2021 02 24 FAC Special MeetingFINANCIAL ADVISORY COMMISSION AGENDA 1 FEBRUARY 24, 2021
SPECIAL MEETING
SPECIAL MEETING
OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION
TO THE MEMBERS OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION AND
TO THE COMMISSION SECRETARY:
NOTICE IS HEREBY GIVEN that a Special Meeting of the La Quinta Financial
Advisory Commission is hereby called to be held on Wednesday, February 24, 2021
starting at 4:00 p.m.; at La Quinta City Hall located at 78495 Calle Tampico, La Quinta,
CA 92253. 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
emergency meeting by teleconference. The emergency meeting is called for the following
purpose:
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1.Approve Minutes Dated February 10, 2021
2. Receive and File Revenue and Expenditure Report Dated December 31, 2020
3.Receive and File Second Quarter 2020/21 Treasury Reports for October,
November, December 2020
4. Receive and File Federal Awards Reports in Accordance with the Uniform Guidance
for Year Ended June 30, 2020
BUSINESS SESSION
1. Appoint Two Financial Advisory Commissioners to Form a 10-Year Financial
Projections Task Force
2.Appoint Two Financial Advisory Commissioners to Form a Long-Range Strategic
Planning Task Force
3.Receive and File the 2020/21 Mid-Year Budget Report
STUDY SESSION
1.Discuss Projects to be included in Fiscal Years 2021/22 Through 2025/26 Capital
Improvement Program budget
2. Discuss Preliminary General Fund Revenue Projections for the Fiscal Year 2021/22
Budget
3.Discuss the City’s Outstanding Pension Obligations and the Financial Advisory
Commission Subcommittee Recommendations
4.Discuss Library Development Impact Fee Fund Loan and Repayment Calculations
FINANCIAL ADVISORY COMMISSION AGENDA 2 FEBRUARY 24, 2021
SPECIAL MEETING
DEPARTMENTAL REPORTS
1.Third Quarter 2020 (July-September) Sales Tax Update for the City of La Quinta
COMMISSIONERS’ ITEMS
Dated: February 22, 2021
/s/ W. Richard Mills
W. RICHARD MILLS, Chairperson
Attest:
Jessica Delgado, Management Assistant
DECLARATION OF POSTING
I, Jessica Delgado, Management Assistant, do hereby declare that the foregoing notice
for the La Quinta Financial Advisory Commission Special Meeting of February 24, 2021
was posted on the outside entry to the Council Chamber at 78495 Calle Tampico and on
the bulletin boards at 51321 Avenida Bermudas and 78630 Highway 111 on February 22,
2021.
Jessica Delgado, Management Assistant
Digitally signed by Jessica Delgado
DN: cn=Jessica Delgado, o=City of La
Quinta, ou=Finance,
email=jdelgado@laquintaca.gov,
c=US
Date: 2021.02.22 10:14:19 -08'00'
Digitally signed by Jessica Delgado
DN: cn=Jessica Delgado, o=City of La
Quinta, ou=Finance,
email=jdelgado@laquintaca.gov, c=US
Date: 2021.02.22 10:14:34 -08'00'
FINANCIAL ADVISORY COMMISSION AGENDA 3 FEBRUARY 24, 2021
SPECIAL MEETING
FINANCIAL ADVISORY COMMISSION
AGENDA
CITY HALL COUNCIL CHAMBERS
78-495 Calle Tampico, La Quinta
SPECIAL MEETING ON WEDNESDAY, FEBRUARY 24, 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 4 FEBRUARY 24, 2021
SPECIAL 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 5 FEBRUARY 24, 2021
SPECIAL 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 February 10, 2021
2. Receive and File Revenue and Expenditure Report Dated December 31, 2020
3. Receive and File Second Quarter 2020/21 Treasury Reports for October,
November, December 2020
4. Receive and File Federal Awards Reports in Accordance with the Uniform Guidance
for Year Ended June 30, 2020
BUSINESS SESSION
1.Appoint Two Financial Advisory Commissioners to Form a 10-Year Financial
Projections Task Force
2.Appoint Two Financial Advisory Commissioners to Form a Long-Range Strategic
Planning Task Force
3.Receive and File the 2020/21 Mid-Year Budget Report
STUDY SESSION
1.Discuss Projects to be included in Fiscal Years 2021/22 Through 2025/26 Capital
Improvement Program budget
2. Discuss Preliminary General Fund Revenue Projections for the Fiscal Year 2021/22
Budget
3.Discuss the City’s Outstanding Pension Obligations and the Financial Advisory
Commission Subcommittee Recommendations
4.Discuss Library Development Impact Fee Loan and Repayment Calculations
DEPARTMENTAL REPORTS
1.Third Quarter 2020 (July-September) Sales Tax Update for the City of La Quinta
COMMISSIONERS’ ITEMS
ADJOURNMENT
The next regular quarterly meeting of the La Quinta Financial Advisory Commission will
be held on May 12, 2021 commencing at 4:00 p.m. at the La Quinta Study Session Room,
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 22, 2021.
FINANCIAL ADVISORY COMMISSION AGENDA 6 FEBRUARY 24, 2021
SPECIAL MEETING
DATED: February 22, 2021
Jessica Delgado, Management Assistant
City of La Quinta, California
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.
Digitally signed by Jessica Delgado
DN: cn=Jessica Delgado, o=City of La
Quinta, ou=Finance,
email=jdelgado@laquintaca.gov, c=US
Date: 2021.02.22 10:13:40 -08'00'
FINANCIAL ADVISORY COMMISSION MINUTES 1 FEBRUARY 10, 2021
REGULAR QUARTERLY MEETING
FINANCIAL ADVISORY COMMISSION
MINUTES
WEDNESDAY, FEBRUARY 10, 2021
CALL TO ORDER
A regular quarterly 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, Accounting Manager Martinez, Public Works
Director/City Engineer McKinney, and Management Analyst Mignogna
COMMISSIONER WAY JOINED MEETING AT 4:02 P.M.
PLEDGE OF ALLEGIANCE
Commissioner Twohey led the audience in the Pledge of Allegiance.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
The following PUBLIC SPEAKER provided a verbal comment VIA TELEPHONIC
ACCESSIBITY:
Dale Tyerman, La Quinta – commended the Commission, Council, and staff for
their guidance during the COVID-19 pandemic. He thanked the Commission
and staff for being fiscally cautious and planning ahead to ensure the City’s
fiscal viability. He asked that the same level of strategic planning continues
going forward to lead the City out of the pandemic, and suggested a formal
CONSENT CALENDAR ITEM NO. 1
FINANCIAL ADVISORY COMMISSION MINUTES 2 FEBRUARY 10, 2021
REGULAR QUARTERLY MEETING
strategic planning exercise be formed to outline opportunities to help the City
with the overall challenges coming out of the pandemic.
CONFIRMATION OF AGENDA
Staff requested the following two items be placed on the agenda for discussion
under Commissioners’ Items as requested by Chairperson Mills.
1. Potential formation of a 10-year projection project task force
2. Discuss a long-range strategic planning for the City of La Quinta
The Commission concurred.
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS
– None
CONSENT CALENDAR ITEMS
1. APPROVE SPECIAL MEETING MINUTES DATED NOVEMBER 23,
2020
2. APPROVE SPECIAL MEETING 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 DATED JULY, AUGUST, AND SEPTEMBER 2020
Motion – A motion was made and seconded by Commissioners Twohey/Hunter
to approve Consent Calendar Item Nos. 1, 3, 4, and 5, as submitted. Motion
passed unanimously.
Consent Calendar Item No. 2, page No. 3, the last sentence under Study
Session Item No. 1 shall be amended to read:
The Commission expressed general support of these stages for the Plan and
Project.
FINANCIAL ADVISORY COMMISSION MINUTES 3 FEBRUARY 10, 2021
REGULAR QUARTERLY MEETING
Motion – A motion was made and seconded by Commissioners Hoffner/Batavick
to approve Consent Calendar Item No. 2, as amended. Motion passed
unanimously.
BUSINESS SESSION
1. DISCUSS AND RECOMMEND AN APPROPRIATION FROM MEASURE
G RESERVES FOR THE SILVERROCK RETENTION BASIN SOIL
STABILIZATION PROJECT NO. 2020-7 (Project)
Management Analyst Mignogna, Public Works Director/City Engineer McKinney,
and City Consultant Chris Hermann, President/CEO of Hermann Design Group,
presented the staff report, which is on file in the Finance Department.
The Commission and staff discussed the four preliminary design options and
associated costs for each one; annual maintenance costs for each option and
available funding sources; stabilizing material to be used around plants and
slopes; and expressed general consensus support for Option 4.
Motion – A motion was made and seconded by Commissioners Batavick/Hoffner
to recommend Council approval of Measure G reserve funding appropriation for
Option 4, in the amount of $427,250, for the SilverRock Retention Basin Soil
Stabilization Project No. 2020-07. Motion passed unanimously.
2. RECEIVE AND FILE THE COMPREHENSIVE ANNUAL FINANCIAL
REPORT (CAFR) FOR YEAR ENDING JUNE 30, 2020
Finance Director Romero, Accounting Manager Martinez, and CPA Partner Phillip
White with Eide Bailly auditing firm (EB) presented the staff report, which is on
file in the Finance Department.
Mr. White explained EB’s audit purview and scope and mentioned that this
year’s audit was done virtually due to the pandemic.
The Commission and staff discussed the CAFR footnotes on page 69 referencing
Long-Term Debt and debt related to the former Redevelopment Agency of the
City; Successor Agency debt noted in CAFR that is not a direct obligation for
the City; property tax collections on page 114 of CAFR pertaining to dissolution
of Redevelopment Agency; and the governmental activities leading to
decreased changes in net position found on page 10.
Motion – A motion was made and seconded by Commissioners Way/Hoffner to
receive and file the Comprehensive Annual Financial Report for year ending
June 30, 2020, as submitted. Motion passed unanimously
FINANCIAL ADVISORY COMMISSION MINUTES 4 FEBRUARY 10, 2021
REGULAR QUARTERLY MEETING
STUDY SESSION – None
DEPARTMENTAL REPORTS
1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
Finance Director Romero presented the staff report, which is on file in the
Finance Department.
Staff mentioned that the first meeting for the Interfund Library Loan
subcommittee will be on Friday, February 12, which includes Commissioners
Hoffner and Mills. Staff requested that Commissioners give the Commission a
verbal update on subcommittees they are currently participating in.
Commissioner Twohey shared his experience and what has been reviewed so
far on the Review for Pension Liability subcommittee.
Commissioner Batavick said that the Five-Year Capital Improvement Program
Budget subcommittee had their initial meeting in January; provided a summary
of the subcommittee’s scope of work and timeline.
Commissioner Hunter shared his experience and what has been reviewed so
far on the 2021/22 Operating budget subcommittee.
Finance Director Romero mentioned that the Short-Term Vacation Rental
Program Fiscal Analysis subcommittee has been postponed until further notice,
but has Commissioners Hoffner, Hunter, and Mills on standby.
Commissioner Hoffner asked if any changes in any policies and procedures
would be coming up as an item in a future meeting. Financial Services Analyst
Hallick confirmed that minor changes due to the pandemic for the City’s
Purchasing Policy would be brought forth for the Commission’s review and
consideration at the next regularly scheduled meeting.
2. PROPERTY TAX UPDATE FOR THE CITY OF LA QUINTA
Finance Director Romero presented the staff report, which is on file in the
Finance Department.
3. LA QUINTA COVID-19 SMALL BUSINESS EMERGENCY ECONOMIC
RELIEF PROGRAM (Program) – verbal update
Financial Services Analyst Hallick said as of date a total of $1.759 million dollars
has been disbursed; broke down the totals for the each individual part of the
Program; mentioned another $166,000 will be distributed this week; said
FINANCIAL ADVISORY COMMISSION MINUTES 5 FEBRUARY 10, 2021
REGULAR QUARTERLY MEETING
approximately $180,000 will remain available in the Program; and that over
100 individual businesses have been assisted by the Program.
The Commission commended the City on continuing to help businesses through
the Program and shared thankful comments heard from businesses.
COMMISSIONERS’ ITEMS
1. DISCUSS COMMISSIONER APPOINTMENT OF POTENTIAL
FORMATION OF A 10-YEAR PROJECTION PROJECT TASK FORCE
Chairman Mills suggested a task force be formed to brainstorm ideas on
presenting the Ten-Year Projections in an easier to read format for the public.
He requested staff place this item as a business session item on the agenda for
the next Commission meeting.
The Commission concurred.
2. DISCUSS A LONG-RANGE STRATEGIC PLANNING FOR THE CITY OF
LA QUINTA
Chairman Mills suggested a task force be formed for a long-range strategic
plan. He mentioned staff had informed him of the City’s Economic Development
Committee (Committee) already formed and asked if the Commission could
participate. Staff mentioned those involved in the Committee and explained
that some items brought to the Committee are confidential, but would discuss
the potential participation of the FAC with the City Manager’s office. He
requested staff place this item for consideration at the next Commission
meeting.The Commission concurred.
Commissioner Hunter suggested considering placing the ten-year projections
on the City’s website under the Finance Department similar to how the Measure
G Oversight reports are displayed.
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Way/Hunter to adjourn this meeting at 5:52 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 24, 2021
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT
DATED DECEMBER 31, 2020
RECOMMENDATION
Receive and file revenue and expenditure report dated December 31, 2020.
EXECUTIVE SUMMARY
•The report summarizes the City’s period and year-to-date (YTD) revenues
and expenditures for December 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. 2
The revenue report includes revenues and transfers into funds from other
funds (income items). Revenues are not received uniformly throughout the
year, resulting in peaks and valleys. For example, large property tax
payments are usually received in December and May. Similarly,
Redevelopment Property Tax Trust Fund payments are typically received in
January and June. Any timing imbalance of revenue receipts versus
expenditures is funded from the City’s cash flow reserve.
The expenditure report includes expenditures and transfers out to other funds.
Unlike revenues, expenditures are more likely to be consistent from month to
month. However, large debt service payments or CIP expenditures can cause
swings.
