2019 08 07 FACFINANCIAL ADVISORY COMMISSION 1 AUGUST 7, 2019
SPECIAL MEETING
NOTICE OF SPECIAL MEETING
OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION
TO THE COMMISSIONERS OF THE LA QUINTA FINANCIAL ADVISORY
COMMISSION:
NOTICE IS HEREBY GIVEN that a special meeting of the La Quinta Financial
Advisory Commission is hereby called to be held on Wednesday, August 7, at 4:00 p.m.
at La Quinta City Hall located at 78495 Calle Tampico, La Quinta, CA 92253 for the
following purpose:
ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS
1.La Quinta Village Complete Streets Project
2.SilverRock Master Infrastructure Update
3.Financial Advisory Commissioners and City Manager Introductions
CONSENT CALENDAR
1.Approve Minutes Dated June 5, 2019
2.Receive and File Revenue and Expenditure Report Dated May 31, 2019
BUSINESS SESSION
1.Appoint Financial Advisory Commissioner Chairperson and Vice-Chairperson for
Fiscal Year 2019/20
DEPARTMENTAL REPORTS
1.Verbal Update on Request for Information for Investment Brokers
2.Verbal Update on Upcoming Financial Reports for Fiscal Year 2019/20
3.Verbal Update on Banking and Merchant Services Transition
Dated: August 2, 2019 /s/ W. Richard Mills
W. RICHARD MILLS, Chairperson
Attest:
JESSICA DELGADO, Management Assistant
DECLARATION OF POSTING
I, Jessica Delgado, Management Assistant, do hereby declare that the foregoing notice
for the La Quinta Financial Advisory Commission special meeting of August 7, 2019 was
posted on the City’s website, near the entrance to the Council Chamber at 78-495 Calle
Tampico, and the bulletin boards at 78-630 Highway 111, and at 51-321 Avenida
Bermudas, on August 2, 2019.
Jessica Delgado, Management Assistant
FINANCIAL ADVISORY COMMISSION AGENDA 1 AUGUST 7, 2019
SPECIAL MEETING
FINANCIAL ADVISORY COMMISSION
AGENDA
CITY HALL STUDY SESSION ROOM
78-495 Calle Tampico, La Quinta
SPECIAL MEETING ON WEDNESDAY, AUGUST 7, 2019 AT 4:00 P.M.
Roll Call: Commissioners: Batavick, Hoffner, Hunter, Lopez, Rosen, Twohey
and Chairperson Mills
PLEDGE OF ALLEGIANCE
PUBLIC COMMENT
At this time members of the public may address the Commission on any matter not
listed on the agenda. Please complete a “Request to Speak” form and limit your
comments to three minutes. The Financial Advisory Commission 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
ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS
1.La Quinta Village Complete Streets Project
2.SilverRock Master Infrastructure Update
3.Financial Advisory Commissioners and City Manager Introductions
CONSENT CALENDAR
1.Approve Minutes Dated June 5, 2019
2.Receive and File Revenue and Expenditure Report Dated May 31, 2019
BUSINESS SESSION
1.Appoint Financial Advisory Commissioner Chairperson and Vice-Chairperson for
Fiscal Year 2019/20
STUDY SESSION – None
Financial Advisory Commission agendas and staff
reports are now available on the City’s web page:
www.laquintaca.gov
FINANCIAL ADVISORY COMMISSION AGENDA 2 AUGUST 7, 2019
SPECIAL MEETING
DEPARTMENTAL REPORTS
1.Verbal Update on Request for Information for Investment Brokers
2.Verbal Update on Upcoming Financial Reports for Fiscal Year 2019/20
3.Verbal Update on Banking and Merchant Services Transition
COMMISSIONERS’ ITEMS
ADJOURNMENT
The La Quinta Financial Advisory Commission will hold a special meeting on October 9,
2019 and the next regular quarterly meeting of the La Quinta Financial Advisory
Commission will be held on November 13, 2019. Both meetings will be held at the La
Quinta Study Session Room, 78-495 Calle Tampico, La Quinta, CA 92253 and
commencing at 4:00 p.m.
