills (Vice-Chairperson), Steven Rosen, Javier Lopez, Sherwyn Turbow, , Daniel
Twohey and Mark Johnson.
1.1 Reserve Policy Subcommittee
At the regular FAC meeting on August 8, 2017, the FAC appointed Dick Mills,
Daniel Twohey and Mark Johnson to serve on a sub-committee to analyze and
recommend improvements to the City’s Reserve Policy.
2.0 Reserve Policy
2.1 Background
Financial Reserves provide the City with financial flexibility and strength to deal with
planned and unplanned expenditures. Reserve levels must balance realistic financial
need and risk. The reserve policy should strive to establish reserve levels that are not
over or under funded.
City of La Quinta 4
Financial Advisory Commission
Reserve Policy Subcommittee
Interim Report-November 2017
2.2 Current Reserve Policy
The current Reserve Policy includes the following major Reserve Fund Descriptions:
Non-spendable: not available to fund operating expenditures of the
organization because they are in the form of land and receivables.
Restricted: limited to special purpose funds such as Measure A (transportation),
Gas Tax Fund (streets) and Quimby Funds (parks).
Committed: cash flow (currently working capital), emergency, capital
improvements.
Unassigned (Unappropriated): net reserves available after satisfying the other
reserve categories.
Table 2 depicts the General Fund Reserve/Fund Balances as of June 30, 2016.
Table 2 - General Fund Reserve/Fund Balances-6/30/16
Reserve: Amount ($)
Non-Spendable
Prepaid Costs $204,589
Land Held for Resale $8,320,000
Advances on Other Funds $14,974,800
Due From Other Governments $25,105,681
Subtotal Non-Spendable $48,605,070
Committed
Emergency Reserve $15,576,000
Post-Retirement Health Benefits $1,523,000
Capital Projects $2,302,000
Working Capital (Cash Flow) Reserve $3,894,000
Carryovers $4,274,046
Subtotal Committed $27,569,046
Unassigned (Unappropriated) $13,822,012
Total Fund Balance $89,996,128
City of La Quinta 5
Financial Advisory Commission
Reserve Policy Subcommittee
Interim Report-November 2017
Current Reserve Policy includes the following targets:
Working Capital Reserve: 10% of Adopted Operating Budget
Emergency Reserve: 40% of Adopted Operating Budget
The General Accounting Standards Board (GASB) is the organization that establishes
and improves standards for accounting and financial reporting for state and local
governments. GASB provides that it is common practice for governments to put aside
resources to be used in a financial emergency or for cash flow purposes. Reserve funds
are crucial to the financial viability and stability of a municipality.
Deferred maintenance, increased debt, and cash flow problems are common
indicators of weak reserve balances. While strong reserve funds:
manage cash flows and volatility in revenue and expenditures
address unexpected economic fluctuations with long-term solutions
provide needed money if a municipality should find itself facing unexpected
financial difficulties
reduce the cost of borrowing money
There is no guidance for a “maximum” reserve limit but rather each organization
should evaluate reserves depending upon their unique circumstances. There will
always be more needs and unanticipated events than there are resources; therefore
governments must balance the need to be fiscally responsible with what are
reasonable reserves. The amount of reserves a municipality maintains is determined
by the community’s risk tolerance; a low-risk tolerance will result in higher reserves
while a high-risk tolerance will result in lower reserves.
2.3 Guiding Principles, City of La Quinta Reserves
The City follows the following budgetary and cash management principles:
One-time revenues should not be utilized for on-going expenditures. One-
time revenues should be put into reserves, appropriated for one-time
expenditures
Reserves for capital improvements, equipment replacement, and
infrastructure should be part of the on-going budget process. Based on
depreciation, or other relevant criteria, contributions should be made
annually (into a revolving fund) as part of the budget process toward
replacement of equipment, buildings, infrastructure, etc.
When authorizing the use of reserves, developing a plan to replenish those
reserves should also be considered.
The reserve policy can be amended by resolution and requires a 4/5th
approval of the Council.
City of La Quinta 6
Financial Advisory Commission
Reserve Policy Subcommittee
Interim Report-November 2017
2.4 Ten-Year Financial Projection
A Ten-Year Financial Projection is essential to aid in determining appropriate Reserve
Policy. The La Quinta Advisory Committee1 developed this tool to analyze various
Revenue and Expenditure Scenarios in FY 2015/16. Updated Ten-Year Financial
Projections (Exhibits 1 and 2) are located in the Appendix.
The Ten-Year Financial Projection is an Excel Workbook (Model) that utilizes the FY
2017/18 Budget as the Base Year and applies a specific inflator (growth projection) for
each revenue and expenditure line item to each of the remaining ten years.
The Model includes the following key features:
14 Revenue line items: All revenue line items have a 1% inflator except for
Motor Vehicle In-Lieu, Fire Service Credit, Property Tax, and Transient
Occupancy Tax which have a 2% inflator. The largest revenue line items are
Property Tax, Sales Tax, and Transient Occupancy Tax (TOT).
11 Expenditure line items: Most Expenditure line items have a 2% inflator
except for Salaries and Medical Insurance Costs which have a 3% inflator and
Police Contract which has a 7% inflator (Exhibit 1) to resemble historical
increases or a 10% inflator (Exhibit 2) based on current police contract
projections. The Capital Improvements line item is not inflated as these costs
are derived directly from the Ten-Year Capital Improvement Budget (updated)
provided to the La Quinta Advisory Committee in 2015 and represent the
annual minimum General Fund contribution for road maintenance to secure
annual Measure A and SB1 Gas Tax Funding. The Fire Service Contract is
anticipated to increase by 4% annually.
Additional Revenue Sources: These include special revenues including (1)
Redevelopment Agency (RDA) payback (ends in FY 2029/30), (2) estimated
SilverRock Resort Net Revenue and (3) potential TOT tax increase (not used for
this analysis).
The Model shows that before any Additional Revenue Sources are applied, there is a
cumulative Revenues/Expenditure deficit of -$40.6 million at the end of the Ten-Year
period (Exhibit 1) or a deficit of -$84.1 million (Exhibit 2).
After the Additional Revenue Sources are applied, there is a cumulative +$56.7 million
Revenues/Expenditure surplus (Exhibit 1) or +$13.1 million (Exhibit 2).
1 The La Quinta Advisory Committee Report of January 2016 is a good reference for the City’s financial
system.
City of La Quinta 7
Financial Advisory Commission
Reserve Policy Subcommittee
Interim Report-November 2017
The Ten-Year Projection demonstrates the importance of the RDA payback and the
SilverRock development to the City’s financial future. It also shows that there is about
$5 million/year available to fund the Reserve accounts during this Ten-Year period
(Exhibit 1). However, if Police Contract services are escalated to 10% the available
funding is reduced to $13.1 million or $1.31 million annually.
In addition to the projected Ten-Year surplus, the city currently has an unassigned
fund balance of approximately $14 million. These funds are non-restrictive and can be
used to fund reserves, capital projects, or operating expenses at the discretion of the
City Council.
The Ten-Year Projection provides an easy tool for the City to periodically analyze its
financial condition as new information becomes available. One can easily glean the
impact on City finances by simply changing an inflator assumption or line item
starting balance. It is clear that small changes in some of the inputs can result in
significant changes in the financial projections.
Recommendation: Utilize a Ten-Year Projection to evaluate the City’s financial
condition and update the reserve levels/policy. The Ten-Year Projection should be
updated annually.
2.5 Reserves versus Fund Balances
The financial terminology utilized for current Reserve Policy is confusing but regulated
by GASB Statement No. 54. The terms “reserve” and “fund balance” are used
interchangeably and can lead to a misunderstanding of actual financial condition. For
example, Table 2 shows a total General Fund Reserve/Fund Balance of $90 million at
the end of FY2015/16. The only line items in Table 2 classified as “reserves” are
Emergency Reserve ($15.6 million) and Cash Flow Reserve ($3.9 million) for a total of
$19.5 million. Therefore, true “reserves” are much less than the reported $90 million
level.
Recommendation: To eliminate this confusion, the following classifications are
suggested and should be re-categorized to place actual reserves together (at the
top) in the Committed Fund Balance category:
General Fund Balances
Non-Spendable
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General Fund Committed Reserves2
Emergency
Cash Flow (replaces Working Capital)
Capital Improvement Program (CIP) Sinking Fund
Carryovers
This provides a grouping representation of reserves by re-categorizing the items of
which there is no reserve funding potential. Fund balance reporting is governed by
GASB. The GASB regulation is intended to provide a uniform method for reporting
reserved and unreserved fund balances for all government agencies. Fund balances
are reported in classifications that comprise a hierarchy based primarily on the extent
to which the government is bound to honor constraints on the specific purpose for
which amounts in those funds can be spent. The proposed General Fund Reserve line
items are further discussed in Section 3.
3.0 General Fund Reserves
The subcommittee focused on developing a pragmatic methodology to determine the
appropriate reserve levels as opposed to utilizing an arbitrary percentage. This process
establishes a rationale and protocol that will make it less feasible for an outside
agency (the State) to access the City’s reserves.
3.1 Emergency Reserve
As defined in the City’s municipal code (§ 2.20.020 A), the terms emergency and
disaster mean:
“ The actual or threatened existence of conditions of disaster or of extreme peril to the
safety of persons and property within this City caused by such conditions as air
pollution, fire, flood, storm, epidemic riot, earthquake or other conditions, including
conditions resulting from war or imminent threat of war but other than conditions
resulting from a labor controversy, which conditions are or are likely to be beyond the
control of the services, regular personnel, equipment and facilities of the City and which
may require the combined forces of other political jurisdictions to combat.”
Fiscal emergencies can be caused by natural disasters or swings in the economy.
2 Note the Post-Retirement Health Benefits Fund is now an OPEB Trust being funded directly from the
General Fund Budget.
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Recommendation: One Emergency Reserve with two components---Natural Disaster
and Economic. Modify the city ordinance to simplify access to the Emergency
Reserve.
3.1.1 Natural Disaster Component
The Emergency Reserve-Natural Disaster component will provide funding for floods,
earthquakes and other natural disasters. The determination of the level of this
reserve component requires the following:
1. Capital Asset Inventory & Valuation: what do we have and what is it worth.
2. Capital Asset Risk Assessment: which assets are more critical in a disaster.
3. Insurance Coverage: how do we evaluate risk versus premium.
4. Government Disaster Funding: how much will government contribute in a
disaster.
A proper Emergency Reserve-Natural Disaster component cannot be established until
these four items are researched and analyzed.
Recommendation: Undertake a comprehensive Asset/Risk/Insurance/Government
Funding Study as soon as possible. Establish an Asset Management Program as part
of this Study to better track, maintain and replace assets and develop long-term
Capital Improvement Program (CIP). Consider hiring a consultant to perform these
functions.
Once the Study is complete, the Subcommittee will reconvene and evaluate and
recommend the Emergency Reserve-Natural Disaster component reserve level.
Recommendation: Fund this reserve initially with $1.5 million annually from the $5.0
million/year available and set the reserve level after the Study is complete.
3.1.2 Economic Disaster Component
The Emergency Reserve-Economic Disaster component will provide funding to respond
to a downturn in the economy.
To establish this reserve level, the City’s financial data was analyzed from 2000 to
present as this period included probably the worst economic downturn since the Great
Depression. Figure 1 (Long-Term Economic History) plots Revenue, Expenditures and
Net Income adjusted for inflation from 2000-2017.
The Net Income line is the key data as this gives a good indication of the financial
health of the City in any given year. A linear regression line was applied to the Net
Income data to establish the normalized level of Net Income for this Seven-Year
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period. Any Net Income below the Linear Regression curve indicates the need for
economic input to recover. During the period from 2008 to 2014, there are two
troughs. The period between 2008 and 2011 (economic recession) would require
approximately $10 million to recover and the period from 2011 to 2014
(redevelopment dissolution) would require $11 million to recover.
Access to this reserve should be granted for economic stabilization and volatility as a
direct result of economic conditions during periods of unanticipated economic
downturns or unanticipated spikes in operating costs. Use of emergency reserves due
to economic pressures should be limited to maintaining essential day-to-day services,
such as public safety, in responding to adverse circumstances, while the City
formulates a longer-term strategy.
Figure 1-Long-Term Economic History
This was a very unusual economic period and back-to-back downturns are unlikely in
the future.
$(10,000,000)
$‐
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
City of La Quinta‐Revenues‐Expenditures & Net Income
CPI‐Adjusted FY2000‐2017
Revenue Expenses Net Income Linear (Net Income)
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Recommendation: Set the Emergency Reserve-Economic Disaster component at $11
million and fund with $1.0 million annually from the $5 million/year available.
3.2 Cash Flow Reserve
The Cash Flow Reserve replaces the existing terminology of Working Capital Reserve.
This reserve covers the inherent mismatch of revenues versus expenditures due
primarily to tax revenue receipts. This reserve also serves as a funding source for
capital projects with various state and federal grants, which are typically
reimbursement based. Reserves allows for capital projects to incur costs and stay on
track with reimbursement, typically within 90-180 days.
The Cash Flow Reserve is updated annually by calculating the monthly surplus/(deficit)
of revenues versus expenditures; with the largest cumulative deficit becoming the
updated Cash Flow Reserve. Figure 2 shows the monthly cash imbalances whereby
revenues are not received uniformly throughout the year, which results in peaks and
valleys depending upon large payments that are received throughout the year. For
example, large property tax payments are usually received in December and May.
Similarly, transient occupancy tax payments increase during months with large
festivals and events. The timing imbalance of revenue receipts versus expenditures is
funded from the City’s cash flow reserves. For FY 2016/17 this analysis yields $4.7
million.