Prepared by: Rosemary Hallick, Financial Services Analyst
Approved by: Karla Romero, Finance Director
Attachment: 1. Revenue and Expenditure Report for December 31, 2020
MTD YTD
YTD Percent
of Budget
General Fund 5,542,691$ 15,897,744$ 28.88%
All Funds 14,444,359$ 36,569,345$ 21.49%
MTD YTD
YTD Percent
of Budget
General Fund 3,435,336$ 13,977,408$ 21.28%
Payroll - General Fund 840,938$ 4,875,441$ 46.68%
All Funds 17,062,338$ 54,459,530$ 29.32%
December Expenditures
December Revenues
General Fund Non-General Fund
Property Tax 2,044,662$ Transfers In - Capital Improvement (CIP) Fund(1)5,065,228$
Transient Occupancy (Hotel) Tax 1,084,009$ Active Transportation Grant - Complete Streets 1,184,130$
Measure G 1,035,956$ Technology Support Internal Service Fund (2)423,875$
Sales Tax 925,973$ County Government Revenue -Library/Museum 279,517$
Document Transfer Tax 203,428$ SilverRock Greens Fees 276,320$
General Fund Non-General Fund
Transfers Out to CIP 1,452,579$ Housing Fund-Land Acquisition(4)5,498,796$
Liability Insurance & Claims (3)115,000$ CIP-Construction(5)2,811,325$
Park Equipment Maintenance (3) 100,000$ Transfers Out - Project Area 1 Capital Fund to CIP 2,070,189$
Marketing and Tourism Promotions 42,889$ Transfers Out - Parks & Rec DIF Fund to CIP 801,436$
Information Technology(3)41,650$ Transfers Out - Transportation DIF Fund to CIP 343,055$
(5)CIP Construction: Village Complete Streets, SilverRock event space, SilverRock Way, Washington Street pavement
rehabilitation, and north LaQuinta landscape project.
(3)These charges in the General Fund represent quarterly contributions to the Internal Service Funds.
(4)Housing Fund Land Acquisition: Payment to the State of California Condemnation Fund and Four Seasons Escrow in relation to
Dune Palms Mobile Estates
Top Five Revenue/Income Sources for December
Top Five Expenditures/Outlays for December
(1)Transfers in to the Capital Improvement Fund are from General Fund, Gas Tax, Measure A, Parks & Recreation Developer
Impact Fees (DIF), Transportation DIF, and Project Area 1 Capital Improvement Fund sources.
(2)Internal Service Funds are used to account for activities involved in rendering services to departments within the City;
quarterly journal entries move revenue into these funds.
For Fiscal: 2020/21 Period Ending: 12/31/2020
2/18/2021 Page 1 of 3
Revenue Summary
Fiscal
Activity
Variance
Favorable
(Unfavorable)Fund
Period
Activity
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 15,897,7445,542,69150,726,100 55,040,534 -39,142,790 28.88 %
201 - GAS TAX FUND 795,523220,1881,778,400 1,791,800 -996,277 44.40 %
202 - LIBRARY & MUSEUM FUND 268,312279,6352,808,500 2,807,200 -2,538,888 9.56 %
203 - PUBLIC SAFETY FUND (MEASURE G)-1,924010,000 10,000 -11,924 19.24 %
210 - FEDERAL ASSISTANCE FUND -200141,900 147,472 -147,492 0.01 %
212 - SLESA (COPS) FUND 81,43616,667101,000 101,000 -19,564 80.63 %
215 - LIGHTING & LANDSCAPING FUND 895,96601,877,000 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 566,423136,6191,319,000 1,519,000 -952,577 37.29 %
224 - TUMF FUND -376000 -376 0.00 %
225 - INFRASTRUCTURE FUND -310200200 -231 15.38 %
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)-11012,100 19,700 -19,711 0.06 %
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)3,19405,000 5,000 -1,806 63.88 %
230 - CASp FUND, AB 1379 7,7211,34618,200 18,200 -10,479 42.42 %
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 1,389,44424,113513,300 1,715,756 -326,312 80.98 %
243 - RDA LOW-MOD HOUSING FUND -4,181035,000 35,000 -39,181 11.95 %
244 - HOUSING GRANTS (Multiple)00060,000 -60,000 0.00 %
247 - ECONOMIC DEVELOPMENT FUND -6,543040,000 649,100 -655,643 1.01 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)58,44223,994200,000 200,000 -141,558 29.22 %
250 - TRANSPORTATION DIF FUND 224,86420,045380,000 380,000 -155,136 59.17 %
251 - PARKS & REC DIF FUND 83,31010,530304,000 304,000 -220,690 27.40 %
252 - CIVIC CENTER DIF FUND 51,3646,150110,000 110,000 -58,636 46.69 %
253 - LIBRARY DEVELOPMENT DIF 15,4561,98545,000 45,000 -29,544 34.35 %
254 - COMMUNITY & CULTURAL CENTERS DIF 31,3194,78016,500 16,500 14,819 189.81 %
255 - STREET FACILITY DIF FUND 4,033017,000 2,000 2,033 201.64 %
256 - PARK FACILITY DIF FUND 31107,100 500 -189 62.19 %
257 - FIRE PROTECTION DIF 17,3371,84555,500 55,500 -38,163 31.24 %
270 - ART IN PUBLIC PLACES FUND 103,1914,779111,000 121,000 -17,809 85.28 %
275 - LQ PUBLIC SAFETY OFFICER 1,92502,600 2,600 -675 74.02 %
299 - INTEREST ALLOCATION FUND 978,232209,51000 978,232 0.00 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 -1,100 0.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 10,500,9196,299,94219,058,300 73,855,948 -63,355,029 14.22 %
405 - SA PA 1 CAPITAL IMPRV FUND -9,8880100,000 100,000 -109,888 9.89 %
501 - FACILITY & FLEET REPLACEMENT 430,439217,875902,500 902,500 -472,061 47.69 %
502 - INFORMATION TECHNOLOGY 881,359451,3801,721,500 1,747,300 -865,941 50.44 %
503 - PARK EQUIP & FACILITY FUND 94,208100,000245,000 245,000 -150,792 38.45 %
504 - INSURANCE FUND 467,717231,875928,500 928,500 -460,783 50.37 %
601 - SILVERROCK RESORT 1,728,375322,3373,882,100 3,882,100 -2,153,725 44.52 %
602 - SILVERROCK GOLF RESERVE -83104,500 4,500 -5,331 18.46 %
760 - SUPPLEMENTAL PENSION PLAN 4,83706,500 6,500 -1,663 74.42 %
761 - CERBT OPEB TRUST 218,959147,50560,000 75,000 143,959 291.94 %
762 - PARS PENSION TRUST 803,489168,567300,000 600,000 203,489 133.91 %
Report Total:14,444,359 36,569,345108,606,169 170,144,279 -133,574,934 21.49 %
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: 12/31/2020
2/18/2021 Page 2 of 3
Expenditure Summary
Fiscal
Activity
Variance
Favorable
(Unfavorable)Fund
Period
Activity
Current
Total Budget
Original
Total Budget
Percent
Used
101 - GENERAL FUND 13,977,4083,435,33647,911,600 65,689,997 51,712,589 21.28 %
201 - GAS TAX FUND 576,353244,6671,775,300 2,288,769 1,712,416 25.18 %
202 - LIBRARY & MUSEUM FUND 552,398317,2901,715,100 2,318,100 1,765,702 23.83 %
203 - PUBLIC SAFETY FUND (MEASURE G)7,7166,5751,000,000 1,372,296 1,364,580 0.56 %
210 - FEDERAL ASSISTANCE FUND 00141,900 321,339 321,339 0.00 %
212 - SLESA (COPS) FUND 6,8180100,000 100,000 93,182 6.82 %
215 - LIGHTING & LANDSCAPING FUND 766,638151,2741,876,600 2,126,600 1,359,962 36.05 %
220 - QUIMBY FUND 491,27512,72802,781,625 2,290,350 17.66 %
221 - AB 939 - CALRECYCLE FUND 1,050850100,000 250,000 248,950 0.42 %
223 - MEASURE A FUND 185,090177,6351,263,900 2,455,084 2,269,994 7.54 %
225 - INFRASTRUCTURE FUND 00022,618 22,618 0.00 %
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)19,6299,87912,000 19,600 -29 100.15 %
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 13,302,2912168,405,468 8,405,468 -4,896,823 158.26 %
235 - SO COAST AIR QUALITY FUND 14,80342542,200 48,900 34,097 30.27 %
237 - SUCCESSOR AGCY PA 1 ADMIN 1,950013,505 13,505 11,555 14.44 %
241 - HOUSING AUTHORITY 594,85684,630822,300 1,143,062 548,206 52.04 %
243 - RDA LOW-MOD HOUSING FUND 00250,000 250,000 250,000 0.00 %
244 - HOUSING GRANTS (Multiple)14,1427,645060,000 45,858 23.57 %
247 - ECONOMIC DEVELOPMENT FUND 636,35387,08310,000 1,630,500 994,147 39.03 %
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)6,116,7965,498,7966,185,000 6,185,000 68,204 98.90 %
250 - TRANSPORTATION DIF FUND 743,056343,0551,293,000 1,957,670 1,214,614 37.96 %
251 - PARKS & REC DIF FUND 959,713801,4360959,713 0 100.00 %
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 38,66314,330110,000 725,700 687,037 5.33 %
310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 1,100 0.00 %
401 - CAPITAL IMPROVEMENT PROGRAMS 9,442,0882,975,88519,058,300 70,321,842 60,879,755 13.43 %
405 - SA PA 1 CAPITAL IMPRV FUND 2,647,9392,070,18905,539,155 2,891,216 47.80 %
501 - FACILITY & FLEET REPLACEMENT 181,25537,818902,500 1,144,464 963,209 15.84 %
502 - INFORMATION TECHNOLOGY 665,30295,5521,684,200 1,924,200 1,258,898 34.58 %
503 - PARK EQUIP & FACILITY FUND 85,12681,721595,000 682,986 597,860 12.46 %
504 - INSURANCE FUND 791,484282,832827,500 904,500 113,016 87.51 %
601 - SILVERROCK RESORT 1,597,533319,2453,881,500 3,881,500 2,283,967 41.16 %
760 - SUPPLEMENTAL PENSION PLAN 12,833012,850 12,850 17 99.87 %
761 - CERBT OPEB TRUST 7763951,500 1,500 724 51.74 %
762 - PARS PENSION TRUST 28,1984,85052,000 52,000 23,802 54.23 %
Report Total:17,062,338 54,459,530100,083,723 185,738,282 131,278,751 29.32 %
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
Page 3 of 3
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 24, 2021
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE SECOND QUARTER 2020-21 TREASURY
REPORTS FOR OCTOBER, NOVEMBER, AND DECEMBER 2020
RECOMMENDATION
Receive and file the second quarter fiscal year 2020-21 Treasury Reports for
October, November, and December 2020.
BACKGROUND/ANALYSIS
Commentary and Summary of Significant Activity
The total book value of the portfolio decreased $4.43 million, from $154.03
million at the end of September to $149.60 million at the end of December.
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 October November December
Max
Allowed
Bank Accounts 1.92% 2.39% 4.86% 100%
Local Agency Investment Fund (LAIF) City 37.49% 36.61% 35.61%
(1)
Local Agency Investment Fund (LAIF) Housing 10.83% 10.76% 7.05%(1)(2)
Money Market 0.16% 0.16% 0.33% 20%
Money Market Pool Accounts-CAMP 1.87% 1.86% 0.57% 20%
Federal Agency Coupons 9.83% 10.42% 12.71% 100%
Treasury Coupons 6.49% 6.45% 6.63% 100%
Certificates of Deposit (CD's)21.89% 21.60% 22.02% 30%
Corporate Notes 1.53% 1.52% 1.56% 30%
Money Market with Fiscal Agent 0.00% 0.00% 0.00%
(2)
CERBT- OPEB Trust 1.17% 1.16% 1.29%(3)
PARS Pension Trust 6.82% 7.07% 7.37%(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. 3
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 1.07% as of December, a 6 basis
point (bps) decrease since September (Q1).
