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2021 02 10 FAC FINANCIAL ADVISORY COMMISSION AGENDA 1 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING FINANCIAL ADVISORY COMMISSION AGENDA CITY HALL COUNCIL CHAMBERS 78-495 Calle Tampico, La Quinta REGULAR MEETING ON WEDNESDAY, FEBRUARY 10, 2021 AT 4:00 P.M. ****************************** SPECIAL NOTICE Teleconferencing and Telephonic Accessibility in Effect Pursuant to Executive Orders N-25-20, N-29-20, N-33-20, and N-35-20, executed by the Governor of California in response to the state of emergency relating to novel coronavirus disease 2019 (COVID-19) and enabling teleconferencing accommodations by suspending or waiving specified provisions in the Ralph M. Brown Act (Government Code § 54950 et seq.), members of the Financial Advisory Commission, the City Manager, City Attorney, City Staff, and City Consultants may participate in this meeting by teleconference. Additionally, pursuant to the above-referenced executive orders, the public is not permitted to physically attend at City Hall the meeting to which this agenda applies, but any member of the public may listen or participate in the open session of this meeting as specified below. Members of the public wanting to listen to this meeting may do so by tuning-in live via https://laquinta.12milesout.com/video/live. Members of the public wanting to address the Financial Advisory Commission, either for public comment or for a specific agenda item, or both, are requested to send an email notification to the La Quinta Finance Department Management Assistant at jdelgado@LaQuintaCA.gov, and specify the following information: 1) Full Name 4) Public Comment or Agenda Item Number 2) City of Residence 5) Subject 3) Phone Number 6) Written or Verbal Comments The email “subject line” must clearly state “Written Comments” or “Verbal Comments.” Financial Advisory Commission agendas and staff reports are now available on the City’s web page: www.laquintaca.gov FINANCIAL ADVISORY COMMISSION AGENDA 2 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING Verbal public comments – requests to speak must be emailed to the Finance Department Management Assistant no later than 3:00 p.m. on the day of the meeting; the City will facilitate the ability for a member of the public to be audible to the Financial Advisory Commission and general public for the item(s) by contacting him/her via phone and queuing him/her to speak during the discussion. Only one person at a time may speak by telephone and only after being recognized by the Financial Advisory Commission’s Chair. Written public comments, received prior to the adjournment of the meeting, will be distributed to the Financial Advisory Commission, incorporated into the agenda packet and public record of the meeting, and will not be read during the meeting unless, upon the request of the Financial Advisory Commission Chair, a brief summary of any public comment is asked to be read, to the extent the Finance Department Management Assistant can accommodate such request. It would be appreciated that any email communications for public comments related to the items on the agenda, or for general public comment, are provided to the Finance Department Management Assistant at the email address listed above prior to the commencement of the meeting. If that is not possible, and to accommodate public comments on items that may be added to the agenda after its initial posting or items that are on the agenda, every effort will be made to attempt to review emails received by the Finance Department Management Assistant during the course of the meeting. The Financial Advisory Commission’s Chair will endeavor to take a brief pause before action is taken on any agenda item to allow the Finance Department Management Assistant to review emails and share any public comments received during the meeting. All emails received by the Finance Department Management Assistant, at the email address above, until the adjournment of the meeting, will be included within the public record relating to the meeting. ****************************** CALL TO ORDER Roll Call: Commissioners: Batavick, Hoffner, Hunter, Rosen, Twohey, Way and Chair Mills PLEDGE OF ALLEGIANCE PUBLIC COMMENT At this time members of the public may address the La Quinta Financial Advisory Commission on any matter not listed on the agenda. Please email “Written Public Comments” to jdelgado@laquintaca.gov and limit your comments to three minutes (approximately 350 words). The 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 the Brown Act [Government Code Section 54954.2(b)]. FINANCIAL ADVISORY COMMISSION AGENDA 3 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING CONFIRMATION OF AGENDA ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS – None CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1. Approve Minutes Dated November 23, 2020 2. Approve Minutes Dated December 2, 2020 3. Receive and File Revenue and Expenditure Report Dated October 31, 2020 4. Receive and File Revenue and Expenditure Report Dated November 30, 2020 5. Receive and File First Quarter 2020/21 Treasury Reports for July, August, and September 2020 BUSINESS SESSION 1. Discuss and Recommend an Appropriation from Measure G Reserves for the SilverRock Retention Basin Soil Stabilization Project No. 2020-07 2. Receive and File the Comprehensive Annual Financial Report for Year Ending June 30, 2020 STUDY SESSION – None DEPARTMENTAL REPORTS 1. Finance Department Current and Future Initiatives 2. Property Tax Update for the City of La Quinta. 3. La Quinta Covid-19 Small Business Emergency Economic Relief Program – Verbal Update COMMISSIONERS’ ITEMS ADJOURNMENT The La Quinta Financial Advisory Commission will hold a special meeting on February 24, 2021 and the next regular quarterly meeting will be held on May 12, 2021, both commencing at 4:00 p.m. at the La Quinta City Hall Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Jessica Delgado, Management Assistant, of the City of La Quinta, do hereby declare that the foregoing Agenda for the Commission 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 February 4, 2021. DATED: February 4, 2021 Jessica Delgado, Management Assistant City of La Quinta, California Digitally signed by Jessica Delgado DN: cn=Jessica Delgado, o=City of La Quinta, ou=Finance, email=jdelgado@laquintaca.gov, c=US Date: 2021.02.03 17:06:35 -08'00' FINANCIAL ADVISORY COMMISSION AGENDA 4 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING Public Notices The La Quinta City Hall Council Chambers 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 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 Commission during a Commission 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 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 NOVEMBER 23, 2020 SPECIAL MEETING FINANCIAL ADVISORY COMMISSION SPECIAL MINUTES WEDNESDAY, NOVEMBER 23, 2020 CALL TO ORDER A special meeting of the Financial Advisory Commission (Commission) was called to order at 4:00 p.m. by Chairperson Mills. This meeting was held by teleconference pursuant to Executive orders N-25-20, N- 29-20, N-33-20, and N-35-20, executed by the Governor of California in response to the state of emergency relating to novel coronavirus disease 2019 (COVID-19) and enabling teleconferencing accommodations by suspending or waiving specified provisions of the Ralph M. Brown Act (Government Code § 54950 et seq.). PRESENT: Commissioners Batavick, Hoffner, Hunter, Rosen, Twohey, Way and Chairperson Mills ABSENT: None STAFF PRESENT: City Clerk Radeva, Financial Services Analyst Hallick, Finance Director Romero, Public Works Director/City Engineer McKinney, Management Analyst Mignogna, and Assistant Construction Manager Ayon 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 – None BUSINESS SESSION 1. RECOMMEND APPROPRIATION OF ADDITIONAL MEASURE G FUNDING FOR THE SILVERROCK PARK VENUE PROJECT NO. 2016-08 AND SILVERROCK RETENTION BASIN SOIL STABILIZATION PROJECT NO. 2020-07 (Project) CONSENT CALENDAR ITEM NO. 1 FINANCIAL ADVISORY COMMISSION MINUTES 2 NOVEMBER 23, 2020 SPECIAL MEETING Management Analyst Mignogna, Public Works Director/City Engineer McKinney, and Assistant Construction Manager Ayon presented the staff report, which is on file in the Finance Department. The Commission and staff discussed proposed phase II improvements for the Project including enhancement options, additional funding options, soft costs, and anticipated timeline for presenting to Council for review and consideration. Commissioner Mills, Rosen, and Way shared their experience and what was reviewed during the subcommittee’s recent site meetings. Further discussion followed on the SilverRock Retention Basin Soil Stabilization Project design process and funding. Motion – A motion was made and seconded by Commissioners Twohey/Rosen to recommend Council approval of additional Measure G funding appropriation, in the amount of $290,000, for the SilverRock Park Venue Project No. 2016-08 and $10,000 for the SilverRock Retention Basin Soil Stabilization Project No. 2020-07. Motion passed unanimously. STUDY SESSION – None DEPARTMENTAL REPORTS 1. FISCAL YEAR 2019/20 YEAR-END BUDGET REPORT AMENDMENT Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero mentioned that the fiscal year 2019/20 year-end budget report amendment was presented to Council on November 17, 2020. COMMISSIONERS’ ITEMS – None ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Hunter/Hoffner to adjourn this meeting at 4:31 p.m. Motion passed unanimously Respectfully submitted, Jessica Delgado, Management Assistant City of La Quinta, California FINANCIAL ADVISORY COMMISSION MINUTES 1 DECEMBER 2, 2020 SPECIAL MEETING FINANCIAL ADVISORY COMMISSION SPECIAL MINUTES WEDNESDAY, DECEMBER 2, 2020 CALL TO ORDER A special meeting of the Financial Advisory Commission (Commission) was called to order at 4:00 p.m. by Chairperson Mills. This meeting was held by teleconference pursuant to Executive orders N-25-20, N- 29-20, N-33-20, and N-35-20, executed by the Governor of California in response to the state of emergency relating to novel coronavirus disease 2019 (COVID-19) and enabling teleconferencing accommodations by suspending or waiving specified provisions of the Ralph M. Brown Act (Government Code § 54950 et seq.). PRESENT: Commissioners Batavick, Hoffner, Hunter, Rosen, Twohey, Way and Chairperson Mills ABSENT: None STAFF PRESENT: Management Assistant Delgado, Financial Services Analyst Hallick, Finance Director Romero, Design and Development Director Castro, Planning Manager Flores PLEDGE OF ALLEGIANCE Commissioner Way 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 SPECIAL MEETING MINUTES DATED NOVEMBER 4, 2020 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED SEPTEMBER 30, 2020 Motion – A motion was made and seconded by Commissioners Twohey/Hoffner to approve the Consent Calendar, as submitted. Motion passed unanimously. CONSENT CALENDAR ITEM NO. 2 FINANCIAL ADVISORY COMMISSION MINUTES 2 DECEMBER 2, 2020 SPECIAL MEETING BUSINESS SESSION 1. APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO SERVE ON THE FISCAL YEAR 2021/22 OPERATING BUDGET SUBCOMMITTEE Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero explained the budget timeline and the list of Commissioners who assisted with this subcommittee in the past. Commissioners Hunter and Rosen expressed their willingness to serve on the fiscal year 2021/22 operating budget subcommittee. Motion – A motion was made and seconded by Commissioners Hoffner/Way to appoint Commissioners Hunter and Rosen to serve on the fiscal year 2021/22 operating budget subcommittee. Motion passed unanimously. 2. APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO SERVE ON THE CAPITAL IMPROVEMENT PROGRAM (CIP) FISCAL YEAR 2021/22 THROUGH 2025/26 SUBCOMMITTEE Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero explained the subcommittee’s scope of purview and anticipated timeline, and the list of Commissioners who assisted with this subcommittee in the past. Commissioners Batavick and Hoffner expressed their willingness to serve on the CIP Fiscal Year 2021/22 through 2025/26 subcommittee. Motion – A motion was made and seconded by Commissioners Rosen/Hunter to appoint Commissioner Batavick and Hoffner to serve on the CIP fiscal year 2021/22 through 2025/26 subcommittee. Motion passed unanimously 3. APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO REVIEW THE CITY’S OUTSTANDING PENSION OBLIGATION Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero explained the importance and scope of the review for this subcommittee. Commissioners Twohey and Way expressed their willingness to assist with the review of the City’s outstanding pension obligation. Motion – A motion was made and seconded by Commissioners Rosen/Hoffner to appoint Commissioner Twohey and Way to assist with the review the City’s Outstanding Pension Obligation. Motion passed unanimously. FINANCIAL ADVISORY COMMISSION MINUTES 3 DECEMBER 2, 2020 SPECIAL MEETING STUDY SESSION 1. DISCUSS THE HIGHWAY 111 CORRIDOR (Corridor) PLAN (Plan) AND FORM-BASED CODE ZONING PROJECT NO. 2019-05 (Project) Finance Director Romero, Design and Development Director Castro, and Planning Manager Flores presented the staff report, which is on file in the Finance Department. Staff provided the background history for the Plan and an overview of the Plan discussion that occurred at a Joint Council and Planning Commission meeting held on November 10, 2020. The Commission and staff discussed the next steps for the Plan and Project, integration of the CV link with the Plan, anticipated timeline for a form-based code demonstration project along the Corridor and future considerations by the City Council, the Project’s overall scope of work, and budgeted consultant (GHD Inc.) costs related to the Project. Staff said the City continues to do outreach with property owners for the Plan and Project. The Commission expressed general support of the Plan and Project. 2. REVIEW AND DISCUSS 10-YEAR FINANCIAL PROJECTIONS FOR THE GENERAL FUND Finance Director Romero and Financial Services Analyst Hallick presented the staff report, which is on file in the Finance Department. The Commission and staff discussed the basis of the 10-year financial projection actuals, Measure G and General Fund allocations, operating expenses and Reserve Fund balance, capital expense General Fund contributions set aside for road improvements, and carryovers. The Commission suggested reviewing the 10-year projections again in four months. DEPARTMENTAL REPORTS 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero announced effective December 7, 2020, that the City recruited Jesse Batres as an Account Technician who will be primarily responsible for accounts payables in the Finance Department. 2. COMMUNITY WORKSHOP (Workshop) IN JANUARY 2021 Finance Director Romero presented the staff report, which is on file in the Finance Department. FINANCIAL ADVISORY COMMISSION MINUTES 4 DECEMBER 2, 2020 SPECIAL MEETING Staff and Chairperson Mills encouraged all Commissioners to attend the virtual Workshop scheduled to take place on Saturday, January 16, 2021. Finance Director Romero said staff would send the Commission a calendar invite for the Workshop. COMMISSIONERS’ ITEMS Chairperson Mills suggested having a joint meeting in the future between the previous selected SilverRock Venue Ad-hoc Committee, Council, and possibly the Commission as well. Commissioner Hoffner inquired the start date for the future meetings of the pending Commission’s Short-Term Vacation Rental Program (STVRP) subcommittee for fiscal impact review and the Library Development Impact Fee Fund Loan subcommittee. Staff said that an update for both the STVRP subcommittee and Library Development Impact Fee Fund Loan subcommittee would be provided to the Commission at a later date; and noted the final meeting for the current 15-member STVRP Ad-hoc Committee was scheduled for Thursday, December 3, where all recommendations where anticipated to be presented. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Rosen/Hunter to adjourn this meeting at 5:50 p.m. Motion passed unanimously. Respectfully submitted, Jessica Delgado, Management Assistant City of La Quinta, California City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: February 10, 2021 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED OCTOBER 31, 2020 RECOMMENDATION Receive and file revenue and expenditure report dated October 31, 2020. EXECUTIVE SUMMARY •The report summarizes the City’s period and year-to-date (YTD) revenues and expenditures for October 2020 (Attachment 1). •These reports are also reviewed by the City Council. 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 2020 for fiscal year 2020/21. Current Total Budget – represents original adopted budgets plus any Council approved budget amendments from throughout the year. The 2019/20 operating and Capital Improvement Project carryovers to 2020/21 have been added to the current budget. 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. 3 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 October 31, 2020 MTD YTD YTD Percent of Budget General Fund 3,966,946$ 7,852,199$ 15.37% All Funds 4,968,301$ 14,403,776$ 8.75% MTD YTD YTD Percent of Budget General Fund 2,499,060$ 7,020,363$ 10.83% Payroll - General Fund 853,880$ 3,396,786$ 32.53% All Funds 6,293,959$ 30,542,972$ 16.68% October Expenditures October Revenues General Fund Non-General Fund Measure G Sales Tax 1,097,718$ County Sales Tax (Measure A)292,273$ Sales Tax 892,482$ Gas Tax 152,780$ Transient Occupancy (Hotel) Tax 707,615$ Housing Authority Deed Repayments 132,235$ Property Tax 425,843$ CVAG Capital Improvement Program (CIP) Funding(1)116,294$ State Government (CARES distribution)251,018$ SilverRock Greens Fees 99,445$ General Fund Non-General Fund Sheriff Contract (August)1,216,223$ CIP-Construction(2)2,736,255$ Animal Shelter Contract Service 52,024$ SilverRock Maintenance 219,790$ Greater Palm Springs Convention Bureau 44,842$ Small Business Economic Relief 156,475$ Contract Legal Services 39,091$ Lighting & Landscape Maintenance 57,510$ Marketing and Tourism Promotions 37,294$ CIP-Professional Services (3)53,968$ (3) CIP Professional Services: Consulting expenses associated with multiple ongoing capital improvement projects. (2) CIP Construction: Village Complete Streets, Eisenhower Drive drainage, SilverRock Way street improvement and event site projects, and Avenida Bermudas ADA improvements. Top Five Revenue/Income Sources for October Top Five Expenditures/Outlays for October (1) CVAG CIP Funding: Represents the Coachella Valley Association of Governments' (CVAG) contribution towards the Washington Street and Fred Waring triple left turn lanes capital project. For Fiscal: 2020/21 Period Ending: 10/31/2020 Revenue Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 7,852,1993,966,94650,726,100 51,076,100 -43,223,901 15.37 % 201 - GAS TAX FUND 460,261152,7801,778,400 1,778,400 -1,318,139 25.88 % 202 - LIBRARY & MUSEUM FUND -11,464872,808,500 2,808,500 -2,819,964 0.41 % 203 - PUBLIC SAFETY FUND (MEASURE G)-1,924010,000 10,000 -11,924 19.24 % 210 - FEDERAL ASSISTANCE FUND -200141,900 141,900 -141,920 0.01 % 212 - SLESA (COPS) FUND 64,76965,060101,000 101,000 -36,231 64.13 % 215 - LIGHTING & LANDSCAPING FUND 24,80425,8381,877,000 1,877,000 -1,852,196 1.32 % 220 - QUIMBY FUND -2,481080,000 80,000 -82,481 3.10 % 221 - AB 939 - CALRECYCLE FUND 7,4406,22176,000 76,000 -68,560 9.79 % 223 - MEASURE A FUND 290,329292,2731,319,000 1,319,000 -1,028,671 22.01 % 224 - TUMF FUND -376000 -376 0.00 % 225 - INFRASTRUCTURE FUND -310200200 -231 15.38 % 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)-11012,100 12,100 -12,111 0.09 % 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)3,1943,1945,000 5,000 -1,806 63.88 % 230 - CASp FUND, AB 1379 5,36598018,200 18,200 -12,835 29.48 % 231 - SUCCESSOR AGCY PA 1 RORF -17,321020,539,264 20,539,264 -20,556,585 0.08 % 235 - SO COAST AIR QUALITY FUND -37053,000 53,000 -53,037 0.07 % 237 - SUCCESSOR AGCY PA 1 ADMIN -298013,505 13,505 -13,803 2.21 % 241 - HOUSING AUTHORITY 1,340,441157,125513,300 1,715,756 -375,315 78.13 % 243 - RDA LOW-MOD HOUSING FUND -4,181035,000 35,000 -39,181 11.95 % 247 - ECONOMIC DEVELOPMENT FUND -6,543040,000 540,000 -546,543 1.21 % 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)34,4480200,000 200,000 -165,552 17.22 % 250 - TRANSPORTATION DIF FUND 112,15333,239380,000 380,000 -267,847 29.51 % 251 - PARKS & REC DIF FUND 51,72016,906304,000 304,000 -252,280 17.01 % 252 - CIVIC CENTER DIF FUND 29,46110,128110,000 110,000 -80,539 26.78 % 253 - LIBRARY DEVELOPMENT DIF 9,5013,22945,000 45,000 -35,499 21.11 % 254 - COMMUNITY & CULTURAL CENTERS DIF 16,9798,47516,500 16,500 479 102.90 % 255 - STREET FACILITY DIF FUND 1,885-11617,000 17,000 -15,115 11.09 % 256 - PARK FACILITY DIF FUND 311-407,100 7,100 -6,789 4.38 % 257 - FIRE PROTECTION DIF 10,2102,88855,500 55,500 -45,290 18.40 % 270 - ART IN PUBLIC PLACES FUND 18,2963,252111,000 111,000 -92,704 16.48 % 275 - LQ PUBLIC SAFETY OFFICER -7502,600 2,600 -2,675 2.90 % 299 - INTEREST ALLOCATION FUND 672,04171,02800 672,041 0.00 % 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 -1,100 0.00 % 401 - CAPITAL IMPROVEMENT PROGRAMS 2,677,330116,29419,058,300 73,035,830 -70,358,500 3.67 % 405 - SA PA 1 CAPITAL IMPRV FUND -9,8880100,000 100,000 -109,888 9.89 % 501 - FACILITY & FLEET REPLACEMENT -5,3110902,500 902,500 -907,811 0.59 % 502 - INFORMATION TECHNOLOGY 4,1091,2141,721,500 1,721,500 -1,717,391 0.24 % 503 - PARK EQUIP & FACILITY FUND -5,7920245,000 245,000 -250,792 2.36 % 504 - INSURANCE FUND 3,9674,000928,500 928,500 -924,533 0.43 % 601 - SILVERROCK RESORT 522,167109,4083,882,100 3,882,100 -3,359,933 13.45 % 602 - SILVERROCK GOLF RESERVE -83104,500 4,500 -5,331 18.46 % 760 - SUPPLEMENTAL PENSION PLAN -16306,500 6,500 -6,663 2.51 % 761 - CERBT OPEB TRUST 71,453060,000 60,000 11,453 119.09 % 762 - PARS PENSION TRUST 185,692-82,110300,000 300,000 -114,308 61.90 % Report Total:4,968,301 14,403,776108,606,169 164,636,155 -150,232,379 8.75 % ATTACHMENT 1 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. For Fiscal: 2020/21 Period Ending: 10/31/2020 Expenditure Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 7,020,3632,499,06047,911,600 64,806,183 57,785,820 10.83 % 201 - GAS TAX FUND 176,37178,9031,775,300 2,288,769 2,112,398 7.71 % 202 - LIBRARY & MUSEUM FUND 103,25932,3841,715,100 2,295,100 2,191,841 4.50 % 203 - PUBLIC SAFETY FUND (MEASURE G)001,000,000 1,000,000 1,000,000 0.00 % 210 - FEDERAL ASSISTANCE FUND 00141,900 315,767 315,767 0.00 % 212 - SLESA (COPS) FUND 6,8186,639100,000 100,000 93,182 6.82 % 215 - LIGHTING & LANDSCAPING FUND 480,038147,6501,876,600 2,126,600 1,646,562 22.57 % 220 - QUIMBY FUND 0002,781,625 2,781,625 0.00 % 221 - AB 939 - CALRECYCLE FUND 200-1,800100,000 100,000 99,800 0.20 % 223 - MEASURE A FUND 001,263,900 2,455,084 2,455,084 0.00 % 225 - INFRASTRUCTURE FUND 00022,618 22,618 0.00 % 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)9,750012,000 12,000 2,250 81.25 % 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)005,000 5,000 5,000 0.00 % 230 - CASp FUND, AB 1379 004,400 4,400 4,400 0.00 % 231 - SUCCESSOR AGCY PA 1 RORF 13,302,07508,405,468 8,405,468 -4,896,607 158.26 % 235 - SO COAST AIR QUALITY FUND 14,16317242,200 42,200 28,038 33.56 % 237 - SUCCESSOR AGCY PA 1 ADMIN 1,650013,505 13,505 11,855 12.22 % 241 - HOUSING AUTHORITY 165,89655,647822,300 1,143,062 977,166 14.51 % 243 - RDA LOW-MOD HOUSING FUND 00250,000 250,000 250,000 0.00 % 244 - HOUSING GRANTS (Multiple)6,497000 -6,497 0.00 % 247 - ECONOMIC DEVELOPMENT FUND 524,337207,10610,000 1,461,400 937,063 35.88 % 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)618,00006,185,000 6,185,000 5,567,000 9.99 % 250 - TRANSPORTATION DIF FUND 400,00101,293,000 1,957,670 1,557,669 20.43 % 251 - PARKS & REC DIF FUND 000959,713 959,713 0.00 % 253 - LIBRARY DEVELOPMENT DIF 0030,000 30,000 30,000 0.00 % 254 - COMMUNITY & CULTURAL CENTERS DIF 000101,639 101,639 0.00 % 256 - PARK FACILITY DIF FUND 0005,600 5,600 0.00 % 270 - ART IN PUBLIC PLACES FUND 24,33312,138110,000 710,700 686,367 3.42 % 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 1,100 0.00 % 401 - CAPITAL IMPROVEMENT PROGRAMS 5,679,5382,873,20519,058,300 69,501,724 63,822,186 8.17 % 405 - SA PA 1 CAPITAL IMPRV FUND 0005,539,155 5,539,155 0.00 % 501 - FACILITY & FLEET REPLACEMENT 94,90014,405902,500 1,084,464 989,564 8.75 % 502 - INFORMATION TECHNOLOGY 456,89431,6061,684,200 1,924,200 1,467,306 23.74 % 503 - PARK EQUIP & FACILITY FUND 6770595,000 682,986 682,310 0.10 % 504 - INSURANCE FUND 508,652160827,500 827,500 318,848 61.47 % 601 - SILVERROCK RESORT 916,704332,0103,881,500 3,881,500 2,964,796 23.62 % 760 - SUPPLEMENTAL PENSION PLAN 12,833012,850 12,850 17 99.87 % 761 - CERBT OPEB TRUST 38101,500 1,500 1,119 25.39 % 762 - PARS PENSION TRUST 18,6444,67552,000 52,000 33,356 35.85 % Report Total:6,293,959 30,542,972100,083,723 183,088,082 152,545,110 16.68 % 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. Fund #Name Notes 101 General Fund The primary fund of the City used to account for all revenue and expenditures of the City; a broad range of municipal activities are provided through this fund. 201 Gas Tax Fund Gasoline sales tax allocations received from the State which are restricted to street-related expenditures. 202 Library and Museum Fund Revenues from property taxes and related expenditures for library and museum services. 203 Public Safety Fund General Fund Measure G sales tax revenue set aside for public safety expenditures. 210 Federal Assistance Fund Community Development Block Grant (CDBG) received from the federal government and the expenditures of those resources. 212 SLESF (COPS) Fund Supplemental Law Enforcement Services Funds (SLESF) received from the State for law enforcement activities. Also known as Citizen's Option for Public Safety (COPS). 215 Lighting & Landscaping Fund Special assessments levied on real property for city-wide lighting and landscape maintenance/improvements and the expenditures of those resources. 217 Development Agreement Revenue and Expenditures related to development agreement for Village. 220 Quimby Fund Developer fees received under the provisions of the Quimby Act for park development and improvements. 221 AB939 Fund/Cal Recycle Franchise fees collected from the city waste hauler that are used to reduce waste sent to landfills through recycling efforts. Assembly Bill (AB) 939. 223 Measure A Fund County sales tax allocations which are restricted to street-related expenditures. 224 TUMF Fund Developer-paid Transportation Uniform Mitigation Fees (TUMF) utilized for traffic projects in Riverside County. 225 Infrastructure Fund Developer fees for the acquisition, construction or improvement of the City’s infrastructure as defined by Resolution 226 Emergency Mgmt. Performance Grant (EMPG) Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 227 State Homeland Security Programs (SHSP) Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 230 CASP Fund, AB1379 / SB1186 Certified Access Specialist (CASp) program fees for ADA Accessibility Improvements; derived from Business License renewals. Assembly Bill (AB) 1379 and Senate Bill (SB) 1186. 231 Successor Agency PA 1 RORF Fund Successor Agency (SA) Project Area (PA) 1 Redevelopment Obligation Retirement Fund (RORF) for Redevelopment Property Tax Trust Fund (RPTTF) taxes received for debt service payments on recognized obligations of the former Redevelopment Agency (RDA). 235 SO Coast Air Quality Fund (AB2766, PM10)Contributions from the South Coast Air Quality Management District. Uses are limited to the reduction and control of airborne pollutants. Assembly Bill (AB) 2766. 237 Successor Agency PA 1 Admin Fund Successor Agency (SA) Project Area (PA) 1 for administration of the Recognized Obligation Payment Schedule (ROPS) associated with the former Redevelopment Agency (RDA). 241 Housing Authority Activities of the Housing Authority which is to promote and provide quality affordable housing. 243 RDA Low-Moderate Housing Fund Activities of the Housing Authority which is to promote and provide quality affordable housing. Accounts for RDA loan repayments (20% for Housing) and housing programs,. 244 Housing Grants Activites related Local Early Action Planning (LEAP) and SB2 grants for housing planning and development. 247 Economic Development Fund Proceeds from sale of City-owned land; transferred from General Fund for future economic development. 248 SA 2004 LO/MOD Bond Fund Successor Agency (SA) low/moderate housing fund; 2004 bonds refinanced in 2014; for Washington Street Apartment rehabilitation only. 249 SA 2011 Low/Mod Bond Fund Successor Agency (SA) low/moderate housing fund; 2011 bonds refinanced in 2016. 250 Transportation DIF Fund Developer impact fees collected for specific public improvements - transportation related. 251 Parks & Rec. DIF Fund Developer impact fees collected for specific public improvements - parks and recreation. 252 Civic Center DIF Fund Developer impact fees collected for specific public improvements - Civic Center. 253 Library Development DIF Fund Developer impact fees collected for specific public improvements - library. 254 Community Center DIF Fund Developer impact fees collected for specific public improvements - community center. 255 Street Facility DIF Fund Developer impact fees collected for specific public improvements - streets. 256 Park Facility DIF Fund Developer impact fees collected for specific public improvements - parks. 257 Fire Protection DIF Fund Developer impact fees collected for specific public improvements - fire protection. 270 Art In Public Places Fund Developer fees collected in lieu of art placement; utilized for acquisition, installation and maintenance of public artworks. 275 LQ Public Safety Officer Fund Annual transfer in from General Fund; distributed to public safety officers disabled or killed in the line of duty. 299 Interest Allocation Fund Interest earned on investments. 310 LQ Finance Authority Debt Service Fund Accounted for the debt service the Financing Authority’s outstanding debt and any related reporting requirements. This bond was fully paid in October 2018. 401 Capital Improvement Program Fund Planning, design, and construction of various capital projects throughout the City. 405 SA PA 1 Capital Improvement Fund Successor Agency (SA) Project Area (PA) 1 bond proceeds restricted by the bond indenture covenants. Used for SilverRock infrastructure improvements. 501 Equipment Replacement Fund Internal Service Fund for vehicles, heavy equipment, and related facilities. 502 Information Technology Fund Internal Service Fund for computer hardware and software and phone systems. 503 Park Equipment & Facility Fund Internal Service Fund for park equipment and facilities. 504 Insurance Fund Internal Service Fund for city-wide insurance coverages. 601 SilverRock Resort Fund Enterprise Fund for activities of the city-owned golf course. 602 SilverRock Golf Reserve Fund Enterprise Fund for golf course reserves for capital improvements. 735 97-1 Agency Redemption Fund To account for sewer improvement assessments. 760 Supplemental Pension Plan (PARS Account) Supplemental pension savings plan for excess retiree benefits to general employees of the City. 761 Other Post Benefit Obligation Trust (OPEB) For retiree medical benefits and unfunded liabilities. 762 Pension Trust Benefit (PARS Account)For all pension-related benefits and unfunded liabilities. Fund Descriptions City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: February 10, 2021 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED NOVEMBER 30, 2020 RECOMMENDATION Receive and file revenue and expenditure report dated November 30, 2020. EXECUTIVE SUMMARY •The report summarizes the City’s period and year-to-date (YTD) revenues and expenditures for November 2020 (Attachment 1). •These reports are also reviewed by the City Council. 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 2020 for fiscal year 2020/21. Current Total Budget – represents original adopted budgets plus any Council approved budget amendments from throughout the year. The 2019/20 operating and Capital Improvement Project carryovers to 2020/21 have been added to the current budget. 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. 4 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 November 30, 2020 MTD YTD YTD Percent of Budget General Fund 2,502,854$ 10,355,053$ 20.27% All Funds 5,328,820$ 22,124,932$ 13.44% MTD YTD YTD Percent of Budget General Fund 2,807,310$ 10,534,489$ 16.26% Payroll - General Fund 598,342$ 4,034,503$ 38.63% All Funds 4,667,442$ 37,382,751$ 20.42% November Expenditures November Revenues General Fund Non-General Fund Transient Occupancy (Hotel) Tax 868,885$ Lighting & Landscape District Transfers In 871,000$ Measure G Sales Tax 612,060$ SilverRock Transfers In 575,000$ Sales Tax 553,026$ Pension Trust Earnings 449,230$ Cable TV Franchise Fees 154,048$ SilverRock Greens Fees 261,334$ Administrative Citations 78,875$ County Sales Tax (Measure A)139,475$ General Fund Non-General Fund Transfers Out(1)1,553,000$ CIP-Construction(2)953,911$ Buildings 348,500$ SilverRock Maintenance 174,826$ Contract Legal Services 52,212$ Lighting & Landscape Maintenance 57,510$ Parks Landscape Maintenance 35,765$ Museum Operations 48,750$ Map/Plan Checking 21,727$ IT Consultants 48,493$ Top Five Revenue/Income Sources for November Top Five Expenditures/Outlays for November (1) Transfers out to various special funds such as Gas Tax, Lighting and Landscape District, SilverRock, and Art in Public Places, as approved in the 2020/21 budget. (2) CIP Construction: Village Complete Streets, SilverRock Way street improvement and event site projects, north La Quinta landscape project and Fritz Burns Park sidewalk improvements. For Fiscal: 2020/21 Period Ending: 11/30/2020 1/21/2021 1 Revenue Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 10,355,0532,502,85450,726,100 51,076,100 -40,721,047 20.27 % 201 - GAS TAX FUND 575,335115,0741,778,400 1,778,400 -1,203,065 32.35 % 202 - LIBRARY & MUSEUM FUND -11,377872,808,500 2,808,500 -2,819,877 0.41 % 203 - PUBLIC SAFETY FUND (MEASURE G)-1,924010,000 10,000 -11,924 19.24 % 210 - FEDERAL ASSISTANCE FUND -200141,900 141,900 -141,920 0.01 % 212 - SLESA (COPS) FUND 64,7690101,000 101,000 -36,231 64.13 % 215 - LIGHTING & LANDSCAPING FUND 895,966871,1621,877,000 1,877,000 -981,035 47.73 % 220 - QUIMBY FUND -2,481080,000 80,000 -82,481 3.10 % 221 - AB 939 - CALRECYCLE FUND 7,440076,000 76,000 -68,560 9.79 % 223 - MEASURE A FUND 429,804139,4751,319,000 1,319,000 -889,196 32.59 % 224 - TUMF FUND -376000 -376 0.00 % 225 - INFRASTRUCTURE FUND -310200200 -231 15.38 % 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)-11012,100 12,100 -12,111 0.09 % 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)3,19405,000 5,000 -1,806 63.88 % 230 - CASp FUND, AB 1379 6,3751,01018,200 18,200 -11,825 35.03 % 231 - SUCCESSOR AGCY PA 1 RORF -17,321020,539,264 20,539,264 -20,556,585 0.08 % 235 - SO COAST AIR QUALITY FUND -37053,000 53,000 -53,037 0.07 % 237 - SUCCESSOR AGCY PA 1 ADMIN -298013,505 13,505 -13,803 2.21 % 241 - HOUSING AUTHORITY 1,365,33124,890513,300 1,715,756 -350,425 79.58 % 243 - RDA LOW-MOD HOUSING FUND -4,181035,000 35,000 -39,181 11.95 % 247 - ECONOMIC DEVELOPMENT FUND -6,543040,000 540,000 -546,543 1.21 % 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)34,4480200,000 200,000 -165,552 17.22 % 250 - TRANSPORTATION DIF FUND 204,81992,666380,000 380,000 -175,181 53.90 % 251 - PARKS & REC DIF FUND 72,78021,060304,000 304,000 -231,220 23.94 % 252 - CIVIC CENTER DIF FUND 45,21415,753110,000 110,000 -64,786 41.10 % 253 - LIBRARY DEVELOPMENT DIF 13,4713,97045,000 45,000 -31,529 29.94 % 254 - COMMUNITY & CULTURAL CENTERS DIF 26,5399,56016,500 16,500 10,039 160.84 % 255 - STREET FACILITY DIF FUND 4,0332,14817,000 17,000 -12,967 23.72 % 256 - PARK FACILITY DIF FUND 31107,100 7,100 -6,789 4.38 % 257 - FIRE PROTECTION DIF 15,4925,28255,500 55,500 -40,008 27.91 % 270 - ART IN PUBLIC PLACES FUND 98,41280,116111,000 111,000 -12,588 88.66 % 275 - LQ PUBLIC SAFETY OFFICER 1,9252,0002,600 2,600 -675 74.02 % 299 - INTEREST ALLOCATION FUND 768,72296,68000 768,722 0.00 % 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 -1,100 0.00 % 401 - CAPITAL IMPROVEMENT PROGRAMS 4,200,9774,93619,058,300 73,035,830 -68,834,853 5.75 % 405 - SA PA 1 CAPITAL IMPRV FUND -9,8880100,000 100,000 -109,888 9.89 % 501 - FACILITY & FLEET REPLACEMENT 212,5640902,500 902,500 -689,936 23.55 % 502 - INFORMATION TECHNOLOGY 429,9791,9951,721,500 1,721,500 -1,291,521 24.98 % 503 - PARK EQUIP & FACILITY FUND -5,7920245,000 245,000 -250,792 2.36 % 504 - INSURANCE FUND 235,8420928,500 928,500 -692,658 25.40 % 601 - SILVERROCK RESORT 1,406,038883,8713,882,100 3,882,100 -2,476,062 36.22 % 602 - SILVERROCK GOLF RESERVE -83104,500 4,500 -5,331 18.46 % 760 - SUPPLEMENTAL PENSION PLAN 4,8375,0006,500 6,500 -1,663 74.42 % 761 - CERBT OPEB TRUST 71,453060,000 60,000 11,453 119.09 % 762 - PARS PENSION TRUST 634,923449,230300,000 300,000 334,923 211.64 % Report Total:5,328,820 22,124,932108,606,169 164,636,155 -142,511,223 13.44 % 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: 2020/21 Period Ending: 11/30/2020 1/11/2021 Expenditure Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 10,534,4892,807,31047,911,600 64,806,183 54,271,694 16.26 % 201 - GAS TAX FUND 331,68539,4431,775,300 2,288,769 1,957,084 14.49 % 202 - LIBRARY & MUSEUM FUND 234,943111,0091,715,100 2,295,100 2,060,157 10.24 % 203 - PUBLIC SAFETY FUND (MEASURE G)1,14101,000,000 1,000,000 998,859 0.11 % 210 - FEDERAL ASSISTANCE FUND 00141,900 315,767 315,767 0.00 % 212 - SLESA (COPS) FUND 6,8180100,000 100,000 93,182 6.82 % 215 - LIGHTING & LANDSCAPING FUND 615,364112,3511,876,600 2,126,600 1,511,236 28.94 % 220 - QUIMBY FUND 478,547002,781,625 2,303,078 17.20 % 221 - AB 939 - CALRECYCLE FUND 2000100,000 100,000 99,800 0.20 % 223 - MEASURE A FUND 7,45501,263,900 2,455,084 2,447,629 0.30 % 225 - INFRASTRUCTURE FUND 00022,618 22,618 0.00 % 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)9,750012,000 12,000 2,250 81.25 % 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)005,000 5,000 5,000 0.00 % 230 - CASp FUND, AB 1379 004,400 4,400 4,400 0.00 % 231 - SUCCESSOR AGCY PA 1 RORF 13,302,07508,405,468 8,405,468 -4,896,607 158.26 % 235 - SO COAST AIR QUALITY FUND 14,37821642,200 42,200 27,822 34.07 % 237 - SUCCESSOR AGCY PA 1 ADMIN 1,95030013,505 13,505 11,555 14.44 % 241 - HOUSING AUTHORITY 510,22646,243822,300 1,143,062 632,836 44.64 % 243 - RDA LOW-MOD HOUSING FUND 00250,000 250,000 250,000 0.00 % 244 - HOUSING GRANTS (Multiple)6,497000 -6,497 0.00 % 247 - ECONOMIC DEVELOPMENT FUND 549,27024,93310,000 1,461,400 912,130 37.59 % 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)618,00006,185,000 6,185,000 5,567,000 9.99 % 250 - TRANSPORTATION DIF FUND 400,00101,293,000 1,957,670 1,557,669 20.43 % 251 - PARKS & REC DIF FUND 158,27700959,713 801,436 16.49 % 253 - LIBRARY DEVELOPMENT DIF 0030,000 30,000 30,000 0.00 % 254 - COMMUNITY & CULTURAL CENTERS DIF 000101,639 101,639 0.00 % 256 - PARK FACILITY DIF FUND 0005,600 5,600 0.00 % 270 - ART IN PUBLIC PLACES FUND 24,3330110,000 710,700 686,367 3.42 % 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 1,100 0.00 % 401 - CAPITAL IMPROVEMENT PROGRAMS 6,466,2021,006,66419,058,300 69,501,724 63,035,522 9.30 % 405 - SA PA 1 CAPITAL IMPRV FUND 577,750005,539,155 4,961,405 10.43 % 501 - FACILITY & FLEET REPLACEMENT 143,43645,412902,500 1,084,464 941,027 13.23 % 502 - INFORMATION TECHNOLOGY 569,750112,8561,684,200 1,924,200 1,354,450 29.61 % 503 - PARK EQUIP & FACILITY FUND 3,4051,110595,000 682,986 679,581 0.50 % 504 - INSURANCE FUND 508,6520827,500 827,500 318,848 61.47 % 601 - SILVERROCK RESORT 1,276,299359,5953,881,500 3,881,500 2,605,201 32.88 % 760 - SUPPLEMENTAL PENSION PLAN 12,833012,850 12,850 17 99.87 % 761 - CERBT OPEB TRUST 38101,500 1,500 1,119 25.39 % 762 - PARS PENSION TRUST 18,644052,000 52,000 33,356 35.85 % Report Total:4,667,442 37,382,751100,083,723 183,088,082 145,705,331 20.42 % 2 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. Fund #Name Notes 101 General Fund The primary fund of the City used to account for all revenue and expenditures of the City; a broad range of municipal activities are provided through this fund. 201 Gas Tax Fund Gasoline sales tax allocations received from the State which are restricted to street-related expenditures. 202 Library and Museum Fund Revenues from property taxes and related expenditures for library and museum services. 203 Public Safety Fund General Fund Measure G sales tax revenue set aside for public safety expenditures. 210 Federal Assistance Fund Community Development Block Grant (CDBG) received from the federal government and the expenditures of those resources. 212 SLESF (COPS) Fund Supplemental Law Enforcement Services Funds (SLESF) received from the State for law enforcement activities. Also known as Citizen's Option for Public Safety (COPS). 215 Lighting & Landscaping Fund Special assessments levied on real property for city-wide lighting and landscape maintenance/improvements and the expenditures of those resources. 220 Quimby Fund Developer fees received under the provisions of the Quimby Act for park development and improvements. 221 AB939 Fund/Cal Recycle Franchise fees collected from the city waste hauler that are used to reduce waste sent to landfills through recycling efforts. Assembly Bill (AB) 939. 223 Measure A Fund County sales tax allocations which are restricted to street-related expenditures. 224 TUMF Fund Developer-paid Transportation Uniform Mitigation Fees (TUMF) utilized for traffic projects in Riverside County. 225 Infrastructure Fund Developer fees for the acquisition, construction or improvement of the City’s infrastructure as defined by Resolution 226 Emergency Mgmt. Performance Grant (EMPG)Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 227 State Homeland Security Programs (SHSP)Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 230 CASP Fund, AB1379 / SB1186 Certified Access Specialist (CASp) program fees for ADA Accessibility Improvements; derived from Business License renewals. Assembly Bill (AB) 1379 and Senate Bill (SB) 1186. 231 Successor Agency PA 1 RORF Fund Successor Agency (SA) Project Area (PA) 1 Redevelopment Obligation Retirement Fund (RORF) for Redevelopment Property Tax Trust Fund (RPTTF) taxes received for debt service payments on recognized obligations of the former Redevelopment Agency (RDA). 235 SO Coast Air Quality Fund (AB2766, PM10)Contributions from the South Coast Air Quality Management District. Uses are limited to the reduction and control of airborne pollutants. Assembly Bill (AB) 2766. 237 Successor Agency PA 1 Admin Fund Successor Agency (SA) Project Area (PA) 1 for administration of the Recognized Obligation Payment Schedule (ROPS) associated with the former Redevelopment Agency (RDA). 241 Housing Authority Activities of the Housing Authority which is to promote and provide quality affordable housing. 243 RDA Low-Moderate Housing Fund Activities of the Housing Authority which is to promote and provide quality affordable housing. Accounts for RDA loan repayments (20% for Housing) and housing programs,. 244 Housing Grants Activites related Local Early Action Planning (LEAP) and SB2 grants for housing planning and development. 247 Economic Development Fund Proceeds from sale of City-owned land; transferred from General Fund for future economic development. 249 SA 2011 Low/Mod Bond Fund Successor Agency (SA) low/moderate housing fund; 2011 bonds refinanced in 2016. 250 Transportation DIF Fund Developer impact fees collected for specific public improvements - transportation related. 251 Parks & Rec. DIF Fund Developer impact fees collected for specific public improvements - parks and recreation. 252 Civic Center DIF Fund Developer impact fees collected for specific public improvements - Civic Center. 253 Library Development DIF Fund Developer impact fees collected for specific public improvements - library. 254 Community Center DIF Fund Developer impact fees collected for specific public improvements - community center. 255 Street Facility DIF Fund Developer impact fees collected for specific public improvements - streets. 256 Park Facility DIF Fund Developer impact fees collected for specific public improvements - parks. 257 Fire Protection DIF Fund Developer impact fees collected for specific public improvements - fire protection. 270 Art In Public Places Fund Developer fees collected in lieu of art placement; utilized for acquisition, installation and maintenance of public artworks. 275 LQ Public Safety Officer Fund Annual transfer in from General Fund; distributed to public safety officers disabled or killed in the line of duty. 299 Interest Allocation Fund Interest earned on investments. 310 LQ Finance Authority Debt Service Fund Accounted for the debt service the Financing Authority’s outstanding debt and any related reporting requirements. This bond was fully paid in October 2018. 401 Capital Improvement Program Fund Planning, design, and construction of various capital projects throughout the City. 405 SA PA 1 Capital Improvement Fund Successor Agency (SA) Project Area (PA) 1 bond proceeds restricted by the bond indenture covenants. Used for SilverRock infrastructure improvements. 501 Equipment Replacement Fund Internal Service Fund for vehicles, heavy equipment, and related facilities. 502 Information Technology Fund Internal Service Fund for computer hardware and software and phone systems. 503 Park Equipment & Facility Fund Internal Service Fund for park equipment and facilities. 504 Insurance Fund Internal Service Fund for city-wide insurance coverages. 601 SilverRock Resort Fund Enterprise Fund for activities of the city-owned golf course. 602 SilverRock Golf Reserve Fund Enterprise Fund for golf course reserves for capital improvements. 760 Supplemental Pension Plan (PARS Account)Supplemental pension savings plan for excess retiree benefits to general employees of the City. 761 Other Post Benefit Obligation Trust (OPEB)For retiree medical benefits and unfunded liabilities. 762 Pension Trust Benefit (PARS Account)For all pension-related benefits and unfunded liabilities. Fund Descriptions 3 City of La Quinta FINANCIAL ADVISORY COMMISSION: February 10, 2021 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE FIRST QUARTER 2020-21 TREASURY REPORTS FOR JULY, AUGUST, AND SEPTEMBER 2020 RECOMMENDATION Receive and file the first quarter fiscal year 2020-21 Treasury Reports for July, August and September 2020. BACKGROUND/ANALYSIS Commentary and Summary of Significant Activity The total book value of the portfolio decreased $15.96 million, from $169.99 million at the end of June to $154.03 million at the end of September. A decrease of $13.30 million was due to payment of debt service obligations in August (funding of which came from the Redevelopment Property Tax Trust Fund (RPTTF) pass-through apportionment payment in June). The remainder of the decrease reflects operational activity throughout the quarter. The portfolio is within policy limits for investment types and total allocation by type (see chart below), and is also within policy guidelines for investment ratings. Investment Type July August September Max Allowed Bank Accounts 1.38% 2.42% 4.71% 100% Local Agency Investment Fund (LAIF) City 42.71% 33.40% 35.15% (1) Local Agency Investment Fund (LAIF) Housing 9.98% 9.91% 10.72% (1)(2) Money Market 0.00% 0.00% 0.02% 20% Money Market Pool Accounts-CAMP 1.72% 1.71% 1.85% 20% Federal Agency Coupons 8.47% 9.61% 9.75% 100% Treasury Coupons 6.59% 5.95% 6.43% 100% Certificates of Deposit (CD's)20.36% 20.22% 21.87% 30% Corporate Notes 1.42% 1.41% 1.52% 30% Money Market with Fiscal Agent 0.00% 7.98% 0.00% (2) CERBT- OPEB Trust 1.04% 1.03% 1.16% (3) PARS Pension Trust 6.34% 6.37% 6.82% (3) Total 100% 100% 100% (3) OPEB and pension trusts are fiduciary accounts and not subject to City Investment Policy (1) LAIF is subject to maximum dollar amount not a percentage of the portfolio (2) Funds held by fiscal agent and the LAIF Housing funds are governed by bond indentures and not subject to City Investment Policy Portfolio Allocations CONSENT CALENDAR ITEM NO. 5 The market continued to react to the political climate, economic news, and ongoing concerns around the worldwide Coronavirus pandemic; staff works continually with the City’s brokers to stay abreast of market conditions. The fiscal year annual effective rate of return is 1.13% as of September, a 69 basis point (bps) decrease since June (Q4). Throughout the quarter, two CDs, one agency bond, and one treasury matured, this money was reinvested in the purchase of three new agency bonds. Maturities and purchases are listed in detail in the attached reports. Other Notes Money market funds with the fiscal agent are bond proceeds subject to bond indentures, not the City’s investment policy. Successor Agency (SA) funds cannot be invested long-term; therefore SA funds are only invested in LAIF. Looking Ahead The Treasurer follows a “buy and hold” Investment Policy, unless it is fiscally advantageous to actively trade outside of maturity dates. In the short term, the Treasurer will invest in CAMP and LAIF as needed. Longer term investments may include Government Sponsored Enterprise (agencies) securities, U.S. Treasuries, Corporate Notes, and Negotiable Certificates of Deposits. All investments recognize both immediate and long-term cash flow needs, and there is sufficient liquidity in the portfolio to meet expenditure requirements for the next six months. ALTERNATIVES - None Prepared by: Rosemary Hallick, Financial Services Analyst Approved by: Karla Romero, Finance Director/City Treasurer Attachment: 1. Treasurer’s Reports for July 1, 2020 to September 30, 2020 Total Earnings Average Days to Maturity Effective Rate of Return YTD July 156,748$ 356 1.09% August 164,529$ 364 1.16% September 144,505$ 382 1.13% Quarter 1 465,782$ 367 1.13% City of La Quinta Portfolio Management July 31, 2020 City of La Quinta - Portfolio Summary % of Portfolio Book ValueInvestmentsMarket Value Par Value Days to MaturityTerm YTM 365 Equiv. Bank Accounts 2,277,417.07 11.38 0.00012,277,417.072,277,417.07 Local Agency Investment Fund-City 70,644,117.99 142.71 0.920170,980,465.1970,644,117.99 Local Agency Invstmnt Fund-Housing 16,510,033.50 19.98 0.920116,592,317.5116,510,033.50 Money Market Accounts - CAMP 2,851,608.51 11.72 0.37012,851,608.512,851,608.51 Federal Agency Coupon Securities 14,011,942.36 1,5288.47 1.4621,19514,453,527.0014,050,000.00 Treasury Coupon Securities 10,897,535.00 1,5886.59 1.55751111,188,425.0011,000,000.00 Certificate of Deposits 33,684,000.00 1,55020.36 2.1631,03335,305,399.2133,684,000.00 Corporate Notes 2,341,260.00 1,4361.42 2.7257442,488,205.002,400,000.00 Money Market with Fiscal Agent 5,360.92 10.00 0.00015,360.925,360.92 CERBT - OPEB Trust 1,714,840.82 11.04 0.00011,714,840.821,714,840.82 PARS Pension Trust 10,481,313.32 16.34 0.000110,481,313.3210,481,313.32 165,419,429.49 100.00%Investments 168,338,879.55165,618,692.13 571 356 1.196 Current Year July 31 156,748.32 Fiscal Year To Date 156,748.32 Average Daily Balance Effective Rate of Return 169,640,682.82 169,640,682.82 1.09%1.09% Total Earnings Month Ending I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and 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 City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our financial institutions to determine the fair market value of investments at month end. __________________________________________________ ____________________ Karla Romero, Finance Director Portfolio CITY CP Reporting period 07/01/2020-07/31/2020 Run Date: 12/01/2020 - 11:49 PM (PRF_PM1) 7.3.0 Report Ver. 7.3.6.1 December 8, 2020 ATTACHMENT 1 Days toMaturityPage 1Par Value Book ValueMaturityDateStatedRateMarket ValueJuly 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateBank Accounts1Bank of the West12281,671,857.56 1,671,857.5608/20/2019 1,671,857.56 10597318510.0001City Petty Cash10593,300.00 3,300.0007/01/2016 3,300.00 1SYS10590.0001La Quinta Palms Realty1062223,898.00 223,898.0007/01/2016 223,898.00 1SYS10620.0001Stifel, Nicolaus & Company11830.00 0.0003/18/2019 0.00 1SYS11830.0001Wells Fargo1057378,361.51 378,361.5107/01/2016 378,361.51 141592824820.0002,277,417.07 12,277,417.072,277,417.078,422,484.32Subtotal and Average10.000Local Agency Investment Fund-City1Local Agency Inv Fund105570,644,117.99 70,644,117.99 0.92070,980,465.19 198-33-4340.92070,644,117.99 170,980,465.1970,644,117.9968,756,102.66Subtotal and Average10.920Local Agency Invstmnt Fund-Housing1Local Agency Inv Fund111316,510,033.50 16,510,033.50 0.92016,592,317.51 125-33-0050.92016,510,033.50 116,592,317.5116,510,033.5016,559,853.20Subtotal and Average10.920Money Market Accounts - CAMP1California Asset Management Pr11532,851,608.51 2,851,608.51 0.37009/26/2018 2,851,608.51 1SYS11530.3702,851,608.51 12,851,608.512,851,608.512,850,740.91Subtotal and Average10.370Federal Agency Coupon Securities41Federal Home Loan Bank11041,000,000.00 996,800.00 09/11/20201.62511/09/2017 1,001,560.00 1,0373130A66T91.741396Federal Farm Credit Bank11051,000,000.00 992,200.00 09/01/20211.70011/09/2017 1,016,620.00 1,3923133EHWM11.913766Federal National Mtg Assn12331,000,000.00 992,100.00 09/06/20221.37510/29/2019 1,025,250.00 1,0433135G0W331.659789Federal Farm Credit Bank12471,000,000.00 999,217.36 09/29/20221.40002/05/2020 1,025,630.00 9673133EGWJ01.430863Federal Farm Credit Bank1198500,000.00 499,500.00 12/12/20221.87506/20/2019 519,645.00 1,2713133EKQP41.9051,108Federal Farm Credit Bank1223500,000.00 499,400.00 08/14/20231.60009/12/2019 520,130.00 1,4323133EKZK51.6321,130Federal Farm Credit Bank1158250,000.00 247,275.00 09/05/20232.80010/15/2018 269,440.00 1,7863133EJYL73.0411,187Federal Farm Credit Bank12341,000,000.00 996,900.00 11/01/20231.60011/01/2019 1,042,970.00 1,4613133EK4X11.6801,291Federal Home Loan Bank1177500,000.00 498,550.00 02/13/20242.50003/01/2019 539,620.00 1,8103130AFW942.5631,292Federal Farm Credit Bank12461,000,000.00 999,000.00 02/14/20241.43002/14/2020 1,041,740.00 1,4613133ELNE01.4561,431Federal National Mtg Assn1206500,000.00 495,950.00 07/02/20241.75007/15/2019 528,840.00 1,8143135G0V751.9221,455Federal Farm Credit Bank1212500,000.00 499,500.00 07/26/20241.85008/02/2019 530,765.00 1,8203133EKWV41.8711,508Federal Farm Credit Bank1224500,000.00 498,750.00 09/17/20241.60009/17/2019 526,390.00 1,8273133EKP751.6521,508Federal Farm Credit Bank12421,000,000.00 998,600.00 09/17/20241.70012/17/2019 1,056,880.00 1,7363133ELEA81.7311,724Federal Home Loan Mtg Corp12751,000,000.00 998,500.00 04/21/20250.70004/28/2020 1,000,830.00 1,8193134GVLC00.7311,760Federal Home Loan Mtg Corp12791,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 1,002,240.00 1,8263134GVYG70.625Portfolio CITYCPRun Date: 12/01/2020 - 11:49PM (PRF_PM2) 7.3.0Report Ver. 7.3.6.1 Days toMaturityPage 2Par Value Book ValueMaturityDateStatedRateMarket ValueJuly 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateFederal Agency Coupon Securities1,773Federal Farm Credit Bank1280500,000.00 499,850.00 06/09/20250.50006/09/2020 501,825.00 1,8263133ELH230.5061,774Federal Farm Credit Bank1282500,000.00 500,000.00 06/10/20250.68006/10/2020 500,805.00 1,8263133ELH800.6801,777Federal Home Loan Bank1281500,000.00 499,850.00 06/13/20250.50006/03/2020 502,290.00 1,8363130AJKW80.5061,794Federal Home Loan Bank1283300,000.00 300,000.00 06/30/20250.68006/30/2020 300,057.00 1,8263130AJRP60.68014,011,942.36 1,52814,453,527.0014,050,000.0014,011,942.36Subtotal and Average1,195 1.462Treasury Coupon Securities14U.S. Treasury11171,000,000.00 985,800.00 08/15/20201.50001/22/2018 1,000,460.00 9369128282Q22.071303U.S. Treasury1193500,000.00 493,610.00 05/31/20211.37505/31/2019 505,155.00 731912828R772.030333U.S. Treasury10455,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 5,045,100.00 1,808912828S271.125456U.S. Treasury10702,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 2,027,820.00 1,679912828T671.903652U.S. Treasury1192500,000.00 496,650.00 05/15/20221.75005/31/2019 514,415.00 1,080912828SV31.984790U.S. Treasury1178500,000.00 489,687.50 09/30/20221.87503/01/2019 518,985.00 1,3099128282W92.4801,155U.S. Treasury1217500,000.00 499,300.00 09/30/20231.37508/21/2019 519,690.00 1,501912828T261.4101,582U.S. Treasury12411,000,000.00 989,687.50 11/30/20241.50012/16/2019 1,056,800.00 1,811912828YV61.71810,897,535.00 1,58811,188,425.0011,000,000.0010,897,535.00Subtotal and Average511 1.557Certificate of Deposits79First Tech Federal Credit Unio1124245,000.00 245,000.00 10/19/20202.70004/18/2018 246,406.30 91533715LBJ82.623114First Bank Richmond1081245,000.00 245,000.00 11/23/20201.80006/21/2017 246,337.70 1,251319267GC81.802143Freedom Credit Union1111245,000.00 245,000.00 12/22/20202.05012/22/2017 246,915.90 1,09635638BAA92.052166Bankers Bank1086240,000.00 240,000.00 01/14/20211.80007/14/2017 241,860.00 1,28006610RAP41.804170Farm Bureau Bank1165248,000.00 248,000.00 01/18/20213.00012/17/2018 251,357.92 763307660LC22.898172Eagle Bank1146245,000.00 245,000.00 01/20/20212.85007/20/2018 248,182.55 91527002YDV52.858184Infinty FCU1211248,000.00 248,000.00 02/01/20212.10007/31/2019 250,492.40 55145667EDY12.110205Comenity Capital Bank1009240,000.00 240,000.00 02/22/20211.70002/22/2016 242,145.60 1,82720033APG51.702219Ally Bank Midvale1176245,000.00 245,000.00 03/08/20212.50003/07/2019 248,562.30 73202007GHX42.016227Unity Bank1120245,000.00 245,000.00 03/16/20212.55003/16/2018 248,750.95 1,09691330ABN62.552261Amex Centurion1077240,000.00 240,000.00 04/19/20212.25004/19/2017 243,691.20 1,46102587DP852.252272Towne Bank1128240,000.00 240,000.00 04/30/20212.80004/30/2018 244,838.40 1,09689214PBL22.803298PrivateBank & Trust1032240,000.00 240,000.00 05/26/20211.50005/26/2016 242,935.20 1,82674267GVG91.501310Capital One Natl Assn FDIC42971082240,000.00 240,000.00 06/07/20212.25006/07/2017 244,375.20 1,46114042RGD72.252347Central State Bank1085240,000.00 240,000.00 07/14/20211.85007/14/2017 243,948.00 1,46115523RBJ41.851380General Electric Credit Union1150240,000.00 240,000.00 08/16/20213.10008/15/2018 247,437.60 1,097369674AV83.100422New York Community Bank1226245,000.00 245,000.00 09/27/20211.80009/27/2019 249,728.50 731649447TC31.802451Northpointe Bank1127240,000.00 240,000.00 10/26/20212.70004/26/2018 247,605.60 1,279666613GV02.703Portfolio CITYCPRun Date: 12/01/2020 - 11:49PM (PRF_PM2) 7.3.0 Days toMaturityPage 3Par Value Book ValueMaturityDateStatedRateMarket ValueJuly 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits473First Source Bank1168245,000.00 245,000.00 11/17/20213.15012/17/2018 254,648.10 1,06633646CKP83.153478Belmont Savings Bank1102245,000.00 245,000.00 11/22/20212.10011/21/2017 251,279.35 1,462080515CD92.101478TNB Bank1187248,000.00 248,000.00 11/22/20212.40005/22/2019 255,330.88 91587266AAA12.407507Neighbors FCU1167245,000.00 245,000.00 12/21/20213.20012/21/2018 255,437.00 1,09664017AAQ73.203508United Credit Union1214248,000.00 248,000.00 12/22/20212.00008/22/2019 254,400.88 853910160AH32.003536The Ohio Valley Bank1089240,000.00 240,000.00 01/19/20221.90007/19/2017 246,163.20 1,645677721CN01.903548Third Federal Savings and Loan1112245,000.00 245,000.00 01/31/20222.50001/30/2018 253,680.35 1,46288413QBY32.502549Discover Bank Greenwood DE CF1066240,000.00 240,000.00 02/01/20222.25002/01/2017 247,555.20 1,8262546722U12.251572BMW Bank1067240,000.00 240,000.00 02/24/20222.20002/24/2017 247,677.60 1,82605580AGK42.201576Maine Savings FCU1171248,000.00 248,000.00 02/28/20223.30012/28/2018 260,290.88 1,158560507AK13.306594Luana Savings Bank1225245,000.00 245,000.00 03/18/20221.60009/18/2019 250,772.20 912549104JN81.599606Bellco Credit Union1264248,000.00 248,000.00 03/30/20221.30003/31/2020 252,704.56 72907833EAD91.300607Cadence Bank, NA1259245,000.00 245,000.00 03/31/20221.20003/31/2020 249,265.45 73012738RFX71.200607Bank of Santa Clarita1261248,000.00 248,000.00 03/31/20221.10003/31/2020 251,891.12 73006424KBC31.100633Goldman Sachs1078240,000.00 240,000.00 04/26/20222.40004/26/2017 249,336.00 1,82638148PJK42.401636Farmers Insurance Group FCU1126240,000.00 240,000.00 04/29/20222.80004/30/2018 251,061.60 1,46030960QAG22.802654Kansas State Bank1101245,000.00 245,000.00 05/17/20222.10011/17/2017 253,508.85 1,64250116CBE82.099670Synchrony Bank Retail1080240,000.00 240,000.00 06/02/20222.40006/02/2017 249,866.40 1,82687164XQV12.401676PCSB Bank1149245,000.00 245,000.00 06/08/20223.00006/08/2018 257,855.15 1,46169324MAD73.002677Synovus Bank1253245,000.00 245,000.00 06/09/20221.60003/09/2020 251,539.05 82287164DRD41.602681Allegiance Bank1143245,000.00 245,000.00 06/13/20223.10006/13/2018 258,440.70 1,46101748DBE53.102689Sallie Mae Bank Salt Lake CIty1083240,000.00 240,000.00 