DECLARATION OF POSTING
I, Jessica Delgado, Management Assistant, of the City of La Quinta, do hereby declare
that the foregoing Agenda for the La Quinta Financial Advisory Commission special
meeting was posted on the City’s website, near the entrance to the Council Chamber at
78-495 Calle Tampico, and the bulletin boards at 78-630 Highway 111, and 51-321
Avenida Bermudas, on August 2, 2019.
DATED: August 2, 2019
Jessica Delgado, Management Assistant
City of La Quinta, California
Public Notices
The La Quinta City Study Session Room is handicapped accessible. If special equipment is
needed for the hearing impaired, please call the City Clerk’s office at (760) 777-7092, twenty-
four (24) hours in advance of the meeting and accommodations will be made.
If special electronic equipment is needed to make presentations to the Financial Advisory
Commission, arrangements should be made in advance by contacting the City Clerk’s office at
(760) 777-7092. A one (1) week notice is required.
If background material is to be presented to the Financial Advisory Commission (FAC) during a
special FAC meeting, please be advised that eight (8) copies of all documents, exhibits, etc.,
must be supplied to the Management Assistant for distribution. It is requested that this take
place prior to the beginning of the meeting.
Any Writings or documents provided to a majority of the Financial Advisory Commission
regarding any item(s) on the agenda will be made available for public inspection at the
Community Development counter at City Hall located at 78-495 Calle Tampico, La Quinta,
California, 92253, during normal business hours.
FINANCIAL ADVISORY COMMISSION MINUTES 1 JUNE 5, 2019
SPECIAL MEETING
FINANCIAL ADVISORY COMMISSION
SPECIAL MEETING
MINUTES
WEDNESDAY, JUNE 5, 2019
CALL TO ORDER
A special meeting of the La Quinta Financial Advisory Commission (Commission) was
called to order at 4:00 p.m. by Chair Mills.
PRESENT: Commissioners: Batavick, Hunter, Lopez, Rosen, Twohey, and Chair
Mills
ABSENT: Commissioner Turbow
PLEDGE OF ALLEGIANCE
Commissioner Hunter led the audience in the Pledge of Allegiance.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None
CONFIRMATION OF AGENDA – Confirmed
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS – None
CONSENT CALENDAR ITEMS
1. APPROVE FINANCIAL ADVISORY COMMISSION MINUTES DATED
MAY 15, 2019
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL
30, 2019
Motion – A motion was made and seconded by Commissioners Twohey/Lopez to approve
the Consent Calendar, as submitted. Motion passed: ayes 6, noes 0, absent 1 (Turbow).
BUSINESS SESSION
1. APPROVE WRITE-OFF OF OUTSTANDING INTERFUND LOANS
Finance Director Romero presented the staff report, which is on file in the Finance
Department.
The Commission and Staff discussed the outstanding loans for the SilverRock Resort
Fund; the three Development Impact Fee (DIF) loans; the history and overview of these
outstanding loans that are due to the General Fund; DIF revenue projections; and
pending DIF fees for the SilverRock Resort event site.
CONSENT CALENDAR ITEM NO. 1
FINANCIAL ADVISORY COMMISSION MINUTES 2 JUNE 5, 2019
SPECIAL MEETING
Further discussion followed on how the accounting journal entry for writing off these loans
is recorded and disclosed in the City’s financial statements and the impacts related to the
overall Fund balance.
Motion – A motion was made and seconded by Commissioners Batavick/Rosen to
recommend Council approval to write-off the outstanding interfund loans. Motion passed:
ayes 6, noes 0, absent 1 (Turbow).
STUDY SESSION
1. DISCUSS FISCAL YEAR 2018/19 FOURTH QUARTER BUDGET REPORT
Finance Director Romero presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed the allocation of savings from the Police contract and
unexpended land acquisition budget; the interfund transfers to the Economic
Development Fund, Public Safety Fund, and the Facility and Fleet Fund; and the
management of funds for economic development.
2. DISCUSS PROPOSED FISCAL YEAR 2019/20 BUDGET
Finance Director Romero presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed the City’s portion of funding for the La Quinta schools
resource officers; other General Fund amended requests approved by Council at the June
4, 2019 meeting, which reduced the anticipated budget surplus; and the Unassigned Fund
balance.
The Commission suggested reviewing the 10-year financial projections discussed at the
Community Workshop held on January 12, 2019. Staff said they would add the item to a
special Commission meeting on August 7, 2019.