Throughout the quarter, three CDs matured and seven agency bonds were
purchased. 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 Report for October 1, 2020 to December 31,
2020
Total
Earnings
Average
Days to
Maturity
Effective
Rate of
Return YTD
October 131,748$ 373 1.09%
November 128,023$ 369 1.08%
December 127,750$ 401 1.07%
Quarter 1 387,521$ 381 1.08%
City of La Quinta
Portfolio Management
October 31, 2020
City of La Quinta
-
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value
Days to
MaturityTerm
YTM
365 Equiv.
Bank Accounts 2,935,240.20 11.92 0.00012,935,240.202,935,240.20
Local Agency Investment Fund-City 57,275,840.36 137.49 0.620157,612,187.5657,275,840.36
Local Agency Invstmnt Fund-Housing 16,545,147.29 110.83 0.620116,627,431.3016,545,147.29
Money Market/Mutual Funds 246,571.36 10.16 0.0001246,571.36246,571.36
Money Market Accounts - CAMP 2,853,430.22 11.87 0.19012,853,430.222,853,430.22
Federal Agency Coupon Securities 15,014,892.36 1,6009.83 1.3201,26615,399,429.5015,050,000.00
Treasury Coupon Securities 9,911,735.00 1,6536.49 1.50646810,153,265.0010,000,000.00
Certificate of Deposits 33,439,000.00 1,55421.89 2.16094834,958,107.9133,439,000.00
Corporate Notes 2,341,260.00 1,4361.53 2.7256522,473,059.002,400,000.00
Money Market with Fiscal Agent 29.27 10.00 0.000129.2729.27
CERBT - OPEB Trust 1,785,913.46 11.17 0.00011,785,913.461,785,913.46
PARS Pension Trust 10,416,785.70 16.82 0.000110,416,785.7010,416,785.70
152,765,845.22 100.00%Investments 155,461,450.48152,947,957.86 627 373 1.045
Current Year
October 31
131,748.25
Fiscal Year To Date
597,530.08
Average Daily Balance
Effective Rate of Return
156,165,424.37 161,976,545.33
1.09%0.99%
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 10/01/2020-10/31/2020
Run Date: 02/12/2021 - 16:24 PM (PRF_PM1) 7.3.0
Report Ver. 7.3.6.1
ATTACHMENT 1
Days to
Maturity
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
October 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Bank Accounts
1Bank of New York1293 0.00 0.0009/01/2020 0.00 1SYS1293 0.000
1Bank of the West1228 2,212,787.36 2,212,787.3608/20/2019 2,212,787.36 1059731851 0.000
1City Petty Cash1059 3,300.00 3,300.0007/01/2016 3,300.00 1SYS1059 0.000
1La Quinta Palms Realty1062 265,528.67 265,528.6707/01/2016 265,528.67 1SYS1062 0.000
1Stifel, Nicolaus & Company1183 0.00 0.0003/18/2019 0.00 1SYS1183 0.000
1Wells Fargo1057 453,624.17 453,624.1707/01/2016 453,624.17 14159282482 0.000
2,935,240.20 12,935,240.202,935,240.207,127,442.24Subtotal and Average 1 0.000
Local Agency Investment Fund-City
1Local Agency Inv Fund1055 57,275,840.36 57,275,840.36 0.62057,612,187.56 198-33-434 0.620
57,275,840.36 157,612,187.5657,275,840.3656,377,643.16Subtotal and Average 1 0.620
Local Agency Invstmnt Fund-Housing
1Local Agency Inv Fund1113 16,545,147.29 16,545,147.29 0.62016,627,431.30 125-33-005 0.620
16,545,147.29 116,627,431.3016,545,147.2916,529,289.45Subtotal and Average 1 0.620
Money Market/Mutual Funds
1Dreyfus1294246,571.36 246,571.3609/24/2020 246,571.36 1X9USDDTP3 0.000
246,571.36 1246,571.36246,571.36142,203.11Subtotal and Average 1 0.000
Money Market Accounts - CAMP
1California Asset Management Pr1153 2,853,430.22 2,853,430.22 0.19009/26/2018 2,853,430.22 1SYS1153 0.190
2,853,430.22 12,853,430.222,853,430.222,852,987.82Subtotal and Average 1 0.190
Federal Agency Coupon Securities
304Federal Farm Credit Bank1105 1,000,000.00 992,200.00 09/01/20211.70011/09/2017 1,013,020.00 1,3923133EHWM1 1.913
674Federal National Mtg Assn1233 1,000,000.00 992,100.00 09/06/20221.37510/29/2019 1,022,050.00 1,0433135G0W33 1.659
697Federal Farm Credit Bank1247 1,000,000.00 999,217.36 09/29/20221.40002/05/2020 1,023,170.00 9673133EGWJ0 1.430
771Federal Farm Credit Bank1198 500,000.00 499,500.00 12/12/20221.87506/20/2019 517,730.00 1,2713133EKQP4 1.905
1,016Federal Farm Credit Bank1223 500,000.00 499,400.00 08/14/20231.60009/12/2019 518,955.00 1,4323133EKZK5 1.632
1,038Federal Farm Credit Bank1158 250,000.00 247,275.00 09/05/20232.80010/15/2018 268,132.50 1,7863133EJYL7 3.041
1,095Federal Farm Credit Bank1234 1,000,000.00 996,900.00 11/01/20231.60011/01/2019 1,040,290.00 1,4613133EK4X1 1.680
1,199Federal Home Loan Bank1177 500,000.00 498,550.00 02/13/20242.50003/01/2019 536,660.00 1,8103130AFW94 2.563
1,200Federal Farm Credit Bank1246 1,000,000.00 999,000.00 02/14/20241.43002/14/2020 1,037,850.00 1,4613133ELNE0 1.456
1,339Federal National Mtg Assn1206 500,000.00 495,950.00 07/02/20241.75007/15/2019 526,935.00 1,8143135G0V75 1.922
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:24 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
October 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Federal Agency Coupon Securities
1,363Federal Farm Credit Bank1212 500,000.00 499,500.00 07/26/20241.85008/02/2019 528,545.00 1,8203133EKWV4 1.871
1,416Federal Farm Credit Bank1224 500,000.00 498,750.00 09/17/20241.60009/17/2019 524,555.00 1,8273133EKP75 1.652
1,416Federal Farm Credit Bank1242 1,000,000.00 998,600.00 09/17/20241.70012/17/2019 1,052,960.00 1,7363133ELEA8 1.731
1,632Federal Home Loan Mtg Corp1275 1,000,000.00 998,500.00 04/21/20250.70004/28/2020 1,000,060.00 1,8193134GVLC0 0.731
1,668Federal Home Loan Mtg Corp1279 1,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 999,680.00 1,8263134GVYG7 0.625
1,681Federal Farm Credit Bank1280 500,000.00 499,850.00 06/09/20250.50006/09/2020 501,410.00 1,8263133ELH23 0.506
1,682Federal Farm Credit Bank1282 500,000.00 500,000.00 06/10/20250.68006/10/2020 501,995.00 1,8263133ELH80 0.680
1,685Federal Home Loan Bank1281 500,000.00 499,850.00 06/13/20250.50006/03/2020 502,130.00 1,8363130AJKW8 0.506
1,702Federal Home Loan Bank1283 300,000.00 300,000.00 06/30/20250.68006/30/2020 295,542.00 1,8263130AJRP6 0.680
1,747Federal National Mtg Assn1288 500,000.00 500,000.00 08/14/20250.50008/14/2020 496,970.00 1,8263135G05S8 0.500
1,751Federal National Mtg Assn1290 500,000.00 499,750.00 08/18/20250.52008/28/2020 497,300.00 1,8163136G4M75 0.530
1,754Federal National Mtg Assn1289 1,000,000.00 1,000,000.00 08/21/20250.56008/21/2020 993,490.00 1,8263136G4N74 0.560
15,014,892.36 1,60015,399,429.5015,050,000.0015,014,892.36Subtotal and Average 1,266 1.320
Treasury Coupon Securities
211U.S. Treasury1193 500,000.00 493,610.00 05/31/20211.37505/31/2019 503,635.00 731912828R77 2.030
241U.S. Treasury1045 5,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 5,033,200.00 1,808912828S27 1.125
364U.S. Treasury1070 2,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 2,021,800.00 1,679912828T67 1.903
560U.S. Treasury1192 500,000.00 496,650.00 05/15/20221.75005/31/2019 512,265.00 1,080912828SV3 1.984
698U.S. Treasury1178 500,000.00 489,687.50 09/30/20221.87503/01/2019 516,385.00 1,3099128282W9 2.480
1,063U.S. Treasury1217 500,000.00 499,300.00 09/30/20231.37508/21/2019 517,190.00 1,501912828T26 1.410
1,490U.S. Treasury1241 1,000,000.00 989,687.50 11/30/20241.50012/16/2019 1,048,790.00 1,811912828YV6 1.718
9,911,735.00 1,65310,153,265.0010,000,000.009,911,735.00Subtotal and Average 468 1.506
Certificate of Deposits
22First Bank Richmond1081 245,000.00 245,000.00 11/23/20201.80006/21/2017 245,274.22 1,251319267GC8 1.802
51Freedom Credit Union1111 245,000.00 245,000.00 12/22/20202.05012/22/2017 245,695.70 1,09635638BAA9 2.052
74Bankers Bank1086 240,000.00 240,000.00 01/14/20211.80007/14/2017 240,835.81 1,28006610RAP4 1.804
78Farm Bureau Bank1165 248,000.00 248,000.00 01/18/20213.00012/17/2018 249,570.29 763307660LC2 2.898
80Eagle Bank1146 245,000.00 245,000.00 01/20/20212.85007/20/2018 246,506.39 91527002YDV5 2.858
92Infinty FCU1211 248,000.00 248,000.00 02/01/20212.10007/31/2019 249,236.42 55145667EDY1 2.110
113Comenity Capital Bank1009 240,000.00 240,000.00 02/22/20211.70002/22/2016 241,157.22 1,82720033APG5 1.702
127Ally Bank Midvale1176 245,000.00 245,000.00 03/08/20212.50003/07/2019 247,008.25 73202007GHX4 2.016
135Unity Bank1120 245,000.00 245,000.00 03/16/20212.55003/16/2018 247,180.65 1,09691330ABN6 2.552
169Amex Centurion1077 240,000.00 240,000.00 04/19/20212.25004/19/2017 242,300.11 1,46102587DP85 2.252
180Towne Bank1128 240,000.00 240,000.00 04/30/20212.80004/30/2018 243,090.09 1,09689214PBL2 2.803
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:24 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
October 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
206PrivateBank & Trust1032 240,000.00 240,000.00 05/26/20211.50005/26/2016 241,730.82 1,82674267GVG9 1.501
218Capital One Natl Assn FDIC42971082 240,000.00 240,000.00 06/07/20212.25006/07/2017 242,909.65 1,46114042RGD7 2.252
255Central State Bank1085 240,000.00 240,000.00 07/14/20211.85007/14/2017 242,692.08 1,46115523RBJ4 1.851
288General Electric Credit Union1150 240,000.00 240,000.00 08/16/20213.10008/15/2018 245,425.64 1,097369674AV8 3.100
330New York Community Bank1226 245,000.00 245,000.00 09/27/20211.80009/27/2019 248,374.78 731649447TC3 1.802
359Northpointe Bank1127 240,000.00 240,000.00 10/26/20212.70004/26/2018 245,725.20 1,279666613GV0 2.703
381First Source Bank1168 245,000.00 245,000.00 11/17/20213.15012/17/2018 252,331.07 1,06633646CKP8 3.153
386Belmont Savings Bank1102 245,000.00 245,000.00 11/22/20212.10011/21/2017 249,664.82 1,462080515CD9 2.101
386TNB Bank1187 248,000.00 248,000.00 11/22/20212.40005/22/2019 253,522.27 91587266AAA1 2.407
415Neighbors FCU1167 245,000.00 245,000.00 12/21/20213.20012/21/2018 253,142.04 1,09664017AAQ7 3.203
416United Credit Union1214 248,000.00 248,000.00 12/22/20212.00008/22/2019 252,819.30 853910160AH3 2.003
444The Ohio Valley Bank1089 240,000.00 240,000.00 01/19/20221.90007/19/2017 244,702.91 1,645677721CN0 1.903
456Third Federal Savings and Loan1112 245,000.00 245,000.00 01/31/20222.50001/30/2018 251,838.34 1,46288413QBY3 2.502
457Discover Bank Greenwood DE CF1066 240,000.00 240,000.00 02/01/20222.25002/01/2017 245,928.73 1,8262546722U1 2.251
480BMW Bank1067 240,000.00 240,000.00 02/24/20222.20002/24/2017 246,065.08 1,82605580AGK4 2.201
484Maine Savings FCU1171 248,000.00 248,000.00 02/28/20223.30012/28/2018 257,998.53 1,158560507AK1 3.306
502Luana Savings Bank1225 245,000.00 245,000.00 03/18/20221.60009/18/2019 249,445.97 912549104JN8 1.599
514Bellco Credit Union1264 248,000.00 248,000.00 03/30/20221.30003/31/2020 251,575.18 72907833EAD9 1.300
515Cadence Bank, NA1259 245,000.00 245,000.00 03/31/20221.20003/31/2020 248,213.87 73012738RFX7 1.200
515Bank of Santa Clarita1261 248,000.00 248,000.00 03/31/20221.10003/31/2020 250,899.96 73006424KBC3 1.100
541Goldman Sachs1078 240,000.00 240,000.00 04/26/20222.40004/26/2017 247,608.52 1,82638148PJK4 2.401
544Farmers Insurance Group FCU1126 240,000.00 240,000.00 04/29/20222.80004/30/2018 249,107.81 1,46030960QAG2 2.802
562Kansas State Bank1101 245,000.00 245,000.00 05/17/20222.10011/17/2017 251,954.08 1,64250116CBE8 2.099
578Synchrony Bank Retail1080 240,000.00 240,000.00 06/02/20222.40006/02/2017 248,184.57 1,82687164XQV1 2.401
584PCSB Bank1149 245,000.00 245,000.00 06/08/20223.00006/08/2018 255,833.75 1,46169324MAD7 3.002
585Synovus Bank1253 245,000.00 245,000.00 06/09/20221.60003/09/2020 250,269.31 82287164DRD4 1.602
589Allegiance Bank1143 245,000.00 245,000.00 06/13/20223.10006/13/2018 256,320.10 1,46101748DBE5 3.102
597Sallie Mae Bank Salt Lake CIty1083 240,000.00 240,000.00 06/21/20222.35006/21/2017 248,252.89 1,826795450A70 2.351
604America's Credit Union1200 248,000.00 248,000.00 06/28/20222.30006/28/2019 256,424.70 1,09603065AAL7 2.302
645Traditions Bank1148 245,000.00 245,000.00 08/08/20223.00006/08/2018 257,030.77 1,52289269CBX9 3.002
660CIT Bank NA1219 245,000.00 245,000.00 08/23/20221.90008/23/2019 252,361.18 1,09612556LBA3 1.902