Recommendation: Set Cash Flow Reserve at $5 million initially and fund annually
subject to the calculation.
Figure 2-Cash Flow Imbalance for FY 2016/17
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3.3 CIP Sinking Fund Reserve
Exhibit 3 (Appendix) is page 50 from the FY 2015/16 Comprehensive Annual Financial
Report (CAFR) describing the City’s capital assets. Table 2 summarizes the Depreciable
Assets from this information.
Table 3-Depreciable Assets
Depreciable Assets
Balance
6/30/16
($ million)
Total Assets 298
Accumulated Depreciation 141
Net Capital Assets 157
Annual Depreciation 9
The total Ten-Year Capital Improvement Program (CIP) utilized for Exhibits 1 and 2 is
$33.4 million or $3.33 million/year. This amount of capital expenditure is
approximately 37% of depreciation (3.33/9.0 = 0.37). Capital expenses are
supplemented with restricted funds such as Measure A and Gas Tax for street
improvements, Quimby for parks, developer impact fees, and grant funds. The city also
maintains ten-year revenue and expenditure projections on these funding sources.
For FY 2017/18 General Fund capital expenses totaled 6.52 million or approximately
72% of depreciation (6.52/9.00=72) and are a reasonable barometer for evaluating the
proper level of investment in capital assets.
Ideally it is desirable to match annual depreciation with capital spending, and it is
recommended to establish a CIP Sinking Fund Reserve to develop funds to fill that gap.
Recommendation: Set CIP Sinking Fund Reserve at $10 million and fund with $1.0
million annually from the $5 million/year available.
3.4 Unfunded Pension Liability
As of June 30, 2016, the CalPERS Net Pension Liability was $8.7 million (7.5% discount
rate). Exhibits 1 and 2 shows the actual CalPERS Unfunded Liability cost of $454,756
in FY 2016/17. However, the CalPERS Net Pension Liability is a moving target and is
dependent on the CalPERS discount rate. For example, if the discount rate lowers to
6.5%, the Net Pension Liability increases to $14 million.
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In December 2016, CalPERS lowered the discount rate (rate of return for investments)
from 7.5% to 7%, which will increase the CalPERS total unfunded pension liability for
all participating agencies, including the city. The City’s annual unfunded pension
liability payment will further increase starting in FY 2018/19 and continuing through
2021/22. In addition, every four year CalPERS evaluates all pension plans to ensure
financial stability. This evaluation has been completed and is being presented to the
CalPERS Board on November 13-15, 2017. Results from this valuation may further
decrease the discount rate, increasing the unfunded liability for all participating
agencies.
Eliminating or reducing the CalPERS Net Pension Liability is prudent as it will improve
the financial condition of the City and send a message that the City is addressing this
issue in a fiscally responsible manner.
Assuming the CalPERS Net Pension Liability is $10 million (between $8.7 and $14.0
million), the liability could be eliminated or reduced in this Ten-Year period by
contributing another $1.0 million/year.
If the city chose to open and fund a pension trust, any additional discretionary
payments would reduce the unfunded pension liability and future contributions.
In general, paying earlier reduces long-term pension costs because additional
contributions have more time to compound investment returns, reducing the need for
future contributions. The extent to which any additional contributions would lower
future payments would depend largely on realized investment returns.
Recommendation: Form an irrevocable CalPERS Pension Trust and set at $10 million
and fund with $1.0 million annually as a General Fund Expense.
4.0 Summary of All Recommendations
The following Reserve Policy changes are recommended and summarized in Table 3:
1. Utilize a Ten-Year Projection to evaluate the City’s financial condition and
update it annually.
2. Fund Balances and Reserves should be referenced separately in presentation
to eliminate confusion and give a true picture of Reserves.
3. Emergency Reserve with two components: Natural Disaster and Economic.
a. Emergency Reserve Natural Disaster Component:
i. Modify the City Ordinance to simplify access to the Emergency Reserve.
ii. Undertake a comprehensive Asset/Risk/Insurance/Government
Funding Study (study) which is essential to setting this reserve level.
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iii. Establish an Asset Management Program as part of this Study to better
track, maintain and replace assets and develop long-term Capital
Improvement Program (CIP).
iv. Fund this reserve initially with $1.5 million and set the reserve level after
the Study is complete.
b. Emergency Reserve-Economic Disaster: set at $11 million and fund with
$1.0 million annually.
4. Cash Flow Reserve: set at $5 million initially and reset annually using the
formula.
5. CIP Sinking Fund Reserve: set at $10 million and fund with $1.0 million
annually.
6. CalPERS Pension Trust: form an irrevocable trust and fund with $1 million
annually for 10 years as a General Fund Expense.
Table 4-Reserve/Trust Recommendations
Reserve/Trust Reserve Target Annual Funding ($)
Emergency Reserve
Natural Disaster TBD $1,500,000
Economic Disaster $11,000,000 $1,000,000
Total Emergency
Reserve TBD $2,500,000
Cash Flow $5,000,000 $500,000
CIP Sinking Fund $10,000,000 $1,000,000
Total Reserves $26,000,000 $4,000,000
CalPERS Pension Trust $10,000,000 $1,000,000
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Appendix
City of La Quinta 16
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List of Exhibits
Exhibit 1–Ten-Year Financial Projection with a 7% Increase in Police Service Contract
Exhibit 2–Ten-Year Financial Projection with a 10% Increase in Police Service Contract
Exhibit 3–FY 2015/16 CAFR Page 50-Capital Assets
City of La QuintaAs of November 7, 2017ActualGrowthBudget17/18 to 27/282016/17Projections2017/182018/192019/202020/212021/222022/232023/242024/252025/262026/272027/28TOTAL1. Cash ReceiptsSales Tax - Bradley Burns8,597,655 1% 8,776,100 8,863,861 8,952,500 9,042,025 9,132,445 9,223,769 9,316,007 9,409,167 9,503,259 9,598,291 9,694,274 101,511,698 Property Tax9,237,781 2% 8,579,100 8,750,682 9,225,696 9,410,210 9,598,414 9,790,382 9,986,190 10,185,913 10,389,632 10,597,424 10,809,373 107,323,015 Transient Occupancy Tax8,857,359 2% 8,516,900 8,687,238 8,860,983 9,038,202 9,218,966 9,403,346 9,591,413 9,783,241 9,978,906 10,178,484 10,382,054 103,639,732 Fire Service Property Tax5,532,859 2% 6,726,000 6,860,520 6,997,730 7,137,685 7,280,439 7,426,047 7,574,568 7,726,060 7,880,581 8,038,193 8,198,956 81,846,780 Fire Property Tax Reserves138,680 281,438 432,650 592,709 762,027 941,029 1,130,161 1,329,889 1,540,696 1,763,088 8,912,365 Motor Vehicle In-Lieu$3,813,213 2% 3,708,000 3,782,160 3,857,803 3,934,959 4,013,658 4,093,932 4,175,810 4,259,326 4,344,513 4,431,403 4,520,031 45,121,597 Franchise Fees$1,764,652 1% 1,553,000 1,568,530 1,584,215 1,600,057 1,616,058 1,632,219 1,648,541 1,665,026 1,681,676 1,698,493 1,715,478 17,963,294 Charges for Services$1,024,157 1%1,258,200 1,270,782 1,283,490 1,296,325 1,309,288 1,322,381 1,335,605 1,348,961 1,362,450 1,376,075 1,389,836 14,553,391 Other Revenue/Intergovernmental$1,410,081 1%1,699,600 1,466,596 1,481,262 1,496,075 1,511,035 1,526,146 1,541,407 1,556,821 1,572,389 1,588,113 1,603,994 17,043,439 Development Related Permits$759,969 1%936,700 946,067 955,528 965,083 974,734 984,481 994,326 1,004,269 1,014,312 1,024,455 1,034,700 10,834,654 Document Transfer Tax$585,333 1%531,000 536,310 541,673 547,090 552,561 558,086 563,667 569,304 574,997 580,747 586,554 6,141,989 Business Licenses/Permits$358,943 1%321,000 324,210 327,452 330,727 334,034 337,374 340,748 344,155 347,597 351,073 354,584 3,712,954 Fines and Assessments$348,345 1%246,000 248,460 250,945 253,454 255,989 258,548 261,134 263,745 266,383 269,047 271,737 2,845,441 SilverRock Resert Net Revenue 531,400 1,260,000 2,500,000 2,960,000 2,842,000 3,222,000 3,540,000 3,575,400 3,611,154 24,041,954 2. Total Revenue$42,290,347$42,851,600 $43,444,096 $45,132,114 $46,744,541 $48,890,330 $50,278,738 $51,112,444 $52,468,151 $53,786,584 $54,847,894 $55,935,813 $118,216,7603. Cash Paid OutPolice Service Contract$14,417,358 7% $15,879,100 $16,990,637 $18,179,982 $19,452,580 $20,814,261 $22,271,259 $23,830,247 $25,498,365 $27,283,250 $29,193,078 $31,236,593$250,629,352Maintenance and Operations$8,201,081 2% $8,994,136 $9,174,019 $8,957,499 $9,136,649 $9,319,382 $9,505,770 $9,695,885 $9,889,803 $10,087,599 $10,289,351 $10,495,138$105,545,230Fire Service Contract$5,816,590 4% $6,730,000 $6,999,200 $7,279,168 $7,570,335 $7,873,148 $8,188,074 $8,515,597 $8,856,221 $9,210,470 $9,578,888 $9,962,044$90,763,145Salaries (Full-Time Employees)$4,989,399 3% $5,518,200 $5,683,746 $5,854,258 $6,029,886 $6,210,783 $6,397,106 $6,589,019 $6,786,690 $6,990,291 $7,199,999 $7,415,999$70,675,978Capital Expense, Street Maintenance $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000$17,072,000Employee Medical Insurance Costs$890,529 3% $1,373,300 $1,414,499 $1,456,934 $1,500,642 $1,545,661 $1,592,031 $1,639,792 $1,688,986 $1,739,655 $1,791,845 $1,845,600$17,588,946Other Personnel Costs$575,564 2% $896,100 $914,022 $932,302 $950,948 $969,967 $989,367 $1,009,154 $1,029,337 $1,049,924 $1,070,922 $1,092,341$10,904,386PERS Unfunded Liability $454,756 $592,784 $711,814 $948,500 $986,100 $1,138,800 $1,341,000 $1,348,200 $1,425,600 $1,454,112 $1,483,194 $1,512,858$12,942,962Salaries (Part-Time/Temporary)$178,844 2% $340,400 $347,208 $354,152 $361,235 $368,460 $375,829 $383,346 $391,013 $398,833 $406,810 $414,946$4,142,231PERS Normal Payroll Costs$178,844 2% $363,816 $371,092 $378,514 $386,084 $393,806 $401,682 $409,716 $417,910 $426,268 $434,794 $443,490$4,427,1731996 Bond Debt Service $678,200 $671,400 $668,200$1,339,6004. Total Cash Paid Out$37,933,165$42,911,236 $44,826,437 $45,893,310 $47,926,460 $50,186,269 $52,614,118 $54,972,957 $57,535,924 $60,192,402 $63,000,881 $65,971,009 $586,031,0035. Yearly Operating Cash Position(2 minus 4)$4,357,182 -$59,636 -$1,382,341 -$761,196 -$1,181,920 -$1,295,939 -$2,335,380 -$3,860,512 -$5,067,773 -$6,405,818 -$8,152,987 -$10,035,196 -$40,538,6996. Measure G Revenue (85% of Sales Tax Bradley Burns)1,462,6505,700,000 7,534,282 7,609,625 7,685,721 7,762,578 7,840,204 7,918,606 7,997,792 8,077,770 8,158,548 8,240,133$84,525,2587. Cash Position After Measure G(5 plus 6)$5,819,832 $5,640,364 $6,151,941 $6,848,429 $6,503,801 $6,466,639 $5,504,824 $4,058,094 $2,930,019 $1,671,952 $5,561 -$1,795,063 $43,986,5598. Measure G UsesCapital Expenses750,000 4,969,464 3,731,561 3,859,103 3,764,599$16,324,727Meaure G Reserves712,650 330,500$330,500Public Safety Fund300,000$300,0009. Total Measure G Uses1,462,650 5,599,964 3,731,561 3,859,103 3,764,599 - - - - - - - $16,955,22710. Cash Position After Measure G(7 minus 9)$4,357,182$40,400 $2,420,380 $2,989,326 $2,739,202 $6,466,639 $5,504,824 $4,058,094 $2,930,019 $1,671,952$5,561 -$1,795,063 $27,031,33211. RDA Loan RepaymentRepayment based on Last and Final ROPS1,826,881 $2,441,620 $2,490,453 $2,540,262 $2,591,066 $2,642,888 $2,695,746 $2,749,661 $2,804,654 $2,860,747 $2,917,962 $2,976,321$29,711,38012. Cash Position After RDA Repayment(10 plus 11)$6,184,063 $2,482,020 $4,910,833 $5,529,588 $5,330,268 $9,109,527 $8,200,570 $6,807,755 $5,734,673 $4,532,699 $2,923,523 $1,181,258 $56,742,712GENERAL FUND FINANCIAL PROJECTIONSEXHIBIT 1