Staff announced that the City’s 2019/20 Citizen Budget Mailer will be placed in the City’s
Gem as an article instead of being mailed out as a brochure.
DEPARTMENTAL REPORTS
Departmental Report Item No. 1 is on file in the Finance Department. Staff provided the
Commission with verbal updates on Departmental Report Items No. 2 and 3.
1. AWARD FOR EXCELLENCE IN GOVERNMENT FINANCE
Financial Services Analyst Hallick presented the staff report, which is on file in the Finance
Department.
Staff announced that the City’s General Fund Balance and Reserves Policy won an award
from the Government Finance Officers Association for best practices. The Commission
suggested posting the award on the City’s website and staff said they would be adding it
on the website as well as in a City’s Gem article.
FINANCIAL ADVISORY COMMISSION MINUTES 3 JUNE 5, 2019
SPECIAL MEETING
2. VERBAL UPDATE ON BANKING AND MERCHANT SERVICES
Financial Services Analyst Hallick announced that Council approved a contract with Bank
of the West for banking and merchant services with the City. She explained the process
and steps that would be taken for the City’s transfer from one bank to another.
Commissioner Batavick complimented staff on the how the staff report was presented to
Council at the June 4, 2019 meeting.
Staff announced that Council has appointed Jon McMillen as the new City Manager
effective July 1, 2019; gave a brief overview of his background with the City as a
consultant; and Jon McMillen’s role during the banking implementation plan
3. VERBAL UPDATE ON THE INVESTMENT STRATEGY SUB-COMMITTEE FOR
PUBLIC AGENCY RETIREMENT SERVICE TRUST
Finance Director Romero provided the Commission with an update on the Public Agency
Retirement Service Trust. She let the Commission know it is currently waiting the City
Manager’s signature, so that an investment strategy can be recommended by with the
Commission’s sub-committee.
4. VERBAL UPDATE ON REQUEST FOR INFORMATION FOR INVESTMENT
BROKERS
Financial Services Analyst Hallick let the commission know that an updated request for
information (RFI) for investment brokers would be posted on the City’s website on June
6, 2019. She explained that this updated RFI would provide the most current Investment
Policy adopted by Council on June 4, 2019 and further clarification of the City’s needs.
COMMISSIONERS’ ITEMS – None
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Turbow/Lopez to adjourn this meeting at 6:08 p.m. Motion passed: ayes 6, noes 0,
absent 1 (Turbow).
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: August 7, 2019
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT
DATED MAY 31, 2019
RECOMMENDATION
Receive and file revenue and expenditure report dated May 31, 2019.
EXECUTIVE SUMMARY
•The report summarizes the City’s year-to-date (YTD) revenues and
period expenditures for May 2019 (Attachment 1).
•This report was also reviewed by the City Council on July 16, 2019.
FISCAL IMPACT - None
BACKGROUND/ANALYSIS
Below is a summary of the column headers used on the Revenue and
Expenditure Summary Reports:
Original Total Budget – represents revenue and expenditure budgets the
Council adopted in June 2018 for fiscal year 2018/19.
Current Total Budget – represents original adopted budgets plus any
carryovers (typically associated with long-term Capital Improvement
Projects (CIP) from the prior fiscal year) and any Council approved
budget amendments from throughout the year.
Period Activity – represents actual revenues received and expenditures
outlaid in the reporting month.
Fiscal Activity – represents actual revenues received and expenditures
outlaid YTD.
Variance Favorable/(Unfavorable) - represents the dollar difference
between YTD collections/expenditures and the current budgeted
amount.
Percent Used – represents the percentage activity as compared to
budget YTD.
CONSENT CALENDAR ITEM NO. 2
The revenue report includes revenues and transfers into funds from other
funds (income items). Revenues are not received uniformly throughout the
year, resulting in peaks and valleys. 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. Any timing imbalance of revenue receipts versus
expenditures is funded from the City’s cash flow reserve.
The expenditure report includes expenditures and transfers out to other funds.
Unlike revenues, expenditures are more likely to be consistent from month to
month. However, large debt service payments or CIP expenditures can cause
swings.