06/21/20222.35006/21/2017 249,909.60 1,826795450A702.351696America's Credit Union1200248,000.00 248,000.00 06/28/20222.30006/28/2019 258,078.72 1,09603065AAL72.302737Traditions Bank1148245,000.00 245,000.00 08/08/20223.00006/08/2018 258,969.90 1,52289269CBX93.002752CIT Bank NA1219245,000.00 245,000.00 08/23/20221.90008/23/2019 253,692.60 1,09612556LBA31.902758American Express Fed Savings B1096240,000.00 240,000.00 08/29/20222.40008/29/2017 250,358.40 1,82602587CFU92.402758Sterling Bank1201245,000.00 245,000.00 08/29/20222.15006/28/2019 255,069.50 1,15885916VDC62.153803Alliance Credit Union1095245,000.00 245,000.00 10/13/20222.25010/13/2017 256,137.70 1,82601859BAA32.251815Barclays Bank1097240,000.00 240,000.00 10/25/20222.30010/25/2017 251,332.80 1,82606740KLJ42.291818Merrick Bank1163248,000.00 248,000.00 10/28/20223.25010/30/2018 265,040.08 1,45959013J4K23.252829Mountain America Federal CU1099245,000.00 245,000.00 11/08/20222.30011/08/2017 256,735.50 1,82662384RAC02.301839CrossFirst Bank1106245,000.00 245,000.00 11/18/20222.20011/20/2017 256,323.90 1,82422766ACB92.201849Enterprise Bank, NA1107245,000.00 245,000.00 11/28/20222.15011/28/2017 256,154.85 1,82629367QCP12.151858Medallion Bank1169248,000.00 248,000.00 12/07/20223.40012/07/2018 266,681.84 1,46158404DCX73.402858Red Rocks Credit Union1166248,000.00 248,000.00 12/07/20223.35012/07/2018 266,389.20 1,46175701LAB33.352880Knoxville TVA Credit Union1110245,000.00 245,000.00 12/29/20222.40012/29/2017 258,016.85 1,826499724AB82.401Portfolio CITYCPRun Date: 12/01/2020 - 11:49PM (PRF_PM2) 7.3.0 Days toMaturityPage 4Par Value Book ValueMaturityDateStatedRateMarket ValueJuly 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits881Kern FCU1239248,000.00 248,000.00 12/30/20221.90012/30/2019 258,200.24 1,09649228XAK61.902881San Francisco FCU1240248,000.00 248,000.00 12/30/20221.85012/30/2019 248,293.38 1,09679772FAC01.852912Wells Fargo Natl Bank West1244248,000.00 248,000.00 01/30/20231.90001/29/2020 258,537.52 1,097949495AT21.900934Servisfirst Bank1254248,000.00 248,000.00 02/21/20231.60002/21/2020 256,853.60 1,09681768PAF31.601941Verus Bank of Commerce1180248,000.00 248,000.00 02/28/20232.70002/28/2019 263,926.56 1,46192535LCD42.700963Aneca Federal Credit Union1119245,000.00 245,000.00 03/22/20232.80003/22/2018 261,777.60 1,826034577AH92.802972Northstar Bank1263248,000.00 248,000.00 03/31/20231.15003/31/2020 254,232.24 1,09566704MEQ01.150972West Michigan Cmnty Bk1265248,000.00 248,000.00 03/31/20231.15003/31/2020 254,232.24 1,095954444BS31.150983Citibank NA1123245,000.00 245,000.00 04/11/20232.90004/11/2018 262,752.70 1,82617312QJ262.9021,000Congressional Bank1189248,000.00 248,000.00 04/28/20232.50004/30/2019 263,559.52 1,45920726ABA52.5021,000EnerBank USA1125240,000.00 240,000.00 04/28/20232.95004/30/2018 258,014.40 1,82429278TAY62.9521,007First National Bank1179248,000.00 248,000.00 05/05/20232.80003/05/2019 265,697.28 1,52232117BCX42.8021,017University of Iowa Comm. CU1134240,000.00 240,000.00 05/15/20233.05005/14/2018 258,957.60 1,82791435LAG23.0521,040Pittsfield Cooperative Bank1194245,000.00 245,000.00 06/07/20232.50006/07/2019 260,944.60 1,461725404AB32.5021,053Morton Community1173248,000.00 248,000.00 06/20/20232.75003/20/2019 266,091.60 1,553619165JD62.7531,053RCB Bank1144245,000.00 245,000.00 06/20/20233.15006/20/2018 265,695.15 1,82674934YAH43.1521,059American First CU1285248,000.00 248,000.00 06/26/20230.35006/26/2020 248,952.32 1,09502616AAH20.3501,082American National Bank1205248,000.00 248,000.00 07/19/20232.00007/19/2019 261,062.16 1,46102772JBD12.0011,083First National Bank of America1147245,000.00 245,000.00 07/20/20233.15007/20/2018 266,261.10 1,82632110YLK93.1521,094Bank of New England1151249,000.00 249,000.00 07/31/20233.25007/31/2018 271,561.89 1,82606426KAN83.2521,117Raymond James Bank1218244,000.00 244,000.00 08/23/20231.95008/23/2019 256,812.44 1,46175472RAD31.9511,154Triad Bank1262248,000.00 248,000.00 09/29/20231.35003/30/2020 256,680.00 1,27889579NCD31.3521,172Marlin Business Bank1155248,000.00 248,000.00 10/17/20233.30010/17/2018 272,242.00 1,82657116ARV23.3021,172Municipal Trust and Savings1160245,000.00 245,000.00 10/17/20233.20010/17/2018 268,164.75 1,826625925AR33.2021,172UBS Bank USA1161245,000.00 245,000.00 10/17/20233.35010/17/2018 269,340.75 1,82690348JEJ53.3521,174Jefferson Financial CU1154245,000.00 245,000.00 10/19/20233.35010/19/2018 269,384.85 1,826474067AQ83.3521,201Commercial Bank1162248,000.00 248,000.00 11/15/20233.40011/15/2018 273,561.36 1,82620143PDV93.4021,214Numerica Credit Union1164248,000.00 248,000.00 11/28/20233.55011/28/2018 275,039.44 1,82667054NAN33.5521,237National Cooperative Bank, N.A1170245,000.00 245,000.00 12/21/20233.40012/21/2018 270,947.95 1,826635573AL23.4021,245Bar Harbor Bank and Trust1172248,000.00 248,000.00 12/29/20233.35012/31/2018 273,985.44 1,824066851WJ13.3521,276Lakeside Bank1208248,000.00 248,000.00 01/29/20242.00007/30/2019 262,857.68 1,64451210SQU42.0031,290Rollstone B&T1251245,000.00 245,000.00 02/12/20241.65002/12/2020 256,769.80 1,46177579ADF01.6511,291Northwest Bank1181248,000.00 248,000.00 02/13/20242.95002/13/2019 271,269.84 1,82666736ABP32.9511,305Wells Fargo1174248,000.00 248,000.00 02/27/20243.00002/27/2019 270,590.32 1,826949763XY73.0011,335Texas Bank Financial1260245,000.00 245,000.00 03/28/20241.10003/31/2020 252,180.95 1,458882213AB71.1011,353The Jefferson Bank1272248,000.00 248,000.00 04/15/20241.25004/15/2020 256,670.08 1,461472382AQ31.251Portfolio CITYCPRun Date: 12/01/2020 - 11:49PM (PRF_PM2) 7.3.0 Days toMaturityPage 5Par Value Book ValueMaturityDateStatedRateMarket ValueJuly 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits1,354Belmont Bank and Trust1270248,000.00 248,000.00 04/16/20241.25004/16/2020 256,672.56 1,46108016PDQ91.2511,354Pacific Western Bank1269245,000.00 245,000.00 04/16/20241.30004/16/2020 254,020.90 1,46169506YRH41.3011,364Main Street Bank1188248,000.00 248,000.00 04/26/20242.60004/26/2019 269,154.40 1,82756065GAG32.6031,383First Service Bank1231248,000.00 248,000.00 05/15/20241.70011/15/2019 260,980.32 1,64333640VDD71.7011,384JP Morgan Chase1185245,000.00 245,000.00 05/16/20243.25005/16/2019 239,512.00 1,82748128HXU73.2541,391Iowa State Bank1186245,000.00 245,000.00 05/23/20242.40005/23/2019 264,391.75 1,82746256YAZ22.4031,396Live Oak Bank1238248,000.00 248,000.00 05/28/20241.80011/27/2019 262,007.04 1,644538036GV01.8021,397Century Next Bank1184248,000.00 248,000.00 05/29/20242.50005/29/2019 268,623.68 1,827156634AK32.5031,406Plains Commerce Bank1195245,000.00 245,000.00 06/07/20242.55006/07/2019 265,949.95 1,82772651LCL62.5531,411Evansville Teachers Credit FCU1196248,000.00 248,000.00 06/12/20242.60006/12/2019 269,727.28 1,827299547AQ22.6031,418Legacy Bank1197248,000.00 248,000.00 06/19/20242.40006/19/2019 267,899.52 1,827524661CB92.4031,420Citizens State Bank1199248,000.00 248,000.00 06/21/20242.40006/21/2019 267,921.84 1,827176688CP22.4031,427Communitywide FCU1202248,000.00 248,000.00 06/28/20242.25006/28/2019 266,552.88 1,82720416TAQ52.2531,427Revere Bank1203247,000.00 247,000.00 06/28/20242.30006/28/2019 265,972.07 1,827761402BY12.3031,455Abacus Federal Savings1207248,000.00 248,000.00 07/26/20241.95007/26/2019 263,884.40 1,82700257TBD71.9521,459First Security Bank of WA1209248,000.00 248,000.00 07/30/20242.00007/30/2019 264,407.68 1,82733625CCP22.0021,460People's Bank1210248,000.00 248,000.00 07/31/20242.00007/31/2019 264,415.12 1,827710571DS62.0021,476Preferred Bank1213249,000.00 249,000.00 08/16/20242.00008/16/2019 265,556.01 1,827740367HP52.0021,483FirsTier Bank1216249,000.00 249,000.00 08/23/20241.95008/23/2019 265,090.38 1,82733766LAJ71.9521,483Washington Federal1215248,000.00 248,000.00 08/23/20242.00008/23/2019 264,524.24 1,827938828BH22.0021,490First State Bk DeQueen1222248,000.00 248,000.00 08/30/20241.80008/30/2019 262,560.08 1,827336460CX61.8021,490First Natl Bk of Syracuse1221249,000.00 249,000.00 08/30/20241.85008/30/2019 264,124.26 1,827334342CD21.8521,490Celtic Bank1220248,000.00 248,000.00 08/30/20241.85008/30/2019 263,063.52 1,82715118RRH21.8521,518BankWest Inc1227248,000.00 248,000.00 09/27/20241.70009/27/2019 261,617.68 1,82706652CHB01.7021,546Southern Bancorp Bk1286248,000.00 248,000.00 10/25/20240.50006/26/2020 249,192.88 1,58284223QAN70.5001,559Sauk Valley B&T Co1235248,000.00 248,000.00 11/07/20241.70011/07/2019 261,719.36 1,827804375DL41.7021,572Morgan Stanley Bank1237245,000.00 245,000.00 11/20/20241.95011/20/2019 261,206.75 1,82761690UNX41.9521,572Morgan Stanley Private Bk, NA1236245,000.00 245,000.00 11/20/20241.90011/20/2019 260,682.45 1,82761760A3B31.9021,612Bank Princeton1287248,000.00 248,000.00 12/30/20240.50006/30/2020 248,820.88 1,644064520BG30.5001,651United Community1249248,000.00 248,000.00 02/07/20251.65002/07/2020 261,342.40 1,82790983WBT71.6521,658First National Bank Michigan1250248,000.00 248,000.00 02/14/20251.65002/14/2020 261,352.32 1,82732114VBT31.6521,658Freedom Financial1248248,000.00 248,000.00 02/14/20251.55002/14/2020 260,238.80 1,82735637RDC81.5521,665American State1255248,000.00 248,000.00 02/21/20251.60002/21/2020 260,804.24 1,827029728BC51.6021,671Citadel FCU1252248,000.00 248,000.00 02/27/20251.65002/27/2020 261,369.68 1,82717286TAG01.6521,685Access Bank1256248,000.00 248,000.00 03/13/20251.60003/13/2020 260,831.52 1,82600435JBH51.6011,692Spring Bank1257248,000.00 248,000.00 03/20/20251.50003/20/2020 259,700.64 1,826849430BF91.501Portfolio CITYCPRun Date: 12/01/2020 - 11:49PM (PRF_PM2) 7.3.0 Days toMaturityPage 6Par Value Book ValueMaturityDateStatedRateMarket ValueJuly 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits1,698Axos Bank1258248,000.00 248,000.00 03/26/20251.65003/26/2020 261,411.84 1,82605465DAE81.6511,700Alma Bank1267248,000.00 248,000.00 03/28/20251.40003/30/2020 258,552.40 1,824020080BX41.3991,703Commonwealth Business Bk1268248,000.00 248,000.00 03/31/20251.25003/31/2020 256,838.72 1,8262027506M21.2511,703Nicolet Natl Bank1266248,000.00 248,000.00 03/31/20251.40003/31/2020 258,554.88 1,826654062JZ21.4011,711Capital One USA FDIC339541271245,000.00 245,000.00 04/08/20251.60004/08/2020 257,681.20 1,82614042TDD61.6011,731Firrst Natl Bk McGregor1274248,000.00 248,000.00 04/28/20251.35004/28/2020 257,944.80 1,82632112UDR91.3511,732First Freedom Bank1273249,000.00 249,000.00 04/29/20251.20004/29/2020 257,231.94 1,82632027BAL11.2011,733Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 256,774.24 1,82633847E3A31.2511,7451st Internet Bank1278248,000.00 248,000.00 05/12/20251.00005/11/2020 253,825.52 1,82732056GDJ60.9851,746Western State Bank1277245,000.00 245,000.00 05/13/20251.00005/13/2020 250,752.60 1,82695960NKD81.0011,788Chippewa Valley Bk1284248,000.00 248,000.00 06/24/20250.60006/24/2020 250,670.96 1,826169894AS10.60033,684,000.00 1,55035,305,399.2133,684,000.0033,823,354.84Subtotal and Average1,033 2.163Corporate Notes368Apple Inc1079500,000.00 493,050.00 08/04/20211.55006/12/2017 505,810.00 1,514037833CC21.900554Proctor and Gamble1159500,000.00 487,950.00 02/06/20222.30010/15/2018 515,985.00 1,210742718DY23.071866Wal-Mart Stores, Inc1190500,000.00 496,650.00 12/15/20222.35004/16/2019 523,940.00 1,339931142DU42.799914Colgate-Palmolive1175500,000.00 485,250.00 02/01/20231.95003/04/2019 522,890.00 1,43019416QEA42.7511,102Microsoft Corporation1157400,000.00 378,360.00 08/08/20232.00010/15/2018 419,580.00 1,758594918BQ63.2222,341,260.00 1,4362,488,205.002,400,000.002,341,260.00Subtotal and Average744 2.725Money Market with Fiscal Agent1US Bank10585,360.92 5,360.9207/01/2016 5,360.92 1SYS10580.0005,360.92 15,360.925,360.925,360.90Subtotal and Average10.000CERBT - OPEB Trust1CalPERS CERBT Plan11141,714,840.82 1,714,840.8207/01/2020 1,714,840.82 1SYS11140.0001,714,840.82 11,714,840.821,714,840.821,714,840.82Subtotal and Average10.000PARS Pension Trust1Pblc Agncy Rtrmnt Serv123010,481,313.32 10,481,313.3207/01/2020 10,481,313.32 1SYS12300.00010,481,313.32 110,481,313.3210,481,313.3210,257,207.82Subtotal and Average10.000Portfolio CITYCPRun Date: 12/01/2020 - 11:49PM (PRF_PM2) 7.3.0 Days toMaturityPage 7Par Value Book ValueStatedRateMarket ValueJuly 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDate571169,640,682.82 165,618,692.13356 1.196168,338,879.55 165,419,429.49Total and AveragePortfolio CITYCPRun Date: 12/01/2020 - 11:49PM (PRF_PM2) 7.3.0 City of La Quinta Total Earnings City of La Quinta - Sorted by Fund - Fund July 1, 2020 - July 31, 2020 Current Rate Ending Par Value Ending Fund Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted InterestAnnualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 992,100.0012331,000,000.00 1.375FNMA 1,145.83 0.00 1,145.831.360101992,100.003135G0W33 0.00 495,950.001206500,000.00 1.750FNMA 729.17 0.00 729.171.731101495,950.003135G0V75 0.00 1,000,000.0012791,000,000.00 0.625FHLMC 520.83 0.00 520.830.6131011,000,000.003134GVYG7 0.00 998,500.0012751,000,000.00 0.700FHLMC 583.33 0.00 583.330.688101998,500.003134GVLC0 0.00 996,900.0012341,000,000.00 1.600FFCB 1,333.33 0.00 1,333.331.575101996,900.003133EK4X1 0.00 499,500.001198500,000.00 1.875FFCB 781.25 0.00 781.251.842101499,500.003133EKQP4 0.00 498,750.001224500,000.00 1.600FFCB 666.67 0.00 666.671.574101498,750.003133EKP75 0.00 998,600.0012421,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.670101998,600.003133ELEA8 0.00 499,400.001223500,000.00 1.600FFCB 666.67 0.00 666.671.572101499,400.003133EKZK5 0.00 999,000.0012461,000,000.00 1.430FFCB 1,191.67 0.00 1,191.671.404101999,000.003133ELNE0 0.00 999,217.3612471,000,000.00 1.400FFCB 1,166.66 0.00 1,166.661.375101999,217.363133EGWJ0 0.00 499,850.001280500,000.00 0.500FFCB 208.33 0.00 208.330.491101499,850.003133ELH23 0.00 500,000.001282500,000.00 0.680FFCB 283.34 0.00 283.340.667101500,000.003133ELH80 0.00 992,200.0011051,000,000.00 1.700FFCB 1,416.66 0.00 1,416.661.681101992,200.003133EHWM1 0.00 499,500.001212500,000.00 1.850FFCB 770.83 0.00 770.831.817101499,500.003133EKWV4 0.00 247,275.001158250,000.00 2.800FFCB 583.33 0.00 583.332.778101247,275.003133EJYL7 0.00 300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.667101300,000.003130AJRP6 0.00 499,850.001281500,000.00 0.500FHLB 208.33 0.00 208.330.491101499,850.003130AJKW8 0.00 498,550.001177500,000.00 2.500FHLB 1,041.66 0.00 1,041.662.460101498,550.003130AFW94 0.00 996,800.0011041,000,000.00 1.625FHLB 1,354.16 0.00 1,354.161.600101996,800.003130A66T9 0.00 496,650.001192500,000.00 1.750USTR 737.09 0.00 737.091.747101496,650.00912828SV3 0.00 1,942,800.0010702,000,000.00 1.250USTR 2,105.97 0.00 2,105.971.2761011,942,800.00912828T67 0.00 499,300.001217500,000.00 1.375USTR 582.31 0.00 582.311.373101499,300.00912828T26 0.00 5,000,000.0010455,000,000.00 1.125USTR 4,738.45 0.00 4,738.451.1161015,000,000.00912828S27 0.00 989,687.5012411,000,000.00 1.500USTR 1,270.49 0.00 1,270.491.511101989,687.50912828YV6 0.00 493,610.001193500,000.00 1.375USTR 582.31 0.00 582.311.389101493,610.00912828R77 0.00 985,800.0011171,000,000.00 1.500USTR 1,277.48 0.00 1,277.481.526101985,800.009128282Q2 0.00 489,687.501178500,000.00 1.875USTR 794.05 0.00 794.051.909101489,687.509128282W9 0.00 248,000.001174248,000.00 3.000WELLS 631.89 0.00 631.893.000101248,000.00949763XY7 0.00 378,361.511057378,361.51WELLS 0.01 0.00 0.01101239,812.134159282482 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:04 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 2 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest July 1, 2020 - July 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 240,000.001078240,000.00 2.400GLDMAN 489.21 0.00 489.212.400101240,000.0038148PJK4 0.00 240,000.001077240,000.00 2.250AMEX 458.63 0.00 458.632.250101240,000.0002587DP85 0.00 240,000.001067240,000.00 2.200BMW 448.44 0.00 448.442.200101240,000.0005580AGK4 0.00 248,000.001169248,000.00 3.400MEDBA 716.14 0.00 716.143.400101248,000.0058404DCX7 0.00 240,000.001097240,000.00 2.300BARCLY 468.82 0.00 468.822.300101240,000.0006740KLJ4 0.00 245,000.001112245,000.00 2.5003RD 520.20 0.00 520.202.500101245,000.0088413QBY3 0.00 248,000.001163248,000.00 3.250MRRCK 684.55 0.00 684.553.250101248,000.0059013J4K2 0.00 240,000.001128240,000.00 2.800TOWNE 570.74 0.00 570.742.800101240,000.0089214PBL2 0.00 248,000.001173248,000.00 2.750MORTN 579.23 0.00 579.232.750101248,000.00619165JD6 0.00 245,000.001271245,000.00 1.600CAPONE 332.93 0.00 332.931.600101245,000.0014042TDD6 0.00 245,000.001176245,000.00 2.500ALLY 520.21 0.00 520.212.500101245,000.0002007GHX4 0.00 240,000.001009240,000.00 1.700CCBA 346.52 0.00 346.521.700101240,000.0020033APG5 0.00 240,000.001032240,000.00 1.500PRVTBA 305.75 0.00 305.751.500101240,000.0074267GVG9 0.00 70,644,117.99105570,644,117.99 0.920LAIF 49,427.26 0.00 49,427.260.85010168,463,512.6198-33-434 0.00 240,000.001066240,000.00 2.250DISCOV 458.63 0.00 458.632.250101240,000.002546722U1 0.00 493,050.001079500,000.00 1.550APPL 645.84 0.00 645.841.542101493,050.00037833CC2 0.00 240,000.001080240,000.00 2.400SYNCHR 489.21 0.00 489.212.400101240,000.0087164XQV1 0.00 245,000.001081245,000.00 1.800RICHMN 374.55 0.00 374.551.800101245,000.00319267GC8 0.00 240,000.001082240,000.00 2.250CAP1NA 458.63 0.00 458.632.250101240,000.0014042RGD7 0.00 240,000.001083240,000.00 2.350SALMAE 479.02 0.00 479.022.350101240,000.00795450A70 0.00 240,000.001085240,000.00 1.850CNTRL 377.10 0.00 377.101.850101240,000.0015523RBJ4 0.00 240,000.001086240,000.00 1.800BNKRS 366.90 0.00 366.901.800101240,000.0006610RAP4 0.00 0.0010870.00 1.750MERCTL 69.04 0.00 69.041.750101240,000.0058740XZL7 0.00 240,000.001089240,000.00 1.900OHVAL 387.29 0.00 387.291.900101240,000.00677721CN0 0.00 0.0010940.00 1.750HIGHLD 138.08 0.00 138.081.750101240,000.00319141GT8 0.00 245,000.001095245,000.00 2.250ALLIAN 468.18 0.00 468.182.250101245,000.0001859BAA3 0.00 240,000.001096240,000.00 2.400AMFSB 489.20 0.00 489.202.400101240,000.0002587CFU9 0.00 245,000.001099245,000.00 2.300MTNAMR 478.59 0.00 478.592.300101245,000.0062384RAC0 0.00 245,000.001101245,000.00 2.100KANSAS 436.97 0.00 436.972.100101245,000.0050116CBE8 0.00 245,000.001102245,000.00 2.100BELMNT 436.98 0.00 436.982.100101245,000.00080515CD9 0.00 245,000.001106245,000.00 2.200CRS1ST 457.78 0.00 457.782.200101245,000.0022766ACB9 0.00 245,000.001107245,000.00 2.150ENTRPR 447.38 0.00 447.382.150101245,000.0029367QCP1 0.00 245,000.001236245,000.00 1.900MSPRIV 395.36 0.00 395.361.900101245,000.0061760A3B3 0.00 245,000.001237245,000.00 1.950MORGST 405.76 0.00 405.761.950101245,000.0061690UNX4 0.00 245,000.001110245,000.00 2.400KNOX 499.40 0.00 499.402.400101245,000.00499724AB8 0.00 245,000.001111245,000.00 2.050FREECU 426.57 0.00 426.572.050101245,000.0035638BAA9 0.00 3,300.0010593,300.00CITYPC 0.00 0.00 0.001013,300.00SYS1059 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:04 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 3 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest July 1, 2020 - July 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 1,714,840.8211141,714,840.82CALPRS 0.00 0.00 0.001010.00SYS1114 0.00 378,360.001157400,000.00 2.000MCRSFT 666.66 0.00 666.662.075101378,360.00594918BQ6 0.00 245,000.001119245,000.00 2.800ANECA 582.63 0.00 582.632.800101245,000.00034577AH9 0.00 245,000.001120245,000.00 2.550UNITY 530.61 0.00 530.612.550101245,000.0091330ABN6 0.00 245,000.001123245,000.00 2.900CITINA 603.44 0.00 603.442.900101245,000.0017312QJ26 0.00 245,000.001124245,000.00 2.7001STTCH 561.82 0.00 561.822.700101245,000.0033715LBJ8 0.00 240,000.001125240,000.00 2.950ENER 601.32 0.00 601.322.950101240,000.0029278TAY6 0.00 240,000.001126240,000.00 2.800FARMIG 570.74 0.00 570.742.800101240,000.0030960QAG2 0.00 240,000.001127240,000.00 2.700NORPNT 550.36 0.00 550.362.700101240,000.00666613GV0 0.00 240,000.001134240,000.00 3.050UOFICU 621.70 0.00 621.703.050101240,000.0091435LAG2 0.00 245,000.001226245,000.00 1.800NYCMBK 374.55 0.00 374.551.800101245,000.00649447TC3 0.00 245,000.001143245,000.00 3.100ALLGNC 645.05 0.00 645.053.100101245,000.0001748DBE5 0.00 245,000.001144245,000.00 3.150RCB 655.46 0.00 655.463.150101245,000.0074934YAH4 0.00 245,000.001146245,000.00 2.850EAGLE 593.03 0.00 593.032.850101245,000.0027002YDV5 0.00 245,000.001147245,000.00 3.1501STNBA 655.46 0.00 655.463.150101245,000.0032110YLK9 0.00 245,000.001148245,000.00 3.000TRAD 624.25 0.00 624.253.000101245,000.0089269CBX9 0.00 245,000.001149245,000.00 3.000PCSB 624.25 0.00 624.253.000101245,000.0069324MAD7 0.00 240,000.001150240,000.00 3.100GECRUN 631.89 0.00 631.893.100101240,000.00369674AV8 0.00 249,000.001151249,000.00 3.250NWENGL 687.31 0.00 687.313.250101249,000.0006426KAN8 0.00 2,851,608.5111532,851,608.51 0.370CAMP 896.52 0.00 896.520.3701012,850,711.99SYS1153 0.00 245,000.001154245,000.00 3.350JEFF 697.07 0.00 697.073.350101245,000.00474067AQ8 0.00 248,000.001155248,000.00 3.300MARBUS 695.08 0.00 695.083.300101248,000.0057116ARV2 0.00 487,950.001159500,000.00 2.300P&G 958.34 0.00 958.342.312101487,950.00742718DY2 0.00 245,000.001160245,000.00 3.200MUNTRS 665.86 0.00 665.863.200101245,000.00625925AR3 0.00 245,000.001161245,000.00 3.350UBS 697.08 0.00 697.083.350101245,000.0090348JEJ5 0.00 248,000.001162248,000.00 3.400COMMBK 716.14 0.00 716.143.400101248,000.0020143PDV9 0.00 248,000.001164248,000.00 3.550NMRCA 747.74 0.00 747.743.550101248,000.0067054NAN3 0.00 248,000.001165248,000.00 3.000FARMBU 631.89 0.00 631.893.000101248,000.00307660LC2 0.00 248,000.001166248,000.00 3.350REDRCK 705.61 0.00 705.613.350101248,000.0075701LAB3 0.00 245,000.001167245,000.00 3.200NEIGH 665.87 0.00 665.873.200101245,000.0064017AAQ7 0.00 245,000.001168245,000.00 3.1501STSRC 655.46 0.00 655.463.150101245,000.0033646CKP8 0.00 245,000.001170245,000.00 3.400NLCOOP 707.48 0.00 707.483.400101245,000.00635573AL2 0.00 248,000.001171248,000.00 3.300MAINE 695.09 0.00 695.093.300101248,000.00560507AK1 0.00 248,000.001172248,000.00 3.350BARHAR 705.61 0.00 705.613.350101248,000.00066851WJ1 0.00 485,250.001175500,000.00 1.950COLGTE 812.50 0.00 812.501.971101485,250.0019416QEA4 0.00 0.0011830.00STIFEL 0.84 0.00 0.841010.00SYS1183 0.00 248,000.001179248,000.00 2.8001STNBK 589.76 0.00 589.762.800101248,000.0032117BCX4 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:04 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 4 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest July 1, 2020 - July 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001180248,000.00 2.700VERUS 568.71 0.00 568.712.700101248,000.0092535LCD4 0.00 248,000.001181248,000.00 2.950NRTHWS 621.36 0.00 621.362.950101248,000.0066736ABP3 0.00 248,000.001184248,000.00 2.500CENTNX 526.57 0.00 526.572.500101248,000.00156634AK3 0.00 245,000.001185245,000.00 3.250JPMORG 676.27 0.00 676.273.250101245,000.0048128HXU7 0.00 245,000.001186245,000.00 2.400IOWAST 499.40 0.00 499.402.400101245,000.0046256YAZ2 0.00 248,000.001187248,000.00 2.400TSCOLA 505.51 0.00 505.512.400101248,000.0087266AAA1 0.00 248,000.001188248,000.00 2.600MAINST 547.64 0.00 547.642.600101248,000.0056065GAG3 0.00 248,000.001189248,000.00 2.500CONGRS 526.58 0.00 526.582.500101248,000.0020726ABA5 0.00 496,650.001190500,000.00 2.350WALMRT 979.17 0.00 979.172.321101496,650.00931142DU4 0.00 245,000.001194245,000.00 2.500PITTS 520.21 0.00 520.212.500101245,000.00725404AB3 0.00 245,000.001195245,000.00 2.550PLAINS 530.61 0.00 530.612.550101245,000.0072651LCL6 0.00 248,000.001196248,000.00 2.600EVNSCU 547.64 0.00 547.642.600101248,000.00299547AQ2 0.00 248,000.001197248,000.00 2.400LEGCY 505.51 0.00 505.512.400101248,000.00524661CB9 0.00 248,000.001199248,000.00 2.400CTZNST 505.52 0.00 505.522.400101248,000.00176688CP2 0.00 248,000.001200248,000.00 2.300AMERCU 484.45 0.00 484.452.300101248,000.0003065AAL7 0.00 245,000.001201245,000.00 2.150STRLNG 447.38 0.00 447.382.150101245,000.0085916VDC6 0.00 248,000.001202248,000.00 2.250COMMW 473.92 0.00 473.922.250101248,000.0020416TAQ5 0.00 247,000.001203247,000.00 2.300REVER 482.50 0.00 482.502.300101247,000.00761402BY1 0.00 248,000.001205248,000.00 2.000AMRNTL 421.26 0.00 421.262.000101248,000.0002772JBD1 0.00 248,000.001207248,000.00 1.950ABACUS 410.73 0.00 410.731.950101248,000.0000257TBD7 0.00 248,000.001208248,000.00 2.000LKSIDE 421.26 0.00 421.262.000101248,000.0051210SQU4 0.00 248,000.001209248,000.00 2.0001STSEC 421.26 0.00 421.262.000101248,000.0033625CCP2 0.00 248,000.001210248,000.00 2.000PEOPLE 421.26 0.00 421.262.000101248,000.00710571DS6 0.00 248,000.001211248,000.00 2.100NFNITY 442.32 0.00 442.322.100101248,000.0045667EDY1 0.00 249,000.001213249,000.00 2.000PREFRD 422.96 0.00 422.962.000101249,000.00740367HP5 0.00 248,000.001214248,000.00 2.000UNTDCU 421.26 0.00 421.262.000101248,000.00910160AH3 0.00 248,000.001215248,000.00 2.000WSHFED 421.26 0.00 421.262.000101248,000.00938828BH2 0.00 249,000.001216249,000.00 1.9501STIER 412.38 0.00 412.381.950101249,000.0033766LAJ7 0.00 244,000.001218244,000.00 1.950RAYJAM 404.11 0.00 404.111.950101244,000.0075472RAD3 0.00 245,000.001219245,000.00 1.900CITBNK 395.36 0.00 395.361.900101245,000.0012556LBA3 0.00 248,000.001220248,000.00 1.850CELTIC 389.67 0.00 389.671.850101248,000.0015118RRH2 0.00 249,000.001221249,000.00 1.8501STNBS 391.24 0.00 391.241.850101249,000.00334342CD2 0.00 248,000.001222248,000.00 1.8001STDQN 379.13 0.00 379.131.800101248,000.00336460CX6 0.00 245,000.001225245,000.00 1.600LUANA 332.93 0.00 332.931.600101245,000.00549104JN8 0.00 1,671,857.5612281,671,857.56BOTW 0.01 0.00 0.011018,084,992.74059731851 0.00 248,000.001227248,000.00 1.700BNKWST 358.07 0.00 358.071.700101248,000.0006652CHB0 0.00 10,481,313.32123010,481,313.32PARS 0.00 0.00 0.001010.00SYS1230 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:04 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 5 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest July 1, 2020 - July 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001231248,000.00 1.7001STSER 358.07 0.00 358.071.700101248,000.0033640VDD7 0.00 248,000.001235248,000.00 1.700SAUKVL 358.07 0.00 358.071.700101248,000.00804375DL4 0.00 248,000.001238248,000.00 1.800LIVEOK 379.13 0.00 379.131.800101248,000.00538036GV0 0.00 248,000.001239248,000.00 1.900KERNCU 400.20 0.00 400.201.900101248,000.0049228XAK6 0.00 248,000.001240248,000.00 1.850SF FCU 389.67 0.00 389.671.850101248,000.0079772FAC0 0.00 248,000.001244248,000.00 1.900WFNBW 400.20 0.00 400.201.900101248,000.00949495AT2 0.00 248,000.001248248,000.00 1.550FRDMFI 326.48 0.00 326.481.550101248,000.0035637RDC8 0.00 248,000.001249248,000.00 1.650UNTDCM 347.54 0.00 347.541.650101248,000.0090983WBT7 0.00 248,000.001250248,000.00 1.6501STNMI 347.54 0.00 347.541.650101248,000.0032114VBT3 0.00 245,000.001251245,000.00 1.650RLLSTN 343.33 0.00 343.331.650101245,000.0077579ADF0 0.00 248,000.001252248,000.00 1.650CITADL 347.54 0.00 347.541.650101248,000.0017286TAG0 0.00 245,000.001253245,000.00 1.600SYNOVS 332.93 0.00 332.931.600101245,000.0087164DRD4 0.00 248,000.001254248,000.00 1.600SERVIS 337.01 0.00 337.011.600101248,000.0081768PAF3 0.00 248,000.001255248,000.00 1.600AMERST 337.01 0.00 337.011.600101248,000.00029728BC5 0.00 248,000.001256248,000.00 1.600ACCSS 337.01 0.00 337.011.600101248,000.0000435JBH5 0.00 248,000.001257248,000.00 1.500SPRING 315.94 0.00 315.941.500101248,000.00849430BF9 0.00 248,000.001258248,000.00 1.650AXOS 347.54 0.00 347.541.650101248,000.0005465DAE8 0.00 245,000.001259245,000.00 1.200CADNCE 249.70 0.00 249.701.200101245,000.0012738RFX7 0.00 245,000.001260245,000.00 1.100TEXAS 228.89 0.00 228.891.100101245,000.00882213AB7 0.00 248,000.001261248,000.00 1.100SNTCLR 231.69 0.00 231.691.100101248,000.0006424KBC3 0.00 248,000.001262248,000.00 1.350TRIAD 284.35 0.00 284.351.350101248,000.0089579NCD3 0.00 248,000.001263248,000.00 1.150NRTHSR 242.22 0.00 242.221.150101248,000.0066704MEQ0 0.00 248,000.001264248,000.00 1.300BELLCO 273.82 0.00 273.821.300101248,000.0007833EAD9 0.00 248,000.001265248,000.00 1.150WESTMI 242.22 0.00 242.221.150101248,000.00954444BS3 0.00 248,000.001266248,000.00 1.400NCOLET 294.88 0.00 294.881.400101248,000.00654062JZ2 0.00 248,000.001267248,000.00 1.400ALMABK 294.88 0.00 294.881.400101248,000.00020080BX4 0.00 248,000.001268248,000.00 1.250CMWBUS 263.29 0.00 263.291.250101248,000.002027506M2 0.00 245,000.001269245,000.00 1.300PACWST 270.50 0.00 270.501.300101245,000.0069506YRH4 0.00 248,000.001270248,000.00 1.250BELB&T 263.29 0.00 263.291.250101248,000.0008016PDQ9 0.00 248,000.001272248,000.00 1.250THEJEF 263.28 0.00 263.281.250101248,000.00472382AQ3 0.00 249,000.001273249,000.00 1.2001STFDM 253.77 0.00 253.771.200101249,000.0032027BAL1 0.00 248,000.001274248,000.00 1.3501STMCG 284.35 0.00 284.351.350101248,000.0032112UDR9 0.00 248,000.001276248,000.00 1.250FLGSTR 263.28 0.00 263.281.250101248,000.0033847E3A3 0.00 245,000.001277245,000.00 1.000WSTRNS 208.09 0.00 208.091.000101245,000.0095960NKD8 0.00 248,000.001278248,000.00 1.0001STINT 210.63 0.00 210.631.000101248,000.0032056GDJ6 0.00 248,000.001284248,000.00 0.600CHIPVA 126.38 0.00 126.380.600101248,000.00169894AS1 0.00 248,000.001285248,000.00 0.350AMR1ST 73.72 0.00 73.720.350101248,000.0002616AAH2 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:04 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 6 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest July 1, 2020 - July 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001286248,000.00 0.500STHRNB 105.32 0.00 105.320.500101248,000.0084223QAN7 0.00 248,000.001287248,000.00 0.500BKPRNC 105.32 0.00 105.320.500101248,000.00064520BG3 0.00 148,879,399.71Subtotal 148,680,137.07 1.117 144,892.830.00144,892.83141,057,066.83 0.00 Fund: Fiscal Agent 5,360.9210585,360.92USBANK 0.02 0.00 0.020.0042315,360.90SYS1058 0.00 5,360.92Subtotal 5,360.92 0.004 0.020.000.025,360.90 0.00 Fund: Housing Authority : WSA and LQ 223,898.001062223,898.00LQPR 0.00 0.00 0.00241219,214.99SYS1062 0.00 223,898.00Subtotal 223,898.00 0.000.000.00219,214.99 0.00 Fund: SA Low/Mod Bond Fund 16,510,033.50111316,510,033.50 0.920LAIF 11,855.47 0.00 11,855.470.83324916,748,919.9725-33-005 0.00 16,510,033.50Subtotal 16,510,033.50 0.833 11,855.470.0011,855.4716,748,919.97 0.00 165,618,692.13Total 165,419,429.49 1.088 156,748.320.00156,748.32158,030,562.69 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:04 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management August 31, 2020 City of La Quinta - Portfolio Summary % of Portfolio Book ValueInvestmentsMarket Value Par Value Days to MaturityTerm YTM 365 Equiv. Bank Accounts 4,025,365.14 12.42 0.00014,025,365.144,025,365.14 Local Agency Investment Fund-City 55,644,117.99 133.40 0.784155,980,465.1955,644,117.99 Local Agency Invstmnt Fund-Housing 16,510,033.50 19.91 0.784116,592,317.5116,510,033.50 Money Market Accounts - CAMP 2,852,332.18 11.71 0.30012,852,332.182,852,332.18 Federal Agency Coupon Securities 16,011,692.36 1,5659.61 1.3461,24516,431,175.0016,050,000.00 Treasury Coupon Securities 9,911,735.00 1,6535.95 1.50652910,174,170.0010,000,000.00 Certificate of Deposits 33,684,000.00 1,55020.22 2.1631,00235,310,197.3333,684,000.00 Corporate Notes 2,341,260.00 1,4361.41 2.7257132,483,341.002,400,000.00 Money Market with Fiscal Agent 13,302,075.08 17.98 0.000113,302,075.0813,302,075.08 CERBT - OPEB Trust 1,714,840.82 11.03 0.00011,714,840.821,714,840.82 PARS Pension Trust 10,615,259.76 16.37 0.000110,615,259.7610,615,259.76 166,612,711.83 100.00%Investments 169,481,539.01166,798,024.47 583 364 1.039 Current Year August 31 164,528.75 Fiscal Year To Date 321,277.07 Average Daily Balance Effective Rate of Return 156,561,995.94 163,101,339.38 1.16%1.24% Total Earnings Month Ending I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and 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 City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our financial institutions to determine the fair market value of investments at month end. __________________________________________________ ____________________ Karla Romero, Finance Director Portfolio CITY CP Reporting period 08/01/2020-08/31/2020 Run Date: 12/01/2020 - 12:13 PM (PRF_PM1) 7.3.0 Report Ver. 7.3.6.1 December 8, 2020 Days toMaturityPage 1Par Value Book ValueMaturityDateStatedRateMarket ValueAugust 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateBank Accounts1Bank of the West12283,585,673.41 3,585,673.4108/20/2019 3,585,673.41 10597318510.0001City Petty Cash10593,300.00 3,300.0007/01/2016 3,300.00 1SYS10590.0001La Quinta Palms Realty1062239,433.72 239,433.7207/01/2016 239,433.72 1SYS10620.0001Stifel, Nicolaus & Company11830.00 0.0003/18/2019 0.00 1SYS11830.0001Wells Fargo1057196,958.01 196,958.0107/01/2016 196,958.01 141592824820.0004,025,365.14 14,025,365.144,025,365.142,495,087.25Subtotal and Average10.000Local Agency Investment Fund-City1Local Agency Inv Fund105555,644,117.99 55,644,117.99 0.78455,980,465.19 198-33-4340.78455,644,117.99 155,980,465.1955,644,117.9960,966,698.64Subtotal and Average10.784Local Agency Invstmnt Fund-Housing1Local Agency Inv Fund111316,510,033.50 16,510,033.50 0.78416,592,317.51 125-33-0050.78416,510,033.50 116,592,317.5116,510,033.5016,510,033.50Subtotal and Average10.784Money Market Accounts - CAMP1California Asset Management Pr11532,852,332.18 2,852,332.18 0.30009/26/2018 2,852,332.18 1SYS11530.3002,852,332.18 12,852,332.182,852,332.182,851,631.85Subtotal and Average10.300Federal Agency Coupon Securities10Federal Home Loan Bank11041,000,000.00 996,800.00 09/11/20201.62511/09/2017 1,000,400.00 1,0373130A66T91.741365Federal Farm Credit Bank11051,000,000.00 992,200.00 09/01/20211.70011/09/2017 1,015,170.00 1,3923133EHWM11.913735Federal National Mtg Assn12331,000,000.00 992,100.00 09/06/20221.37510/29/2019 1,023,950.00 1,0433135G0W331.659758Federal Farm Credit Bank12471,000,000.00 999,217.36 09/29/20221.40002/05/2020 1,024,840.00 9673133EGWJ01.430832Federal Farm Credit Bank1198500,000.00 499,500.00 12/12/20221.87506/20/2019 518,850.00 1,2713133EKQP41.9051,077Federal Farm Credit Bank1223500,000.00 499,400.00 08/14/20231.60009/12/2019 519,880.00 1,4323133EKZK51.6321,099Federal Farm Credit Bank1158250,000.00 247,275.00 09/05/20232.80010/15/2018 269,085.00 1,7863133EJYL73.0411,156Federal Farm Credit Bank12341,000,000.00 996,900.00 11/01/20231.60011/01/2019 1,041,950.00 1,4613133EK4X11.6801,260Federal Home Loan Bank1177500,000.00 498,550.00 02/13/20242.50003/01/2019 538,840.00 1,8103130AFW942.5631,261Federal Farm Credit Bank12461,000,000.00 999,000.00 02/14/20241.43002/14/2020 1,039,090.00 1,4613133ELNE01.4561,400Federal National Mtg Assn1206500,000.00 495,950.00 07/02/20241.75007/15/2019 527,615.00 1,8143135G0V751.9221,424Federal Farm Credit Bank1212500,000.00 499,500.00 07/26/20241.85008/02/2019 529,350.00 1,8203133EKWV41.8711,477Federal Farm Credit Bank1224500,000.00 498,750.00 09/17/20241.60009/17/2019 525,100.00 1,8273133EKP751.6521,477Federal Farm Credit Bank12421,000,000.00 998,600.00 09/17/20241.70012/17/2019 1,054,210.00 1,7363133ELEA81.7311,693Federal Home Loan Mtg Corp12751,000,000.00 998,500.00 04/21/20250.70004/28/2020 1,000,460.00 1,8193134GVLC00.7311,729Federal Home Loan Mtg Corp12791,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 1,001,390.00 1,8263134GVYG70.625Portfolio CITYCPRun Date: 12/01/2020 - 12:13PM (PRF_PM2) 7.3.0Report Ver. 7.3.6.1 Days toMaturityPage 2Par Value Book ValueMaturityDateStatedRateMarket ValueAugust 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateFederal Agency Coupon Securities1,742Federal Farm Credit Bank1280500,000.00 499,850.00 06/09/20250.50006/09/2020 501,895.00 1,8263133ELH230.5061,743Federal Farm Credit Bank1282500,000.00 500,000.00 06/10/20250.68006/10/2020 500,385.00 1,8263133ELH800.6801,746Federal Home Loan Bank1281500,000.00 499,850.00 06/13/20250.50006/03/2020 502,265.00 1,8363130AJKW80.5061,763Federal Home Loan Bank1283300,000.00 300,000.00 06/30/20250.68006/30/2020 299,685.00 1,8263130AJRP60.6801,808Federal National Mtg Assn1288500,000.00 500,000.00 08/14/20250.50008/14/2020 499,015.00 1,8263135G05S80.5001,812Federal National Mtg Assn1290500,000.00 499,750.00 08/18/20250.52008/28/2020 499,060.00 1,8163136G4M750.5301,815Federal National Mtg Assn12891,000,000.00 1,000,000.00 08/21/20250.56008/21/2020 998,690.00 1,8263136G4N740.56016,011,692.36 1,56516,431,175.0016,050,000.0014,721,587.52Subtotal and Average1,245 1.346Treasury Coupon Securities272U.S. Treasury1193500,000.00 493,610.00 05/31/20211.37505/31/2019 504,550.00 731912828R772.030302U.S. Treasury10455,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 5,040,250.00 1,808912828S271.125425U.S. Treasury10702,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 2,024,840.00 1,679912828T671.903621U.S. Treasury1192500,000.00 496,650.00 05/15/20221.75005/31/2019 513,635.00 1,080912828SV31.984759U.S. Treasury1178500,000.00 489,687.50 09/30/20221.87503/01/2019 518,085.00 1,3099128282W92.4801,124U.S. Treasury1217500,000.00 499,300.00 09/30/20231.37508/21/2019 518,790.00 1,501912828T261.4101,551U.S. Treasury12411,000,000.00 989,687.50 11/30/20241.50012/16/2019 1,054,020.00 1,811912828YV61.7189,911,735.00 1,65310,174,170.0010,000,000.0010,356,935.00Subtotal and Average529 1.506Certificate of Deposits48First Tech Federal Credit Unio1124245,000.00 245,000.00 10/19/20202.70004/18/2018 245,882.00 91533715LBJ82.62383First Bank Richmond1081245,000.00 245,000.00 11/23/20201.80006/21/2017 245,992.25 1,251319267GC81.802112Freedom Credit Union1111245,000.00 245,000.00 12/22/20202.05012/22/2017 246,523.90 1,09635638BAA92.052135Bankers Bank1086240,000.00 240,000.00 01/14/20211.80007/14/2017 241,545.60 1,28006610RAP41.804139Farm Bureau Bank1165248,000.00 248,000.00 01/18/20213.00012/17/2018 250,785.04 763307660LC22.898141Eagle Bank1146245,000.00 245,000.00 01/20/20212.85007/20/2018 247,648.45 91527002YDV52.858153Infinty FCU1211248,000.00 248,000.00 02/01/20212.10007/31/2019 250,110.48 55145667EDY12.110174Comenity Capital Bank1009240,000.00 240,000.00 02/22/20211.70002/22/2016 241,864.80 1,82720033APG51.702188Ally Bank Midvale1176245,000.00 245,000.00 03/08/20212.50003/07/2019 248,104.15 73202007GHX42.016196Unity Bank1120245,000.00 245,000.00 03/16/20212.55003/16/2018 248,302.60 1,09691330ABN62.552230Amex Centurion1077240,000.00 240,000.00 04/19/20212.25004/19/2017 243,321.60 1,46102587DP852.252241Towne Bank1128240,000.00 240,000.00 04/30/20212.80004/30/2018 244,358.40 1,09689214PBL22.803267PrivateBank & Trust1032240,000.00 240,000.00 05/26/20211.50005/26/2016 242,714.40 1,82674267GVG91.501279Capital One Natl Assn FDIC42971082240,000.00 240,000.00 06/07/20212.25006/07/2017 244,022.40 1,46114042RGD72.252316Central State Bank1085240,000.00 240,000.00 07/14/20211.85007/14/2017 243,679.20 1,46115523RBJ41.851349General Electric Credit Union1150240,000.00 240,000.00 08/16/20213.10008/15/2018 246,909.60 1,097369674AV83.100Portfolio CITYCPRun Date: 12/01/2020 - 12:13PM (PRF_PM2) 7.3.0 Days toMaturityPage 3Par Value Book ValueMaturityDateStatedRateMarket ValueAugust 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits391New York Community Bank1226245,000.00 245,000.00 09/27/20211.80009/27/2019 249,444.30 731649447TC31.802420Northpointe Bank1127240,000.00 240,000.00 10/26/20212.70004/26/2018 247,164.00 1,279666613GV02.703442First Source Bank1168245,000.00 245,000.00 11/17/20213.15012/17/2018 254,091.95 1,06633646CKP83.153447Belmont Savings Bank1102245,000.00 245,000.00 11/22/20212.10011/21/2017 250,955.95 1,462080515CD92.101447TNB Bank1187248,000.00 248,000.00 11/22/20212.40005/22/2019 254,941.52 91587266AAA12.407476Neighbors FCU1167245,000.00 245,000.00 12/21/20213.20012/21/2018 254,875.95 1,09664017AAQ73.203477United Credit Union1214248,000.00 248,000.00 12/22/20212.00008/22/2019 254,100.80 853910160AH32.003505The Ohio Valley Bank1089240,000.00 240,000.00 01/19/20221.90007/19/2017 245,899.20 1,645677721CN01.903517Third Federal Savings and Loan1112245,000.00 245,000.00 01/31/20222.50001/30/2018 253,276.10 1,46288413QBY32.502518Discover Bank Greenwood DE CF1066240,000.00 240,000.00 02/01/20222.25002/01/2017 247,264.80 1,8262546722U12.251541BMW Bank1067240,000.00 240,000.00 02/24/20222.20002/24/2017 247,401.60 1,82605580AGK42.201545Maine Savings FCU1171248,000.00 248,000.00 02/28/20223.30012/28/2018 259,735.36 1,158560507AK13.306563Luana Savings Bank1225245,000.00 245,000.00 03/18/20221.60009/18/2019 250,566.40 912549104JN81.599575Bellco Credit Union1264248,000.00 248,000.00 03/30/20221.30003/31/2020 252,573.12 72907833EAD91.300576Cadence Bank, NA1259245,000.00 245,000.00 03/31/20221.20003/31/2020 249,142.95 73012738RFX71.200576Bank of Santa Clarita1261248,000.00 248,000.00 03/31/20221.10003/31/2020 251,789.44 73006424KBC31.100602Goldman Sachs1078240,000.00 240,000.00 04/26/20222.40004/26/2017 248,976.00 1,82638148PJK42.401605Farmers Insurance Group FCU1126240,000.00 240,000.00 04/29/20222.80004/30/2018 250,617.60 1,46030960QAG22.802623Kansas State Bank1101245,000.00 245,000.00 05/17/20222.10011/17/2017 253,219.75 1,64250116CBE82.099639Synchrony Bank Retail1080240,000.00 240,000.00 06/02/20222.40006/02/2017 249,513.60 1,82687164XQV12.401645PCSB Bank1149245,000.00 245,000.00 06/08/20223.00006/08/2018 257,389.65 1,46169324MAD73.002646Synovus Bank1253245,000.00 245,000.00 06/09/20221.60003/09/2020 251,347.95 82287164DRD41.602650Allegiance Bank1143245,000.00 245,000.00 06/13/20223.10006/13/2018 257,938.45 1,46101748DBE53.102658Sallie Mae Bank Salt Lake CIty1083240,000.00 240,000.00 06/21/20222.35006/21/2017 249,571.20 1,826795450A702.351665America's Credit Union1200248,000.00 248,000.00 06/28/20222.30006/28/2019 257,753.84 1,09603065AAL72.302706Traditions Bank1148245,000.00 245,000.00 08/08/20223.00006/08/2018 258,516.65 1,52289269CBX93.002721CIT Bank NA1219245,000.00 245,000.00 08/23/20221.90008/23/2019 253,501.50 1,09612556LBA31.902727American Express Fed Savings B1096240,000.00 240,000.00 08/29/20222.40008/29/2017 250,060.80 1,82602587CFU92.402727Sterling Bank1201245,000.00 245,000.00 08/29/20222.15006/28/2019 254,780.40 1,15885916VDC62.153772Alliance Credit Union1095245,000.00 245,000.00 10/13/20222.25010/13/2017 255,829.00 1,82601859BAA32.251784Barclays Bank1097240,000.00 240,000.00 10/25/20222.30010/25/2017 251,023.20 1,82606740KLJ42.291787Merrick Bank1163248,000.00 248,000.00 10/28/20223.25010/30/2018 264,519.28 1,45959013J4K23.252798Mountain America Federal CU1099245,000.00 245,000.00 11/08/20222.30011/08/2017 256,431.70 1,82662384RAC02.301808CrossFirst Bank1106245,000.00 245,000.00 11/18/20222.20011/20/2017 256,039.70 1,82422766ACB92.201818Enterprise Bank, NA1107245,000.00 245,000.00 11/28/20222.15011/28/2017 255,880.45 1,82629367QCP12.151827Medallion Bank1169248,000.00 248,000.00 12/07/20223.40012/07/2018 266,148.64 1,46158404DCX73.402Portfolio CITYCPRun Date: 12/01/2020 - 12:13PM (PRF_PM2) 7.3.0 Days toMaturityPage 4Par Value Book ValueMaturityDateStatedRateMarket ValueAugust 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits827Red Rocks Credit Union1166248,000.00 248,000.00 12/07/20223.35012/07/2018 265,868.40 1,46175701LAB33.352849Knoxville TVA Credit Union1110245,000.00 245,000.00 12/29/20222.40012/29/2017 257,693.45 1,826499724AB82.401850Kern FCU1239248,000.00 248,000.00 12/30/20221.90012/30/2019 257,974.56 1,09649228XAK61.902850San Francisco FCU1240248,000.00 248,000.00 12/30/20221.85012/30/2019 257,686.88 1,09679772FAC01.852881Wells Fargo Natl Bank West1244248,000.00 248,000.00 01/30/20231.90001/29/2020 258,299.44 1,097949495AT21.900903Servisfirst Bank1254248,000.00 248,000.00 02/21/20231.60002/21/2020 256,689.92 1,09681768PAF31.601910Verus Bank of Commerce1180248,000.00 248,000.00 02/28/20232.70002/28/2019 263,539.68 1,46192535LCD42.700932Aneca Federal Credit Union1119245,000.00 245,000.00 03/22/20232.80003/22/2018 261,356.20 1,826034577AH92.802941Northstar Bank1263248,000.00 248,000.00 03/31/20231.15003/31/2020 254,152.88 1,09566704MEQ01.150941West Michigan Cmnty Bk1265248,000.00 248,000.00 03/31/20231.15003/31/2020 254,152.88 1,095954444BS31.150952Citibank NA1123245,000.00 245,000.00 04/11/20232.90004/11/2018 262,309.25 1,82617312QJ262.902969Congressional Bank1189248,000.00 248,000.00 04/28/20232.50004/30/2019 263,192.48 1,45920726ABA52.502969EnerBank USA1125240,000.00 240,000.00 04/28/20232.95004/30/2018 257,570.40 1,82429278TAY62.952976First National Bank1179248,000.00 248,000.00 05/05/20232.80003/05/2019 265,285.60 1,52232117BCX42.802986University of Iowa Comm. CU1134240,000.00 240,000.00 05/15/20233.05005/14/2018 258,511.20 1,82791435LAG23.0521,009Pittsfield Cooperative Bank1194245,000.00 245,000.00 06/07/20232.50006/07/2019 260,582.00 1,461725404AB32.5021,022Morton Community1173248,000.00 248,000.00 06/20/20232.75003/20/2019 265,689.84 1,553619165JD62.7531,022RCB Bank1144245,000.00 245,000.00 06/20/20233.15006/20/2018 265,217.40 1,82674934YAH43.1521,028American First CU1285248,000.00 248,000.00 06/26/20230.35006/26/2020 249,036.64 1,09502616AAH20.3501,051American National Bank1205248,000.00 248,000.00 07/19/20232.00007/19/2019 260,809.20 1,46102772JBD12.0011,052First National Bank of America1147245,000.00 245,000.00 07/20/20233.15007/20/2018 265,778.45 1,82632110YLK93.1521,063Bank of New England1151249,000.00 249,000.00 07/31/20233.25007/31/2018 271,031.52 1,82606426KAN83.2521,086Raymond James Bank1218244,000.00 244,000.00 08/23/20231.95008/23/2019 256,639.20 1,46175472RAD31.9511,123Triad Bank1262248,000.00 248,000.00 09/29/20231.35003/30/2020 256,608.08 1,27889579NCD31.3521,141Marlin Business Bank1155248,000.00 248,000.00 10/17/20233.30010/17/2018 271,798.08 1,82657116ARV23.3021,141Municipal Trust and Savings1160245,000.00 245,000.00 10/17/20233.20010/17/2018 267,745.80 1,826625925AR33.2021,141UBS Bank USA1161245,000.00 245,000.00 10/17/20233.35010/17/2018 268,892.40 1,82690348JEJ53.3521,143Jefferson Financial CU1154245,000.00 245,000.00 10/19/20233.35010/19/2018 268,919.35 1,826474067AQ83.3521,170Commercial Bank1162248,000.00 248,000.00 11/15/20233.40011/15/2018 273,119.92 1,82620143PDV93.4021,183Numerica Credit Union1164248,000.00 248,000.00 11/28/20233.55011/28/2018 274,575.68 1,82667054NAN33.5521,206National Cooperative Bank, N.A1170245,000.00 245,000.00 12/21/20233.40012/21/2018 270,516.75 1,826635573AL23.4021,214Bar Harbor Bank and Trust1172248,000.00 248,000.00 12/29/20233.35012/31/2018 273,566.32 1,824066851WJ13.3521,245Lakeside Bank1208248,000.00 248,000.00 01/29/20242.00007/30/2019 262,756.00 1,64451210SQU42.0031,259Rollstone B&T1251245,000.00 245,000.00 02/12/20241.65002/12/2020 256,777.15 1,46177579ADF01.6511,260Northwest Bank1181248,000.00 248,000.00 02/13/20242.95002/13/2019 270,987.12 1,82666736ABP32.9511,274Wells Fargo1174248,000.00 248,000.00 02/27/20243.00002/27/2019 270,533.28 1,826949763XY73.001Portfolio CITYCPRun Date: 12/01/2020 - 12:13PM (PRF_PM2) 7.3.0 Days toMaturityPage 5Par Value Book ValueMaturityDateStatedRateMarket ValueAugust 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits1,304Texas Bank Financial1260245,000.00 245,000.00 03/28/20241.10003/31/2020 252,298.55 1,458882213AB71.1011,322The Jefferson Bank1272248,000.00 248,000.00 04/15/20241.25004/15/2020 256,779.20 1,461472382AQ31.2511,323Belmont Bank and Trust1270248,000.00 248,000.00 04/16/20241.25004/16/2020 256,781.68 1,46108016PDQ91.2511,323Pacific Western Bank1269245,000.00 245,000.00 04/16/20241.30004/16/2020 254,114.00 1,46169506YRH41.3011,333Main Street Bank1188248,000.00 248,000.00 04/26/20242.60004/26/2019 269,003.12 1,82756065GAG32.6031,352First Service Bank1231248,000.00 248,000.00 05/15/20241.70011/15/2019 261,027.44 1,64333640VDD71.7011,353JP Morgan Chase1185245,000.00 245,000.00 05/16/20243.25005/16/2019 239,071.00 1,82748128HXU73.2541,360Iowa State Bank1186245,000.00 245,000.00 05/23/20242.40005/23/2019 264,293.75 1,82746256YAZ22.4031,365Live Oak Bank1238248,000.00 248,000.00 05/28/20241.80011/27/2019 262,046.72 1,644538036GV01.8021,366Century Next Bank1184248,000.00 248,000.00 05/29/20242.50005/29/2019 268,524.48 1,827156634AK32.5031,375Plains Commerce Bank1195245,000.00 245,000.00 06/07/20242.55006/07/2019 265,834.80 1,82772651LCL62.5531,380Evansville Teachers Credit FCU1196248,000.00 248,000.00 06/12/20242.60006/12/2019 269,620.64 1,827299547AQ22.6031,387Legacy Bank1197248,000.00 248,000.00 06/19/20242.40006/19/2019 267,837.52 1,827524661CB92.4031,389Citizens State Bank1199248,000.00 248,000.00 06/21/20242.40006/21/2019 267,862.32 1,827176688CP22.4031,396Communitywide FCU1202248,000.00 248,000.00 06/28/20242.25006/28/2019 266,572.72 1,82720416TAQ52.2531,396Revere Bank1203247,000.00 247,000.00 06/28/20242.30006/28/2019 265,927.61 1,827761402BY12.3031,424Abacus Federal Savings1207248,000.00 248,000.00 07/26/20241.95007/26/2019 263,946.40 1,82700257TBD71.9521,428First Security Bank of WA1209248,000.00 248,000.00 07/30/20242.00007/30/2019 264,464.72 1,82733625CCP22.0021,429People's Bank1210248,000.00 248,000.00 07/31/20242.00007/31/2019 264,462.24 1,827710571DS62.0021,445Preferred Bank1213249,000.00 249,000.00 08/16/20242.00008/16/2019 265,673.04 1,827740367HP52.0021,452FirsTier Bank1216249,000.00 249,000.00 08/23/20241.95008/23/2019 265,244.76 1,82733766LAJ71.9521,452Washington Federal1215248,000.00 248,000.00 08/23/20242.00008/23/2019 264,670.56 1,827938828BH22.0021,459First State Bk DeQueen1222248,000.00 248,000.00 08/30/20241.80008/30/2019 262,760.96 1,827336460CX61.8021,459First Natl Bk of Syracuse1221249,000.00 249,000.00 08/30/20241.85008/30/2019 264,315.99 1,827334342CD21.8521,459Celtic Bank1220248,000.00 248,000.00 08/30/20241.85008/30/2019 263,254.48 1,82715118RRH21.8521,487BankWest Inc1227248,000.00 248,000.00 09/27/20241.70009/27/2019 261,954.96 1,82706652CHB01.7021,515Southern Bancorp Bk1286248,000.00 248,000.00 10/25/20240.50006/26/2020 249,867.44 1,58284223QAN70.5001,528Sauk Valley B&T Co1235248,000.00 248,000.00 11/07/20241.70011/07/2019 262,217.84 1,827804375DL41.7021,541Morgan Stanley Bank1237245,000.00 245,000.00 11/20/20241.95011/20/2019 261,696.75 1,82761690UNX41.9521,541Morgan Stanley Private Bk, NA1236245,000.00 245,000.00 11/20/20241.90011/20/2019 261,184.70 1,82761760A3B31.9021,581Bank Princeton1287248,000.00 248,000.00 12/30/20240.50006/30/2020 249,758.32 1,644064520BG30.5001,620United Community1249248,000.00 248,000.00 02/07/20251.65002/07/2020 262,240.16 1,82790983WBT71.6521,627First National Bank Michigan1250248,000.00 248,000.00 02/14/20251.65002/14/2020 262,282.32 1,82732114VBT31.6521,627Freedom Financial1248248,000.00 248,000.00 02/14/20251.55002/14/2020 261,186.16 1,82735637RDC81.5521,634American State1255248,000.00 248,000.00 02/21/20251.60002/21/2020 261,771.44 1,827029728BC51.6021,640Citadel FCU1252248,000.00 248,000.00 02/27/20251.65002/27/2020 262,356.72 1,82717286TAG01.652Portfolio CITYCPRun Date: 12/01/2020 - 12:13PM (PRF_PM2) 7.3.0 Days toMaturityPage 6Par Value Book ValueMaturityDateStatedRateMarket ValueAugust 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits1,654Access Bank1256248,000.00 248,000.00 03/13/20251.60003/13/2020 261,897.92 1,82600435JBH51.6011,661Spring Bank1257248,000.00 248,000.00 03/20/20251.50003/20/2020 260,814.16 1,826849430BF91.5011,667Axos Bank1258248,000.00 248,000.00 03/26/20251.65003/26/2020 262,527.84 1,82605465DAE81.6511,669Alma Bank1267248,000.00 248,000.00 03/28/20251.40003/30/2020 259,713.04 1,824020080BX41.3991,672Commonwealth Business Bk1268248,000.00 248,000.00 03/31/20251.25003/31/2020 258,046.48 1,8262027506M21.2511,672Nicolet Natl Bank1266248,000.00 248,000.00 03/31/20251.40003/31/2020 259,730.40 1,826654062JZ21.4011,680Capital One USA FDIC339541271245,000.00 245,000.00 04/08/20251.60004/08/2020 258,847.40 1,82614042TDD61.6011,700Firrst Natl Bk McGregor1274248,000.00 248,000.00 04/28/20251.35004/28/2020 259,266.64 1,82632112UDR91.3511,701First Freedom Bank1273249,000.00 249,000.00 04/29/20251.20004/29/2020 258,588.99 1,82632027BAL11.2011,702Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 258,118.40 1,82633847E3A31.2511,7141st Internet Bank1278248,000.00 248,000.00 05/12/20251.00005/11/2020 255,273.84 1,82732056GDJ60.9851,715Western State Bank1277245,000.00 245,000.00 05/13/20251.00005/13/2020 252,183.40 1,82695960NKD81.0011,757Chippewa Valley Bk1284248,000.00 248,000.00 06/24/20250.60006/24/2020 252,372.24 1,826169894AS10.60033,684,000.00 1,55035,310,197.3333,684,000.0033,684,000.00Subtotal and Average1,002 2.163Corporate Notes337Apple Inc1079500,000.00 493,050.00 08/04/20211.55006/12/2017 505,780.00 1,514037833CC21.900523Proctor and Gamble1159500,000.00 487,950.00 02/06/20222.30010/15/2018 514,480.00 1,210742718DY23.071835Wal-Mart Stores, Inc1190500,000.00 496,650.00 12/15/20222.35004/16/2019 523,245.00 1,339931142DU42.799883Colgate-Palmolive1175500,000.00 485,250.00 02/01/20231.95003/04/2019 520,980.00 1,43019416QEA42.7511,071Microsoft Corporation1157400,000.00 378,360.00 08/08/20232.00010/15/2018 418,856.00 1,758594918BQ63.2222,341,260.00 1,4362,483,341.002,400,000.002,341,260.00Subtotal and Average713 2.725Money Market with Fiscal Agent1US Bank105813,302,075.08 13,302,075.0807/01/2016 13,302,075.08 1SYS10580.00013,302,075.08 113,302,075.0813,302,075.08434,287.18Subtotal and Average10.000CERBT - OPEB Trust1CalPERS CERBT Plan11141,714,840.82 1,714,840.8207/01/2020 1,714,840.82 1SYS11140.0001,714,840.82 11,714,840.821,714,840.821,714,840.82Subtotal and Average10.000PARS Pension Trust1Pblc Agncy Rtrmnt Serv123010,615,259.76 10,615,259.7607/01/2020 10,615,259.76 1SYS12300.00010,615,259.76 110,615,259.7610,615,259.7610,485,634.17Subtotal and Average10.000Portfolio CITYCPRun Date: 12/01/2020 - 12:13PM (PRF_PM2) 7.3.0 Days toMaturityPage 7Par Value Book ValueStatedRateMarket ValueAugust 31, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDate583156,561,995.94 166,798,024.47364 1.039169,481,539.01 166,612,711.83Total and AveragePortfolio CITYCPRun Date: 12/01/2020 - 12:13PM (PRF_PM2) 7.3.0 City of La Quinta Total Earnings City of La Quinta - Sorted by Fund - Fund August 1, 2020 - August 31, 2020 Current Rate Ending Par Value Ending Fund Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted InterestAnnualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 1,000,000.0012891,000,000.00 0.560FNMA 155.56 0.00 155.560.5161010.003136G4N74 0.00 500,000.001288500,000.00 0.500FNMA 118.06 0.00 118.060.4791010.003135G05S8 0.00 499,750.001290500,000.00 0.520FNMA 21.67 0.00 21.670.3961010.003136G4M75 0.00 992,100.0012331,000,000.00 1.375FNMA 1,145.84 0.00 1,145.841.360101992,100.003135G0W33 0.00 495,950.001206500,000.00 1.750FNMA 729.17 0.00 729.171.731101495,950.003135G0V75 0.00 1,000,000.0012791,000,000.00 0.625FHLMC 520.83 0.00 520.830.6131011,000,000.003134GVYG7 0.00 998,500.0012751,000,000.00 0.700FHLMC 583.34 0.00 583.340.688101998,500.003134GVLC0 0.00 996,900.0012341,000,000.00 1.600FFCB 1,333.33 0.00 1,333.331.575101996,900.003133EK4X1 0.00 499,500.001198500,000.00 1.875FFCB 781.25 0.00 781.251.842101499,500.003133EKQP4 0.00 498,750.001224500,000.00 1.600FFCB 666.66 0.00 666.661.574101498,750.003133EKP75 0.00 998,600.0012421,000,000.00 1.700FFCB 1,416.66 0.00 1,416.661.670101998,600.003133ELEA8 0.00 499,400.001223500,000.00 1.600FFCB 666.67 0.00 666.671.572101499,400.003133EKZK5 0.00 999,000.0012461,000,000.00 1.430FFCB 1,191.67 0.00 1,191.671.404101999,000.003133ELNE0 0.00 999,217.3612471,000,000.00 1.400FFCB 1,166.67 0.00 1,166.671.375101999,217.363133EGWJ0 0.00 499,850.001280500,000.00 0.500FFCB 208.33 0.00 208.330.491101499,850.003133ELH23 0.00 500,000.001282500,000.00 0.680FFCB 283.33 0.00 283.330.667101500,000.003133ELH80 0.00 992,200.0011051,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.681101992,200.003133EHWM1 0.00 499,500.001212500,000.00 1.850FFCB 770.84 0.00 770.841.817101499,500.003133EKWV4 0.00 247,275.001158250,000.00 2.800FFCB 583.33 0.00 583.332.778101247,275.003133EJYL7 0.00 300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.667101300,000.003130AJRP6 0.00 499,850.001281500,000.00 0.500FHLB 208.34 0.00 208.340.491101499,850.003130AJKW8 0.00 498,550.001177500,000.00 2.500FHLB 1,041.67 0.00 1,041.672.460101498,550.003130AFW94 0.00 996,800.0011041,000,000.00 1.625FHLB 1,354.17 0.00 1,354.171.600101996,800.003130A66T9 0.00 496,650.001192500,000.00 1.750USTR 737.09 0.00 737.091.747101496,650.00912828SV3 0.00 1,942,800.0010702,000,000.00 1.250USTR 2,105.98 0.00 2,105.981.2761011,942,800.00912828T67 0.00 499,300.001217500,000.00 1.375USTR 582.31 0.00 582.311.373101499,300.00912828T26 0.00 5,000,000.0010455,000,000.00 1.125USTR 4,738.46 0.00 4,738.461.1161015,000,000.00912828S27 0.00 989,687.5012411,000,000.00 1.500USTR 1,270.50 0.00 1,270.501.511101989,687.50912828YV6 0.00 493,610.001193500,000.00 1.375USTR 582.31 0.00 582.311.389101493,610.00912828R77 0.00 0.0011170.00 1.500USTR 576.92 0.00 14,776.9239.080101985,800.009128282Q2 14,200.