City of La QuintaAs of November 7, 2017ActualGrowthBudget17/18 to 27/282016/17Projections2017/182018/192019/202020/212021/222022/232023/242024/252025/262026/272027/28TOTAL1. Cash ReceiptsSales Tax - Bradley Burns8,597,655 1% 8,776,100 8,863,861 8,952,500 9,042,025 9,132,445 9,223,769 9,316,007 9,409,167 9,503,259 9,598,291 9,694,274 101,511,698 Property Tax9,237,781 2% 8,579,100 8,750,682 9,225,696 9,410,210 9,598,414 9,790,382 9,986,190 10,185,913 10,389,632 10,597,424 10,809,373 107,323,015 Transient Occupancy Tax8,857,359 2% 8,516,900 8,687,238 8,860,983 9,038,202 9,218,966 9,403,346 9,591,413 9,783,241 9,978,906 10,178,484 10,382,054 103,639,732 Fire Service Property Tax5,532,859 2% 6,726,000 6,860,520 6,997,730 7,137,685 7,280,439 7,426,047 7,574,568 7,726,060 7,880,581 8,038,193 8,198,956 81,846,780 Fire Property Tax Reserves138,680 281,438 432,650 592,709 762,027 941,029 1,130,161 1,329,889 1,540,696 1,763,088 8,912,365 Motor Vehicle In-Lieu$3,813,213 2% 3,708,000 3,782,160 3,857,803 3,934,959 4,013,658 4,093,932 4,175,810 4,259,326 4,344,513 4,431,403 4,520,031 45,121,597 Franchise Fees$1,764,652 1% 1,553,000 1,568,530 1,584,215 1,600,057 1,616,058 1,632,219 1,648,541 1,665,026 1,681,676 1,698,493 1,715,478 17,963,294 Charges for Services$1,024,157 1%1,258,200 1,270,782 1,283,490 1,296,325 1,309,288 1,322,381 1,335,605 1,348,961 1,362,450 1,376,075 1,389,836 14,553,391 Other Revenue/Intergovernmental$1,410,081 1%1,699,600 1,466,596 1,481,262 1,496,075 1,511,035 1,526,146 1,541,407 1,556,821 1,572,389 1,588,113 1,603,994 17,043,439 Development Related Permits$759,969 1%936,700 946,067 955,528 965,083 974,734 984,481 994,326 1,004,269 1,014,312 1,024,455 1,034,700 10,834,654 Document Transfer Tax$585,333 1%531,000 536,310 541,673 547,090 552,561 558,086 563,667 569,304 574,997 580,747 586,554 6,141,989 Business Licenses/Permits$358,943 1%321,000 324,210 327,452 330,727 334,034 337,374 340,748 344,155 347,597 351,073 354,584 3,712,954 Fines and Assessments$348,345 1%246,000 248,460 250,945 253,454 255,989 258,548 261,134 263,745 266,383 269,047 271,737 2,845,441 SilverRock Resert Net Revenue 531,400 1,260,000 2,500,000 2,960,000 2,842,000 3,222,000 3,540,000 3,575,400 3,611,154 24,041,954 2. Total Revenue$42,290,347$42,851,600 $43,444,096 $45,132,114 $46,744,541 $48,890,330 $50,278,738 $51,112,444 $52,468,151 $53,786,584 $54,847,894 $55,935,813 $118,216,7603. Cash Paid OutPolice Service Contract$14,417,358 10% $15,879,100 $17,467,010 $19,213,711 $21,135,082 $23,248,590 $25,573,449 $28,130,794 $30,943,874 $34,038,261 $37,442,087 $41,186,296$294,258,255Maintenance and Operations$8,201,081 2% $8,994,136 $9,174,019 $8,957,499 $9,136,649 $9,319,382 $9,505,770 $9,695,885 $9,889,803 $10,087,599 $10,289,351 $10,495,138$105,545,230Fire Service Contract$5,816,590 4% $6,730,000 $6,999,200 $7,279,168 $7,570,335 $7,873,148 $8,188,074 $8,515,597 $8,856,221 $9,210,470 $9,578,888 $9,962,044$90,763,145Salaries (Full-Time Employees)$4,989,399 3% $5,518,200 $5,683,746 $5,854,258 $6,029,886 $6,210,783 $6,397,106 $6,589,019 $6,786,690 $6,990,291 $7,199,999 $7,415,999$70,675,978Capital Expense, Street Maintenance $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000 $1,552,000$17,072,000Employee Medical Insurance Costs$890,529 3% $1,373,300 $1,414,499 $1,456,934 $1,500,642 $1,545,661 $1,592,031 $1,639,792 $1,688,986 $1,739,655 $1,791,845 $1,845,600$17,588,946Other Personnel Costs$575,564 2% $896,100 $914,022 $932,302 $950,948 $969,967 $989,367 $1,009,154 $1,029,337 $1,049,924 $1,070,922 $1,092,341$10,904,386PERS Unfunded Liability $454,756 $592,784 $711,814 $948,500 $986,100 $1,138,800 $1,341,000 $1,348,200 $1,425,600 $1,454,112 $1,483,194 $1,512,858$12,942,962Salaries (Part-Time/Temporary)$178,844 2% $340,400 $347,208 $354,152 $361,235 $368,460 $375,829 $383,346 $391,013 $398,833 $406,810 $414,946$4,142,231PERS Normal Payroll Costs$178,844 2% $363,816 $371,092 $378,514 $386,084 $393,806 $401,682 $409,716 $417,910 $426,268 $434,794 $443,490$4,427,1731996 Bond Debt Service $678,200 $671,400 $668,200$1,339,6004. Total Cash Paid Out$37,933,165$42,911,236 $45,302,810 $46,927,039 $49,608,962 $52,620,598 $55,916,309 $59,273,504 $62,981,433 $66,947,413 $71,249,891 $75,920,712 $629,659,9065. Yearly Operating Cash Position(2 minus 4)$4,357,182 -$59,636 -$1,858,714 -$1,794,925 -$2,864,421 -$3,730,268 -$5,637,570 -$8,161,059 -$10,513,282 -$13,160,829 -$16,401,997 -$19,984,899 -$84,167,6026. Measure G Revenue (85% of Sales Tax Bradley Burns)1,462,6505,700,000 7,534,282 7,609,625 7,685,721 7,762,578 7,840,204 7,918,606 7,997,792 8,077,770 8,158,548 8,240,133$84,525,2587. Cash Position After Measure G(5 plus 6)$5,819,832 $5,640,364 $5,675,568 $5,814,699 $4,821,300 $4,032,310 $2,202,633 -$242,453 -$2,515,490 -$5,083,059 -$8,243,449 -$11,744,766 $357,6568. Measure G UsesCapital Expenses750,000 4,969,464 3,731,561 3,859,103 3,764,599$16,324,727Meaure G Reserves712,650 330,500$330,500Public Safety Fund300,000$300,0009. Total Measure G Uses1,462,650 5,599,964 3,731,561 3,859,103 3,764,599 - - - - - - - $16,955,22710. Cash Position After Measure G(7 minus 9)$4,357,182$40,400 $1,944,007 $1,955,596 $1,056,701 $4,032,310 $2,202,633 -$242,453 -$2,515,490 -$5,083,059 -$8,243,449 -$11,744,766 -$16,597,57111. RDA Loan RepaymentRepayment based on Last and Final ROPS1,826,881 $2,441,620 $2,490,453 $2,540,262 $2,591,066 $2,642,888 $2,695,746 $2,749,661 $2,804,654 $2,860,747 $2,917,962 $2,976,321$29,711,38012. Cash Position After RDA Repayment(10 plus 11)$6,184,063 $2,482,020 $4,434,460 $4,495,858 $3,647,767 $6,675,198 $4,898,379 $2,507,208 $289,164 -$2,222,312 -$5,325,487 -$8,768,445 $13,113,809GENERAL FUND FINANCIAL PROJECTIONSEXHIBIT 2
EXHIBIT 3
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: November 15, 2017
STAFF REPORT
AGENDA TITLE: DISCUSS BUDGET VS ACTUAL REVENUE AND EXPENSE REPORT OPTIONS
RECOMMENDATION
Discuss budget vs actual revenue and expense report options.
EXECUTIVE SUMMARY
• The Financial Advisory Commission (FAC) requested a review of alternatives to
reporting revenues and expenses for the General Fund.
• Staff intends to start providing a quarterly report to the FAC and City Council for
review and is seeking feedback on the format.
BACKGROUND/ANALYSIS
During the August 9, 2017 FAC meeting, Commissioners requested to review and discuss the
current revenue and expenditure report. General Fund revenues are cyclical in nature and
not generally uniform as expenditures typically are from month to month, however, a
quarterly financial report could provide more details.
Staff had previously committed to start providing a quarterly financial report starting in
January 2018 and has provided a Quarterly Financial Report (Attachment 1) from the City of
Lakeport for review and discussion.
ALTERNATIVES
This is a discussion item, no alternatives are recommended.
Prepared by: Karla Campos, Finance Director
Attachment: 1. City of Lakeport Quarterly Financial Report
STUDY SESSION ITEM NO. 2
QUARTERLY FINANCIAL REPORT
Finance Department
225 Park Street
707.263.5615, ext. 16
CITY OF LAKEPORT
SECOND QUARTER, 2014-15 DECEMBER 31, 2014
GENERAL FUND FINANCIAL CONDITION. The City’s general fund is its
primary source of discretionary resources for the provision of
service deemed necessary and desirable by the citizens of
Lakeport and the City Council.
The general fund is holding well with a total fund balance of $3.05
million as of the December 31, 2014, of which $1.96 million is
available for spending.
The City Manager recommended using $580,126 of the general
fund reserve to engage in one-time uses in the 2014-15 budget,
which was later augmented to $644,037 to maintain funding
capital expenditures with increased personnel costs.
TOP 10 REVENUES. The City’s top ten revenue sources account for
approximately 82% of total general fund income. Focusing on
these sources can provide a useful understanding of the City’s
revenue position.
The bar graph to the left illustrates the performance of top ten
revenues as compared to a year ago.
Sales tax. The City collects sales tax from two sources: normal
Bradley-Burns sales taxes - which are shared between City,
county, and the state – and a ½ cent sales and use tax, commonly
referred to as Measure I and devoted entirely to the City. Both
tax sources are general taxes and can be used for any regular,
general governmental purpose.
Overall, sales taxes receipts (Bradley-Burns and Measure I) are up
18.3% from a year ago due in part to stronger retails sales in the
City’s transportation sector. The declining price of gas,
unfortunately, will have an adverse effect on this revenue source,
yet to be realized. An additional bump was due to true-up
allotments from the state as it winds down the triple flip of 2004.
City management is pleased to present this quarterly financial
report summarizing the City’s overall financial activity and
position through December 31, 2014. This financial information
is unaudited. For audited information, or to find greater detail,
please refer to the City’s Comprehensive Annual Financial Report
(CAFR), which is released by December 31 following the end of
the fiscal year.
ADJUSTED BUDGETS AND REVENUE ESTIMATES. The revenue projections
and budget expenditures presented herein include budget
adjustments approved by the City Council.
General Fund Balance Budget YTD Actual Percent
Revenues 4,502,500$ 1,858,896$ 41%
Expenditures 5,412,981 2,163,699 40%
Transfers in (out), net 266,444 43,522 16%
Use of fund balance 644,037 - 0%
Surplus (deficit)-$ (261,282)$
Total fund balance, beginning 3,313,489
Total fund balance, ending 3,052,207
Spendable fund balance, ending 1,964,729$
Fund balance as a percent of total 141%
expenditures, including transfers
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
YTD 14-15 YTD 13-14
OVERVIEW
GENERAL FUND
125 Years of pride, progress and service.
GENERAL FUND FINANCIAL CONDITION
TOP TEN REVENUES COMPARED
FY 14-15 TO FY 13-14
ATTACHMENT 1
QUARTERLY FINANCIAL REPORT
Finance Department
225 Park Street
707.263.5615, ext. 16
CITY OF LAKEPORT
SECOND QUARTER, 2014-15 DECEMBER 31, 2014
Top Ten Revenues Budget YTD Actual Percent
Sales tax - Bradley-Burns 1,053,492$ 525,873$ 49.9%
Sales and use tax - Measure I 730,299 348,369 47.7%
Property tax 453,400 245,081 54.1%
Property tax in lieu of VLF 408,000 195,720 48.0%
Property tax in lieu of sales tax 376,306 197,195 52.4%
Grants and subventions 181,710 45,147 24.8%
Franchise fees 193,194 47,170 24.4%
Rents and leases 160,319 54,682 34.1%
Business license tax 95,000 45,326 47.7%
Permits 69,050 45,850 66.4%
Total 3,720,770$ 1,750,414$ 47.0%
Percent
Top Ten Revenues Compared YTD 14-15 YTD 13-14 Change
Sales tax - Bradley-Burns 525,873$ 445,953$ 17.9%
Sales and use tax - Measure I 348,369 292,768 19.0%
Property tax 245,081 266,593 -8.1%
Property tax in lieu of VLF 195,720 195,781 0.0%
Property tax in lieu of sales tax 197,195 155,747 26.6%
Grants and subventions 45,147 90,657 -50.2%
Franchise Fees 47,170 49,234 -4.2%
Rents and Leases 54,682 57,248 -4.5%
Business license tax 45,326 34,371 31.9%
Permits 45,850 38,943 17.7%
Total 1,750,414$ 1,627,295$ 7.6%
Measure I collections were stronger than anticipated and up from
last year for similar reasons, although Triple Flip adjustments do
not apply to this revenue source. Sales tax generally, however, is
coming in slightly lower than anticipated for this time of year, but
we will monitor it closely and recommend adjustments to the
budget later, if needed.
Property tax. Receipts came in lower than anticipated as the
county continues to process Prop 8 (1978) property value
adjustments. Economically, the City experienced a surge in
residential property sales during 2011 and 2012, driving home
values upward, but that trend has cooled in recent months. This
revenue source is down further compared to a year ago but is
coming in stronger than anticipated in the budget, signaling
stability in the housing market and nominal changes to the tax roll.