Prepared by: Rosemary Hallick, Financial Services Analyst
Approved by: Karla Romero, Finance Director
Attachment: 1. Revenue and Expenditure Report for May 31, 2019
MTD YTD
YTD Percent
of Budget
General Fund 6,233,352$ 44,429,887$ 79.58%
All Funds 7,544,357$ 72,792,915$ 44.94%
MTD YTD
YTD Percent
of Budget
General Fund 3,843,420$ 33,384,640$ 48.59%
Payroll - General Fund 897,800$ 8,219,097$ 49.11%
All Funds 5,305,864$ 78,735,846$ 43.29%
May Expenditures
May Revenues
General Fund Non-General Fund
Property Tax 2,197,220$ Lighting and Landscape District Assessments 423,926$
Transient Occupancy (Hotel) Tax 1,906,965$ SilverRock Greens Fees 297,422$
Measure G Sales Tax 792,386$ Gas Tax 123,059$
Sales Tax 753,047$ Interest Earned on Investments 98,701$
Franchise Fees- Cable TV (Charter)180,740$ Transportation Development Impact Fees 69,553$
General Fund Non-General Fund
Sheriff Contract (February and March)2,290,676$ Capital Improvement Program (CIP)- Construction(2)294,405$
Professional Services- Planning Division (1)68,429$ Homelessness Assistance (Martha's and CVRM)166,666$
Marketing and Tourism Promotions 59,672$ SilverRock Maintenance 127,890$
Contract Traffic Engineer 57,609$ Lighting and Landscape District Maintenance 87,493$
Contract Legal Services 36,690$ CIP- Design(3)65,380$
Top Five Revenue/Income Sources for May
Top Five Expenditures/Outlays for May
(1) Consulting services paid to Rangwala Associates related to the Highway 111 Corridor Plan study, community outreach, and
planning.
(2) CIP Construction: Expenses associated with Highway Safety Improvement Program (HSIP) intersection improvements, Jefferson
Street sidewalk gap closure project and Cove restroom.
(3) CIP Design: Multiple CIP projects including SilverRock Event Site and infrastructure; Dune Palms Road widening and bridge; Cove
restroom; and Eisenhower retention basin.
For Fiscal: 2018/19 Period Ending: 05/31/2019
Page 1 of 2
Revenue Summary
Fiscal
Activity
Variance
Favorable
(Unfavorable)Fund
Period
Activity
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 44,429,8876,233,35252,297,400 55,831,050 -11,401,163 79.58 %
201 - GAS TAX FUND 1,645,032123,0591,965,500 1,965,500 -320,468 83.70 %
202 - LIBRARY & MUSEUM FUND 2,220,3781882,333,000 2,313,000 -92,622 96.00 %
203 - PUBLIC SAFETY FUND (MEASURE G)204,7930200,000 853,000 -648,207 24.01 %
210 - FEDERAL ASSISTANCE FUND 0072,000 66,226 -66,226 0.00 %
212 - SLESA (COPS) FUND 116,9338,333100,100 100,100 16,833 116.82 %
213 - JAG FUND 26800213 55 125.88 %
215 - LIGHTING & LANDSCAPING FUND 1,562,324423,9261,586,100 1,586,100 -23,776 98.50 %
217 - DEVELOPMENT AGREEMENT 1560030,800 -30,644 0.51 %
220 - QUIMBY FUND 50,7380367,000 383,000 -332,262 13.25 %
221 - AB 939 - CALRECYCLE FUND 45,780063,700 66,200 -20,420 69.15 %
223 - MEASURE A FUND 632,60165,804971,708 974,708 -342,107 64.90 %