666American Express Fed Savings B1096 240,000.00 240,000.00 08/29/20222.40008/29/2017 249,495.90 1,82602587CFU9 2.402
666Sterling Bank1201 245,000.00 245,000.00 08/29/20222.15006/28/2019 253,560.75 1,15885916VDC6 2.153
711Alliance Credit Union1095 245,000.00 245,000.00 10/13/20222.25010/13/2017 254,694.29 1,82601859BAA3 2.251
723Barclays Bank1097 240,000.00 240,000.00 10/25/20222.30010/25/2017 249,896.91 1,82606740KLJ4 2.291
726Merrick Bank1163 248,000.00 248,000.00 10/28/20223.25010/30/2018 263,026.42 1,45959013J4K2 3.252
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:24 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 4
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
October 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
737Mountain America Federal CU1099 245,000.00 245,000.00 11/08/20222.30011/08/2017 255,338.96 1,82662384RAC0 2.301
747CrossFirst Bank1106 245,000.00 245,000.00 11/18/20222.20011/20/2017 254,970.10 1,82422766ACB9 2.201
757Enterprise Bank, NA1107 245,000.00 245,000.00 11/28/20222.15011/28/2017 254,845.29 1,82629367QCP1 2.151
766Medallion Bank1169 248,000.00 248,000.00 12/07/20223.40012/07/2018 264,663.15 1,46158404DCX7 3.402
766Red Rocks Credit Union1166 248,000.00 248,000.00 12/07/20223.35012/07/2018 264,399.33 1,46175701LAB3 3.352
788Knoxville TVA Credit Union1110 245,000.00 245,000.00 12/29/20222.40012/29/2017 256,570.31 1,826499724AB8 2.401
789Kern FCU1239 248,000.00 248,000.00 12/30/20221.90012/30/2019 256,987.58 1,09649228XAK6 1.902
789San Francisco FCU1240 248,000.00 248,000.00 12/30/20221.85012/30/2019 256,715.89 1,09679772FAC0 1.852
820Wells Fargo Natl Bank West1244 248,000.00 248,000.00 01/30/20231.90001/29/2020 257,321.56 1,097949495AT2 1.900
842Servisfirst Bank1254 248,000.00 248,000.00 02/21/20231.60002/21/2020 255,831.30 1,09681768PAF3 1.601
849Verus Bank of Commerce1180 248,000.00 248,000.00 02/28/20232.70002/28/2019 262,325.14 1,46192535LCD4 2.700
871Aneca Federal Credit Union1119 245,000.00 245,000.00 03/22/20232.80003/22/2018 260,076.02 1,826034577AH9 2.802
880Northstar Bank1263 248,000.00 248,000.00 03/31/20231.15003/31/2020 253,389.86 1,09566704MEQ0 1.150
880West Michigan Cmnty Bk1265 248,000.00 248,000.00 03/31/20231.15003/31/2020 253,389.86 1,095954444BS3 1.150
891Citibank NA1123 245,000.00 245,000.00 04/11/20232.90004/11/2018 261,000.75 1,82617312QJ26 2.902
908Congressional Bank1189 248,000.00 248,000.00 04/28/20232.50004/30/2019 262,014.02 1,45920726ABA5 2.502
908EnerBank USA1125 240,000.00 240,000.00 04/28/20232.95004/30/2018 256,282.81 1,82429278TAY6 2.952
915First National Bank1179 248,000.00 248,000.00 05/05/20232.80003/05/2019 263,990.69 1,52232117BCX4 2.802
925University of Iowa Comm. CU1134 240,000.00 240,000.00 05/15/20233.05005/14/2018 257,182.71 1,82791435LAG2 3.052
948Pittsfield Cooperative Bank1194 245,000.00 245,000.00 06/07/20232.50006/07/2019 259,396.15 1,461725404AB3 2.502
961Morton Community1173 248,000.00 248,000.00 06/20/20232.75003/20/2019 264,432.18 1,553619165JD6 2.753
961RCB Bank1144 245,000.00 245,000.00 06/20/20233.15006/20/2018 263,845.38 1,82674934YAH4 3.152
967American First CU1285 248,000.00 248,000.00 06/26/20230.35006/26/2020 248,571.98 1,09502616AAH2 0.350
990American National Bank1205 248,000.00 248,000.00 07/19/20232.00007/19/2019 259,791.16 1,46102772JBD1 2.001
991First National Bank of America1147 245,000.00 245,000.00 07/20/20233.15007/20/2018 264,402.30 1,82632110YLK9 3.152
1,002Bank of New England1151 249,000.00 249,000.00 07/31/20233.25007/31/2018 269,577.99 1,82606426KAN8 3.252
1,025Raymond James Bank1218 244,000.00 244,000.00 08/23/20231.95008/23/2019 255,633.68 1,46175472RAD3 1.951
1,062Triad Bank1262 248,000.00 248,000.00 09/29/20231.35003/30/2020 255,846.67 1,27889579NCD3 1.352
1,080Marlin Business Bank1155 248,000.00 248,000.00 10/17/20233.30010/17/2018 270,428.83 1,82657116ARV2 3.302
1,080Municipal Trust and Savings1160 245,000.00 245,000.00 10/17/20233.20010/17/2018 266,424.30 1,826625925AR3 3.202
1,080UBS Bank USA1161 245,000.00 245,000.00 10/17/20233.35010/17/2018 267,524.11 1,82690348JEJ5 3.352
1,082Jefferson Financial CU1154 245,000.00 245,000.00 10/19/20233.35010/19/2018 267,552.24 1,826474067AQ8 3.352
1,109Commercial Bank1162 248,000.00 248,000.00 11/15/20233.40011/15/2018 271,757.40 1,82620143PDV9 3.402
1,122Numerica Credit Union1164 248,000.00 248,000.00 11/28/20233.55011/28/2018 273,190.42 1,82667054NAN3 3.552
1,145National Cooperative Bank, N.A1170 245,000.00 245,000.00 12/21/20233.40012/21/2018 269,162.83 1,826635573AL2 3.402
1,153Bar Harbor Bank and Trust1172 248,000.00 248,000.00 12/29/20233.35012/31/2018 272,248.16 1,824066851WJ1 3.352
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:24 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 5
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
October 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,184Lakeside Bank1208 248,000.00 248,000.00 01/29/20242.00007/30/2019 261,869.40 1,64451210SQU4 2.003
1,198Rollstone B&T1251 245,000.00 245,000.00 02/12/20241.65002/12/2020 255,961.30 1,46177579ADF0 1.651
1,199Northwest Bank1181 248,000.00 248,000.00 02/13/20242.95002/13/2019 269,812.79 1,82666736ABP3 2.951
1,213Wells Fargo1174 248,000.00 248,000.00 02/27/20243.00002/27/2019 270,482.13 1,826949763XY7 3.001
1,243Texas Bank Financial1260 245,000.00 245,000.00 03/28/20241.10003/31/2020 251,686.67 1,458882213AB7 1.101
1,261The Jefferson Bank1272 248,000.00 248,000.00 04/15/20241.25004/15/2020 256,124.44 1,461472382AQ3 1.251
1,262Belmont Bank and Trust1270 248,000.00 248,000.00 04/16/20241.25004/16/2020 256,130.84 1,46108016PDQ9 1.251
1,262Pacific Western Bank1269 245,000.00 245,000.00 04/16/20241.30004/16/2020 253,454.58 1,46169506YRH4 1.301
1,272Main Street Bank1188 248,000.00 248,000.00 04/26/20242.60004/26/2019 267,976.51 1,82756065GAG3 2.603
1,291First Service Bank1231 248,000.00 248,000.00 05/15/20241.70011/15/2019 260,247.33 1,64333640VDD7 1.701
1,292JP Morgan Chase1185 245,000.00 245,000.00 05/16/20243.25005/16/2019 270,672.15 1,82748128HXU7 3.254
1,299Iowa State Bank1186 245,000.00 245,000.00 05/23/20242.40005/23/2019 263,322.75 1,82746256YAZ2 2.403
1,304Live Oak Bank1238 248,000.00 248,000.00 05/28/20241.80011/27/2019 261,264.19 1,644538036GV0 1.802
1,305Century Next Bank1184 248,000.00 248,000.00 05/29/20242.50005/29/2019 267,539.97 1,827156634AK3 2.503
1,314Plains Commerce Bank1195 245,000.00 245,000.00 06/07/20242.55006/07/2019 264,811.35 1,82772651LCL6 2.553
1,319Evansville Teachers Credit FCU1196 248,000.00 248,000.00 06/12/20242.60006/12/2019 268,596.08 1,827299547AQ2 2.603
1,326Legacy Bank1197 248,000.00 248,000.00 06/19/20242.40006/19/2019 266,885.98 1,827524661CB9 2.403
1,328Citizens State Bank1199 248,000.00 248,000.00 06/21/20242.40006/21/2019 266,914.26 1,827176688CP2 2.403
1,335Communitywide FCU1202 248,000.00 248,000.00 06/28/20242.25006/28/2019 265,640.10 1,82720416TAQ5 2.253
1,335Revere Bank1203 247,000.00 247,000.00 06/28/20242.30006/28/2019 265,012.02 1,827761402BY1 2.303
1,363Abacus Federal Savings1207 248,000.00 248,000.00 07/26/20241.95007/26/2019 263,146.02 1,82700257TBD7 1.952
1,367First Security Bank of WA1209 248,000.00 248,000.00 07/30/20242.00007/30/2019 263,600.64 1,82733625CCP2 2.002
1,368People's Bank1210 248,000.00 248,000.00 07/31/20242.00007/31/2019 263,553.89 1,827710571DS6 2.002
1,384Preferred Bank1213 249,000.00 249,000.00 08/16/20242.00008/16/2019 264,856.78 1,827740367HP5 2.002
1,391FirsTier Bank1216 249,000.00 249,000.00 08/23/20241.95008/23/2019 264,457.79 1,82733766LAJ7 1.952
1,391Washington Federal1215 248,000.00 248,000.00 08/23/20242.00008/23/2019 263,872.35 1,827938828BH2 2.002
1,398First State Bk DeQueen1222 248,000.00 248,000.00 08/30/20241.80008/30/2019 261,976.35 1,827336460CX6 1.802
1,398First Natl Bk of Syracuse1221 249,000.00 249,000.00 08/30/20241.85008/30/2019 263,513.61 1,827334342CD2 1.852
1,398Celtic Bank1220 248,000.00 248,000.00 08/30/20241.85008/30/2019 262,455.32 1,82715118RRH2 1.852
1,426BankWest Inc1227 248,000.00 248,000.00 09/27/20241.70009/27/2019 261,277.02 1,82706652CHB0 1.702
1,454Southern Bancorp Bk1286 248,000.00 248,000.00 10/25/20240.50006/26/2020 249,523.68 1,58284223QAN7 0.500
1,467Sauk Valley B&T Co1235 248,000.00 248,000.00 11/07/20241.70011/07/2019 261,531.62 1,827804375DL4 1.702
1,480Morgan Stanley Bank1237 245,000.00 245,000.00 11/20/20241.95011/20/2019 260,976.14 1,82761690UNX4 1.952
1,480Morgan Stanley Private Bk, NA1236 245,000.00 245,000.00 11/20/20241.90011/20/2019 260,475.95 1,82761760A3B3 1.902
1,520Bank Princeton1287 248,000.00 248,000.00 12/30/20240.50006/30/2020 249,373.08 1,644064520BG3 0.500
1,559United Community1249 248,000.00 248,000.00 02/07/20251.65002/07/2020 261,597.76 1,82790983WBT7 1.652
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:24 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 6
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
October 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,566First National Bank Michigan1250 248,000.00 248,000.00 02/14/20251.65002/14/2020 261,658.24 1,82732114VBT3 1.652
1,566Freedom Financial1248 248,000.00 248,000.00 02/14/20251.55002/14/2020 260,587.00 1,82735637RDC8 1.552
1,573American State1255 248,000.00 248,000.00 02/21/20251.60002/21/2020 261,180.72 1,827029728BC5 1.602
1,579Citadel FCU1252 248,000.00 248,000.00 02/27/20251.65002/27/2020 261,770.55 1,82717286TAG0 1.652
1,593Access Bank1256 248,000.00 248,000.00 03/13/20251.60003/13/2020 261,257.16 1,82600435JBH5 1.601
1,600Spring Bank1257 248,000.00 248,000.00 03/20/20251.50003/20/2020 260,220.78 1,826849430BF9 1.501
1,606Axos Bank1258 248,000.00 248,000.00 03/26/20251.65003/26/2020 261,913.37 1,82605465DAE8 1.651
1,608Alma Bank1267 248,000.00 248,000.00 03/28/20251.40003/30/2020 259,181.81 1,824020080BX4 1.399
1,611Commonwealth Business Bk1268 248,000.00 248,000.00 03/31/20251.25003/31/2020 257,381.76 1,8262027506M2 1.251
1,611Nicolet Natl Bank1266 248,000.00 248,000.00 03/31/20251.40003/31/2020 259,033.47 1,826654062JZ2 1.401
1,619Capital One USA FDIC339541271 245,000.00 245,000.00 04/08/20251.60004/08/2020 258,207.49 1,82614042TDD6 1.601
1,639Firrst Natl Bk McGregor1274 248,000.00 248,000.00 04/28/20251.35004/28/2020 258,743.37 1,82632112UDR9 1.351
1,640First Freedom Bank1273 249,000.00 249,000.00 04/29/20251.20004/29/2020 258,105.01 1,82632027BAL1 1.201
1,641Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 257,546.71 1,82633847E3A3 1.251
1,6531st Internet Bank1278 248,000.00 248,000.00 05/12/20251.00005/11/2020 254,799.91 1,82732056GDJ6 0.985
1,654Western State Bank1277 245,000.00 245,000.00 05/13/20251.00005/13/2020 251,715.97 1,82695960NKD8 1.001
1,696Chippewa Valley Bk1284 248,000.00 248,000.00 06/24/20250.60006/24/2020 250,247.30 1,826169894AS1 0.600
33,439,000.00 1,55434,958,107.9133,439,000.0033,581,258.06Subtotal and Average 948 2.160
Corporate Notes
276Apple Inc1079 500,000.00 493,050.00 08/04/20211.55006/12/2017 504,265.00 1,514037833CC2 1.900
462Proctor and Gamble1159 500,000.00 487,950.00 02/06/20222.30010/15/2018 512,580.00 1,210742718DY2 3.071
774Wal-Mart Stores, Inc1190 500,000.00 496,650.00 12/15/20222.35004/16/2019 520,665.00 1,339931142DU4 2.799
822Colgate-Palmolive1175 500,000.00 485,250.00 02/01/20231.95003/04/2019 517,925.00 1,43019416QEA4 2.751
1,010Microsoft Corporation1157 400,000.00 378,360.00 08/08/20232.00010/15/2018 417,624.00 1,758594918BQ6 3.222
2,341,260.00 1,4362,473,059.002,400,000.002,341,260.00Subtotal and Average 652 2.725
Money Market with Fiscal Agent
1US Bank1058 29.27 29.2707/01/2016 29.27 1SYS1058 0.000
29.27 129.2729.2729.27Subtotal and Average 1 0.000
CERBT - OPEB Trust