Property tax in lieu of VLF (Vehicle License Fee). These are
property tax shares allocated to cities and counties beginning in
FY 04-05 as compensation for the state’s take of Vehicle License
Fees (VLF). This revenue source typically follows regular property
tax collections and is almost identical to last year, reflecting
nominal changes to the property tax roll.
Property tax in lieu of sales tax (Triple Flip). This is a mechanism
used to repay the state fiscal recovery bonds pursuant to Prop 57
of 2004. Under the Triple Flip, the local sales and use tax rate is
reduced from 1.00% to 0.75% with the 0.25% diverted to repay
state fiscal recovery bonds. Cities and counties are reimbursed
for the lost revenue from a shift of property tax revenue. The
26.6% increase is the result of final true-up processes by the state
and County Auditor-Controller.
Grants and subventions. The City receives several grants and
subventions to fund public safety activities: COPS, RSTP, and
Indian Gaming. The normal annual RSTP allocation is around
$65,000 and has yet to be requested by the City. The amount to
date is lower than last year due to the completion of the CHRP
grant as well as timing differences in funds received.
Franchise fees. This includes revenues from franchise fees paid by
PG&E, MediaCom (Cable), and Lakeport Disposal. It is slightly
lower this year than last due to timing differences in payments
received. The underlying data suggests that it remains in line with
budget estimates.
Rents and leases. This is revenue collected from leasing properties
to private parties and other funds/agencies, i.e. water, and sewer
enterprises. This revenue source is lower than last year due to
timing differences in payments received and an accounting
correction.
TOP TEN GENERAL FUND REVENUES BUDGET TO ACTUAL
TOP TEN GENERAL FUND REVENUES COMPARED
Business license tax. Businesses that operate within City limits are
required to obtain a business license. A tax is assessed for the
privilege of doing so, the proceeds of which are available for
unrestricted use in the general fund. Receipts are up significantly
from a year ago primarily due to timing differences of payments
received.
Permits. Fees collected from the issuance of building and
planning permits are up from last year and exceeding budget
estimates due to increased building and planning activity.
QUARTERLY FINANCIAL REPORT
Finance Department
225 Park Street
707.263.5615, ext. 16
CITY OF LAKEPORT
SECOND QUARTER, 2014-15 DECEMBER 31, 2014
Expenditures by Department Budget YTD Actual Percent
City Council 146,212$ 40,806$ 28%
Administration 500,608 282,534 56%
City Manager: Econ Dev 109,000 24,437 22%
City Attorney 122,000 91,832 75%
Finance 555,393 282,665 51%
Planning 302,116 134,114 44%
Building 237,246 89,162 38%
Housing 505,434 120,863 24%
Engineering and IT 6,913,618 1,239,710 18%
Police 1,789,426 916,194 51%
Public Works:
Roads & Infrastructure 1,440,780 458,375 32%
Parks, Building, Grounds 566,843 133,030 23%
Westshore Pool 63,505 17,026 27%
Water O&M 1,574,477 1,445,328 92%
Sewer O&M 1,870,667 575,851 31%
Total 16,697,325$ 5,851,928$ 35%
Expenditures by Major Category Budget YTD Actual Percent
Salaries and benefits
Active employee 4,549,875$ 2,289,466$ 50%
Retiree 388,380 385,534 99%
Total 4,938,255 2,674,999 54%
Operations
Departmental 3,133,640 1,455,299 46%
Non-departmental 870,222 215,963 25%
Total 4,003,862 1,671,262 42%
Loans/grants 438,360 160,594 37%
Debt service 1,112,022 821,427 74%
Capital improvements 8,581,299 1,992,647 23%
Total 19,073,798$ 7,320,929$ 38%
Departmental 16,697,325$ 5,851,928$
Non-departmental 2,376,473 1,469,001
Total 19,073,798$ 7,320,929$ 38%
Reconciliation to Expenditures by Department
EXPENDITURES BY DEPARTMENT CITY-WIDE – BUDGET TO ACTUAL
EXPENDITURES BY MAJOR CATEGORY CITY-WIDE – BUDGET TO ACTUAL
Departmental expenditures City-wide (i.e., general fund, special
revenues funds, RDA Successor Agency, water and sewer) were
35% of budgeted appropriations. Non-departmental activity
brought expenditures up to 38%.
Non-departmental activity includes debt service, retiree health
administration, and minor administrative expenses provided by
third parties, including bank, merchant, and trustee fees.
A large portion of the budget was the downtown improvement
project - funded by unspent former redevelopment bond
proceeds - as well as other capital projects, including those
funded by USDA. The majority of construction on Main Street is
expected to commence in the summer, and unspent bond
proceeds will be carried over to next fiscal year to complete the
project.
City policy maintains budget control at the fund level. However,
the Finance Department monitors expenditures at the object or
account level (i.e., salaries and benefits, electricity, professional
services, etc.) and reports that information monthly to all
departments and the City Manager. As of December 31, 2014,
departments are reporting expenditures in line with expected
budgeted appropriations for this time of year with the following
exceptions:
City Attorney: Costs related to legal settlements were
approved by the City Council but unbudgeted.
Public Works, Water O&M Division: Capital costs
associated with USDA projects are being managed by the
Public Works Department and charged to this division. It
was budgeted as the responsibility of the City Engineer.
A budget adjustment will be proposed at mid-year to
reflect this activity and provide appropriations moving
forward.
The City Manager meets with each department during the mid-
year to review expenditures and potential budget adjustments.
Adjustments made within any major category (e.g., salaries and
benefits, operations, or capital outlay) typically are made by the
City Manager upon request by a department head. Adjustments
between those major categories, or net increases in
appropriations to any particular fund or department require
Council review and approval.
DEPARTMENTAL EXPENDITURES
DEPARTMENTAL REPORT NO. 1 City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING
DEPARTMENT REPORT
TO: Honorable Chair and Financial Advisory Commissioners
FROM: Rosemary Hallick, Financial Services Analyst
DATE: November 15, 2017
SUBJECT: Second Quarter 2017 (April – June 2017) Sales Tax Update for the City of
La Quinta
The attached report was prepared by HdL Companies, the City’s sales tax consultant,
as an update of sales tax receipts for second quarter sales from April to June 2017.
Highlights
• Generally all major business groups, except autos and transportation, have
experienced an increase in sales in comparison to the second quarter of 2016.
• City of La Quinta sales per capita were higher than both the state and county
averages, which has been the case for all quarters except the third quarter
(consisting of July –September) for all years since 2014.
• General consumer goods (such as department stores) and restaurants/hotels
made up 61% of sales tax revenue during this quarter.
• La Quinta’s overall adjusted sales increase was 3.9%, which compares to
Riverside County at 5.7%, Southern California at 3.4%, and the state at 3.2%.
• Most categories of general consumer goods continue to see declines or zero
growth as online shopping continues to shift tax receipts into the countywide
allocation pools.
• Allocation of sales tax continues to be based on the basic principles of location
and ownership. County pools benefit if the sale is negotiated and the goods are
shipped from out of state or if a fulfillment center is located in California but the
inventory is not owned by the seller. Local jurisdictions benefit when the seller
owns the inventory and it is delivered from inside California.
The City continuously monitors local development, statewide economic conditions,
international impacts on travel and trade, as well as significant shifts in sales to non-
traditional sources (such as online purchases).
Measure G Update
• Measure G transaction taxes came in above our conservative estimates for the
quarter.
• General consumer goods (such as department stores) and restaurants/hotels
made up 60% of transaction tax revenue during this quarter, a similar share to
sales taxes.
• Autos and transportation made up 15% of transaction tax revenue as opposed
to only 9% of sales tax revenue.
• A transaction tax, such as our Measure G, is based on the place of purchase. As
an example, automobile transaction taxes go to the jurisdiction in which the
buyer’s vehicle is registered, not the location of the dealership.
• Our top 25 transactions tax producers predominately consisted of LA Quinta
businesses; however there was activity from online retailers as well as several
auto dealerships located outside of City limits.
City staff will continue to monitor Measure G activity to establish baselines for future
budgeting purposes. No updates were provided by the consultants at this time, as
they are waiting until there are at least two quarters of collections before making
projections for future revenue.
Attachment 1: City of La Quinta Sales Tax Update
ATTACHMENT 1
2016/17 GENERAL FUND YEAR-END BUDGET REPORT – CITY OF LA QUINTA
2016/17
General Fund
Year-End
Budget
Report – City
of La Quinta
GEM of the DESERT FISCAL RESPONSIBILITY & TRANSPARENCY
OVERVIEW
Finance is pleased to present this annual financial report summarizing the City’s overall financial activity and
position through June 30, 2017. The revenues and expenditures include budget adjustments and carryovers
approved by the City Council. For 2016/17, the carryovers total $4,859,920 for Capital Improvement Projects
(CIP) and $120,000 for General Fund (GF) expenditures, resulting in a net savings of $3,096,656. The Use of Fund
Balance represents Council approved use of unassigned reserves; these funds were used for the SilverRock
sheep fence and the acquisition of land on Eisenhower Drive for drainage improvements.
GENERAL FUND FINANCIAL CONDITION
The GF funds operating services and infrastructure
investment. Overall, 2016/17 revenue was $1.3
million higher (3%) than anticipated after mid-year
adjustments.
Without the carryover expenses, expenditures were
underbudget by $8 million; after carryovers, this
decreased to $3 million. These savings replenish the
unassigned fund balance (reserves).
A General Fund summary of revenues and expenses
can be found in Attachment 2.
General Fund Financial Update
General Fund Final Budget Actual %
Revenues 42,183,600 43,544,086 103%
Use of Fund Balance 3,055,606 2,723,617 89%
Total Revenues 45,239,206 46,267,703 102%
Expenditures 49,411,655 41,335,079 84%
CIP Carryovers 4,859,920
GF Carryovers 120,000
Total Expenditures 49,411,655 46,314,999 94%
2016/17 GENERAL FUND YEAR-END BUDGET REPORT – CITY OF LA QUINTA 2
GENERAL FUND REVENUE VARIANCES
Compared to 2015/16, revenues increased by $2
million or 5%. In 2016/17, tax revenue experienced
the largest positive variance from the final budget.
This is attributed to property tax, Measure G sales
tax, and transient occupancy tax (TOT). A detail
listing of revenues can be found in Attachment 3.
PROPERTY TAX
In 2014/15 the county adjusted the City’s no-low
distribution, which increased the no-low allocation
and its unpredictability thereafter. Revenue from the
Redevelopment Property Tax Trust Fund increases
each year as the former Redevelopment Agencies’
dissolution (City and County Agencies) continues and
debts are retired. This reallocates taxes to cities,
counties, schools, and special districts. The City has
contracted with HdL for property tax analysis and
will reviewing of all property tax revenue in
preparation for the 2018/19 budget.
SALES TAX
As of April 1, 2017, the City collects sales tax from
two sources: the normal Bradley-Burns sales taxes –
which are shared between City (1%), County (.25%),
and the State (6%) – and the 1% sales and use tax,
commonly referred to as Measure G, which is
allocated exclusively to the City. An additional .5% is
collected for County transportation funding.
The 2016/17 sales tax revenue increase is attributed
to Measure G. Actual revenues exceeded budgeted
projections by $462,000. The Coachella Valley hosts
numerous events in neighboring cities, which also
boosted sales tax revenue. After a year of Measure G
implementation, the City will ascertain the cyclical
nature of this new revenue source.
TRANSIENT OCCUPANCY TAX (TOT)
Combined TOT revenue was $8.9 million or $1.6
million over budget. Hotels and short-term vacation
rentals both experienced an increase in revenue (in
part to events hosted in Valley cities).
INTERGOVERNMENTAL
The largest revenue variance is due to lower fire
service costs and therefore lower fire service
property tax revenue. Riverside County deposits
excess fire service property tax revenue in a trust
account, which is reserved for future City fire service
expenses.
In addition, the City anticipates receiving County
Service Area 152 revenue for 2016/17 in 2017/18.
Revenue was not recognized due to a lag in the
County reimbursement request for expenses incurred
for reducing storm water pollution.
CHARGES FOR SERVICES
This revenue category is comprised of 32 different
items including development and community service
fees. Building plan check and public works
development plan check fees experienced the largest
negative variances from budget. Many large projects
have secured their entitlements but this has not yet
translated into building permits.
General Fund Revenues Final Budget Actual Variance
Tax Revenue 27,741,600 31,001,941 3,260,341
Licenses & Permits 1,364,400 1,118,912 (245,488)
Intergovernmental 10,612,200 9,544,110 (1,068,090)
Charges for Services 1,366,400 1,021,296 (345,104)
Fines, Forfeitures & Abatements 253,400 348,345 94,945
Use of Money & Property 516,600 360,068 (156,532)
Miscellaneous 138,600 149,911 11,311
Transfers In 190,400 9,503 (180,897)
Total Revenues 42,183,600 43,554,086 1,370,486
2016/17 GENERAL FUND YEAR-END BUDGET REPORT – CITY OF LA QUINTA 3
GENERAL FUND EXPENDITURE VARIANCES
General Fund expenditures, before carryovers,
totaled $41,335,079 (84% of budget expended). CIP
carryovers totaled $4.8 million and GF carryovers
were $120,000. Total expenditures (including
carryovers) were $46.3 million (94% of budget),
leaving total expenditures $3,096,656 under the
approved budget.
For 2016/17, all departments were under budget
except for Streets ($10,700), which was due to
expenditures not qualifying under the restricted Gas
Tax Fund.
NOTABLE SAVINGS
The City Attorney budget realized savings of
$95,113. Savings were recognized because of
reimbursement agreements and prudent use of
retainer hours.
Police and Fire contract services were lower than
anticipated by $381,036 and $774,710, respectively.