224 - TUMF FUND 278000 278 0.00 %
225 - INFRASTRUCTURE FUND 2780100100 178 277.70 %
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)-10,417-10,500012,000 -22,417 86.81 %
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)0006,000 -6,000 0.00 %
230 - CASp FUND, AB 1379 18,9601,1214,000 10,000 8,960 189.60 %
231 - SUCCESSOR AGCY PA 1 RORF 7,568,9142020,482,627 -12,913,713 36.95 %
235 - SO COAST AIR QUALITY FUND 14,272051,500 51,500 -37,228 27.71 %
237 - SUCCESSOR AGCY PA 1 ADMIN 3,9290012,005 -8,076 32.73 %
241 - HOUSING AUTHORITY 640,07824,083315,000 543,000 97,078 117.88 %
243 - RDA LOW-MOD HOUSING FUND 18,68208,000 18,000 682 103.79 %
247 - ECONOMIC DEVELOPMENT FUND 0002,981,600 -2,981,600 0.00 %
248 - SA 2004 LO/MOD BOND FUND (Refinanced in 2014)00010,000 -10,000 0.00 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)310,534030,000 170,000 140,534 182.67 %
250 - TRANSPORTATION DIF FUND 461,69469,553369,000 379,000 82,694 121.82 %
251 - PARKS & REC DIF FUND 326,99334,816508,200 512,200 -185,207 63.84 %
252 - CIVIC CENTER DIF FUND 123,74616,387110,000 110,000 13,746 112.50 %
253 - LIBRARY DEVELOPMENT DIF 52,6325,84830,000 30,000 22,632 175.44 %
254 - COMMUNITY CENTER DIF 21,5632,19315,400 15,400 6,163 140.02 %
255 - STREET FACILITY DIF FUND 21,3052,84015,000 15,000 6,305 142.04 %
256 - PARK FACILITY DIF FUND 6,1216804,000 4,000 2,121 153.03 %
257 - FIRE PROTECTION DIF 56,9067,53540,000 40,000 16,906 142.26 %
270 - ART IN PUBLIC PLACES FUND 78,21720,45488,500 88,500 -10,283 88.38 %
275 - LQ PUBLIC SAFETY OFFICER 2,49402,100 2,100 394 118.75 %
299 - INTEREST ALLOCATION FUND 580,34598,70100 580,345 0.00 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 668,8610671,600 671,600 -2,739 99.59 %
401 - CAPITAL IMPROVEMENT PROGRAMS 4,131,45640,09611,955,941 56,663,794 -52,532,337 7.29 %
405 - SA PA 1 CAPITAL IMPRV FUND 77,103000 77,103 0.00 %
501 - FACILITY & FLEET REPLACEMENT 741,2930923,700 1,088,700 -347,407 68.09 %
502 - INFORMATION TECHNOLOGY 842,7191,5421,189,800 1,496,800 -654,081 56.30 %
503 - PARK EQUIP & FACILITY FUND 529,3760675,000 690,000 -160,624 76.72 %
504 - INSURANCE FUND 691,1720923,600 923,600 -232,428 74.83 %
601 - SILVERROCK RESORT 3,698,914374,3444,092,800 4,147,800 -448,886 89.18 %
602 - SILVERROCK GOLF RESERVE 6,156070,000 70,000 -63,844 8.79 %
735 - 97-1 AGENCY REDEMPTION FUND 339000 339 0.00 %
740 - 2000-1 AGENCY REDEMPTION 144,348000 144,348 0.00 %
760 - SUPPLEMENTAL PENSION PLAN 1,20400800 404 150.47 %
761 - CERBT OPEB TRUST 53,5610020,000 33,561 267.81 %
762 - PARS PENSION TRUST 0006,540,000 -6,540,000 0.00 %
Report Total:7,544,357 72,792,91582,049,749 161,976,023 -89,183,108 44.94 %
Accounts are subject to adjusting entries and audit. The City's Comprehensive Annual Financial Report (CAFR), published annually in December, is the best resource for all final audited
numbers.