1CalPERS CERBT Plan1114 1,785,913.46 1,785,913.4607/01/2020 1,785,913.46 1SYS1114 0.000
1,785,913.46 11,785,913.461,785,913.461,785,913.46Subtotal and Average 1 0.000
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:24 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 7
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
October 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
PARS Pension Trust
1Pblc Agncy Rtrmnt Serv1230 10,416,785.70 10,416,785.7007/01/2020 10,416,785.70 1SYS1230 0.000
10,416,785.70 110,416,785.7010,416,785.7010,500,770.43Subtotal and Average 1 0.000
627156,165,424.37 152,947,957.86 373 1.045155,461,450.48 152,765,845.22Total and Average
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:24 PM (PRF_PM2) 7.3.0
City of La Quinta
Total Earnings
City of La Quinta
-
Sorted by Fund - Fund
October 1, 2020 - October 31, 2020
Current
Rate
Ending
Par Value
Ending
Fund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
500,000.001288500,000.00 0.500FNMA 208.33 0.00 208.330.491101500,000.003135G05S8 0.00
495,950.001206500,000.00 1.750FNMA 729.17 0.00 729.171.731101495,950.003135G0V75 0.00
992,100.0012331,000,000.00 1.375FNMA 1,145.83 0.00 1,145.831.360101992,100.003135G0W33 0.00
1,000,000.0012891,000,000.00 0.560FNMA 466.67 0.00 466.670.5491011,000,000.003136G4N74 0.00
499,750.001290500,000.00 0.520FNMA 216.66 0.00 216.660.510101499,750.003136G4M75 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
999,217.3612471,000,000.00 1.400FFCB 1,166.66 0.00 1,166.661.375101999,217.363133EGWJ0 0.00
247,275.001158250,000.00 2.800FFCB 583.33 0.00 583.332.778101247,275.003133EJYL7 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
998,600.0012421,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.670101998,600.003133ELEA8 0.00
499,500.001212500,000.00 1.850FFCB 770.83 0.00 770.831.817101499,500.003133EKWV4 0.00
992,200.0011051,000,000.00 1.700FFCB 1,416.66 0.00 1,416.661.681101992,200.003133EHWM1 0.00
999,000.0012461,000,000.00 1.430FFCB 1,191.67 0.00 1,191.671.404101999,000.003133ELNE0 0.00
500,000.001282500,000.00 0.680FFCB 283.34 0.00 283.340.667101500,000.003133ELH80 0.00
499,400.001223500,000.00 1.600FFCB 666.67 0.00 666.671.572101499,400.003133EKZK5 0.00
498,750.001224500,000.00 1.600FFCB 666.67 0.00 666.671.574101498,750.003133EKP75 0.00
499,850.001280500,000.00 0.500FFCB 208.33 0.00 208.330.491101499,850.003133ELH23 0.00
499,850.001281500,000.00 0.500FHLB 208.33 0.00 208.330.491101499,850.003130AJKW8 0.00
300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.667101300,000.003130AJRP6 0.00
498,550.001177500,000.00 2.500FHLB 1,041.66 0.00 1,041.662.460101498,550.003130AFW94 0.00
1,942,800.0010702,000,000.00 1.250USTR 2,107.10 0.00 2,107.101.2771011,942,800.00912828T67 0.00
496,650.001192500,000.00 1.750USTR 737.09 0.00 737.091.747101496,650.00912828SV3 0.00
499,300.001217500,000.00 1.375USTR 585.51 0.00 585.511.381101499,300.00912828T26 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 1,270.50 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
489,687.501178500,000.00 1.875USTR 798.42 0.00 798.421.920101489,687.509128282W9 0.00
248,000.001174248,000.00 3.000WELLS 631.89 0.00 631.893.000101248,000.00949763XY7 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:07 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
Accretion
Amortization/
Earnings
Adjusted Interest
October 1, 2020 - October 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
453,624.171057453,624.17WELLS 0.01 0.00 0.01101350,474.574159282482 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 305.76 0.00 305.761.500101240,000.0074267GVG9 0.00
57,275,840.36105557,275,840.36 0.620LAIF 30,069.59 0.00 30,069.590.65410154,144,117.9998-33-434 0.00
0.0012930.00BNY 0.01 0.00 0.01101-35,016.83SYS1293 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 489.20 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 479.02 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
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 468.18 0.00 468.182.250101245,000.0001859BAA3 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 436.98 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 395.35 0.00 395.351.900101245,000.0061760A3B3 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: 02/18/2021 - 15:07 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
Accretion
Amortization/
Earnings
Adjusted Interest
October 1, 2020 - October 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
1,785,913.4611141,785,913.46CALPRS 0.00 0.00 0.001011,785,913.46SYS1114 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
0.0011240.00 2.7001STTCH 344.34 0.00 344.342.700101245,000.0033715LBJ8 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 645.06 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
2,853,430.2211532,853,430.22 0.190CAMP 457.15 0.00 457.150.1891012,852,973.07SYS1153 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 655.45 0.00 655.453.150101245,000.0033646CKP8 0.00
245,000.001170245,000.00 3.400NLCOOP 707.47 0.00 707.473.400101245,000.00635573AL2 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 0.01 0.00 0.013.2261013.65SYS1183 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: 02/18/2021 - 15:07 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
Accretion
Amortization/
Earnings
Adjusted Interest
October 1, 2020 - October 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
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 520.20 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 505.52 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 447.37 0.00 447.372.150101245,000.0085916VDC6 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 395.36 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
2,212,787.3612282,212,787.36BOTW 0.01 0.00 0.011016,686,529.78059731851 0.00
248,000.001227248,000.00 1.700BNKWST 358.07 0.00 358.071.700101248,000.0006652CHB0 0.00
10,416,785.70123010,416,785.70PARS 0.00 0.00 0.0010110,503,569.92SYS1230 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:07 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
Accretion
Amortization/
Earnings
Adjusted Interest
October 1, 2020 - October 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
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 332.94 0.00 332.941.600101245,000.0087164DRD4 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 270.51 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 263.28 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 263.29 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
248,000.001285248,000.00 0.350AMR1ST 73.72 0.00 73.720.350101248,000.0002616AAH2 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:07 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
Accretion
Amortization/
Earnings
Adjusted Interest
October 1, 2020 - October 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
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
246,571.361294246,571.36DREYF 0.00 0.00 0.0010124,581.74X9USDDTP3 0.00
136,137,252.63Subtotal 135,955,139.99 1.055 122,939.070.00122,939.07137,268,334.71 0.00
Fund: Fiscal Agent
29.27105829.27USBANK 0.01 0.00 0.010.40223129.27SYS1058 0.00
29.27Subtotal 29.27 0.402 0.010.000.0129.27 0.00
Fund: Housing Authority : WSA and LQ
265,528.671062265,528.67LQPR 0.00 0.00 0.00241253,410.60SYS1062 0.00
265,528.67Subtotal 265,528.67 0.000.000.00253,410.60 0.00
Fund: SA Low/Mod Bond Fund
16,545,147.29111316,545,147.29 0.620LAIF 8,809.17 0.00 8,809.170.62824916,510,033.5025-33-005 0.00
16,545,147.29Subtotal 16,545,147.29 0.628 8,809.170.008,809.1716,510,033.50 0.00
152,947,957.86Total 152,765,845.22 1.008 131,748.250.00131,748.25154,031,808.08 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:07 TE (PRF_TE) 7.3.6
Report Ver. 7.3.6.1
City of La Quinta
Portfolio Management
November 30, 2020
City of La Quinta
-
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value
Days to
MaturityTerm
YTM
365 Equiv.
Bank Accounts 3,671,876.28 12.39 0.00013,671,876.283,671,876.28
Local Agency Investment Fund-City 56,275,840.36 136.61 0.576156,612,187.5656,275,840.36
Local Agency Invstmnt Fund-Housing 16,545,147.29 110.76 0.576116,627,431.3016,545,147.29
Money Market/Mutual Funds 246,860.66 10.16 0.0001246,860.66246,860.66
Money Market Accounts - CAMP 2,853,747.82 11.86 0.14012,853,747.822,853,747.82
Federal Agency Coupon Securities 16,013,392.36 1,60310.42 1.2701,26016,398,671.5016,050,000.00
Treasury Coupon Securities 9,911,735.00 1,6536.45 1.50643810,147,045.0010,000,000.00
Certificate of Deposits 33,194,000.00 1,55721.60 2.16292534,674,175.7733,194,000.00
Corporate Notes 2,341,260.00 1,4361.52 2.7256222,473,679.002,400,000.00
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 10,861,312.47 17.07 0.000110,861,312.4710,861,312.47
153,701,114.97 100.00%Investments 156,352,930.09153,884,727.61 632 369 1.013
Current Year
November 30
128,022.55
Fiscal Year To Date
725,552.63
Average Daily Balance
Effective Rate of Return
152,689,229.21 160,155,502.96
1.08%1.02%
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 11/01/2020-11/30/2020
Run Date: 02/12/2021 - 16:20 PM (PRF_PM1) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
November 30, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Bank Accounts
1Bank of New York1293 0.00 0.0009/01/2020 0.00 1SYS1293 0.000
1Bank of the West1228 2,628,359.40 2,628,359.4008/20/2019 2,628,359.40 1059731851 0.000
1City Petty Cash1059 3,300.00 3,300.0007/01/2016 3,300.00 1SYS1059 0.000
1La Quinta Palms Realty1062 277,123.88 277,123.8807/01/2016 277,123.88 1SYS1062 0.000
1Stifel, Nicolaus & Company1183 0.00 0.0003/18/2019 0.00 1SYS1183 0.000
1Wells Fargo1057 763,093.00 763,093.0007/01/2016 763,093.00 14159282482 0.000
3,671,876.28 13,671,876.283,671,876.282,959,794.74Subtotal and Average 1 0.000
Local Agency Investment Fund-City
1Local Agency Inv Fund1055 56,275,840.36 56,275,840.36 0.57656,612,187.56 198-33-434 0.576
56,275,840.36 156,612,187.5656,275,840.3656,775,840.36Subtotal and Average 1 0.576
Local Agency Invstmnt Fund-Housing
1Local Agency Inv Fund1113 16,545,147.29 16,545,147.29 0.57616,627,431.30 125-33-005 0.576
16,545,147.29 116,627,431.3016,545,147.2916,545,147.29Subtotal and Average 1 0.576
Money Market/Mutual Funds
1Dreyfus1294246,860.66 246,860.6609/24/2020 246,860.66 1X9USDDTP3 0.000
246,860.66 1246,860.66246,860.66246,581.00Subtotal and Average 1 0.000
Money Market Accounts - CAMP
1California Asset Management Pr1153 2,853,747.82 2,853,747.82 0.14009/26/2018 2,853,747.82 1SYS1153 0.140
2,853,747.82 12,853,747.822,853,747.822,853,440.81Subtotal and Average 1 0.140
Federal Agency Coupon Securities
274Federal Farm Credit Bank1105 1,000,000.00 992,200.00 09/01/20211.70011/09/2017 1,012,030.00 1,3923133EHWM1 1.913
644Federal National Mtg Assn1233 1,000,000.00 992,100.00 09/06/20221.37510/29/2019 1,021,460.00 1,0433135G0W33 1.659
667Federal Farm Credit Bank1247 1,000,000.00 999,217.36 09/29/20221.40002/05/2020 1,022,390.00 9673133EGWJ0 1.430
741Federal Farm Credit Bank1198 500,000.00 499,500.00 12/12/20221.87506/20/2019 517,125.00 1,2713133EKQP4 1.905
986Federal Farm Credit Bank1223 500,000.00 499,400.00 08/14/20231.60009/12/2019 518,690.00 1,4323133EKZK5 1.632
1,008Federal Farm Credit Bank1158 250,000.00 247,275.00 09/05/20232.80010/15/2018 267,762.50 1,7863133EJYL7 3.041
1,065Federal Farm Credit Bank1234 1,000,000.00 996,900.00 11/01/20231.60011/01/2019 1,036,280.00 1,4613133EK4X1 1.680
1,169Federal Home Loan Bank1177 500,000.00 498,550.00 02/13/20242.50003/01/2019 536,085.00 1,8103130AFW94 2.563
1,170Federal Farm Credit Bank1246 1,000,000.00 999,000.00 02/14/20241.43002/14/2020 1,037,770.00 1,4613133ELNE0 1.456