Police savings are attributed to vacancies in the
special enforcement team and motor officer
positions, as well as prudent management of
overtime. The Fire service contract budgeted a full-
year of labor increases, which were subsequently
phased in by the State, resulting in savings for half
the year.
Prudent oversight of contract services and staff
completing projects internally such as updating the
batting cages at the Sports Complex realized savings
for Parks Maintenance of $9,699.
Prudent contract management and in-house
collaboration of Marketing and Community
Relations yielded savings of $74,202.
Building, Public Works Development Services, and
Engineering Services realized a combined savings of
$937,612, primarily for contract services. This
correlates directly with the decrease in revenue for
building plan check and public works development
plan check fees.
Overall Salaries and Benefits realized savings of
$676,848. This was due to vacant positions, staff
turnover, and using current staff to temporarily
assist while vacant positions were filled.
The greatest savings were realized in Centralized
Services ($5,090,613); however, as noted earlier $4.8
million is contractually obligated to multi-year CIP
projects.
A summary of expenses by department and category
is found in Attachment 4.
General Fund Expenditures Final Budget Actual Variance
City Council 293,400 272,268 (21,132)
City Manager 849,000 845,572 (3,428)
City Attorney 506,000 410,887 (95,113)
Human Resources 417,100 407,779 (9,321)
City Clerk 577,600 528,440 (49,160)
Finance 1,145,900 1,018,009 (127,891)
Centralized Services 11,264,049 6,173,386 (5,090,663)
Police 14,832,400 14,451,364 (381,036)
Fire 6,591,300 5,816,590 (774,710)
Community Resources Admin. 836,300 783,382 (52,918)
Wellness Center Operations 606,700 522,039 (84,661)
Recreational Programs & Events 135,700 129,865 (5,835)
Parks Maintenance 1,718,500 1,708,801 (9,699)
Marketing & Community Relations 905,100 830,898 (74,202)
Public Buildings 1,413,100 1,376,355 (36,745)
Design & Development Admin. 1,061,400 1,003,341 (58,059)
Planning 594,300 504,011 (90,289)
Building 909,100 695,620 (213,480)
Code Compliance/Animal Control 1,017,600 911,979 (105,621)
The Hub 717,800 638,565 (79,235)
Public Works Dev. Services 623,100 436,843 (186,257)
Streets - 10,755 10,755
Engineering Services 2,396,206 1,858,331 (537,875)
Total Expenditures 49,411,655 41,335,079 (8,076,576)
Capital Improvement Carryovers 4,859,920
General Fund Carryovers 120,000
Total Expenditures After Carryovers 49,411,655 46,314,999 (3,096,656)
2016/17
Final Budget
2016/17
Actuals
Variance w/ Final Budget
GENERAL FUND OVERVIEW
REVENUE SUMMARY
Tax Revenues 27,741,600.00 31,001,940.60 3,260,340.60
Licenses & Permits 1,364,400.00 1,118,912.10 (245,487.90)
Intergovernmental 10,612,200.00 9,544,110.43 (1,068,089.57)
Charges for Services 1,366,400.00 1,021,296.11 (345,103.89)
Fines, Forfeitures & Abatements 253,400.00 348,344.70 94,944.70
Use of Money & Property 516,600.00 360,067.95 (156,532.05)
Miscellaneous 138,600.00 149,910.74 11,310.74
Transfers In 190,400.00 9,502.95 (180,897.05)
42,183,600.00 43,554,085.58 1,370,485.58
EXPENSE SUMMARY
Salaries and Benefits 8,112,600.00 7,435,751.88 (676,848.12)
Contract Services 26,100,006.00 23,882,328.95 (2,217,677.05)
Maintenance & Operations 2,454,400.00 2,274,236.30 (180,163.70)
Utilities 416,300.00 492,227.18 75,927.18
Capital Expenses 2,305,500.00 2,280,802.17 (24,697.83)
Internal Service Charges 1,941,100.00 1,941,100.00 0.00
Transfers Out 8,081,748.96 3,028,632.48 (5,053,116.48)
49,411,654.96 41,335,078.96 (8,076,576.00)
BUDGET (SHORTFALL)/SURPLUS (7,228,054.96)2,219,006.62 9,447,061.58
27,741,600.00 31,001,940.60 3,260,340.60
1,364,400.00 1,118,912.10 (245,487.90)
10,612,200.00 9,544,110.43 (1,068,089.57)
1,366,400.00 1,021,296.11 (345,103.89)
253,400.00 348,344.70 94,944.70
516,600.00 360,067.95 (156,532.05)
138,600.00 149,910.74 11,310.74
190,400.00 9,502.95 (180,897.05)
42,183,600.00 43,554,085.58 1,370,485.58
8,112,600.00 7,435,751.88 (676,848.12)
26,100,006.00 23,882,328.95 (2,217,677.05)
2,454,400.00 2,274,236.30 (180,163.70)
416,300.00 492,227.18 75,927.18
2,305,500.00 2,280,802.17 (24,697.83)
1,941,100.00 1,941,100.00 0.00
8,081,748.96 3,028,632.48 (5,053,116.48)
49,411,654.96 41,335,078.96 (8,076,576.00)
(7,228,054.96)2,219,006.62 9,447,061.58
Attachment 2
2015/16
Actual Revenues
2016/17
Original Budget
2016/17
Final Budget
2016/17
AcƟvity
Variance w/ Final
Budget
101 - GENERAL FUND
0000 - Undesignated
310 - Tax Revenues
4,141,871.70 2,178,500.00 2,178,500.00 2,186,077.61 7,577.61101-0000-40310 Property Tax Revenue
4,656,424.13 4,332,700.00 4,332,700.00 4,969,009.81 636,309.81101-0000-40311 No-Low City Property Tax
0.00 1,900,000.00 1,900,000.00 2,082,693.73 182,693.73101-0000-40315 RPTTF Pass Through
7,891,651.99 8,604,000.00 8,604,000.00 8,597,655.49 (6,344.51)101-0000-41320 State Sales Tax
502,623.65 0.00 0.00 0.00 0.00101-0000-41325 Sales Tax Reimbursement
0.00 0.00 1,000,000.00 1,462,649.75 462,649.75101-0000-41326 Measure G Sales Tax
516,963.74 531,000.00 531,000.00 585,333.35 54,333.35101-0000-41327 Document Transfer Tax
7,442,169.08 5,345,100.00 5,345,100.00 6,426,594.01 1,081,494.01101-0000-41400 TOT - Hotels
0.00 1,395,300.00 1,895,300.00 2,383,229.26 487,929.26101-0000-41401 TOT - Short Term Vac. Rentals
0.00 0.00 0.00 123,360.49 123,360.49101-0000-41402 TOT - Bed and Breakfast
393,575.33 365,000.00 365,000.00 420,684.94 55,684.94101-0000-41410 TOT - Mitigation Measures
353,746.72 644,000.00 644,000.00 663,060.76 19,060.76101-0000-41505 Franchise Taxes - Burrtec
369,087.78 0.00 0.00 38,801.62 38,801.62101-0000-41506 Burrtec AB 939 Fee
130,290.94 149,000.00 149,000.00 120,634.61 (28,365.39)101-0000-41508 Southern California Gas
591,137.53 600,000.00 600,000.00 602,052.47 2,052.47101-0000-41509 Cable Television
355,674.36 197,000.00 197,000.00 340,102.70 143,102.70101-0000-41510 Communications Franchise Fees
310 - Tax Revenues Totals:27,345,216.95 26,241,600.00 27,741,600.00 31,001,940.60 3,260,340.60
320 - Licenses & Permits
20,299.80 22,500.00 62,500.00 80,102.00 17,602.00101-0000-41415 STVR Registration Fee
334,465.17 307,000.00 307,000.00 358,943.44 51,943.44101-0000-41600 Business Licenses
0.00 0.00 0.00 1,368.00 1,368.00101-0000-41601 Cannabis Delivery License
0.00 1,000.00 1,000.00 1,095.00 95.00101-0000-41610 Film Permits
101,259.66 138,000.00 188,000.00 104,776.28 (83,223.72)101-0000-42400 Building Permits
52,712.21 86,300.00 86,300.00 51,407.11 (34,892.89)101-0000-42401 Plumbing Permits
75,331.90 101,200.00 101,200.00 80,867.16 (20,332.84)101-0000-42402 Mechanical Permits
55,560.54 74,800.00 74,800.00 47,294.38 (27,505.62)101-0000-42403 Electrical Permits
190,944.50 152,000.00 152,000.00 151,603.31 (396.69)101-0000-42404 Miscellaneous Permits
10,950.00 12,000.00 12,000.00 10,090.00 (1,910.00)101-0000-42405 Garage Sale Permits
220.00 10,000.00 10,000.00 160.00 (9,840.00)101-0000-42406 Golf Cart Permits
8,871.75 5,800.00 5,800.00 8,675.67 2,875.67101-0000-42408 Grading Permits
10.00 0.00 0.00 0.00 0.00101-0000-42409 Animal Licenses
30,307.00 6,000.00 6,000.00 3,354.00 (2,646.00)101-0000-42410 Driveway Permits
2,000.00 100.00 100.00 660.00 560.00101-0000-42414 Massage Permits
3,360.00 2,000.00 2,000.00 1,300.00 (700.00)101-0000-42430 Transportation Permits
23,143.75 16,100.00 16,100.00 24,914.00 8,814.00101-0000-42431 Conditional Use Permits
3,000.00 2,800.00 2,800.00 1,600.00 (1,200.00)101-0000-42433 Minor Use Permit
14,975.00 15,200.00 15,200.00 20,546.00 5,346.00101-0000-42434 Sign Permit
26,722.00 67,900.00 67,900.00 64,278.00 (3,622.00)101-0000-42435 Site Development Permit
5,740.00 11,600.00 11,600.00 14,589.00 2,989.00101-0000-42436 Final Landscaping Plans
1,885.00 0.00 0.00 1,394.25 1,394.25101-0000-42437 Development Agreement
12,840.00 40,100.00 40,100.00 8,757.50 (31,342.50)101-0000-42439 Temporary Use Permit
187,220.00 200,000.00 200,000.00 81,137.00 (118,863.00)101-0000-43632 Public Works Permits
0.00 0.00 2,000.00 0.00 (2,000.00)101-0000-43638 NPDES Inspections
320 - Licenses & Permits Totals:1,161,818.28 1,272,400.00 1,364,400.00 1,118,912.10 (245,487.90)
330 - Intergovernmental
3,651,548.63 3,635,500.00 3,635,500.00 3,813,213.14 177,713.14101-0000-41800 Motor Vehicle In Lieu
5,349,899.94 6,531,300.00 6,571,300.00 5,480,897.29 (1,090,402.71)101-0000-42500 Fire Service Credit
1.45 0.00 0.00 0.00 0.00101-0000-43100 FEMA
238,587.96 238,600.00 238,600.00 0.00 (238,600.00)101-0000-43633 CSA 152 Assessments
0.00 16,800.00 16,800.00 0.00 (16,800.00)101-0000-43634 CVWD
300,000.00 150,000.00 150,000.00 250,000.00 100,000.00101-0000-43650 Contributions from Other Agencies
330 - Intergovernmental Totals:9,540,037.98 10,572,200.00 10,612,200.00 9,544,110.43 (1,068,089.57)
340 - Charges for Services
58,533.82 45,000.00 45,000.00 57,857.54 12,857.54101-0000-42200 Leisure Enrichment
6,496.96 6,000.00 6,000.00 8,585.85 2,585.85101-0000-42202 Gift Shop
0.00 100.00 100.00 0.00 (100.00)101-0000-42208 Coffee/Cards-Senior Center
53,369.36 45,500.00 45,500.00 45,079.70 (420.30)101-0000-42210 Youth Sports
1,067.00 5,000.00 5,000.00 4,589.28 (410.72)101-0000-42211 Adult Sports
4,141,871.70 2,178,500.00 2,178,500.00 2,186,077.61 7,577.61
4,656,424.13 4,332,700.00 4,332,700.00 4,969,009.81 636,309.81
0.00 1,900,000.00 1,900,000.00 2,082,693.73 182,693.73
7,891,651.99 8,604,000.00 8,604,000.00 8,597,655.49 (6,344.51)
502,623.65 0.00 0.00 0.00 0.00
0.00 0.00 1,000,000.00 1,462,649.75 462,649.75
516,963.74 531,000.00 531,000.00 585,333.35 54,333.35
7,442,169.08 5,345,100.00 5,345,100.00 6,426,594.01 1,081,494.01
0.00 1,395,300.00 1,895,300.00 2,383,229.26 487,929.26
0.00 0.00 0.00 123,360.49 123,360.49
393,575.33 365,000.00 365,000.00 420,684.94 55,684.94
353,746.72 644,000.00 644,000.00 663,060.76 19,060.76
369,087.78 0.00 0.00 38,801.62 38,801.62
130,290.94 149,000.00 149,000.00 120,634.61 (28,365.39)
591,137.53 600,000.00 600,000.00 602,052.47 2,052.47
355,674.36 197,000.00 197,000.00 340,102.70 143,102.70