ATTACHMENT 1
For Fiscal: 2018/19 Period Ending: 05/31/2019
Page 2 of 2
Expenditure Summary
Fiscal
Activity
Variance
Favorable
(Unfavorable)Fund
Period
Activity
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 33,384,6403,843,42051,153,413 68,707,441 35,322,801 48.59 %
201 - GAS TAX FUND 1,385,39688,4031,959,900 2,010,829 625,433 68.90 %
202 - LIBRARY & MUSEUM FUND 1,125,84633,0781,628,200 1,793,400 667,554 62.78 %
210 - FEDERAL ASSISTANCE FUND 0072,000 66,226 66,226 0.00 %
212 - SLESA (COPS) FUND 53,82721,612100,000 100,000 46,173 53.83 %
215 - LIGHTING & LANDSCAPING FUND 1,251,591151,2101,582,700 1,785,400 533,809 70.10 %
217 - DEVELOPMENT AGREEMENT 77,741067,000 97,000 19,259 80.15 %
220 - QUIMBY FUND 615,08503,956,000 5,748,488 5,133,403 10.70 %
221 - AB 939 - CALRECYCLE FUND 68,77218,59135,000 95,000 26,228 72.39 %
223 - MEASURE A FUND 312,9190961,708 4,733,403 4,420,484 6.61 %
225 - INFRASTRUCTURE FUND 2,7330028,571 25,838 9.56 %
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)00012,000 12,000 0.00 %
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)3,013006,000 2,987 50.22 %
230 - CASp FUND, AB 1379 1,26804,000 5,500 4,232 23.06 %
231 - SUCCESSOR AGCY PA 1 RORF 17,368,060009,339,728 -8,028,332 185.96 %
235 - SO COAST AIR QUALITY FUND 21,49455154,000 54,000 32,506 39.80 %
237 - SUCCESSOR AGCY PA 1 ADMIN 25,2318,050012,005 -13,226 210.17 %
241 - HOUSING AUTHORITY 476,05455,887604,000 602,500 126,446 79.01 %
243 - RDA LOW-MOD HOUSING FUND 166,666166,666250,000 267,667 101,001 62.27 %
248 - SA 2004 LO/MOD BOND FUND (Refinanced in 2014)1,021,71158,53701,451,947 430,236 70.37 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)7,376,024007,416,000 39,976 99.46 %
250 - TRANSPORTATION DIF FUND 412,8900400,000 2,557,460 2,144,571 16.14 %
251 - PARKS & REC DIF FUND 2,732002,405,952 2,403,220 0.11 %
252 - CIVIC CENTER DIF FUND 99,4280110,000 115,952 16,524 85.75 %
253 - LIBRARY DEVELOPMENT DIF 24,101030,000 35,952 11,851 67.04 %
254 - COMMUNITY CENTER DIF 2,73200107,591 104,859 2.54 %
255 - STREET FACILITY DIF FUND 28,638015,000 20,952 -7,686 136.68 %
256 - PARK FACILITY DIF FUND 6,69804,000 9,952 3,254 67.30 %
257 - FIRE PROTECTION DIF 9,233040,000 45,952 36,719 20.09 %
270 - ART IN PUBLIC PLACES FUND 73,9241,000322,000 722,000 648,076 10.24 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 669,0380671,600 671,600 2,563 99.62 %
401 - CAPITAL IMPROVEMENT PROGRAMS 6,018,005425,55411,955,941 56,674,801 50,656,796 10.62 %
405 - SA PA 1 CAPITAL IMPRV FUND 9,016005,343,052 5,334,037 0.17 %
501 - FACILITY & FLEET REPLACEMENT 768,69627,957923,700 1,155,784 387,088 66.51 %
502 - INFORMATION TECHNOLOGY 839,49881,0641,090,700 1,574,200 734,702 53.33 %
503 - PARK EQUIP & FACILITY FUND 203,4897,733705,000 775,000 571,511 26.26 %
504 - INSURANCE FUND 799,9805,648921,100 918,500 118,520 87.10 %
601 - SILVERROCK RESORT 3,822,335310,9044,090,800 4,146,000 323,665 92.19 %
602 - SILVERROCK GOLF RESERVE 50,200050,200 105,200 55,000 47.72 %
740 - 2000-1 AGENCY REDEMPTION 144,30800144,309 1 100.00 %
760 - SUPPLEMENTAL PENSION PLAN 12,8330012,850 17 99.87 %
Report Total:5,305,864 78,735,84683,757,962 181,876,165 103,140,319 43.29 %
Accounts are subject to adjusting entries and audit. The City's Comprehensive Annual Financial Report (CAFR), published annually in December, is the best resource for all final audited
numbers.
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: August 7, 2019
STAFF REPORT
AGENDA TITLE: APPOINT A FINANCIAL ADVISORY COMMISSIONER
CHAIRPERSON AND VICE-CHAIRPERSON FOR FISCAL YEAR 2019/20
RECOMMENDATION
Appoint a Financial Advisory Commissioner Chairperson and Vice-Chairperson
to serve for fiscal year 2019/20.
EXECUTIVE SUMMARY
• The August 7, 2019 meeting is the first scheduled meeting of the
Financial Advisory Commission (FAC) for 2019/20.
• Pursuant to La Quinta Code 2.06.050 the FAC, at its first meeting held
after June 30, shall vote to elect one of its members as Chairperson and
elect another as Vice-Chairperson.