1,309Federal National Mtg Assn1206 500,000.00 495,950.00 07/02/20241.75007/15/2019 526,210.00 1,8143135G0V75 1.922
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:20 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
November 30, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Federal Agency Coupon Securities
1,333Federal Farm Credit Bank1212 500,000.00 499,500.00 07/26/20241.85008/02/2019 528,705.00 1,8203133EKWV4 1.871
1,386Federal Farm Credit Bank1224 500,000.00 498,750.00 09/17/20241.60009/17/2019 524,520.00 1,8273133EKP75 1.652
1,386Federal Farm Credit Bank1242 1,000,000.00 998,600.00 09/17/20241.70012/17/2019 1,052,810.00 1,7363133ELEA8 1.731
1,448Federal National Mtg Assn1291 500,000.00 499,250.00 11/18/20240.42011/18/2020 499,825.00 1,4613135G06E8 0.458
1,602Federal Home Loan Mtg Corp1275 1,000,000.00 998,500.00 04/21/20250.70004/28/2020 1,000,140.00 1,8193134GVLC0 0.731
1,638Federal Home Loan Mtg Corp1279 1,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 1,000,290.00 1,8263134GVYG7 0.625
1,651Federal Farm Credit Bank1280 500,000.00 499,850.00 06/09/20250.50006/09/2020 501,915.00 1,8263133ELH23 0.506
1,652Federal Farm Credit Bank1282 500,000.00 500,000.00 06/10/20250.68006/10/2020 502,090.00 1,8263133ELH80 0.680
1,655Federal Home Loan Bank1281 500,000.00 499,850.00 06/13/20250.50006/03/2020 502,735.00 1,8363130AJKW8 0.506
1,672Federal Home Loan Bank1283 300,000.00 300,000.00 06/30/20250.68006/30/2020 299,919.00 1,8263130AJRP6 0.680
1,717Federal National Mtg Assn1288 500,000.00 500,000.00 08/14/20250.50008/14/2020 497,675.00 1,8263135G05S8 0.500
1,721Federal National Mtg Assn1290 500,000.00 499,750.00 08/18/20250.52008/28/2020 497,925.00 1,8163136G4M75 0.530
1,724Federal National Mtg Assn1289 1,000,000.00 1,000,000.00 08/21/20250.56008/21/2020 994,760.00 1,8263136G4N74 0.560
1,812Federal National Mtg Assn1292 500,000.00 499,250.00 11/17/20250.56011/17/2020 499,560.00 1,8263135GA2Z3 0.590
16,013,392.36 1,60316,398,671.5016,050,000.0015,464,217.36Subtotal and Average 1,260 1.270
Treasury Coupon Securities
181U.S. Treasury1193 500,000.00 493,610.00 05/31/20211.37505/31/2019 503,240.00 731912828R77 2.030
211U.S. Treasury1045 5,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 5,030,100.00 1,808912828S27 1.125
334U.S. Treasury1070 2,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 2,020,540.00 1,679912828T67 1.903
530U.S. Treasury1192 500,000.00 496,650.00 05/15/20221.75005/31/2019 511,740.00 1,080912828SV3 1.984
668U.S. Treasury1178 500,000.00 489,687.50 09/30/20221.87503/01/2019 515,800.00 1,3099128282W9 2.480
1,033U.S. Treasury1217 500,000.00 499,300.00 09/30/20231.37508/21/2019 516,915.00 1,501912828T26 1.410
1,460U.S. Treasury1241 1,000,000.00 989,687.50 11/30/20241.50012/16/2019 1,048,710.00 1,811912828YV6 1.718
9,911,735.00 1,65310,147,045.0010,000,000.009,911,735.00Subtotal and Average 438 1.506
Certificate of Deposits
21Freedom Credit Union1111 245,000.00 245,000.00 12/22/20202.05012/22/2017 245,287.26 1,09635638BAA9 2.052
44Bankers Bank1086 240,000.00 240,000.00 01/14/20211.80007/14/2017 240,500.93 1,28006610RAP4 1.804
48Farm Bureau Bank1165 248,000.00 248,000.00 01/18/20213.00012/17/2018 248,968.64 763307660LC2 2.898
50Eagle Bank1146 245,000.00 245,000.00 01/20/20212.85007/20/2018 245,943.92 91527002YDV5 2.858
62Infinty FCU1211 248,000.00 248,000.00 02/01/20212.10007/31/2019 248,833.08 55145667EDY1 2.110
83Comenity Capital Bank1009 240,000.00 240,000.00 02/22/20211.70002/22/2016 240,850.95 1,82720033APG5 1.702
97Ally Bank Midvale1176 245,000.00 245,000.00 03/08/20212.50003/07/2019 246,525.62 73202007GHX4 2.016
105Unity Bank1120 245,000.00 245,000.00 03/16/20212.55003/16/2018 246,687.37 1,09691330ABN6 2.552
139Amex Centurion1077 240,000.00 240,000.00 04/19/20212.25004/19/2017 241,873.66 1,46102587DP85 2.252
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:20 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
November 30, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
150Towne Bank1128 240,000.00 240,000.00 04/30/20212.80004/30/2018 242,563.73 1,09689214PBL2 2.803
176PrivateBank & Trust1032 240,000.00 240,000.00 05/26/20211.50005/26/2016 241,473.14 1,82674267GVG9 1.501
188Capital One Natl Assn FDIC42971082 240,000.00 240,000.00 06/07/20212.25006/07/2017 242,491.26 1,46114042RGD7 2.252
225Central State Bank1085 240,000.00 240,000.00 07/14/20211.85007/14/2017 242,367.64 1,46115523RBJ4 1.851
258General Electric Credit Union1150 240,000.00 240,000.00 08/16/20213.10008/15/2018 244,858.47 1,097369674AV8 3.100
300New York Community Bank1226 245,000.00 245,000.00 09/27/20211.80009/27/2019 248,086.75 731649447TC3 1.802
329Northpointe Bank1127 240,000.00 240,000.00 10/26/20212.70004/26/2018 245,265.40 1,279666613GV0 2.703
351First Source Bank1168 245,000.00 245,000.00 11/17/20213.15012/17/2018 251,770.44 1,06633646CKP8 3.153
356Belmont Savings Bank1102 245,000.00 245,000.00 11/22/20212.10011/21/2017 249,324.55 1,462080515CD9 2.101
356TNB Bank1187 248,000.00 248,000.00 11/22/20212.40005/22/2019 253,114.05 91587266AAA1 2.407
385Neighbors FCU1167 245,000.00 245,000.00 12/21/20213.20012/21/2018 252,519.35 1,09664017AAQ7 3.203
386United Credit Union1214 248,000.00 248,000.00 12/22/20212.00008/22/2019 252,443.70 853910160AH3 2.003
414The Ohio Valley Bank1089 240,000.00 240,000.00 01/19/20221.90007/19/2017 244,357.10 1,645677721CN0 1.903
426Third Federal Savings and Loan1112 245,000.00 245,000.00 01/31/20222.50001/30/2018 251,361.56 1,46288413QBY3 2.502
427Discover Bank Greenwood DE CF1066 240,000.00 240,000.00 02/01/20222.25002/01/2017 245,508.80 1,8262546722U1 2.251
450BMW Bank1067 240,000.00 240,000.00 02/24/20222.20002/24/2017 245,654.32 1,82605580AGK4 2.201
454Maine Savings FCU1171 248,000.00 248,000.00 02/28/20223.30012/28/2018 257,339.67 1,158560507AK1 3.306
472Luana Savings Bank1225 245,000.00 245,000.00 03/18/20221.60009/18/2019 249,156.67 912549104JN8 1.599
484Bellco Credit Union1264 248,000.00 248,000.00 03/30/20221.30003/31/2020 251,344.02 72907833EAD9 1.300
485Cadence Bank, NA1259 245,000.00 245,000.00 03/31/20221.20003/31/2020 248,004.77 73012738RFX7 1.200
485Bank of Santa Clarita1261 248,000.00 248,000.00 03/31/20221.10003/31/2020 250,709.61 73006424KBC3 1.100
511Goldman Sachs1078 240,000.00 240,000.00 04/26/20222.40004/26/2017 247,157.35 1,82638148PJK4 2.401
514Farmers Insurance Group FCU1126 240,000.00 240,000.00 04/29/20222.80004/30/2018 248,574.33 1,46030960QAG2 2.802
532Kansas State Bank1101 245,000.00 245,000.00 05/17/20222.10011/17/2017 251,554.31 1,64250116CBE8 2.099
548Synchrony Bank Retail1080 240,000.00 240,000.00 06/02/20222.40006/02/2017 247,733.43 1,82687164XQV1 2.401
554PCSB Bank1149 245,000.00 245,000.00 06/08/20223.00006/08/2018 255,246.45 1,46169324MAD7 3.002
555Synovus Bank1253 245,000.00 245,000.00 06/09/20221.60003/09/2020 249,976.52 82287164DRD4 1.602
559Allegiance Bank1143 245,000.00 245,000.00 06/13/20223.10006/13/2018 255,712.27 1,46101748DBE5 3.102
567Sallie Mae Bank Salt Lake CIty1083 240,000.00 240,000.00 06/21/20222.35006/21/2017 247,811.49 1,826795450A70 2.351
574America's Credit Union1200 248,000.00 248,000.00 06/28/20222.30006/28/2019 255,978.61 1,09603065AAL7 2.302
615Traditions Bank1148 245,000.00 245,000.00 08/08/20223.00006/08/2018 256,442.76 1,52289269CBX9 3.002
630CIT Bank NA1219 245,000.00 245,000.00 08/23/20221.90008/23/2019 252,004.13 1,09612556LBA3 1.902
636American Express Fed Savings B1096 240,000.00 240,000.00 08/29/20222.40008/29/2017 249,043.14 1,82602587CFU9 2.402
636Sterling Bank1201 245,000.00 245,000.00 08/29/20222.15006/28/2019 253,151.06 1,15885916VDC6 2.153
681Alliance Credit Union1095 245,000.00 245,000.00 10/13/20222.25010/13/2017 254,268.82 1,82601859BAA3 2.251
693Barclays Bank1097 240,000.00 240,000.00 10/25/20222.30010/25/2017 249,469.75 1,82606740KLJ4 2.291
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:20 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 4
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
November 30, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
696Merrick Bank1163 248,000.00 248,000.00 10/28/20223.25010/30/2018 262,383.15 1,45959013J4K2 3.252
707Mountain America Federal CU1099 245,000.00 245,000.00 11/08/20222.30011/08/2017 254,906.27 1,82662384RAC0 2.301
717CrossFirst Bank1106 245,000.00 245,000.00 11/18/20222.20011/20/2017 254,558.43 1,82422766ACB9 2.201
727Enterprise Bank, NA1107 245,000.00 245,000.00 11/28/20222.15011/28/2017 254,444.14 1,82629367QCP1 2.151
736Medallion Bank1169 248,000.00 248,000.00 12/07/20223.40012/07/2018 264,049.80 1,46158404DCX7 3.402
736Red Rocks Credit Union1166 248,000.00 248,000.00 12/07/20223.35012/07/2018 263,796.57 1,46175701LAB3 3.352
758Knoxville TVA Credit Union1110 245,000.00 245,000.00 12/29/20222.40012/29/2017 256,175.46 1,826499724AB8 2.401
759Kern FCU1239 248,000.00 248,000.00 12/30/20221.90012/30/2019 256,700.07 1,09649228XAK6 1.902
759San Francisco FCU1240 248,000.00 248,000.00 12/30/20221.85012/30/2019 256,438.96 1,09679772FAC0 1.852
790Wells Fargo Natl Bank West1244 248,000.00 248,000.00 01/30/20231.90001/29/2020 257,037.42 1,097949495AT2 1.900
812Servisfirst Bank1254 248,000.00 248,000.00 02/21/20231.60002/21/2020 255,612.55 1,09681768PAF3 1.601
819Verus Bank of Commerce1180 248,000.00 248,000.00 02/28/20232.70002/28/2019 261,874.34 1,46192535LCD4 2.700
841Aneca Federal Credit Union1119 245,000.00 245,000.00 03/22/20232.80003/22/2018 259,619.02 1,826034577AH9 2.802
850Northstar Bank1263 248,000.00 248,000.00 03/31/20231.15003/31/2020 253,283.72 1,09566704MEQ0 1.150
850West Michigan Cmnty Bk1265 248,000.00 248,000.00 03/31/20231.15003/31/2020 253,283.72 1,095954444BS3 1.150
861Citibank NA1123 245,000.00 245,000.00 04/11/20232.90004/11/2018 260,531.73 1,82617312QJ26 2.902
878Congressional Bank1189 248,000.00 248,000.00 04/28/20232.50004/30/2019 261,625.03 1,45920726ABA5 2.502
878EnerBank USA1125 240,000.00 240,000.00 04/28/20232.95004/30/2018 255,814.43 1,82429278TAY6 2.952
885First National Bank1179 248,000.00 248,000.00 05/05/20232.80003/05/2019 263,539.77 1,52232117BCX4 2.802
895University of Iowa Comm. CU1134 240,000.00 240,000.00 05/15/20233.05005/14/2018 256,696.31 1,82791435LAG2 3.052
918Pittsfield Cooperative Bank1194 245,000.00 245,000.00 06/07/20232.50006/07/2019 259,018.45 1,461725404AB3 2.502
931Morton Community1173 248,000.00 248,000.00 06/20/20232.75003/20/2019 263,997.58 1,553619165JD6 2.753
931RCB Bank1144 245,000.00 245,000.00 06/20/20233.15006/20/2018 263,332.71 1,82674934YAH4 3.152
937American First CU1285 248,000.00 248,000.00 06/26/20230.35006/26/2020 248,644.01 1,09502616AAH2 0.350
960American National Bank1205 248,000.00 248,000.00 07/19/20232.00007/19/2019 259,525.32 1,46102772JBD1 2.001
961First National Bank of America1147 245,000.00 245,000.00 07/20/20233.15007/20/2018 263,900.50 1,82632110YLK9 3.152
972Bank of New England1151 249,000.00 249,000.00 07/31/20233.25007/31/2018 269,056.70 1,82606426KAN8 3.252
995Raymond James Bank1218 244,000.00 244,000.00 08/23/20231.95008/23/2019 255,387.42 1,46175472RAD3 1.951
1,032Triad Bank1262 248,000.00 248,000.00 09/29/20231.35003/30/2020 255,734.18 1,27889579NCD3 1.352
1,050Marlin Business Bank1155 248,000.00 248,000.00 10/17/20233.30010/17/2018 269,909.45 1,82657116ARV2 3.302
1,050Municipal Trust and Savings1160 245,000.00 245,000.00 10/17/20233.20010/17/2018 265,931.96 1,826625925AR3 3.202
1,050UBS Bank USA1161 245,000.00 245,000.00 10/17/20233.35010/17/2018 267,000.64 1,82690348JEJ5 3.352
1,052Jefferson Financial CU1154 245,000.00 245,000.00 10/19/20233.35010/19/2018 267,029.70 1,826474067AQ8 3.352
1,079Commercial Bank1162 248,000.00 248,000.00 11/15/20233.40011/15/2018 271,229.32 1,82620143PDV9 3.402