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:40 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 2 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest August 1, 2020 - August 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 489,687.501178500,000.00 1.875USTR 794.06 0.00 794.061.909101489,687.509128282W9 0.00 248,000.001174248,000.00 3.000WELLS 631.89 0.00 631.893.000101248,000.00949763XY7 0.00 196,958.011057196,958.01WELLS 0.01 0.00 0.01101378,361.514159282482 0.00 240,000.001078240,000.00 2.400GLDMAN 489.20 0.00 489.202.400101240,000.0038148PJK4 0.00 240,000.001077240,000.00 2.250AMEX 458.63 0.00 458.632.250101240,000.0002587DP85 0.00 240,000.001067240,000.00 2.200BMW 448.44 0.00 448.442.200101240,000.0005580AGK4 0.00 248,000.001169248,000.00 3.400MEDBA 716.14 0.00 716.143.400101248,000.0058404DCX7 0.00 240,000.001097240,000.00 2.300BARCLY 468.82 0.00 468.822.300101240,000.0006740KLJ4 0.00 245,000.001112245,000.00 2.5003RD 520.21 0.00 520.212.500101245,000.0088413QBY3 0.00 248,000.001163248,000.00 3.250MRRCK 684.55 0.00 684.553.250101248,000.0059013J4K2 0.00 240,000.001128240,000.00 2.800TOWNE 570.74 0.00 570.742.800101240,000.0089214PBL2 0.00 248,000.001173248,000.00 2.750MORTN 579.23 0.00 579.232.750101248,000.00619165JD6 0.00 245,000.001271245,000.00 1.600CAPONE 332.93 0.00 332.931.600101245,000.0014042TDD6 0.00 245,000.001176245,000.00 2.500ALLY 520.21 0.00 520.212.500101245,000.0002007GHX4 0.00 240,000.001009240,000.00 1.700CCBA 346.52 0.00 346.521.700101240,000.0020033APG5 0.00 240,000.001032240,000.00 1.500PRVTBA 305.75 0.00 305.751.500101240,000.0074267GVG9 0.00 55,644,117.99105555,644,117.99 0.784LAIF 43,827.63 0.00 43,827.630.73010170,644,117.9998-33-434 0.00 240,000.001066240,000.00 2.250DISCOV 458.63 0.00 458.632.250101240,000.002546722U1 0.00 493,050.001079500,000.00 1.550APPL 645.83 0.00 645.831.542101493,050.00037833CC2 0.00 240,000.001080240,000.00 2.400SYNCHR 489.20 0.00 489.202.400101240,000.0087164XQV1 0.00 245,000.001081245,000.00 1.800RICHMN 374.55 0.00 374.551.800101245,000.00319267GC8 0.00 240,000.001082240,000.00 2.250CAP1NA 458.63 0.00 458.632.250101240,000.0014042RGD7 0.00 240,000.001083240,000.00 2.350SALMAE 479.01 0.00 479.012.350101240,000.00795450A70 0.00 240,000.001085240,000.00 1.850CNTRL 377.10 0.00 377.101.850101240,000.0015523RBJ4 0.00 240,000.001086240,000.00 1.800BNKRS 366.90 0.00 366.901.800101240,000.0006610RAP4 0.00 240,000.001089240,000.00 1.900OHVAL 387.29 0.00 387.291.900101240,000.00677721CN0 0.00 245,000.001095245,000.00 2.250ALLIAN 468.19 0.00 468.192.250101245,000.0001859BAA3 0.00 240,000.001096240,000.00 2.400AMFSB 489.21 0.00 489.212.400101240,000.0002587CFU9 0.00 245,000.001099245,000.00 2.300MTNAMR 478.59 0.00 478.592.300101245,000.0062384RAC0 0.00 245,000.001101245,000.00 2.100KANSAS 436.97 0.00 436.972.100101245,000.0050116CBE8 0.00 245,000.001102245,000.00 2.100BELMNT 436.97 0.00 436.972.100101245,000.00080515CD9 0.00 245,000.001106245,000.00 2.200CRS1ST 457.78 0.00 457.782.200101245,000.0022766ACB9 0.00 245,000.001107245,000.00 2.150ENTRPR 447.38 0.00 447.382.150101245,000.0029367QCP1 0.00 245,000.001236245,000.00 1.900MSPRIV 395.36 0.00 395.361.900101245,000.0061760A3B3 0.00 245,000.001237245,000.00 1.950MORGST 405.76 0.00 405.761.950101245,000.0061690UNX4 0.00 245,000.001110245,000.00 2.400KNOX 499.40 0.00 499.402.400101245,000.00499724AB8 0.00 245,000.001111245,000.00 2.050FREECU 426.57 0.00 426.572.050101245,000.0035638BAA9 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:40 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 3 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest August 1, 2020 - August 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 3,300.0010593,300.00CITYPC 0.00 0.00 0.001013,300.00SYS1059 0.00 1,714,840.8211141,714,840.82CALPRS 0.00 0.00 0.001011,714,840.82SYS1114 0.00 378,360.001157400,000.00 2.000MCRSFT 666.67 0.00 666.672.075101378,360.00594918BQ6 0.00 245,000.001119245,000.00 2.800ANECA 582.63 0.00 582.632.800101245,000.00034577AH9 0.00 245,000.001120245,000.00 2.550UNITY 530.61 0.00 530.612.550101245,000.0091330ABN6 0.00 245,000.001123245,000.00 2.900CITINA 603.44 0.00 603.442.900101245,000.0017312QJ26 0.00 245,000.001124245,000.00 2.7001STTCH 561.82 0.00 561.822.700101245,000.0033715LBJ8 0.00 240,000.001125240,000.00 2.950ENER 601.32 0.00 601.322.950101240,000.0029278TAY6 0.00 240,000.001126240,000.00 2.800FARMIG 570.74 0.00 570.742.800101240,000.0030960QAG2 0.00 240,000.001127240,000.00 2.700NORPNT 550.36 0.00 550.362.700101240,000.00666613GV0 0.00 240,000.001134240,000.00 3.050UOFICU 621.70 0.00 621.703.050101240,000.0091435LAG2 0.00 245,000.001226245,000.00 1.800NYCMBK 374.54 0.00 374.541.800101245,000.00649447TC3 0.00 245,000.001143245,000.00 3.100ALLGNC 645.06 0.00 645.063.100101245,000.0001748DBE5 0.00 245,000.001144245,000.00 3.150RCB 655.46 0.00 655.463.150101245,000.0074934YAH4 0.00 245,000.001146245,000.00 2.850EAGLE 593.03 0.00 593.032.850101245,000.0027002YDV5 0.00 245,000.001147245,000.00 3.1501STNBA 655.46 0.00 655.463.150101245,000.0032110YLK9 0.00 245,000.001148245,000.00 3.000TRAD 624.25 0.00 624.253.000101245,000.0089269CBX9 0.00 245,000.001149245,000.00 3.000PCSB 624.25 0.00 624.253.000101245,000.0069324MAD7 0.00 240,000.001150240,000.00 3.100GECRUN 631.89 0.00 631.893.100101240,000.00369674AV8 0.00 249,000.001151249,000.00 3.250NWENGL 687.31 0.00 687.313.250101249,000.0006426KAN8 0.00 2,852,332.1811532,852,332.18 0.300CAMP 723.67 0.00 723.670.2991012,851,608.51SYS1153 0.00 245,000.001154245,000.00 3.350JEFF 697.08 0.00 697.083.350101245,000.00474067AQ8 0.00 248,000.001155248,000.00 3.300MARBUS 695.08 0.00 695.083.300101248,000.0057116ARV2 0.00 487,950.001159500,000.00 2.300P&G 958.33 0.00 958.332.312101487,950.00742718DY2 0.00 245,000.001160245,000.00 3.200MUNTRS 665.86 0.00 665.863.200101245,000.00625925AR3 0.00 245,000.001161245,000.00 3.350UBS 697.08 0.00 697.083.350101245,000.0090348JEJ5 0.00 248,000.001162248,000.00 3.400COMMBK 716.14 0.00 716.143.400101248,000.0020143PDV9 0.00 248,000.001164248,000.00 3.550NMRCA 747.74 0.00 747.743.550101248,000.0067054NAN3 0.00 248,000.001165248,000.00 3.000FARMBU 631.89 0.00 631.893.000101248,000.00307660LC2 0.00 248,000.001166248,000.00 3.350REDRCK 705.61 0.00 705.613.350101248,000.0075701LAB3 0.00 245,000.001167245,000.00 3.200NEIGH 665.86 0.00 665.863.200101245,000.0064017AAQ7 0.00 245,000.001168245,000.00 3.1501STSRC 655.46 0.00 655.463.150101245,000.0033646CKP8 0.00 245,000.001170245,000.00 3.400NLCOOP 707.48 0.00 707.483.400101245,000.00635573AL2 0.00 248,000.001171248,000.00 3.300MAINE 695.08 0.00 695.083.300101248,000.00560507AK1 0.00 248,000.001172248,000.00 3.350BARHAR 705.61 0.00 705.613.350101248,000.00066851WJ1 0.00 485,250.001175500,000.00 1.950COLGTE 812.50 0.00 812.501.971101485,250.0019416QEA4 0.00 0.0011830.00STIFEL 1.75 0.00 1.751010.00SYS1183 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:40 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 4 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest August 1, 2020 - August 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001179248,000.00 2.8001STNBK 589.76 0.00 589.762.800101248,000.0032117BCX4 0.00 248,000.001180248,000.00 2.700VERUS 568.70 0.00 568.702.700101248,000.0092535LCD4 0.00 248,000.001181248,000.00 2.950NRTHWS 621.36 0.00 621.362.950101248,000.0066736ABP3 0.00 248,000.001184248,000.00 2.500CENTNX 526.58 0.00 526.582.500101248,000.00156634AK3 0.00 245,000.001185245,000.00 3.250JPMORG 676.27 0.00 676.273.250101245,000.0048128HXU7 0.00 245,000.001186245,000.00 2.400IOWAST 499.40 0.00 499.402.400101245,000.0046256YAZ2 0.00 248,000.001187248,000.00 2.400TSCOLA 505.51 0.00 505.512.400101248,000.0087266AAA1 0.00 248,000.001188248,000.00 2.600MAINST 547.64 0.00 547.642.600101248,000.0056065GAG3 0.00 248,000.001189248,000.00 2.500CONGRS 526.58 0.00 526.582.500101248,000.0020726ABA5 0.00 496,650.001190500,000.00 2.350WALMRT 979.17 0.00 979.172.321101496,650.00931142DU4 0.00 245,000.001194245,000.00 2.500PITTS 520.20 0.00 520.202.500101245,000.00725404AB3 0.00 245,000.001195245,000.00 2.550PLAINS 530.61 0.00 530.612.550101245,000.0072651LCL6 0.00 248,000.001196248,000.00 2.600EVNSCU 547.64 0.00 547.642.600101248,000.00299547AQ2 0.00 248,000.001197248,000.00 2.400LEGCY 505.51 0.00 505.512.400101248,000.00524661CB9 0.00 248,000.001199248,000.00 2.400CTZNST 505.51 0.00 505.512.400101248,000.00176688CP2 0.00 248,000.001200248,000.00 2.300AMERCU 484.45 0.00 484.452.300101248,000.0003065AAL7 0.00 245,000.001201245,000.00 2.150STRLNG 447.38 0.00 447.382.150101245,000.0085916VDC6 0.00 248,000.001202248,000.00 2.250COMMW 473.92 0.00 473.922.250101248,000.0020416TAQ5 0.00 247,000.001203247,000.00 2.300REVER 482.49 0.00 482.492.300101247,000.00761402BY1 0.00 248,000.001205248,000.00 2.000AMRNTL 421.26 0.00 421.262.000101248,000.0002772JBD1 0.00 248,000.001207248,000.00 1.950ABACUS 410.73 0.00 410.731.950101248,000.0000257TBD7 0.00 248,000.001208248,000.00 2.000LKSIDE 421.26 0.00 421.262.000101248,000.0051210SQU4 0.00 248,000.001209248,000.00 2.0001STSEC 421.26 0.00 421.262.000101248,000.0033625CCP2 0.00 248,000.001210248,000.00 2.000PEOPLE 421.26 0.00 421.262.000101248,000.00710571DS6 0.00 248,000.001211248,000.00 2.100NFNITY 442.32 0.00 442.322.100101248,000.0045667EDY1 0.00 249,000.001213249,000.00 2.000PREFRD 422.96 0.00 422.962.000101249,000.00740367HP5 0.00 248,000.001214248,000.00 2.000UNTDCU 421.26 0.00 421.262.000101248,000.00910160AH3 0.00 248,000.001215248,000.00 2.000WSHFED 421.26 0.00 421.262.000101248,000.00938828BH2 0.00 249,000.001216249,000.00 1.9501STIER 412.38 0.00 412.381.950101249,000.0033766LAJ7 0.00 244,000.001218244,000.00 1.950RAYJAM 404.10 0.00 404.101.950101244,000.0075472RAD3 0.00 245,000.001219245,000.00 1.900CITBNK 395.35 0.00 395.351.900101245,000.0012556LBA3 0.00 248,000.001220248,000.00 1.850CELTIC 389.67 0.00 389.671.850101248,000.0015118RRH2 0.00 249,000.001221249,000.00 1.8501STNBS 391.24 0.00 391.241.850101249,000.00334342CD2 0.00 248,000.001222248,000.00 1.8001STDQN 379.13 0.00 379.131.800101248,000.00336460CX6 0.00 245,000.001225245,000.00 1.600LUANA 332.93 0.00 332.931.600101245,000.00549104JN8 0.00 3,585,673.4112283,585,673.41BOTW 0.01 0.00 0.011011,671,857.56059731851 0.00 248,000.001227248,000.00 1.700BNKWST 358.07 0.00 358.071.700101248,000.0006652CHB0 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:40 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 5 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest August 1, 2020 - August 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 10,615,259.76123010,615,259.76PARS 0.00 0.00 0.0010110,481,313.32SYS1230 0.00 248,000.001231248,000.00 1.7001STSER 358.07 0.00 358.071.700101248,000.0033640VDD7 0.00 248,000.001235248,000.00 1.700SAUKVL 358.07 0.00 358.071.700101248,000.00804375DL4 0.00 248,000.001238248,000.00 1.800LIVEOK 379.13 0.00 379.131.800101248,000.00538036GV0 0.00 248,000.001239248,000.00 1.900KERNCU 400.20 0.00 400.201.900101248,000.0049228XAK6 0.00 248,000.001240248,000.00 1.850SF FCU 389.67 0.00 389.671.850101248,000.0079772FAC0 0.00 248,000.001244248,000.00 1.900WFNBW 400.20 0.00 400.201.900101248,000.00949495AT2 0.00 248,000.001248248,000.00 1.550FRDMFI 326.48 0.00 326.481.550101248,000.0035637RDC8 0.00 248,000.001249248,000.00 1.650UNTDCM 347.54 0.00 347.541.650101248,000.0090983WBT7 0.00 248,000.001250248,000.00 1.6501STNMI 347.54 0.00 347.541.650101248,000.0032114VBT3 0.00 245,000.001251245,000.00 1.650RLLSTN 343.34 0.00 343.341.650101245,000.0077579ADF0 0.00 248,000.001252248,000.00 1.650CITADL 347.54 0.00 347.541.650101248,000.0017286TAG0 0.00 245,000.001253245,000.00 1.600SYNOVS 332.93 0.00 332.931.600101245,000.0087164DRD4 0.00 248,000.001254248,000.00 1.600SERVIS 337.01 0.00 337.011.600101248,000.0081768PAF3 0.00 248,000.001255248,000.00 1.600AMERST 337.01 0.00 337.011.600101248,000.00029728BC5 0.00 248,000.001256248,000.00 1.600ACCSS 337.01 0.00 337.011.600101248,000.0000435JBH5 0.00 248,000.001257248,000.00 1.500SPRING 315.95 0.00 315.951.500101248,000.00849430BF9 0.00 248,000.001258248,000.00 1.650AXOS 347.54 0.00 347.541.650101248,000.0005465DAE8 0.00 245,000.001259245,000.00 1.200CADNCE 249.70 0.00 249.701.200101245,000.0012738RFX7 0.00 245,000.001260245,000.00 1.100TEXAS 228.89 0.00 228.891.100101245,000.00882213AB7 0.00 248,000.001261248,000.00 1.100SNTCLR 231.69 0.00 231.691.100101248,000.0006424KBC3 0.00 248,000.001262248,000.00 1.350TRIAD 284.35 0.00 284.351.350101248,000.0089579NCD3 0.00 248,000.001263248,000.00 1.150NRTHSR 242.22 0.00 242.221.150101248,000.0066704MEQ0 0.00 248,000.001264248,000.00 1.300BELLCO 273.82 0.00 273.821.300101248,000.0007833EAD9 0.00 248,000.001265248,000.00 1.150WESTMI 242.22 0.00 242.221.150101248,000.00954444BS3 0.00 248,000.001266248,000.00 1.400NCOLET 294.88 0.00 294.881.400101248,000.00654062JZ2 0.00 248,000.001267248,000.00 1.400ALMABK 294.88 0.00 294.881.400101248,000.00020080BX4 0.00 248,000.001268248,000.00 1.250CMWBUS 263.29 0.00 263.291.250101248,000.002027506M2 0.00 245,000.001269245,000.00 1.300PACWST 270.51 0.00 270.511.300101245,000.0069506YRH4 0.00 248,000.001270248,000.00 1.250BELB&T 263.29 0.00 263.291.250101248,000.0008016PDQ9 0.00 248,000.001272248,000.00 1.250THEJEF 263.29 0.00 263.291.250101248,000.00472382AQ3 0.00 249,000.001273249,000.00 1.2001STFDM 253.78 0.00 253.781.200101249,000.0032027BAL1 0.00 248,000.001274248,000.00 1.3501STMCG 284.35 0.00 284.351.350101248,000.0032112UDR9 0.00 248,000.001276248,000.00 1.250FLGSTR 263.29 0.00 263.291.250101248,000.0033847E3A3 0.00 245,000.001277245,000.00 1.000WSTRNS 208.08 0.00 208.081.000101245,000.0095960NKD8 0.00 248,000.001278248,000.00 1.0001STINT 210.63 0.00 210.631.000101248,000.0032056GDJ6 0.00 248,000.001284248,000.00 0.600CHIPVA 126.38 0.00 126.380.600101248,000.00169894AS1 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:40 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 6 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest August 1, 2020 - August 31, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001285248,000.00 0.350AMR1ST 73.72 0.00 73.720.350101248,000.0002616AAH2 0.00 248,000.001286248,000.00 0.500STHRNB 105.32 0.00 105.320.500101248,000.0084223QAN7 0.00 248,000.001287248,000.00 0.500BKPRNC 105.32 0.00 105.320.500101248,000.00064520BG3 0.00 136,746,482.17Subtotal 136,561,169.53 1.208 152,708.930.00138,508.93148,680,137.07 14,200.00 Fund: Fiscal Agent 13,302,075.08105813,302,075.08USBANK 0.02 0.00 0.020.0042315,360.92SYS1058 0.00 13,302,075.08Subtotal 13,302,075.08 0.004 0.020.000.025,360.92 0.00 Fund: Housing Authority : WSA and LQ 239,433.721062239,433.72LQPR 0.00 0.00 0.00241223,898.00SYS1062 0.00 239,433.72Subtotal 239,433.72 0.000.000.00223,898.00 0.00 Fund: SA Low/Mod Bond Fund 16,510,033.50111316,510,033.50 0.784LAIF 11,819.80 0.00 11,819.800.84324916,510,033.5025-33-005 0.00 16,510,033.50Subtotal 16,510,033.50 0.843 11,819.800.0011,819.8016,510,033.50 0.00 166,798,024.47Total 166,612,711.83 1.170 164,528.750.00150,328.75165,419,429.49 14,200.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:40 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management September 30, 2020 City of La Quinta - Portfolio Summary % of Portfolio Book ValueInvestmentsMarket Value Par Value Days to MaturityTerm YTM 365 Equiv. Bank Accounts 7,258,701.77 14.71 0.00017,258,701.777,258,701.77 Local Agency Investment Fund-City 54,144,117.99 135.15 0.685154,480,465.1954,144,117.99 Local Agency Invstmnt Fund-Housing 16,510,033.50 110.72 0.685116,592,317.5116,510,033.50 Money Market/Mutual Funds 24,581.74 10.02 0.000124,581.7424,581.74 Money Market Accounts - CAMP 2,852,973.07 11.85 0.27012,852,973.072,852,973.07 Federal Agency Coupon Securities 15,014,892.36 1,6009.75 1.3201,29715,428,606.0015,050,000.00 Treasury Coupon Securities 9,911,735.00 1,6536.43 1.50649910,167,680.0010,000,000.00 Certificate of Deposits 33,684,000.00 1,55021.87 2.16397235,299,985.9633,684,000.00 Corporate Notes 2,341,260.00 1,4361.52 2.7256832,475,568.002,400,000.00 Money Market with Fiscal Agent 29.27 10.00 0.000129.2729.27 CERBT - OPEB Trust 1,785,913.46 11.16 0.00011,785,913.461,785,913.46 PARS Pension Trust 10,503,569.92 16.82 0.000110,503,569.9210,503,569.92 154,031,808.08 100.00%Investments 156,870,391.89154,213,920.72 624 382 1.059 Current Year September 30 144,504.76 Fiscal Year To Date 465,781.83 Average Daily Balance Effective Rate of Return 165,656,795.97 163,934,640.44 1.13%1.06% Total Earnings Month Ending I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and 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 City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our financial institutions to determine the fair market value of investments at month end. __________________________________________________ ____________________ Karla Romero, Finance Director Portfolio CITY CP Reporting period 09/01/2020-09/30/2020 Run Date: 12/01/2020 - 12:33 PM (PRF_PM1) 7.3.0 Report Ver. 7.3.6.1 December 8, 2020 Days toMaturityPage 1Par Value Book ValueMaturityDateStatedRateMarket ValueSeptember 30, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateBank Accounts1Bank of New York1293-35,016.83 -35,016.8309/01/2020 -35,016.83 1SYS12930.0001Bank of the West12286,686,529.78 6,686,529.7808/20/2019 6,686,529.78 10597318510.0001City Petty Cash10593,300.00 3,300.0007/01/2016 3,300.00 1SYS10590.0001La Quinta Palms Realty1062253,410.60 253,410.6007/01/2016 253,410.60 1SYS10620.0001Stifel, Nicolaus & Company11833.65 3.6503/18/2019 3.65 1SYS11830.0001Wells Fargo1057350,474.57 350,474.5707/01/2016 350,474.57 141592824820.0007,258,701.77 17,258,701.777,258,701.774,527,283.83Subtotal and Average1 0.000Local Agency Investment Fund-City1Local Agency Inv Fund105554,144,117.99 54,144,117.99 0.68554,480,465.19 198-33-4340.68554,144,117.99 154,480,465.1954,144,117.9955,294,117.99Subtotal and Average1 0.685Local Agency Invstmnt Fund-Housing1Local Agency Inv Fund111316,510,033.50 16,510,033.50 0.68516,592,317.51 125-33-0050.68516,510,033.50 116,592,317.5116,510,033.5016,510,033.50Subtotal and Average1 0.685Money Market/Mutual Funds1Dreyfus129424,581.74 24,581.7409/24/2020 24,581.74 1X9USDDTP30.00024,581.74 124,581.7424,581.741,432.85Subtotal and Average1 0.000Money Market Accounts - CAMP1California Asset Management Pr11532,852,973.07 2,852,973.07 0.27009/26/2018 2,852,973.07 1SYS11530.2702,852,973.07 12,852,973.072,852,973.072,852,353.54Subtotal and Average1 0.270Federal Agency Coupon Securities335Federal Farm Credit Bank11051,000,000.00 992,200.00 09/01/20211.70011/09/2017 1,014,110.00 1,3923133EHWM11.913705Federal National Mtg Assn12331,000,000.00 992,100.00 09/06/20221.37510/29/2019 1,023,470.00 1,0433135G0W331.659728Federal Farm Credit Bank12471,000,000.00 999,217.36 09/29/20221.40002/05/2020 1,024,430.00 9673133EGWJ01.430802Federal Farm Credit Bank1198500,000.00 499,500.00 12/12/20221.87506/20/2019 518,550.00 1,2713133EKQP41.9051,047Federal Farm Credit Bank1223500,000.00 499,400.00 08/14/20231.60009/12/2019 519,630.00 1,4323133EKZK51.6321,069Federal Farm Credit Bank1158250,000.00 247,275.00 09/05/20232.80010/15/2018 268,740.00 1,7863133EJYL73.0411,126Federal Farm Credit Bank12341,000,000.00 996,900.00 11/01/20231.60011/01/2019 1,041,840.00 1,4613133EK4X11.6801,230Federal Home Loan Bank1177500,000.00 498,550.00 02/13/20242.50003/01/2019 537,800.00 1,8103130AFW942.5631,231Federal Farm Credit Bank12461,000,000.00 999,000.00 02/14/20241.43002/14/2020 1,039,390.00 1,4613133ELNE01.4561,370Federal National Mtg Assn1206500,000.00 495,950.00 07/02/20241.75007/15/2019 527,720.00 1,8143135G0V751.922Portfolio CITYCPRun Date: 12/01/2020 - 12:33PM (PRF_PM2) 7.3.0Report Ver. 7.3.6.1 Days toMaturityPage 2Par Value Book ValueMaturityDateStatedRateMarket ValueSeptember 30, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateFederal Agency Coupon Securities1,394Federal Farm Credit Bank1212500,000.00 499,500.00 07/26/20241.85008/02/2019 529,850.00 1,8203133EKWV41.8711,447Federal Farm Credit Bank1224500,000.00 498,750.00 09/17/20241.60009/17/2019 525,650.00 1,8273133EKP751.6521,447Federal Farm Credit Bank12421,000,000.00 998,600.00 09/17/20241.70012/17/2019 1,055,240.00 1,7363133ELEA81.7311,663Federal Home Loan Mtg Corp12751,000,000.00 998,500.00 04/21/20250.70004/28/2020 1,000,610.00 1,8193134GVLC00.7311,699Federal Home Loan Mtg Corp12791,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 1,001,490.00 1,8263134GVYG70.6251,712Federal Farm Credit Bank1280500,000.00 499,850.00 06/09/20250.50006/09/2020 502,175.00 1,8263133ELH230.5061,713Federal Farm Credit Bank1282500,000.00 500,000.00 06/10/20250.68006/10/2020 500,900.00 1,8263133ELH800.6801,716Federal Home Loan Bank1281500,000.00 499,850.00 06/13/20250.50006/03/2020 503,290.00 1,8363130AJKW80.5061,733Federal Home Loan Bank1283300,000.00 300,000.00 06/30/20250.68006/30/2020 296,811.00 1,8263130AJRP60.6801,778Federal National Mtg Assn1288500,000.00 500,000.00 08/14/20250.50008/14/2020 499,255.00 1,8263135G05S80.5001,782Federal National Mtg Assn1290500,000.00 499,750.00 08/18/20250.52008/28/2020 499,595.00 1,8163136G4M750.5301,785Federal National Mtg Assn12891,000,000.00 1,000,000.00 08/21/20250.56008/21/2020 998,060.00 1,8263136G4N740.56015,014,892.36 1,60015,428,606.0015,050,000.0015,347,159.03Subtotal and Average1,297 1.320Treasury Coupon Securities242U.S. Treasury1193500,000.00 493,610.00 05/31/20211.37505/31/2019 504,220.00 731912828R772.030272U.S. Treasury10455,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 5,037,500.00 1,808912828S271.125395U.S. Treasury10702,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 2,024,220.00 1,679912828T671.903591U.S. Treasury1192500,000.00 496,650.00 05/15/20221.75005/31/2019 513,125.00 1,080912828SV31.984729U.S. Treasury1178500,000.00 489,687.50 09/30/20221.87503/01/2019 517,405.00 1,3099128282W92.4801,094U.S. Treasury1217500,000.00 499,300.00 09/30/20231.37508/21/2019 518,240.00 1,501912828T261.4101,521U.S. Treasury12411,000,000.00 989,687.50 11/30/20241.50012/16/2019 1,052,970.00 1,811912828YV61.7189,911,735.00 1,65310,167,680.0010,000,000.009,911,735.00Subtotal and Average499 1.506Certificate of Deposits18First Tech Federal Credit Unio1124245,000.00 245,000.00 10/19/20202.70004/18/2018 245,331.00 91533715LBJ82.62353First Bank Richmond1081245,000.00 245,000.00 11/23/20201.80006/21/2017 245,609.58 1,251319267GC81.80282Freedom Credit Union1111245,000.00 245,000.00 12/22/20202.05012/22/2017 246,072.39 1,09635638BAA92.052105Bankers Bank1086240,000.00 240,000.00 01/14/20211.80007/14/2017 241,144.39 1,28006610RAP41.804109Farm Bureau Bank1165248,000.00 248,000.00 01/18/20213.00012/17/2018 250,136.17 763307660LC22.898111Eagle Bank1146245,000.00 245,000.00 01/20/20212.85007/20/2018 247,034.41 91527002YDV52.858123Infinty FCU1211248,000.00 248,000.00 02/01/20212.10007/31/2019 249,613.76 55145667EDY12.110144Comenity Capital Bank1009240,000.00 240,000.00 02/22/20211.70002/22/2016 241,439.59 1,82720033APG51.702158Ally Bank Midvale1176245,000.00 245,000.00 03/08/20212.50003/07/2019 247,453.45 73202007GHX42.016166Unity Bank1120245,000.00 245,000.00 03/16/20212.55003/16/2018 247,635.07 1,09691330ABN62.552200Amex Centurion1077240,000.00 240,000.00 04/19/20212.25004/19/2017 242,676.26 1,46102587DP852.252Portfolio CITYCPRun Date: 12/01/2020 - 12:33PM (PRF_PM2) 7.3.0 Days toMaturityPage 3Par Value Book ValueMaturityDateStatedRateMarket ValueSeptember 30, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits211Towne Bank1128240,000.00 240,000.00 04/30/20212.80004/30/2018 243,580.13 1,09689214PBL22.803237PrivateBank & Trust1032240,000.00 240,000.00 05/26/20211.50005/26/2016 241,959.38 1,82674267GVG91.501249Capital One Natl Assn FDIC42971082240,000.00 240,000.00 06/07/20212.25006/07/2017 243,282.36 1,46114042RGD72.252286Central State Bank1085240,000.00 240,000.00 07/14/20211.85007/14/2017 242,980.97 1,46115523RBJ41.851319General Electric Credit Union1150240,000.00 240,000.00 08/16/20213.10008/15/2018 245,936.52 1,097369674AV83.100361New York Community Bank1226245,000.00 245,000.00 09/27/20211.80009/27/2019 248,595.06 731649447TC31.802390Northpointe Bank1127240,000.00 240,000.00 10/26/20212.70004/26/2018 246,086.76 1,279666613GV02.703412First Source Bank1168245,000.00 245,000.00 11/17/20213.15012/17/2018 252,852.20 1,06633646CKP83.153417Belmont Savings Bank1102245,000.00 245,000.00 11/22/20212.10011/21/2017 249,973.16 1,462080515CD92.101417TNB Bank1187248,000.00 248,000.00 11/22/20212.40005/22/2019 253,896.05 91587266AAA12.407446Neighbors FCU1167245,000.00 245,000.00 12/21/20213.20012/21/2018 253,686.06 1,09664017AAQ73.203447United Credit Union1214248,000.00 248,000.00 12/22/20212.00008/22/2019 253,124.00 853910160AH32.003475The Ohio Valley Bank1089240,000.00 240,000.00 01/19/20221.90007/19/2017 244,986.58 1,645677721CN01.903487Third Federal Savings and Loan1112245,000.00 245,000.00 01/31/20222.50001/30/2018 252,282.09 1,46288413QBY32.502488Discover Bank Greenwood DE CF1066240,000.00 240,000.00 02/01/20222.25002/01/2017 246,295.66 1,8262546722U12.251511BMW Bank1067240,000.00 240,000.00 02/24/20222.20002/24/2017 246,421.15 1,82605580AGK42.201515Maine Savings FCU1171248,000.00 248,000.00 02/28/20223.30012/28/2018 258,592.60 1,158560507AK13.306533Luana Savings Bank1225245,000.00 245,000.00 03/18/20221.60009/18/2019 249,706.57 912549104JN81.599545Bellco Credit Union1264248,000.00 248,000.00 03/30/20221.30003/31/2020 251,793.93 72907833EAD91.300546Cadence Bank, NA1259245,000.00 245,000.00 03/31/20221.20003/31/2020 248,426.37 73012738RFX71.200546Bank of Santa Clarita1261248,000.00 248,000.00 03/31/20221.10003/31/2020 251,094.37 73006424KBC31.100572Goldman Sachs1078240,000.00 240,000.00 04/26/20222.40004/26/2017 248,039.33 1,82638148PJK42.401575Farmers Insurance Group FCU1126240,000.00 240,000.00 04/29/20222.80004/30/2018 249,618.82 1,46030960QAG22.802593Kansas State Bank1101245,000.00 245,000.00 05/17/20222.10011/17/2017 252,351.79 1,64250116CBE82.099609Synchrony Bank Retail1080240,000.00 240,000.00 06/02/20222.40006/02/2017 248,656.58 1,82687164XQV12.401615PCSB Bank1149245,000.00 245,000.00 06/08/20223.00006/08/2018 256,438.49 1,46169324MAD73.002616Synovus Bank1253245,000.00 245,000.00 06/09/20221.60003/09/2020 250,588.87 82287164DRD41.602620Allegiance Bank1143245,000.00 245,000.00 06/13/20223.10006/13/2018 256,945.39 1,46101748DBE53.102628Sallie Mae Bank Salt Lake CIty1083240,000.00 240,000.00 06/21/20222.35006/21/2017 248,716.51 1,826795450A702.351635America's Credit Union1200248,000.00 248,000.00 06/28/20222.30006/28/2019 256,894.17 1,09603065AAL72.302676Traditions Bank1148245,000.00 245,000.00 08/08/20223.00006/08/2018 257,676.91 1,52289269CBX93.002691CIT Bank NA1219245,000.00 245,000.00 08/23/20221.90008/23/2019 252,785.10 1,09612556LBA31.902697American Express Fed Savings B1096240,000.00 240,000.00 08/29/20222.40008/29/2017 250,011.96 1,82602587CFU92.402697Sterling Bank1201245,000.00 245,000.00 08/29/20222.15006/28/2019 254,036.51 1,15885916VDC62.153742Alliance Credit Union1095245,000.00 245,000.00 10/13/20222.25010/13/2017 255,246.02 1,82601859BAA32.251754Barclays Bank1097240,000.00 240,000.00 10/25/20222.30010/25/2017 250,449.53 1,82606740KLJ42.291Portfolio CITYCPRun Date: 12/01/2020 - 12:33PM (PRF_PM2) 7.3.0 Days toMaturityPage 4Par Value Book ValueMaturityDateStatedRateMarket ValueSeptember 30, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits757Merrick Bank1163248,000.00 248,000.00 10/28/20223.25010/30/2018 263,794.70 1,45959013J4K23.252768Mountain America Federal CU1099245,000.00 245,000.00 11/08/20222.30011/08/2017 255,864.40 1,82662384RAC02.301778CrossFirst Bank1106245,000.00 245,000.00 11/18/20222.20011/20/2017 255,476.49 1,82422766ACB92.201788Enterprise Bank, NA1107245,000.00 245,000.00 11/28/20222.15011/28/2017 255,342.87 1,82629367QCP12.151797Medallion Bank1169248,000.00 248,000.00 12/07/20223.40012/07/2018 265,431.65 1,46158404DCX73.402797Red Rocks Credit Union1166248,000.00 248,000.00 12/07/20223.35012/07/2018 265,157.48 1,46175701LAB33.352819Knoxville TVA Credit Union1110245,000.00 245,000.00 12/29/20222.40012/29/2017 257,128.33 1,826499724AB82.401820Kern FCU1239248,000.00 248,000.00 12/30/20221.90012/30/2019 257,465.52 1,09649228XAK61.902820San Francisco FCU1240248,000.00 248,000.00 12/30/20221.85012/30/2019 257,183.49 1,09679772FAC01.852851Wells Fargo Natl Bank West1244248,000.00 248,000.00 01/30/20231.90001/29/2020 257,810.04 1,097949495AT21.900873Servisfirst Bank1254248,000.00 248,000.00 02/21/20231.60002/21/2020 256,261.48 1,09681768PAF31.601880Verus Bank of Commerce1180248,000.00 248,000.00 02/28/20232.70002/28/2019 262,984.58 1,46192535LCD42.700902Aneca Federal Credit Union1119245,000.00 245,000.00 03/22/20232.80003/22/2018 260,764.48 1,826034577AH92.802911Northstar Bank1263248,000.00 248,000.00 03/31/20231.15003/31/2020 253,769.03 1,09566704MEQ01.150911West Michigan Cmnty Bk1265248,000.00 248,000.00 03/31/20231.15003/31/2020 253,769.03 1,095954444BS31.150922Citibank NA1123245,000.00 245,000.00 04/11/20232.90004/11/2018 261,732.03 1,82617312QJ262.902939Congressional Bank1189248,000.00 248,000.00 04/28/20232.50004/30/2019 262,673.99 1,45920726ABA52.502939EnerBank USA1125240,000.00 240,000.00 04/28/20232.95004/30/2018 257,012.04 1,82429278TAY62.952946First National Bank1179248,000.00 248,000.00 05/05/20232.80003/05/2019 264,720.61 1,52232117BCX42.802956University of Iowa Comm. CU1134240,000.00 240,000.00 05/15/20233.05005/14/2018 257,941.56 1,82791435LAG23.052979Pittsfield Cooperative Bank1194245,000.00 245,000.00 06/07/20232.50006/07/2019 260,083.11 1,461725404AB32.502992Morton Community1173248,000.00 248,000.00 06/20/20232.75003/20/2019 265,182.23 1,553619165JD62.753992RCB Bank1144245,000.00 245,000.00 06/20/20233.15006/20/2018 264,668.72 1,82674934YAH43.152998American First CU1285248,000.00 248,000.00 06/26/20230.35006/26/2020 248,823.14 1,09502616AAH20.3501,021American National Bank1205248,000.00 248,000.00 07/19/20232.00007/19/2019 260,405.38 1,46102772JBD12.0011,022First National Bank of America1147245,000.00 245,000.00 07/20/20233.15007/20/2018 265,246.56 1,82632110YLK93.1521,033Bank of New England1151249,000.00 249,000.00 07/31/20233.25007/31/2018 270,488.05 1,82606426KAN83.2521,056Raymond James Bank1218244,000.00 244,000.00 08/23/20231.95008/23/2019 256,251.32 1,46175472RAD31.9511,093Triad Bank1262248,000.00 248,000.00 09/29/20231.35003/30/2020 256,372.37 1,27889579NCD31.3521,111Marlin Business Bank1155248,000.00 248,000.00 10/17/20233.30010/17/2018 271,375.91 1,82657116ARV23.3021,111Municipal Trust and Savings1160245,000.00 245,000.00 10/17/20233.20010/17/2018 267,339.20 1,826625925AR33.2021,111UBS Bank USA1161245,000.00 245,000.00 10/17/20233.35010/17/2018 268,470.12 1,82690348JEJ53.3521,113Jefferson Financial CU1154245,000.00 245,000.00 10/19/20233.35010/19/2018 268,500.23 1,826474067AQ83.3521,140Commercial Bank1162248,000.00 248,000.00 11/15/20233.40011/15/2018 272,741.55 1,82620143PDV93.4021,153Numerica Credit Union1164248,000.00 248,000.00 11/28/20233.55011/28/2018 274,210.15 1,82667054NAN33.5521,176National Cooperative Bank, N.A1170245,000.00 245,000.00 12/21/20233.40012/21/2018 270,163.24 1,826635573AL23.402Portfolio CITYCPRun Date: 12/01/2020 - 12:33PM (PRF_PM2) 7.3.0 Days toMaturityPage 5Par Value Book ValueMaturityDateStatedRateMarket ValueSeptember 30, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits1,184Bar Harbor Bank and Trust1172248,000.00 248,000.00 12/29/20233.35012/31/2018 273,251.16 1,824066851WJ13.3521,215Lakeside Bank1208248,000.00 248,000.00 01/29/20242.00007/30/2019 262,622.08 1,64451210SQU42.0031,229Rollstone B&T1251245,000.00 245,000.00 02/12/20241.65002/12/2020 256,653.03 1,46177579ADF01.6511,230Northwest Bank1181248,000.00 248,000.00 02/13/20242.95002/13/2019 270,787.75 1,82666736ABP32.9511,244Wells Fargo1174248,000.00 248,000.00 02/27/20243.00002/27/2019 271,472.73 1,826949763XY73.0011,274Texas Bank Financial1260245,000.00 245,000.00 03/28/20241.10003/31/2020 252,303.21 1,458882213AB71.1011,292The Jefferson Bank1272248,000.00 248,000.00 04/15/20241.25004/15/2020 256,794.30 1,461472382AQ31.2511,293Belmont Bank and Trust1270248,000.00 248,000.00 04/16/20241.25004/16/2020 256,801.07 1,46108016PDQ91.2511,293Pacific Western Bank1269245,000.00 245,000.00 04/16/20241.30004/16/2020 254,127.79 1,46169506YRH41.3011,303Main Street Bank1188248,000.00 248,000.00 04/26/20242.60004/26/2019 268,938.17 1,82756065GAG32.6031,322First Service Bank1231248,000.00 248,000.00 05/15/20241.70011/15/2019 261,050.90 1,64333640VDD71.7011,323JP Morgan Chase1185245,000.00 245,000.00 05/16/20243.25005/16/2019 271,794.69 1,82748128HXU73.2541,330Iowa State Bank1186245,000.00 245,000.00 05/23/20242.40005/23/2019 264,269.15 1,82746256YAZ22.4031,335Live Oak Bank1238248,000.00 248,000.00 05/28/20241.80011/27/2019 262,094.34 1,644538036GV01.8021,336Century Next Bank1184248,000.00 248,000.00 05/29/20242.50005/29/2019 268,520.31 1,827156634AK32.5031,345Plains Commerce Bank1195245,000.00 245,000.00 06/07/20242.55006/07/2019 265,813.41 1,82772651LCL62.5531,350Evansville Teachers Credit FCU1196248,000.00 248,000.00 06/12/20242.60006/12/2019 269,621.46 1,827299547AQ22.6031,357Legacy Bank1197248,000.00 248,000.00 06/19/20242.40006/19/2019 267,871.45 1,827524661CB92.4031,359Citizens State Bank1199248,000.00 248,000.00 06/21/20242.40006/21/2019 267,900.56 1,827176688CP22.4031,366Communitywide FCU1202248,000.00 248,000.00 06/28/20242.25006/28/2019 266,597.15 1,82720416TAQ52.2531,366Revere Bank1203247,000.00 247,000.00 06/28/20242.30006/28/2019 265,977.60 1,827761402BY12.3031,394Abacus Federal Savings1207248,000.00 248,000.00 07/26/20241.95007/26/2019 264,078.56 1,82700257TBD71.9521,398First Security Bank of WA1209248,000.00 248,000.00 07/30/20242.00007/30/2019 264,564.09 1,82733625CCP22.0021,399People's Bank1210248,000.00 248,000.00 07/31/20242.00007/31/2019 264,546.11 1,827710571DS62.0021,415Preferred Bank1213249,000.00 249,000.00 08/16/20242.00008/16/2019 265,831.88 1,827740367HP52.0021,422FirsTier Bank1216249,000.00 249,000.00 08/23/20241.95008/23/2019 265,425.21 1,82733766LAJ71.9521,422Washington Federal1215248,000.00 248,000.00 08/23/20242.00008/23/2019 264,846.71 1,827938828BH22.0021,429First State Bk DeQueen1222248,000.00 248,000.00 08/30/20241.80008/30/2019 262,939.47 1,827336460CX61.8021,429First Natl Bk of Syracuse1221249,000.00 249,000.00 08/30/20241.85008/30/2019 264,491.49 1,827334342CD21.8521,429Celtic Bank1220248,000.00 248,000.00 08/30/20241.85008/30/2019 263,429.27 1,82715118RRH21.8521,457BankWest Inc1227248,000.00 248,000.00 09/27/20241.70009/27/2019 262,231.63 1,82706652CHB01.7021,485Southern Bancorp Bk1286248,000.00 248,000.00 10/25/20240.50006/26/2020 250,249.11 1,58284223QAN70.5001,498Sauk Valley B&T Co1235248,000.00 248,000.00 11/07/20241.70011/07/2019 262,534.39 1,827804375DL41.7021,511Morgan Stanley Bank1237245,000.00 245,000.00 11/20/20241.95011/20/2019 262,028.70 1,82761690UNX41.9521,511Morgan Stanley Private Bk, NA1236245,000.00 245,000.00 11/20/20241.90011/20/2019 261,517.63 1,82761760A3B31.9021,551Bank Princeton1287248,000.00 248,000.00 12/30/20240.50006/30/2020 250,177.61 1,644064520BG30.500Portfolio CITYCPRun Date: 12/01/2020 - 12:33PM (PRF_PM2) 7.3.0 Days toMaturityPage 6Par Value Book ValueMaturityDateStatedRateMarket ValueSeptember 30, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDateCertificate of Deposits1,590United Community1249248,000.00 248,000.00 02/07/20251.65002/07/2020 262,696.78 1,82790983WBT71.6521,597First National Bank Michigan1250248,000.00 248,000.00 02/14/20251.65002/14/2020 262,761.01 1,82732114VBT31.6521,597Freedom Financial1248248,000.00 248,000.00 02/14/20251.55002/14/2020 261,667.60 1,82735637RDC81.5521,604American State1255248,000.00 248,000.00 02/21/20251.60002/21/2020 262,276.17 1,827029728BC51.6021,610Citadel FCU1252248,000.00 248,000.00 02/27/20251.65002/27/2020 262,880.30 1,82717286TAG01.6521,624Access Bank1256248,000.00 248,000.00 03/13/20251.60003/13/2020 262,384.17 1,82600435JBH51.6011,631Spring Bank1257248,000.00 248,000.00 03/20/20251.50003/20/2020 261,329.36 1,826849430BF91.5011,637Axos Bank1258248,000.00 248,000.00 03/26/20251.65003/26/2020 263,058.66 1,82605465DAE81.6511,639Alma Bank1267248,000.00 248,000.00 03/28/20251.40003/30/2020 260,272.45 1,824020080BX41.3991,642Commonwealth Business Bk1268248,000.00 248,000.00 03/31/20251.25003/31/2020 258,494.17 1,8262027506M21.2511,642Nicolet Natl Bank1266248,000.00 248,000.00 03/31/20251.40003/31/2020 260,179.53 1,826654062JZ21.4011,650Capital One USA FDIC339541271245,000.00 245,000.00 04/08/20251.60004/08/2020 259,369.05 1,82614042TDD61.6011,670Firrst Natl Bk McGregor1274248,000.00 248,000.00 04/28/20251.35004/28/2020 259,872.80 1,82632112UDR91.3511,671First Freedom Bank1273249,000.00 249,000.00 04/29/20251.20004/29/2020 259,205.76 1,82632027BAL11.2011,672Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 258,677.09 1,82633847E3A31.2511,6841st Internet Bank1278248,000.00 248,000.00 05/12/20251.00005/11/2020 255,880.25 1,82732056GDJ60.9851,685Western State Bank1277245,000.00 245,000.00 05/13/20251.00005/13/2020 252,784.12 1,82695960NKD81.0011,727Chippewa Valley Bk1284248,000.00 248,000.00 06/24/20250.60006/24/2020 251,283.42 1,826169894AS10.60033,684,000.00 1,55035,299,985.9633,684,000.0033,684,000.00Subtotal and Average972 2.163Corporate Notes307Apple Inc1079500,000.00 493,050.00 08/04/20211.55006/12/2017 504,805.00 1,514037833CC21.900493Proctor and Gamble1159500,000.00 487,950.00 02/06/20222.30010/15/2018 514,265.00 1,210742718DY23.071805Wal-Mart Stores, Inc1190500,000.00 496,650.00 12/15/20222.35004/16/2019 521,595.00 1,339931142DU42.799853Colgate-Palmolive1175500,000.00 485,250.00 02/01/20231.95003/04/2019 517,255.00 1,43019416QEA42.7511,041Microsoft Corporation1157400,000.00 378,360.00 08/08/20232.00010/15/2018 417,648.00 1,758594918BQ63.2222,341,260.00 1,4362,475,568.002,400,000.002,341,260.00Subtotal and Average683 2.725Money Market with Fiscal Agent1US Bank105829.27 29.2707/01/2016 29.27 1SYS10580.00029.27 129.2729.2712,858,673.55Subtotal and Average1 0.000CERBT - OPEB Trust1CalPERS CERBT Plan11141,785,913.46 1,785,913.4607/01/2020 1,785,913.46 1SYS11140.0001,785,913.46 11,785,913.461,785,913.461,717,209.91Subtotal and Average1 0.000Portfolio CITYCPRun Date: 12/01/2020 - 12:33PM (PRF_PM2) 7.3.0 Days toMaturityPage 7Par Value Book ValueMaturityDateStatedRateMarket ValueSeptember 30, 2020Portfolio Details - InvestmentsAverageBalanceIssuerPortfolio ManagementCity of La QuintaYTM365TermCUSIP Investment #PurchaseDatePARS Pension Trust1Pblc Agncy Rtrmnt Serv123010,503,569.92 10,503,569.9207/01/2020 10,503,569.92 1SYS12300.00010,503,569.92 110,503,569.9210,503,569.9210,611,536.77Subtotal and Average1 0.000624165,656,795.97 154,213,920.72382 1.059156,870,391.89 154,031,808.08Total and AveragePortfolio CITYCPRun Date: 12/01/2020 - 12:33PM (PRF_PM2) 7.3.0 City of La Quinta Total Earnings City of La Quinta - Sorted by Fund - Fund September 1, 2020 - September 30, 2020 Current Rate Ending Par Value Ending Fund Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted InterestAnnualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 1,000,000.0012891,000,000.00 0.560FNMA 466.66 0.00 466.660.5681011,000,000.003136G4N74 0.00 500,000.001288500,000.00 0.500FNMA 208.33 0.00 208.330.507101500,000.003135G05S8 0.00 499,750.001290500,000.00 0.520FNMA 216.67 0.00 216.670.527101499,750.003136G4M75 0.00 992,100.0012331,000,000.00 1.375FNMA 1,145.83 0.00 1,145.831.405101992,100.003135G0W33 0.00 495,950.001206500,000.00 1.750FNMA 729.16 0.00 729.161.789101495,950.003135G0V75 0.00 1,000,000.0012791,000,000.00 0.625FHLMC 520.84 0.00 520.840.6341011,000,000.003134GVYG7 0.00 998,500.0012751,000,000.00 0.700FHLMC 583.33 0.00 583.330.711101998,500.003134GVLC0 0.00 996,900.0012341,000,000.00 1.600FFCB 1,333.34 0.00 1,333.341.627101996,900.003133EK4X1 0.00 499,500.001198500,000.00 1.875FFCB 781.25 0.00 781.251.903101499,500.003133EKQP4 0.00 498,750.001224500,000.00 1.600FFCB 666.67 0.00 666.671.626101498,750.003133EKP75 0.00 998,600.0012421,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.726101998,600.003133ELEA8 0.00 499,400.001223500,000.00 1.600FFCB 666.66 0.00 666.661.624101499,400.003133EKZK5 0.00 999,000.0012461,000,000.00 1.430FFCB 1,191.66 0.00 1,191.661.451101999,000.003133ELNE0 0.00 999,217.3612471,000,000.00 1.400FFCB 1,166.67 0.00 1,166.671.421101999,217.363133EGWJ0 0.00 499,850.001280500,000.00 0.500FFCB 208.34 0.00 208.340.507101499,850.003133ELH23 0.00 500,000.001282500,000.00 0.680FFCB 283.33 0.00 283.330.689101500,000.003133ELH80 0.00 992,200.0011051,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.737101992,200.003133EHWM1 0.00 499,500.001212500,000.00 1.850FFCB 770.83 0.00 770.831.878101499,500.003133EKWV4 0.00 247,275.001158250,000.00 2.800FFCB 583.34 0.00 583.342.870101247,275.003133EJYL7 0.00 300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.689101300,000.003130AJRP6 0.00 499,850.001281500,000.00 0.500FHLB 208.33 0.00 208.330.507101499,850.003130AJKW8 0.00 498,550.001177500,000.00 2.500FHLB 1,041.67 0.00 1,041.672.542101498,550.003130AFW94 0.00 0.0011040.00 1.625FHLB 451.39 0.00 3,651.3913.370101996,800.003130A66T9 3,200.00 496,650.001192500,000.00 1.750USTR 713.32 0.00 713.321.747101496,650.00912828SV3 0.00 1,942,800.0010702,000,000.00 1.250USTR 2,038.05 0.00 2,038.051.2761011,942,800.00912828T67 0.00 499,300.001217500,000.00 1.375USTR 563.63 0.00 563.631.373101499,300.00912828T26 0.00 5,000,000.0010455,000,000.00 1.125USTR 4,585.59 0.00 4,585.591.1161015,000,000.00912828S27 0.00 989,687.5012411,000,000.00 1.500USTR 1,229.50 0.00 1,229.501.511101989,687.50912828YV6 0.00 493,610.001193500,000.00 1.375USTR 563.52 0.00 563.521.389101493,610.00912828R77 0.00 489,687.501178500,000.00 1.875USTR 768.59 0.00 768.591.910101489,687.509128282W9 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 2 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest September 1, 2020 - September 30, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001174248,000.00 3.000WELLS 611.51 0.00 611.513.000101248,000.00949763XY7 0.00 350,474.571057350,474.57WELLS 0.01 0.00 0.01101196,958.014159282482 0.00 240,000.001078240,000.00 2.400GLDMAN 473.43 0.00 473.432.400101240,000.0038148PJK4 0.00 240,000.001077240,000.00 2.250AMEX 443.84 0.00 443.842.250101240,000.0002587DP85 0.00 240,000.001067240,000.00 2.200BMW 433.97 0.00 433.972.200101240,000.0005580AGK4 0.00 248,000.001169248,000.00 3.400MEDBA 693.04 0.00 693.043.400101248,000.0058404DCX7 0.00 240,000.001097240,000.00 2.300BARCLY 453.70 0.00 453.702.300101240,000.0006740KLJ4 0.00 245,000.001112245,000.00 2.5003RD 503.42 0.00 503.422.500101245,000.0088413QBY3 0.00 248,000.001163248,000.00 3.250MRRCK 662.47 0.00 662.473.250101248,000.0059013J4K2 0.00 240,000.001128240,000.00 2.800TOWNE 552.33 0.00 552.332.800101240,000.0089214PBL2 0.00 248,000.001173248,000.00 2.750MORTN 560.55 0.00 560.552.750101248,000.00619165JD6 0.00 245,000.001271245,000.00 1.600CAPONE 322.19 0.00 322.191.600101245,000.0014042TDD6 0.00 245,000.001176245,000.00 2.500ALLY 503.42 0.00 503.422.500101245,000.0002007GHX4 0.00 240,000.001009240,000.00 1.700CCBA 335.34 0.00 335.341.700101240,000.0020033APG5 0.00 240,000.001032240,000.00 1.500PRVTBA 295.89 0.00 295.891.500101240,000.0074267GVG9 0.00 54,144,117.99105554,144,117.99 0.685LAIF 38,467.48 0.00 38,467.480.84110155,644,117.9998-33-434 0.00 -35,016.831293-35,016.83BNY 0.01 0.00 0.01***.***101 0.00SYS1293 0.00 240,000.001066240,000.00 2.250DISCOV 443.84 0.00 443.842.250101240,000.002546722U1 0.00 493,050.001079500,000.00 1.550APPL 645.83 0.00 645.831.594101493,050.00037833CC2 0.00 240,000.001080240,000.00 2.400SYNCHR 473.43 0.00 473.432.400101240,000.0087164XQV1 0.00 245,000.001081245,000.00 1.800RICHMN 362.46 0.00 362.461.800101245,000.00319267GC8 0.00 240,000.001082240,000.00 2.250CAP1NA 443.84 0.00 443.842.250101240,000.0014042RGD7 0.00 240,000.001083240,000.00 2.350SALMAE 463.56 0.00 463.562.350101240,000.00795450A70 0.00 240,000.001085240,000.00 1.850CNTRL 364.93 0.00 364.931.850101240,000.0015523RBJ4 0.00 240,000.001086240,000.00 1.800BNKRS 355.07 0.00 355.071.800101240,000.0006610RAP4 0.00 240,000.001089240,000.00 1.900OHVAL 374.79 0.00 374.791.900101240,000.00677721CN0 0.00 245,000.001095245,000.00 2.250ALLIAN 453.08 0.00 453.082.250101245,000.0001859BAA3 0.00 240,000.001096240,000.00 2.400AMFSB 473.42 0.00 473.422.400101240,000.0002587CFU9 0.00 245,000.001099245,000.00 2.300MTNAMR 463.15 0.00 463.152.300101245,000.0062384RAC0 0.00 245,000.001101245,000.00 2.100KANSAS 422.88 0.00 422.882.100101245,000.0050116CBE8 0.00 245,000.001102245,000.00 2.100BELMNT 422.87 0.00 422.872.100101245,000.00080515CD9 0.00 245,000.001106245,000.00 2.200CRS1ST 443.01 0.00 443.012.200101245,000.0022766ACB9 0.00 245,000.001107245,000.00 2.150ENTRPR 432.95 0.00 432.952.150101245,000.0029367QCP1 0.00 245,000.001236245,000.00 1.900MSPRIV 382.60 0.00 382.601.900101245,000.0061760A3B3 0.00 245,000.001237245,000.00 1.950MORGST 392.67 0.00 392.671.950101245,000.0061690UNX4 0.00 245,000.001110245,000.00 2.400KNOX 483.29 0.00 483.292.400101245,000.00499724AB8 0.00 245,000.001111245,000.00 2.050FREECU 412.81 0.00 412.812.050101245,000.0035638BAA9 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 3 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest September 1, 2020 - September 30, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 3,300.0010593,300.00CITYPC 0.00 0.00 0.001013,300.00SYS1059 0.00 1,785,913.4611141,785,913.46CALPRS 0.00 0.00 0.001011,714,840.82SYS1114 0.00 378,360.001157400,000.00 2.000MCRSFT 666.67 0.00 666.672.144101378,360.00594918BQ6 0.00 245,000.001119245,000.00 2.800ANECA 563.83 0.00 563.832.800101245,000.00034577AH9 0.00 245,000.001120245,000.00 2.550UNITY 513.49 0.00 513.492.550101245,000.0091330ABN6 0.00 245,000.001123245,000.00 2.900CITINA 583.97 0.00 583.972.900101245,000.0017312QJ26 0.00 245,000.001124245,000.00 2.7001STTCH 543.70 0.00 543.702.700101245,000.0033715LBJ8 0.00 240,000.001125240,000.00 2.950ENER 581.92 0.00 581.922.950101240,000.0029278TAY6 0.00 240,000.001126240,000.00 2.800FARMIG 552.33 0.00 552.332.800101240,000.0030960QAG2 0.00 240,000.001127240,000.00 2.700NORPNT 532.60 0.00 532.602.700101240,000.00666613GV0 0.00 240,000.001134240,000.00 3.050UOFICU 601.64 0.00 601.643.050101240,000.0091435LAG2 0.00 245,000.001226245,000.00 1.800NYCMBK 362.47 0.00 362.471.800101245,000.00649447TC3 0.00 245,000.001143245,000.00 3.100ALLGNC 624.24 0.00 624.243.100101245,000.0001748DBE5 0.00 245,000.001144245,000.00 3.150RCB 634.32 0.00 634.323.150101245,000.0074934YAH4 0.00 245,000.001146245,000.00 2.850EAGLE 573.90 0.00 573.902.850101245,000.0027002YDV5 0.00 245,000.001147245,000.00 3.1501STNBA 634.32 0.00 634.323.150101245,000.0032110YLK9 0.00 245,000.001148245,000.00 3.000TRAD 604.11 0.00 604.113.000101245,000.0089269CBX9 0.00 245,000.001149245,000.00 3.000PCSB 604.11 0.00 604.113.000101245,000.0069324MAD7 0.00 240,000.001150240,000.00 3.100GECRUN 611.51 0.00 611.513.100101240,000.00369674AV8 0.00 249,000.001151249,000.00 3.250NWENGL 665.14 0.00 665.143.250101249,000.0006426KAN8 0.00 2,852,973.0711532,852,973.07 0.270CAMP 640.89 0.00 640.890.2731012,852,332.18SYS1153 0.00 245,000.001154245,000.00 3.350JEFF 674.59 0.00 674.593.350101245,000.00474067AQ8 0.00 248,000.001155248,000.00 3.300MARBUS 672.66 0.00 672.663.300101248,000.0057116ARV2 0.00 487,950.001159500,000.00 2.300P&G 958.33 0.00 958.332.390101487,950.00742718DY2 0.00 245,000.001160245,000.00 3.200MUNTRS 644.38 0.00 644.383.200101245,000.00625925AR3 0.00 245,000.001161245,000.00 3.350UBS 674.59 0.00 674.593.350101245,000.0090348JEJ5 0.00 248,000.001162248,000.00 3.400COMMBK 693.04 0.00 693.043.400101248,000.0020143PDV9 0.00 248,000.001164248,000.00 3.550NMRCA 723.62 0.00 723.623.550101248,000.0067054NAN3 0.00 248,000.001165248,000.00 3.000FARMBU 611.51 0.00 611.513.000101248,000.00307660LC2 0.00 248,000.001166248,000.00 3.350REDRCK 682.85 0.00 682.853.350101248,000.0075701LAB3 0.00 245,000.001167245,000.00 3.200NEIGH 644.38 0.00 644.383.200101245,000.0064017AAQ7 0.00 245,000.001168245,000.00 3.1501STSRC 634.32 0.00 634.323.150101245,000.0033646CKP8 0.00 245,000.001170245,000.00 3.400NLCOOP 684.66 0.00 684.663.400101245,000.00635573AL2 0.00 248,000.001171248,000.00 3.300MAINE 672.65 0.00 672.653.300101248,000.00560507AK1 0.00 248,000.001172248,000.00 3.350BARHAR 682.85 0.00 682.853.350101248,000.00066851WJ1 0.00 485,250.001175500,000.00 1.950COLGTE 812.50 0.00 812.502.037101485,250.0019416QEA4 0.00 3.6511833.65STIFEL 3.65 0.00 3.651010.00SYS1183 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 4 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest September 1, 2020 - September 30, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001179248,000.00 2.8001STNBK 570.74 0.00 570.742.800101248,000.0032117BCX4 0.00 248,000.001180248,000.00 2.700VERUS 550.35 0.00 550.352.700101248,000.0092535LCD4 0.00 248,000.001181248,000.00 2.950NRTHWS 601.32 0.00 601.322.950101248,000.0066736ABP3 0.00 248,000.001184248,000.00 2.500CENTNX 509.60 0.00 509.602.500101248,000.00156634AK3 0.00 245,000.001185245,000.00 3.250JPMORG 654.45 0.00 654.453.250101245,000.0048128HXU7 0.00 245,000.001186245,000.00 2.400IOWAST 483.28 0.00 483.282.400101245,000.0046256YAZ2 0.00 248,000.001187248,000.00 2.400TSCOLA 489.21 0.00 489.212.400101248,000.0087266AAA1 0.00 248,000.001188248,000.00 2.600MAINST 529.97 0.00 529.972.600101248,000.0056065GAG3 0.00 248,000.001189248,000.00 2.500CONGRS 509.59 0.00 509.592.500101248,000.0020726ABA5 0.00 496,650.001190500,000.00 2.350WALMRT 979.16 0.00 979.162.399101496,650.00931142DU4 0.00 245,000.001194245,000.00 2.500PITTS 503.43 0.00 503.432.500101245,000.00725404AB3 0.00 245,000.001195245,000.00 2.550PLAINS 513.50 0.00 513.502.550101245,000.0072651LCL6 0.00 248,000.001196248,000.00 2.600EVNSCU 529.97 0.00 529.972.600101248,000.00299547AQ2 0.00 248,000.001197248,000.00 2.400LEGCY 489.21 0.00 489.212.400101248,000.00524661CB9 0.00 248,000.001199248,000.00 2.400CTZNST 489.20 0.00 489.202.400101248,000.00176688CP2 0.00 248,000.001200248,000.00 2.300AMERCU 468.82 0.00 468.822.300101248,000.0003065AAL7 0.00 245,000.001201245,000.00 2.150STRLNG 432.95 0.00 432.952.150101245,000.0085916VDC6 0.00 248,000.001202248,000.00 2.250COMMW 458.63 0.00 458.632.250101248,000.0020416TAQ5 0.00 247,000.001203247,000.00 2.300REVER 466.94 0.00 466.942.300101247,000.00761402BY1 0.00 248,000.001205248,000.00 2.000AMRNTL 407.67 0.00 407.672.000101248,000.0002772JBD1 0.00 248,000.001207248,000.00 1.950ABACUS 397.48 0.00 397.481.950101248,000.0000257TBD7 0.00 248,000.001208248,000.00 2.000LKSIDE 407.67 0.00 407.672.000101248,000.0051210SQU4 0.00 248,000.001209248,000.00 2.0001STSEC 407.67 0.00 407.672.000101248,000.0033625CCP2 0.00 248,000.001210248,000.00 2.000PEOPLE 407.67 0.00 407.672.000101248,000.00710571DS6 0.00 248,000.001211248,000.00 2.100NFNITY 428.05 0.00 428.052.100101248,000.0045667EDY1 0.00 249,000.001213249,000.00 2.000PREFRD 409.32 0.00 409.322.000101249,000.00740367HP5 0.00 248,000.001214248,000.00 2.000UNTDCU 407.67 0.00 407.672.000101248,000.00910160AH3 0.00 248,000.001215248,000.00 2.000WSHFED 407.67 0.00 407.672.000101248,000.00938828BH2 0.00 249,000.001216249,000.00 1.9501STIER 399.08 0.00 399.081.950101249,000.0033766LAJ7 0.00 244,000.001218244,000.00 1.950RAYJAM 391.07 0.00 391.071.950101244,000.0075472RAD3 0.00 245,000.001219245,000.00 1.900CITBNK 382.60 0.00 382.601.900101245,000.0012556LBA3 0.00 248,000.001220248,000.00 1.850CELTIC 377.10 0.00 377.101.850101248,000.0015118RRH2 0.00 249,000.001221249,000.00 1.8501STNBS 378.62 0.00 378.621.850101249,000.00334342CD2 0.00 248,000.001222248,000.00 1.8001STDQN 366.90 0.00 366.901.800101248,000.00336460CX6 0.00 245,000.001225245,000.00 1.600LUANA 322.20 0.00 322.201.600101245,000.00549104JN8 0.00 6,686,529.7812286,686,529.78BOTW 0.01 0.00 0.011013,585,673.41059731851 0.00 248,000.001227248,000.00 1.700BNKWST 346.52 0.00 346.521.700101248,000.0006652CHB0 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 5 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest September 1, 2020 - September 30, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 10,503,569.92123010,503,569.92PARS 0.00 0.00 0.0010110,615,259.76SYS1230 0.00 248,000.001231248,000.00 1.7001STSER 346.52 0.00 346.521.700101248,000.0033640VDD7 0.00 248,000.001235248,000.00 1.700SAUKVL 346.52 0.00 346.521.700101248,000.00804375DL4 0.00 248,000.001238248,000.00 1.800LIVEOK 366.90 0.00 366.901.800101248,000.00538036GV0 0.00 248,000.001239248,000.00 1.900KERNCU 387.29 0.00 387.291.900101248,000.0049228XAK6 0.00 248,000.001240248,000.00 1.850SF FCU 377.10 0.00 377.101.850101248,000.0079772FAC0 0.00 248,000.001244248,000.00 1.900WFNBW 387.29 0.00 387.291.900101248,000.00949495AT2 0.00 248,000.001248248,000.00 1.550FRDMFI 315.95 0.00 315.951.550101248,000.0035637RDC8 0.00 248,000.001249248,000.00 1.650UNTDCM 336.33 0.00 336.331.650101248,000.0090983WBT7 0.00 248,000.001250248,000.00 1.6501STNMI 336.33 0.00 336.331.650101248,000.0032114VBT3 0.00 245,000.001251245,000.00 1.650RLLSTN 332.26 0.00 332.261.650101245,000.0077579ADF0 0.00 248,000.001252248,000.00 1.650CITADL 336.33 0.00 336.331.650101248,000.0017286TAG0 0.00 245,000.001253245,000.00 1.600SYNOVS 322.19 0.00 322.191.600101245,000.0087164DRD4 0.00 248,000.001254248,000.00 1.600SERVIS 326.14 0.00 326.141.600101248,000.0081768PAF3 0.00 248,000.001255248,000.00 1.600AMERST 326.14 0.00 326.141.600101248,000.00029728BC5 0.00 248,000.001256248,000.00 1.600ACCSS 326.14 0.00 326.141.600101248,000.0000435JBH5 0.00 248,000.001257248,000.00 1.500SPRING 305.76 0.00 305.761.500101248,000.00849430BF9 0.00 248,000.001258248,000.00 1.650AXOS 336.33 0.00 336.331.650101248,000.0005465DAE8 0.00 245,000.001259245,000.00 1.200CADNCE 241.64 0.00 241.641.200101245,000.0012738RFX7 0.00 245,000.001260245,000.00 1.100TEXAS 221.50 0.00 221.501.100101245,000.00882213AB7 0.00 248,000.001261248,000.00 1.100SNTCLR 224.22 0.00 224.221.100101248,000.0006424KBC3 0.00 248,000.001262248,000.00 1.350TRIAD 275.18 0.00 275.181.350101248,000.0089579NCD3 0.00 248,000.001263248,000.00 1.150NRTHSR 234.41 0.00 234.411.150101248,000.0066704MEQ0 0.00 248,000.001264248,000.00 1.300BELLCO 264.99 0.00 264.991.300101248,000.0007833EAD9 0.00 248,000.001265248,000.00 1.150WESTMI 234.41 0.00 234.411.150101248,000.00954444BS3 0.00 248,000.001266248,000.00 1.400NCOLET 285.37 0.00 285.371.400101248,000.00654062JZ2 0.00 248,000.001267248,000.00 1.400ALMABK 285.37 0.00 285.371.400101248,000.00020080BX4 0.00 248,000.001268248,000.00 1.250CMWBUS 254.79 0.00 254.791.250101248,000.002027506M2 0.00 245,000.001269245,000.00 1.300PACWST 261.78 0.00 261.781.300101245,000.0069506YRH4 0.00 248,000.001270248,000.00 1.250BELB&T 254.79 0.00 254.791.250101248,000.0008016PDQ9 0.00 248,000.001272248,000.00 1.250THEJEF 254.80 0.00 254.801.250101248,000.00472382AQ3 0.00 249,000.001273249,000.00 1.2001STFDM 245.60 0.00 245.601.200101249,000.0032027BAL1 0.00 248,000.001274248,000.00 1.3501STMCG 275.18 0.00 275.181.350101248,000.0032112UDR9 0.00 248,000.001276248,000.00 1.250FLGSTR 254.80 0.00 254.801.250101248,000.0033847E3A3 0.00 245,000.001277245,000.00 1.000WSTRNS 201.37 0.00 201.371.000101245,000.0095960NKD8 0.00 248,000.001278248,000.00 1.0001STINT 203.84 0.00 203.841.000101248,000.0032056GDJ6 0.00 248,000.001284248,000.00 0.600CHIPVA 122.30 0.00 122.300.600101248,000.00169894AS1 0.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 6 Book Value Beginning Book Value Adjusted Interest Earnings AccretionAmortization/EarningsAdjusted Interest September 1, 2020 - September 30, 2020 Total Earnings City of La Quinta Annualized YieldCUSIP Investment #Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001285248,000.00 0.350AMR1ST 71.34 0.00 71.340.350101248,000.0002616AAH2 0.00 248,000.001286248,000.00 0.500STHRNB 101.92 0.00 101.920.500101248,000.0084223QAN7 0.00 248,000.001287248,000.00 0.500BKPRNC 101.92 0.00 101.920.500101248,000.00064520BG3 0.00 24,581.74129424,581.74DREYF 0.00 0.00 0.001010.00X9USDDTP3 0.00 137,450,447.35Subtotal 137,268,334.71 1.191 133,036.990.00129,836.99136,561,169.53 3,200.00 Fund: Fiscal Agent 29.27105829.27USBANK 29.25 0.00 29.250.00323113,302,075.08SYS1058 0.00 29.27Subtotal 29.27 0.003 29.250.0029.2513,302,075.08 0.00 Fund: Housing Authority : WSA and LQ 253,410.601062253,410.60LQPR 0.00 0.00 0.00241239,433.72SYS1062 0.00 253,410.60Subtotal 253,410.60 0.000.000.00239,433.72 0.00 Fund: SA Low/Mod Bond Fund 16,510,033.50111316,510,033.50 0.685LAIF 11,438.52 0.00 11,438.520.84324916,510,033.5025-33-005 0.00 16,510,033.50Subtotal 16,510,033.50 0.843 11,438.520.0011,438.5216,510,033.50 0.00 154,213,920.72Total 154,031,808.08 1.059 144,504.760.00141,304.76166,612,711.83 3,200.00 Portfolio CITY CP Run Date: 12/01/2020 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta -City of La Quinta Maturity Report Sorted by Maturity Date Amounts due during July 1, 2020 - September 30, 2020 Rate at MaturityPar Value Sec. TypeFund Maturity Date Maturity ProceedsInterest Income Net CUSIP Investment #Issuer Purchase Date Book Value at Maturity 240,000.00 1.750 242,094.252,094.2507/07/2017MERCTL108758740XZL7MC110107/07/2020 2,094.25240,000.00 240,000.00 1.750 242,094.252,094.2507/13/2017HIGHLD1094319141GT8MC110107/13/2020 2,094.25240,000.00 1,000,000.00 1.500 1,007,500.007,500.0001/22/2018USTR11179128282Q2TRC10108/15/2020 21,700.00985,800.00 1,000,000.00 1.625 1,008,125.008,125.0011/09/2017FHLB11043130A66T9FAC10109/11/2020 11,325.00996,800.00 2,499,813.50Total Maturities 2,480,000.00 19,813.502,462,600.00 37,213.50 Portfolio CITY CP Run Date: 12/01/2020 - 12:53 MA (PRF_MA) 7.1.1 Report Ver. 7.3.6.1 City of La Quinta -City of La Quinta Purchases Report Sorted by Security Type - Fund July 1, 2020 - September 30, 2020 Original Par Value Ending Book Value Sec. TypeFund Maturity YTM Accrued Interest at PurchasePayment Periods DateCUSIPInvestment #Issuer Purchase Date Principal Purchased Rate at Purchase Money Market/Mutual Funds 88.47 24,581.7488.4709/24/2020 09/30 - MonthlyDREYF1294X9USDDTP3LA4101 Subtotal 24,581.7488.47 0.0088.47 Federal Agency Coupon Securities 500,000.00 0.500 08/14/2025 500,000.00500,000.0008/14/2020 0.50002/14 - 08/14FNMA12883135G05S8FAC101 1,000,000.00 0.560 08/21/2025 1,000,000.001,000,000.0008/21/2020 0.56002/21 - 08/21FNMA12893136G4N74FAC101 500,000.00 0.520 08/18/2025 499,750.00499,750.00 Received08/28/2020 0.53002/18 - 08/18FNMA12903136G4M75FAC101 Subtotal 1,999,750.001,999,750.00 0.002,000,000.00 1,999,838.47Total Purchases 2,000,000.00 0.00 2,024,331.74 Received = Accrued Interest at Purchase was received by report ending date. Portfolio CITY CP Run Date: 12/01/2020 - 14:58 PU (PRF_PU) 7.1.1 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=2020 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: February 10, 2020 STAFF REPORT AGENDA TITLE: DISCUSS AND RECOMMEND APPROPRIATION OF ADDITIONAL MEASURE G RESERVE FUNDING FOR THE SILVERROCK RETENTION BASIN SOIL STABILIZATION PROJECT NO. 2020-07 RECOMMENDATION Discuss and Recommend Appropriation of Measure G Reserve funding in the amount of $427,250 for the SilverRock Retention Basin Soil Stabilization Project No. 2020-07. EXECUTIVE SUMMARY •On November 4, 2020, the Financial Advisory Commission (FAC) discussed the proposed SilverRock Venue Site Project Phase II improvements and prioritization. •A SilverRock Venue Site FAC Subcommittee (Subcommittee) was formed to perform review and analysis of the Phase II priorities with staff. •The Subcommittee identified the SilverRock Retention Basin Soil Stabilization Project (Soil Stabilization Project) (ATT 1) as a priority improvement and recommended appropriation of Measure G Funds in the total amount of $10,000 for preliminary design. •A consultant prepared four preliminary design options for consideration (ATT 2). Staff and the SilverRock FAC Subcommittee recommend appropriation in the amount of $427,250 for option 4. •Option 4 entails adding shrubs to upper half of slope on Avenue 52 and along parking area, and planting a hydroseed mix with rotor irrigation on the balance of the slopes. FISCAL IMPACT Measure G Reserve funding is requested in the amount of $427,250 for the Soil Stabilization Project. The following is the existing budget and proposed total project budget: BUSINESS SESSION ITEM NO. 1 Current Budget Proposed Budget Predesign $ 10,000 $ 10,000 Design $ 0 $ 20,000 Professional $ 0 $ 23,250 Construction $ 0 $ 300,000 Utility Allowance $ 0 $ 15,000 Inspection/Testing/Survey $ 0 $ 29,250 Contingency $ 0 $ 39,750 Total Budget: $ 10,000 $ 437,250 BACKGROUND/ANALYSIS On November 4, 2020, the FAC discussed the proposed SilverRock Venue Site Project Phase II improvements and prioritization. During this meeting, the FAC requested the formation of an FAC SilverRock Venue Site Subcommittee to further review and provide recommendations on any future Phase II improvements and additional appropriation of Measure G funds. Commissioners Mills, Way, and Rosen were appointed to the Subcommittee which identified priority improvements, including the Soil Stabilization Project, and recommended appropriation of Measure G funds in the amount of $10,000 to complete the Preliminary design for the Soil Stabilization Project. The consultant prepared four preliminary design options for consideration. Staff and the Subcommittee recommend design option 4 as the most efficient and cost-effective option. The improvements in option 4 include: •The east slope remaining in its current natural state; •Adding shrubs to upper half of slope on Avenue 52 and along parking area, and; •Utilizing a hydroseed mix with rotor irrigation on the balance of the slopes. The proposed project budget for the Soil Stabilization Project is $437,250. Measure G funding appropriation is requested in the amount of $427,250, excluding the previously appropriated $10,000 from the overall project budget for preliminary design. Prepared by: Julie Mignogna, Management Analyst Approved by: Bryan McKinney, Public Works Director Attachments: 1.Project Vicinity Map 2.Preliminary Design Options ATTACHMENT 1 SILVERROCK RETENTION BASIN SOIL STABILIZATION PROJECT VICINITY MAP OPTION 1 SILVERROCK RETENTION BASIN SOIL STABILIZATION PROJECT PRELIMINARY DESIGN OPTIONS ATTACHMENT 2 OPTION 2 OPTION 3 OPTION 4: RECOMMENDED City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: February 10, 2021 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR YEAR ENDED JUNE 30, 2020 RECOMMENDATION Receive and file the Comprehensive Annual Financial Report for the year ended June 30, 2020. EXECUTIVE SUMMARY •California cities must obtain an annual audit of their financial statements by an independent auditor at the close of each fiscal year. •The annual audit produces the Comprehensive Annual Financial Report (CAFR) (Exhibit A) which was issued on December 23, 2020. •The independent auditors rendered an unmodified (“clean”) opinion; which is the most favorable conclusion. •The City Council discussed, received and filed the CAFR on January 19, 2021. •The Financial Advisory Commission (FAC) was provided the CAFR for review upon their issuance in December. FISCAL IMPACT - None BACKGROUND/ANALYSIS At the end of each fiscal year, the City’s financial records are audited by an independent audit firm pursuant to California law. The results (including City background information, statistical data, and detailed financial reports) are compiled and presented in the CAFR. In the independent auditors’ report (located at the front of the financial section of the CAFR), Eide Bailly Certified Public Accountants issued an “unmodified” opinion on the City’s financial statements for the year ended BUSINESS SESSION ITEM NO. 2 June 30, 2020, which is the most favorable conclusion. The independent audit involved examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and estimates made by management, and evaluating the overall financial statement presentation. Attachment 1, provides a summary of CAFR which is in Exhibit A. In order to allow for ample review of the CAFR, the Financial Advisory Commissioner’s were provided a copy of the CAFR after it was issued in December. In addition, a copy of the CAFR can be found on the City’s website. The auditors did not report any internal control deficiencies over financial reporting. The CAFR has been submitted to the GFOA (Government Finance Officer Association) award program for excellence in financial reporting. A Single Audit for fiscal year 2019/20 – a separate audit requirement under Federal law for entities that spend $750,000 or more in federal funds during a fiscal year will be issued in March 2021. ALTERNATIVES The CAFR and audit are required by State law, therefore, no alternatives are recommended. Prepared by: Karla Romero, Finance Director Approved by: Jon McMillen, City Manager Attachment: 1.2019/20 Comprehensive Annual Financial Report Summary 2019/20 Comprehensive Annual Financial Report (CAFR) Summary Summary of CAFR Contents The 2019/20 CAFR (Exhibit A) contains numerous comprehensive financial reports pertaining to all aspects of the City’s finances and includes financial statements for all City funds (general, special revenue, housing, capital project, internal service, and other fund types). The CAFR also contains information regarding the City’s accounting methods and procedures, and the results of the independent audit. Financial information is conveyed both by major fund type and in a comprehensive manner; thus, the information is somewhat complex to interpret. Because of this, specific detailed information regarding the General Fund year-end budget results for 2019/20 was presented separately during the November 3 and 17, 2020 Council meetings. The Management Discussion and Analysis section (starting on page 4) provides an overview and analysis of the financial statements, which is useful when reading through the CAFR. In addition, the Notes to the Basic Financial Statements (pages 31 to 73) provide a written explanation of accounting methods and year-over-year changes. The Statistical Section (pages 123 to 157) presents a ten-year comparison of City financial, economic, and demographic trends. Responsibility for both the accuracy and the completeness of all disclosure’s rests with the City of La Quinta. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of City operations. The CAFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP). The City’s financial reporting is based upon all Governmental Accounting Standards Board (GASB) pronouncements; these pronouncements are the most authoritative source of governmental GAAP. Eide Bailly LLP, Certified Public Accountants, has issued an unmodified (“clean”) opinion on the City’s financial statements for the year ended June 30, 2020. This is the most favorable conclusion. We believe that the CAFR meets the Certificate of Achievement Program’s requirements and have submitted it to the Government Finance Officer’s Association to determine its eligibility for another certificate. ATTACHMENT 1 Significant Changes and Financial Highlights Governmental Revenues and Expenses Governmental Activities include 29 individual governmental funds. There are three (3 ) major governmental funds: the General Fund, one capital project fund, and one special revenue fund. Data from the other twenty-six (26) governmental funds are combined into a single, aggregate presentation. Key Highlights: •General Fund’s overall fund balance increased by almost $5.7 million when compared to the ending balance in 2018/19. •In 2019/20, the City contributed an additional $3,460,000 to the Pension Trust, which ended with a balance of slightly over $10.2 million. •The City also added $1,540,000 to the Capital Replacement Reserve. •General Fund Reserves are 84% funded with a combined balance of $38.6 million and additional reserve funding is anticipated to be approved in 2020/21. •The General Fund has no outstanding bond obligations. •At the end of 2019/20, the City had positive balances in all three categories of Net Position (Net Investment in Capital Assets, Restricted and Unrestricted) for the governmental and business-type activities. •Governmental revenues overall increased by $3,214,312 with the major being attributed to capital gains, contributions, and grants used to fund various construction projects. •Governmental other taxes revenues decreased by $5,047,659 when compared to 2018/19 and are a reflection of reduced sales taxes ($1,769,000) and transient (hotel) occupancy taxes ($3,079,000), which were both impacted by COVID-19 restrictions during the final four months of 2019/20. •Most General Fund revenues experienced positive variances when compared to the final budget. •Actual General Fund expenses were $16,465,000 lower than the final budget of which $14,934,000 was carried over into 2020/21 for continuing appropriations related to operations and Capital Improvement Projects (CIP). Governmental Fund Balances The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances. Such information is useful in assessing the City's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. The unassigned General Fund balance comprised $19,094,651, or 15%, of the total $123,333,665 balance and represented 26% of total final 2019/20 General Fund budgeted expenditures including transfers and multi-year capital projects. As of the end of 2019/20, the City's governmental funds reported combined ending fund balances of $164,162,545 as follows: 2019/20 Governmental Fund Balances When compared to 2018/19, total governmental fund balance increased by $3,640,764. 2018/19 Governmental Fund Balances General Fund Fund Balances A year-over-year decrease of $2,196,000 in non-spendable is attributed to the reclassification of City owned property held for resale - $327,000, and the 2019/20 Redevelopment Agency loan repayment of $2,540,000 and interest earnings of $694,000 resulted in a decrease of $1,846,000 in Due from Other Governments. The outstanding loan balance of $33,049,000 is recognized as 80% in the General Fund and 20% in the Housing Authority Fund. Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City’s pension obligations. The trust was initially established in 2018/19 with $6,540,000 and in 2019/20 an additional $3,460,000 was deposited. Coupled with investment gains, resulted in an increase in total value to $3,710,000. Committed reserves decreased by $1,627,000. The increase of $1,034,000 in operational carryovers and $1,540,000 in Capital Replacement Reserves is reduced by a decrease of $4,200,000 from the Economic Disaster Reserve to cover unanticipated COVID-19 revenue shortfalls ($2,700,000) and established Small Business Economic Relief Programs ($1,500,000). An increase of $2,943,000 in assigned reserves was due to multi-year Capital Projects ($1,302,000) and Measure G sales tax revenue ($1,014,000) and fire services trust ($627,000). Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable 33,683,942$ 29%386$ 0.001% 33,684,328$ 21% Restricted 6,540,000 6% 44,815,499 105% 51,355,499 32% Committed 31,745,300 27%- 0% 31,745,300 20% Assigned 29,439,978 25%- 0% 29,439,978 18% Unassigned 16,228,627 14% (1,931,951) -5% 14,296,676 9% TOTAL 117,637,847$ 100% 42,883,934$ 100% 160,521,781$ 100% Outstanding Debt Total governmental activities debt increased by $1,004,864 from $14,103,617 to $15,108,481. This increase is largely attributed to an increase of $1,054,509 in the City’s net pension liability. As of 2018/19, the Net Pension Liability is reported as an outstanding debt and the General Fund has no outstanding bond obligations. As of June 30, 2020, the Section 115 Pension Trust had a balance of $10,249,738. The trust sets aside monies to fund the City’s pension obligations. Contributions to the trust are irrevocable and assets are protected from creditors. The purpose of the trust is to address the City’s pension obligations by accumulating assets to reduce the net pension liability. However, asset in the trust are recorded as restricted fund balance until they are transferred to the pension plan (CalPERS). Additional information on long-term debt can be found in Note 5 of the financial statements, Note 8 describes the City’s Pension Plan, and Note 11 discusses the Section 115 Trust. Other Post-Employment Benefit Plan (OPEB) In contrast to the Net Pension Liability, the OPEB Trust established to fund retiree health benefits, had a balance of $1,627,792 which reduces the OPEB liability ($1,580,740) and is reported as an asset balance of $47,052. Additional information on OPEB can be found in Note 10 of the financial statements. Major Capital Improvements The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The fund had forty-four (44) active Capital Improvement Projects during 2019/20. The five most active projects were: •La Quinta Village Complete Streets ($7,436,000) •SilverRock Event Site ($3,738,000) •Citywide Drainage Enhancements ($2,360,000) •Traffic Signal Interconnect Project ($1,792,000) •Dune Palms Road Street Improvements ($1,164,000) These projects, along with others, leveraged State or Federal grant funds or were significantly supported with Measure G sales tax revenues. Debt Type:2019 2020 Capital Leases 757,971$ 761,790$ Compensated Absences 941,955 888,491 Net Pension Liability 12,403,691 13,458,200 TOTAL 14,103,617$ 15,108,481$ Governmental Activities Long-term Financial Planning The City ensures that its long-range goals are met through a variety of Boards and Commissions. Each is comprised of Council appointed residents, may include a City Council representative, and are supported by City staff. In addition, the City has adopted various financial policies and practices with the goal of sustaining a fiscally resilient government over the long-term, improving fiscal sustainability, as well as increasing transparency and encouraging public engagement. COVID-19 economic impacts are anticipated to diminish after a vaccine becomes widely available, and new business modules with enhanced health and safety protocols are deployed. La Quinta has addressed retiree costs by establishing and funding Other Post Employment Benefit and Pension Trusts. In 2019/20, the City contributed an additional $3,460,000 to the Pension Trust, which ended with a balance of slightly over $10.2 million. The City also continues to collaborate with Riverside County and other regional cities on police services to identify long-term savings. In 2019/20, the General Fund’s overall fund balance increased by almost $5.7 million when compared to the ending balance in 2018/19. In addition to the Pension Trust contribution, the City also added $1,540,000 to the Capital Replacement Reserve. In May 2018, the City adopted a Reserve Policy and as of June 30, 2020 reserves are 84% funded with a combined balance of $38.6 million; additional reserve funding is anticipated to be approved in 2020/21. The City has a mixture of housing and commercial developments under construction, approved housing developments on the horizon, and the Highway 111 Corridor Plan (Plan) continues to be a priority with daily traffic exceeding 40,000 vehicles, and accounting for nearly 80% of the City’s annual sales tax revenue. 2019/20COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2020 EXHIBIT A City of La Quinta, California Comprehensive Annual Financial Report Year Ended June 30, 2020 City of La Quinta, California Table of Contents June 30, 2020 INTRODUCTORY SECTION Letter of Transmittal ......................................................................................................................................... i List of Principal Officers .................................................................................................................................. vii Organizational Chart ...................................................................................................................................... viii Certificate of Achievement for Excellence in Financial Reporting (GFOA).......................................................... ix FINANCIAL SECTION Independent Auditor’s Report ............................................................................................................................. 1 Management’s Discussion and Analysis ............................................................................................................... 5 Government Wide Financial Statements Statement of Net Position .............................................................................................................................. 18 Statement of Activities ................................................................................................................................... 19 Government Fund Financial Statements Balance Sheet – Governmental Funds ............................................................................................................ 21 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ........................... 22 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ....................... 23 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ....................................................................................... 24 Proprietary Fund Financial Statements Statement of Net Position – Proprietary Funds .............................................................................................. 25 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ............................ 26 Statement of Cash Flows – Proprietary Funds ................................................................................................ 27 Fiduciary Fund Financial Statements Statement of Fiduciary Net Position ............................................................................................................... 29 Statement of Changes in Fiduciary Net Position ............................................................................................. 30 Notes to Financial Statements ........................................................................................................................... 31 REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedule – General Fund ........................................................................................... 74 Budgetary Comparison Schedule – Housing Authority .................................................................................... 75 Schedule of Proportionate Share of the Net Pension Liability – Miscellaneous Plan........................................ 76 Schedule of Pension Plan Contributions – Miscellaneous Plan ........................................................................ 77 Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios ..................................................... 78 Schedule of OPEB Contributions .................................................................................................................... 79 Note to Required Supplementary Information ............................................................................................... 80 City of La Quinta, California Table of Contents June 30, 2020 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Combining Balance Sheet – Nonmajor Governmental Funds .......................................................................... 84 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ..................................................................................................................... 89 Budgetary Comparison Schedules – Special Revenue Funds State Gas Tax ................................................................................................................................................. 94 Library and Museum ...................................................................................................................................... 95 Federal Assistance ......................................................................................................................................... 96 SLESA ............................................................................................................................................................. 97 Lighting and Landscaping ............................................................................................................................... 98 Quimby .......................................................................................................................................................... 99 Public Safety ................................................................................................................................................ 100 Art in Public Places ....................................................................................................................................... 101 South Coast Air Quality ................................................................................................................................ 102 AB 939 ......................................................................................................................................................... 103 Law Enforcement ......................................................................................................................................... 104 Measure A ................................................................................................................................................... 105 Economic Development ............................................................................................................................... 106 AB 1379 ....................................................................................................................................................... 107 Budgetary Comparison Schedules – Capital Projects Funds Capital Improvement ................................................................................................................................... 108 Infrastructure .............................................................................................................................................. 109 Civic Center.................................................................................................................................................. 110 Transportation ............................................................................................................................................. 111 Parks and Recreation ................................................................................................................................... 112 Library Development ................................................................................................................................... 113 Community Center ....................................................................................................................................... 114 Street Facility ............................................................................................................................................... 115 Park Facility ................................................................................................................................................. 116 Fire Facility .................................................................................................................................................. 117 Budgetary Comparison Schedules – Debt Service Funds Financing Authority ...................................................................................................................................... 118 Internal Service Funds Combining Statement of Net Position .......................................................................................................... 120 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ......................................... 121 Combining Statement of Cash Flows ............................................................................................................ 122 City of La Quinta, California Table of Contents June 30, 2020 STATISTICAL SECTION Net Position by Component (Table 1) ........................................................................................................... 124 Changes in Net Position (Table 2) ................................................................................................................. 126 Changes in Net Position – Governmental Activities (Table 3) ........................................................................ 128 Changes in Net Position – Business-type Activities (Table 4) ......................................................................... 130 Fund Balances of Governmental Funds (Table 5) .......................................................................................... 132 Changes in Fund Balances of Governmental Funds (Table 6) ........................................................................ 134 Tax Revenue by Source (Table 7) .................................................................................................................. 136 Top 25 Sales Tax Producers (Table 8) ........................................................................................................... 137 Taxable Sales by Category (Table 9) ............................................................................................................. 139 Assessed Value of Taxable Property (Table 10) ............................................................................................. 141 Direct and Overlapping Property Tax Rates (Table 11) .................................................................................. 142 Principal Property Taxpayers (Table 12) ....................................................................................................... 143 Property Tax Levies and Collections (Table 13) ............................................................................................. 144 Ratios of Outstanding Debt by Type (Table 14) ............................................................................................. 145 Ratio of General Bonded Debt Outstanding (Table 15) ................................................................................. 147 Direct and Overlapping Debt (Table 16) ....................................................................................................... 148 Legal Debt Margin Information (Table 17) .................................................................................................... 149 Pledged-Revenue Coverage (Table 18) ......................................................................................................... 151 Demographic and Economic Statistics (Table 19).......................................................................................... 152 Principal Employers (Table 20) ..................................................................................................................... 153 Full-time City Employees (Table 21) ............................................................................................................. 154 Operating Indicators (Table 22) .................................................................................................................... 155 Capital Asset Statistics by Function (Table 23) .............................................................................................. 156 Schedule of Insurance in Force (Table 24) .................................................................................................... 157 This page intentionally left blank. i December 23, 2020 To the Citizens of La Quinta, and the Honorable Mayor and Members of the City Council: It is with great pleasure that we present to you the Comprehensive Annual Financial Report (CAFR) of the City of La Quinta for the fiscal year ending June 30, 2020. The CAFR has been prepared by the Finance Department for the benefit of City Council members, citizens, investors, grantors, employees, and others who may have an interest in the financial well- being of the City. The CAFR presents information regarding the City’s financial activities. This transmittal letter provides a non-technical summary of the City’s finances, services, achievements, and economic outlook. A more detailed analysis is presented in the Management’s Discussion and Analysis section (MD&A) that immediately follows the independent auditor’s report. The MD&A provides an overview and analysis of the basic financial statements and complements this transmittal. Responsibility for both the accuracy and the completeness of all disclosures rests with the City of La Quinta. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of City operations. Supplementary disclosures are included to summarize the City’s financial activities. This CAFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP). The City’s financial reporting is based upon all Governmental Accounting Standards Board (GASB) Statements; these pronouncements are the most authoritative source for governmental GAAP. Eide Bailly LLP, Certified Public Accountants, has issued an unmodified (“clean”) opinion on the City’s financial statements for the year ended June 30, 2020. This is the most favorable conclusion. The independent auditor’s report is located at the front of the financial section. The independent audit involved examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and estimates made by management, and evaluating the overall financial statement presentation and conformity with GAAP. ii Government Profile The City of La Quinta is located 120 miles east of Los Angeles in the eastern portion of Riverside County known as the Coachella Valley. The City has a permanent population of approximately 42,000, within a boundary of 36 square miles. Each year nearly 18,000 seasonal residents also call La Quinta home from October through May. The City sits at the base of the Santa Rosa Mountains, is an integral part of the Coachella Valley’s world- renowned resort and retirement area, and is known for its championship golf, stunning views and spectacular trails. The City was incorporated in 1982 as a general law City and became a charter city in November 1996. It is governed by a five-member City Council under the Council/Manager form of government. The Mayor is directly elected, serves a two-year term, and represents the City at many public functions; the four Council Members serve four-year terms, with two Council Members elected every two years. The Mayor and Council Members are elected at large and also serve as the Board of Directors of the Housing and Finance Authorities. The Council appoints the City Manager, who in turn appoints the Directors of the various departments except for the City Attorney who is appointed by the Council. The Finance Director also serves as the City/Housing Authority Treasurer and the City Manager is also the Executive Director of the Housing Authority. The City provides a range of services, which include street and infrastructure construction and maintenance; community development and planning; affordable housing programs; code compliance; recreational and cultural activities; and operations management. The City contracts with other government agencies and private entities for specific services, including police and fire protection, library and museum services, water and sewer service, electricity service, public transit, refuse collection, and street sweeping. The City’s annual operating and capital improvement budgets are adopted by resolutions for the fiscal year that begins July 1st. Separate resolutions are adopted by the City Council and Board of Directors of the Housing and Finance Authorities. The annual budget is the foundation for the City’s financial planning and control. The budget is prepared by fund, function, department, and line item. Department Directors may transfer iii line item resources within a division with the approval of the City Manager. The City Manager may authorize transfers between divisions and departments. Local Economy According to the State of California Employment Development Department, as of October 2020, the unadjusted unemployment rate for La Quinta was 8.5%, which was lower than unadjusted rates for Riverside County’s at 9.0% and the statewide average of 9.3%. Current unemployment rates are greatly impacted by ongoing COVID-19 business restrictions, particularly in the hospitality industry. The City’s dominant industries are recreation, tourism, and retailers, with the following being major employers: La Quinta Resort and Club, Desert Sands Unified School District, Wal-Mart Super Center, Costco, Home Depot, Imperial Irrigation District, Lowe’s Home Improvement, Target, and Traditions Golf Club. Throughout the year La Quinta hosts a variety of multi-generational open-air events and shines in the national spotlight as the area’s only PGA golf tour event in the region with the American Express Golf Tournament. The City also co-hosts Ironman 70.3 Indian Wells La Quinta, which brings over 3,000 athletes and supporters from all over the world to the Coachella Valley. The City’s cultural diversity, values, unique characteristics and attributes are celebrated through artists who showcase their high-quality artwork at the annual fine art celebration event, which is ranked number one in the United States by Art Fair Sourcebook’s Top 100 Fine Art Events. In the Spring of 2020, the novel Coronavirus Disease 2019, known as COVID-19 resulted in mandatory stay at home orders, non-essential business closures, reduced workforces, and record unemployment rates. To assist and support local businesses the City established Small Business Economic Relief Programs funded with $1,500,000 of Economic Disaster reserves and about $110,000 of Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. These programs have assisted local businesses to mitigate the adverse economic impacts due to COVID-19. Substantially or completed projects during 2019/20 included Floor and Décor and American Tire Depot located on Highway 111, a new AT&T wireless tower facility in the Cove, on Avenue 50 and Jefferson Street Codorniz single-family residential units were completed, and the Washington Street Apartments remodel and expansion was substantially completed on Washington Street and Hidden River Road. iv Long-term Financial Planning Sound financial governance and prudent planning continues to be management’s focus. The City has a long history of providing superior service, life enrichment opportunities, and a quality environment to its residents, businesses, and visitors. La Quinta, like every other municipality in the State, is faced with revenue reductions as a result of COVID-19, as well as rising pension and public safety costs. COVID-19 economic impacts are anticipated to diminish after a vaccine becomes widely available, and new business modules with enhanced health and safety protocols are deployed. La Quinta has addressed rising retiree costs by establishing and funding Other Post Employment Benefit and Pension Trusts. In 2019/20, the City contributed an additional $3,460,000 to the Pension Trust, which ended with a balance of slightly over $10.2 million. The City also continues to collaborate with Riverside County and other regional cities on police services to identify long-term savings. The City ensures that its long-range goals are met through a variety of Boards and Commissions. Each is comprised of Council-appointed residents, may include a City Council representative, and are supported by City staff. In addition, the City has adopted various financial policies and practices with the goal of sustaining a fiscally resilient government over the long-term, assuring fiscal sustainability, as well as increasing transparency and encouraging public engagement. In 2019/20, the General Fund’s overall fund balance increased by almost $5.7 million when compared to the ending balance in 2018/19. In addition to the Pension Trust contribution, the City also added $1,540,000 to the Capital Replacement Reserve. In May 2018, the City adopted a Reserve Policy and as of June 30, 2020 reserves are 84% funded with a combined balance of $38.6 million; additional reserve funding is anticipated to be approved in 2020/21. In June 2020 the City Council adopted a balanced budget without the use of reserves for fiscal year 2020/21. The adopted budget had operating revenues exceeding expenses by $9,200. The 2020/21 budget included sustained funding for essential services, such as police, fire, and maintenance of critical infrastructure. La Quinta has cultivated a sound foundation of General Fund revenues including sales tax, transient occupancy (hotel) tax, and property tax. The City was incorporated in 1982 after Proposition 13 was approved (the landmark property tax reform initiative enacted in 1978); v as such, the City receives a smaller share of property tax revenue but has also secured additional property tax revenue from the County for fire and library services. In addition to property taxes the City relies heavily on sales tax and transient occupancy (hotel) tax revenue for General Fund income, both of which have seen reductions as a result of COVID- 19 economic impacts. The City continues to collaborate with regional partners to promote and support the local hospitality and tourism industry. The Future The City has a mixture of housing and commercial developments under construction. Larger residential developments underway include Griffin Ranch, Floresta, and the Residence Club at PGA West and commercial developments include the California Desert Museum of Art, luxury Montage and lifestyle Pendry hotels, two new Starbucks locations, and the first Dutch Bros Coffee in the Coachella Valley. In early 2021, the City will complete the 14-acre SilverRock Event Park which includes rolling hills, water features, meandering walkways, and 360-degree breathtaking views. Approved housing developments on the horizon include Canyon Ridge, SilverRock residences, Centre at La Quinta condominiums, Estates Collection at Coral Mountain, and the Andalusia Country Club. In addition, the City is expanding its affordable housing units by purchasing the Dune Palms Mobile Home Park. The Highway 111 Corridor Plan (Plan) continues to be a priority with daily traffic exceeding 40,000 vehicles, and accounting for nearly 80% of the City’s annual sales tax revenue. The two mile-long, 400-acre regional commercial hub at the center of the City, is being evaluated to create a more connected and walkable environment through the implementation of form-based code (FBC). FBC is anticipated to reshape the corridor by adding mixed-use and infill development and incorporating ever-evolving shopping trends. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its CAFR for the fiscal year ended June 30, 2019. This was the twenty-third consecutive year that the City received this prestigious award. To be awarded a Certificate of Achievement, the City had to publish an easily readable and efficiently organized CAFR. vi A Certificate of Achievement is valid for one year. We believe that our current CAFR continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. We would like to express our appreciation to the City Council for their ongoing oversight of the financial affairs of the City and their prudent fiscal, economic, and land use policy and direction. We also thank City staff with special appreciation to the Finance Department for their continued effort to provide accurate financial data and the preparation of this report. Respectfully Submitted, vii City of La Quinta List of Principal Officers June 30, 2020 CITY COUNCIL Linda Evans, Mayor John Peña, Mayor Pro Tem Kathleen Fitzpatrick, Council Member Robert Radi, Council Member Steve Sanchez, Council Member ADMINISTRATION Jon McMillen, City Manager Karla Romero, Finance Director/ City Treasurer Christopher Escobedo, Community Resources Director Danny Castro, Design and Development Director Bryan McKinney, Public Works Director/ City Engineer Monika Radeva, City Clerk William H. Ihrke, City Attorney viii ix What inspires you, inspires us. | eidebailly.com 19340 Jesse Ln., Ste. 260 | Riverside, CA 92508-5079 | T 951.367.3000 | F 951.367.3010 | EOE 1 Independent Auditor’s Report The Honorable Mayor and Members of City Council City of La Quinta, California Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, business-type activities, each major fund, and the aggregate remaining fund information of the City of La Quinta, California, (City), as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 2 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2020, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, schedule of the City’s proportionate share of the net pension liability, schedule of pension plan contributions, schedule of changes in the net OPEB liability/(asset) and related ratios, schedule of OPEB contributions, budgetary comparison schedules for the General Fund and Housing Authority special revenue fund and the related notes, as listed on the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The introductory section, combining and individual fund statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund statements and schedules are the responsibility of management and were derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. 3 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 23, 2020, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance. Riverside, California December 23, 2020 This page intentionally left blank. 4 MANAGEMENT DISCUSSION AND ANALYSIS (UNAUDITED) This narrative provides an overview and analysis of the City of La Quinta’s (City) financial activities for the fiscal year ending June 30, 2020. The City Executive Team encourages readers to consider this information in conjunction with the data provided in our transmittal letter, which is in an earlier section of this report. All amounts, unless otherwise indicated, are rounded to the nearest thousand dollars and dates are represented by fiscal year. 5 HIGHLIGHTS At the close of 2019/20 (June 30, 2020): • The total assets and deferred outflows of the City exceeded its total liabilities and deferred inflows at the close of the fiscal year 2019/20 by $741,056,000 (net position). Of this amount, $145,564,000 (unrestricted net position) may be used to meet ongoing obligations and approximately $549,490,000 or 74% was invested in capital assets and is not available to meet ongoing obligations. • Governmental activities total net position decreased by $4,424,000 and the Business-Type total net position decreased by $757,000 which is attributable to the SilverRock Golf Course. • Governmental funds (General Fund, Housing Authority, Capital Improvement Fund, sixteen (16) Special Revenue Funds, nine (9) capital projects funds, and the Finance Authority Fund) had a combined ending fund balance of $164,163,000, an increase of $3,641,000. The primary reasons for this increase are an extraordinary gain of $868,000 derived from interest earned on the outstanding Redevelopment Agency loan and a positive fair market value adjustment to the overall investment portfolio of $2,846,000. • The unassigned General Fund balance comprised $19,095,000, or 15%, of the total $123,334,000 balance and represented 26% of total final General Fund budgeted expenses including transfers and multi- year capital projects. • Total governmental activities debt increased by $1,005,000 from $14,104,000 to $15,108,000. This increase is largely attributed to an increase of $1,055,000 in the City’s net pension liability. (Note 5) OVERVIEW Government-Wide Financial Statements The government-wide financial statements provide a broad overview of the City’s finances. There are two statements – statement of net position and statement of activities, as described below. The statement of net position presents information on all City assets and deferred outflows of resources as well as liabilities, and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position m ay serve as a useful indicator of whether the City’s financial position is improving or deteriorating. 6 The statement of activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event occurs giving rise to the change, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in f uture fiscal periods, for example, earned but unused vacation leave. Both of these government-wide financial statements distinguish City functions, which are principally supported by taxes , fees, and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user charges (business-type activities). Governmental activities include general government, public safety, community services, community development and publi c works; business-type activities include the SilverRock Gol f course operations. The government-wide financial statements include not only the City of La Quinta (known as the primary government), but also the La Quinta Financing Authority and the La Quinta Housing Autho rity. Although legally separate entities, they function for all practical purposes as City departments. The government-wide financial statements are listed in the table of contents under the Financial Section of this report . Fund Financial Statements A fund is a grouping of related accounts and is use d to maintain control over resources that have been segregated for specif ic activities or objectives. The City, like other state and local g overnments, uses fund accounting to ensure compliance with finance-relate d legal requirements. All City’s funds are aggregated into three categories: governmental funds, proprietary funds, and fiduciar y funds. Government Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the governmen t-wide financial statements, governmental fund financial statements focus on near- term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the f iscal year. Such information may be useful in evaluating a government's near-term financing requirements. 7 Because the focus is narrower than the government-wide financial statements, it is useful to compare this information with similar information presented for governmental activities in the government- wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facili tate this comparison between governmental funds and governmental activiti es. The City maintains twenty-nine (29) individual governmental funds, which are distinguished between major and non-major funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances. There are three (3) major governmental funds: the General Fund, one special revenue fund, and one capital project fund. Data from the other twent y-six (26) governmental funds are combined into a single, aggregate presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements under Other Governmental Funds. The City adopts an annual budget for its General Fund. A budgetary comparison schedule has been provided to demonstrat e compliance with the adopted budget. The basic governmental fund financial statements can be found in the table of contents under the heading Basic Financial Statements. Proprietary Funds Proprietary funds are broken down into enterprise and internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide f inancial statements. The City maintains one (1) enterprise fund to account for the SilverRock Golf Course operations, which is considered a major fund. Internal service funds are used to allocate costs am ong the City’s various functions. The City has four (4) internal service funds: vehicles, information technology systems, park equipment and facilities, and insurance. Because these four (4) services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements. The internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements on the Combining and Individual Fund Statements. 8 The basic proprietary fund financial statements are listed in the table of contents under Proprietary Funds: Statement of Net Position, Statement of Revenues, Expenses and Changes in Fund Net Position, and Statement of Cash Flows. Fiduciary Funds Fiduciary funds, also called agency funds, are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The City reports on three fiduciary funds: 1) Agency Funds, 2) Defined Contribution Pension Trust established to provide supplemental retirement benefits, and (3) Successor Agency Private-Purpose Trust Fund which provides for activities associated with the dissolution of the former Redevelopment Agency. The basic fiduciary fund financial statements are listed in the table of contents under Fiduciary Funds: Statement of Net Position – Fiduciary Funds and Changes in Net Position – Fiduciary Funds. Notes to the Financial Statements The notes to the financial statements provide information that is essential to obtain a full understanding of the data provided in the government-wide and fund financial statements. These notes are listed in the table of contents under Notes to Financial Statements. Other Information In addition to the financial statements and accompanying notes, this report also presents the combining statements referred to earlier in connection with non-major governmental funds, internal service funds, and agency funds. The non-major governmental funds’ combining statements are presented immediately following the Required Supplementary Information while the combined statements for the internal service funds and agency funds are presented following the budgetary comparison schedules for the debt service funds. 9 Government-Wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the City, assets exceeded liabilities by $741,056,000 at the close of the 2019/20, which is $5,181,000 less than the previous year. Net investments in capital assets decreased by $13,107,000 while restricted and unrestricted net positions increased by $1,186,000 and $6,740,000 respectively. The largest portion of the City’s Net Position ($549,490,000 or 74% for 2019/20 and $562,598,000 or 75% for 2018/19) reflects investment in capital assets (e.g., land, buildings; machinery, and equipment), net of related debt. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. City of La Quinta Net Position An additional portion of the City's net position ($46,001,000 or 7% in 2020 and $44,815,000 or 6% in 2019) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted Net Position $145,564,000 (19%) may be used to meet the government's ongoing obligations to citizens and creditors. At the end of 2019/20, the City had positive balances in all three categories of Net Position for the governmental and business-type activities. Current and other assets 217,716,936 219,549,201 0.008 795,460 242,326 (0.695) 218,512,396 219,791,527 0.006 Capital assets 519,979,940 509,777,422 (0.020) 43,375,536 39,712,955 (0.084) 563,355,476 549,490,377 (0.025) Total Assets 737,696,876 729,326,623 (0.011) 44,170,996 39,955,281 (0.095) 781,867,872 769,281,904 (0.016) Deferred outflows of resources 3,545,374 3,426,624 (0.033) - - - 3,545,374 3,426,624 (0.033) - - - Current liabilities 23,450,113 18,385,081 (0.216) 555,335 375,426 (0.324) 24,005,448 18,760,507 (0.218) Non-current liabilities 14,103,617 15,108,481 0.071 - - - 14,103,617 15,108,481 0.071 Total Liabilities 37,553,730 33,493,562 (0.108) 555,335 375,426 (0.324) 38,109,065 33,868,988 (0.111) Deferred inflows of resources 1,067,011 1,062,516 (0.004) - - - 1,067,011 1,062,516 (0.004) Net Position: Net investment in capital assets 519,221,969 509,777,422 (0.018) 43,375,536 39,712,955 (0.084) 562,597,505 549,490,377 (0.023) Restricted 44,815,499 46,001,248 0.026 - - - 44,815,499 46,001,248 0.026 Unrestricted 138,584,041 142,418,499 0.028 240,125 3,145,820 12.101 138,824,166 145,564,319 0.049 Total Net Position 702,621,509 698,197,169 (0.006) 43,615,661 42,858,775 (0.017) 746,237,170 741,055,944 -0.007 Total by Fiscal Year % Change2019 2020 Governmental Activities Business-Type Activities% Change % Change2019 2020 2019 2020 10 Governmental Activities Governmental activities Net Position decreased by $4,424,000 accounting for a negative 1% percent change in the Net Position from the previous year. Key elements of these changes are as follows: City of La Quinta Changes in Net Position Governmental revenues overall increased by $3,214,000 with the largest increase ($4,151,000) being capital gains and contributions followed by an increase of $2,194,000 in operating grants and contributions; both attributed to various construction projects. An increase of $1,010,000 in miscellaneous revenues is largely attributed to interest earned from the outstanding former Redevelopment Agency loan. These increases were offset by decreases totaling $5,088,000 for other taxes and investment income revenues combined. The greatest other taxes revenue reductions were derived from sales taxes ($1,769,000) and transient occupancy taxes ($3,079,000), which were both impacted by COVID-19 restrictions during the final four months of 2019/20. PROGRAM REVENUES: Charges for Services 3,128,405$ 3,584,923$ 456,518$ 3,773,396$ 2,746,748$ (1,026,648)$ 6,901,801$ 6,331,671$ (570,130)$ Operating Grants and Contributions 5,623,509 7,817,482 2,193,973 - - - 5,623,509 7,817,482 2,193,973 Capital Gains and Contributions 5,462,395 9,613,752 4,151,357 - - - 5,462,395 9,613,752 4,151,357 - GENERAL REVENUES & TRANSFERS - Property Taxes 16,423,843 16,710,544 286,701 - - - 16,423,843 16,710,544 286,701 Other Taxes 35,300,950 30,253,291 (5,047,659) - - - 35,300,950 30,253,291 (5,047,659) Investment Income 5,150,613 5,110,358 (40,255) 14,958 9,356 (5,602) 5,165,571 5,119,714 (45,857) Motor Vehicle In Lieu 4,086,536 4,290,417 203,881 - - - 4,086,536 4,290,417 203,881 Miscellaneous 394,347 1,404,143 1,009,796 - - - 394,347 1,404,143 1,009,796 TOTAL REVENUES 75,570,598 78,784,910 3,214,312 3,788,354 2,756,104 (1,032,250) 79,358,952 81,541,014 2,182,062 EXPENSES: General Government 9,085,863 9,877,251 791,388 - - - 9,085,863 9,877,251 791,388 Public Safety 23,164,976 24,009,725 844,749 - - - 23,164,976 24,009,725 844,749 Planning & Development 5,913,321 5,845,836 (67,485) - - - 5,913,321 5,845,836 (67,485) Community Services 6,202,084 11,362,950 5,160,866 - - - 6,202,084 11,362,950 5,160,866 Public Works 4,430,519 32,248,031 27,817,512 - - - 4,430,519 32,248,031 27,817,512 Interest on Long-Term Debt 210,941 98,049 (112,892) - - - 210,941 98,049 (112,892) Golf Course - - - 4,558,922 4,148,190 (410,732) 4,558,922 4,148,190 (410,732) TOTAL EXPENSES 49,007,704 83,441,842 34,434,138 4,558,922 4,148,190 (410,732) 53,566,626 87,590,032 34,023,406 Excess or Deficiency before Transfers & Extraordinary Items 26,562,894 (4,656,932) (31,219,826) (770,568) (1,392,086) (621,518) 25,792,326 (6,049,018) (31,841,344) TRANSFERS & EXTRAORDINARY ITEMS: Extraordinary Gain on Dissolution of RDA 993,148 867,792 (125,356) - - - 993,148 867,792 (125,356) Special Item - Interfund Loans (5,553,561) - 5,553,561 5,553,561 - (5,553,561) - - - Transfers (450,000) (635,200) (185,200) 450,000 635,200 185,200 - - - Increase in Net Position 21,552,481 (4,424,340) (25,976,821) 5,232,993 (756,886) (5,989,879) 26,785,474 (5,181,226) (31,966,700) Net Position - Beginning 681,069,027 702,621,509 21,552,482 38,382,668 43,615,661 5,232,993 719,451,695 746,237,170 26,785,475 NET POSITION - ENDING 702,621,508$ 698,197,169$ (4,424,339)$ 43,615,661$ 42,858,775$ (756,886)$ 746,237,169$ 741,055,944$ (5,181,225)$ Total by Fiscal YearBusiness-Type ActivitiesGovernmental Activities 2019 2020 2019 2020 2019 2020ChangeChange Change 11 • Expenses for Governmental Activities increased by $34,434,000 (a 70% increase when compared to 2018/19). The $27,818,000 increase in public works reflects multiple projects in construction phase during 2019/20. As noted earlier Governmental Activities include 29 individual governmental funds and include capital asset activity allocated on a percentage basis by department. Additional information on capital asset activity distribution can be found on Note 4. • The General Fund contributed $635,000 to the business-type activities of the golf course. Funds were utilized to support operations per the adjusted budget. Business-Type Activities This was the fifteenth full year of operations for the SilverRock Golf Resort since the golf course opened in 2005. Charges for services primarily consisted of green f ees which totaled $2,747,000, which were $1,027,000 lower than the previous year, with golf course expenses of $4,148,000, which were $411,000 or approximately 9% less than the previous year. Reduced revenues were a direct result of unanticipated COVID-19 golf cour se closures followed by limited play during the final four months of the fiscal year. Expenses were reduced where possible to offset reduced revenues, however, fixed costs remained for equipment leases, maintaining the golf course, and management contract services. In addition, expenses were incurred to prepare for a safe reopening of the golf course under evolving pandemic guidelines. In 2019/20, the General Fund transferred $635,000 to the SilverRock Golf Fund to support operations. After this transfer, the net position decreased by $757,000. FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances. Such inf ormation is useful in assessing the City's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. 12 As of the end of 2019/20, the City's governmental funds reported combined ending fund as follows: City of La Quinta Governmental Fund Balances Governmental fund balances ended the year totaling $164,163,000, an increase of $3,641,000 in comparison with the prior years’ ending balance of $160,522,000. These collective fund balances include the General Fund, Housing Authority, Financing Authority, Capital Improvement Fund, and various Special Revenue and Capital Improvement funds. Nonspendable Nonspendable reserves are $31,490,000 or 19%; these reserves are not available to fund operating expenditures because they are in the form of land and receivables. Restricted $56,251,000 (34%) are restricted fund balances, which are the result of external limitations on spending. The Restricted funds such as Measure A, which can only be used for transportation; Gas Tax Fund, restricted for street related purposes; Section 115 trust restricted for Pension Liabilities; or Housing Funds, restricted for housing activities to preserve and produce affordable housing. Committed $30,119,000 (18%) are committed fund balances which are the result of self-imposed limitations established by the City Council. The City adopted a Reserve Policy in May 2018 which established General Fund committed reserve categories including: Natural Disaster Reserve, Economic Disaster Reserve, Cash Flow Reserve, and Capital Replacement Reserve. Assigned Assigned funds are constrained by the City’s intent to use them for specific purposes and represent a total of $32,383,000 (20%) of the total fund balance. $13,155,000 represents funds for approved Capital Projects carryovers for multi-year projects. Available Measure G sales tax revenue ended the year at $8,736,000 and $10,492,000 represents funds held in trust with the County of Riverside for fire services. Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable 31,487,459$ 26%2,875$ 0.007%31,490,334$ 19% Restricted 10,249,738 8%46,001,248 113%56,250,986 34% Committed 30,118,800 24%- 0%30,118,800 18% Assigned 32,383,017 26%- 0%32,383,017 20% Unassigned 19,094,651 15%(5,175,243) -13%13,919,408 8% TOTAL 123,333,665$ 100%40,828,880$ 100%164,162,545$ 100% 13 Unassigned The remaining fund balance or $13,919,000 represents unassigned fund balances or the residual net resources after taking into consideration the other classifications. The Capital Improvement Fund accounted for $3,665,000 of the negative $5,175,000 balance of all other funds and is reflective of larger expenses related to projects under construction and an increase of reimbursements due from grants and interagency contributions. The remaining negative balance was largely attributed to the Library Development Impact Fee Fund. This amount represents an advance due to the Redevelopment (RDA) Successor Agency and is included in the Successor Agency of the former RDA as a receivable. General Fund The General Fund is the City’s chief operating fund. At the end of 2019/20, the unassigned fund balance was $19,095,000 while total fund balance was $123,334,000. The General Fund balance increased by $5,696,000 in 2019/20. Key factors were: • A year-over-year decrease of $2,196,000 in non-spendable is attributed the reclassification of City owned property held for resale - $327,000, and the 2019/20 Redevelopment Agency loan repayment of $2,540,000 and interest earnings of $694,000 resulted in a decrease of $1,846,000 in Due from Other Governments. The outstanding loan balance of $33,049,000 is recognized as 80% in the General Fund and 20% in the Housing Authority Fund. • Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City’s pension obligations. The trust was initially established in 2018/19 with $6,540,000 and in 2019/20 an additional $3,460,000 was deposited. Coupled with investment gains, resulted in an increase in total value to $3,710,000. • Committed reserves decreased by $1,627,000. The increase of $1,034,000 in operational carryovers and $1,540,000 in Capital Replacement Reserves is reduced by a decrease of $4,200,000 from the Economic Disaster Reserve to cover unanticipated COVID-19 revenue shortfalls ($2,700,000) and established Small Business Economic Relief Programs ($1,500,000). • An increase of $2,943,000 in assigned reserves was due to multi- year Capital Projects ($1,302,000) and Measure G sales tax revenue ($1,014,000) and fire services trust ($627,000). 14 • Assigned to public safety represents property tax accumulated and held in trust by the County of Riverside for fire protection, disaster preparedness and response, fire prevention, rescue, hazardous materials mitigation, technical rescue response, medical emergency services, and public service assistance (the County and City negotiated an agreement wherein the County fire service property tax revenue generated in the two former City redevelopment project areas is pledged to the City to fund the aforementioned services). This portion of assigned fund balance as of June 30, 2020 is $10,492,000. • Most General Fund revenues experienced positive variances when compared to the final budget. Two categories representing the largest variances included taxes and use of money and property. Taxes represent 74% of all General Fund revenues and include the three largest funding sources for the City – sales taxes $19,136,000, property taxes $9,653,000, and transient occupancy taxes (TOT) $7,603,000. Combined, these top three revenues account for $36,393,000 or 84% of all taxes. • The Intergovernmental revenue variance is a result of not drawing down $1,047,000 from Fire Service Reserves and $509,000 is for a pending County Service Area 152 Assessment reimbursement which was billed but not received in 2019/20. This reimbursement will be recognized in 2020/21. • Miscellaneous and Transfers In revenue includes $694,000 to record the annual former Redevelopment Agency loan repayment interest earned in 2019/20. The loan repayments are structured to pay all principal first, then interest. Each year the City records the payment received and interest earned in accordance with the State Department of Finance approved loan repayment schedule. Loan repayments are not budgeted; these funds are recognized in unassigned reserves and reduce non-spendable reserves each year. 80% of the extraordinary gain is recognized in the General Fund and 20% in the Housing Authority Fund. • Actual expenses were $16,465,000 lower than the final budget of which $14,934,000 was carried over into 2020/21 for continuing appropriations related to operations and Capital Improvement Projects (CIP). Funds not being carried over are recognized as Unassigned Reserve Fund balance in the General Fund. CIP revenue commitments are reflected in assigned reserves and operational carryovers are noted in committed reserves. • General Fund savings were derived from the judicious management of contract and professional services, postponing non-critical repairs and upgrades, and salary and benefits savings from vacant and temporarily furloughed positions. 15 Housing Authority Fund The Housing Authority Fund is used to account for the activities of the Housing Authority; the Housing Authority invests in programs and projects that preserve and increase the supply of affordable housing in the City. The fund balance increased by $777,000 to end the year at $22,819,000. Capital Improvement Fund The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The fund had forty-four (44) active Capital Improvement Projects budgeted during 2019/20. The five most active projects were: • La Quinta Village Complete Streets ($7,436,000) • SilverRock Event Site ($3,738,000) • Citywide Drainage Enhancements ($2,360,000) • Traffic Signal Interconnect Project ($1,792,000) • Dune Palms Road Street Improvements ($1,164,000) These projects, along with others, leveraged State or Federal grant funds or were significantly supported with Measure G sales tax revenues. PROPRIETARY FUNDS The City of La Quinta's proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The financial activities of the City enterprise fund are addressed in the discussion of the City’s business-type activities. In addition, the City has four (4) internal service funds to accumulate resources for equipment and vehicle replacement, information technology, insurance, and park equipment and facility replacement. GENERAL FUND BUDGETARY HIGHLIGHTS Revenue appropriations and transfers in decreased by $4,918,000 between the original ($57,847,000) and final amended budget ($52,939,000). The main components of the decrease were due to sales tax revenue and transient occupancy taxes which decreased by $1,900,000 and $3,515,000 respectively. 