FISCAL IMPACT - None.
BACKGROUND/ANALYSIS
In accordance with La Quinta Code 2.06.050, “unless otherwise provided by
law, ordinance or resolution of the city council, each board, commission and
committee shall choose one of its members as Chairperson and one as Vice-
Chairperson at its first meeting held after June 30th of each year.” Pursuant to
this section, staff has placed this item on the agenda for appointment of a
Chairperson and a Vice-Chairperson.
ALTERNATIVES
This action is required by City Code, staff does not recommend an alternative.
Prepared by: Jessica Delgado, Management Assistant
Approved by: Karla Romero, Finance Director
BUSINESS SESSION ITEM NO. 1
HAND OUTS
FAC
MEETING
A ugust 7, 2019
The City of La Quinta will invest over $13.5 million from various funding sources to construct
the La Quinta Village where pedestrian, bicycle, golf cart, and
crosswalks added midblock will provide
pedestrians with safer access to Civic Center Park, Old Town La Quinta, and the Benjamin
Franklin Elementary School. Improvements will be completed in three stages throughout The
Village and Cove areas - construction is underway!
ABOUT THE PROJECT
.
FACT SHEET
BE READY. BE INFORMED.
Toll-Free Helpline: 844-332-3717
Text to Sign-Up: Text LAQUINTAVILLAGE to 22828.
Dedicated Website: lqcompletestreets.com
City Website: laquintaca.gov/completestreets
Info@lqcompletestreets.com
Stage 3: May 2020 - October 2020
On Eisenhower Drive
between Calle Sinaloa and
just past Calle Tampico
Roundabout #4:
Calle Tampico at
Eisenhower Drive
Roundabout #5:
Eisenhower Drive at
Avenida Montezuma
Stage 1: August 2019 - January 2020
On Calle Tampico between
Avenida Bermudas and
Washington Street
October 1 - April 30
Monday - Friday
7 a.m. - 5:30 p.m.
May 1 - September 30
Monday-Friday
6 a.m. - 7 p.m.
Stage 2: January 2020 - May 2020
On Calle Sinaloa/Avenida 52
between Eisenhower Drive and
Desert Club Drive
Roundabout #3:
Sinaloa/Avenida 52 at
Avenida Bermudas
SUPPORT YOUR LOCAL BUSINESSES DURING CONSTRUCTION.
Roundabout #1:
Calle Tampico at
Avenida Bermudas
Roundabout #2:
Calle Tampico at
Desert Club
@VisitLaQuinta
@CityofLaQuinta
@CityofLaQuinta
#LQcompletestreets
City Website:
laquintaca.gov/completestreets
Toll-Free Helpline:844.332.3717
Text to Sign-Up
LAQUINTAVILLAGE
to 22828
@VisitLaQuinta
@CityofLaQuinta
@CityofLaQuinta
#LQcompletestreets
Email:
info@completestreets.com
Dedicated Website:lqcompletestreets.com
Support your local businesses
during construction.