27,345,216.95 26,241,600.00 27,741,600.00 31,001,940.60 3,260,340.60
20,299.80 22,500.00 62,500.00 80,102.00 17,602.00
334,465.17 307,000.00 307,000.00 358,943.44 51,943.44
0.00 0.00 0.00 1,368.00 1,368.00
0.00 1,000.00 1,000.00 1,095.00 95.00
101,259.66 138,000.00 188,000.00 104,776.28 (83,223.72)
52,712.21 86,300.00 86,300.00 51,407.11 (34,892.89)
75,331.90 101,200.00 101,200.00 80,867.16 (20,332.84)
55,560.54 74,800.00 74,800.00 47,294.38 (27,505.62)
190,944.50 152,000.00 152,000.00 151,603.31 (396.69)
10,950.00 12,000.00 12,000.00 10,090.00 (1,910.00)
220.00 10,000.00 10,000.00 160.00 (9,840.00)
8,871.75 5,800.00 5,800.00 8,675.67 2,875.67
10.00 0.00 0.00 0.00 0.00
30,307.00 6,000.00 6,000.00 3,354.00 (2,646.00)
2,000.00 100.00 100.00 660.00 560.00
3,360.00 2,000.00 2,000.00 1,300.00 (700.00)
23,143.75 16,100.00 16,100.00 24,914.00 8,814.00
3,000.00 2,800.00 2,800.00 1,600.00 (1,200.00)
14,975.00 15,200.00 15,200.00 20,546.00 5,346.00
26,722.00 67,900.00 67,900.00 64,278.00 (3,622.00)
5,740.00 11,600.00 11,600.00 14,589.00 2,989.00
1,885.00 0.00 0.00 1,394.25 1,394.25
12,840.00 40,100.00 40,100.00 8,757.50 (31,342.50)
187,220.00 200,000.00 200,000.00 81,137.00 (118,863.00)
0.00 0.00 2,000.00 0.00 (2,000.00)
1,161,818.28 1,272,400.00 1,364,400.00 1,118,912.10 (245,487.90)
3,651,548.63 3,635,500.00 3,635,500.00 3,813,213.14 177,713.14
5,349,899.94 6,531,300.00 6,571,300.00 5,480,897.29 (1,090,402.71)
1.45 0.00 0.00 0.00 0.00
238,587.96 238,600.00 238,600.00 0.00 (238,600.00)
0.00 16,800.00 16,800.00 0.00 (16,800.00)
300,000.00 150,000.00 150,000.00 250,000.00 100,000.00
9,540,037.98 10,572,200.00 10,612,200.00 9,544,110.43 (1,068,089.57)
58,533.82 45,000.00 45,000.00 57,857.54 12,857.54
6,496.96 6,000.00 6,000.00 8,585.85 2,585.85
0.00 100.00 100.00 0.00 (100.00)
53,369.36 45,500.00 45,500.00 45,079.70 (420.30)
1,067.00 5,000.00 5,000.00 4,589.28 (410.72)
General Fund Revenue Comparison Attachment 2
2015/16
Actual Revenues
2016/17
Original Budget
2016/17
Final Budget
2016/17
AcƟvity
Variance w/ Final
Budget
56,595.26 56,000.00 51,000.00 41,902.00 (9,098.00)101-0000-42212 Facility Rental
0.00 0.00 0.00 1,086.30 1,086.30101-0000-42213 Special Event
53,266.50 45,000.00 40,000.00 54,625.85 14,625.85101-0000-42214 Wellness Center Leisure Enrichment
0.00 34,100.00 34,100.00 0.00 (34,100.00)101-0000-42215 City Facilities Rental Fee
2,112.50 0.00 0.00 2,152.00 2,152.00101-0000-42216 Senior Center Special Events
108,096.00 75,000.00 75,000.00 125,867.51 50,867.51101-0000-42218 Wellness Center Memberships
673.04 100.00 100.00 (38.90)(138.90)101-0000-42300 Cash Over/Short
171,085.42 25,000.00 25,000.00 33,220.09 8,220.09101-0000-42301 Miscellaneous Revenue
480.00 200.00 200.00 350.00 150.00101-0000-42303 NSF Charges
5,656.00 0.00 0.00 8,484.00 8,484.00101-0000-42411 Village Use Permit
2,030.00 2,000.00 2,000.00 1,796.00 (204.00)101-0000-42412 Minor Adjustment
22,663.00 11,300.00 11,300.00 13,338.00 2,038.00101-0000-42415 Tentative Tract Map
1,450.00 3,800.00 3,800.00 2,100.00 (1,700.00)101-0000-42417 Modification by Applicant
3,349.50 3,200.00 3,200.00 1,500.00 (1,700.00)101-0000-42440 Appeals - Planning Commission
200.00 3,200.00 3,200.00 0.00 (3,200.00)101-0000-42441 Planning Compliance Review
17,590.00 18,700.00 18,700.00 4,068.00 (14,632.00)101-0000-42443 Zone Change
8,124.00 3,000.00 3,000.00 5,629.00 2,629.00101-0000-42445 Environmental Assessment
6,236.00 12,500.00 12,500.00 0.00 (12,500.00)101-0000-42446 General Plan Amendment
4,725.00 5,000.00 5,000.00 4,480.00 (520.00)101-0000-42447 Home Occupations
15,218.75 13,900.00 13,900.00 12,333.00 (1,567.00)101-0000-42448 Parcel Map
6,381.00 0.00 0.00 13,310.30 13,310.30101-0000-42451 Specific Plan
0.00 1,600.00 1,600.00 0.00 (1,600.00)101-0000-42453 Zoning Letters
447,152.48 460,000.00 556,000.00 438,638.13 (117,361.87)101-0000-42600 Building Plan Check Fees
305.18 300.00 300.00 0.00 (300.00)101-0000-42610 SMIP Fees
384.10 800.00 800.00 181.80 (618.20)101-0000-42615 CBSC Administrative Fees
278,950.00 392,100.00 402,100.00 139,392.83 (262,707.17)101-0000-42810 Public Works Dev. Plan Check Fee
1,022.52 2,000.00 2,000.00 767.83 (1,232.17)101-0000-43631 CVMSHCP Admin Fee
340 - Charges for Services Totals:1,333,213.39 1,270,400.00 1,366,400.00 1,021,296.11 (345,103.89)
350 - Fines, Forfeitures & Abatements
21,661.99 18,000.00 18,000.00 17,334.00 (666.00)101-0000-42700 Administrative Citations
9,237.80 2,000.00 2,000.00 37,849.13 35,849.13101-0000-42701 Lot Abatement
4,713.61 15,000.00 15,000.00 19,779.55 4,779.55101-0000-42702 Vehicle Abatement
73,831.00 50,000.00 65,000.00 86,997.00 21,997.00101-0000-42703 Vehicle Impound Fee
104,632.52 83,900.00 99,900.00 123,257.44 23,357.44101-0000-42705 Motor Vehicle Code Fines
45,377.00 30,000.00 40,000.00 46,086.02 6,086.02101-0000-42706 Parking Violations
16,879.16 7,000.00 7,000.00 10,064.56 3,064.56101-0000-42707 Misc Fines
6,742.00 6,500.00 6,500.00 6,977.00 477.00101-0000-42708 Graffiti Removal
350 - Fines, Forfeitures & Abatements Totals:283,075.08 212,400.00 253,400.00 348,344.70 94,944.70
360 - Use of Money & Property
605,186.47 210,000.00 210,000.00 143,436.65 (66,563.35)101-0000-41900 Allocated Interest
(375.00)0.00 0.00 (8,850.00)(8,850.00)101-0000-41910 Gain or Loss
174,415.61 62,000.00 62,000.00 112,476.96 50,476.96101-0000-41915 Non-Allocated Interest
146,700.00 146,700.00 146,700.00 9,600.00 (137,100.00)101-0000-42111 Rental Income
102,373.14 97,900.00 97,900.00 103,404.34 5,504.34101-0000-42120 Lease Revenue
360 - Use of Money & Property Totals:1,028,300.22 516,600.00 516,600.00 360,067.95 (156,532.05)
370 - Miscellaneous
0.00 8,000.00 0.00 0.00 0.00101-0000-35110 AMR Compliance
14,650.48 0.00 14,000.00 17,411.69 3,411.69101-0000-41504 AMR Compliance
126,233.19 102,000.00 102,000.00 50,837.50 (51,162.50)101-0000-41507 Burrtec Admin Cost Reimbursement
0.00 0.00 0.00 500.00 500.00101-0000-41920 Memorial Tree Revenue
0.00 1,000.00 1,000.00 0.00 (1,000.00)101-0000-41925 AD Surplus
525,189.24 10,000.00 10,000.00 948.62 (9,051.38)101-0000-42000 Insurance Recoveries
0.00 9,000.00 9,000.00 0.00 (9,000.00)101-0000-42100 Advertising Co-Op Revenue
2,863.60 2,000.00 2,000.00 4,109.10 2,109.10101-0000-42130 SB 1186 Revenue
69.40 400.00 400.00 147.80 (252.20)101-0000-42140 Sales of Publications & Materials
200.00 200.00 200.00 0.00 (200.00)101-0000-42204 Donations - Senior Center
31,334.89 0.00 0.00 69,991.43 69,991.43101-0000-42305 Miscellaneous Reimbursements
1,031.87 0.00 0.00 6,004.35 6,004.35101-0000-43505 Credit Card Fee Revenue
0.00 0.00 0.00 (39.75)(39.75)101-0000-45000 Sale of Other Assets
370 - Miscellaneous Totals:701,572.67 132,600.00 138,600.00 149,910.74 11,310.74
56,595.26 56,000.00 51,000.00 41,902.00 (9,098.00)
0.00 0.00 0.00 1,086.30 1,086.30
53,266.50 45,000.00 40,000.00 54,625.85 14,625.85
0.00 34,100.00 34,100.00 0.00 (34,100.00)
2,112.50 0.00 0.00 2,152.00 2,152.00
108,096.00 75,000.00 75,000.00 125,867.51 50,867.51
673.04 100.00 100.00 (38.90)(138.90)
171,085.42 25,000.00 25,000.00 33,220.09 8,220.09
480.00 200.00 200.00 350.00 150.00
5,656.00 0.00 0.00 8,484.00 8,484.00
2,030.00 2,000.00 2,000.00 1,796.00 (204.00)
22,663.00 11,300.00 11,300.00 13,338.00 2,038.00
1,450.00 3,800.00 3,800.00 2,100.00 (1,700.00)
3,349.50 3,200.00 3,200.00 1,500.00 (1,700.00)
200.00 3,200.00 3,200.00 0.00 (3,200.00)
17,590.00 18,700.00 18,700.00 4,068.00 (14,632.00)
8,124.00 3,000.00 3,000.00 5,629.00 2,629.00
6,236.00 12,500.00 12,500.00 0.00 (12,500.00)
4,725.00 5,000.00 5,000.00 4,480.00 (520.00)
15,218.75 13,900.00 13,900.00 12,333.00 (1,567.00)
6,381.00 0.00 0.00 13,310.30 13,310.30
0.00 1,600.00 1,600.00 0.00 (1,600.00)
447,152.48 460,000.00 556,000.00 438,638.13 (117,361.87)
305.18 300.00 300.00 0.00 (300.00)
384.10 800.00 800.00 181.80 (618.20)
278,950.00 392,100.00 402,100.00 139,392.83 (262,707.17)
1,022.52 2,000.00 2,000.00 767.83 (1,232.17)
1,333,213.39 1,270,400.00 1,366,400.00 1,021,296.11 (345,103.89)
21,661.99 18,000.00 18,000.00 17,334.00 (666.00)
9,237.80 2,000.00 2,000.00 37,849.13 35,849.13
4,713.61 15,000.00 15,000.00 19,779.55 4,779.55
73,831.00 50,000.00 65,000.00 86,997.00 21,997.00
104,632.52 83,900.00 99,900.00 123,257.44 23,357.44
45,377.00 30,000.00 40,000.00 46,086.02 6,086.02
16,879.16 7,000.00 7,000.00 10,064.56 3,064.56
6,742.00 6,500.00 6,500.00 6,977.00 477.00
283,075.08 212,400.00 253,400.00 348,344.70 94,944.70
605,186.47 210,000.00 210,000.00 143,436.65 (66,563.35)
(375.00)0.00 0.00 (8,850.00)(8,850.00)
174,415.61 62,000.00 62,000.00 112,476.96 50,476.96
146,700.00 146,700.00 146,700.00 9,600.00 (137,100.00)
102,373.14 97,900.00 97,900.00 103,404.34 5,504.34
1,028,300.22 516,600.00 516,600.00 360,067.95 (156,532.05)
0.00 8,000.00 0.00 0.00 0.00
14,650.48 0.00 14,000.00 17,411.69 3,411.69
126,233.19 102,000.00 102,000.00 50,837.50 (51,162.50)
0.00 0.00 0.00 500.00 500.00
0.00 1,000.00 1,000.00 0.00 (1,000.00)
525,189.24 10,000.00 10,000.00 948.62 (9,051.38)
0.00 9,000.00 9,000.00 0.00 (9,000.00)
2,863.60 2,000.00 2,000.00 4,109.10 2,109.10
69.40 400.00 400.00 147.80 (252.20)
200.00 200.00 200.00 0.00 (200.00)
31,334.89 0.00 0.00 69,991.43 69,991.43
1,031.87 0.00 0.00 6,004.35 6,004.35
0.00 0.00 0.00 (39.75)(39.75)
701,572.67 132,600.00 138,600.00 149,910.74 11,310.74
General Fund Revenue Comparison Attachment 2
2015/16
Actual Revenues
2016/17
Original Budget
2016/17
Final Budget
2016/17
AcƟvity
Variance w/ Final
Budget
380 - Transfers In
27,418.75 190,400.00 190,400.00 9,502.95 (180,897.05)101-0000-49500 Transfers In
380 - Transfers In Totals:27,418.75 190,400.00 190,400.00 9,502.95 (180,897.05)
0000 - Undesignated Totals:41,420,653.32 40,408,600.00 42,183,600.00 43,554,085.58 1,370,485.58
101 - GENERAL FUND Totals:41,420,653.32 40,408,600.00 42,183,600.00 43,554,085.58 1,370,485.58
27,418.75 190,400.00 190,400.00 9,502.95 (180,897.05)
27,418.75 190,400.00 190,400.00 9,502.95 (180,897.05)
41,420,653.32 40,408,600.00 42,183,600.00 43,554,085.58 1,370,485.58