16 Expenditure appropriations and transfers out increased by $16,332,000 between the original ($55,789,000) and final amended budget ($72,121,000). Following are the primary changes: • $12,598,000 in operational and capital improvement project carryover appropriations from prior fiscal years to 2019/20 as approved by City Council. • $3,640,000 was added as an additional contribution to the Pension Trust from unassigned fund balance. • $1,500,000 allocated to the Economic Development Fund from Economic Disaster reserves for Small Business Economic Relief Programs. • As a result of COVID-19, to minimize the use of reserves due to projected revenue shortfalls, expenses were also reduced by $2,459,000. CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets The City’s capital assets for its governmental and business-type activities as of June 30, 2020, were $552,769,000 (net of accumulated depreciation). This includes land, right of way, buildings and improvements, machinery and equipment, streets and bridges, and construction in progress. The investment in capital assets decreased by $10,586,000 in 2019/20 primarily due to a reduction in construction in progress for completed projects. The following chart lists the asset categories for governmental and business-like activities net of depreciation: City of La Quinta Capital Assets (net of depreciati on) Major capital asset events under Governmental Activities included the following: • Recording infrastructure improvements, street improvements, street right of way, street sidewalks and curbs and gutters, traffic signals, street medians, and construction in progress. 2019 2020 2019 2020 2019 2020 Land 66,571,934 66,810,841 39,712,955 39,712,955 106,284,889 106,523,796 Buildings & Improvements 39,212,401 37,098,256 3,342,277 3,127,733 42,554,678 40,225,989 Equipment & Furniture 1,178,546 1,590,589 320,304 151,187 1,498,850 1,741,776 Vehicles 828,376 715,710 - - 828,376 715,710 Software - - - - - - Infrastructure 382,503,766 378,965,718 - - 382,503,766 378,965,718 Construction in Progress 29,684,917 24,596,308 - - 29,684,917 24,596,308 TOTAL 519,979,940 509,777,422 43,375,536 42,991,875 563,355,476 552,769,297 Governmental Activities Business-Type ActivitiesDescription Total By Fiscal Year 17 Business-Type Activities The Golf Course capital asset balance at June 30, 2020, was $42,992,000, net of accumulated depreciation. The balance decreased of $384,000 reflects accumulated depreciation expensed in 2019/20. Additional information on the City of La Quinta’s capital assets can be found in Note 4 to the financial statements. Long-Term Debt At the end of 2019/20, the City governmental funds had total outstanding debt of $15,108,000, which is $1,005,000 greater than the previous year. Of the total amount, $762,000 represents capital leases and $888,000 employee compensated absences. After 2018/19, the Net Pension Liability is reported as an outstanding debt. The increase of $1,055,000 in the Net Pension Liability is described in Note 8 and the obligation is not reduced by the Pension Trust balance of $10,250,000 until funds are remitted to CalPERS. City of La Quinta Outstanding Debt Additional information on long-term debt can be found in Note 5 of the financial statements. REQUEST FOR INFORMATION This financial report is designed to provide a general overview of the City’s finances. Questions concerning this information or requests for additional information should be addressed to the City of La Quinta, Karla Romero, Finance Director/City Treasurer, 78-495 Calle Tampico, La Quinta, CA, 92253, by telephone at 760-777-7073, or by email at finance@laquintaca.gov. Debt Type: 2019 2020 Capital Leases 757,971$ 761,791$ Compensated Absences 941,955 888,491 Net Pension Liability 12,403,691 13,458,200 TOTAL 14,103,617$ 15,108,482$ Governmental Activities See Notes to Financial Statements 18 City of La Quinta, California Statement of Net Position June 30, 2020 Governmental Business-Type Activities Activities Total Assets Cash and investments 134,297,264$ 2,220$ 134,299,484$ Restricted cash and investments 10,249,738 - 10,249,738 Receivables Accounts 458,191 - 458,191 Taxes 4,518,126 - 4,518,126 Notes and loans 22,782,114 - 22,782,114 Accrued interest 4,570,499 831 4,571,330 Prepaid costs 476,592 - 476,592 Deposits - 250,000 250,000 Due from other governments 36,629,432 - 36,629,432 Internal balances 116,541 (116,541) - Inventories - 105,816 105,816 Land held for resale 5,403,652 - 5,403,652 Net OPEB asset 47,052 - 47,052 Capital assets not being depreciated 377,264,502 3,278,920 380,543,422 Capital assets, net of depreciation 132,512,920 36,434,035 168,946,955 Total assets 729,326,623 39,955,281 769,281,904 Deferred Outflows of Resources Deferred amounts related to OPEB 177,251 - 177,251 Deferred amounts related to pensions 3,249,373 - 3,249,373 Total deferred outflows of resources 3,426,624 - 3,426,624 Liabilities Accounts payable 7,377,796 338,316 7,716,112 Accrued liabilities 418,678 - 418,678 Unearned revenue 1,274,384 1,610 1,275,994 Deposits payable 7,730,304 35,500 7,765,804 Due to other governments 1,583,919 - 1,583,919 Noncurrent liabilities Due within one year 516,041 - 516,041 Due in more than one year 14,592,440 - 14,592,440 Total liabilities 33,493,562 375,426 33,868,988 Deferred Inflows of Resources Deferred amounts related to OPEB 47,430 - 47,430 Deferred amounts related to pensions 1,015,086 - 1,015,086 Total deferred inflows of resources 1,062,516 - 1,062,516 Net Position Net investment in capital assets 509,777,422 39,712,955 549,490,377 Restricted for Planning and development projects 23,680,641 - 23,680,641 Public safety 1,607,101 - 1,607,101 Public works 3,208,072 - 3,208,072 Capital projects 3,128,962 - 3,128,962 Community services 14,376,472 - 14,376,472 Unrestricted 142,418,499 3,145,820 145,564,319 Total net position 698,197,169$ 42,858,775$ 741,055,944$ Primary Government See Notes to Financial Statements 19 City of La Quinta, California Statement of Activities Year Ended June 30, 2020 Operating Capital Charges for Contributions Contributions Functions/Programs Expenses Services and Grants and Grants Primary Government: General government 9,877,251$ 615,348$ 20,519$ 3,341,932$ Public safety 24,009,725 367,277 - 155,948 Planning and development 5,845,836 799,040 114,102 1,632,293 Community services 11,362,950 366,896 5,785,752 - Public works 32,248,031 1,436,362 1,897,109 4,483,579 Interest on long-term debt 98,049 - - - Total governmental activities 83,441,842 3,584,923 7,817,482 9,613,752 Business-Type Activities: Golf Course 4,148,190 2,746,748 - - Total primary government 87,590,032$ 6,331,671$ 7,817,482$ 9,613,752$ General Revenues Taxes Property taxes, levied for general purpose Transient occupancy taxes Sales taxes Franchise taxes Business licenses taxes Other taxes Motor vehicle in lieu - unrestricted Investment income Other Extraordinary item Transfers Total General Revenues, Special Items, Extraordinary Items and Transfers Change in Net Position Net Position at Beginning of Year Net Position at End of Year Program Revenues See Notes to Financial Statements 20 City of La Quinta, California Statement of Activities Year Ended June 30, 2020 Governmental Business-Type Activities Activities Total (5,899,452)$ -$ (5,899,452)$ (23,486,500) - (23,486,500) (3,300,400) - (3,300,400) (5,210,302) - (5,210,302) (24,430,981) - (24,430,981) (98,049) - (98,049) (62,425,685) - (62,425,685) - (1,401,442) (1,401,442) (62,425,685) (1,401,442) (63,827,127) 16,710,544 - 16,710,544 8,079,394 - 8,079,394 19,136,015 - 19,136,015 1,996,593 - 1,996,593 378,744 - 378,744 662,545 - 662,545 4,290,417 - 4,290,417 5,110,358 9,356 5,119,714 1,404,143 - 1,404,143 867,792 - 867,792 (635,200) 635,200 - 58,001,345 644,556 58,645,901 (4,424,340) (756,886) (5,181,226) 702,621,509 43,615,661 746,237,170 698,197,169$ 42,858,775$ 741,055,944$ Primary Government Net (Expense) Revenue and Changes in Net Position See Notes to Financial Statements 21 City of La Quinta, California Balance Sheet – Governmental Funds June 30, 2020 Special Capital Projects Revenue Fund Fund Other Total Housing Capital Governmental Governmental General Authority Improvement Funds Funds Assets Pooled cash and investments 88,983,142$ 14,431,521$ 337,720$ 22,282,936$ 126,035,319$ Restricted cash and investments 10,249,738 - - - 10,249,738 Receivables Accounts 446,982 11,209 - - 458,191 Taxes 4,070,353 - - 447,773 4,518,126 Notes and loans - 22,782,114 - - 22,782,114 Accrued interest 124,565 4,397,460 - 35,363 4,557,388 Prepaid costs 14,065 - 552 2,875 17,492 Deposits - - - - - Due from other governments 26,364,601 6,517,436 2,846,760 900,635 36,629,432 Due from other funds 122,828 - - - 122,828 Land held for resale 5,403,652 - - - 5,403,652 Total assets 135,779,926$ 48,139,740$ 3,185,032$ 23,669,582$ 210,774,280$ Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities Accounts payable 3,761,849$ 184,552$ 2,767,774$ 446,990$ 7,161,165$ Accrued liabilities 381,498 12,934 - 22,874 417,306 Unearned revenues 39,101 - 1,235,283 - 1,274,384 Deposits payable 7,706,108 24,196 - - 7,730,304 Due to other governments 78,732 - - 1,505,187 1,583,919 Due to other funds - - - 6,287 6,287 Total liabilities 11,967,288 221,682 4,003,057 1,981,338 18,173,365 Deferred Inflows of Resources Unavailable revenue 478,973 25,099,463 2,846,760 13,174 28,438,370 Fund Balances Nonspendable Prepaid costs 14,065 - - 2,875 16,940 Land held for resale 5,403,652 - - - 5,403,652 Due from other governments 26,069,742 - - - 26,069,742 Restricted for Planning and development projects - 22,818,595 - 862,046 23,680,641 Public safety - - - 1,607,101 1,607,101 Community services - - - 14,376,472 14,376,472 Public works - - - 3,208,072 3,208,072 Capital projects - - - 3,128,962 3,128,962 Section 115 trust 10,249,738 - - - 10,249,738 Committed to Natural Disaster Reserve 10,000,000 - - - 10,000,000 Economic Downturn Reserve 6,800,000 - - - 6,800,000 Cash Flow Reserve 5,000,000 - - - 5,000,000 Capital Replacement Reserve 6,540,000 - - - 6,540,000 Carryovers 1,778,800 - - - 1,778,800 Assigned for Public safety 10,491,654 - - - 10,491,654 Sales Tax Reserve 8,736,219 - - - 8,736,219 Capital projects 13,155,144 - - - 13,155,144 Unassigned 19,094,651 - (3,664,785) (1,510,458) 13,919,408 Total fund balance 123,333,665 22,818,595 (3,664,785) 21,675,070 164,162,545 Total liabilities, deferred inflows of resources and fund balances 135,779,926$ 48,139,740$ 3,185,032$ 23,669,582$ 210,774,280$ See Notes to Financial Statements 22 City of La Quinta, California Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position June 30, 2020 Amounts reported for governmental activities in the statement of net position are different because: Fund balances of governmental funds 164,162,545$ Capital assets net of accumulated depreciation have not been not been included as current financial resources in governmental fund activity 495,386,956 Net OPEB asset is not considered a current financial resource 47,052 Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds Capital lease payable (65,939)$ Compensated absences (888,491) Net pension liability (13,458,200) (14,412,630) Deferred outflows related to pensions 3,249,373 Deferred outflows related to OPEB 177,251 Deferred inflows related to pensions (1,015,086) Deferred inflows related to OPEB (47,430) Revenues reported as unavailable revenue in the governmental funds are recognized in the statement of activities.28,438,370 Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The assets and liabilities of the internal service funds are included in governmental activities of the statement of net position 22,210,768 Net Position of Governmental Activities 698,197,169$ See Notes to Financial Statements 23 City of La Quinta, California Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds Year Ended June 30, 2020 Special Capital Projects Revenue Fund Fund Other Total Housing Capital Governmental Governmental General Authority Improvements Funds Funds Revenues Taxes 43,286,632$ -$ -$ 1,594,406$ 44,881,038$ Assessments - - - 957,017 957,017 Licenses and permits 1,913,519 - - - 1,913,519 Intergovernmental 7,079,739 - 5,292,544 4,735,312 17,107,595 Charges for services 1,179,592 - - - 1,179,592 Use of money and property 3,305,351 1,064,288 - 849,449 5,219,088 Fines and forfeitures 370,391 - - - 370,391 Contributions from other agencies - - 294,802 - 294,802 Developer participation - - 176,199 1,687,388 1,863,587 Miscellaneous 544,703 505,482 273,583 47,327 1,371,095 Total revenues 57,679,927 1,569,770 6,037,128 9,870,899 75,157,724 Expenditures Current General government 7,731,395 - - 1,100 7,732,495 Public safety 23,911,695 - - 98,030 24,009,725 Planning and development 3,235,430 615,052 819,011 766,788 5,436,281 Community services 3,908,895 350,778 - 1,900,034 6,159,707 Public works 1,765,112 - - 3,656,494 5,421,606 Capital outlay 1,196,946 - 21,850,721 102,844 23,150,511 Debt service Interest and fiscal charges - - - 28,868 28,868 Total expenditures 41,749,473 965,830 22,669,732 6,554,158 71,939,193 Excess (Deficiency) of Revenues over (under) Expenditures 15,930,454 603,940 (16,632,604) 3,316,741 3,218,531 Other Financing Sources (Uses) Transfers in - - 13,347,741 3,119,668 16,467,409 Transfers out (10,928,870) - - (5,984,101) (16,912,971) Total other financing sources (uses)(10,928,870) - 13,347,741 (2,864,433) (445,562) Extraordinary Item Successor Agency loan 694,234 173,558 - - 867,792 Net Changes in Fund Balances 5,695,818 777,498 (3,284,863) 452,308 3,640,761 Fund Balances, Beginning of Year 117,637,847 22,041,097 (379,922) 21,222,762 160,521,784 Fund Balances, End of Year 123,333,665$ 22,818,595$ (3,664,785)$ 21,675,070$ 164,162,545$ See Notes to Financial Statements 24 City of La Quinta, California Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended June 30, 2020 Amounts reported for governmental activities in the statement of activities are different because: Net changes in fund balances - total governmental funds 3,640,761$ Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets are allocated over their estimated useful lives as depreciation expense. Adjustments for capital outlay, net of asset deletions and the net depreciation expense is reported in the governmental activities.(10,014,053) This issuance of long-term debt liabilities provides current financial resources in the governmental funds, but issuing debt increases the long-term liabilities in the statement of net position. Repayment of bond principal is an expenditure in the governmental fund, but the repayment reduces long-term liabilities in the statement of net position. Capital lease activity 22,820 Compensated absences expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.53,464 Governmental funds report OPEB contributions as expenditures. However, in the Statement of Activities, OPEB expense is measured as the change in OPEB liability and the amortization of deferred outflows and inflows of resources related to OPEB. This amount represents the net change in OPEB related amounts.1,222 Governmental funds report pension contributions as expenditures. However, in the Statement of Activities, pension expense is measured as the change in pension liability and the amortization of deferred outflows and inflows of resources related to pension. This amount represents the net change in pension related amounts.(1,128,950) Revenues reported as unavailable revenue in the governmental funds are recognized as operating contributions and grants in the statement of activities.2,984,879 Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The net revenues (expenses) of the internal service funds is reported with governmental activities.15,517 Change in net position of governmental activities (4,424,340)$ See Notes to Financial Statements 25 City of La Quinta, California Statement of Net Position – Proprietary Funds June 30, 2020 Business-Type Governmental Activities Activities Enterprise Funds Internal Service Golf Course Funds Assets Current Pooled cash and investments 2,220$ 8,261,945$ Receivables Accrued interest 831 13,111 Prepaid costs - 459,100 Deposits 250,000 - Inventories 105,816 - Total current assets 358,867 8,734,156 Noncurrent Capital assets not being depreciated 39,712,955 8,311,605 Capital assets, net of depreciation 3,278,920 6,078,861 Total noncurrent assets 42,991,875 14,390,466 Total assets 43,350,742 23,124,622 Liabilities Current Accounts payable 338,316 216,631 Accrued liabilities - 1,372 Deposits payable 35,500 - Due to other funds 116,541 - Unearned revenues 1,610 - Current portion of capital leases - 235,127 Total current liabilities 491,967 453,130 Noncurrent Liabilities Long-term portion of capital leases - 460,724 Total liabilities 491,967 913,854 Net Position Net investment in capital assets 39,712,955 13,694,615 Unrestricted 3,145,820 8,516,153 Total net position 42,858,775$ 22,210,768$ See Notes to Financial Statements 26 City of La Quinta, California Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds Year Ended June 30, 2020 Business-Type Governmental Activities Activities - Enterprise Funds Internal Golf Course Service Funds Operating Revenues Sales and service charges 2,746,748$ 3,525,005$ Operating Expenses Administration and general 59,518 405,357 Fuel and oil - 73,751 Maintenance and parts - 238,115 Contract services 3,618,424 755,489 Software and supplies - 1,329,126 Depreciation expense 383,662 1,091,138 Other 86,586 - Total operating expenses 4,148,190 3,892,976 Operating Loss (1,401,442) (367,971) Nonoperating Revenues (Expenses) Interest revenue 9,356 312,611 Miscellaneous revenues - 329,696 Interest expense - (69,181) Total nonoperating revenues (expenses)9,356 573,126 Income (Loss) Before Transfers (1,392,086) 205,155 Transfers in 635,200 100,000 Transfers out - (289,638) Total transfers 635,200 (189,638) Changes in Net Position (756,886) 15,517 Net Position, Beginning of the Year 43,615,661 22,195,251 Net Position at End of Year 42,858,775$ 22,210,768$ See Notes to Financial Statements 27 City of La Quinta, California Statement of Cash Flows – Proprietary Funds Year Ended June 30, 2020 Business-Type Governmental Activities-Activities- Enterprise Funds Internal Golf Course Service Funds Operating Activities Cash received from customers and users 2,817,726$ -$ Cash received from interfund services provided - 3,525,005 Cash payments to suppliers for goods and services (3,814,639) (2,671,562) Cash payments to employees for services (19,994) (1,286) Net Cash from (used for) Operating Activities (1,016,907) 852,157 Non-Capital Financing Activities Cash transfers out - (289,638) Cash transfers in 635,200 100,000 Net Cash from (used for) Non-Capital Financing Activities 635,200 (189,638) Capital and Related Financing Activities Capital contributions - 327,339 Acquisition and construction of capital assets - (876,035) Interest paid on capital debt - (69,181) Net Cash used for Capital and Related Financing Activities - (617,877) Investing activities Interest received on investments 9,731 323,824 Net Increase (Decrease) in Cash and Cash Equivalents (371,976) 368,466 Cash and Cash Equivalents at Beginning of Year 374,196 7,893,479 Cash and Cash Equivalents at End of Year 2,220$ 8,261,945$ See Notes to Financial Statements 28 City of La Quinta, California Statement of Cash Flows – Proprietary Funds Year Ended June 30, 2020 Business-Type Governmental Activities-Activities- Enterprise Funds Internal Golf Course Service Funds Reconciliation of Operating (Loss) to Net Cash used for Operating Activities: Operating (loss)(1,401,442)$ (367,971)$ Adjustments to reconcile operating income (loss) to net cash from (used for) operating activities: Depreciation 383,662 1,091,138 Changes in Accounts receivable 69,368 - Inventories (5,127) - Prepaid costs - 381,602 Accounts payable (161,525) 133,440 Accrued liabilities (18,384) (613) Due to other funds 116,541 (385,439) Net Cash from (used for) Operating Activities (1,016,907)$ 852,157$ Non-Cash Transactions Capital assets acquired by capital lease -$ 116,966$ See Notes to Financial Statements 29 City of La Quinta, California Statement of Fiduciary Net Position June 30, 2020 Pension Trust Private-Purpose Fund Trust Fund Successor Supplemental Agency of the Pension Plan former RDA Assets Pooled cash and investments 102,703$ 36,960,884$ Receivables Notes and loans - 1,011,005 Accrued interest 163 93,392 Prepaid asset - 475,174 Due from other governments - 1,505,187 Restricted assets Cash and investments with fiscal agent - 5,362 Total assets 102,866$ 40,051,004$ Deferred Outflows of Resources Deferred charge on refunding - 9,715,975 Total deferred outflows of resources - 9,715,975 Liabilities Accrued interest - 2,828,049 Long-term liabilities Due in one year - 12,298,833 Due in more than one year - 207,015,579 Total liabilities - 222,142,461 Net Position (Deficit) Restricted for pensions 102,866$ Held in trust (172,375,482)$ See Notes to Financial Statements 30 City of La Quinta, California Statement of Changes in Fiduciary Net Position Year Ended June 30, 2020 Pension Trust Private-Purpose Fund Trust Fund Successor Supplemental Agency of the Pension Plan Former RDA Additions Taxes -$ 20,732,863$ Net investment income 8,778 812,355 Total additions 8,778 21,545,218 Deductions Administrative expenses 12,833 44,464 Contractual services - 670,781 Interest and fiscal charges - 8,417,062 Total deductions 12,833 9,132,307 Extraordinary Item Successor Agency loan principal - (867,792) Changes in Net Position (4,055) 11,545,119 Net Position/(Deficit) - Beginning of the Year 106,921 (183,920,601) Net Position/(Deficit) - End of the Year 102,866$ (172,375,482)$ This page intentionally left blank. 31 City of La Quinta, California Notes to Financial Statements June 30, 2020 Note 1 - Summary of Significant Accounting Policies Reporting Entity The City of La Quinta (City) was incorporated May 1, 1982, under the general laws of the State of California. In November 1996, the City became a charter City. The City operates under the Council – Manager form of government. The City provides many community services including public safety, highway and street maintenance, health and social services, cultural and leisure services, public improvements, planning and zoning services, and community development services. The accounting policies of the City conform to generally accepted accounting principles as applicable to governments. As required by generally accepted accounting principles, these financial statements present the City and its component units, which are entities for which the City is considered to be financially accountable. The City is considered to be financially accountable for an organization if the City appoints a voting majority of that organization’s governing body and the City is able to impose its will on that organization or there is a potential for that organization to provide specific financial benefits to or impose specific financial burdens on the City. The City is also considered to be financially accountable if an organization is fiscally dependent (i.e., it is unable to adopt its budget, levy taxes, set rates or charges, or issue bonded debt without approval from the City). In certain cases, other organizations are included as component units if the nature and significance of their relationship with the City are such that their exclusion would cause the City’s financial statements to be misleading or incomplete. All of the City’s component units are considered to be blended component units. Blended component units, although legally separate entities, are, in substance, part of the City’s operations and so data from these units are reported with the interfund data of the primary government. The following organizations are considered to be component units of the City: City of La Quinta Public Financing Authority The La Quinta Public Financing Authority (Financing Authority) was established pursuant to a Joint Exercise of Powers Agreement dated November 19, 1991, between the City and the Former Redevelopment Agency (now Successor Agency). The purpose of the Financing Authority is to provide financing necessary for the construction of various public improvements through the issuance of debt. Although the Financing Authority is legally separate, it is reported as if it were part of the City because the City Council also serves as the governing board of the Financing Authority and the management of the City has operational responsibility for the Financing Authority. The activities of the Financing Authority are recorded in the debt service fund. Separate financial statements of the Financing Authority are not prepared. 32 City of La Quinta, California Notes to Financial Statements June 30, 2020 City of La Quinta Housing Authority The La Quinta Housing Authority (Housing Authority) was established pursuant to California Housing Authorities Law (Health and Safety Code Sections 34200 et seq.) on September 15, 2009. The purpose of the Housing Authority is to provide safe and sanitary housing opportunities for La Quinta residents. Although the Housing Authority is legally separate, it is reported as if it were part of the City because the City Council also serves as the governing board of the Housing Authority and the management of the City has operational responsibility for the Housing Authority. The activities of the Housing Authority are recorded in the Housing Authority Special Revenue Fund. Separate financial statements of the Housing Authority are not prepared. Government-Wide and Fund Financial Statements The basic financial statements of the City are composed of the following: • Government-wide financial statements • Fund financial statements • Notes to the financial statements Government-wide Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. All fiduciary activities are reported only in the fund financial statements. Governmental activities, which normally are supported by taxes, intergovernmental revenues, and other nonexchange transactions, are reported separately from business-type activities, which rely to a significant extent on fees and charges to external customers for support. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include charges for services, special assessments, and payments made by parties outside of the reporting City’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program. Taxes and other items not properly included among program revenues are reported instead as general revenues. Amounts paid to acquire capital assets are capitalized as assets in the government-wide financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the government-wide financial statements, rather than as other financing sources. Amounts paid to reduce long- term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as expenditures. 33 City of La Quinta, California Notes to Financial Statements June 30, 2020 Fund Financial Statements The underlying accounting system of the City is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. Fund financial statements for the governmental, proprietary, and fiduciary funds are presented after the government-wide financial statements. These statements display information about major funds individually and nonmajor funds in the aggregate for governmental and proprietary funds. Fiduciary statements include financial information for fiduciary funds. Fiduciary funds of the city primarily represent assets held by the City in a custodial capacity for other individuals or organizations. Measurement Focus, Basis of Accounting and Financial Statement Presentation Government-Wide Financial Statements While separate government-wide and fund financial statements are presented, they are interrelated. The governmental activities column incorporates data from governmental funds and internal service funds, while business-type activities incorporate data from the government's enterprise funds. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. The government-wide financial statements are reported using the economic resources measurement focus basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred regardless of the related cash flows. Property taxes are recognized in the year they are levied. Grants and similar items are recognized as soon as all eligibility requirements imposed by the providers are met. Governmental Funds In the fund financial statements, governmental funds are presented using the modified-accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Measurable means that the amounts can be estimated, or otherwise determined. Available means that the amounts were collected during the reporting period or soon enough thereafter to be available to finance the expenditures accrued for the reporting period. The City uses a 60-day availability period. Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund financial statements. Exchange transactions are recognized as revenues in the period in which they are earned (i.e., the related goods or services are provided). Locally imposed delivered tax revenues are recognized as revenues in the period in which the underlying exchange transaction on which they are based takes place. Imposed nonexchange transactions are recognized as revenues in the period for which they were imposed. If the period of use is not specified, they are recognized as revenues when an enforceable legal claim to the revenues arises or when they are received, whichever occurs first. Government-mandated and voluntary non- exchange transactions are recognized as revenues when all applicable eligibility requirements have been met. 34 City of La Quinta, California Notes to Financial Statements June 30, 2020 Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government. In the fund financial statements, governmental funds are presented using the current financial resources measurement focus. This means that only current assets, deferred outflows of resources, current liabilities, and deferred inflows of resources are generally included on their balance sheets. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses). Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period. Noncurrent portions of long-term receivables due to governmental funds are reported on their balance sheets in spite of their spending measurement focus. Special reporting treatments are used to indicate, however, that they should not be considered “available spendable resources”, since they do not represent net current assets. Recognition of governmental fund type revenues represented by noncurrent receivables are deferred until they become current receivables. Noncurrent portions of other long-term receivables are offset by fund balance reserve accounts. Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, rather than as fund assets. The proceeds of long-term debt are recorded as other financing sources rather than as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund expenditures. Proprietary Funds The City’s enterprise and internal service funds are proprietary funds. In the fund financial statements, proprietary funds are presented using the accrual basis of accounting. Revenues are recognized when they are earned and expenses are recognized when the related goods or services are delivered. In the fund financial statements, proprietary funds are presented using the economic resources measurement focus. This means that all assets, all deferred outflows of resources, all liabilities, and all deferred inflows of resources (whether current or noncurrent) associated with their activity are included on their balance sheets. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position. Amounts paid to acquire capital assets are capitalized as assets in the proprietary fund financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the proprietary fund financial statements, rather than as an other financing source. Amounts paid to reduce long-term indebtedness of the proprietary funds are reported as a reduction of the related liability, rather than as expenditures. 35 City of La Quinta, California Notes to Financial Statements June 30, 2020 Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the Enterprise Funds are charges to customers for sales and services. Operating expenses for Enterprise Funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Fiduciary Funds The pension and private-purpose trust funds are reported using the economic resources measurement focus and the accrual basis of accounting. The agency fund has no measurement focus but utilizes the accrual basis of accounting for reporting its assets and liabilities. Major Funds, Internal Service Funds and Fiduciary Fund Types The City’s major governmental funds are as follows: General Fund – This fund is the primary fund of the City and is used to account for all revenue and expenditures of the City not legally restricted as to use. A broad range of municipal activities are provided through this fund including City Manager, City Attorney, Finance, City Clerk, Community Development, Police Services, Public Works, and Community Services. Housing Authority – This fund accounts for the combined housing activities of the Housing Authority in Project Areas 1 and 2 which promotes and provides for quality housing. Revenues will be provided from the receipts and collections of rents, notes and loans. All monies in the Housing Authority must be used in accordance with the applicable housing-related provisions of the California Housing Authorities Law. Capital Improvement Fund – This capital projects fund is used to account for the planning, design and construction of various capital projects throughout the City. The City’s major proprietary fund is as follows: Golf Course – This fund accounts for the activities of the SilverRock Golf Resort. Other fund types of the City are as follows: Special Revenue Funds – These funds account for the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes other than debt service or capital projects. Capital Projects Funds – These funds account for financial resources that are restricted, committed, or assigned to expenditures for capital outlay. Debt Service Fund – This fund accounts for the servicing of long-term debt. 36 City of La Quinta, California Notes to Financial Statements June 30, 2020 Internal Service Funds: Equipment Replacement Fund – This fund accounts for equipment and vehicle maintenance and replacement services provided to other departments on a cost-reimbursement basis. Information Technology Fund – This fund is used to account for the acquisition for computer equipment, maintenance, and services to support information systems within the City. Costs are reimbursed by the benefiting departments. Park Equipment and Facilities Fund – This fund is used to account for the purchase and replacement of City owned and operated park equipment and facilities. Costs are reimbursed by the benefiting departments. Insurance Fund – This fund accounts for City-wide insurances: liability, property, earthquake, workers compensation and risk management. Expenses are shared among departments on an allocation basis. Fiduciary Funds: Agency Fund – This fund accounts for assets held by the City as an agent for assessment district bondholders. This fund was closed in the current year. Pension Trust Fund – This fund accounts for the activities of the Supplemental Pension Savings Plan, which accumulates resources for pension benefit payments to qualified government employees. Private-Purpose Trust Fund – This fund accounts for the assets and liabilities of the Former Redevelopment Agency and its allocated revenue to pay estimated installment payments of enforceable obligations until obligations of the Former Agency are paid in full and assets have been liquidated. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or Equity Cash and Investments For financial reporting purposes, investments are adjusted to their fair value. Changes in fair value that occur during a fiscal year are recognized as investment income reported for that fiscal year. Investment income includes interest earnings, changes in fair value, and any gains or losses realized upon the liquidation or sale of investments. The City pools cash and investments of all funds, except for assets held within the Section 115 trust and amounts held by fiscal agents. Each fund’s share in this pool is displayed in the accompanying financial statements as cash and investments. Investment income earned by the pooled investments is allocated to the various funds based on each fund’s month end cash and investment balance. 37 City of La Quinta, California Notes to Financial Statements June 30, 2020 Cash and Cash Equivalents For purposes of the statement of cash flows, cash equivalents are defined as short-term, highly liquid investments that are both readily convertible to known amounts of cash or so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Cash equivalents also represent the proprietary fund’s share in the City’s cash and investment pool. Cash equivalents have an original maturity date of three months or less from the date of purchase. For purposes of the statement of cash flows, the entire balance of cash and investments on the combined balance sheet for the proprietary funds is considered cash and cash equivalents. Restricted Section 115 Trust Cash and Investments All assets in the Section 115 Trust are irrevocably dedicated to funding obligations of the City’s pension beneficiaries, other post-employment beneficiaries or costs of administering the Trust. The funds are not considered plan assets of either the pension plan or OPEB plan and are therefore considered restricted assets of the City. Inventory Inventory is valued at cost using the first in/first out (FIFO) method. The City uses the consumption method of accounting for inventories. Prepaid Costs Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The City utilizes the consumption method, in which prepaid items are accounted for in the period that the benefit was received. Capital Assets Capital assets (including infrastructure) are recorded at cost where historical records are available and at an estimated historical cost where no historical records exist. Contributed capital assets are valued at their acquisition value at the date of the contribution. Generally, capital asset purchases in excess of $5,000 are capitalized if they have an expected useful life of three years or more. Capital Assets include public domain (infrastructure) consisting of certain improvements including roads, streets, sidewalks, medians, and storm drains. Capital assets used in operations are depreciated over their estimated useful lives using the straight-line method in the government-wide financial statements and in the fund financial statements of the proprietary funds. Depreciation is charged as an expense against operations and accumulated depreciation is reported on the respective balance sheet. 38 City of La Quinta, California Notes to Financial Statements June 30, 2020 The following schedule summarizes capital asset useful lives: Building and improvements 10-30 years Equipment and furniture 3-20 years Vehicles 5-10 years Infrastructure 10-50 years Software 5-10 years Property Taxes Under California law, property taxes are assessed and collected by the counties up to 1 percent of assessed value, plus other increases approved by the voters. The property taxes are recorded initially in a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those taxes that are received from the County within ninety days after year-end. Lien date January 1 Levy date July 1 Due dates November 1 and February 1 Collection dates December 10 and April 10 Deferred Outflows/Inflows of Resources In addition to assets, the statements of net position and the governmental fund balance sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. Governmental activities recorded deferred outflows of resources related to pensions and other post-employment benefits of $3,249,373 and $177,251 respectively. The Private Purpose Trust Fund- Successor Agency of the former RDA recorded deferred outflows of resources related to debt refundings. In addition to liabilities, the statements of net position and governmental fund balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The City has reported items on the governmental fund balance sheet as unavailable revenues that were not received within the City’s availability period. Additionally, governmental activities recorded deferred inflows of resources related to pensions and OPEB of $1,015,086 and $47,430, respectively. Compensated Absences Vacation and sick time is vested on a percentage based on number of years employed at the City. Maximum accumulation of sick and vacation is 40 and 60 days, respectively. 39 City of La Quinta, California Notes to Financial Statements June 30, 2020 Upon termination or retirement, permanent employees are entitled to receive compensation at their current base salary for all unused vacation leave. If an employee terminates with a minimum of two years’ service, the employee is entitled to receive 25 percent of the value of his unused sick leave. The percentage increases by 25 percent for each five-year period until the employee is entitled to 100 percent of the value of their unused sick leave. This will occur upon the completion of twenty years of continuous employment. The General Fund resources are used to pay for the accumulated benefits to employees. Long-Term Obligations In the government-wide financial statements and proprietary fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Fund Balance In the fund financial statements, governmental funds report the following fund balance classifications: Nonspendable includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation. Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the City’s highest authority, the City Council. The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is by a resolution. Assigned includes amounts that are constrained by the City’s intent to be used for specific purposes, but are neither restricted nor committed. City Council is authorized to assign amounts to a specific purpose. The City Council authorizes assigned amounts for specific purposes pursuant to the policy-making powers granted through a resolution. Unassigned includes the residual amounts that have not been restricted, committed, or assigned to specific purposes. The general fund is the only fund that reports a positive unassigned fund balance. 40 City of La Quinta, California Notes to Financial Statements June 30, 2020 Fund Balance Flow Assumptions – governmental fund financial statements Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last. Net Position Flow Assumption – government-wide and proprietary fund financial statements Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted net position to have been depleted before unrestricted net position is applied. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements Adopted in the Current Year GASB Statement No. 95 – In May 2020, the GASB issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. The objective of this statement is to provide temporary relief to governments and other stakeholders in light of the COVID-19 pandemic. The objective is accomplished by postponing the effective dates of certain provisions in Statements and Implementation Guides that first became effective or are scheduled to become effective for periods beginning after June 30, 2018, and later. The effective dates of certain provisions contained in the following pronouncements are postponed by one year: Statement No. 83, No. 84, No. 88, No. 89, No. 90, No. 91, No. 92, and No. 93. 41 City of La Quinta, California Notes to Financial Statements June 30, 2020 Effective in Future Fiscal Years The City is currently evaluating the potential impact of the following issued, but not yet effective, accounting standards. GASB Statement No. 84 – In January 2017, GASB issued Statement No. 84, Fiduciary Activities. The objective of this Statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This Statement is effective for reporting periods beginning after December 15, 2019. GASB Statement No. 87 – In June 2017, GASB issued Statement No. 87, Leases. The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases; enhancing the comparability of financial statements between governments; and also enhancing the relevance, reliability (representational faithfulness), and consistency of information about the leasing activities of governments. This Statement is effective for reporting periods beginning after June 15, 2021. GASB Statement No. 89 – In June 2018, the GASB issued Statement No. 89, Accounting for Interest Cost Incurred Before the End of a Construction Period. The objectives of this Statement are (a) to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (b) to simplify accounting for certain interest costs. This Statement is effective for reporting periods beginning after December 15, 2020. GASB Statement No. 90 – In September 2018, the GASB issues Statement No. 90, Majority Equity Interests, an amendment of GASB Statements No. 14 and No. 61. The objectives of this Statement are to improve the consistency and comparability of reporting a government’s majority equity interest in a legally separate organization and to improve the relevance of financial statement information for certain component units. The Statement is effective for reporting periods beginning after December 15, 2019. GASB Statement No. 91 – In May 2019, the GASB issued Statement No. 91, Conduit Debt Obligations. The objective of this statement is to better meet the information needs of financial statement users by enhancing the comparability and consistency of conduit debt obligation reporting and reporting of related transactions and other events by state and local government issuers. This statement is also intended to improve the relevance, reliability, and understandability of information about conduit debt obligations, as well as related transactions and other events. The Statement is effective for reporting periods beginning after December 15, 2021. GASB Statement No. 92 – In January 2020, the GASB issued Statement No. 92, Omnibus 2020. The objectives of this statement are to enhance comparability in accounting and financial reporting and to improve consistency of authoritative literature by addressing practice issues that have been identified during implementation of certain GASB Statements. This statement addresses a variety of topics including specific provisions about GASB Statements No. 87, No. 74, No. 84 and other topics. The Statement has various effective dates beginning June 15, 2020. 42 City of La Quinta, California Notes to Financial Statements June 30, 2020 GASB Statement No. 93 – In March 2020, the GASB issued Statement No. 93, Replacement of Interbank Offered Rates. The objective of this statement is to address those and other accounting and financial reporting implications that result from the replacement of an Interbank Offered Rate (IBOR). The Statement is effective for reporting periods beginning after June 15, 2020. GASB Statement No. 94 – In March 2020, the GASB issued Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The objective of this statement is to improve financial reporting by addressing issued related to public-private and public-public partnership arrangements. The Statement is effective for reporting periods beginning after June 15, 2022. GASB Statement No. 96 – In May 2020, the GASB issued Statement No. 96, Subscription-Based Information Technology Arrangements. The statements provide guidance on the accounting and financial reporting for subscription-based information technology arrangements for government end users. The Statement is effective for reporting periods beginning after June 15, 2022. GASB Statement No. 97 – In June 2020, the GASB issued Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans- An Amendment of GASB Statements No. 14 and No. 84, and a Suppression of GASB Statement No. 32. The primary objective of the statement is to 1) increase consistency and comparability related to the reporting of fiduciary component units in circumstances in which a potential component unit does not have a governing board and the primary government performs the duties that a governing board typically would perform; 2) mitigate costs associated with the reporting of certain defined contribution pension plans, defined contribution OPEB plans, and employee benefit plans other than pension plans or OPEB plans as fiduciary component units in fiduciary fund financial statements; and 3) enhance the relevance, consistency, and comparability of the accounting and financial reporting for Internal Revenue Code Section 457 deferred compensation plans that meet the definition of a pension plan and for benefits provided through those plans. The Statement is effective for reporting periods beginning after June 15, 2021. Note 2 - Cash and Investments Cash and investments as of June 30, 2020, are classified in the accompanying financial statements as follows: Statement of Net Position Cash and investments 134,299,484$ Restricted cash and investments 10,249,738 Statement of Fiduciary Net Position Cash and investments 37,063,587 Cash and investments with fiscal agent 5,362 Total cash and investments 181,618,171$ 43 City of La Quinta, California Notes to Financial Statements June 30, 2020 Cash and investment as of June 30, 2020, consist of the following: Cash on hand 3,300$ Deposits with financial institutions 8,978,494 Investments 172,636,377 Total cash and investments 181,618,171$ Investments Authorized by the California Government Code and the City’s Investment Policy The table below identifies the investment types that are authorized by the California Government Code and the City’s investment policy. The table also identifies certain provisions of the California Government Code (or the City’s investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy. Maximum Maximum Maximum Percentage Investment Maturity Allowed in One Issuer U.S. Treasury Obligations 5 years N/A N/A U.S. Agency Securities 5 years N/A 20 million Local Agency Bonds 5 years N/A N/A California Local Agency Obligations 5 years N/A N/A Commercial Paper 270 days 25%10% of any outstanding issue Certificates of Deposit 5 years 30%250,000 Negotiable Certificates of Deposits 5 years 30%250,000 Corporate Notes 5 years 30%5 million Investment Pools (Riverside County Pool)N/A N/A N/A Money Market Mutual Funds N/A 20%10% of City funds Local Agency Investment Fund (LAIF)N/A N/A LAIF Limit Investment Agreements 92 days 20%N/A Investment Types Investments Authorized by the City Section 115 Trust Investments of the Trust are governed by the provisions of the City of La Quinta Section 115 Trust Agreement, rather than the general provisions of the California Government Code or the City’s investment policy. Investments authorized for funds held in the Section 115 Trust include Equity and Fixed Income Mutual Funds. The strategic range allowed for Equity and Fixed Income Mutual Funds is 5%-20% and 60%-95%, respectively. There are no limitations on the maximum amount that can be invested in one issuer or the maximum maturity of an investments. 44 City of La Quinta, California Notes to Financial Statements June 30, 2020 Disclosures Relating to Interest Rate Risk Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of short term and long term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity: 1 year Total Or Less 1 to 3 years 3 to 5 years Certificates of Deposit 35,725,057$ 3,932,746$ 14,561,679$ 17,230,632$ Federal agency securities Federal Farm Credit Bank 8,542,400 - 2,562,310 5,980,090 Federal National Mortgage Association 1,552,710 - 1,024,840 527,870 Federal Home Loan Mortgage Corp 2,001,160 - - 2,001,160 Federal Home Loan Bank 2,342,506 1,002,770 - 1,339,736 U.S. Treasury Notes 11,191,010 6,554,150 3,062,585 1,574,275 Corporate Notes 2,487,469 - 2,068,805 418,664 Local Agency Investment Fund 85,631,064 85,631,064 - - CAMP 2,850,712 2,850,712 - - Riverside County Pool 10,491,654 10,491,654 - - Section 115 Trust Equity Mutual Funds 2,998,202 2,998,202 - - Fixed Income Mutual Funds 6,817,071 6,817,071 - - Held by Fiscal Agent Money Market Mutual Funds 5,362 5,362 - - Total 172,636,377$ 120,283,731$ 23,280,219$ 29,072,427$ Remaining Maturity (in Years) Investment Type 45 City of La Quinta, California Notes to Financial Statements June 30, 2020 Disclosures Relating to Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The City's investment policy limits investments in commercial paper and money market mutual funds to those rated the highest rating as rated by Moody’s or Standard and Poor’s (S&P). Presented below are the S&P ratings as of year-end: Total AAA AA+AA AA- Federal Agency Securities 14,438,776$ -$ 14,438,776$ -$ -$ Corporate Notes 2,487,469 418,665 507,340 523,965 1,037,500 Total 16,926,245 418,665$ 14,946,116$ 523,965$ 1,037,500$ Exempt from Credit Risk disclosure: U.S. Treasury Notes 11,191,010 Not rated: Certificates of Deposit 35,725,057 Local Agency Investment Pool 85,631,064 CAMP 2,850,712 Riverside County Pool 10,491,654 Section 115 Trust: Equity Mutual Funds 2,998,202 Fixed Income Mutual Funds 6,817,071 Held by Fiscal Agent: Money Market Mutual Funds 5,362 Total investments 172,636,377$ Investment Type Concentration of Credit Risk Investments in any one issuer that represent 5 percent or more of total City’s investments are as follows: Reported Percent of Investment Type Amount Portfolio Federal Farm Credit Bank Federal Agency Securities 8,542,400$ 5% Issuer Custodial Credit Risk Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under 46 City of La Quinta, California Notes to Financial Statements June 30, 2020 state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110 percent of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150 percent of the secured public deposits, or by letters of credit issued by the Federal Home Loan Bank of San Francisco having a value of 105 percent of the secured public deposits. As a public funds depository Wells Fargo and Bank of the West maintains a public funds deposit collateralization program that is designed to comply with all applicable statutes and regulations governing public funds deposits, including pledge and perfection of collateral. Accounts holding public funds are labeled as such and trigger collateralization. Collateral needs are met based on the prior day close of business. However, same-day collateral requests may be accommodated upon request. Investment in Riverside County Pool The City is a voluntary participant in the Riverside County Pooled Investment Fund that is regulated by California Government Code Section 53646 and managed by the Riverside County Treasurer. The City’s investment in this pool is reported in the accompanying financial statements of net position and prepared using the accrual basis of accounting. Investments are reported at fair value. The balance available for withdrawal is based on the accounting records maintained by the County. The Riverside County Pooled Investment Fund is not registered with the Securities and Exchange Commission and is not rated. Investment in State Investment Pool The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the California Government Code under the oversight of the Treasure r of the State of California. The fair value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relations to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Deposits and withdrawals are made on the basis of $1 an d not fair value. Accordingly, the City’s measurement of fair value of its investment with LAIF is based on uncategorized inputs, not defined as a level 1, level 2, or level 3 input. LAIF is not registered with the Securities and Exchange Commission and is not rated. Investment in California Asset Management Program The City is a voluntary participant in the California Asset Management Program (CAMP) that is regulated by the California Government Code Section 53601 (p) and ma naged by a Board of Trustees comprised of finance directors and treasurers of California public agencies that are members of the Joint Powers Authority. The City’s investment in this pool is reported in the accompanying financial statements of net position and prepared using the accrual basis of accounting. Investments are reported at fair value. The balance available for withdrawal is based on the accounting records maintained by CAMP. CAMP is not registered with the Securities and Exchange Commission and is not rated. 47 City of La Quinta, California Notes to Financial Statements June 30, 2020 Fair Value Measurements The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. Investments categorized as Level 2 are valued using the market approach and quoted market prices. The City has the following recurring fair value measurements as of June 30, 2020: Total Level 1 Level 2 Investments U.S. Treasury Notes 11,191,010$ 11,191,010$ -$ Federal Agency Securities 14,438,776 - 14,438,776 Corporate Notes 2,487,469 - 2,487,469 Certificates of Deposit 35,725,057 - 35,725,057 Section 115 Trust Equity Mutual Funds 2,998,202 2,998,202 - Fixed Income Mutual Funds 6,817,071 6,817,071 - Total leveled investments 73,657,585 11,191,010$ 52,651,302$ Investments with uncategorized inputs Local Agency Investment Fund 85,631,064 CAMP 2,850,712 Riverside County Pool 10,491,654 Held by Fiscal Agent Money Market Mutual Funds 5,362 Total investments 172,636,377$ Note 3 - Notes Receivable In September 1994, the former redevelopment agency sold certain real property to LINC Housing for $2,112,847. The property was used to construct single-family homes and rental units to increase the City's supply of low and moderate income housing. The note bears interest at 6 percent per annum and is due in full on June 15, 2029. On February 1, 2012, this receivable was transferred to the Housing Authority, which took over the housing function of the former redevelopment agency upon dissolution. As of June 30, 2020, the outstanding principal balance is $2,035,387 and the outstanding interest is $3,010,159. In February 2011, the former redevelopment agency entered into Disposition and Development Agreement with Coral Mountain Partners L.P. (“Coral Mountain”) to fund up to $29,000,000 for the construction of a low and moderate income apartment complex with an estimated completion date of the apartment complex of March 2014. The former redevelopment agency’s $29,000,000 loan is evidenced by a Promissory Note executed by Coral Mountain (“Note”). Interest on the outstanding note amount will bear simple interest of 1 percent. 48 City of La Quinta, California Notes to Financial Statements June 30, 2020 Principal and interest will be repaid on or before May 1st of each year from annual residual receipts as defined in the Note once the project is completed and may be repaid early if the property is refinanced, or if the property is transferred to another entity. On February 1, 2012, this receivable was transferred to the Housing Authority which took over the housing function of the former redevelopment agency upon dissolution. As of June 30, 2020, the outstanding principal balance is $20,724,559 and the outstanding interest balance is $1,364,746. Other notes receivable as of February 1, 2012, included in the Housing Authority which took over the housing function of the former redevelopment agency upon dissolution totaled $22,168 at June 30, 2020. Note 4 - Capital Assets Capital asset activity for governmental activities for the year ended June 30, 2020, is as follows: Balance at Balance at July 1, 2019 Additions Deletions Transfers June 30, 2020 Governmental activities Capital assets, not being depreciated Land 66,571,934$ 327,339$ 88,432$ -$ 66,810,841 Right of way 285,857,353 - - - 285,857,353 Construction-in-progress 29,684,917 22,130,680 11,579,486 (15,639,803) 24,596,308 Total capital assets, not being depreciated 382,114,204 22,458,019 11,667,918 (15,639,803) 377,264,502 Capital assets, being depreciated Buildings and improvements 73,598,659 98,155 12,382,179 13,186,733 74,501,368 Equipment and furniture 3,469,065 876,395 93,818 - 4,251,642 Vehicles 1,678,796 92,915 64,297 - 1,707,414 Infrastructure 225,158,968 279,121 - 2,453,070 227,891,159 Total capital assets, being depreciated 303,905,488 1,346,586 12,540,294 15,639,803 308,351,583 Less accumulated depreciation for Buildings and improvements 34,386,258 3,042,414 25,560 - 37,403,112 Equipment and furniture 2,290,519 464,352 93,818 - 2,661,053 Vehicles 850,420 190,721 49,437 - 991,704 Infrastructure 128,512,555 6,270,239 - - 134,782,794 Total accumulated depreciation 166,039,752 9,967,726 168,815 - 175,838,663 Total capital assets, being depreciated, net 137,865,736 (8,621,140) 12,371,479 15,639,803 132,512,920 Governmental activities capital assets, net 519,979,940$ 13,836,879$ 24,039,397$ -$ 509,777,422 49 City of La Quinta, California Notes to Financial Statements June 30, 2020 Depreciation expense was charged to the following functions in the Statement of Activities: General governments 375,147$ Planning & development 24,629 Community services 1,363,131 Public works 7,087,184 Internal service funds 1,117,635 9,967,726$ Capital asset activity for business-type activities for the year ended June 30, 2020, is as follows: Balance at Balance at July 1, 2019 Additions Deletions June 30, 2020 Business-Type activities Capital assets, not being depreciated Land 39,712,955$ -$ -$ 39,712,955 Capital assets, being depreciated Buildings and improvements 6,636,465 - - 6,636,465 Equipment and furniture 1,905,540 - 283,817 1,621,723 Software 20,255 - - 20,255 Total capital assets, being depreciated 8,562,260 - 283,817 8,278,443 Less accumulated depreciation for Buildings and improvements 3,294,188 214,544 - 3,508,732 Equipment and furniture 1,585,236 169,117 283,817 1,470,536 Software 20,255 - - 20,255 Total accumulated depreciation 4,899,679 383,661 283,817 4,999,523 Total capital assets, being depreciated, net 3,662,581 (383,661) - 3,278,920 Business-type activities capital assets, net 43,375,536$ (383,661)$ -$ 42,991,875 Depreciation expense was charged to the following functions in the Statement of Activities: Golf Course 383,661$ 50 City of La Quinta, California Notes to Financial Statements June 30, 2020 Note 5 - Changes in Long-Term Liabilities – Governmental Activities Changes in Long-Term Liabilities The following is a summary of changes in governmental long-term liabilities of the City for the fiscal year ended June 30, 2020: Balance at Balance Due within July 1, 2019 Additions Deletions June 30, 2020 One year Governmental Activities Compensated absences payable 941,955$ 888,491$ 941,955$ 888,491$ 256,199$ Copier lease payable 88,759 - 22,821 65,938 24,715 Dell computer lease 638 - 638 - - Fleet vehicle lease 668,574 28,175 163,575 533,174 167,446 Public works building lease - 68,160 23,087 45,073 34,080 Intelesysone phone system - 168,007 50,402 117,605 33,601 Net pension liability 12,403,691 1,054,509 - 13,458,200 - 14,103,617$ 2,207,342$ 1,202,478$ 15,108,481$ 516,041$ Compensated absences and the net pension liability have been typically liquidated from the General Fund. A description of the City’s Net Pension Liability is detailed at Note 8. Copier Leases Payable In June 2013, the City entered into a 5-year lease agreement for photocopiers for $71,045 maturing in monthly increments of $1,456, with interest payable monthly at 8.47 percent. This lease agreement qualifies as a capital lease for accounting purposes and therefore, has been recorded at the present value of the future minimum lease payments at the inception date. On April 1, 2015, the City leased an additional copier for $9,000 maturing in monthly increments of $1,728, with interest payable monthly at 8.47 percent. On July 1, 2018, the City leased additional copiers for $85,428 maturing in monthly increments of $1,794, with interest payable monthly at 9.5 percent. 