2014 01 21 FA
FINANCING AUTHORITY
AGENDA
CITY HALL COUNCIL CHAMBERS
78-495 Calle Tampico, La Quinta
REGULAR MEETING ON TUESDAY, JANUARY 21, 2014 AT 4:00 P.M.
CALL TO ORDER
ROLL CALL:
Authority Members: Evans, Franklin, Henderson, Osborne, Chairperson Adolph
PUBLIC COMMENT
At this time, members of the public may address the Financing Authority on any matter not
listed on the agenda. Okd`rd bnlokdsd ` !qdptdrs sn rod`j! enql `mc khlhs xntq bnlldmsr
sn sgqdd lhmtsdr- The Financing Authority values your comments; however in accordance
with State law, no action shall be taken on any item not appearing on the agenda unless it
is an emergency item authorized by GC 54954.2(b).
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
PAGE
1.MINUTES OF DECEMBER 17, 2013 3
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1.5
30, 2013
2.RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS 7
DATED NOVEMBER 30, 2013
FINANCING AUTHORITY AGENDA 1 JANUARY 21, 2014
1
PAGE
3.RECEIVE AND FILE LA QUINTA FINANCING AUTHORITY 11
FINANCIAL STATEMENTS CONTAINED WITHIN THE
COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR
ENDED JUNE 30, 2013
BUSINESS SESSION NONE
CHAIR AND BOARD MEMBERS' ITEMS NONE
PUBLIC HEARINGS NONE
ADJOURNMENT
*****************************************
The next regular meeting of the Financing Authority will be held on February 18,
2014 at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico,
La Quinta, CA 92253.
DECLARATION OF POSTING
I, Susan Maysels, Authority Secretary of the La Quinta Financing Authority, do
hereby declare that the foregoing agenda for the La Quinta Financing Authority
meeting was posted near the entrance to the Council Chambers at 78-495 Calle
Tampico and on the bulletin boards at the La Quinta Cove Post Office at 51-321
Avenida Bermudas and at the Stater Brothers Supermarket 78-630 Highway 111,
on January 17, 2014.
DATED: January 17, 2014
SUSAN MAYSELS, Authority Secretary
La Quinta Financing Authority
Public Notices
Any writings or documents provided to a majority of the Financing Authority
regarding any item on this agenda will be made available for public inspection at the
City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta,
California, 92253, during normal business hours.
FINANCING AUTHORITY AGENDA 2 JANUARY 21, 2014
2
FINANCING AUTHORITY
MINUTES
TUESDAY, DECEMBER 17, 2013
A regular meeting of the La Quinta Financing Authority was called to order at
6:24 p.m. by Chairperson Adolph.
PRESENT: Authority Members Evans, Franklin, Henderson, Osborne, Chair Adolph
ABSENT: None
PUBLIC COMMENT None
CONFIRMATION OF AGENDA Confirmed
APPROVAL OF MINUTES
MOTION A motion was made and seconded by Authority Members Evans/
Henderson to approve the minutes of November 19, 2013 as submitted. Motion
passed unanimously.
CONSENT CALENDAR
1.
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
OCTOBER 31, 2013
MOTION A motion was made and seconded by Authority Members
Evans/Franklin to approve the Consent Calendar as recommended. Motion passed
unanimously.
BUSINESS SESSION None
CHAIR AND BOARD MEMBERS' ITEMS None
PUBLIC HEARINGS None
ADJOURNMENT
There being no further business, it was moved and seconded by Authority
Members Evans/Henderson to adjourn at 6:25 p.m. Motion passed unanimously.
Respectfully submitted,
SUSAN MAYSELS, Authority Secretary
La Quinta Financing Authority
FINANCING AUTHORITY MINUTES 1
DECEMBER 17, 2013
3
4
AGENDA CATEGORY:
: January 21, 2014
CITY / SA / HA / FA MEETING DATE
BUSINESS SESSION:
RECEIVE AND FILE TREASURER'S REPORT
ITEM TITLE:
DATED NOVEMBER 30, 2013
CONSENT CALENDAR:
1
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDED ACTION:
Receive and file.
FISCAL IMPACT:
None.
BACKGROUND/ANALYSIS:
and reflects monthly cash balances, investment activities, and the portfolio
performance. The City pools all cash and investments. Therefore, a separate
report for each reporting entity is not issued. The combined report for all entities is
ALTERNATIVES:
None.