41,420,653.32 40,408,600.00 42,183,600.00 43,554,085.58 1,370,485.58
General Fund Revenue Comparison Attachment 2
2015/16
Actual Expenses
2016/17
Original Budget
2016/17
Final Budget
2016/17
Actual Expenses
Variance w/ Final
Budget
1001 - City Council 271,383.88 288,300.00 293,400.00 272,268.06 (21,131.94)
Salaries and Benefits 258,837.97 265,000.00 270,100.00 245,309.03 (24,790.97)
Maintenance & Operations 12,545.91 23,300.00 23,300.00 26,959.03 3,659.03
1002 - City Manager 1,105,930.02 815,400.00 849,000.00 845,572.30 (3,427.70)
Salaries and Benefits 739,969.94 471,000.00 484,600.00 507,337.29 22,737.29
Contract Services 204,840.96 222,900.00 242,900.00 225,658.68 (17,241.32)
Maintenance & Operations 114,127.12 90,100.00 90,100.00 81,176.33 (8,923.67)
Internal Service Charges 46,992.00 31,400.00 31,400.00 31,400.00 0.00
1003 - City Attorney 419,119.01 416,000.00 506,000.00 410,886.97 (95,113.03)
Contract Services 419,119.01 416,000.00 506,000.00 410,886.97 (95,113.03)
1004 - Human Resources 302,452.37 385,100.00 417,100.00 407,779.18 (9,320.82)
Salaries and Benefits 230,643.02 246,100.00 248,100.00 236,680.86 (11,419.14)
Contract Services 31,015.83 69,100.00 69,100.00 96,965.02 27,865.02
Maintenance & Operations 25,097.52 51,100.00 81,100.00 55,333.30 (25,766.70)
Internal Service Charges 15,696.00 18,800.00 18,800.00 18,800.00 0.00
1005 - City Clerk 511,290.53 568,800.00 577,600.00 528,439.58 (49,160.42)
Salaries and Benefits 418,043.60 420,600.00 417,400.00 365,570.45 (51,829.55)
Contract Services 47,045.14 105,100.00 117,100.00 121,051.57 3,951.57
Maintenance & Operations 7,897.79 12,600.00 12,600.00 11,317.56 (1,282.44)
Internal Service Charges 38,304.00 30,500.00 30,500.00 30,500.00 0.00
1006 - Finance 951,178.92 1,094,500.00 1,145,900.00 1,018,008.84 (127,891.16)
Salaries and Benefits 731,218.27 804,600.00 811,700.00 684,806.55 (126,893.45)
Contract Services 142,273.96 127,700.00 172,000.00 163,073.74 (8,926.26)
Maintenance & Operations 13,786.69 15,300.00 15,300.00 23,228.55 7,928.55
Internal Service Charges 63,900.00 146,900.00 146,900.00 146,900.00 0.00
1007 - Central Services 4,542,802.03 4,654,900.00 11,264,048.96 6,173,386.27 (5,090,662.69)
Salaries and Benefits 109,543.58 340,000.00 217,700.00 168,954.95 (48,745.05)
Maintenance & Operations 503,216.66 308,600.00 379,600.00 382,755.46 3,155.46
Utilities 55,999.06 0.00 0.00 6,367.35 6,367.35
Capital Expenses 0.00 0.00 2,253,000.00 2,254,676.03 1,676.03
Internal Service Charges 345,295.92 332,000.00 332,000.00 332,000.00 0.00
Transfers Out 3,528,746.81 3,674,300.00 8,081,748.96 3,028,632.48 (5,053,116.48)
2001 - Police 14,085,960.09 14,670,400.00 14,832,400.00 14,451,363.86 (381,036.14)
Contract Services 14,037,475.37 14,631,300.00 14,793,300.00 14,417,358.37 (375,941.63)
Maintenance & Operations 2,377.88 2,500.00 2,500.00 1,401.40 (1,098.60)
Utilities 6,662.14 6,500.00 6,500.00 2,504.09 (3,995.91)
Capital Expenses 4,440.70 0.00 0.00 0.00 0.00
Internal Service Charges 35,004.00 30,100.00 30,100.00 30,100.00 0.00
2002 - Fire 5,405,679.94 6,531,300.00 6,591,300.00 5,816,590.43 (774,709.57)
Contract Services 5,227,265.50 6,340,900.00 6,390,900.00 5,643,879.97 (747,020.03)
Maintenance & Operations 71,786.84 69,100.00 79,100.00 64,526.13 (14,573.87)
Utilities 37,472.81 54,800.00 54,800.00 52,804.50 (1,995.50)
Capital Expenses 19,850.75 14,500.00 14,500.00 3,379.83 (11,120.17)
Internal Service Charges 49,304.04 52,000.00 52,000.00 52,000.00 0.00
3001 - Community Resources Administration 974,951.46 832,200.00 836,300.00 783,381.65 (52,918.35)
Salaries and Benefits 478,225.72 464,400.00 468,500.00 469,592.03 1,092.03
Contract Services 64,770.75 60,000.00 60,000.00 48,360.00 (11,640.00)
Maintenance & Operations 272,449.06 232,800.00 232,800.00 190,429.62 (42,370.38)
Capital Expenses 122,905.93 0.00 0.00 0.00 0.00
Internal Service Charges 36,600.00 75,000.00 75,000.00 75,000.00 0.00
3002 - Wellness Center Operations 472,612.68 612,600.00 606,700.00 522,038.55 (84,661.45)
Salaries and Benefits 290,955.54 440,400.00 434,500.00 361,513.86 (72,986.14)
Contract Services 42,955.62 87,300.00 87,300.00 88,593.37 1,293.37
Maintenance & Operations 74,668.50 44,900.00 44,900.00 30,080.32 (14,819.68)
271,383.88 288,300.00 293,400.00 272,268.06 (21,131.94)
258,837.97 265,000.00 270,100.00 245,309.03 (24,790.97)
12,545.91 23,300.00 23,300.00 26,959.03 3,659.03
1,105,930.02 815,400.00 849,000.00 845,572.30 (3,427.70)
739,969.94 471,000.00 484,600.00 507,337.29 22,737.29
204,840.96 222,900.00 242,900.00 225,658.68 (17,241.32)
114,127.12 90,100.00 90,100.00 81,176.33 (8,923.67)
46,992.00 31,400.00 31,400.00 31,400.00 0.00
419,119.01 416,000.00 506,000.00 410,886.97 (95,113.03)
419,119.01 416,000.00 506,000.00 410,886.97 (95,113.03)
302,452.37 385,100.00 417,100.00 407,779.18 (9,320.82)
230,643.02 246,100.00 248,100.00 236,680.86 (11,419.14)
31,015.83 69,100.00 69,100.00 96,965.02 27,865.02
25,097.52 51,100.00 81,100.00 55,333.30 (25,766.70)
15,696.00 18,800.00 18,800.00 18,800.00 0.00
511,290.53 568,800.00 577,600.00 528,439.58 (49,160.42)
418,043.60 420,600.00 417,400.00 365,570.45 (51,829.55)
47,045.14 105,100.00 117,100.00 121,051.57 3,951.57
7,897.79 12,600.00 12,600.00 11,317.56 (1,282.44)
38,304.00 30,500.00 30,500.00 30,500.00 0.00
951,178.92 1,094,500.00 1,145,900.00 1,018,008.84 (127,891.16)
731,218.27 804,600.00 811,700.00 684,806.55 (126,893.45)
142,273.96 127,700.00 172,000.00 163,073.74 (8,926.26)
13,786.69 15,300.00 15,300.00 23,228.55 7,928.55
63,900.00 146,900.00 146,900.00 146,900.00 0.00
4,542,802.03 4,654,900.00 11,264,048.96 6,173,386.27 (5,090,662.69)
109,543.58 340,000.00 217,700.00 168,954.95 (48,745.05)
503,216.66 308,600.00 379,600.00 382,755.46 3,155.46
55,999.06 0.00 0.00 6,367.35 6,367.35
0.00 0.00 2,253,000.00 2,254,676.03 1,676.03
345,295.92 332,000.00 332,000.00 332,000.00 0.00
3,528,746.81 3,674,300.00 8,081,748.96 3,028,632.48 (5,053,116.48)
14,085,960.09 14,670,400.00 14,832,400.00 14,451,363.86 (381,036.14)
14,037,475.37 14,631,300.00 14,793,300.00 14,417,358.37 (375,941.63)
2,377.88 2,500.00 2,500.00 1,401.40 (1,098.60)
6,662.14 6,500.00 6,500.00 2,504.09 (3,995.91)
4,440.70 0.00 0.00 0.00 0.00
35,004.00 30,100.00 30,100.00 30,100.00 0.00
5,405,679.94 6,531,300.00 6,591,300.00 5,816,590.43 (774,709.57)
5,227,265.50 6,340,900.00 6,390,900.00 5,643,879.97 (747,020.03)
71,786.84 69,100.00 79,100.00 64,526.13 (14,573.87)
37,472.81 54,800.00 54,800.00 52,804.50 (1,995.50)
19,850.75 14,500.00 14,500.00 3,379.83 (11,120.17)
49,304.04 52,000.00 52,000.00 52,000.00 0.00
974,951.46 832,200.00 836,300.00 783,381.65 (52,918.35)
478,225.72 464,400.00 468,500.00 469,592.03 1,092.03
64,770.75 60,000.00 60,000.00 48,360.00 (11,640.00)
272,449.06 232,800.00 232,800.00 190,429.62 (42,370.38)
122,905.93 0.00 0.00 0.00 0.00
36,600.00 75,000.00 75,000.00 75,000.00 0.00
472,612.68 612,600.00 606,700.00 522,038.55 (84,661.45)
290,955.54 440,400.00 434,500.00 361,513.86 (72,986.14)
42,955.62 87,300.00 87,300.00 88,593.37 1,293.37
74,668.50 44,900.00 44,900.00 30,080.32 (14,819.68)
General Fund Expenditure Comparison Attachment 3
2015/16
Actual Expenses
2016/17
Original Budget
2016/17
Final Budget
2016/17
Actual Expenses
Variance w/ Final
Budget
Utilities 31,333.02 0.00 0.00 1,851.00 1,851.00
Internal Service Charges 32,700.00 40,000.00 40,000.00 40,000.00 0.00
3003 - Recreation Programs & Special Events 234,010.19 134,200.00 135,700.00 129,864.59 (5,835.41)
Salaries and Benefits 147,118.44 62,000.00 62,000.00 59,721.27 (2,278.73)
Contract Services 46,114.88 0.00 0.00 373.46 373.46
Maintenance & Operations 31,380.87 39,200.00 40,700.00 36,769.86 (3,930.14)
Internal Service Charges 9,396.00 33,000.00 33,000.00 33,000.00 0.00
3004 - Library 8.49 0.00 0.00 0.00 0.00
Maintenance & Operations 8.49 0.00 0.00 0.00 0.00
3005 - Parks Maintenance 1,445,249.85 1,694,900.00 1,718,500.00 1,708,800.97 (9,699.03)
Salaries and Benefits 138,760.58 353,000.00 356,600.00 358,327.61 1,727.61
Contract Services 396,397.50 403,300.00 423,300.00 365,284.91 (58,015.09)
Maintenance & Operations 141,384.28 139,600.00 139,600.00 128,412.80 (11,187.20)
Utilities 211,607.49 235,100.00 235,100.00 292,875.65 57,775.65
Internal Service Charges 557,100.00 563,900.00 563,900.00 563,900.00 0.00
3006 - Museum 28.07 0.00 0.00 0.00 0.00
Maintenance & Operations 28.07 0.00 0.00 0.00 0.00
3007 - Marketing & Community Relations 698,261.43 828,100.00 905,100.00 830,897.63 (74,202.37)
Salaries and Benefits 65,734.22 198,700.00 200,700.00 170,937.27 (29,762.73)
Contract Services 208,996.96 212,500.00 242,500.00 282,830.83 40,330.83
Maintenance & Operations 418,826.25 400,400.00 443,400.00 360,629.53 (82,770.47)
Capital Expenses 0.00 0.00 2,000.00 0.00 (2,000.00)
Internal Service Charges 4,704.00 16,500.00 16,500.00 16,500.00 0.00
3008 - Public Buildings 1,120,889.49 1,409,500.00 1,413,100.00 1,376,354.84 (36,745.16)
Salaries and Benefits 182,446.30 337,700.00 341,300.00 298,172.55 (43,127.45)
Contract Services 75,203.07 108,600.00 90,600.00 93,031.41 2,431.41
Maintenance & Operations 725,189.58 773,800.00 773,800.00 775,079.98 1,279.98
Utilities 97,762.47 119,900.00 119,900.00 135,824.59 15,924.59
Capital Expenses 6,796.07 18,000.00 36,000.00 22,746.31 (13,253.69)
Internal Service Charges 33,492.00 51,500.00 51,500.00 51,500.00 0.00
6001 - Design & Development Administration 1,346,755.83 1,052,600.00 1,061,400.00 1,003,341.29 (58,058.71)
Salaries and Benefits 1,138,088.77 840,900.00 849,700.00 778,504.07 (71,195.93)
Contract Services 66,899.91 113,200.00 113,200.00 111,944.22 (1,255.78)
Maintenance & Operations 31,763.15 18,900.00 18,900.00 33,293.00 14,393.00
Internal Service Charges 110,004.00 79,600.00 79,600.00 79,600.00 0.00
6002 - Planning 516,302.45 566,300.00 594,300.00 504,010.65 (90,289.35)
Salaries and Benefits 298,763.49 399,600.00 402,600.00 338,110.10 (64,489.90)
Contract Services 194,111.99 90,000.00 115,000.00 95,534.54 (19,465.46)
Maintenance & Operations 1,034.97 24,200.00 24,200.00 17,866.01 (6,333.99)