51 City of La Quinta, California Notes to Financial Statements June 30, 2020 The minimum future lease obligations and the net present value of the lease payments as of June 30, 2020, are as follows: Total 2021 29,688$ 2022 22,208 2023 21,527 2024 1,794 Total Payments 75,217 Less amount representing interest (9,278) Outstanding Principal 65,939$ Year Ending June 30, Dell Computer Lease Payable In April 2014, the City entered into a 5-year lease agreement for Dell computers for $90,629 maturing in annual increments ranging from $20,693 to $408, with interest payable annually at 4.79%. In August 2015, the City entered into another 5-year lease for Dell computers for $17,682 maturing in annual increments from $16,620 to $639, with interest payable annually at 4.07%. This lease agreement qualifies as a capital lease for accounting purposes and therefore, has been recorded at the present value of the future minimum lease payments at the inception date. The lease term was completed and paid off as of June 30, 2020. Fleet Vehicle Lease In January of 2017 the City entered into a vehicle lease agreement with Enterprise Fleet Management with the goal of replacing all light duty vehicles. Pool vehicles are also included in the replacement program and are utilized by multiple departments. In fiscal year 2016-17, 16 vehicles were replaced with five-year leases ranging from $22,453 to $35,578. In fiscal year 2017-18, 11 vehicles were replaced with five-year leases ranging from $26,926 to $42,233. In fiscal year 2018-19, an additional six vehicles were replaced with five-year leases ranging from $22,460 to $35,103 for a total of 33 vehicles. In fiscal year 2019-20, one additional vehicle was replaced with a five-year lease for $28,172. This lease agreement qualifies as a capital lease for accounting purposes and therefore, has been recorded at the present value of the future minimum lease payment at the inception date. The minimum future lease obligations and the net present value of the lease payments as of June 30, 2020, are as follows: Total 2021 167,446$ 2022 225,189 2023 115,394 2024 25,145 Outstanding Principal 533,174$ Year Ending June 30, 52 City of La Quinta, California Notes to Financial Statements June 30, 2020 Public Works Building Lease In September of 2019, the City entered into a two year lease agreement with Pacific Mobile Structures for a new public works trailer while the Corporate Yard improvements are underway. As this time the Public Works maintenance trailer was 32 years old and had exceeded its useful life. The minimum future lease obligations and the net present value of the lease payments as of June 30, 2020 are as follows: Total 2021 34,080$ 2022 10,993 Outstanding Principal 45,073$ Year Ending June 30, Intelesysone Phone System In January 2019, the City entered into a five year lease agreement with Inteleysone for a new phone system to replace the City’s unified communications and VoIP phone systems, which was installed in 2007, and was at the end of its support lifecycle, and its hardware was no longer supported. The minimum future lease obligations and the net present value of the lease payments as of June 30, 2020 are as follows: Total 2021 33,601$ 2022 33,601 2023 33,601 2024 16,802 Outstanding Principal 117,605$ Year Ending June 30, Note 6 - Interfund Receivables and Payables The composition of current interfund receivable and payable balances is as follows: Enterprise Fund Non-Major Due from Other Funds Golf Course Governmental Total General Fund 116,541$ 6,287$ 122,828$ Due to Other Funds Interfund balances reflect short term borrowings for deficit cash balances at June 30, 2020. 53 City of La Quinta, California Notes to Financial Statements June 30, 2020 Note 7 - Interfund Transfers Non-Major Internal Transfers In General Fund Governmental Service Fund Total Capital Improvements Fund 7,074,002$ 5,984,101$ 289,638$ 13,347,741$ Non-major Governmental Funds 3,119,668 - - 3,119,668 Internal Service Funds 100,000 - - 100,000 Golf Course Fund 635,200 - - 635,200 Total 10,928,870$ 5,984,101$ 289,638$ 17,202,609$ Transfer Out a. $7,074,022 was transferred from the General Fund to the Capital Improvement Fund to fund various capital projects. b. $5,984,101 was transferred to the Capital Improvement Fund from various non-major funds to support operations and expenses within the City. c. $289,638 was transferred to the Capital Improvement Fund from the Internal Service Funds to support various capital projects and preventative maintenance. d. $3,119,668 was transferred from the General Fund to various non-major funds to support various administrative operations and expenses within the City. e. $100,000 was transferred from the General Fund to the Information Technology Internal Service Fund to augment the fiscal year 19-20 budget and avoid using fund balance. Additional resources were used to implement software upgrades and augment security measures as identified during a vulnerability assessment. f. $635,200 was transferred from the General Fund to the Golf Course Fund to subsidize operations. Note 8 - Defined Benefit Pension Plan Miscellaneous Plan Plan Description All qualified employees are eligible to participate in the City’s Miscellaneous Employee Pension Plan, a cost- sharing multiple-employer defined benefit pension plans administered by the California Public Employees’ Retirement System (CalPERS). Benefit provisions under these plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provision, assumption and membership information. Copies of the report can be found on the CalPERS website. 54 City of La Quinta, California Notes to Financial Statements June 30, 2020 Benefits Provided CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: The Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law. The Plan’s provisions and benefits in effect at June 30, 2020 are summarized as follows: Tier I Tier II PEPRA On and after On and after On and after Hire date December 16, 1983 December 17, 2012 January 1, 2013 Benefit formula 2.5% @55 2% @60 2% @62 Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 and up 50 and up 52 and up Monthly benefits, as a % of eligible compensation 2% to 2.5%2% to 2.5%1% to 2% Required employee contribution rates 8.00%7.00%6.75% Required employer contribution rates 11.432%8.081%6.985% Contributions Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions are determined annually on an actuarial basis as of June 30th by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, and any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contributions to the pension plan were $1,479,137 for the year ended June 30, 2020. Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions 55 City of La Quinta, California Notes to Financial Statements June 30, 2020 As of June 30, 2020, the City reported a liability of $13,458,200 for its proportionate share of the collective net pension liability. The net pension liability was measured as of June 30, 2019, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2018.The City’s proportion of the collective net pension liability was based on a projection of the City’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. The City’s proportion of the collective net pension liability as of June 30, 2018 and 2019 is as follows: Proportion- June 30, 2018 0.12872 % Proportion- June 30, 2019 0.13134 % Change- Increase (Decrease)0.00262 % For the year ended June 30, 2020, the City recognized pension expense of $2,608,087. At June 30, 2020, the City reported deferred outflows and deferred inflows of resources related to pensions as follows: Deferred Outflows Deferred Inflows of Resources of Resources Pension contributions subsequent to measurement date 1,479,137$ -$ Changes in assumptions 641,749 227,495 Differences between expected and actual experience 934,729 72,423 Net difference between projected and actual earnings on pension plan investments - 235,291 Change in employer's proportion 193,758 64,142 Difference between the city's contribution and proportionate share of contributions - 415,735 Total 3,249,373$ 1,015,086$ The $1,479,137 reported as deferred outflows of resources resulting from contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2021. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows: 2021 821,273$ 2022 (214,524) 2023 100,855 2024 47,546 Total 755,150$ Year Ended June 30, 56 City of La Quinta, California Notes to Financial Statements June 30, 2020 Actuarial Methods and Assumptions Used to Determine Total Pension Liability For the measurement period ended June 30, 2019 (the measurement date), the total pension liability was determined by rolling forward the June 30, 2018 total pension liability. The total pension liability in the June 30, 2018 actuarial valuation was determined using the following actuarial methods and assumptions: Valuation Date June 30, 2018 Measurement Date June 30, 2019 Actuarial Cost Method Entry-Age Normal Cost Method Discount Rate 7.15% Inflation 2.50% Payroll Growth 3.00% Projected Salary Increase Varies by Entry Age and Service Investment Rate of Return 7.15% Mortality Rate Table Derived using CalPERS' Membership Data for all Fund Miscellaneous Discount Rate The discount rate used to measure the total pension liability was 7.15 percent. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that the City’s contributions will be made at rates equal to the difference between actuarially determined contributions rates and the employee rate. Based on those assumptions, each pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. In determining the long-term expected percent rate of return on pension plan investments, CalPERS took into account both short and long-term market return expectations as well as the expected pension fund cash flows. Based on the expected benefit payments of the Public Employees’ Retirement Fund, CalPERS indicated that a 19 year horizon was ideal in determining the level equivalent discount rate assumption. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11-60 years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was then set equivalent to the single equivalent rate calculated above and rounded down to the nearest one quarter of one percent. The target allocation and best estimates of arithmetic real rates of return for each major asset class are the same for the Plan. These geometric rates of return are summarized in the following table: 57 City of La Quinta, California Notes to Financial Statements June 30, 2020 Strategic Real Return Real Return Allocation Years 1 - 10 Years 11+ Global Equity 50.00%4.80%5.98% Fixed Income 28.00%1.00%2.62% Inflation Assets 0.00%0.77%1.81% Private Equity 8.00%6.30%7.23% Real Estate 13.00%3.75%4.93% Liquidity 1.00%0.00%-0.92% Total 100% Asset Class Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the City’s proportionate share of the net position liability for each Plan, calculated using the discount rate for each Plan, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1 percent point lower or 1 percent higher than the current rate: Discount Current Discount Rate - 1%Discount Rate Rate +1% (6.15%)(7.15%)(8.15%) Net Pension Liability 20,386,011$ 13,458,200$ 7,739,782$ Pension Plan Fiduciary Net Position Detailed information about the Plan’s fiduciary net position is available in the separately issued CalPERS financial reports. Note 9 - Defined Contribution Plan Plan Description The Supplemental Pension Savings Plan is a defined contribution pension plan established by the City to provide retirement excess benefits to general employees of the City. At June 30, 2020, there was one plan member. There are no required contributions by plan members. During the 2019-2020 fiscal year the City made no contributions to fund the Supplemental Pension Savings Plan. 58 City of La Quinta, California Notes to Financial Statements June 30, 2020 Note 10 - Other Post Employment Benefit Plan (OPEB) Plan Description The City’s Retiree Health Plan is a single-employer defined benefit healthcare plan. The City contributes on behalf of all eligible retirees’ $136/month for the calendar year 2019 and $139/month for calendar year 2020, increased in all future years according to the rate of medical inflation. These benefits are provided per contract between the City and the employee associations. A separate financial report is not available for the plan. The City participates in the California Employers’ Retiree Benefit Trust (CERBT) for the purpose of accumulating funding for OPEB obligations. The CERBT is a Section 115 Trust and is an agent multiple employer plan for those electing to prefund OPEB obligations. Benefits Provided Retirees are eligible for medical benefits if they retire at age 50+, have 5+ years of service within CalPERS, and were enrolled in the CalPERS health system at retirement. The City provides PEMHCA minimum for each subscriber, regardless of elected coverage tier. Employees Covered by Benefit Terms At June 30, 2018, the most recent valuation date, the following current and former employees were covered by the benefit terms of the plan: Active employees 91 Inactive employees or beneficiaries currently receiving benefits 19 Total 110 Contributions The City makes contributions to the plan based on an actuarially determined rate. Employees are not required to contribute to the plan. For the year ended June 30, 2020, the City made no contributions to the CERBT trust. 59 City of La Quinta, California Notes to Financial Statements June 30, 2020 Net OPEB Liability/(Asset) Actuarial Assumptions – The net OPEB liability/(asset) in the June 30, 2018 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Cost Method Entry-Age Normal Cost Method Actuarial Assumptions Discount Rate 6.00% Inflation 2.50% Investment Rate of Return 6.00% Mortality (1) Healthcare Trend Rate 7% in the first (1) Derived using CalPERS Membership Data for all Funds Mortality rates were based on the CalPERS 1997-2011 Experience Study, which assumed future mortality improvements using Society of Actuaries (SOA) Scale BB. The Experience Study report can be obtained on the CalPERS website under Forms and Publications. The actuarial assumptions used in the June 30, 2018 valuation were based on the results of an actuarial experience study for the period. Discount Rate The discount rate used to measure the total OPEB liability was 6 percent for the Plan. The projection of cash flows used to determine the discount rate assumed that the City contribution will be made at rates equal to the actuarially determined contribution rates. Changes in Net OPEB Liability: The changes in the net OPEB liability/(asset) for the Plan as of the measurement date June 30, 2019 are as follows: Total OPEB Plan Fiduciary Net OPEB Liability Net Position Liability/(Asset) Balance at June 30, 2019 1,515,298$ 1,521,314$ (6,016)$ Changes in the year Service cost 85,174 - 85,174 Interest 93,071 - 93,071 Changes of assumptions (14,219) - (14,219) Net investment income - 106,805 (106,805) Employer contributions - 98,584 (98,584) Benefit payments (98,584) (98,584) - Administrative expense - (327) 327 Net changes 65,442 106,478 (41,036) Balance at June 30, 2020 1,580,740$ 1,627,792$ (47,052)$ 60 City of La Quinta, California Notes to Financial Statements June 30, 2020 Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it were calculated using a discount rate that is 1-per centage-point lower (5 percent) or 1-percentage-point higher (7 percent) than the current discount rate: 1% Decrease Discount Rate 1% Increase (5%)(6%)(7%) Net OPEB Liability/(Asset)140,551$ (47,052)$ (204,980)$ Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (6 percent decreasing to 3 percent) or 1-percentage-point higher (8 percent decreasing to 5 percent) than the current healthcare cost trend rates: 1% Decrease Current Trend Rate 1% Increase (6% decreasing (7% decreasing (8% decreasing to 3%)to 4%)to 5%) Net OPEB Liability/(Asset)(249,396)$ (47,052)$ 201,309$ OPEB Expense and Deferred Outflows of Resources Related to OPEB: Deferred Deferred Outflows of Inflows of Resources Resources OPEB contributions subsequent to measurement date 98,490$ -$ Changes in assumptions 47,430 Difference between expected and actual liability 56,183 - Net difference between projected and investment earnings 22,578 - Total 177,251$ 47,430$ For the year ended June 30, 2020, the City recognized OPEB expense of $97,268. At June 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources. The $98,490 reported as deferred outflows of resources related to OPEB resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability for the fiscal year ending June 30, 2020. Other amounts reported as deferred outflows or deferred inflows of resources related to OPEB will be recognized in as OPEB expense as follows: 61 City of La Quinta, California Notes to Financial Statements June 30, 2020 2021 9,965$ 2022 9,965 2023 9,965 2024 (1,705) 2025 1,403 Thereafter 1,738 Total 31,331$ Year Ended June 30, Note 11 - Section 115 Trust In the fiscal year 2019, the City Council approved the creation of a Section 115 Trust Agreement with U.S Bank National Association, and Public Agency Retirement Services (PARS), Trust Administrator. The Section 115 Trust was established as a means to set aside monies to fund the City’s pension and OPEB obligations. Contributions to the Section 115 Trust are irrevocable, the assets are dedicated to providing benefits to plan member, and the assets are protected from creditors of the City. The purpose of the creation of the section 115 Trust was to address the City’s pension obligations by accumulating assets to reduce the net pension liability. However, in accordance with generally accepted accounting principles, the assets in the Section 115 Trust are not considered to have present service capacity as plan assets and are therefore considered restricted assets of the City rather than pension plan assets. Accordingly, the Section 115 Trust’s assets are recorded as restricted for pension benefits in the City’s General Fund rather than assets of the pension plan during the measurement of the net pension liability. The assets held in trust will be considered pension plan assets at the time they are transferred out of the Trust into the pension plan. The balance in the Trust for the fiscal year ended June 30, 2020 was $10,249,738. The City currently funds its OPEB obligations through the CERBT program, and although the newly established Section 115 Trust is able to accept OPEB funds, the City has no immediate plans to fund OPEB obligations through the Section 115 Trust. Note 12 - Risk Management Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City of La Quinta is a member of the California Joint Powers Insurance Authority (CJPIA). The CJPIA is composed of 118 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpos e of the CJPIA is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The CJPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee. 62 City of La Quinta, California Notes to Financial Statements June 30, 2020 Self-Insurance Programs of the CJPIA Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years 2013-14 and forward are not subject to routine annual retrospective adjustment. The total funding requirement for self- insurance programs is based on actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool. Primary Liability Program In the liability program claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $30,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $30,000 to $750,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $750,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers. The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Costs of covered claims for subsidence losses have a sub-limit of $40 million per occurrence. Workers’ Compensation In the workers’ compensation program claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $50,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $50,000 to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $100,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers. For 2019-20, the CJPIA’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased as part of a reinsurance policy, and Employer’s Liability losses from $5 million to $10 million are pooled among members. 63 City of La Quinta, California Notes to Financial Statements June 30, 2020 Purchased Insurance Pollution Legal Liability Insurance – The City of La Quinta participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storms drains owned by the City of La Quinta. Coverage is on a claims-made basis. There is a $50,000 deductible. The Authority has an aggregate limit of $50 million for the 3-year period from July 1, 2017 through July 1, 2020. Each member of the Authority has a $10 million sub-limit during the 3-year policy term. Property Insurance – The City of La Quinta participates in the all-risk property protection program of the CJPIA. This insurance protection is underwritten by several insurance companies. City of La Quinta property is currently insured according to a schedule of covered property submitted by the City of La Quinta to the CJPIA. City of La Quinta property currently has all-risk property insurance protection in the amount of $70,345,387. There is a $10,000 deductible per occurrence except for non-em ergency vehicle insurance which has a $2,500 deductible. Special Event Tenant User Liability Insurance – The City of La Quinta further protects against liability damages by requiring tenant users of certain property to purchase low-cost tenant user liability insurance for certain activities on agency property. The insurance premium is paid by the tenant user and is paid to the City of La Quinta according to a schedule. The City of La Quinta then pays for the insurance. The insurance is facilitated by the Authority. Earthquake and Flood Insurance – The City of La Quinta purchases earthquake insurance on a portion of its property from Lloyds/Beazley Limited with a loss limit of $10,000,000. Crime Insurance – The City of La Quinta purchases crime insurance coverage from Travelers Casualty and Surety Company of America. The policy covers theft, forgery, identity fraud, computer crime, and monetary fraud with a single loss limit of $1,000,000 and a deductible of $5,000 per occurrence. Adequacy of Protection During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. Note 13 - Fund Balance Fund Balance Commitments In the governmental fund financial statements, committed reserves include: Natural Disaster Emergency Reserves: These funds may be used for the preparation, recovery, and restoration of services before, during and/or after a natural disaster (such as flood, earthquake, etc.) as defined by City Code 2.20.020. 64 City of La Quinta, California Notes to Financial Statements June 30, 2020 The target is $10,000,000 and will be reviewed every five years by conducting a risk analysis of all City assets, insurance levels, and potential federal/state contributions towards disaster recovery efforts. For the year ended June 30, 2020, the City has committed $10,000,000 for this purpose. Economic Downturn Reserves: These funds may be used in such instances as a declared national, state, or regional recession; loss of a major (top 10) revenue-generating business; or a natural disaster resulting in a significant decline in revenues. These reserves may also be used if overall revenues decrease or expenditures increase more than 10% of the previous year’s actual revenues or expenditures. The target is $11,000,000, based on a 10-year analysis of the revenues and expenditure flows (which included the financial impacts of the Great Recession). The target will be evaluated again in the event of another significant economic downturn. For the year ended June 30, 2020, the City has committed $6,800,000. Cash Flow Reserves: These funds are maintained to have adequate cash on hand to account for the uneven receipt of revenue. For example, property tax accounts for a large percentage of annual revenue, the bulk of which is not remitted until December and May of each year. The target is $5,000,000 and will be determined annually by analyzing the prior fiscal year by month and calculating the largest cumulative deficit between revenues and expenditures, with a minimum expectation of approximately 10% of operating expenditures reserved. The cash flow reserve is fully funded as of June 30, 2020. Capital Improvement Reserves: These funds may be used for capital assets and infrastructure rehabilitation, improvement, and replacement. The target is $10,000,000 and is based on annual depreciation of assets. For the year ended June 30, 2020, the City has committed $6,540,000. Committed to Fiscal Year 2019-2020 carryovers totaled $1,778,800 at June 30, 2020. Assigned Fund Balance The City has the following assigned fund balance shown on the balance sheet: Assigned to public safety represents property tax accumulated and withheld by the County of Riverside to be used for fire protection, disaster preparedness, fire prevention, rescue, hazardous materials mitigation, technical rescue response, medical emergency services, and public service assists. The assigned fund balance related to this item as of June 30, 2020 is $10,491,654. Assigned to capital projects is comprised of carryover balances for capital projects and accumulated resources related to the City’s sales tax Measure G with a combined total of $21,891,363. Capital project carryover balances as of June 30, 2020 are $13,155,144. 65 City of La Quinta, California Notes to Financial Statements June 30, 2020 Deficit Fund Balance At June 30, 2020, the following funds had deficit fund balances: Major Capital Projects Funds Capital Improvement (3,664,785)$ Nonmajor Capital Projects Funds Library Development (1,505,187) Nonmajor Special Revenue Funds Federal Assistance (5,271) Note 14 - Golf Course Management Agreement The City entered into an agreement with Landmark Golf Management LLC (operator) to manage the golf operations at the city-owned SilverRock Golf Course. The Agreement entered into on April 6, 2004, sets forth a five-year term commencing upon the completion of the golf course. On January 14, 2005, the golf course was deemed to be complete and management was turned over to the operator. The contract has been amended and extended numerous times with the current contract expiring June 30, 2021. The contract provides that the operator will manage the day to day operations, hire employees, provide golf pro shop and food services, manage all marketing and promotional activities, prepare the annual budget report for Council consideration, and manage accounting and payroll functions. In addition to the annual payment for management services, the City has advanced the operator $250,000 to pay for golf course expenses. Twice a month the operator submits a request for reimbursement to the City to replenish the City’s advance. In addition, the agreement sets forth the establishment of a capital reserve fund of 2 percent of green fees. During the fiscal year, the reserve allocation was suspended. For the fiscal year ending June 30, 2020, the Golf Course had a loss before transfers of $1,392,086. 66 City of La Quinta, California Notes to Financial Statements June 30, 2020 Note 15 - Construction Commitments Various construction projects were in progress at June 30, 2020. Projects costs are paid out of the capital improvements fund. The following material construction commitments, for which funds have been encumbered, existed at June 30, 2020, with an estimated cost to complete. Expenditures Project Contract to date as of Remaining Project Name Number Amount June 30, 2020 Commitments Madison Street Ave. 50 to Ave. 52 091002 2,914,993$ 2,914,198$ 795$ Dune Palms Road Street Improvements 091004 2,650,000 2,604,053 45,947 Dune Palms Bridge Improvements 111205 17,558,565 2,328,179 15,230,386 SilverRock Infrastructure Improvements 141513 7,160,041 714,545 6,445,496 LQ Village Complete Streets-Road Diet Project 151603 12,567,196 8,925,355 3,641,841 La Quinta X Park 151609 4,636,639 881,375 3,755,264 Citywide Drainage Enhancements 151612 9,025,846 7,763,943 1,261,903 HSIP Intersection Improvements 201601 1,270,883 925,147 345,736 HSIP Traffic Signal Interconnect Network 201602 2,268,323 1,927,334 340,989 La Quinta Landscape Renovation Improvement 201603 8,541,292 2,368,390 6,172,902 Civic Center Campus Lake/ Irrigation Conversion 201606 675,270 150,852 524,418 SilverRock Event Space 201608 6,321,900 4,238,058 2,083,842 Washington Street at Fred Waring Dr.201701 2,180,134 323,073 1,857,061 Eisenhower Retention Basin Landscape 201704 750,000 71,691 678,309 Systematic Safety Analysis Report 201708 155,000 146,636 8,364 Ave 53 Jefferson St. Roundabout 201709 2,101,617 195,857 1,905,760 Fritz Burns Park Sidewalk and Parking Lot 201722 77,000 5,239 71,761 Cove Public Restroom 201801 590,000 492,605 97,395 Avenida Bermudas ADA Improvements 201802 88,226 56,685 31,541 Corporate Yard Admin Offices & Crew 201805 411,013 55,773 355,240 SilverRock Event Space Moldular Building 201806 1,200,000 563,166 636,834 Village Art Plaza Promenade & Cultural Campus 201901 610,000 495 609,505 Avenue 50 Bridge Spanning the Evacuation Channel 201902 16,349,000 6,506 16,342,494 LQ Skate Park Conver to Other Activity 201903 263,000 - 263,000 Hwy 111 Corridor Area Plan Implementation 201905 1,250,000 6,986 1,243,014 Fire Station 70 Revitalization 201907 500,000 9,278 490,722 Citywide Catch Basin Modification 201908 250,000 - 250,000 Citywide Misc ADA Improvements 201909 228,673 28,630 200,043 Fritz Burns Pool Heater 201918 235,119 221,187 13,932 Washington St at Ave 50/Calle Tampico 201923 195,400 2,178 193,222 Monroe Street Pavement Rehab 202001 941,000 - 941,000 Citywide Miscellaneous ADA Improvement 202002 121,890 - 121,890 Citywide Public Safety Camera System 202003 1,000,000 - 1,000,000 Washington St Apts Rehabilitation & Testa Property 999901 27,996,401 11,480,824 16,515,577 Jefferson St/I-10 (Contributions Costs)999902 788,297 753,310 34,987 67 City of La Quinta, California Notes to Financial Statements June 30, 2020 Note 16 - Reimbursement Agreements On September 9, 2014, the City entered into a sales tax sharing agreement with One Eleven La Quinta LLC (“Hobby Lobby”). Under the terms of the agreement the City shall make quarterly payments of 50 percent of any sales tax generated from Hobby Lobby in an amount n ot to exceed $400,000 over an eight-year period. Due to the reporting of sales tax information by the California Department of Tax and Fee Administration to the City, the reimbursement payments by the City will lag by one quarter. The agreement terminates when either the $400,000 limit is reached or in eight years whichever comes first. The Hobby Lobby business opened in December 2014. As of June 30, 2020, the City made $52,944 in reimbursement payments to the owner leaving an outstanding balance of $185,375. Note 17 - Successor Agency Trust for Assets of Former Redevelopment Agency On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”) that provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City of La Quinta that previously had reported a redevelopment agency within the reporting entity of the City as a blended component unit. The Bill provides that upon dissolution of a redevelopment agency, either the city or another unit of local government will agree to serve as the “successor agency” to hold the assets until they are distributed to other units of state and local government. On January 3, 2011, the City Council elected to become the Successor Agency for the Former Redevelopment Agency (‘Former Agency”) in accordance with the Bill as part of City resolution number 2012-002. After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations or commitments. Subject to the control of a newly established oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments). In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the Former Agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated. In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate as a legal entity as of February 1, 2012. 68 City of La Quinta, California Notes to Financial Statements June 30, 2020 The Successor Agency to the Former Agency is reported as a fiduciary fund (private purpose trust fund). Cash and Investments Cash and investments reported in the accompanying financial statements consisted of the following: Cash and investments pooled with the City 36,960,884$ Cash and investments with fiscal agent 5,362 36,966,246$ See note 2 for required cash and investments disclosures. Loans Receivable Owner Participation Agreement – Garff Properties, LLC In July 2010, the Former Agency entered into an Owner Participation Agreement (OPA) with Garff Properties-La Quinta, LLC (“Garff”) that provides for the Former Agency to provide a rehabilitation loan to Garff of up to $2,300,000 for the construction of a new auto dealership facility and rehabilitation of an existing dealership facility. In connection with the OPA, Garff has executed a promissory note which is secured by a deed of trust, and an operating covenant. The loan will be repaid by crediting future sales and property tax increment taxes generated on the site until the cumulative taxes collected equals the loan amount. At that time, the note will be cancelled, and the operating covenant will terminate. If, after ten years of operation, a shortfall exists between the revenues collected and the outstanding loan amount, the note will be cancelled, and the operating covenant will terminate. Further, if at any time through no fault of the dealership certain future events outside of the dealership control occur the note will be cancelled, and the operating covenant will terminate. The final payment was made in fiscal year 2019-20 in the amount of $276,589. Owner Participation Agreement – Torre Nissan In June 2011, the Former Agency entered into an Owner Participation Agreement (OPA) with an auto dealer, Mega Dealer, LLC (“Torre Nissan”) that provides for the Former Agency to provide a rehabilitation loan to Torre Nissan of up to $1,500,000 for the remodeling of the existing dealership and an expansion of the dealership facility to accommodate a new line of electric and commercial vehicles. The new expansion will also include service and parts sales facilities. In connection with the OPA, Torre Nissan has executed a promissory note, which is secured by a subordinated deed of trust, and an operating covenant. The loan will be repaid by crediting future sales and property tax increment taxes generated on the site until the cumulative taxes collected equals the loan amount. If Nissan Motor Company ceases to exist, the note will be cancelled, and the operating covenant will terminate. At the end of the ten-year operating covenant, the operating covenant will terminate, and the note will be cancelled, and any outstanding loan balance will be forgiven. The balance at June 30, 2020 is $1,011,005. 69 City of La Quinta, California Notes to Financial Statements June 30, 2020 Due from other Governments La Quinta Library In April 2005, an advance of $2,490,273 was made from the former redevelopment agency to provide funding for the construction of the public library. The loan accrues interest at the earnings rate of the City’s investment pool fund. The remaining balance of this loan at June 30, 2020, is $1,505,187. Deferred Outflows of Resources As debt is refunded, the difference between the carrying value of the refunded debt and the reacquisition price is recorded as a deferred outflow of resources and amortized over the shorter of the new or refunded debt, whichever is shorter. Activity during the fiscal year is comprised of the following: Balance at Balance July 1, 2019 Additions Deductions June 30, 2020 Deferred charge on refunding 10,299,814$ -$ 583,839$ 9,715,975$ Long-Term Debt A description of long-term debt outstanding of the Successor Agency as of June 30, 2020, follows: Balance at Balance Due within July 1, 2019 Additions Repayments June 30, 2020 One year Tax allocation bonds 185,600,000$ -$ 8,700,000$ 176,900,000$ 9,060,000$ City loans 34,894,713 867,792 3,175,327 32,587,178 3,238,833 Unamortized premiums/ discounts 10,525,859 - 698,625 9,827,234 - Total 231,020,572$ 867,792$ 12,573,952$ 219,314,412$ 12,298,833$ 2013 Series A On December 17, 2013, the Successor Agency issued subordinate tax allocation refunding bonds in the amount of $97,190,000 to refinance outstanding long term obligations held by the Successor Agency. The 2013 Series A tax allocation bonds were issued at a premium of $6,056,280 and issuance costs of $480,001. Interest rates on the bonds range from 3.00 percent to 5.00 percent and are payable semi-annually on March 1 and September 1 of each year until maturity. The interest and principal of the bonds are payable solely from property tax revenue. 70 City of La Quinta, California Notes to Financial Statements June 30, 2020 A portion of the proceeds were used to fund the bond reserve requirement. The principal balance of outstanding bonds at June 30, 2020, is $74,170,000 with an unamortized premium of $3,936,582. The minimum annual requirements to amortize the bond payable as of June 30, 2020, are as follows: Principal Interest Total 2021 4,180,000$ 3,555,213$ 7,735,213$ 2022 4,390,000 3,340,963 7,730,963 2023 4,610,000 3,115,963 7,725,963 2024 4,840,000 2,879,713 7,719,713 2025 5,080,000 2,631,712 7,711,712 2026-2030 29,390,000 9,105,685 38,495,685 2031-2034 21,680,000 1,694,717 23,374,717 74,170,000$ 26,323,966$ 100,493,966$ Year Ending June 30, 2013 Series B On December 17, 2013, the Successor Agency issued subordinate tax allocation refunding bonds in the amount of $23,055,000 to refinance outstanding long term obligations held by the Successor Agency. The 2013 Series B tax allocation bonds were issued at a discount of $8,951 and issuance costs of $122,274. The bonds consist of $3,710,000 of term bonds that accrue interest at 5.240 percent and mature on September 1, 2026, $4,335,000 of term bonds that accrue interest at 5.550 percent and mature on September 1, 2029, and $5,115,000 of term bonds that accrue interest at 5.820 percent and mature on September 1, 2032. The remaining $9,895,000 matures annually with rate ranging from 0.76 percent to 4.89 percent. The interest and principal on the bonds are payable from property tax revenue. A portion of the proceeds were used to fund the bond reserve requirement. The principal balance of outstanding bonds at June 30, 2020, is $17,360,000 with an unamortized discount of $5,815. The minimum annual requirements to amortize the bond payable as of June 30, 2020, are as follows: Principal Interest Total 2021 985,000$ 903,488$ 1,888,488$ 2022 1,025,000 860,981 1,885,981 2023 1,070,000 812,817 1,882,817 2024 1,120,000 760,074 1,880,074 2025 1,175,000 701,905 1,876,905 2026-2030 6,870,000 2,473,401 9,343,401 2031-2033 5,115,000 458,179 5,573,179 17,360,000$ 6,970,845$ 24,330,845$ Year Ending June 30, 71 City of La Quinta, California Notes to Financial Statements June 30, 2020 2014 Series A On July 9, 2014, the Successor Agency issued tax allocation refunding bonds in the amount of $65,600,000, with a premium of $8,545,482, to refinance outstanding 2004 Series A Revenue Bonds of $72,865,000 with interest payments ranging between 3 percent to 5.25 percent. The net proceeds of $73,402,709 (after payment of $592,017 in issuance costs) plus an additional $4,012,653 of 2004 Series A sinking fund monies were used to purchase U.S. Government Securities. Those securities were deposited in an irrevocable trust with an escrow agent; and issued to pay-off $77,415,362 of remaining principal and accrued interest of 2004 Series A. As a result, the 2004 Series A bonds are considered to be defeased and the liability for those bonds has been removed from the Successor Agency’s long-term debt. The principal balance of outstanding bonds at June 30, 2020, is $54,625,000. The remaining unamortized bond premium at June 30, 2020 was $6,103,916. The minimum annual requirements to amortize the 2014 Series A bonds payable as of June 30, 2020, are as follows: Principal Interest Total 2021 2,530,000$ 2,668,000$ 5,198,000$ 2022 2,660,000 2,538,250 5,198,250 2023 2,795,000 2,401,875 5,196,875 2024 2,930,000 2,258,750 5,188,750 2025 3,080,000 2,108,500 5,188,500 2026-2030 17,845,000 8,013,875 25,858,875 2034-2035 17,770,000 2,833,750 20,603,750 2035 5,015,000 125,375 5,140,375 54,625,000$ 22,948,375$ 77,573,375$ Year Ending June 30, 2016 Series A On December 22, 2016, the La Quinta Redevelopment Project Areas No. 1 and 2 Subordinate Tax Allocation Refunding Bonds 2016 Taxable Series A Bonds were issued for $35,055,000 by the Successor Agency to the La Quinta Redevelopment Agency (the “Agency”) to refinance on an advance basis the La Quinta Redevelopment Agency’s (the “Prior Agency”) previously issued $6,000,000 La Quinta Redevelopment Project Area No. 2, Subordinate Taxable Tax Allocation Bonds, Series 2011 (the “2011 Project Area No. 2 Taxable Bonds”) of which $5,810,000 was outstanding and the Prior Agency’s loan obligation under the Loan Agreement, dated February 3, 2004 as supplemented by the Second Supplemental Loan Agreement, dated as of March 1, 2011 (the “2011 Loan Obligation”) in connection with the La Quinta Financing Authority’s previously issued $28,850,000 Local Agency Subordinate Taxable Revenue Bonds, 2011 Series A (the “2011 Taxable Housing Bonds”) of which $26,635,000 was outstanding. 72 City of La Quinta, California Notes to Financial Statements June 30, 2020 The Bonds were issued on a subordinate basis to the $65,600,000 Successor Agency to the La Quinta Redevelopment Agency, La Quinta Redevelopment Project Areas No. 1 and 2, Tax Allocation Refunding Bonds, 2014 Series. The Bonds are payable from and secured by the Pledged Tax Revenues, as defined herein, to be derived from the La Quinta Redevelopment Project Area No. 1 and La Quinta Redevelopment Project Area No. 2. The principal of and interest on the Bonds are payable solely from the pledged tax revenues allocated to the Successor Agency from the project areas. The principal balance of outstanding bonds at June 30, 2020, is $30,745,000 with an unamortized discount of $207,449. The Bonds mature in 2040, but may be called before maturity and redeemed at the option of the Agency, in whole or in part, from the proceeds of refunding bonds or other available funds, on September 1, 2026 or on any date thereafter prior to maturity at a redemption price equal to the principal amount of Bonds to be redeemed, without premium, plus accrued interest to the redemption date. Principal Interest Total 2021 1,365,000$ 1,153,763$ 2,518,763$ 2022 1,395,000 1,118,840 2,513,840 2023 1,430,000 1,079,255 2,509,255 2024 1,465,000 1,035,479 2,500,479 2025 1,510,000 988,315 2,498,315 2026-2030 8,390,000 4,098,680 12,488,680 2031-2035 10,585,000 2,253,832 12,838,832 2036-2040 4,545,000 279,655 4,824,655 2040 60,000 1,358 61,358 30,745,000$ 12,009,177$ 42,754,177$ Year Ending June 30, Loans from the City of La Quinta The City of La Quinta loaned money to the Former Agency to cover operating and capital shortfalls. In a letter dated November 6, 2013, the California Department of Finance approved the loans as enforceable obligations to be paid through Successor Agency property tax. This loan approved split between the City’s General and the Housing Authority Funds. As of June 30, 2020, principal and interest due to the City of La Quinta was $32,587,178. On November 22, 2017, the Department of Finance (DOF) approved the last and final Recognized Obligation Payment Schedules (ROPS). The ROPS is a comprehensive schedule which includes all bond debt service payments, City loan repayments, administration, and annual reporting requirements from fiscal years 2018-2019 to 2039-2040. 73 City of La Quinta, California Notes to Financial Statements June 30, 2020 Pledged Tax Revenues The City pledged, as security for bonds issued, either directly or through the Financing Authority, a portion of tax increment revenue (including Low and Moderate Income Housing set-aside and pass through allocations) that it receives. The bonds issued were to provide financing for various capital projects, accomplish Low and Moderate Income Housing projects and to defease previously issued bonds. Assembly Bill 1X 26 provided that upon dissolution of the Redevelopment Agency, property taxes allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues and will be allocated first to successor agencies to make payments on the indebtedness incurred by the dissolved redevelopment agency. Total principal and interest remaining on the debt is $245,152,363 with annual debt service requirements as indicated above. For the current year, the total property tax revenue recognized by the Successor Agency for the payment of indebtedness incurred was $20,729,863 and the debt service obligation on the bonds was $17,362,437. Insurance The Successor Agency of the Former Agency is covered under the insurance policy of the City of La Quinta at June 30, 2020. Note 18 - Extraordinary Item Annual loan repayments of the loan between the City and the Successor Agency are first applied to principal then interest and when received are allocated 80 percent General Fund and 20 percent Housing Authority Fund. The interest accrued on the adjusted principal amount is reflected as an extraordinary gain by the City and an extraordinary loss in the Successor Agency. The Department of Finance approval of the last and final ROPS increased the quarterly interest rate (from 3% to 4%, since the inception of the loan in November 2006). The interest due as of June 30, 2020 was $13,009,250. Note 19 - Subsequent Events During 2020, the world-wide coronavirus pandemic impacted national and global economies. The City Council and Management are closely monitoring its operations, liquidity and capital resources and is actively working to minimize the current and future impact of this unprecedented situation. As of the date of issuance of these financial statements, the current and future full impact to the City is not known. See Notes to Required Supplementary Information 74 City of La Quinta, California Budgetary Comparison Schedule – General Fund Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 117,637,847$ 117,637,847$ 117,637,847$ -$ Resources (Inflows) Taxes 45,530,600 40,115,600 43,286,632 3,171,032 Licenses and permits 1,315,400 1,346,400 1,913,519 567,119 Intergovernmental 8,561,600 8,626,230 7,079,739 (1,546,491) Charges for services 999,800 999,800 1,179,592 179,792 Use of money and property 553,000 943,000 3,305,351 2,362,351 Fines and forfeitures 276,500 276,500 370,391 93,891 Miscellaneous 610,300 621,300 544,703 (76,597) Extraordinary Item - - 694,234 694,234 Amounts available for appropriations 175,485,047 170,566,677 176,012,008 5,445,331 Charges to Appropriation (Outflows) General government Legislative 308,700 294,700 250,144 44,556 City manager 883,500 861,975 751,206 110,769 City attorney 505,000 565,000 550,548 14,452 Marketing 1,301,600 1,338,469 1,052,957 285,512 Human resources 617,200 537,000 521,077 15,923 City clerk 623,700 580,530 502,284 78,246 Fiscal services 1,253,200 1,256,400 1,194,343 62,057 Central services 2,343,300 5,477,395 1,933,283 3,544,112 The Hub customer services 1,150,100 1,012,100 975,553 36,547 Public safety Police 16,831,100 16,331,100 16,213,250 117,850 Code compliance 1,346,300 1,279,600 1,144,286 135,314 Fire 7,528,600 7,584,300 6,554,167 1,030,133 Planning and development Current planning 536,200 591,000 507,224 83,776 Public buildings 1,109,900 1,142,200 1,069,132 73,068 Building & safety 983,100 899,100 789,707 109,393 Administration 986,300 952,300 869,367 82,933 Community services Community services admin 911,400 912,650 823,403 89,247 Wellness center 796,400 725,720 670,974 54,746 Recreation programs/special events 559,800 633,130 456,413 176,717 Park maintenance 2,330,900 2,155,800 1,958,099 197,701 Public works Administration - - 13,288 (13,288) Development services 619,900 566,500 556,793 9,707 Maintenance/operations - street 19,500 (36,961) 26,145 (63,106) Engineering services 1,229,200 1,252,826 1,168,884 83,942 Capital outlay 285,000 1,453,961 1,196,946 257,015 Transfers out 10,578,600 24,200,923 10,928,870 13,272,053 Total charges to appropriations 55,638,500 72,567,718 52,678,343 19,889,375 Budgetary Fund Balance, June 30 119,846,547$ 97,998,959$ 123,333,665$ 25,334,706$ Budget Amounts See Notes to Required Supplementary Information 75 City of La Quinta, California Budgetary Comparison Schedule – Housing Authority Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 22,041,097$ 22,041,097$ 22,041,097$ -$ Resources (Inflows) Use of money and property 132,000 270,000 1,064,288 794,288 Extraordinary item - 1,061,456 173,558 (887,898) Transfer in - - - - Other income 338,000 396,800 505,482 108,682 Amounts available for appropriations 22,511,097 23,769,353 23,784,425 15,072 Charges to Appropriation (Outflows) Planning and development 859,300 1,341,957 615,052 726,905 Community services - - 350,778 (350,778) Total charges to appropriations 859,300 1,341,957 965,830 376,127 Budgetary Fund Balance, June 30 21,651,797$ 22,427,396$ 22,818,595$ 391,199$ Budget Amounts See Notes to Required Supplementary Information 76 City of La Quinta, California Schedule of Proportionate Share of the Net Pension Liability – Miscellaneous Plan Year Ended June 30, 2020 2015 2016 2017 2018 2019 2020 Proportion of the net pension liability 0.1034%0.1260%0.1257%0.1272%0.1287%0.13134% Proportionate share of the net pension liability 6,433,391$ 8,651,290$ 10,874,098$ 12,612,523$ 12,403,691$ 13,458,200$ Covered payroll 5,421,945$ 5,480,758$ 5,569,002$ 5,739,416$ 6,064,875$ 6,669,204$ Proportionate share of the net pension liability as a percentage of covered payroll 118.65%157.85%195.26%219.75%204.52%201.80% Plan fiduciary net position as a percentage of the total pension liability 79.82%78.40%74.06%73.31%75.30%75.30% * - Fiscal year 2015 was the first year of implementation, therefore, only six years are shown. Changes in Assumptions The discount rate changed from 7.65 percent used for the June 30, 2016 measurement date to 7.15 percent used for the June 30, 2017 measurement date. Covered Payroll In accordance with GASB Statement No. 82, Pension Issues - An Amendment of GASB Statement No. 67, No. 68, and No. 73, we have restated to show covered payroll based on pensionable earnings. See Notes to Required Supplementary Information 77 City of La Quinta, California Schedule of Pension Plan Contributions – Miscellaneous Plan Year Ended June 30, 2020 2015 2016 2017 2018 2019 2020 Actuarially determined contributions - miscellaneous 728,073$ 797,603$ 949,231$ 1,061,439$ 1,284,275$ 1,479,137$ Contributions in relation to the actuarially determined contribution (728,073) (797,603) (949,231) (1,061,439) (1,284,275) (1,479,137) Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ Covered payroll 5,480,758$ 5,569,002$ 5,739,416$ 6,064,875$ 6,669,204$ 7,066,830$ Contributions as a percentage of covered payroll 13.28%14.32%16.54%17.50%19.26%20.93% * - Fiscal year 2015 was the first year of implementation, therefore, only five years are shown. Covered Payroll In accordance with GASB Statement No. 82, Pension Issues - An Amendment of GASB Statement No. 67, No. 68, and No. 73, we have restated to show covered payroll based on pensionable earnings. See Notes to Required Supplementary Information 78 City of La Quinta, California Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios Year Ended June 30, 2020 2019 2020 Total OPEB Liability Service cost 93,438$ 85,174$ Interest 100,177 93,071 Differences between expected and actual experience 71,533 - Changes of assumptions (44,229) (14,219) Benefit payments (86,570) (98,584) Net Change in Total OPEB Liability 134,349 65,442 Total OPEB liability - beginning 1,380,949 1,515,298 Total OPEB liability - ending 1,515,298$ 1,580,740$ Plan Fiduciary Net Position (FNP) Employer contributions 1,609,970$ 98,584$ Net investment income (1,680) 106,805 Benefit payments (86,570) (98,584) Administrative expense (406) (327) Net Change in Plan Fiduciary Net Position 1,521,314 106,478 Plan Fiduciary Net Position- Beginning of Year - 1,521,314 Plan Fiduciary Net Position- End of Year 1,521,314$ 1,627,792$ Net OPEB liability/(asset) - End of Year (6,016) (47,052) Fiduciary Net Position as a percentage of the Total OPEB Liability 100.4%103.0% Covered-employee payroll 6,064,875 6,669,204 Net OPEB liability/(asset) as a percentage of covered-employee payroll -0.1%-0.7% Notes to Schedule: * Fiscal year 2018 was the first year of implementation. See Notes to Required Supplementary Information 79 City of La Quinta, California Schedule of OPEB Contributions Year Ended June 30, 2020 2019 2020 Actuarially determined contribution (ADC)88,280$ 90,229$ Contributions in relation to the (ADC)98,584 98,490 Contribution deficiency (excess)(10,304) (8,261) Covered payroll 6,669,204$ 7,066,830$ Contributions as a percentage of payroll 1.5%1% Notes to Schedule Valuation date:Actuarially determined contribution rates are calculated as of June 30, one year prior to the end of the fiscal year in which contributions reported. Methods and assumptions used to determined contribution rates: Actuarial cost method Entry-Age Normal Cost Method Amortization method Level percent of payroll Amortization period 19 years Asset valuation method Market value Inflation 2.5% Healthcare Trend Rate 7% in the first year, trending down to 4% over 58 years. Investment rate of return 6% Retirement age 55 Mortality Derived using CalPERS Membership Data for all Funds Notes to Schedule: * Fiscal year 2018 was the first year of implementation. 80 City of La Quinta, California Note to Required Supplementary Information June 30, 2020 Note 1 - Budget Procedures General Budget Policies The City adopts an annual budget prepared on the modified accrual basis of accounting for its governmental funds and on the accrual basis of accounting for its proprietary funds. The City manager or his designee is authorized to transfer budgeted amounts between the accounts of any department or funds that are approved by City Council. Prior year appropriations lapse unless they are approved for carryover into the following fiscal year. Expenditures may not legally exceed appropriations at the department level. The City did not adopt a budget for the Transportation Uniform Mitigation Fee Special Revenue Fund. Budget Basis of Accounting Budget for governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Expenditures in Excess of Appropriations The following funds had expenditures in excess of appropriations for the year ended June 30, 2020: Budget Actual Variance South Coast Air Quality Capital Outlay -$ 88,444$ (88,444)$ Supplementary Information June 30, 2020 City of La Quinta, California 82 City of La Quinta, California Other Governmental Funds June 30, 2020 Special Revenue Funds Special revenue funds are used to account for specific revenues (other than expendable trusts and major capital projects) and the related expenditures that are legally required to be accounted for in a separate fund. The City of La Quinta has the following Special Revenue Funds: State Gas Tax Fund – To account for gasoline allocations made by the State of California. These revenues are restricted by the State to expenditures for street-related purposes only. Library and Museum Fund – To account for revenues from property tax increment dedicated library and museum services. Federal Assistance Fund – To account for revenues from the Community Development Block Grants received from the Federal Government and the expenditures of those resources. State Law Enforcement Services Account (SLESA) Fund – To account for state funded “Citizens for Public Safety” (COPS) program activities, as per Assembly Bill 3229, which supplements frontline police services such as anti- gang community crime prevention. Lighting and Landscaping Fund – To account for special assessments levied on real property and the expenditure thereof from City-wide lighting and landscape maintenance and improvements. Quimby Fund – To account for the accumulation of de veloper fees received under the provisions of the Quimby Act for park development and improvements. Capital projects to be funded from this source will be budgeted and expended in a separate capital projects fund. La Quinta Public Safety Officer Fund – To account f or contributions to be distributed to public safety officers disabled or killed in the line of duty. Art in Public Places – To account for development fees paid in lieu of acquisition and installation of approved artworks in a development with expenditures restricted to acquisition, installation, maintenance and repair of artworks at approved sites. South Coast Air Quality Fund – To account for contributions from the South Coast Air Quality Management District. Use is limited to reduction and control of airborne pollutants. AB 939 Fund – To account for the State mandated program to reduce waste sent to the landfills through recycling efforts. 