1,092Numerica Credit Union1164 248,000.00 248,000.00 11/28/20233.55011/28/2018 272,632.60 1,82667054NAN3 3.552
1,115National Cooperative Bank, N.A1170 245,000.00 245,000.00 12/21/20233.40012/21/2018 268,672.67 1,826635573AL2 3.402
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:20 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 5
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
November 30, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,123Bar Harbor Bank and Trust1172 248,000.00 248,000.00 12/29/20233.35012/31/2018 271,762.02 1,824066851WJ1 3.352
1,154Lakeside Bank1208 248,000.00 248,000.00 01/29/20242.00007/30/2019 261,671.44 1,64451210SQU4 2.003
1,168Rollstone B&T1251 245,000.00 245,000.00 02/12/20241.65002/12/2020 255,841.82 1,46177579ADF0 1.651
1,169Northwest Bank1181 248,000.00 248,000.00 02/13/20242.95002/13/2019 269,420.03 1,82666736ABP3 2.951
1,183Wells Fargo1174 248,000.00 248,000.00 02/27/20243.00002/27/2019 270,081.08 1,826949763XY7 3.001
1,213Texas Bank Financial1260 245,000.00 245,000.00 03/28/20241.10003/31/2020 251,696.14 1,458882213AB7 1.101
1,231The Jefferson Bank1272 248,000.00 248,000.00 04/15/20241.25004/15/2020 256,097.75 1,461472382AQ3 1.251
1,232Belmont Bank and Trust1270 248,000.00 248,000.00 04/16/20241.25004/16/2020 256,104.29 1,46108016PDQ9 1.251
1,232Pacific Western Bank1269 245,000.00 245,000.00 04/16/20241.30004/16/2020 253,418.27 1,46169506YRH4 1.301
1,242Main Street Bank1188 248,000.00 248,000.00 04/26/20242.60004/26/2019 267,670.30 1,82756065GAG3 2.603
1,261First Service Bank1231 248,000.00 248,000.00 05/15/20241.70011/15/2019 260,132.57 1,64333640VDD7 1.701
1,262JP Morgan Chase1185 245,000.00 245,000.00 05/16/20243.25005/16/2019 270,240.93 1,82748128HXU7 3.254
1,269Iowa State Bank1186 245,000.00 245,000.00 05/23/20242.40005/23/2019 263,067.84 1,82746256YAZ2 2.403
1,274Live Oak Bank1238 248,000.00 248,000.00 05/28/20241.80011/27/2019 261,130.52 1,644538036GV0 1.802
1,275Century Next Bank1184 248,000.00 248,000.00 05/29/20242.50005/29/2019 267,260.88 1,827156634AK3 2.503
1,284Plains Commerce Bank1195 245,000.00 245,000.00 06/07/20242.55006/07/2019 264,529.42 1,82772651LCL6 2.553
1,289Evansville Teachers Credit FCU1196 248,000.00 248,000.00 06/12/20242.60006/12/2019 268,299.65 1,827299547AQ2 2.603
1,296Legacy Bank1197 248,000.00 248,000.00 06/19/20242.40006/19/2019 266,632.18 1,827524661CB9 2.403
1,298Citizens State Bank1199 248,000.00 248,000.00 06/21/20242.40006/21/2019 266,660.75 1,827176688CP2 2.403
1,305Communitywide FCU1202 248,000.00 248,000.00 06/28/20242.25006/28/2019 265,418.80 1,82720416TAQ5 2.253
1,305Revere Bank1203 247,000.00 247,000.00 06/28/20242.30006/28/2019 264,782.44 1,827761402BY1 2.303
1,333Abacus Federal Savings1207 248,000.00 248,000.00 07/26/20241.95007/26/2019 263,001.88 1,82700257TBD7 1.952
1,337First Security Bank of WA1209 248,000.00 248,000.00 07/30/20242.00007/30/2019 263,448.06 1,82733625CCP2 2.002
1,338People's Bank1210 248,000.00 248,000.00 07/31/20242.00007/31/2019 263,402.76 1,827710571DS6 2.002
1,354Preferred Bank1213 249,000.00 249,000.00 08/16/20242.00008/16/2019 264,706.24 1,827740367HP5 2.002
1,361FirsTier Bank1216 249,000.00 249,000.00 08/23/20241.95008/23/2019 264,318.72 1,82733766LAJ7 1.952
1,361Washington Federal1215 248,000.00 248,000.00 08/23/20242.00008/23/2019 263,723.50 1,827938828BH2 2.002
1,368First State Bk DeQueen1222 248,000.00 248,000.00 08/30/20241.80008/30/2019 261,871.27 1,827336460CX6 1.802
1,368First Natl Bk of Syracuse1221 249,000.00 249,000.00 08/30/20241.85008/30/2019 263,397.72 1,827334342CD2 1.852
1,368Celtic Bank1220 248,000.00 248,000.00 08/30/20241.85008/30/2019 262,339.89 1,82715118RRH2 1.852
1,396BankWest Inc1227 248,000.00 248,000.00 09/27/20241.70009/27/2019 261,196.91 1,82706652CHB0 1.702
1,424Southern Bancorp Bk1286 248,000.00 248,000.00 10/25/20240.50006/26/2020 249,706.68 1,58284223QAN7 0.500
1,437Sauk Valley B&T Co1235 248,000.00 248,000.00 11/07/20241.70011/07/2019 261,470.47 1,827804375DL4 1.702
1,450Morgan Stanley Bank1237 245,000.00 245,000.00 11/20/20241.95011/20/2019 260,867.87 1,82761690UNX4 1.952
1,450Morgan Stanley Private Bk, NA1236 245,000.00 245,000.00 11/20/20241.90011/20/2019 260,377.82 1,82761760A3B3 1.902
1,490Bank Princeton1287 248,000.00 248,000.00 12/30/20240.50006/30/2020 249,590.74 1,644064520BG3 0.500
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:20 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 6
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
November 30, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,529United Community1249 248,000.00 248,000.00 02/07/20251.65002/07/2020 261,577.08 1,82790983WBT7 1.652
1,536First National Bank Michigan1250 248,000.00 248,000.00 02/14/20251.65002/14/2020 261,638.72 1,82732114VBT3 1.652
1,536Freedom Financial1248 248,000.00 248,000.00 02/14/20251.55002/14/2020 260,587.97 1,82735637RDC8 1.552
1,543American State1255 248,000.00 248,000.00 02/21/20251.60002/21/2020 261,172.62 1,827029728BC5 1.602
1,549Citadel FCU1252 248,000.00 248,000.00 02/27/20251.65002/27/2020 261,753.22 1,82717286TAG0 1.652
1,563Access Bank1256 248,000.00 248,000.00 03/13/20251.60003/13/2020 261,265.07 1,82600435JBH5 1.601
1,570Spring Bank1257 248,000.00 248,000.00 03/20/20251.50003/20/2020 260,250.33 1,826849430BF9 1.501
1,576Axos Bank1258 248,000.00 248,000.00 03/26/20251.65003/26/2020 261,913.33 1,82605465DAE8 1.651
1,578Alma Bank1267 248,000.00 248,000.00 03/28/20251.40003/30/2020 259,233.16 1,824020080BX4 1.399
1,581Commonwealth Business Bk1268 248,000.00 248,000.00 03/31/20251.25003/31/2020 257,467.33 1,8262027506M2 1.251
1,581Nicolet Natl Bank1266 248,000.00 248,000.00 03/31/20251.40003/31/2020 259,088.45 1,826654062JZ2 1.401
1,589Capital One USA FDIC339541271 245,000.00 245,000.00 04/08/20251.60004/08/2020 258,232.92 1,82614042TDD6 1.601
1,609Firrst Natl Bk McGregor1274 248,000.00 248,000.00 04/28/20251.35004/28/2020 258,823.15 1,82632112UDR9 1.351
1,610First Freedom Bank1273 249,000.00 249,000.00 04/29/20251.20004/29/2020 258,215.95 1,82632027BAL1 1.201
1,611Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 257,637.56 1,82633847E3A3 1.251
1,6231st Internet Bank1278 248,000.00 248,000.00 05/12/20251.00005/11/2020 254,943.56 1,82732056GDJ6 0.985
1,624Western State Bank1277 245,000.00 245,000.00 05/13/20251.00005/13/2020 251,858.26 1,82695960NKD8 1.001
1,666Chippewa Valley Bk1284 248,000.00 248,000.00 06/24/20250.60006/24/2020 250,492.49 1,826169894AS1 0.600
33,194,000.00 1,55734,674,175.7733,194,000.0033,373,666.67Subtotal and Average 925 2.162
Corporate Notes
246Apple Inc1079 500,000.00 493,050.00 08/04/20211.55006/12/2017 503,780.00 1,514037833CC2 1.900
432Proctor and Gamble1159 500,000.00 487,950.00 02/06/20222.30010/15/2018 512,285.00 1,210742718DY2 3.071
744Wal-Mart Stores, Inc1190 500,000.00 496,650.00 12/15/20222.35004/16/2019 520,745.00 1,339931142DU4 2.799
792Colgate-Palmolive1175 500,000.00 485,250.00 02/01/20231.95003/04/2019 519,285.00 1,43019416QEA4 2.751
980Microsoft Corporation1157 400,000.00 378,360.00 08/08/20232.00010/15/2018 417,584.00 1,758594918BQ6 3.222
2,341,260.00 1,4362,473,679.002,400,000.002,341,260.00Subtotal and Average 622 2.725
Money Market with Fiscal Agent
1US Bank1058 29.27 29.2707/01/2016 29.27 1SYS1058 0.000
29.27 129.2729.2729.27Subtotal and Average 1 0.000
CERBT - OPEB Trust
1CalPERS CERBT Plan1114 1,785,913.46 1,785,913.4607/01/2020 1,785,913.46 1SYS1114 0.000
1,785,913.46 11,785,913.461,785,913.461,785,913.46Subtotal and Average 1 0.000
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:20 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 7
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
November 30, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
PARS Pension Trust
1Pblc Agncy Rtrmnt Serv1230 10,861,312.47 10,861,312.4707/01/2020 10,861,312.47 1SYS1230 0.000
10,861,312.47 110,861,312.4710,861,312.4710,431,603.26Subtotal and Average 1 0.000
632152,689,229.21 153,884,727.61 369 1.013156,352,930.09 153,701,114.97Total and Average
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:20 PM (PRF_PM2) 7.3.0
City of La Quinta
Total Earnings
City of La Quinta
-
Sorted by Fund - Fund
November 1, 2020 - November 30, 2020
Current
Rate
Ending
Par Value
Ending
Fund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
500,000.001288500,000.00 0.500FNMA 208.34 0.00 208.340.507101500,000.003135G05S8 0.00
495,950.001206500,000.00 1.750FNMA 729.17 0.00 729.171.789101495,950.003135G0V75 0.00
992,100.0012331,000,000.00 1.375FNMA 1,145.84 0.00 1,145.841.405101992,100.003135G0W33 0.00
1,000,000.0012891,000,000.00 0.560FNMA 466.67 0.00 466.670.5681011,000,000.003136G4N74 0.00
499,750.001290500,000.00 0.520FNMA 216.67 0.00 216.670.527101499,750.003136G4M75 0.00
499,250.001292500,000.00 0.560FNMA 108.89 0.00 108.890.5691010.003135GA2Z3 0.00
499,250.001291500,000.00 0.420FNMA 75.83 0.00 75.830.4261010.003135G06E8 0.00
1,000,000.0012791,000,000.00 0.625FHLMC 520.83 0.00 520.830.6341011,000,000.003134GVYG7 0.00
998,500.0012751,000,000.00 0.700FHLMC 583.34 0.00 583.340.711101998,500.003134GVLC0 0.00
999,217.3612471,000,000.00 1.400FFCB 1,166.67 0.00 1,166.671.421101999,217.363133EGWJ0 0.00
247,275.001158250,000.00 2.800FFCB 583.33 0.00 583.332.870101247,275.003133EJYL7 0.00
996,900.0012341,000,000.00 1.600FFCB 1,333.33 0.00 1,333.331.627101996,900.003133EK4X1 0.00
499,500.001198500,000.00 1.875FFCB 781.25 0.00 781.251.903101499,500.003133EKQP4 0.00
998,600.0012421,000,000.00 1.700FFCB 1,416.66 0.00 1,416.661.726101998,600.003133ELEA8 0.00
499,500.001212500,000.00 1.850FFCB 770.84 0.00 770.841.878101499,500.003133EKWV4 0.00
992,200.0011051,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.737101992,200.003133EHWM1 0.00
999,000.0012461,000,000.00 1.430FFCB 1,191.67 0.00 1,191.671.451101999,000.003133ELNE0 0.00
500,000.001282500,000.00 0.680FFCB 283.33 0.00 283.330.689101500,000.003133ELH80 0.00
499,400.001223500,000.00 1.600FFCB 666.67 0.00 666.671.624101499,400.003133EKZK5 0.00
498,750.001224500,000.00 1.600FFCB 666.66 0.00 666.661.626101498,750.003133EKP75 0.00
499,850.001280500,000.00 0.500FFCB 208.33 0.00 208.330.507101499,850.003133ELH23 0.00
499,850.001281500,000.00 0.500FHLB 208.34 0.00 208.340.507101499,850.003130AJKW8 0.00
300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.689101300,000.003130AJRP6 0.00
498,550.001177500,000.00 2.500FHLB 1,041.67 0.00 1,041.672.542101498,550.003130AFW94 0.00
1,942,800.0010702,000,000.00 1.250USTR 2,071.82 0.00 2,071.821.2971011,942,800.00912828T67 0.00
496,650.001192500,000.00 1.750USTR 719.62 0.00 719.621.763101496,650.00912828SV3 0.00
499,300.001217500,000.00 1.375USTR 566.62 0.00 566.621.381101499,300.00912828T26 0.00
5,000,000.0010455,000,000.00 1.125USTR 4,585.60 0.00 4,585.601.1161015,000,000.00912828S27 0.00
989,687.5012411,000,000.00 1.500USTR 1,229.73 0.00 1,229.731.512101989,687.50912828YV6 0.00
493,610.001193500,000.00 1.375USTR 563.63 0.00 563.631.389101493,610.00912828R77 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:08 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
Accretion
Amortization/
Earnings
Adjusted Interest
November 1, 2020 - November 30, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
489,687.501178500,000.00 1.875USTR 772.66 0.00 772.661.920101489,687.509128282W9 0.00
248,000.001174248,000.00 3.000WELLS 611.51 0.00 611.513.000101248,000.00949763XY7 0.00
763,093.001057763,093.00WELLS 0.01 0.00 0.01101453,624.174159282482 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 443.83 0.00 443.832.250101240,000.0002587DP85 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 322.20 0.00 322.201.600101245,000.0014042TDD6 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