Internal Service Charges 22,392.00 52,500.00 52,500.00 52,500.00 0.00
6003 - Building 581,904.14 905,000.00 909,100.00 695,619.70 (213,480.30)
Salaries and Benefits 292,968.23 439,800.00 443,900.00 433,369.42 (10,530.58)
Contract Services 254,175.50 391,000.00 391,000.00 191,036.17 (199,963.83)
Maintenance & Operations 2,060.41 11,600.00 11,600.00 8,614.11 (2,985.89)
Internal Service Charges 32,700.00 62,600.00 62,600.00 62,600.00 0.00
6004 - Code Compliance/Animal Control 822,455.82 1,001,500.00 1,017,600.00 911,979.40 (105,620.60)
Salaries and Benefits 547,021.24 588,600.00 614,700.00 568,625.32 (46,074.68)
Contract Services 161,109.10 290,000.00 280,000.00 213,371.01 (66,628.99)
Maintenance & Operations 5,833.48 15,000.00 15,000.00 22,083.07 7,083.07
Internal Service Charges 108,492.00 107,900.00 107,900.00 107,900.00 0.00
6005 - Emergency Services 11,049.31 0.00 0.00 0.00 0.00
Utilities 11,049.31 0.00 0.00 0.00 0.00
6006 - The Hub 7,554.48 672,200.00 717,800.00 638,565.28 (79,234.72)
Salaries and Benefits 7,554.48 534,500.00 540,100.00 507,741.50 (32,358.50)
31,333.02 0.00 0.00 1,851.00 1,851.00
32,700.00 40,000.00 40,000.00 40,000.00 0.00
234,010.19 134,200.00 135,700.00 129,864.59 (5,835.41)
147,118.44 62,000.00 62,000.00 59,721.27 (2,278.73)
46,114.88 0.00 0.00 373.46 373.46
31,380.87 39,200.00 40,700.00 36,769.86 (3,930.14)
9,396.00 33,000.00 33,000.00 33,000.00 0.00
8.49 0.00 0.00 0.00 0.00
8.49 0.00 0.00 0.00 0.00
1,445,249.85 1,694,900.00 1,718,500.00 1,708,800.97 (9,699.03)
138,760.58 353,000.00 356,600.00 358,327.61 1,727.61
396,397.50 403,300.00 423,300.00 365,284.91 (58,015.09)
141,384.28 139,600.00 139,600.00 128,412.80 (11,187.20)
211,607.49 235,100.00 235,100.00 292,875.65 57,775.65
557,100.00 563,900.00 563,900.00 563,900.00 0.00
28.07 0.00 0.00 0.00 0.00
28.07 0.00 0.00 0.00 0.00
698,261.43 828,100.00 905,100.00 830,897.63 (74,202.37)
65,734.22 198,700.00 200,700.00 170,937.27 (29,762.73)
208,996.96 212,500.00 242,500.00 282,830.83 40,330.83
418,826.25 400,400.00 443,400.00 360,629.53 (82,770.47)
0.00 0.00 2,000.00 0.00 (2,000.00)
4,704.00 16,500.00 16,500.00 16,500.00 0.00
1,120,889.49 1,409,500.00 1,413,100.00 1,376,354.84 (36,745.16)
182,446.30 337,700.00 341,300.00 298,172.55 (43,127.45)
75,203.07 108,600.00 90,600.00 93,031.41 2,431.41
725,189.58 773,800.00 773,800.00 775,079.98 1,279.98
97,762.47 119,900.00 119,900.00 135,824.59 15,924.59
6,796.07 18,000.00 36,000.00 22,746.31 (13,253.69)
33,492.00 51,500.00 51,500.00 51,500.00 0.00
1,346,755.83 1,052,600.00 1,061,400.00 1,003,341.29 (58,058.71)
1,138,088.77 840,900.00 849,700.00 778,504.07 (71,195.93)
66,899.91 113,200.00 113,200.00 111,944.22 (1,255.78)
31,763.15 18,900.00 18,900.00 33,293.00 14,393.00
110,004.00 79,600.00 79,600.00 79,600.00 0.00
516,302.45 566,300.00 594,300.00 504,010.65 (90,289.35)
298,763.49 399,600.00 402,600.00 338,110.10 (64,489.90)
194,111.99 90,000.00 115,000.00 95,534.54 (19,465.46)
1,034.97 24,200.00 24,200.00 17,866.01 (6,333.99)
22,392.00 52,500.00 52,500.00 52,500.00 0.00
581,904.14 905,000.00 909,100.00 695,619.70 (213,480.30)
292,968.23 439,800.00 443,900.00 433,369.42 (10,530.58)
254,175.50 391,000.00 391,000.00 191,036.17 (199,963.83)
2,060.41 11,600.00 11,600.00 8,614.11 (2,985.89)
32,700.00 62,600.00 62,600.00 62,600.00 0.00
822,455.82 1,001,500.00 1,017,600.00 911,979.40 (105,620.60)
547,021.24 588,600.00 614,700.00 568,625.32 (46,074.68)
161,109.10 290,000.00 280,000.00 213,371.01 (66,628.99)
5,833.48 15,000.00 15,000.00 22,083.07 7,083.07
108,492.00 107,900.00 107,900.00 107,900.00 0.00
11,049.31 0.00 0.00 0.00 0.00
11,049.31 0.00 0.00 0.00 0.00
7,554.48 672,200.00 717,800.00 638,565.28 (79,234.72)
7,554.48 534,500.00 540,100.00 507,741.50 (32,358.50)
General Fund Expenditure Comparison Attachment 3
2015/16
Actual Expenses
2016/17
Original Budget
2016/17
Final Budget
2016/17
Actual Expenses
Variance w/ Final
Budget
Contract Services 0.00 48,200.00 88,200.00 48,067.44 (40,132.56)
Maintenance & Operations 0.00 10,100.00 10,100.00 3,356.34 (6,743.66)
Internal Service Charges 0.00 79,400.00 79,400.00 79,400.00 0.00
7001 - Public Works Administration 418,617.45 0.00 0.00 0.00 0.00
Salaries and Benefits 319,596.96 0.00 0.00 0.00 0.00
Contract Services 69,881.89 0.00 0.00 0.00 0.00
Maintenance & Operations 11,834.60 0.00 0.00 0.00 0.00
Internal Service Charges 17,304.00 0.00 0.00 0.00 0.00
7002 - Public Works Development Services 565,598.04 617,100.00 623,100.00 436,843.46 (186,256.54)
Salaries and Benefits 384,049.00 312,900.00 318,900.00 313,261.27 (5,638.73)
Contract Services 144,938.35 255,000.00 255,000.00 79,082.50 (175,917.50)
Maintenance & Operations 5,620.69 6,200.00 6,200.00 1,499.69 (4,700.31)
Capital Expenses 2,790.00 0.00 0.00 0.00 0.00
Internal Service Charges 28,200.00 43,000.00 43,000.00 43,000.00 0.00
7003 - Streets 540.47 0.00 0.00 10,754.70 10,754.70
Salaries and Benefits 440.47 0.00 0.00 0.00 0.00
Maintenance & Operations 100.00 0.00 0.00 10,754.70 10,754.70
7006 - Engineering Services 1,420,100.24 1,491,200.00 2,396,206.00 1,858,330.76 (537,875.24)
Salaries and Benefits 514,336.40 620,400.00 629,500.00 569,216.48 (60,283.52)
Contract Services 824,561.48 766,700.00 1,662,606.00 1,185,944.77 (476,661.23)
Maintenance & Operations 5,410.36 9,600.00 9,600.00 8,669.51 (930.49)
Internal Service Charges 75,792.00 94,500.00 94,500.00 94,500.00 0.00
GENERAL FUND EXPENSES 38,232,686.68 41,242,100.00 49,411,654.96 41,335,078.96 (8,076,576.00)
0.00 48,200.00 88,200.00 48,067.44 (40,132.56)
0.00 10,100.00 10,100.00 3,356.34 (6,743.66)
0.00 79,400.00 79,400.00 79,400.00 0.00
418,617.45 0.00 0.00 0.00 0.00
319,596.96 0.00 0.00 0.00 0.00
69,881.89 0.00 0.00 0.00 0.00
11,834.60 0.00 0.00 0.00 0.00
17,304.00 0.00 0.00 0.00 0.00
565,598.04 617,100.00 623,100.00 436,843.46 (186,256.54)
384,049.00 312,900.00 318,900.00 313,261.27 (5,638.73)
144,938.35 255,000.00 255,000.00 79,082.50 (175,917.50)
5,620.69 6,200.00 6,200.00 1,499.69 (4,700.31)
2,790.00 0.00 0.00 0.00 0.00
28,200.00 43,000.00 43,000.00 43,000.00 0.00
540.47 0.00 0.00 10,754.70 10,754.70
440.47 0.00 0.00 0.00 0.00
100.00 0.00 0.00 10,754.70 10,754.70
1,420,100.24 1,491,200.00 2,396,206.00 1,858,330.76 (537,875.24)
514,336.40 620,400.00 629,500.00 569,216.48 (60,283.52)
824,561.48 766,700.00 1,662,606.00 1,185,944.77 (476,661.23)
5,410.36 9,600.00 9,600.00 8,669.51 (930.49)
75,792.00 94,500.00 94,500.00 94,500.00 0.00
38,232,686.68 41,242,100.00 49,411,654.96 41,335,078.96 (8,076,576.00)
General Fund Expenditure Comparison Attachment 3
11/15/2017
1
Financial Advisory Commission
Meeting
November 15, 2017
Financial Advisory Commission
November 15, 2017
C1-Approve Minutes of August 9,2017
2
Financial Advisory Commission
November 15, 2017
C2-Receive and File the First Quarter FY 2017/18 Treasury
Reports for July , August, and September, 2017
C3‐Receive and File the 4th Quarter Fiscal Year
Book Value by Investment Type
September 30, 2017
3
Financial Advisory Commission
November 15, 2017
C3-Receive and File Revenue and Expenditure Reports dated
June, 2017
C3‐Receive and File the 4th Quarter Fiscal Year
Financial Advisory Commission
November 15, 2017
C4-Receive and File Revenue and Expenditure Reports dated
July and August, 2017
C3‐Receive and File the 4th Quarter Fiscal Year
2/16/2018
4
Financial Advisory Commission
November 15, 2017
C5-Receive and File Revenue and Expenditure Reports dated
September, 2017
C3‐Receive and File the 4th Quarter Fiscal Year
Financial Advisory Commission
November 15, 2017
B1‐Appoint the Chairman and two Commissioners to Formulate the
Annual Measure G Sales Tax Oversight Compliance Report
C3‐Receive and File the 4th Quarter Fiscal Year
5
Measure G Oversight Sub‐Committee
•Chairman plus two Commissioners
•Review of revenue to date
•Review of actual and proposed expenditures
•Prepare report for Council January workshop,
January 13 (Saturday)
Financial Advisory Commission
November 15, 2017
S1‐Discuss Reserve Analysis Report and Findings
C3‐Receive and File the 4th Quarter Fiscal Year
6
Reserve Analysis Review
•Current reserve categories and funding
•Best practices
•Comparison to other cities
•Revenue and expenditure volatility
•Growth projections
•Mitigation risks & insurance policies
•Vulnerability to extreme events (natural, economic)
Initial Recommendations
•Continue to utilize 10‐year projections
•Emergency reserves split into “natural disaster”
and “economic disaster” components
•Cash flow reserves based on history
•Establish CIP sinking fund
•Establish CalPERS Pension trust
7
Reserve Targets
Reserve/Trust Reserve Target Annual Funding ($)
Emergency Reserve
Natural Disaster TBD $1,500,000
Economic Disaster $11,000,000 $1,000,000
Total Emergency Reserves TBD $2,500,000
Cash Flow $5,000,000
CIP Sinking Fund $10,000,000 $1,000,000
Total Reserves $26,000,000 $3,500,000
CalPERS Pension Trust $10,000,000 $1,000,000
Financial Advisory Commission
November 15, 2017
S2‐Discuss Budget VS Actual Revenue and Expense Report Options
C3‐Receive and File the 4th Quarter Fiscal Year
8
Budget vs. Actual Reporting
•Review alternatives for presenting actual
revenue and expenditures as compared to
budget
•Review sample quarterly report and discuss
options
Financial Advisory Commission
November 15, 2017
D1-Second Quarter Sales Tax Update for the City of La Quinta
9
Comparisons to County and State
Major Industry Groups
Sales Tax Measure G
10
Top 25 Producers
Sales Tax
Arco AM PM Lowes
AT&T Mobility Marshalls
Bed Bath & Beyond Ross
Best Buy Stater Bros
Chevy/Cadillac of LQ Stein Mart
Circle K Target
Cliffhouse TJ Maxx
Costco Torre Nissan
Home Depot Tower Mart
Hyundai of LQ Verizon Wireless
In n Out Burger Vons
Kohls Walmart
LQ Resort
Measure G
Amazon.com Marshalls
Arco AM PM Mathis Bros Furniture
Bed Bath & Beyond Ross
Benchmark Education Co Stater Bros
Best Buy Stein Mart
Circle K Target
Costco TJ Maxx
Desert European Motorcar Torre Nissan
Home Depot Tower Mart
I10 Toyota Verizon Wireless
Kohls Vons
LQ Resort Walmart
Lowes
Financial Advisory Commission
Meeting
November 15, 2017