83 City of La Quinta, California Other Governmental Funds June 30, 2020 Law Enforcement Fund – To account for law enforcement grants and restricted revenue for public safety. Measure A Fund – In 1988, Riverside County voters approved a half cent sales tax, known as Measure A, to fund a variety of highway improvements, local street and road maintenance, commuter assistance and specialized highway transit projects. This fund is used to collect this tax and pursuant to the provision of Measure A, it is restricted for local street and road expenditures. Economic Development Fund – To account for the revenues and expenditures related to proceeds from sale of City owned land and future economic development. AB 1379 Fund – To account for the revenues and expenditures related to the annual business license accessibility fee to be used for expenses enhancing accessibility requirements. Transportation Uniform Mitigation Fee Fund – To account for the revenues and expenditures related to Transportation Uniform Mitigation Fee monies. Capital Project Funds Capital projects funds account for the financial resources to be used for the acquisition, construction or improvements of major capital facilities and infrastructure. Infrastructure Fund – To account for the accumulation of resources provided through developer fees for the acquisition, construction or improvement of the City’s infrastructure, prior to adoption of the new Developer Impact Fee Structure on August 16, 1999. This fund accounts for all developer resources received prior to this date, and is budgeted by the Council through adoption of the annual capital improvement program budget. Civic Center Fund – This fund accounts for the accumulation of resources provided through developer fees for the acquisition, construction, or improvement of the Civic Center. Transportation Fund, Parks and Recreations Fund, Library Development Fund, Community Center Fund, Street Facility Fund, Park Facility Fund, Fire Facility Fund – To account for the accumulation of resources provided through developer fees for the acquisition, construction, or improvement of the City’s infrastructure. The Developer Impact Fee was adopted by the City Council on August 16, 1999. Seven funds have been established to account for the specific impact areas of these fees, and are budgeted by the Council through adoption of the annual Capital Improvement Program budget. Debt Service Funds Debt Service Funds are used to account for the accumulation of resources for, and the payment of, governmental long-term debt principal and interest. La Quinta Financing Authority Fund – This fund is used to account for the debt service that will be used for the principal and interest payments of the Financing Authority’s outstanding debt and any related reporting requirements. 84 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2020 State Library and Federal Lighting and Gas Tax Museum Assistance SLESA Landscaping Assets Pooled cash and investments 896,279$ 7,278,099$ 12,813$ 183,098$ 651,786$ Receivables Taxes 111,343 - - - 33,687 Accrued interest 1,422 11,551 20 291 1,034 Prepaid costs - 2,875 - - - Due from other governments - 862,460 - 25,000 - Total assets 1,009,044$ 8,154,985$ 12,833$ 208,389$ 686,507$ Liabilities and Fund Balances Liabilities Accounts payable 3,030$ 101,983$ 18,104$ -$ 31,059$ Accrued liabilities 12,371 2,895 - - 7,608 Due to other governments - - - - - Due to other funds - - - - - Total liabilities 15,401 104,878 18,104 - - 38,667 Deferred Inflow of Resources Unavailable revenues - - - - - Fund Balances Nonspendable Prepaid costs - 2,875 - - - Restricted for Planning and development projects - - - - - Public safety - - - 208,389 - Community services - 8,047,232 - - - Public works 993,643 - - - 647,840 Capital projects - - - - - Unassigned - - (5,271) - - Total fund balances 993,643 8,050,107 (5,271) 208,389 647,840 Total liabilities and fund balances 1,009,044$ 8,154,985$ 12,833$ 208,389$ 686,507$ Special Revenue Funds 85 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2020 La Quinta Public Art in South Coast Quimby Safety Officer Public Places Air Quality AB 939 Assets Pooled cash and investments 1,563,094$ 47,481$ 691,150$ 23,481$ 789,279$ Receivables Taxes - - - - 2,433 Accrued interest 2,481 75 1,097 37 1,253 Prepaid costs - - - - - Due from other governments - - - 13,175 - Total assets 1,565,575$ 47,556$ 692,247$ 36,693$ 792,965$ Liabilities and Fund Balances Liabilities Accounts payable -$ -$ 222$ -$ 3,000$ Accrued liabilities - - - - - Due to other governments - - - - - Due to other funds - - - - - Total liabilities - - - 222 - 3,000 Deferred Inflow of Resources Unavailable revenues - - - 13,174 - Fund Balances Nonspendable Prepaid costs - - - - - Restricted for Planning and development projects - - - 23,519 789,965 Public safety - 47,556 - - - Community services 1,565,575 - 692,025 - - Public works - - - - - Capital projects - - - - - Unassigned - - - - - Total fund balances 1,565,575 47,556 692,025 23,519 789,965 Total liabilities and fund balances 1,565,575$ 47,556$ 692,247$ 36,693$ 792,965$ Special Revenue Funds 86 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2020 Transportation Law Economic Uniform Enforcement Measure A Development AB 1379 Mitigation Fee Assets Pooled cash and investments 1,219,472$ 1,225,205$ 4,122,991$ 37,317$ 236,785$ Receivables Taxes - 300,310 - - - Accrued interest 1,935 1,944 6,543 59 376 Prepaid costs - - - - - Due from other governments - - - - - Total assets 1,221,407$ 1,527,459$ 4,129,534$ 37,376$ 237,161$ Liabilities and Fund Balances Liabilities Accounts payable -$ -$ 63,617$ 311$ 225,664$ Accrued liabilities - - - - - Due to other governments - - - - - Due to other funds 6,287 - - - - Total liabilities 6,287 - 63,617 311 225,664 Deferred Inflow of Resources Unavailable revenues - - - - - Fund Balances Nonspendable Prepaid costs - - - - - Restricted for Planning and development projects - - - 37,065 11,497 Public safety 1,215,120 - - - - Community services - - 4,065,917 - - Public works - 1,527,459 - - - Capital projects - - - - - Unassigned - - - - - Total fund balances 1,215,120 1,527,459 4,065,917 37,065 11,497 Total liabilities and fund balances 1,221,407$ 1,527,459$ 4,129,534$ 37,376$ 237,161$ Special Revenue Funds 87 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2020 Parks and Library Infrastructure Civic Center Transportation Recreation Development Assets Pooled cash and investments 19,378$ 300,794$ 2,317,823$ 293,561$ -$ Receivables Taxes - - - - - Accrued interest 31 477 3,679 466 - Prepaid costs - - - - - Due from other governments - - - - Total assets 19,409$ 301,271$ 2,321,502$ 294,027$ -$ Liabilities and Fund Balances Liabilities Accounts payable -$ -$ -$ -$ -$ Accrued liabilities - - - - Due to other governments - - - - 1,505,187 Due to other funds - - - - - Total liabilities - - - - 1,505,187 Deferred Inflow of Resources Unavailable revenues - - - - - Fund Balances Nonspendable Prepaid costs - - - - - Restricted for Planning and development projects - - - - - Public safety - - - - - Community services - - - - - Public works - - - - - Capital projects 19,409 301,271 2,321,502 294,027 - Unassigned - - - - (1,505,187) Total fund balances 19,409 301,271 2,321,502 294,027 (1,505,187) Total liabilities and fund balances 19,409$ 301,271$ 2,321,502$ 294,027$ -$ Capital Projects Funds 88 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2020 Debt Service Fund Total Community Financing Governmental Center Street Facility Park Facility Fire Facility Authority Funds Assets Pooled cash and investments 192,448$ 39,068$ 5,714$ 135,820$ -$ 22,282,936$ Receivables Taxes - - - - - 447,773 Accrued interest 305 62 9 216 - 35,363 Prepaid costs - - - - - 2,875 Due from other governments - - - - - 900,635 Total assets 192,753$ 39,130$ 5,723$ 136,036$ -$ 23,669,582$ Liabilities and Fund Balances Liabilities Accounts payable -$ -$ -$ -$ -$ 446,990$ Accrued liabilities - - - - - 22,874 Due to other governments - - - - - 1,505,187 Due to other funds - - - - - 6,287 Total liabilities - - - - - 1,981,338 Deferred Inflow of Resources Unavailable revenues - - - - - 13,174 Fund Balances Nonspendable Prepaid costs - - - - - 2,875 Restricted for Planning and development projects - - - - - 862,046 Public safety - - - 136,036 - 1,607,101 Community services - - 5,723 - - 14,376,472 Public works - 39,130 - - - 3,208,072 Capital projects 192,753 - - - - 3,128,962 Unassigned - - - - - (1,510,458) Total fund balances 192,753 39,130 5,723 136,036 - 21,675,070 Total liabilities and fund balances 192,753$ 39,130$ 5,723$ 136,036$ -$ 23,669,582$ Capital Projects Funds 89 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds June 30, 2020 State Library and Federal Lighting and Gas Tax Museum Assistance SLESA Landscaping Revenues Taxes -$ -$ -$ -$ -$ Assessments - - - - 957,017 Intergovernmental 1,644,878 2,860,584 14,599 155,948 - Use of money and property 34,797 271,871 339 6,999 24,062 Developer participation - - - - - Miscellaneous 47,327 - - - - Total revenues 1,727,002 3,132,455 14,938 162,947 981,079 Expenditures Current General government - - - - - Public safety - - - 94,824 - Planning and development - - - - - Community services - 1,885,554 - - - Public works 1,358,997 - 18,105 - 1,865,410 Capital outlay - - - - - Debt service Interest and fiscal charges - - - - - Total expenditures 1,358,997 1,885,554 18,105 94,824 1,865,410 Excess (Deficiency) of Revenues over (under) Expenditures 368,005 1,246,901 (3,167) 68,123 (884,331) Other Financing Sources (Uses) Transfers in 522,968 - - - 994,700 Transfers out (578,159) - (2,104) - - Total other financing sources (uses)(55,191) - (2,104) - 994,700 Net Change in Fund Balances 312,814 1,246,901 (5,271) 68,123 110,369 Fund Balances, Beginning of Year 680,829 6,803,206 - 140,266 537,471 Fund Balances, End of Year 993,643$ 8,050,107$ (5,271)$ 208,389$ 647,840$ Special Revenue Funds 90 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds June 30, 2020 La Quinta Public Art in South Coast Quimby Safety Officer Public Places Air Quality AB 939 Revenues Taxes -$ -$ -$ -$ 67,046$ Assessments - - - - - Intergovernmental - - - 39,884 - Use of money and property 69,690 1,778 26,011 1,649 30,094 Developer participation - - 71,446 - - Miscellaneous - - - - - Total revenues 69,690 1,778 97,457 41,533 97,140 Expenditures Current General government - - - - - Public safety - - - - - Planning and development - - - 32,712 133,180 Community services - - 14,480 - - Public works - - - - - Capital outlay - - 14,400 88,444 - Debt service Interest and fiscal charges - - - - - Total expenditures - - 28,880 121,156 133,180 Excess (Deficiency) of Revenues over (under) Expenditures 69,690 1,778 68,577 (79,623) (36,040) Other Financing Sources (Uses) Transfers in - 2,000 100,000 - - Transfers out (1,933,252) - (12,800) - - Total other financing sources (uses)(1,933,252) 2,000 87,200 - - Net Change in Fund Balances (1,863,562) 3,778 155,777 (79,623) (36,040) Fund Balances, Beginning of Year 3,429,137 43,778 536,248 103,142 826,005 Fund Balances, End of Year 1,565,575$ 47,556$ 692,025$ 23,519$ 789,965$ Special Revenue Funds 91 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds June 30, 2020 Transportation Law Economic Uniform Enforcement Measure A Development AB 1379 Mitigation Fee Revenues Taxes -$ 1,527,360$ -$ -$ -$ Assessments - - - - - Intergovernmental - - - 19,419 - Use of money and property 45,723 50,958 143,489 1,345 4,734 Developer participation - - - - - Miscellaneous - - - - - Total revenues 45,723 1,578,318 143,489 20,764 4,734 Expenditures Current General government - - - - - Public safety 3,206 - - - - Planning and development - - 585,077 3,128 - Community services - - - - - Public works - 13,982 - - - Capital outlay - - - - - Debt service Interest and fiscal charges - - - - - Total expenditures 3,206 13,982 585,077 3,128 - Excess (Deficiency) of Revenues over (under) Expenditures 42,517 1,564,336 (441,588) 17,636 4,734 Other Financing Sources (Uses) Transfers in - - 1,500,000 - - Transfers out - (1,475,690) - - - Total other financing sources (uses)- (1,475,690) 1,500,000 - - Net Change in Fund Balances 42,517 88,646 1,058,412 17,636 4,734 Fund Balances, Beginning of Year 1,172,603 1,438,813 3,007,505 19,429 6,763 Fund Balances, End of Year 1,215,120$ 1,527,459$ 4,065,917$ 37,065$ 11,497$ Special Revenue Funds 92 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds June 30, 2020 Parks and Library Infrastructure Civic Center Transportation Recreation Development Revenues Taxes -$ -$ -$ -$ -$ Assessments - - - - - Intergovernmental - - - - - Use of money and property 715 9,928 86,803 24,439 - Developer participation - 213,014 715,194 448,512 75,336 Miscellaneous - - - - - Total revenues 715 222,942 801,997 472,951 75,336 Expenditures Current General government - - - - - Public safety - - - - - Planning and development 1,410 1,411 1,410 1,410 1,410 Community services - - - - - Public works - - 400,000 - - Capital outlay - - - - - Debt service Interest and fiscal charges - - - - 28,868 Total expenditures 1,410 1,411 401,410 1,410 30,278 Excess (Deficiency) of Revenues over (under) Expenditures (695) 221,531 400,587 471,541 45,058 Other Financing Sources (Uses) Transfers in - - - - - Transfers out - - (541,809) (1,440,287) - Total other financing sources (uses)- - (541,809) (1,440,287) - Net Change in Fund Balances (695) 221,531 (141,222) (968,746) 45,058 Fund Balances, Beginning of Year 20,104 79,740 2,462,724 1,262,773 (1,550,245) Fund Balances, End of Year 19,409$ 301,271$ 2,321,502$ 294,027$ (1,505,187)$ Capital Projects Funds 93 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds June 30, 2020 Debt Service Fund Total Community Financing Governmental Center Street Facility Park Facility Fire Facility Authority Funds Revenues Taxes -$ -$ -$ -$ -$ 1,594,406$ Assessments - - - - - 957,017 Intergovernmental - - - - - 4,735,312 Use of money and property 7,021 1,284 155 4,465 1,100 849,449 Developer participation 28,251 28,967 8,760 97,908 - 1,687,388 Miscellaneous - - - - - 47,327 Total revenues 35,272 30,251 8,915 102,373 1,100 - 9,870,899 Expenditures Current General government - - - - 1,100 1,100 Public safety - - - - - 98,030 Planning and development 1,410 1,410 1,410 1,410 - 766,788 Community services - - - - - 1,900,034 Public works - - - - - 3,656,494 Capital outlay - - - - - 102,844 Debt service Interest and fiscal charges - - - - - 28,868 Total expenditures 1,410 1,410 1,410 1,410 1,100 - 6,554,158 Excess (Deficiency) of Revenues over (under) Expenditures 33,862 28,841 7,505 100,963 - 3,316,741 Other Financing Sources (Uses) Transfers in - - - - - 3,119,668 Transfers out - - - - - (5,984,101) Total other financing sources (uses)- - - - - (2,864,433) Net Change in Fund Balances 33,862 28,841 7,505 100,963 - 452,308 Fund Balances, Beginning of Year 158,891 10,289 (1,782) 35,073 - 21,222,762 Fund Balances, End of Year 192,753$ 39,130$ 5,723$ 136,036$ -$ 21,675,070$ Capital Projects Funds 94 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund State Gas Tax Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 680,829$ 680,829$ 680,829$ -$ Resources (Inflows) Intergovernmental 1,715,900 1,712,400 1,644,878 (67,522) Use of money and property 3,000 3,000 34,797 31,797 Miscellaneous 46,400 46,400 47,327 927 Transfers in 595,600 345,600 522,968 177,368 Amounts available for appropriations 3,041,729 2,788,229 2,930,799 142,570 Charges to Appropriation (Outflows) Public works 1,678,900 1,468,500 1,358,997 109,503 Transfers out 682,000 1,009,634 578,159 431,475 Total charges to appropriations 2,360,900 2,478,134 1,937,156 540,978 Budgetary Fund Balance, June 30 680,829$ 310,095$ 993,643$ 683,548$ Budget Amounts 95 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Library and Museum Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 6,803,206$ 6,803,206$ 6,803,206$ -$ Resources (Inflows) Intergovernmental 2,700,000 2,700,000 2,860,584 160,584 Use of money and property 42,000 42,000 271,871 229,871 Miscellaneous revenue 10,000 10,000 - (10,000) Amounts available for appropriations 9,555,206 9,555,206 9,935,661 380,455 Charges to Appropriation (Outflows) Community services 2,399,100 2,521,100 1,885,554 635,546 Capital Outlay 20,000 20,000 - 20,000 Total charges to appropriations 2,419,100 2,541,100 1,885,554 655,546 Budgetary Fund Balance, June 30 7,136,106$ 7,014,106$ 8,050,107$ 1,036,001$ Budget Amounts 96 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Federal Assistance Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 -$ -$ -$ -$ Resources (Inflows) Intergovernmental 123,200 193,840 14,599 (179,241) Use of money and property - - 339 339 Amounts available for appropriations 123,200 193,840 14,938 (178,902) Charges to Appropriation (Outflows) Public Works 20,000 20,000 18,105 1,895 Transfers out 103,200 177,172 2,104 175,068 Total charges to appropriations 123,200 197,172 20,209 176,963 Budgetary Fund Balance, June 30 -$ (3,332)$ (5,271)$ (1,939)$ Budget Amounts 97 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund SLESA Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 140,266$ 140,266$ 140,266$ -$ Resources (Inflows) Intergovernmental 100,000 100,000 155,948 55,948 Use of money and property 500 500 6,999 6,499 Amounts available for appropriations 240,766 240,766 303,213 62,447 Charges to Appropriation (Outflows) Public safety 100,000 100,000 94,824 5,176 Budgetary Fund Balance, June 30 140,766$ 140,766$ 208,389$ 67,623$ Budget Amounts 98 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Lighting and Landscaping Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 537,471$ 537,471$ 537,471$ -$ Resources (Inflows) Assessments 976,500 976,500 957,017 (19,483) Use of money and property 3,000 3,000 24,062 21,062 Transfers in 1,294,700 994,700 994,700 - Amounts available for appropriations 2,811,671 2,511,671 2,513,250 1,579 Charges to Appropriation (Outflows) Public works 2,274,200 2,165,200 1,865,410 299,790 Budgetary Fund Balance, June 30 537,471$ 346,471$ 647,840$ 301,369$ Budget Amounts 99 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Quimby Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 3,429,137$ 3,429,137$ 3,429,137$ -$ Resources (Inflows) Use of money and property 40,000 40,000 69,690 29,690 Developer participation 100,000 100,000 - (100,000) Amounts available for appropriations 3,569,137 3,569,137 3,498,827 (70,310) Charges to Appropriation (Outflows) Transfers out 263,000 4,714,876 1,933,252 2,781,624 Budgetary Fund Balance, June 30 3,306,137$ (1,145,739)$ 1,565,575$ 2,711,314$ Budget Amounts 100 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Public Safety Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 43,778$ 43,778$ 43,778$ -$ Resources (Inflows) Use of money and property 600 600 1,778 1,178 Transfers in 2,000 2,000 2,000 - Amounts available for appropriations 46,378 46,378 47,556 1,178 Budgetary Fund Balance, June 30 46,378$ 46,378$ 47,556$ 1,178$ Budget Amounts 101 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Art in Public Places Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 536,248$ 536,248$ 536,248$ -$ Resources (Inflows) Use of money and property 5,500 5,500 26,011 20,511 Developer participation 55,000 55,000 71,446 16,446 Transfer In 100,000 100,000 100,000 - Amounts available for appropriations 696,748 696,748 733,705 36,957 Charges to Appropriation (Outflows) Community services 80,000 80,000 14,480 65,520 Capital outlay 80,000 80,000 14,400 65,600 Transfers out - 600,000 12,800 587,200 Total charges to appropriations 160,000 760,000 41,680 718,320 Budgetary Fund Balance, June 30 536,748$ (63,252)$ 692,025$ 755,277$ Budget Amounts 102 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund South Coast Air Quality Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 103,142$ 103,142$ 103,142$ -$ Resources (Inflows) Intergovernmental 52,000 52,000 39,884 (12,116) Use of money and property 1,500 1,500 1,649 149 Amounts available for appropriations 156,642 156,642 144,675 (11,967) Charges to Appropriation (Outflows) Planning and development 114,000 111,500 32,712 78,788 Capital outlay - - 88,444 (88,444) Total charges to appropriations 114,000 111,500 121,156 (9,656) Budgetary Fund Balance, June 30 42,642$ 45,142$ 23,519$ (21,623)$ Budget Amounts 103 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund AB 939 Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 826,005$ 826,005$ 826,005$ -$ Resources (InFlows) Taxes 61,000 61,000 67,046 6,046 Use of money and property 9,000 9,000 30,094 21,094 Amounts available for appropriations 896,005 896,005 923,145 27,140 Charges to Appropriation (OutFlows) Planning and development 50,000 180,000 133,180 46,820 Budgetary Fund Balance, June 30 846,005$ 716,005$ 789,965$ 73,960$ Budget Amounts 104 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Law Enforcement Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 1,172,603$ 1,172,603$ 1,172,603$ -$ Resources (Inflows) Intergovernmental 12,000 12,000 - (12,000) Use of money and property 3,200 3,200 45,723 42,523 Amounts available for appropriations 1,187,803 1,187,803 1,218,326 30,523 Charges to Appropriation (Outflows) Public safety 12,000 12,000 3,206 8,794 Budgetary Fund Balance, June 30 1,175,803$ 1,175,803$ 1,215,120$ 39,317$ Budget Amounts 105 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Measure A Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 1,438,813$ 1,438,813$ 1,438,813$ -$ Resources (Inflows) Taxes 1,294,300 1,294,300 1,527,360 233,060 Use of money and property 15,000 15,000 50,958 35,958 Miscellaneous revenue 2,000 2,000 - (2,000) Amounts available for appropriations 2,750,113 2,750,113 3,017,131 267,018 Charges to Appropriation (OutFlows) Public Works 4,000 10,000 13,982 (3,982) Transfers out 1,294,300 2,986,248 1,475,690 1,510,558 Total charges to appropriations 1,298,300 2,996,248 1,489,672 1,506,576 Budgetary Fund Balance, June 30 1,451,813$ (246,135)$ 1,527,459$ 1,773,594$ Budget Amounts 106 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Economic Development Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 3,007,505$ 3,007,505$ 3,007,505$ -$ Resources (Inflows) Use of money and property - - 143,489 143,489 Transfer in - 1,500,000 1,500,000 - Amounts available for appropriations 3,007,505 4,507,505 4,650,994 143,489 Charges to Appropriation (Outflows) Planning and development - 1,500,000 585,077 914,923 Budgetary Fund Balance, June 30 3,007,505$ 3,007,505$ 4,065,917$ 1,058,412$ Budget Amounts 107 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund AB 1379 Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 19,429$ 19,429$ 19,429$ -$ Resources (Inflows) Intergovernmental 21,000 21,000 19,419 (1,581) Use of money and property 200 200 1,345 1,145 Amounts available for appropriations 40,629 40,629 40,193 (436) Charges to Appropriation (Outflows) Planning and development 4,600 5,600 3,128 2,472 Budgetary Fund Balance, June 30 36,029$ 35,029$ 37,065$ 2,036$ Budget Amounts 108 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Capital Improvement Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 (379,922)$ (379,922)$ (379,922)$ -$ Resources (Inflows) Intergovernmental 10,149,800 31,393,170 5,292,544 (26,100,626) Contributions from other agencies - - 294,802 294,802 Developer participation 49,900 1,369,008 176,199 (1,192,809) Miscellaneous revenue - - 273,583 273,583 Transfers in 11,022,300 40,553,514 13,347,741 (27,205,773) Amounts available for appropriations 20,842,078 72,935,770 19,004,947 (53,930,823) Charges to Appropriation (Outflows) Planning and development - 2,813,608 819,011 1,994,597 Capital outlay 21,222,000 70,754,819 21,850,721 48,904,098 Total charges to appropriations 21,222,000 73,568,427 22,669,732 50,898,695 Budgetary Fund Balance, June 30 (379,922)$ (632,657)$ (3,664,785)$ (3,032,128)$ Budget Amounts 109 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Infrastructure Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 20,104$ 20,104$ 20,104$ -$ Resources (Inflows) Use of money and property 300 300 715 415 Amounts available for appropriations 20,404 20,404 20,819 415 Charges to Appropriation (Outflows) Planning and development - 1,500 1,410 90 Transfers out - 22,618 - 22,618 Total charges to appropriations - 24,118 1,410 22,708 Budgetary Fund Balance, June 30 20,404$ (3,714)$ 19,409$ 23,123$ Budget Amounts 110 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Civic Center Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 79,740$ 79,740$ 79,740$ -$ Resources (Inflows) Use of money and property - - 9,928 9,928 Developer participation 110,000 110,000 213,014 103,014 Amounts available for appropriations 189,740 189,740 302,682 112,942 Charges to Appropriation (Outflows) Debt service Interest and fiscal charges 13,000 - - - Planning and development - 1,500 1,411 89 Total charges to appropriations 13,000 1,500 1,411 89 Budgetary Fund Balance, June 30 176,740$ 188,240$ 301,271$ 113,031$ Budget Amounts 111 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Transportation Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 2,462,724$ 2,462,724$ 2,462,724$ -$ Resources (Inflows) Use of money and property 45,000 45,000 86,803 41,803 Developer participation 350,000 350,000 715,194 365,194 Amounts available for appropriations 2,857,724 2,857,724 3,264,721 406,997 Charges to Appropriation (OutFlows) Planning and development - 1,500 1,410 90 Public works 400,000 400,000 400,000 - Transfers out 83,700 1,207,230 541,809 665,421 Total charges to appropriations 483,700 1,608,730 943,219 665,511 Budgetary Fund Balance, June 30 2,374,024$ 1,248,994$ 2,321,502$ 1,072,508$ Budget Amounts 112 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Parks and Recreation Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 1,262,773$ 1,262,773$ 1,262,773$ -$ Resources (Inflows) Use of money and property 6,000 6,000 24,439 18,439 Developer participation 300,000 300,000 448,512 148,512 Amounts available for appropriations 1,568,773 1,568,773 1,735,724 166,951 Charges to Appropriation (Outflows) Planning and development - 1,500 1,410 90 Transfers out - 2,400,000 1,440,287 959,713 Total charges to appropriations - 2,401,500 1,441,697 959,803 Budgetary Fund Balance, June 30 1,568,773$ (832,727)$ 294,027$ 1,126,754$ Budget Amounts 113 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Library Development Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 (1,550,245)$ (1,550,245)$ (1,550,245)$ -$ Resources (Inflows) Developer participation 45,000 45,000 75,336 30,336 Amounts available for appropriations (1,505,245) (1,505,245) (1,474,909) 30,336 Charges to Appropriation (Outflows) Debt service Interest and fiscal charges 32,000 32,000 28,868 3,132 Planning and development - 1,500 1,410 90 Total charges to appropriations 32,000 33,500 30,278 3,222 Budgetary Fund Balance, June 30 (1,537,245)$ (1,538,745)$ (1,505,187)$ 33,558$ Budget Amounts 114 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Community Center Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 158,891$ 158,891$ 158,891$ -$ Resources (Inflows) Use of money and property 2,000 2,000 7,021 5,021 Developer participation 20,000 20,000 28,251 8,251 Amounts available for appropriations 180,891 180,891 194,163 13,272 Charges to Appropriation (Outflows) Planning and development - 1,500 1,410 90 Transfers out - 101,639 - 101,639 Total charges to appropriations - 103,139 1,410 101,729 Budgetary Fund Balance, June 30 180,891$ 77,752$ 192,753$ 115,001$ Budget Amounts 115 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Street Facility Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 10,289$ 10,289$ 10,289$ -$ Resources (Inflows) Use of money and property - - 1,284 1,284 Developer participation 17,000 17,000 28,967 11,967 Transfers in 6,000 - - - Amounts available for appropriations 33,289 27,289 40,540 13,251 Charges to Appropriation (Outflows) Debt service Interest and fiscal charges 30,000 - - - Planning and development - 1,500 1,410 90 Total charges to appropriations 30,000 1,500 1,410 90 Budgetary Fund Balance, June 30 3,289$ 25,789$ 39,130$ 13,341$ Budget Amounts 116 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Park Facility Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 (1,782)$ (1,782)$ (1,782)$ -$ Resources (Inflows) Use of money and property - - 155 155 Developer participation 7,000 7,000 8,760 1,760 Amounts available for appropriations 5,218 5,218 7,133 1,915 Charges to Appropriation (Outflows) Planning and development - 1,500 1,410 90 Transfers out 6,000 - - - Total charges to appropriations 6,000 1,500 1,410 90 Budgetary Fund Balance, June 30 (782)$ 3,718$ 5,723$ 2,005$ Budget Amounts 117 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Fire Facility Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 35,073$ 35,073$ 35,073$ -$ Resources (Inflows) Use of money and property - - 4,465 4,465 Developer participation 55,000 55,000 97,908 42,908 Amounts available for appropriations 90,073 90,073 137,446 47,373 Charges to Appropriation (Outflows) Debt service Interest and fiscal charges 7,500 - - - Planning and development - 1,500 1,410 90 Total charges to appropriations 7,500 1,500 1,410 90 Budgetary Fund Balance, June 30 82,573$ 88,573$ 136,036$ 47,463$ Budget Amounts 118 City of La Quinta, California Budgetary Comparison Schedule – Debt Service Fund Financing Authority Year Ended June 30, 2020 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 -$ -$ -$ -$ Resources (Inflows) Use of money and property 1,000 1,000 1,100 100 Amounts available for appropriations 1,000 1,000 1,100 100 Charges to Appropriation (Outflows) General government 1,000 1,000 1,100 (100) Budgetary Fund Balance, June 30 -$ -$ -$ -$ Budget Amounts 119 City of La Quinta, California Internal Service Funds Year Ended June 30, 2020 Internal service funds are used to account for activities involved in rendering services to departments within the City. Costs of materials and services used are accumulated in this fund and charged to the user departments as such good are delivered or services rendered. The City of La Quinta has the following Internal Service Funds: Equipment Replacement Fund – To account for the operational maintenance and ultimate replacement of City owned and operated vehicles and equipment. Information Technology Fund – To account for the purchase and replacement of information systems. Park Equipment and Facilities Fund – To account for the purchase and replacement of City owned and operated park equipment and facilities. Insurance Fund – To account for the City’s insurance coverage. 120 City of La Quinta, California Combining Statement of Net Position Internal Service Funds June 30, 2020 Park Equipment Information Equipment Replacement Technology and Facilities Insurance Totals Assets Current Pooled cash and investments 3,346,414$ 1,244,671$ 3,649,774$ 21,086$ 8,261,945$ Receivables Accrued interest 5,311 1,975 5,792 33 13,111 Prepaid costs - 74,913 - 384,187 459,100 Total current assets 3,351,725 1,321,559 3,655,566 405,306 8,734,156 Noncurrent Capital assets - net of accumulated depreciation 1,421,511 353,781 12,615,174 - 14,390,466 Total assets 4,773,236 1,675,340 16,270,740 405,306 23,124,622 Liabilities Current Accounts payable 143,167 41,946 31,518 - 216,631 Accrued liabilities - 1,372 - - 1,372 Current portion of capital leases 201,526 33,601 - - 235,127 Total current liabilities 344,693 76,919 31,518 - 453,130 Noncurrent Long-term portion of capital leases 376,720 84,004 - - 460,724 Total liabilities 721,413 160,923 31,518 - 913,854 Net Position Net investment in capital assets 843,265 236,176 12,615,174 - 13,694,615 Unrestricted 3,208,558 1,278,241 3,624,048 405,306 8,516,153 Total net position 4,051,823$ 1,514,417$ 16,239,222$ 405,306$ 22,210,768$ Governmental Activities - Internal Service Funds 121 City of La Quinta, California Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds Year Ended June 30, 2020 Park Equipment Information Equipment and Replacement Technology Facilities Insurance Totals Operating Revenues Sales and service charges 869,200$ 1,385,555$ 337,000$ 933,250$ 3,525,005$ Operating Expenses Administration and general 79,263 45,040 - 281,054 405,357 Fuel and oil 73,751 - - - 73,751 Maintenance and parts 237,952 163 - - 238,115 Contract services - 525,067 230,422 - 755,489 Software and supplies - 713,689 - 615,437 1,329,126 Depreciation expense 255,452 290,916 544,770 - 1,091,138 Total operating expenses 646,418 1,574,875 775,192 896,491 3,892,976 Operating Income (Loss)222,782 (189,320) (438,192) 36,759 (367,971) Nonoperating Revenue (Expenses) Interest revenue 125,711 46,436 139,171 1,293 312,611 Miscellaneous revenue - - 327,338 2,358 329,696 Interest expense (69,155) (26) - - (69,181) Total nonoperating revenues 56,556 46,410 466,509 3,651 573,126 Income (Loss) Before Transfers 279,338 (142,910) 28,317 40,410 205,155 Transfers in - 100,000 - - 100,000 Transfers out (150,120) - (139,518) - (289,638) Changes in Net Position 129,218 (42,910) (111,201) 40,410 15,517 Net Position Beginning of Year 3,922,605 1,557,327 16,350,423 364,896 22,195,251 End of Year 4,051,823$ 1,514,417$ 16,239,222$ 405,306$ 22,210,768$ Governmental Activities - Internal Service Funds 122 City of La Quinta, California Combining Statement of Cash Flows Internal Service Funds Year Ended June 30, 2020 Park Equipment Information Equipment Replacement Technology and Facilities Insurance Totals Operating Activities Cash received from interfund services provided 869,200$ 1,385,555$ 337,000$ 933,250$ 3,525,005$ Cash paid to suppliers for goods and services (275,546) (1,281,001) (199,219) (915,796) (2,671,562) Cash paid to employees for services - - - (1,286) (1,286) Net Cash from Operating Activities 593,654 104,554 137,781 16,168 852,157 Non-Capital Financing Activities Cash transfers out (150,120) - (139,518) - (289,638) Cash transfers in - 100,000 - - 100,000 Net Cash from (used for) Non-Capital Financing Activities (150,120) 100,000 (139,518) - (189,638) Capital and Related Financing Activities Capital contributions - - 327,339 - 327,339 Acquisition and construction of capital assets (361,614) (187,082) (327,339) - (876,035) Interest paid on capital debt (69,155) (26) - - (69,181) Net Cash from (used for) Capital and Related Financing Activities (430,769) (187,108) - - (617,877) Investing Activities Interest received 129,317 47,743 143,142 3,622 323,824 Net Change in Cash and Cash Equivalents 142,082 65,189 141,405 - 19,790 - 368,466 Cash and Cash Equivalents, Beginning of Year 3,204,332 1,179,482 3,508,369 1,296 7,893,479 Cash and Cash Equivalents, End of Year 3,346,414$ 1,244,671$ 3,649,774$ 21,086$ 8,261,945$ - - - - - - Reconciliation of operating income to net cash from (used for) operating activities Operating income (loss)222,782$ (189,320)$ (438,192)$ 36,759$ (367,971)$ Adjustments to reconcile operating income (loss) to net cash from (used for) operating activities Depreciation 255,452 290,916 544,770 - 1,091,138 Changes in Prepaid costs - 15,462 - 366,140 381,602 Accounts payable 115,420 (13,177) 31,203 (6) 133,440 Accrued liabilities - 673 - (1,286) (613) Due to other funds - - - (385,439) (385,439) Net Cash from Operating Activities 593,654$ 104,554$ 137,781$ 16,168$ 852,157$ Non-Cash Transactions - - - - Capital assets acquired by capital lease -$ 116,966$ -$ -$ 116,966$ Governmental Activities - Internal Service Funds Statistical Section June 30, 2020 City of La Quinta, California This page intentionally left blank. 123 City of La Quinta Statistical Section Year Ended June 30, 2020 This part of the City of La Quinta’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. Contents Page Financial Trends These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.124 Revenue Capacity These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property taxes.136 Debt Capacity These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to use additional debt in the future.146 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments.153 Operating Information These schedules contain information about the City's operations and resources to help the reader understand how the City's financial information relates to the services the City provides and the activities it performs.156 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. CITY OF LA QUINTA Net Position by Component Last Ten Fiscal Years (Accrual basis of accounting) 2011 2012 2013 2014 2015 Governmental Activities Net investment in capital assets 276,787,752$ 534,388,479$ 529,681,342$ 527,614,666$ 523,495,389$ Restricted 107,042,126 26,585,382 49,598,397 53,669,248 62,472,221 Unrestricted 97,009,428 89,832,811 83,399,745 83,907,046 74,362,189 Total Governmental Activities Net Position 480,839,306 650,806,672 662,679,484 665,190,960 660,329,799 Business-Type Activities Net investment in capital assets 42,491,051 42,105,683 41,741,443 41,354,565 44,118,111 Restricted - - - - - Unrestricted (4,918,951) (4,745,892) (4,750,604) (4,674,666) (4,892,647) Total Business-Type Activities Net Position 37,572,100 37,359,791 36,990,839 36,679,899 39,225,464 Primary Government Net investment in capital assets 319,278,803 576,494,162 571,422,785 568,969,231 567,613,500 Restricted 107,042,126 26,585,382 49,598,397 53,669,248 62,472,221 Unrestricted 92,090,477 85,086,919 78,649,141 79,232,380 69,469,542 Total Primary Government Net Position 518,411,406 688,166,463 699,670,323 701,870,859 699,555,263 Fiscal Year Source:City of La Quinta 124 TABLE 1 2016 2017 2018 2019 2020 Governmental Activities: 516,499,682$ 517,039,487$ 510,913,594$ 519,221,969$ 509,777,422$ Net investment in capital assets 61,148,731 38,824,860 39,204,789 44,815,499 46,001,248 Restricted 84,439,071 118,125,125 130,950,644 138,584,041 142,418,499 Unrestricted 662,087,484 673,989,472 681,069,027 702,621,509 698,197,169 Total Governmental Activities Net Position Business-Type Activities: 43,898,784 43,836,868 43,585,880 43,375,536 39,712,955 Net investment in capital assets - - - - - Restricted (5,086,906) (5,140,966) (5,203,212) 240,125 3,145,820 Unrestricted 38,811,878 38,695,902 38,382,668 43,615,661 42,858,775 Total Business-Type Activities Net Position Primary Government: 560,398,466 560,876,355 554,499,474 562,597,505 549,490,377 Net investment in capital assets 61,148,731 38,824,860 39,204,789 44,815,499 46,001,248 Restricted 79,352,165 112,984,159 125,747,432 138,824,166 145,564,319 Unrestricted 700,899,362 712,685,374 719,451,695 746,237,170 741,055,944 Total Primary Government Net Position 125 CITY OF LA QUINTA Changes in Net Position Last Ten Fiscal Years (Accrual basis of accounting) 2011 2012 2013 2014 2015 Expenses Governmental activities: General government 11,283,358$ 6,183,712$ 4,511,023$ 4,830,239$ 5,166,732$ Public safety 21,070,458 20,815,454 21,047,691 21,169,423 21,636,149 Planning and development 18,715,283 6,378,352 2,274,541 3,098,015 2,212,013 Community services 4,735,964 5,093,402 4,986,104 4,130,085 5,992,362 Public works 10,757,279 13,288,521 11,803,133 12,610,994 18,116,732 Contribution to other agencies 31,324,064 - - - - Interest on long-term debt 14,353,359 3,021,496 447,048 405,977 340,716 Total governmental activities expenditures 112,239,765 54,780,937 45,069,540 46,244,733 53,464,704 Business-type activities: Golf course 4,202,274 4,085,282 4,208,855 4,971,977 5,053,360 Total business-type activities expenditures 4,202,274 4,085,282 4,208,855 4,971,977 5,053,360 116,442,039 58,866,219 49,278,395 51,216,710 58,518,064 Program Revenues Governmental activities: Charges for services: General government 47,696 86,869 38,812 71,042 121,140 Public safety 1,044,399 1,020,822 927,604 1,412,819 1,655,421 Planning and development 74,471 68,470 112,695 595,980 489,589 Community services 210,151 247,397 245,392 1,224,719 307,869 Public works 1,086,771 1,080,744 1,209,438 1,195,703 1,197,069 Operating grants and contributions 13,152,942 11,289,673 28,068,940 14,587,153 16,829,107 Capital grants and contributions 3,157,828 9,990,793 3,981,286 3,536,444 Total governmental activities program revenues 18,774,258 23,784,768 30,602,881 23,068,702 24,136,639 Business-type activities: Charges for services: Golf course 3,756,615 3,871,898 3,736,879 3,481,424 3,561,857 Capital grants and contributions - - - - 2,872,122 Total business-type activities program revenues 3,756,615 3,871,898 3,736,879 3,481,424 6,433,979 22,530,873 27,656,666 34,339,760 26,550,126 30,570,618 Net Revenues (Expenditures): Governmental activities (93,465,507) (30,996,169) (14,466,659) (23,176,031) (29,328,065) Business-type activities (445,659) (213,384) (471,976) (1,490,553) 1,380,619 (93,911,166) (31,209,553) (14,938,635) (24,666,584) (27,947,446) General Revenues and Other Changes in Net Position: Governmental activities: Taxes: Property taxes 5,942,353 21,370,476 7,043,604 9,193,753 8,776,491 Tax increment 32,569,795 - - - - Transient occupancy taxes 4,737,968 5,446,883 5,980,684 6,307,737 6,637,183 Sales tax 7,323,835 7,713,741 7,833,545 8,786,819 8,873,008 Franchise taxes 1,607,829 1,687,440 1,669,476 1,688,263 1,861,453 Business license taxes 285,270 293,592 292,966 307,654 306,087 Other taxes 437,235 428,963 518,778 580,834 530,336 Motor vehicle in lieu, unrestricted 3,515,395 3,173,826 3,157,330 3,291,042 3,486,367 Investment income 4,693,974 1,925,255 1,605,718 2,190,357 1,981,343 Gain (loss) on sale of capital assets - - 28,551 - - Miscellaneous 3,211,584 268,644 192,509 243,498 296,346 Special Item (interfund loan payoff) Extraordinary gain/loss on dissolution of RDA - 158,654,715 (2,189,984) (6,402,450) - Transfers - - - (500,000) (247,739) Total governmental activities 64,325,238 200,963,535 26,133,177 25,687,507 32,500,875 Business-type activities: Investment income 2,125 1,075 2,225 1,567 2,043 Gain (loss) on sale of capital assets - - - - - Miscellaneous - - 100,799 678,046 915,164 Transfers - - - 500,000 247,739 Total business-type activities 2,125 1,075 103,024 1,179,613 1,164,946 Total Primary Government 64,327,363 200,964,610 26,236,201 26,867,120 33,665,821 Changes in Net Position Governmental activities (29,140,269) 169,967,366 11,666,518 2,511,476 3,172,810 Business-type activities (443,534) (212,309) (368,952) (310,940) 2,545,565 Total Primary Government (29,583,803) 169,755,057 11,297,566 2,200,536 5,718,375 Total Primary Government Expenditures Total Primary Government Program Revenues Fiscal Year Total Net Revenues (Expenditures) Source:City of La Quinta For fiscal 2018/19, there is a one-time entry for an interfund loan noted as a 'special item' under governmental activites and 'miscellaneous' under business type activities. This is also dicussed in the Notes to Basic Financial Statements section of the 2018/19 CAFR, Note 19: Special Item. 126 TABLE 2 2016 2017 2018 2019 2020 Expenditures: Governmental activities: 5,645,004$ 5,565,727$ 8,869,174$ 9,085,863$ 9,877,251$ General government 22,067,603 23,378,824 22,508,088 23,164,976 24,009,725 Public safety 3,359,732 2,882,321 4,352,134 5,913,321 5,845,836 Planning and development 6,214,098 6,584,268 9,231,268 6,202,084 11,362,950 Community services 12,157,245 10,927,160 15,580,975 4,430,519 32,248,031 Public works - - Contribution to other agencies 343,129 309,463 1,468,971 210,941 98,049 Interest on long-term debt 49,786,811 49,647,763 62,010,610 49,007,703 83,441,842 Total governmental activities expenditures Business-type activities: 4,373,586 3,965,644 4,318,463 4,558,922 4,148,190 Golf course 4,373,586 3,965,644 4,318,463 4,558,922 4,148,190 Total business-type activities expenditures 54,160,397 53,613,407 66,329,073 53,566,625 87,590,032 Total Primary Government Expenditures Program Revenues: Governmental activities: Charges for services: 192,538 504,127 883,153 516,115 615,348 General government 1,378,704 341,368 367,848 376,249 367,277 Public safety 467,053 564,327 724,499 636,683 799,040 Planning and development 386,824 453,098 442,656 479,542 366,896 Community services 1,134,630 741,703 1,054,902 1,119,816 1,436,362 Public works 12,213,338 6,187,803 4,259,916 5,623,509 7,817,482 Operating grants and contributions 1,076,145 3,316,153 4,455,060 5,462,395 9,613,752 Capital grants and contributions 16,849,232 12,108,579 12,188,034 14,214,310 21,016,157 Total governmental activities program revenues Business-type activities: Charges for services: 3,621,495 3,446,340 3,567,718 3,773,396 2,746,748 Golf course - - Capital grants and contributions 3,621,495 3,446,340 3,567,718 3,773,396 2,746,748 Total business-type activities program revenues 20,470,727 15,554,919 15,755,752 17,987,706 23,762,905 Total Primary Government Program Revenues Net Revenues (Expenditures): (32,937,579) (37,539,184) (49,822,576) (34,793,394) (62,425,685) Governmental activities (752,091) (519,304) (750,745) (785,526) (1,401,442) Business-type activities (33,689,670) (38,058,488) (50,573,321) (35,578,920) (63,827,127) Total Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: Governmental activities: Taxes: 8,798,296 15,521,335 15,887,015 16,423,843 16,710,544 Property taxes - - - - - Tax increment 7,835,745 9,433,970 10,752,788 11,230,915 8,079,394 Transient occupancy taxes 9,107,046 10,060,305 18,956,985 20,905,243 19,136,015 Sales tax 1,799,938 1,815,491 1,977,179 2,032,848 1,996,593 Franchise taxes 334,465 365,451 345,187 418,707 378,744 Business license taxes 516,964 585,333 718,472 713,237 662,545 Other taxes 3,651,549 3,813,213 3,941,348 4,086,536 4,290,417 Motor vehicle in lieu, unrestricted 2,390,468 442,710 803,654 5,150,613 5,110,358 Investment income - - - - - Gain (loss) on sale of capital assets 376,193 460,614 649,566 394,347 1,404,143 Miscellaneous (5,553,561) - Special Item (interfund loan payoff) - 7,344,050 3,624,121 993,148 867,792 Extraordinary gain/loss on dissolution of RDA (115,400) (401,300) (434,000) (450,000) (635,200) Transfers 34,695,264 49,441,172 57,222,315 56,345,876 58,001,345 Total governmental activities Business-type activities: 4,282 2,028 3,511 14,958 9,356 Investment income - - - - - Gain (loss) on sale of capital assets 218,823 - - 5,553,561 - Miscellaneous 115,400 401,300 434,000 450,000 635,200 Transfers 338,505 403,328 437,511 6,018,519 644,556 Total business-type activities 35,033,769 49,844,500 57,659,826 62,364,395 58,645,901 Total Primary Government Changes in Net Position 1,757,685 11,901,988 7,399,739 21,552,482 (4,424,340) Governmental activities (413,586) (115,976) (313,234) 5,232,993 (756,886) Business-type activities 1,344,099 11,786,012 7,086,505 26,785,475 (5,181,226) Total Primary Government 127 CITY OF LA QUINTA Changes in Net Position - Governmental Activities Last Ten Fiscal Years (Accrual basis of accounting) 2011 2012 2013 2014 2015 Expenses General government 11,283,358$ 6,183,712$ 4,511,023$ 4,830,239$ 5,166,732$ Public safety 21,070,458 20,815,454 21,047,691 21,169,423 21,636,149 Planning and development 18,715,283 6,378,352 2,274,541 3,098,015 2,212,013 Community services 4,735,964 5,093,402 4,986,104 4,130,085 5,992,362 Public works 10,757,279 13,288,521 11,803,133 12,610,994 18,116,732 Contribution to other agencies 31,324,064 - - - - Interest on long-term debt 14,353,359 3,021,496 447,048 405,977 340,716 Total Governmental Activities Expenditures 112,239,765 54,780,937 45,069,540 46,244,733 53,464,704 Program Revenues Charges for services: General government 47,696 86,869 38,812 71,042 121,140 Public safety 1,044,399 1,020,822 927,604 1,412,819 1,655,421 Planning and development 74,471 68,470 112,695 595,980 489,589 Community services 210,151 247,397 245,392 1,224,719 307,869 Public works 1,086,771 1,080,744 1,209,438 1,195,703 1,197,069 Operating grants and contributions 13,152,942 11,289,673 28,068,940 14,587,153 16,829,107 Capital grants and contributions 3,157,828 9,990,793 4,115,238 3,981,286 3,536,444 18,774,258 23,784,768 34,718,119 23,068,702 24,136,639 Net Revenues (Expenditures)(93,465,507) (30,996,169) (10,351,421) (23,176,031) (29,328,065) General Revenues and Other Changes in Net Position Taxes: Property taxes 5,942,353 21,370,476 7,043,604 9,193,753 8,776,491 Tax increment 32,569,795 - - - - Transient occupancy taxes 4,737,968 5,446,883 5,980,684 6,307,737 6,637,183 Sales tax 7,323,835 7,713,741 7,833,545 8,786,819 8,873,008 Franchise tax 1,607,829 1,687,440 1,669,476 1,688,263 1,861,453 Business license taxes 285,270 293,592 292,966 307,654 306,087 Other tax 437,235 428,963 518,778 580,834 530,336 Motor vehicle in lieu, unrestricted 3,515,395 3,173,826 3,157,330 3,291,042 3,486,367 Investment income 4,693,974 1,925,255 1,605,718 2,190,357 1,981,343 Gain (loss) on sale of capital assets - - 28,551 - - Miscellaneous 3,211,584 268,644 192,509 243,498 296,346 Special item (interfund loan payoff) Extraordinary gain/loss on dissolution of RDA - 158,654,715 (2,189,984) (6,402,450) - Transfers - - - (500,000) (247,739) Total Governmental Activities 64,325,238 200,963,535 26,133,177 25,687,507 32,500,875 Changes in Net Position (29,140,269) 169,967,366 15,781,756 2,511,476 3,172,810 Fiscal Year Total Governmental Activities Program Revenues Source:City of La Quinta 128 TABLE 3 2016 2017 2018 2019 2020 Expenditures: 5,645,004$ 5,565,727$ 8,869,174$ 9,085,863$ 9,877,251$ General government 22,067,603 23,378,824 22,508,088 23,164,976 24,009,725 Public safety 3,359,732 2,882,321 4,352,134 5,913,321 5,845,836 Planning and development 6,214,098 6,584,268 9,231,268 6,202,084 11,362,950 Community services 12,157,245 10,927,160 15,580,975 4,430,519 32,248,031 Public works - - - - - Contribution to other agencies 343,129 309,463 1,468,971 210,941 98,049 Interest on long-term debt 49,786,811 49,647,763 62,010,610 49,007,703 83,441,842 Total Governmental Activities Expenditures Program Revenues: Charges for services: 192,538 504,127 883,153 516,115 615,348 General government 1,378,704 341,368 367,848 376,249 367,277 Public safety 467,053 564,327 724,499 636,683 799,040 Planning and development 386,824 453,098 442,656 479,542 366,896 Community services 1,134,630 741,703 1,054,902 1,119,816 1,436,362 Public works 12,213,338 6,187,803 4,259,916 5,623,509 7,817,482 Operating grants and contributions 1,076,145 3,316,153 4,455,060 5,462,395 9,613,752 Capital grants and contributions 16,849,232 12,108,579 12,188,034 14,214,310 21,016,157 Total Governmental Activities Program Revenues (32,937,579) (37,539,184) (49,822,576) (34,793,394) (62,425,685) Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: Taxes: 8,798,296 15,521,335 15,887,015 16,423,843 16,710,544 Property taxes - - - - - Tax increment 7,835,745 9,433,970 10,752,788 11,230,915 8,079,394 Transient occupancy taxes 9,107,046 10,060,305 18,956,985 20,905,243 19,136,015 Sales tax 1,799,938 1,815,491 1,977,179 2,032,848 1,996,593 Franchise tax 334,465 365,451 345,187 418,707 378,744 Business license taxes 516,964 585,333 718,472 713,237 662,545 Other tax 3,651,549 3,813,213 3,941,348 4,086,536 4,290,417 Motor vehicle in lieu, unrestricted 2,390,468 442,710 803,654 5,150,613 5,110,358 Investment income 376,193 460,614 649,566 394,347 1,404,143 Gain (loss) on sale of capital assets - - - - - Miscellaneous (5,553,561) - Special item (interfund loan payoff) - 7,344,050 3,624,121 993,148 867,792 Extraordinary gain/loss on dissolution of RDA (115,400) (401,300) (434,000) (450,000) (635,200) Transfers 34,695,264 49,441,172 57,222,315 56,345,876 58,001,345 Total Governmental Activities 1,757,685 11,901,988 7,399,739 21,552,482 (4,424,340) Changes in Net Position 129 CITY OF LA QUINTA Changes in Net Position - Business-type Activities Last Ten Fiscal Years (Accrual basis of accounting) 2011 2012 2013 2014 2015 Expenses Golf course 4,202,274$ 4,085,282$ 4,208,855$ 4,971,977$ 5,053,360$ Total Business-Type Activities Expenditures 4,202,274 4,085,282 4,208,855 4,971,977 5,053,360 Program revenues Charges for services: Golf course 3,756,615 3,871,898 3,736,879 3,481,424 3,561,857 Capital grants and contributions - - - - 2,872,122 3,756,615 3,871,898 3,736,879 3,481,424 6,433,979 Net Revenues (Expenditures)(445,659) (213,384) (471,976) (1,490,553) 1,380,619 General Revenues and Other Changes in Net Position Investment income 2,125 1,075 2,225 1,567 2,043 Gain (loss) on sale of capital assets - - - - - Miscellaneous - - 100,799 678,046 915,164 Transfers - - - 500,000 247,739 Capital contributions - - - - - Total Business-Type Activities 2,125 1,075 103,024 1,179,613 1,164,946 Changes in Net Position (443,534) (212,309) (368,952) (310,940) 2,545,565 Total Business-Type Activities Program Revenues Fiscal Year Source:City of La Quinta 130 TABLE 4 2016 2017 2018 2019 2020 Expenditures: 4,373,586$ 3,965,644$ 4,318,463$ 4,558,922$ 4,148,190$ Golf course 4,373,586 3,965,644 4,318,463 4,558,922 4,148,190 Total Business-Type Activities Expenditures Program revenues: Charges for services: 3,621,495 3,446,340 3,567,718 3,773,396 2,746,748 Golf course - - - - - Capital grants and contributions 3,621,495 3,446,340 3,567,718 3,773,396 2,746,748 (752,091) (519,304) (750,745) (785,526) (1,401,442) Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: 4,282 2,028 3,511 14,958 9,356 Investment income - - - - - Gain (loss) on sale of capital assets 218,823 - - 5,553,561 - Miscellaneous 115,400 401,300 434,000 450,000 635,200 Transfers - - - - - Capital contributions 338,505 403,328 437,511 6,018,519 644,556 Total Business-Type Activities (413,586) (115,976) (313,234) 5,232,993 (756,886) Changes in Net Position Total Business-Type Activities Program Revenues 131 CITY OF LA QUINTA Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified accrual basis of accounting) 2011 2012 2013 2014 2015 General fund Nonspendable: Prepaid costs 23,260$ 27,481$ 11,786$ 1,500$ 15,653$ Land held for resale 8,320,000 8,320,000 8,320,000 8,320,000 8,320,000 Advances to other funds 15,373,104 15,417,929 15,509,691 15,163,183 14,943,098 Deposits 9,967 118,516 4,830 4,830 33,985 Due from Other Governments - - 41,378,966 34,976,516 26,715,575 Restricted for: Debt service 169,631 173,426 - - - Section 115 Trust (Note 11) Committed: Emergency Reserve(2)18,018,595 17,516,295 16,034,995 16,034,995 15,372,600 Natural Disaster Reserve(2) Economic Disaster Reserve(2) Post retirement health benefits(3)1,258,059 1,523,401 1,523,401 1,523,401 1,523,401 Capital Replacement Reserve(2)- - 2,848,737 1,507,429 1,727,390 Cash Flow Reserve(2)- - - 2,836,820 3,843,150 Pension Trust(4)- - - - - Carryovers - - - 356,438 476,400 Other - - - - - Assigned: Continuing appropriations 1,768,494 1,041,172 1,013,533 209,000 - Public Safety (Note 13b)- - - - - Sales Tax Reserve (Note 13b)- - - - - Capital Projects (Note 13b)- - - - - Unassigned 48,140,444 47,737,861 5,926,651 10,699,641 13,837,312 Total general fund 93,081,554 91,876,081 92,572,590 91,633,753 86,808,564 All other governmental funds Nonspendable: Prepaid costs 10,563 12,875 10,310 - - Notes and loans 2,081,614 2,065,611 2,062,589 - - Advances to other funds 4,569,188 - - - - Deposits 6,000 13,600 13,600 - - Restricted: Planning and development projects 34,018,930 10,767,199 3,730,533 5,970,006 13,108,499 Public safety 96,364 245,187 258,968 274,274 301,843 Community services 10,248,314 11,162,057 11,626,441 12,459,516 10,711,704 Public works 396,355 145,823 262,754 1,571,163 1,129,697 Capital Projects 58,111,106 4,089,156 1,392,581 1,590,168 3,873,699 Debt service 4,001,426 2,534 2,234 - - Assigned: Continuing appropriations - - - - - Unassigned (13,250,398) (13,248,593) (13,179,196) (12,370,462) (12,703,744) Total all other governmental funds 100,289,462 15,255,449 6,180,814 9,494,665 16,421,698 Total Governmental Funds 193,371,016 107,131,530 98,753,404 101,128,418 103,230,262 Fiscal Year Notes: (1)In Fiscal Year 2016-17, the City recognized property tax held by the County of Riverside as available to fund current obligations and as such the General Fund fund balance was adjusted up by 8,569,043 to 98,565,571. See Note 19 for FY 2016-17 (2) In Fiscal year 2017-18, the City adopted a reserves policy which modifed, added and/ or eliminated reserve category names. Emergency Reserves are now split into Natural Disaster and Economic Disaster, Working Capital Reserve was re-named Cash Flow Reserve, and Capital Replacement and Pension Trust were added. (3) In Fiscal Year 2017-18 the City opened a trust for Other Post Employment Benefits (OPEB), and this reserve was deposited into the trust. See Note 10. (4) In Fiscal Year 2018-19 the City opened a trust for Pension Benefits, and this reserve was deposited into the trust. See Note 11. Source:City of La Quinta 132 TABLE 5 2016(1)2017 2018 2019 2020 General fund: Nonspendable: 204,589$ 10,578$ 90,657$ 37,182$ 14,065$ Prepaid costs 8,320,000 8,320,000 8,320,000 5,730,990 5,403,652 Land held for resale 14,974,800 15,022,660 14,954,085 - - Advances to other funds - - - - - Deposits 25,105,681 29,154,040 29,611,707 27,915,770 26,069,742 Due from Other Governments Restricted for: - - - - - Debt service 6,540,000 10,249,738 Section 115 Trust (Note 11) Committed: 15,576,000 16,534,000 - - - Emergency Reserve(2) 7,400,000 10,000,000 10,000,000 Natural Disaster Reserve(2) 8,140,000 11,000,000 6,800,000 Economic Disaster Reserve(2) 1,523,400 1,523,400 - - - Post retirement health benefits(3) 2,302,000 - 5,000,000 5,000,000 6,540,000 Capital Replacement Reserve(2) 3,894,000 4,134,000 5,000,000 5,000,000 5,000,000 Cash Flow Reserve(2) - - 2,000,000 - - Pension Trust(4) 4,274,046 120,000 2,186,500 745,300 1,778,800 Carryovers - - - - - Other Assigned: - - - - - Continuing appropriations - 9,371,699 9,754,327 9,864,841 10,491,654 Public Safety (Note 13b) - - 5,169,970 7,721,975 8,736,219 Sales Tax Reserve (Note 13b) - 6,322,570 4,996,815 11,853,162 13,155,144 Capital Projects (Note 13b) 13,822,012 16,949,526 19,199,506 16,228,627 19,094,651 Unassigned 98,565,571 107,462,473 121,823,567 117,637,847 123,333,665 Total general fund All other governmental funds: Nonspendable: 8,422 10,349 - 386 2,875 Prepaid costs - - - - - Notes and loans - - - - - Advances to other funds - - - - - Deposits Restricted: 18,211,200 22,664,093 22,607,600 22,996,435 23,680,641 Planning and development projects 189,988 83,506 342,919 1,391,721 1,607,101 Public safety 9,872,124 10,040,222 10,016,652 13,775,710 14,376,472 Community services 1,250,827 1,546,505 2,033,627 2,667,401 3,208,072 Public works 3,597,221 4,490,534 4,203,991 3,904,492 3,128,962 Capital Projects - - - Debt service Assigned: - - - - - Continuing appropriations (11,655,344) (11,423,008) (11,347,062) (1,852,211) (5,175,243) Unassigned 21,474,438 27,412,201 27,857,727 42,883,934 40,828,880 Total all other governmental funds 120,040,009 134,874,674 149,681,294 160,521,781 164,162,545 Total Governmental Funds s and as such the General Fund fund balance was category names. Emergency Reserves are now split into Natural Cash Flow Reserve, and Capital Replacement and Pension Trust were added. e trust. See Note 10. 133 CITY OF LA QUINTA Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified accrual basis of accounting) 2011 2012 2013 2014 2015 Revenues Taxes 88,498,457$ 53,632,023$ 23,506,679$ 27,192,089$ 26,678,471$ Assessments 956,048 950,292 954,058 951,181 940,221 Licenses and permits 547,071 482,831 566,510 953,540 1,356,978 Intergovernmental 19,005,643 15,875,582 15,464,942 16,506,666 15,702,943 Charges for services 501,418 635,111 625,813 1,238,277 1,341,438 Use of money and property 4,670,732 1,914,518 1,582,762 2,175,048 1,950,957 Contributions, fines, and forfeitures 327,751 303,773 18,377,253 838,972 1,956,452 Developer participation 945,805 903,144 1,226,825 3,059,254 2,803,681 Miscellaneous 319,763 276,327 491,267 575,001 580,843 Total Revenues 115,772,688 74,973,601 62,796,109 53,490,028 53,311,984 Expenditures Current: General government 10,885,519 4,881,922 4,587,888 4,068,827 5,050,425 Public safety 19,826,372 19,669,517 20,168,038 21,189,086 21,664,472 Planning and development 8,460,420 4,314,646 27,514,768 1,748,477 2,097,525 Community services 4,147,758 4,086,686 4,411,536 4,011,432 4,798,123 Public works 4,808,060 6,192,733 5,067,370 4,617,050 5,283,309 Capital projects 21,287,775 13,335,989 8,622,783 7,974,747 11,097,186 Debt service: Principal retirement 7,011,261 7,066,726 556,871 558,019 594,383 Interest and fiscal charges 15,037,919 6,701,079 437,678 411,010 348,334 Payment to bond escrow - - - - - Payments under pass-through obligations 35,607,089 16,755,441 - - - Total Expenditures 127,072,173 83,004,739 71,366,932 44,578,648 50,933,757 (11,299,485) (8,031,138) (8,570,823) 8,911,380 2,378,227 Other financing sources (uses): Issuance of tax allocation bonds 6,000,000 - - - - Issuance of revenue bonds 28,850,000 - - - - Transfers in 61,657,034 12,554,752 29,841,053 4,201,763 12,037,331 Transfers out (61,652,479) (12,580,120) (29,841,053) (4,335,679) (12,322,714) Other debts issued - - - - - Capital leases - - 71,045 - 9,000 Proceeds from sale of capital assets 8,683,850 875,275 121,652 - - Total Other Financing Sources (Uses)43,538,405 849,907 192,697 (133,916) (276,383) Extraordinary gain/loss on dissolution of RDA - (79,058,255) - (6,402,450) - Special item (interfund loan payoff)- - - - - Net Change in Fund Balances 32,238,920 (86,239,486) (8,378,126) 2,375,014 2,101,844 53.0%43.7%1.6%2.6%2.2% Fiscal Year Excess (Deficiency) of Revenues Over (Under) Expenditures Debt Service as a Percentage of Noncapital Expenditures (1) Notes: (1) The capitalizable expenditures were derived from the Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds and Note 4, Capital Assets. 