Report prepared by: Robbeyn Bird, Finance Director
Report approved for submission by: Frank J. Spevacek, City Manager
5
6
AGENDA CATEGORY:
January 21, 2014
CITY / SA / HA / FA MEETING DATE:
BUSINESS SESSION:
RECEIVE AND FILE REVENUE AND
ITEM TITLE:
EXPENDITURE REPORTS DATED NOVEMBER 30, 2013
CONSENT CALENDAR:
2
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDED ACTION:
Receive and file.
EXECUTIVES SUMMARY:
Revenue and expenditure reports are submitted to the Financing Authority
for review.
The reports summarize year-to-date revenues and expenditures of the
Financing Authority.
FISCAL IMPACT:
None.
BACKGROUND/ANAYLSIS:
Revenue and expenditure reports are submitted to the La Quinta Financing
Authority monthly to review, receive, and file. Attached is the transmittal of the
November 30, 2013 Statements of Revenues and Expenditures for the Financing
Authority.
The La Quinta Financing Authority has collected 87.0% of its projected revenues
through November 30, 2013. Expenditures are at 87.3% of the budgeted
amounts. The revenue and expenditure difference is funded from Financing
Authority reserves. Revenues received are transferred from the General Fund to
pay for the interest and principal payments for the Civic Center bonds.
7
ALTERNATIVES:
None.
Report prepared by: Robbeyn Bird, Finance Director
Report approved for submission by: Frank J. Spevacek, City Manager
Attachments: 1. Revenue Reports for November 30, 2013
2. Expenditure Reports for November 30, 2013
8
ATTACHMENT 1
LA QUINTA FINANCING AUTHORITY07/01/2013 - 11/30/2013
REVENUE DETAILADJUSTEDREMAINING%
BUDGETRECEIVEDBUDGETRECEIVED
DEBT SERVICE REVENUE:
Contractual Services Fees5,000.000.005,000.000.000%
Non Allocated Interest0.001.46(1.46)0.000%
Rental Income673,400.00590,043.7583,356.2587.620%
Transfer In0.000.000.000.000%
TOTAL DEBT SERVICE 678,400.00590,045.2188,354.7986.980%
TOTAL FINANCING AUTHORITY 678,400.00590,045.2188,354.7986.980%
9
ATTACHMENT 2
LA QUINTA FINANCING AUTHORITYMID-YEARADJUSTED11/30/2013REMAINING
EXPENDITURE SUMMARYBUDGETREQUESTSBUDGETEXPENDITURESENCUMBEREDBUDGET
DEBT SERVICE EXPENDITURES
SERVICES6,000.006,000.001,371.000.004,629.00
BOND PRINCIPAL - 1996495,000.00495,000.00495,000.000.000.00
BOND INTEREST - 1996176,400.00176,400.0095,043.750.0081,356.25
TRANSFER OUT0.000.000.000.00
TOTAL DEBT SERVICE 677,400.000.00677,400.00591,414.750.0085,985.25
TOTAL FINANCING AUTHORITY 677,400.000.00677,400.00591,414.750.0085,985.25
10
January 21, 2013
AGENDA CATEGORY:
CITY / SA / HA / FA MEETING DATE:
RECEIVE AND FILE LA QUINTA
ITEM TITLE:
BUSINESS SESSION:
FINANCING AUTHORITY FINANCIAL STATEMENTS
CONTAINED WITHIN THE COMPREHENSIVE ANNUAL
CONSENT CALENDAR: 3
FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30,
STUDY SESSION:
2013
PUBLIC HEARING:
RECOMMENDED ACTION:
Receive and file the La Quinta Financing Authority Financial Statements contained
within the Comprehensive Annual Financial Report for the Year Ended June 30,
2013.
EXECUTIVE SUMMARY:
The Financial activities of the La Quinta Financing Authority are contained in
the Comprehensive Annual Financial Report (CAFR) and are reported as a
Debt Service Fund Type on pages 88 and 96 of the financial statements.
The 1996 bonds were issued to construct the Civic Center.
The revenue stream to pay the interest and principal payments on the bonds
originates in the General Fund and is transferred to the Financing Authority
to make those payments.
FISCAL IMPACT:
None.
BACKGROUND/ANALYSIS:
The 1996 Civic Center refunding bond issue is accounted for in the CAFR Debt
Service Fund. During the year, the expenditures were $300 more than the
revenues received, decreasing the fund balance by that amount. This decrease can
be seen on the Combining Statement of Revenues, Expenditures, and Changes in
Fund Balances on page 96 of the CAFR.
ALTERNATIVES:
11 11
State Law requires the Financing Authority Board to receive and file the CAFR.
Therefore, staff does not recommend alternatives to the recommended action.
Report prepared by: Robbeyn Bird, Finance Director
Report approved for submission by: Frank Spevacek, City Manager
12 12