EISENHOWER DRCALLE SINALOA
CALLE TAMPICO
CITY OF
LA QUINTA
AVENIDA MONTEZUMA
AVENIDA HERRERAAVENIDA MARTINEZAVENIDA MENDOZAAVENIDA VILLAAVENIDA NAVARROAVENUE 52WASHINGTON STDESERT CLUB DRAVENIDA BERMUDAAVENIDA VELASCOCALLE GUATEMALACALLE HUENEMECALLE ILOLLOCALLE JACUMBAAVENIDA LA FONDA
LA QUINTA CIVIC
CENTER PARK
LA QUINTA COMMUNITY
FITNESS CENTER
LA QUINTA
MUSEUM
OLD TOWN
LA QUINTA
WELLNESS
CENTER
BENJAMIN FRANKLIN
ELEMENTARY SCHOOL
CITY
HALL
Stage 3: On Eisenhower Drive between Calle Sinaloa and
just past Calle Tampico
May 2020- October 2020
Roundabout #4: Calle Tampico at Eisenhower Drive
Roundabout #5: Eisenhower Drive at Avenida Montezuma Stage 1: On Calle Tampico between Avenida Bermudas
and Washington Street
August 2019 - January 2020
Roundabout #1: Calle Tampico at Avenida Bermudas
Roundabout #2: Calle Tampico at Desert Club
Stage 2: On Calle Sinaloa/Avenida 52 between Eisenhower
Drive and Desert Club Drive
January 2020 - May 2020
Roundabout #3: Sinaloa/Avenida 52 at Avenida Bermudas)
Overview Map
LA QUINTA VILLAGE COMPLETE STREETS PROJECT
POWER POINTS
FAC
MEETING
August 7, 2019
08/07/2019
1
Financial Advisory Commission
Special Meeting
08/07/2019
Announcements, Presentations
and Written Communications
1. La Quinta Village Complete Streets Project
08/07/2019
2
08/07/2019
3
Groundbreaking Ceremony
08/07/2019
4
Public Outreach
Tools During Construction
•www.laquintaca.gov/completestreets
•Community information sessions
•Educational videos
•Postcard mailings
•FAQ’s
•Maps (Overview and specific stages)
Public Outreach
Tools During Construction
•24 hour hotline
•Text for alerts
•Business cards
•Fact Sheet
•Weekly updates
•Social media updates
08/07/2019
5
Public Outreach
Tools During Construction
•Traffic change updates
•Live cameras and time lapse video
•Rack cards for businesses
•Widget connected to website and app
•Community Meetings
•Included in Items of Interest (IOI’s)
08/07/2019
6
52 Calle Sinaloa/Avenida Bermudas
08/07/2019
7
Calle Tampico/Avenida Bermudas
Calle Tampico/Desert Club Drive
08/07/2019
8
Calle Tampico/Eisenhower Drive
Eisenhower Drive/Avenida Montezuma
08/07/2019
9
Roundabout and Road Diet
Information and Data
•What is a Modern Roundabout? FAQ
•Road Diet Fact Sheet
•Information Guide
•Safety Article
08/07/2019
10
•Emergency Response Times
•Roundabouts and First Responders
•Federal Highway Administration (FHWA)
Road Diet Case Studies
Roundabout and Road Diet
Information and Data
QUESTIONS?
08/07/2019
11
Announcements, Presentations
and Written Communications
2. SilverRock Master Infrastructure Update
SilverRock Update
•Provided by Jon Gamlin to City Council on 8/6/19
http://laquinta.12milesout.com/video/meeting/b6cc32ef‐
a1c7‐4bdc‐a1c9‐d084ec9e4512
08/07/2019
12
Announcements, Presentations
and Written Communications
3. Financial Advisory Commissioners and City Manager Introductions
Financial Advisory Commission
08/07/2019
Business Item
1. Appoint FAC Chairperson and Vice-Chairperson
08/07/2019
13
Past Appointments
Fiscal Year Chairperson Vice Chairperson
2018/19 W. Richard Mills Daniel Twohey
2017/18 George Batavick W. Richard Mills
2016/17 George Batavick Jane Johnson
Financial Advisory Commission
08/07/2019
Departmental Reports – Verbal Updates
1. Request for Information for Investment Brokers
2. Upcoming Financial Reports for Fiscal Year 2019/20
3. Banking and Merchant Services transitions
08/07/2019
14
Investment Broker RFI Update
•14 responses received
•4 selected for interviews in September
–Higgins Capital Management
–Oppenheimer & Co. Inc.
–Castleoak Securities
–Great Pacific Securities
Upcoming Financial Reports
•Accruals for 18/19 through August 30th
•Audit preparation August ‐ September
•Audits from October – February for 18/19
–Final Citywide, Measure A, Streets, Single (Federal Funds), Housing
Authority
•18/19 Year‐End Budget Report, November
•18/19 CAFR, December
•10‐year projections updated, December
•State Controllers Reports 18/19, January
•Single Audit Report 18/19, March
08/07/2019
15
Banking & Merchant Services
•Weekly calls Mondays at 9am
•Contract fully executed
•Working on multiple products/services
–Signature cards for checks, mid‐August
–Cash vault management services, mid‐August
–Accepting deposits, mid‐August
–Accounts Payables, early September
–Payroll, mid‐September
–Credit card terminals, early September
–City credit cards for Directors, early September
–Employee products and services, October
08/07/2019
16
Financial Advisory Commission
Special Meeting is on
October 9, 2019
Next Regular Quarterly Meeting is on
November 13, 2019