134 TABLE 6 2016 2017 2018 2019 2020 Revenues: 28,057,989$ 41,832,117$ 44,931,250$ 48,462,493$ 44,881,038$ Taxes 944,050 953,699 950,541 961,633 957,017 Assessments 1,161,820 1,118,911 1,394,820 1,555,026 1,913,519 Licenses and permits 14,960,676 4,870,334 12,555,259 14,075,980 17,107,595 Intergovernmental 1,332,541 1,021,336 1,279,864 1,170,825 1,179,592 Charges for services 7,475,742 4,659,301 2,388,683 4,824,651 5,219,088 Use of money and property 28,459 348,345 375,390 375,491 665,193 Contributions, fines, and forfeitures 1,441,075 1,042,568 1,534,628 2,231,471 1,863,587 Developer participation 992,282 289,047 1,196,057 2,425,675 1,371,095 Miscellaneous 56,394,634 56,135,658 66,606,492 76,083,245 75,157,724 Total Revenues Expenditures Current: 5,267,024 5,845,197 7,737,111 10,129,408 7,732,495 General government 22,125,962 23,377,755 22,508,088 23,164,976 24,009,725 Public safety 3,294,259 2,549,779 4,310,589 6,415,466 5,436,281 Planning and development 4,983,038 4,626,401 5,236,083 5,944,200 6,159,707 Community services 4,101,210 4,025,958 4,146,135 4,219,461 5,421,606 Public works 7,209,874 6,859,428 9,015,861 9,096,460 23,150,511 Capital projects Debt service: 632,615 651,625 666,988 650,000 - Principal retirement 346,137 307,600 1,460,371 178,080 28,868 Interest and fiscal charges - - - - - Payment to bond escrow - - - - - Payments under pass-through obligations 47,960,119 48,243,743 55,081,226 59,798,051 71,939,193 Total Expenditures 8,434,515 7,891,915 11,525,266 16,285,194 3,218,531 Other financing sources (uses): - - - - - Issuance of tax allocation bonds - - - - - Issuance of revenue bonds 6,420,538 21,503,514 7,432,340 12,942,596 16,467,409 Transfers in (6,614,349) (21,904,814) (7,775,107) (13,826,890) (16,912,971) Transfers out - - - - Other debts issued - - - - Capital leases - - - - Proceeds from sale of capital assets (193,811) (401,300) (342,767) (884,294) (445,562) Total Other Financing Sources (Uses) - 7,344,050 3,624,121 993,148 867,792 Extraordinary gain/loss on dissolution of RDA - - - (5,553,561) - Special item (interfund loan payoff) 8,240,704 14,834,665 14,806,620 10,840,487 3,640,761 Net Change in Fund Balances 2.4% 2.45% 3.26%2.03%0.06% Debt Service as a Percentage of Noncapital Expenditures (1) Excess (Deficiency) of Revenues Over (Under) Expenditures 135 This page left blank intentionally. CITY OF LA QUINTA TABLE 7 Tax Revenue by Source Last Ten Fiscal Years Fiscal Year Property Tax (2) Tax Increment (1) Transient Occupancy Tax Sales Tax Franchise Tax Business License Tax Document Transfer Tax Total 2011 5,942,353 32,569,795 4,737,968 7,323,835 1,607,829 285,270 437,235 52,904,285 2012 21,370,476 - 5,446,883 7,713,741 1,687,440 293,592 428,963 36,941,095 2013 7,043,604 - 5,980,684 7,833,545 1,669,476 292,966 518,778 23,339,053 2014 9,193,753 - 6,307,737 8,786,819 1,688,263 307,654 580,834 26,865,060 2015 8,776,491 - 6,637,183 8,873,008 1,861,453 306,087 530,336 26,984,558 2016 8,798,296 - 7,835,745 9,107,046 1,799,938 334,465 516,964 28,392,454 2017 15,521,335 - 9,433,970 10,060,305 1,815,491 365,451 585,333 37,781,885 2018 15,887,015 - 10,752,788 18,956,985 1,977,179 345,187 718,472 48,637,626 2019 16,423,843 - 11,230,915 20,905,243 2,032,848 418,707 713,237 51,724,793 2020 16,710,544 - 8,079,394 19,136,015 1,996,593 378,744 662,545 46,963,835 Notes: (1)The tax increment received was a result of the activity of the Redevelopment Agency. On June 28, 2011, California Governor Jerry Brown signed ABx1 26, the Redevelopment Dissolution Act. The Act was upheld by the California Supreme Court on Dec. 29, 2011, and the agency was effectively dissolved Feb. 1, 2012. (2) Starting in 2017, the revenue collected by the County that is remitted to the City for fire services is included in the property tax number. Source:City of La Quinta $0 $10 $20 $30 $40 $50 $60 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Tax Revenue by Source (Excluding Tax Increment) (in millions) Property Tax (2)Transient Occupancy Tax Sales Tax Franchise Tax Business License Tax Document Transfer Tax 136 CITY OF LA QUINTA TABLE 8 Top 25 Bradley-Burns Sales Tax Producers Current Year and Ten Years Ago (in dollars) Arco AM/PM Service Stations Best Buy Electronics/Appliance Stores Circle K Service Stations Cliffhouse Fine Dining BevMo Convenience Stores/Liquor Costco Discount Dept. Stores G&M Oil Service Stations Circle K Service Stations Genesis/Hyundai of La Quinta New Motor Vehicle Dealers Hobby Lobby Specialty Stores Home Depot Building Materials Hyundai of La Quinta New Motor Vehicle Dealers In N Out Burgers Quick-Service Restaurants Kohl's Department Stores Kohl's Department Stores La Quinta Chevrolet & Cadillac New Motor Vehicle Dealers La Quinta Resort & Club Hotels-Liquor La Quinta Resort & PGA West Hotels-Liquor Lowe's Building Materials Lowe's Building Materials Marshalls Family Apparel Ross Family Apparel McDonald's Quick-Service Restaurants Staples Office Supplies/Furniture Ross Family Apparel Stater Bros Grocery Stores Stater Bros Grocery Stores Stein Mart Department Stores Target Discount Dept. Stores Target Discount Dept. Stores TJ Maxx Family Apparel Torre Nissan New Motor Vehicle Dealers Torre Nissan New Motor Vehicle Dealers USA Gas Service Stations Tower Mart Service Stations Verizon Wireless Electronics/Appliance Stores Verizon Wireless Electronics/Appliance Stores Vintners Shell Station Service Stations Walmart Supercenter Discount Dept. Stores West Coast Direct Marketing Business Services 68.00%73.14% Fiscal Year 2010-11 Electronics/Appliance Stores Arco AM/PM Bed Bath & Beyond Best Buy Service Stations Home Furnishings Business Name (1)Business Category Home Depot Building Materials New Motor Vehicle Dealers Discount Dept. Stores Service Stations Chevrolet Cadillac of La Quinta Costco G & M Oil Percent of Fiscal Year Total Paid by Top 25 Accounts:Percent of Fiscal Year Total Paid by Top 25 Accounts: Vons Walmart Supercenter Grocery Stores Discount Dept. Stores Marshalls Family Apparel Fiscal Year 2019-20 Business CategoryBusiness Name (1) Notes: (1)Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account. Top 25 businesses listed for state Bradley-Burns sales tax allocation only. For Top 25 business listings by local Measure G, see next page. Sales tax revenue chart includes total remitted for both. $0 $5 $10 $15 $20 $25 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Combined Sales Tax Revenue (in millions) 137 CITY OF LA QUINTA TABLE 8 Top 25 Measure G Sales Tax Producers Current Year and Ten Years Ago (in dollars) Amazon Com Services Inc General Merchandise Amazon Fulfillment Services General Merchandise Arco AM PM Service Stations Best Buy Electronics/Appliance Stores Bestbuy Com Electronics/Appliance Stores Circle K Service Stations Costco Discount Dept. Stores Dept. of Motor Vehicles Allocation Used Automotive Dealers Desert European Motor Cars New Motor Vehicle Dealers Home Depot Building Materials La Quinta Chevolet & Cadillac New M. Mathis Brothers Furniture Home Furnishings Stater Bros Grocery Stores Tower Mart Service Stations Vons Grocery Stores 47.96% Fiscal Year 2019-20 Fiscal Year 2010-11 Business Name (1)Business Category Business Name Business Category Family Apparel In N Out Burger Quick-Service Restaurants Kohl's Department Stores La Quinta Resort & PGA West Hotels-Liquor Percent of Fiscal Year Total Paid by Top 25 Accounts: Measure G was passed in November 2016 with implementation on April 1, 2017. Ten-year is data not available. Verizon Wireless Electronics/Appliance Stores Walmart Supercenter Discount Dept. Stores Target Discount Dept Stores TJ Maxx Family Apparel Ross Family Apparel Lowe's Building Materials Marshalls Notes: (1)Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account. Source:HDL, Coren & Cone 138 CITY OF LA QUINTA Taxable Sales by Category (1) Last Ten Calendar Years (in thousands) 2010 2011 2012 2013 2014 22,143$ 23,223$ 24,430$ 25,741$ 25,461$ 206,153 211,249 220,970 223,324 216,871 25,351 25,197 25,854 26,394 25,748 79,646 86,433 94,859 97,662 101,647 60,740 62,879 65,445 68,606 73,087 43,566 58,938 62,668 72,839 84,826 46,059 54,342 56,001 52,093 47,541 94,532 97,477 99,028 100,811 101,721 120,291 132,417 130,421 142,049 150,746 698,481 752,155 779,676 809,519 827,648 Auto dealers and supplies Service stations Other retail stores All other outlets Total Building materials Calendar Year Eating and drinking places Apparel stores General merchandise Food stores Notes: (1)Due to confidentiality issues preventing the disclosure of the largest sales tax payers by business name, this categorical list has been provided as an alternative source of information regarding the City of La Quinta's sales tax revenue. Source:HDL. Coren & Cone Apparel stores 3% General merchandise 29% Food stores 4% Eating and drinking places 11% Building materials 9% Auto dealers and supplies 6% Service stations 7% Other retail stores 14% All other outlets 17% Taxable Sales Calendar Year 2010 139 TABLE 9 2015 2016 2017 2018 2019 25,115$ 26,280$ 31,822$ 34,508$ 33,937$ 208,189 206,808 222,767 232,147 235,969 22,845 25,359 25,964 26,126 26,191 106,216 115,974 117,064 122,255 132,184 Eating and drinking places 75,658 78,299 83,383 86,569 89,036 87,440 83,010 81,264 82,702 85,401 Auto dealers and supplies 40,777 34,566 37,558 42,164 42,998 105,284 107,648 104,834 114,980 111,239 155,173 172,135 180,360 210,360 220,260 826,697 850,079 885,016 951,811 977,215 Total Service stations Other retail stores All other outlets Apparel stores General merchandise Food stores Building materials Apparel stores 3% General merchandise 24% Food stores 3% Eating and drinking places 14% Building materials 9% Auto dealers and supplies 9% Service stations 4% Other retail stores 11% All other outlets 23% Taxable Sales Calendar Year 2019 140 CITY OF LA QUINTA TABLE 10 Assessed Value of Taxable Property Last Ten Fiscal Years (in dollars) Fiscal Year Ended June 30,Residential Commercial Agriculture (4)Other (1) Unsecured Property (2) Home Owner Exemption(5) Taxable Assessed Value Direct Rate (3) 2011 8,870,471,785 771,419,124 20,792,716 1,143,332,514 118,651,054 (157,742,188) 10,924,667,193 1.0000 2012 8,612,579,049 725,788,432 20,944,939 920,025,235 104,880,163 (161,420,137) 10,384,217,818 1.0000 2013 8,510,574,371 735,622,855 19,644,835 954,074,172 106,176,279 (164,227,296) 10,326,092,512 1.0000 2014 8,959,562,854 743,340,208 20,374,889 945,004,639 108,387,013 (167,489,253) 10,776,669,603 1.0000 2015 10,116,938,804 1,061,204,501 65,769,114 77,926,274 106,672,900 (49,232,400) 11,379,279,193 1.0000 2016 10,634,834,332 1,088,406,355 64,533,443 79,120,572 113,142,376 (49,130,200) 11,930,906,878 1.0000 2017 11,071,273,174 1,195,736,674 57,463,638 71,281,946 110,768,767 (49,088,200) 12,457,435,999 1.0000 2018 11,462,635,317 1,227,709,957 59,538,912 61,350,883 105,984,928 (49,700,000) 12,867,519,997 1.0000 2019 11,869,224,686 1,288,839,436 61,861,498 85,526,307 95,584,154 (49,298,200) 13,351,737,881 1.0000 2020 12,394,924,833 1,292,239,063 91,242,090 139,850,650 110,001,629 (47,938,800) 13,980,319,465 1.0000 City of La Quinta, Tax District 02-2375 Notes: (1)Other includes dry farm, government owned, institutional, irrigated, miscellaneous, recreational, vacant, cross reference, and unknown. Starting in 2016, prior years 2007 through 2015 were adjusted to match current reporting categories for consistency. (2)Prior years 2007 through 2015 adjusted to match current reporting for consistency. (3)In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner; at which time the new assessed value is the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. (4)In 2016 (and going forward) data will be obtained from California Municipal and The Assessor Controller's Office. The existing column headers were slightly modified to accommodate the property type classifications. The column labeled agriculture was formerly "industrial". (5)Prior to 2015, this column also included Exempt Property Valuations Source:: Cal Muni; County of Riverside Assessor Combined Tax Rolls Equalized Auditor and Assessor's Net $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 $14,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Taxable Assessed Value (in millions) 141 CITY OF LA QUINTA TABLE 11 Direct and Overlapping Property Tax Rates (Rate per $100 of assessed value) Last Ten Fiscal Years 2011 (1)2012 (1)2013 (1)2014 (1)2015 (1)2016 (1)2017 (1)2018 2019 2020 2011 (2)2012 (2)2010 (2)2011 (2) Direct Rates: City of La Quinta 0.0734 0.0760 0.0760 0.0760 0.0760 0.0760 0.0760 0.0760 0.0646 0.0646 0.0049 0.0524 0.0000 0.0019 ERAF Share of La Quinta General Fund 0.0113 0.0113 Redevelopment Agency Project Area 1 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.5310 0.0000 0.0000 0.0000 Redevelopment Agency Project Area 2 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.3174 0.3059 County of Riverside 0.2318 0.1957 0.1958 0.1958 0.1958 0.1958 0.1958 0.1958 0.0978 0.0978 0.2471 0.2683 0.2537 0.2511 ERAF Share of County 0.0980 0.0980 County Free Library 0.0280 0.0252 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0282 0.0294 0.0280 0.0286 County Structure Fire Protection 0.0602 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0607 0.0633 0.0603 0.0616 Coachella Valley Unified School District 0.0000 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.0182 0.0000 0.0000 0.0000 Desert Sands Unified School 0.3716 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0637 0.3905 0.1859 0.1930 Desert Community College District 0.0772 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0166 0.0812 0.0386 0.0401 Riverside County Office of Education 0.0420 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0038 0.0442 0.0210 0.0218 Riverside County Regional Park & Open Space0.0000 0.0040 0.0039 0.0039 0.0039 0.0039 0.0040 0.0040 0.0040 0.0040 0.0000 0.0000 0.0000 0.0000 CV Public Cemetery 0.0035 0.0032 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0032 0.0032 0.0003 0.0037 0.0000 0.0001 CV Mosquito & Vector Control 0.0141 0.0127 0.0127 0.0127 0.0127 0.0126 0.0126 0.0126 0.0126 0.0127 0.0112 0.0148 0.0141 0.0141 Desert Recreation District 0.0213 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0019 0.0223 0.0053 0.0059 Coachella Valley Water District 0.0281 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0124 0.0295 0.0757 0.0740 CV Resource Conservation 0.0004 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0000 0.0004 0.0000 0.0000 CVWD Improvement District 1 0.0131 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0000 0.0000 0.0000 0.0005 CVWD Storm Water Unit 0.0355 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0000 0.0000 0.0000 0.0014 Total Direct Rate (3)1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Tax Rate Area 020-005 020-005 020-005 020-005 020-005 020-005 020-160 020-160 020-160 020-160 020-089 020-089 020-144 020-144 Coachella Valley Unified School District 0.0933 0.0749 0.0797 0.1492 0.1492 0.1322 0.1660 0.1761 0.1495 0.1488 0.0933 0.0749 0.0725 0.0933 Desert Sands Unified School 0.1004 0.1147 0.1116 0.1095 0.1098 0.1092 0.0860 0.0725 0.0742 0.0738 0.1004 0.1147 0.0811 0.1004 Coachella Valley Water District 0.0860 0.0800 0.0800 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.0860 0.0800 0.0660 0.0860 Desert Community College District 0.0200 0.0200 0.0200 0.0200 0.0233 0.0209 0.0204 0.0403 0.0398 0.0398 0.0200 0.0200 0.0200 0.0200 Total Overlapping Rate 0.2996 0.2895 0.2912 0.3787 0.3823 0.3622 0.3724 0.3889 0.3635 0.3624 0.2996 0.2895 0.2395 0.2996 Total Direct and Overlapping Rate 1.2996 1.2895 1.2912 1.3787 1.3823 1.3622 1.3724 1.3889 1.3635 1.3625 1.2997 1.2895 1.2395 1.2996 Overlapping Rates (4) : City Non-Project Area Redevelopment Project Area 1 Redevelopment Project Area 2 Notes: (1)Direct rate from Tax Rate Area (TRA) 020-160 and overlapping rates provided by Hdl Coren & Cone, data source Riverside County Assessor 2009/10-2019/20 Annual Tax Increment Tables. (2)Direct rate taken from an analysis of the TRA in the project area and do not include State ERAF deductions and overlapping rates provided by California Municipal Statistics (3)In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount for direct taxes. This 1% is shared by all taxing agencies for which the subject property resides within. (4)Overlapping rates are based upon a single tax rate area only. Source:County of Riverside Auditor Controller's Office; HDL, Coren & Cone 142 CITY OF LA QUINTA TABLE 12 Principal Property Taxpayers Current Year and Ten Years Ago (in dollars) Rank Taxable Assessed Value (1) Percent of Total City Taxable Assessed Value Rank Taxable Assessed Value (1) Percent of Total City Taxable Assessed Value 1 177,449,136$ 1.27%- 0.00% 2 49,263,649 0.35% 6 42,230,554$ 0.39% 3 44,863,680 0.32%- 0.00% 4 41,237,741 0.29% 4 63,614,331 0.58% Sunrise LQ LLC 5 36,027,297 0.26%- 0.00% 6 35,758,331 0.26%- 0.00% 7 31,705,932 0.23%- 0.00% Lennar Homes of California Inc 8 30,866,612 0.22%- 0.00% 9 29,285,181 0.21%- 0.00% Health Care REIT Inc.10 26,934,781 0.19%- 0.00% - - 1 144,680,362 1.32% MSR Resort Golf Course - - 3 71,369,895 0.65% Coral Option I - 5 42,259,153 0.39% - - 10 31,884,196 0.29% Griffin Ranch - - 8 36,725,785 0.34% WRM La Quinta - 7 37,689,411 0.34% Village Resort - - 9 34,403,510 0.31% TD Desert Development - 2 105,099,843 0.96% Total 503,392,340$ 3.60%609,957,040 5.58% ND La Quinta Partners HJ CG Partners LLC KSL Desert Resort Walmart Real Estate Business Trust Taxpayer Fiscal Year 2010-11 Town and Country Partners Hawthorn IL Prop. Co. Fiscal Year 2019-20 LQR Properties Inland American La Quinta Pavilion East of Madison (1) Taxable valuations include secured and unsecured Source: HdL Coren & Cone; Riverside County Assessor 2019/20 and 2010/11 Combined Tax Rolls and the SBE Non-Unitary Tax Roll (Preliminary) LQR Properties Inland American La Quinta Pavilion Hawthorn IL Prop. Co. East of Madison Sunrise LQ LLC Town and Country Partners Walmart Real Estate Business Trust Lennar Homes of California Inc HJ CG Partners LLC Principal Property Tax Payers (FY 2016-17) 143 CITY OF LA QUINTA TABLE 13 Property Tax Levies and Collections Last Ten Fiscal Years (in dollars) Fiscal Year Ended June 30 Taxes Levied for the Fiscal Year (1)Amount Percent of Levy Collections in Subsequent Years (2)Amount (3) Percent of Levy 2011 43,272,411 44,090,072 101.89%34,356 44,124,428 101.97% 2012 69,307,476 37,885,360 54.66%181,381 38,066,741 54.92% 2013 5,706,535 5,823,575 102.05%180,723 6,004,298 105.22% 2014 5,814,571 5,808,387 99.89%202,342 6,010,729 103.37% 2015 5,965,704 6,100,655 102.26%170,306 6,270,961 105.12% 2016 6,657,414 6,420,215 96.44%194,668 6,614,883 99.36% 2017 6,764,963 6,592,548 97.45%137,921 6,730,469 99.49% 2018 6,868,411 6,717,291 97.80%116,182 6,833,473 99.49% 2019 6,934,311 6,736,814 97.15%126,876 6,863,690 98.98% 2020 7,336,308 6,777,777 92.39%156,792 6,934,570 94.52% Total Collections to Date Collections within the Fiscal Year of Levy Notes: (1)Taxes Levied. The total tax levy is based on the Statement of Original Charge from the Riverside County Auditor- Controller Office. The amounts presented include City property taxes for tax districts 02-2374 and 02-2375 and are not inclusive of the redevelopment increment values. (2)Collections in Subsequent Years. The City participates in the Riverside County Teeter program; the secured taxes are remitted in a series of advances and settlement payments, the last of which is not received by the City until October of the subsequent year. (3)Collections to Date. The total amount does not include any apportionment adjustments that are the result of successful appeals of a taxpayer assessed valuation, escaped bills, refunds, or any other adjustments made by the County Auditor-Controller. As such, the percentage of the levy collected may be higher or lower than expected. Additionally, the increment values of the former Redevelopment Agency are allocated through a waterfall distribution process in accordance with California Health and Safety Code 34183 and 34188, and are not reflected on the Statement of Original Charge. Source:County of Riverside Auditor Controller's Office $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Property Tax Collections (in millions) 144 CITY OF LA QUINTA Ratios of Outstanding Debt by Type (1) Last Ten Fiscal Years (in dollars) 2011 2012 2013 2014 2015 -$ -$ -$ -$ -$ 78,253 40,090 71,045 129,063 103,869 729,480 - 702,105 686,345 668,933 1,503,433 - 1,441,096 1,405,755 1,367,344 Notes Payable- Eisenhower Drive Property - - - - - 1,255,243 - - - - 1,000,000 - - - - - - - - - 126,925,000 - - - - 11,555,000 - - - - 81,150,000 - - - - 28,850,000 - - - - 4,340,000 3,895,000 3,425,000 2,930,000 2,405,000 (1,115,799) - - - - Total Governmental 256,270,610 3,935,090 5,639,246 5,151,163 4,545,146 Capital Leases 286,097 169,084 43,736 - - Total Business-Type Activities 286,097 169,084 43,736 - - Total Primary Government 256,556,707 4,104,174 5,682,982 5,151,163 4,545,146 Population - State Department of Finance January 1 37,836 38,075 38,401 39,032 39,694 Number of Households 23,489 23,528 23,612 23,871 24,150 Median Household Income 104,410 104,045 111,077 109,365 97,526 Percentage of Personal Income 10.46% 0.17% 0.22% 0.20% 0.19% Debt Per Capita 6,781 108 148 132 115 Fiscal Year Ended Governmental Activities: Due to Coachella Valley Unified School District Capital leases City Hall Lease Revenue Bonds Unamortized Discount and Issuance Costs Reimbursement Agreement Business-type Activities: Due to County of Riverside Developer Agreement Tax Allocation Bonds Project Area 1 Tax Allocation Bonds Project Area 2 2004 Local Agency Revenue Bonds (2) 2011 Local Agency Revenue Bonds (2) USDA Loan Provident Savings Loan Notes: (1)Details regarding the City's outstanding debt can be found in the notes to the financial statements. (2)The debt service payment for the 2004 and 2011 Lease Revenue Bonds are made from Redevelopment Project Area 1 & 2 low & moderate income tax increment. Source:City of La Quinta; HDL, Coren & Cone 145 TABLE 14 2016 2017 2018 2019 2020 -$ -$ -$ -$ -$ 155,395 530,163 667,035 757,971 761,791 649,698 628,448 - - - 1,325,596 1,280,221 - - - - 2,250,000 1,125,000 - - Notes Payable- Eisenhower Drive Property - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,850,000 1,265,000 650,000 - - - - - - - 3,980,689 5,953,832 2,442,035 757,971 761,791 Total Governmental - - - - - Capital Leases - - - - - Total Business-Type Activities 3,980,689 5,953,832 2,442,035 757,971 761,791 Total Primary Government 39,977 40,677 41,204 40,389 40,660 Population - State Department of Finance January 1 24,432 24,544 24,643 24,764 24,957 Number of Households 99,157 104,749 107,447 117,802 120,097 Median Household Income 0.16%0.23%0.09%0.03%0.03% Percentage of Personal Income 100 146 59 19 19 Debt Per Capita 2011 Local Agency Revenue Bonds (2) City Hall Lease Revenue Bonds Governmental Activities: Unamortized Discount and Issuance Costs Business-type Activities: Due to Coachella Valley Unified School District Due to County of Riverside Developer Agreement Tax Allocation Bonds Project Area 1 Tax Allocation Bonds Project Area 2 2004 Local Agency Revenue Bonds (2) Reimbursement Agreement Capital leases USDA Loan Provident Savings Loan - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 6,781 108 148 132 115 100 146 59 19 19 Debt Per Capita 146 CITY OF LA QUINTA TABLE 15 Ratio of General Bonded Debt Outstanding Last Ten Fiscal Years (in dollars) Fiscal Year Ended June 30, City Hall Lease Obligation Local Agency Bonds Tax Allocation Bonds Total Percent of Assessed Value (2) Per Median Household Income 2011 4,340,000 110,000,000 138,480,000 252,820,000 2.33%2,421 2012 3,895,000 - - 3,895,000 0.04%37 2013 3,425,000 - - 3,425,000 0.03%31 2014 2,930,000 - - 2,930,000 0.03%27 2015 2,405,000 - - 2,405,000 0.02%20 2016 1,850,000 - - 1,850,000 0.02%45 2017 1,265,000 - - 1,265,000 0.01%31 2018 650,000 - - 650,000 0.01%6 2019 - - - - 0.00%- 2020 - - - - 0.00%- Outstanding General Bonded Debt (1) Notes: (1)General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds (of which the City has none) (2) Assessed value has been used because the actual value of taxable property is not readily available in the State of California. Source:City of La Quinta 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2.33% 0.04%0.03%0.03%0.02%0.02%0.01%0.01%0.00% 0.00% General Bonded Debt as a Percent of Assessed Value 147 CITY OF LA QUINTA TABLE 16 Direct and Overlapping Debt June 30, 2020 (in dollars) Total Assessed Valuation (1)14,028,258,265$ Overlapping Debt (3) 16.55%337,130,000$ 55,784,901$ 51.27%244,321,163 125,253,687 20.09%380,450,000 76,428,601 88.91%815,000 724,633 87.28%1,145,000 999,391 259,191,213 4.74%759,807,924 36,014,896 4.74%938,825,000 44,500,305 51.27%36,170,000 18,542,912 20.09%30,155,000 6,057,838 26.52%158,806 42,115 Total Overlapping General Fund Debt 105,158,066 Overlapping Tax Increment Debt Successor Agencies 62.02%512,468,028 317,849,469 Total Overlapping Tax Increment Debt Total Gross Overlapping Debt 682,198,748 Less: Riverside County Supported Obligations - Total Net Overlapping Debt 682,198,748 761,791$ 761,791 761,791 682,960,539$ DSUSD Community Facilities District No. 1 Total Net Combined Direct and Overlapping Debt Coachella Valley Water District Assessment Districts City of La Quinta General Fund Obligations Desert Sands Unified School District COP Desert Recreation and Park District COP Estimated Share of Overlapping Debt Outstanding Debt 6/30/20 Percentage Applicable (2) Overlapping Tax and Assessment Debt Desert Community College District Coachella Valley Unified School District Desert Sands Unified School District (DSUSD) Total Overlapping Tax and Assessment Debt Overlapping General Fund Debt Riverside County General Fund Obligations Riverside County Pension Obligations Coachella Valley Unified School District Certificates of Participation (COP) Direct General Fund Debt Total Direct General Fund Debt Notes: (1) Total assessed valuation is from the Equalized Assessor report which includes homeowner exemptions. (2)For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of the overlapping district's taxable assessed value that is within the city's boundaries divided by the district's total taxable assessed value. (3)Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt of each overlapping government. 148 CITY OF LA QUINTA Legal Debt Margin Information Last Ten Fiscal Years (in dollars) 2011 2012 2013 2014 2015 Assessed valuation (1)10,870,790,733$ 10,331,431,958$ 10,274,998,112$ 10,726,752,603$ 11,369,346,292$ Conversion Percentage 25%25%25%25%25% Adjusted assessed valuation(2)2,717,697,683 2,582,857,990 2,568,749,528 2,681,688,151 2,842,336,573 Debt limit percentage (2)15%15%15%15%15% Debt limit 407,654,652 387,428,698 385,312,429 402,253,223 426,350,486 - - - - - Legal debt margin 407,654,652$ 387,428,698$ 385,312,429$ 402,253,223$ 426,350,486$ 0.0%0.0%0.0%0.0%0.0% Total debt applicable to the limit as a percentage of debt limit General obligation bonds (3) Total net debt applicable to limit Fiscal Year Notes: (1) Assessed Valuation is from the Equalized Auditor's Net report which excludes the homeowner exemptions (2)Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public improvements to 15% of the gross assessed valuation or property. However, this provision was enacted when assessed valuation was based on 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State. This is the equivalent of 3.75% of the full assessed value. (3)The City of La Quinta has no general bonded indebtedness. 149 TABLE 17 2016 2017 2018 2019 2020 11,930,906,878$ 12,457,435,999$ 12,867,519,997$ 13,351,737,881$ 13,980,319,465$ Assessed valuation (1) 25%25%25%25%25% 2,982,726,720 3,114,359,000 3,216,879,999 3,337,934,470 3,495,079,866 15%15%15%15%15%Debt limit percentage (2) 447,409,008 467,153,850 482,532,000 500,690,171 524,261,980 Debt limit Total net debt applicable to limit - - - - - General obligation bonds (3) 447,409,008$ 467,153,850$ 482,532,000$ 500,690,171$ 524,261,980$ Legal debt margin 0.0% 0.0% 0.0%0.0%0.0% Total debt applicable to the limit as a percentage of debt limit 150 CITY OF LA QUINTA TABLE 18 Pledged-Revenue Coverage (1) Last Ten Fiscal Years (in dollars) Principal Interest 2011 672,525 - 672,525 420,000 252,525 1.00 2012 673,521 - 673,521 445,000 228,521 1.00 2013 673,130 - 673,130 470,000 203,130 1.00 2014 671,351 - 671,351 495,000 176,351 1.00 2015 673,046 - 673,046 525,000 148,046 1.00 2016 673,075 - 673,075 555,000 118,076 1.00 2017 671,441 - 671,441 585,000 86,441 1.00 2018 668,141 - 668,141 615,000 53,141 1.00 2019 668,038 - 668,038 650,000 18,038 1.00 2020 - - - - - - . Coverage Ratio (3) Local Agency Revenue Bonds (City Hall Project) Lease Revenue (2) Debt ServiceLess Other Debt Payments Net Lease Revenue Fiscal Year Ended June 30, Notes: (1)Details regarding the city's outstanding debt can be found in the notes to the financial statements. (2)Lease revenues consist of payments from the City General Fund and Civic Center Development Impact Fee Fund. (3)Coverage ratio is a measure of the City's ability to meet its obligation. A ratio of greater than or equal to one indicates that sufficient revenue has been generated to satisfy the debt service requirements. The ratio is calculated as total available revenue (net lease revenue) divided by total debt service requirements (principal and interest) . 151 CITY OF LA QUINTA TABLE 19 Demographic and Economic Statistics Last Ten Calendar Years Sources 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (3)35.31 35.16 35.16 35.16 35.71 35.71 35.71 35.71 35.71 35.71 (1)37,857 38,199 38,261 38,689 39,240 39,769 40,065 40,217 40,389 40,660 (5)$104,410 $104,045 $111,077 $109,365 $97,526 $99,157 $104,749 $107,447 $117,802 $120,097 (1)23,528 23,585 23,612 23,871 24,150 24,432 24,544 24,643 24,764 24,957 (1) 2.55 2.56 2.58 2.59 2.60 2.62 2.64 2.63 2.68 2.60 (4) $40,961 $40,722 $43,053 $42,226 $37,510 $37,846 $39,288 $39,999 $42,931 $46,248 (2) 16,217 16,350 16,658 16,983 17,483 18,033 18,617 18,917 19,142 19,267 (2) 14,783 15,042 15,517 16,000 16,675 17,175 17,533 18,000 18,308 17,800 (2) 8.84% 8.00% 6.85% 5.79% 4.62% 4.76% 5.82% 4.85% 4.36% 7.61% (4) 41.5 42.8 43.6 44.8 45.1 45.3 45.7 46 46.4 47.1Median age(3) Calendar Year Mean Household Income (in dollars)(4) Number of Dwelling Units(1) Persons per Household(1) Labor Force(2) Per Capita Income(3) Employment(2) City Land (Sq Miles) Population(1)(3) Unemployment Rate Sources: (1) State of California Department of Finance; State of California, Department of Finance, E-1 and E-5 Population and Housing Estimates for Cities, Counties and the State Sacramento, California, released May 1,2020. Data for all 10 years updated to match current DOF numbers. (2) State of California Employment Development Department Website. Previous years' data updated in 2018/19 to utilize 12-month average and final numbers. Rise in average unemployment rate for 2019/20 was due to double digit unemployment in (3) HDL, Coren & Cone (4) Previously, calculated using "Persons per Household" mulitplied by "Per Capita Income". Starting in 2017, data is from the US Census Bureau American Fact Finder 23,528 23,585 23,612 23,871 24,150 24,432 24,544 24,643 24,764 24,957 17,000 19,500 22,000 24,500 27,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Number of Dwelling Units 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Unemployment Rate $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Mean Household Income 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Per Capita Income and Unemployment Per Capita Income Unemployment Rate 152 CITY OF LA QUINTA TABLE 20 Principal Employers Current Year and Ten Years Ago Activity Number of Employees Percent of Total Employment Rank Number of Employees Percent of Total Employment Government 1 2,852 14.80%2 921 6.92% Hotel & Golf Resort 2 1,412 7.33%1 1,171 8.80% Retailer 3 300 1.56%3 358 2.69% Retailer 4 290 1.51%- 0.00% Retailer 5 212 1.10%4 170 1.28% Retailer 6 180 0.93%- 0.00% Retailer 7 150 0.78%6 145 1.09% Utility Company 8 134 0.70%- 0.00% Traditions Golf Club Golf Resort 9 120 0.62%7 101 0.76% Fast Food Restaurant 10 84 0.44%- 0.00% Grocery Store 11 83 0.43%- 0.00% Golf Resort 12 77 0.40%- 0.00% Hideaway Golf Resort 5 114 0.86% ND La Quinta Partners LLC Real estate Development 8 90 0.68% Ralphs Grocery Store 9 67 0.50% Total employment listed 5,894 30.59%3,137 23.59% Total City Employment - July 1 19,267 13,300 Desert Sands Unified School District Wal-Mart Super Center La Quinta Resort & Club/ PGA West (1) Fiscal Year 2010-11 Employer Fiscal Year 2019-20 Rancho La Quinta Home Depot Costco Lowe's Home Improvement Target Vons In N Out Imperial Irrigation District Notes: (1) La Quinta Resort & Club and PGA West are accounted for as one entity; as such, their employment numbers are reported together as of FY 2015-16. Source: City of La Quinta 153 CITY OF LA QUINTA TABLE 21 Full-time City Employees by Function Last Ten Fiscal Years 2011 2012 2013 2014 (1)2015 2016 (2)2017 2018 2019 2020 14.00 12.00 11.00 8.00 7.00 4.00 4.00 5.00 7.00 8.00 6.00 5.00 5.00 4.00 4.00 3.00 3.00 5.00 5.00 4.00 9.00 8.00 8.00 7.00 8.00 7.00 7.00 8.00 8.00 8.00 10.75 10.75 10.75 12.00 11.65 - - - - - 24.00 21.00 21.00 - - - - - - - 9.00 8.00 9.00 - - - - - - - - - - 19.00 20.00 - - - - - 26.25 24.25 23.25 20.00 21.35 - - - - - - - - - - 18.00 18.00 18.00 18.00 23.00 - - - - - 27.00 27.00 29.00 32.00 33.00 - - - - - 19.00 19.00 19.00 19.00 19.00 Total 99.00 89.00 88.00 70.00 72.00 78.00 78.00 84.00 89.00 95.00 Fiscal Year Facilities (c) Finance Community Services Design and Development (b) Community Resources (a) Planning and Development Community Development Public Works Administration-City Mgr. Office City Clerk Function Building and Safety Notes: The City of La Quinta contracts with the County of Riverside for Police Services and with the California Department of Forestry through a contract with the County of Riverside for Fire Services. In addition the City-owned Golf Course is operated by Landmark Golf. These positions have not been included as these positions are not City employees. (1) The City merged the Building and Safety Department with the Planning and Development Department in 2014. The resultant department was referred to as Community Development until 2016, see below. (2) During FY 2015-16 the City was subject to a major reorganization in an attempt to improve efficiency and controls that effectively terminated the Community Services, Community Development, and Public Works departments. Following is a brief description of the reorganization for each department : (a)The Community Resources department has taken over specific roles of the prior Community Development and Community Services departments including, but not limited to human resources, police, fire,library, museum, recreation, marketing, code compliance, animal control, and emergency services. (b)The Design and Development department has taken over specific roles of the prior Community Development, Public Works, and Finance departments including, but not limited to customer service, business and animal licensing, planning, building, engineering services, and development services. (c)The Facilities department has taken over specific roles of the prior Community Services and Public Works departments including, but not limited to , parks, streets, buildings, lighting and landscaping. Source:City of La Quinta - 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 2011 2012 2013 2014 (1) 2015 2016 (2) 2017 2018 2019 2020 99.00 89.00 88.00 70.00 72.00 78.00 78.00 84.00 89.00 95.00 Total Full-Time City Employees 154 CITY OF LA QUINTA TABLE 22 Operating Indicators by Function Last Ten Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(3) Finance: Number of Animal Licenses Processed (1)1,619 1,674 1,505 1,602 1,374 - - - - - Number of Accounts Payable Checks Processed 4,530 3,766 3,576 3,696 3,833 4,153 3,835 3,621 3,879 3,855 Number of investment purchases 20 27 30 22 21 22 20 61 56 49 Par value of investments 189,810,285$ 188,782,874$ 164,614,769$ 136,323,300$ 128,990,447$ 137,594,669$ 139,613,063$ 150,117,079$ 163,665,838$ 170,194,404$ Number of cleared checks 4,912 5,103 3,899 3,922 4,004 4,167 3,932 3,813 3,875 3,962 Number of outgoing bank wires 87 63 58 58 54 41 44 64 68 57 City Clerk: Contracts Processed - 319 346 289 238 282 199 243 266 297 Documents Notarized - 254 301 334 203 157 99 128 74 90 Documents Recorded with County - 170 125 183 106 112 56 67 45 39 Subpoenas and Claims Processed - 22 15 21 37 10 8 12 18 15 Records Requests Fulfilled and Recorded - 518 558 601 580 518 743 572 602 633 Documents Scanned to Electronic Archives (1)- 30,437 28,798 34,671 164,847 233,182 214,384 593,991 970,894 753,291 Public Works: Encroachment permits issued 104 65 124 109 127 54 123 121 140 121 Request for services (1)746 534 740 1,322 1,261 3,440 3,207 2,652 2,194 1,938 Community Development: Number of Active Business Licenses (1)3,183 3,310 3,520 3,998 4,452 3,368 3,681 3,707 3,806 3,592 Permits: Single family Detached 85 39 83 147 176 108 92 142 122 218 Single family Attached 0 11.00 0 - 4.00 7 7 6 14 1 Residential Pool 148 127 162 204 255 217 170 211 243 237 Wall/Fence 218 149 167 220 328 257 209 268 223 312 Other 1,033 916 1,042 1,158 1,316 1,230 1,258 1,571 1,655 1,401 Garage Sale Permits (1)1,805 1,430 1,404 1,255 1,290 1,109 1,024 928 959 604 Total Permits 3,289 2,672 2,858 2,984 3,369 2,928 2,760 3,126 3,216 2,773 Code Compliance (1): Animal Control Incidents Handled (1)4,392 4,246 3,206 1,645 1,085 - - - 52 42 Vehicle abatements 263 139 99 88 85 255 212 224 184 149 Weed abatements 143 106 1,404 43 45 57 114 128 80 65 Nuisance abatements/Property Maintenance 2,252 2,433 1,668 730 557 1,037 1,180 1,122 921 821 All Other (2)- - - - - 1,432 806 888 1,159 1,591 Community Services: Library activities: Number of Visits 92,484 109,000 63,955 71,874 73,924 182,913 190,747 152,725 132,947 84,042 Books checked out 263,064 275,838 220,690 329,154 263,047 234,340 254,323 250,636 241,450 122,084 Cards Issued 3,822 4,477 2,966 2,035 2,418 2,179 2,248 2,276 2,251 919 Number of School Children Visiting 1,881 962 737 1,539 1,562 2,947 4,680 4,528 3,303 3,708 Volunteer Hours 4,280 2,720 2,226 1,340 1,917 2,169 2,248 2,314 2,138 1,173 Senior Center/Wellness Center (1) : Number of visits 18,403 16,642 9,350 11,500 23,871 62,820 74,141 87,294 82,477 41,934 Volunteer Hours 3,099 2,690 2,233 2,745 1,279 1,585 1,420 1,333 1,148 506 Recreation activities: Participants: Leisure Classes 1,512 2,016 1,475 1,177 1,322 2,241 2,278 2,168 2,039 864 Special events 8,933 36,305 5,970 5,927 6,460 8,185 7,783 10,449 12,650 4,950 Adult Sports 13,092 5,647 3,865 5,878 5,487 7,192 6,695 6,136 5,932 3,644 Golf course: Golf rounds played 45,269 46,949 46,352 43,610 41,904 45,104 43,085 42,590 44,949 33,407 Average Green fee 70.70$ 70.40$ 67.44$ 66.83$ 69.65$ 66.87$ 66.80$ 71.88$ 72.02$ 71.23$ Planning and Development: Number of residential units approved 208 285 228 494 208 40 120 0 114 92 Commercial square footage approved 27,526 61,662 0 113,149.00 79,092 13,000 391,914 7,599 102,552 3,162 Fiscal Year Notes:(1) Data on this table may vary from year to year due to restructuring, personnel, and systems changes that have taken place at the city over the past five years. Examples include animal licensing and control contracted to County of Riverside May 2015, business licenses and garage sale permits transferred to Community Development Department, tracking system for active business licenses updated, vacation rental requirements for permits changed, Codes Department began using GoEnforce tracking software, Public Works Department expanded use of GoRequest system, City Clerk's office began project to archive all old documents and plans electronically, and the Senior Center became the Wellness Center in 2015. (2)"All Other" category includes building codes, business license, commercial, hazardous conditions, health/safety, other, parking, vacation rentals, and zoning. For 2016, data was annualized using the seven months of actual "total closed incidents" provided by GoEnforce. (3) Declines in the reported numbers for the Library, Wellness Center, and any related recreational activities are due to facility closures and restrictions as a result of the Novel Coronavirus pandemic. 155 CITY OF LA QUINTA TABLE 23 Capital Asset Statistics by Function Last Ten Fiscal Years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Public Works: 127 128 128 128 128 128 128 128 128 129 22 22 22 22 34 34 36 35.5 35.5 79.1 265 269 269 277 277 281 372 372 372 372 50 51 52 54 54 54 54 54 54 50 2,919 2,934 2,984 3,018 3,018 3,018 5,758 5,758 5,408 4,808 12 12 12 13 13 13 13 13 13 13 Parks and Recreation: Parks(3)13 13 13 13 13 13 13 13 13 14 218 218 218 218 218 218 218 218 218 40 40 40 40 40 40 40 40 40 237.60 114.35 17.4 17.4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Public Safety: Fire Stations 3 3 3 3 3 3 3 3 3 3 Golf Course: 1 1 1 1 1 1 1 1 1 1 Municipal golf courses Undeveloped Park Acreage Park Acreage Traffic signals Traffic signs Bridges Streetlights (2) Hiking Trails (miles) City-Owned Acres(3) City-Improved Acres(3) Fiscal Year Bikepaths (miles) (1) Streets (miles) Senior/Wellness Center Museum Library Notes: (1) Bike path miles were updated to include both Class I (off-street) and Class II (on-street, painted bike lanes) bicycle paths in 2015; the City has been adding Class II through various projects and the 2020 number has been updated accordingly. (2)In fiscal year ending 2009 street lights at intersections were included for the first time. Additionally, the decorative streetlights in Old Town were added for the first time in 2017. (3)In fiscal year 2019-20, the City added one public park, the SilverRock Event Site. In 2020, the City aligned reporting with the Developmental Impact Fee Study from August 2019 which identifies parks as 'City-Owned' and 'City-Improved' by acreage in Table 3.1. 156 CITY OF LA QUINTA TABLE 24 Schedule of Insurance in Force 30-Jun-20 Company Name Policy Number Coverage Limits Term Premium NFP Property & Casualty 107185100 Crime, Forgery, Fraud $1 Million 12/03/19 - 12/03/20 $3,208 Travelers California B128410009W19 All Risk Property Insurance $25 Million 07/01/19 - 07/01/20 $101,868 Joint Powers Including Auto Physical Damage, Single Limit per Occurrence Insurance Authority Terrorism, Boiler & Machinery subject to other sublimits NFP Property & Casualty W14D19200701 Earthquake $10 Million 02/07/20 to 02/07/21 $170,000 Lloyds/Beazley Furloge Limited Real & Personal Property Including Contingent Tax Interruption California Self-Insured Comprehensive General $50 Million 07/01/19 - 07/01/20 $377,929 Joint Powers Pool and Automobile Liability Single Limit per Occurrence Insurance Authority California Self-Insured Workers' Compensation $10 Million 07/01/19 - 07/01/20 $211,083 Joint Powers Pool per occurrence Insurance Authority Source:City of La Quinta 157 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: Financial Advisory Commissioners FROM: Karla Romero, Finance Director DATE: February 10, 2021 SUBJECT: FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Since the December 2, 2020 Financial Advisory Commission (FAC) meeting, the Finance Department has completed the following projects: •Filed the City’s Annual State Controller’s Reports for the City and the Finance Authority •Collaborated with interdepartmental staff in reviewing the Short- Term Vacation Rental Committee (Committee) recommendations and assisted in preparing a report for the City Council, which was presented on January 27, 2021. •Received approval from the County Oversight Board for the 2021 Bond refinancing, Staff has submitted the request to the State Department of Finance and is in the review and approval process. •Published the 2019/20 Comprehensive Annual Financial Report. •Accomplished the work of the SilverRock Event Site Committee to present finding and final recommendations for phase 1 and the retention basin soil stabilization, which was presented tonight. (Commissioners Mills, Rosen, Way) •Onboarded a new Accounts Payable Technician, Jesse Batres During the first quarter of 2021, the Finance Department will be completing the following items. •In conjunction with the 2021 Bond Financing Team, Staff is preparing a comprehensive financial presentation focused on La Quinta’s Redevelopment Project Areas No. 1 and 2. The presentation will be presented to S&P Global Ratings, formerly known as Standard and Poor’s, for an updated credit rating. •The FAC and staff are currently collaborating on four Committees which include the following: o Interfund Library Loan (Commissioners Hoffner, Mills) o Review of Pension Liability (Commissioners Twohey, Way) o Five-Year Capital Improvement Program Budget (Commissioners Hoffner, Batavick) DEPARTMENTAL REPORT ITEM NO. 1 o 2021/22 Operating Budget (Commissioners Hunter, Rosen) • The Short-Term Vacation Rental Program Fiscal Analysis Committee has been postponed until further notice. Current recommendations being considered are not anticipated to significantly impact operational revenues or expenses and focus on best practices, the use of technology, and preserving quality of life. (Commissioners Hoffner, Hunter, and Mills) City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: Financial Advisory Commissioners FROM: Karla Romero, Finance Director DATE: February 10, 2021 SUBJECT: PROPERTY TAX UPDATE FOR THE CITY OF LA QUINTA The City of La Quinta consults with HdL Coren & Cone to receive ongoing property tax updates. Attached is the 2020/21 Property Tax Summary which highlights the following key factors: •Net taxable values increased by 2.8% for the 2020/21 tax roll •The median sale price of a detached single-family (DSF) home from January through October 2020 was $580,000. This represents a $82,000 (16.5% increase in median sale price from 2019. •In 2019 and 2020 combined, the median sale price of a DSF increased by 30%. •Despite the pandemic, DSF sales for 2020 surpassed DSF sales in 2019. •Top 10 property owners represent about 3.40% or $489,727,490 of the total $13,980,319,465 taxable values, which translates to less overall volatility. Also attached is the Riverside County 2020 County Sales Comparison by City for single family residential sales from 1/1/2019 to 10/31/2020, which indicates that the City of La Quinta had the greatest median percentage change within Riverside County. ATTACHMENTS: 1. 2020/21 Property Tax Summary 2. Riverside County 2020 County Sales Comparison by City DEPARTMENTAL REPORT ITEM NO. 2 2020/21 PROPERTY TAX SUMMARY LA QUINTA 714.879.5000 www.hdlcompanies.com The City of La Quinta experienced a net taxable value increase of 2.8% for the 2020/21 tax roll, which was somewhat less than the increase experienced countywide at 6.0%. The assessed value increase between 2019/20 and 2020/21 was $397 million. The change attributed to the 2% Proposition 13 inflation adjustment was $207 million, which accounted for 52% of all growth experienced in the city. The largest secured roll increase was on a residential property owned by Scarlett Housing Trust at 53685 Humboldt Blvd. posted an increase of $7 million after new improvement values were added this year. This property is in the Madison Club and was sold for $9 million in November 2019. Commercial property owned by BRE Iconic LQR Owner LLC at 49499 Eisenhower Drive increased $6.9 million reflecting the addition of personal property assets and a reduction in the land and improvement valued due to a success appeal granted for a net positive change. This is the La Quinta Resort. Recreational property owned by Silverrock Phase I did not have a value enrolled on this site last year and the land value was enrolled this year. This was an increase of $5 million on this vacant site. The largest reduction was posted on many of the golf club properties reported large declines between tax years. Appeals were granted on the values on sites owned by East of Madison, Sunrise LQ LLC, and Andalusia Country Club. These three owners successfully removed $25.5 million in taxable values through appeal filings. Vacant property owned by Thomas Hoberman declined $2.7 million when this vacant site sold in 2019 for $1.5M. Growth in the number of home sales slowed and, even, declined by mid-2019. Fewer properties were on the market compared with 2018 despite declining mortgage rates. In 2019, economists forecasted a weaker housing market in 2020, even for cities who had achieved pre-recession peak values. In 2020, sale prices have risen as the number of sales declined significantly due to the COVID19 stay at home orders. Prices have continued to rise in response to lower inventory and lower interest rates. The median sale price of a detached single family residential home in La Quinta from January through October 2020 was $580,000. This represents a $82,000 (16.5%) increase in median sale price from 2019. 2020/21 Tax Shift Summary ERAF I & II VLFAA $-433,102 $4,346,635 % ChangeYearMedian PriceD-SFR Sales 1,0132014 $380,000 1,023 -2.89%2015 $369,000 1,093 1.63%2016 $375,000 1,242 6.67%2017 $400,000 1,212 9.66%2018 $438,648 1,277 13.53%2019 $498,000 1,289 16.47%2020 $580,000 Top 10 Property Owners % of TotalNet Taxable ValueOwner Use Type BRE ICONIC LQR OWNER LLC1.Commercial 1.17%$167,964,353 INLAND AMERICAN LAQUINTA PAVILION2.Commercial 0.35%$50,248,920 HAWTHORN IL PROPCO3.Commercial 0.32%$45,760,953 SUNRISE LQ LLC4.Vacant 0.30%$42,653,876 TOWN AND COUNTRY PARTNERS5.Residential 0.25%$36,473,497 WALMART REAL ESTATE BUSINESS TRUST6.Commercial 0.22%$32,199,420 EAST OF MADISON7.Recreational 0.21%$29,932,595 CM WAVE DEV8.Agricultural 0.21%$29,639,994 HEALTH CARE REIT INC9.Commercial 0.19%$27,473,475 AVENTINE DEV10.Residential 0.19%$27,380,407 Top Ten Total $489,727,490 3.40% ATTACHMENT 1 Real Estate Trends 714.879.5000 www.hdlcompanies.com Home Sales Over the past two years, industry experts expressed concerns about sales volumes declining due to buyer anticipation of a potential drop in housing prices. While a reduction in the number of single-family home sales was experienced in many areas in the past two years and sales price changes reflected modest declines or increases, these market trends were suddenly impacted by the COVID-19 pandemic beginning in March 2020. The number of home sales has dropped significantly as potential buyers stayed home. After major reductions in the number of sales in April and May, sales rebounded. Median sales prices for June increased by 6.5% over May and were up by 2.5% over June 2019. The 30-year, fixed-mortgage interest rate averaged 3.16% in June, down from 3.80% in June 2019. Units Sold June-2019 Units Sold June-2020 % Change % ChangeMedian Price June-2020 Median Price June-2019 All Homes Imperial County 132 125 -5.30% 17.26%$226,000 $265,000 Los Angeles County 6,722 5,149 -23.40% 4.03%$620,000 $645,000 Orange County 3,289 2,502 -23.93% 2.28%$745,000 $762,000 Riverside County 3,617 3,672 1.52% 10.37%$376,000 $415,000 San Bernardino County 2,662 2,431 -8.68% 4.48%$335,000 $350,000 San Diego County 3,716 3,573 -3.85% 2.21%$587,000 $600,000 Ventura County 970 778 -19.79% 7.43%$575,500 $618,250 COVID-19 Federal, State, and local governments are working to limit the spread of COVID-19. Orders intended to contain the virus has caused temporary closure of businesses and limited access to retail and service industries. This has and will continue to have impacts on the economy. This pandemic event is not something we have seen before and it is unknown if these conditions will be short or long term. Below are the points you should know: §According to the California Assoc. of Realtors all major regions declined in the number of sales with Southern California dropping the most at -12.2% while the Central Valley had the smallest decline at -1.5%. Median prices in the Central Valley and in Southern California increased by 7.4% and 3.3%, respectively, based on pent up demand. Other areas reflected similar patterns. §A reduction in the number of sales during 2020 will result in reduced growth in value for FY2021-22 and a reduction in revenue from real estate transaction tax and supplemental assessments during FY2020-21. §The Governor issued Executive Order N-61-20 on May 6, 2020. This EO was focused on easing financial hardship resulting from the pandemic. This order did not eliminate required payment of property taxes but did eliminate penalties and interest on late payments for owner-occupied residential property who do not utilize impound accounts and for SBA qualified small businesses only. These taxpayers only receive relief if they can demonstrate COVID-19 related hardship. This EO has no impact within counties that utilize Teeter Programs. §The pandemics impact on tax revenues will need to be monitored. Any effects will be foreseen by dropping sales values, increases in foreclosure activity and increased property tax delinquency. 2020 COUNTY SALES COMPARISON BY CITY RIVERSIDE COUNTY Single Family Residential Sales (01/01/2019 - 10/31/2020) 2019 Median Sales PriceCity 2020 Sale Count 2019 Sale Count 2020 Median Sales Price Median % Change 5.88 270,000 255,000 438 581BANNING 5.04 365,000 347,500 904 1,110BEAUMONT 14.67 172,000 150,000 124 140BLYTHE 4.34 396,500 380,000 187 168CALIMESA 14.44 515,000 450,000 344 337CANYON LAKE 7.90 355,000 329,000 556 709CATHEDRAL CITY 14.90 295,000 256,750 201 220COACHELLA 6.06 525,000 495,000 1,564 1,822CORONA 11.41 249,000 223,500 321 491DESERT HOT SPRINGS 5.31 595,000 565,000 679 788EASTVALE 7.14 285,000 266,000 1,052 1,366HEMET 5.52 765,000 725,000 343 317INDIAN WELLS 6.15 345,000 325,000 1,269 1,470INDIO 7.06 455,000 425,000 759 881JURUPA VALLEY 15.44 525,250 455,000 1,614 1,604LA QUINTA 5.88 405,000 382,500 952 1,121LAKE ELSINORE 8.72 399,000 367,000 2,102 2,434MENIFEE 7.20 365,000 340,500 1,653 2,297MORENO VALLEY 4.65 450,000 430,000 1,826 2,024MURRIETA 4.42 590,000 565,000 288 321NORCO 11.59 385,000 345,000 1,632 1,932PALM DESERT 15.28 530,000 459,750 1,578 1,678PALM SPRINGS 6.44 351,250 330,000 530 758PERRIS 1.82 560,000 550,000 894 871RANCHO MIRAGE 8.86 430,000 395,000 2,395 3,077RIVERSIDE 6.70 457,750 429,000 4,838 5,470RIVERSIDE COUNTY UNINCORPORATED 6.00 318,000 300,000 601 842SAN JACINTO 10.00 495,000 450,000 1,711 1,889TEMECULA 7.23 445,000 415,000 359 421WILDOMAR RIVERSIDE COUNTY (Entire Region) 8.65 421,000 387,500 31,714 37,139 *Sales not included in the analysis are quitclaim deeds, trust transfers, partial sales, timeshares, multiple parcel transactions and non-reported document number transfers. This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & Cone Prepared On 1/8/2021 By MV Data Source: Riverside County Recorder Page 15 ATTACHMENT 2 POWER POINTS FAC MEETING FEBRUARY 10, 2021 2/10/2021 1 Financial Advisory Commission Meeting February 10, 2021 1 2 2/10/2021 2 Financial Advisory Commission Meeting 02/10/2021 Consent Calendar Items: 1. Approve Minutes Dated November 23, 2020 2. Approve Minutes Dated December 2, 2020 3. Receive and File Revenue and Expenditure Report Dated October 31, 2020 4. Receive and File Revenue and Expenditure Report Dated 5. Receive and File First Quarter 2020/21 Treasury Reports for July, August, and September 2020 Financial Advisory Commission Meeting 02/10/2021 Business Session Item No. 1 DISCUSS AND RECOMMEND APPROPRIATION OF ADDITIONAL MEASURE G RESERVE FUNDING FOR THE SILVERROCK RETENTION BASIN SOIL STABILIZATION PROJECT NO. 2020-07 3 4 2/10/2021 3 Background •November 4, 2020 FAC meeting –Historical project overview provided –Reviewed Phase II improvements –FAC subcommittee appointed •Mills, Rosen, and Way •November 23 FAC meeting –Approved $300,000 of additional Measure G funding –Supported Preliminary Design of SilverRock RetentionBasin Soil Stabilization Project SilverRock Retention Basin Soil Stabilization Project •Landscaping and irrigation of adjacent retention basin slopes •Preliminary design complete: 4 design options •Staff and FAC Subcommittee recommend Option 4 for implementation •Request appropriation of project budget from Measure G Reserves 5 6 2/10/2021 4 PHASE 1 PLAN DRONE VIEWS 7 8 2/10/2021 5 DRONE VIEWS 2019 SLOPE AREA: AVENUE 52 AND BASIN 9 10 2/10/2021 6 CURRENT BASIN SLOPE CONDITION: AVENUE 52 AND BASIN CURRENT BASIN SLOPE AVENUE 52 AND BASIN 11 12 2/10/2021 7 SLOPE AREA SILVERROCK WAY SLOPE AREA SILVERROCK WAY 13 14 2/10/2021 8 EXISTING SLOPE PLANTING AT WATER FEATURE EXISTING SLOPE NORTH PARK 15 16 2/10/2021 9 EXISTING SLOPE EAST PARKING EXISTING SLOPE EAST PARKING 17 18 2/10/2021 10 OPTION 1 OPTION 2 19 20 2/10/2021 11 OPTION 3 OPTION 4: Recommended 21 22 2/10/2021 12 PLANTING EXAMPLES DESERT HYDROSEED MIX PLANTING EXAMPLES ACACIA REDOLENS “Low Boy” 3’ HT 12’ SPREAD 23 24 2/10/2021 13 PLANTING EXAMPLES DALEA GREGGI 2’ HT X 8’ SPREAD PLANTING EXAMPLES LANTANA “NEW GOLD” 1-1/2’ HT X 4’- 6’ SPREAD 25 26 2/10/2021 14 PLANTING EXAMPLES ENCELLIA FARINOSA 4’-5’ HT X 5’- 6’ SPREAD PLANTING EXAMPLES JUSTICIA CALIFORNICA 4’ - 6’ HT X 8’- 12’ SPREAD 27 28 2/10/2021 15 PLANTING EXAMPLES SPHAERALCEA AMBIQUA 3’ HT X 3’ SPREAD Preliminary Design Options •Option 1: Non – irrigated hydroseed with jute netting –Estimated Total Cost: $1,017,769 •Option 2: Irrigated hydroseed –Estimated Total Cost: $521,785 •Option 3: Irrigated hydroseed/drip north and east slope –Estimated Total Cost: $647,239 •Option 4 (Recommended): Irrigated hydroseed/drip north slope and parking edge shrubs –Estimated Total Cost: $437,250 29 30 2/10/2021 16 COST P.S.F. OPTION ONE Non – irrigated hydroseed with jute netting 220,778 sf $698,298 $3.16 OPTION TWO Irrigated hydroseed 220,778 sf $358,000 $2.06 OPTION THREE Irrigated hydroseed/drip north and east slope 220,778 sf $444,075 $2.56 OPTION FOUR Irrigated hydroseed/drip with north slope and parking edge shrubs 153,225 sf $300,000 $2.33 Estimated Construction Costs Project Budget Current Budget Proposed Budget Predesign $ 10,000 $ 10,000 Design $ 0 $ 20,000 Professional $ 0 $ 23,250 Construction $ 0 $ 300,000 Utility Allowance $ 0 $ 15,000 Inspection/Testing/Survey $ 0 $ 29,250 Contingency $ 0 $ 39,750 Total Budget: $ 10,000 $ 437,250 31 32 2/10/2021 17 Questions and Discussion Financial Advisory Commission Meeting 02/10/2021 Business Session Item No. 2 Receive and File the Comprehensive Annual Financial Report for the Year Ended June 30, 2020 33 34 2/10/2021 18 Conducted virtually by Eide Bailly LLP, Certified Public Accountants from October – December 2020 Reviewed nearly 600 documents, conducted several interviews Issued a clean audit opinion – most favorable conclusion New financial regulatory requirements have been postponed due to COVID‐19 CAFR meets the GFOA’s Certificate of Achievement Program’s requirements and has been submitted for another certification Auditor comments regarding the City shall be provided tonight Audit Summary CAFR Content Major Events •Transmittal letters • Management discussion and analysis Financial Statements • Balance sheets, statement of net position & cash flows • Budgetary comparison schedules English Please • 19 Notes • Statistical section, 10‐year comparison 35 36 2/10/2021 19 Governmental Fund Balances Category General Fund All Other Funds Total Funds Non‐Spendable $ 31,487,459 $ 2,875 $ 31,490,334 Restricted 10,249,738 46,001,248 56,250,986 Committed 30,118,800 ‐ 30,118,800 Assigned 32,383,017 ‐ 32,383,017 Unassigned 19,094,651 (5,175,243) 13,919,408 Total $ 123,333,665 $ 40,828,880 $ 164,162,545 Prepaid Costs $ 14,065 Land held for resale 5,403,652 RDA Loan 26,069,742 Pension Trust $ 10,249,738 Housing Funds 22,818,595 Restricted Funds 23,182,653 Governmental Fund Balances Category General Fund All Other Funds Total Funds Non‐Spendable $ 31,487,459 $ 2,875 $ 31,490,334 Restricted 10,249,738 46,001,248 56,250,986 Committed 30,118,800 ‐ 30,118,800 Assigned 32,383,017 ‐ 32,383,017 Unassigned 19,094,651 (5,175,243) 13,919,408 Total $ 123,333,665 $ 40,828,880 $ 164,162,545 Natural Disaster $ 10,000,000 Economic Disaster 6,800,000 Cash Flow Reserve 5,000,000 Capital Replacement 6,540,000 Operational Carryovers 1,778,800 Fire Services $ 10,491,654 Sales Tax (Measure G) 8,736,219 Capital Projects 13,155,144 37 38 2/10/2021 20 Long‐Term Debt Debt Type 2017‐18 2018‐19 2019‐20 Capital Leases $ 667,035 $ 787,971 $761,790 Compensated Absences 823,842 941,955 888,491 Land Acquisition 1,125,000 ‐ ‐ Revenue Bonds 650,000 ‐ ‐ Pension Liability 12,612,523 12,403,691 13,458,200 Total $15,878,400 $14,103,617 $15,108,481 Irrevocable Section 115 Pension Trust $ 6,540,000 19‐20 Contribution & Interest Earnings 3,709,738 Total Trust Balance 10,249,738 Pension Liability $ 3,208,462 OPEB Trust has an asset balance of $47,052 Liability $1,580,740 Trust balance $1,627,792 Major Infrastructure Investments La Quinta Village Complete Streets $7,436,000 SilverRock Event Site $3,738,000 Citywide Drainage Improvements $2,360,000 Traffic Signal Interconnect Project $1,792,000 Dune Palms Road Street Improvements $1,164,000 39 40 2/10/2021 21 The Future Adopted a balanced 2020/21 budget Continue to address long‐term liabilities Mixture of housing and commercial developments are under construction Long‐term vision and planning are a priority FAC Presentation Scheduled for 2/10/2021 Eide Bailly Auditor Comments 41 42 2/10/2021 22 Financial Advisory Commission Meeting 02/10/2021 Departmental Reports 1. Finance Department Current and Future Initiatives 2. Property Tax Update for City of La Quinta 3. COVID-19 Small Business Emergency Economic Relief Programs Financial Advisory Commission Meeting 02/10/2021 Commissioner Items 43 44 2/10/2021 23 A Special Meeting will be held on February 24, 2021 The Next Regular Quarterly Financial Advisory Commission Meeting will be on May 12, 2021 45 46