56,275,840.36105556,275,840.36 0.576LAIF 29,305.13 0.00 29,305.130.62310157,275,840.3698-33-434 0.00
0.0012930.00BNY 1.20 0.00 1.201010.00SYS1293 0.00
240,000.001066240,000.00 2.250DISCOV 443.83 0.00 443.832.250101240,000.002546722U1 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
0.0010810.00 1.800RICHMN 265.81 0.00 265.811.800101245,000.00319267GC8 0.00
240,000.001082240,000.00 2.250CAP1NA 443.83 0.00 443.832.250101240,000.0014042RGD7 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 473.43 0.00 473.432.400101240,000.0002587CFU9 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 382.61 0.00 382.611.900101245,000.0061760A3B3 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
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:08 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
Accretion
Amortization/
Earnings
Adjusted Interest
November 1, 2020 - November 30, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
245,000.001111245,000.00 2.050FREECU 412.80 0.00 412.802.050101245,000.0035638BAA9 0.00
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 0.001011,785,913.46SYS1114 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 563.84 0.00 563.842.800101245,000.00034577AH9 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
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 362.46 0.00 362.461.800101245,000.00649447TC3 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
2,853,747.8211532,853,747.82 0.140CAMP 317.60 0.00 317.600.1351012,853,430.22SYS1153 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
248,000.001179248,000.00 2.8001STNBK 570.74 0.00 570.742.800101248,000.0032117BCX4 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:08 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
Accretion
Amortization/
Earnings
Adjusted Interest
November 1, 2020 - November 30, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
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 483.29 0.00 483.292.400101245,000.0046256YAZ2 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 979.17 0.00 979.172.399101496,650.00931142DU4 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 513.49 0.00 513.492.550101245,000.0072651LCL6 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 466.93 0.00 466.932.300101247,000.00761402BY1 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 322.19 0.00 322.191.600101245,000.00549104JN8 0.00
2,628,359.4012282,628,359.40BOTW 0.01 0.00 0.011012,212,787.36059731851 0.00
248,000.001227248,000.00 1.700BNKWST 346.52 0.00 346.521.700101248,000.0006652CHB0 0.00
10,861,312.47123010,861,312.47PARS 0.00 0.00 0.0010110,416,785.70SYS1230 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:08 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
Accretion
Amortization/
Earnings
Adjusted Interest
November 1, 2020 - November 30, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
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 221.51 0.00 221.511.100101245,000.00882213AB7 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 254.79 0.00 254.791.250101248,000.0033847E3A3 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
248,000.001285248,000.00 0.350AMR1ST 71.34 0.00 71.340.350101248,000.0002616AAH2 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:08 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
Accretion
Amortization/
Earnings
Adjusted Interest
November 1, 2020 - November 30, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
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
246,860.661294246,860.66DREYF 0.00 0.00 0.00101246,571.36X9USDDTP3 0.00
137,062,427.17Subtotal 136,878,814.53 1.066 119,489.360.00119,489.36135,955,139.99 0.00
Fund: Fiscal Agent
29.27105829.27USBANK 0.01 0.00 0.010.41623129.27SYS1058 0.00
29.27Subtotal 29.27 0.416 0.010.000.0129.27 0.00
Fund: Housing Authority : WSA and LQ
277,123.881062277,123.88LQPR 0.00 0.00 0.00241265,528.67SYS1062 0.00
277,123.88Subtotal 277,123.88 0.000.000.00265,528.67 0.00
Fund: SA Low/Mod Bond Fund
16,545,147.29111316,545,147.29 0.576LAIF 8,533.18 0.00 8,533.180.62724916,545,147.2925-33-005 0.00
16,545,147.29Subtotal 16,545,147.29 0.627 8,533.180.008,533.1816,545,147.29 0.00
153,884,727.61Total 153,701,114.97 1.017 128,022.550.00128,022.55152,765,845.22 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:08 TE (PRF_TE) 7.3.6
Report Ver. 7.3.6.1
City of La Quinta
Portfolio Management
December 31, 2020
City of La Quinta
-
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value
Days to
MaturityTerm
YTM
365 Equiv.
Bank Accounts 7,270,801.59 14.86 0.00017,270,801.597,270,801.59
Local Agency Investment Fund-City 53,275,840.36 135.61 0.540153,612,187.5653,275,840.36
Local Agency Invstmnt Fund-Housing 10,545,147.29 17.05 0.540110,627,431.3010,545,147.29
Money Market/Mutual Funds 490,015.12 10.33 0.0001490,015.12490,015.12
Money Market Accounts - CAMP 853,848.56 10.57 0.1201853,848.56853,848.56
Federal Agency Coupon Securities 19,008,092.36 1,62112.71 1.1461,30419,426,886.5019,050,000.00
Treasury Coupon Securities 9,911,735.00 1,6536.63 1.50640710,137,935.0010,000,000.00
Certificate of Deposits 32,949,000.00 1,56022.02 2.16390134,394,918.9932,949,000.00
Corporate Notes 2,341,260.00 1,4361.56 2.7255912,470,415.002,400,000.00
Money Market with Fiscal Agent 29.27 10.00 0.000129.2729.27
CERBT - OPEB Trust 1,933,023.17 11.29 0.00011,933,023.171,933,023.17
PARS Pension Trust 11,025,029.02 17.37 0.000111,025,029.0211,025,029.02
149,603,821.74 100.00%Investments 152,242,521.08149,792,734.38 682 401 0.996
Current Year
December 31
127,750.49
Fiscal Year To Date
853,303.12
Average Daily Balance
Effective Rate of Return
147,790,286.26 158,072,232.75
1.07%1.02%
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 12/01/2020-12/31/2020
Run Date: 02/12/2021 - 16:16 PM (PRF_PM1) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Bank Accounts
1Bank of New York1293 0.00 0.0009/01/2020 0.00 1SYS1293 0.000
1Bank of the West1228 5,889,426.34 5,889,426.3408/20/2019 5,889,426.34 1059731851 0.000
1City Petty Cash1059 3,300.00 3,300.0007/01/2016 3,300.00 1SYS1059 0.000
1La Quinta Palms Realty1062 279,993.58 279,993.5807/01/2016 279,993.58 1SYS1062 0.000
1Stifel, Nicolaus & Company1183 0.00 0.0003/18/2019 0.00 1SYS1183 0.000
1Wells Fargo1057 1,098,081.67 1,098,081.6707/01/2016 1,098,081.67 14159282482 0.000
7,270,801.59 17,270,801.597,270,801.595,077,932.04Subtotal and Average 1 0.000
Local Agency Investment Fund-City
1Local Agency Inv Fund1055 53,275,840.36 53,275,840.36 0.54053,612,187.56 198-33-434 0.540
53,275,840.36 153,612,187.5653,275,840.3653,469,388.75Subtotal and Average 1 0.540
Local Agency Invstmnt Fund-Housing
1Local Agency Inv Fund1113 10,545,147.29 10,545,147.29 0.54010,627,431.30 125-33-005 0.540
10,545,147.29 110,627,431.3010,545,147.2912,480,631.16Subtotal and Average 1 0.540
Money Market/Mutual Funds
1Dreyfus1294490,015.12 490,015.1209/24/2020 490,015.12 1X9USDDTP3 0.000
490,015.12 1490,015.12490,015.12325,833.38Subtotal and Average 1 0.000
Money Market Accounts - CAMP
1California Asset Management Pr1153 853,848.56 853,848.56 0.12009/26/2018 853,848.56 1SYS1153 0.120
853,848.56 1853,848.56853,848.56982,783.33Subtotal and Average 1 0.120
Federal Agency Coupon Securities
243Federal Farm Credit Bank1105 1,000,000.00 992,200.00 09/01/20211.70011/09/2017 1,010,790.00 1,3923133EHWM1 1.913
613Federal National Mtg Assn1233 1,000,000.00 992,100.00 09/06/20221.37510/29/2019 1,021,280.00 1,0433135G0W33 1.659
636Federal Farm Credit Bank1247 1,000,000.00 999,217.36 09/29/20221.40002/05/2020 1,021,790.00 9673133EGWJ0 1.430
710Federal Farm Credit Bank1198 500,000.00 499,500.00 12/12/20221.87506/20/2019 516,570.00 1,2713133EKQP4 1.905
955Federal Farm Credit Bank1223 500,000.00 499,400.00 08/14/20231.60009/12/2019 517,870.00 1,4323133EKZK5 1.632
977Federal Farm Credit Bank1158 250,000.00 247,275.00 09/05/20232.80010/15/2018 267,097.50 1,7863133EJYL7 3.041
1,034Federal Farm Credit Bank1234 1,000,000.00 996,900.00 11/01/20231.60011/01/2019 1,038,310.00 1,4613133EK4X1 1.680
1,138Federal Home Loan Bank1177 500,000.00 498,550.00 02/13/20242.50003/01/2019 535,960.00 1,8103130AFW94 2.563
1,139Federal Farm Credit Bank1246 1,000,000.00 999,000.00 02/14/20241.43002/14/2020 1,036,710.00 1,4613133ELNE0 1.456
1,278Federal National Mtg Assn1206 500,000.00 495,950.00 07/02/20241.75007/15/2019 526,455.00 1,8143135G0V75 1.922
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:16 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
Days to
Maturity
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Federal Agency Coupon Securities
1,302Federal Farm Credit Bank1212 500,000.00 499,500.00 07/26/20241.85008/02/2019 527,980.00 1,8203133EKWV4 1.871
1,355Federal Farm Credit Bank1224 500,000.00 498,750.00 09/17/20241.60009/17/2019 525,320.00 1,8273133EKP75 1.652
1,355Federal Farm Credit Bank1242 1,000,000.00 998,600.00 09/17/20241.70012/17/2019 1,051,980.00 1,7363133ELEA8 1.731
1,417Federal National Mtg Assn1291 500,000.00 499,250.00 11/18/20240.42011/18/2020 500,050.00 1,4613135G06E8 0.458
1,459Federal National Mtg Assn1300 500,000.00 500,000.00 12/30/20240.40012/30/2020 500,290.00 1,4613135GAAW1 0.400
1,571Federal Home Loan Mtg Corp1275 1,000,000.00 998,500.00 04/21/20250.70004/28/2020 1,000,150.00 1,8193134GVLC0 0.731
1,607Federal Home Loan Mtg Corp1279 1,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 1,000,470.00 1,8263134GVYG7 0.625
1,620Federal Farm Credit Bank1280 500,000.00 499,850.00 06/09/20250.50006/09/2020 502,090.00 1,8263133ELH23 0.506
1,621Federal Farm Credit Bank1282 500,000.00 500,000.00 06/10/20250.68006/10/2020 500,695.00 1,8263133ELH80 0.680
1,624Federal Home Loan Bank1281 500,000.00 499,850.00 06/13/20250.50006/03/2020 503,035.00 1,8363130AJKW8 0.506
1,641Federal Home Loan Bank1283 300,000.00 300,000.00 06/30/20250.68006/30/2020 300,066.00 1,8263130AJRP6 0.680
1,662Federal Home Loan Mtg Corp1297 1,000,000.00 997,300.00 07/21/20250.37512/07/2020 1,000,530.00 1,6873137EAEU9 0.434
1,686Federal National Mtg Assn1288 500,000.00 500,000.00 08/14/20250.50008/14/2020 498,045.00 1,8263135G05S8 0.500
1,690Federal National Mtg Assn1290 500,000.00 499,750.00 08/18/20250.52008/28/2020 498,290.00 1,8163136G4M75 0.530
1,693Federal National Mtg Assn1289 1,000,000.00 1,000,000.00 08/21/20250.56008/21/2020 995,510.00 1,8263136G4N74 0.560
1,781Federal National Mtg Assn1292 500,000.00 499,250.00 11/17/20250.56011/17/2020 500,310.00 1,8263135GA2Z3 0.590
1,806Federal Home Loan Bank1298 500,000.00 497,400.00 12/12/20250.37512/07/2020 499,175.00 1,8313130AKFA9 0.480
1,817Federal National Mtg Assn1299 500,000.00 500,000.00 12/23/20250.60012/23/2020 529,540.00 1,8263135GA7D7 0.600
1,824Federal Home Loan Mtg Corp1301 500,000.00 500,000.00 12/30/20250.55012/30/2020 500,528.00 1,8263134GXGZ1 0.550
19,008,092.36 1,62119,426,886.5019,050,000.0017,428,473.01Subtotal and Average 1,304 1.146
Treasury Coupon Securities
150U.S. Treasury1193 500,000.00 493,610.00 05/31/20211.37505/31/2019 502,580.00 731912828R77 2.030
180U.S. Treasury1045 5,000,000.00 5,000,000.00 06/30/20211.12507/18/2016 5,025,000.00 1,808912828S27 1.125
303U.S. Treasury1070 2,000,000.00 1,942,800.00 10/31/20211.25003/27/2017 2,018,600.00 1,679912828T67 1.903
499U.S. Treasury1192 500,000.00 496,650.00 05/15/20221.75005/31/2019 511,135.00 1,080912828SV3 1.984
637U.S. Treasury1178 500,000.00 489,687.50 09/30/20221.87503/01/2019 515,175.00 1,3099128282W9 2.480
1,002U.S. Treasury1217 500,000.00 499,300.00 09/30/20231.37508/21/2019 516,815.00 1,501912828T26 1.410
1,429U.S. Treasury1241 1,000,000.00 989,687.50 11/30/20241.50012/16/2019 1,048,630.00 1,811912828YV6 1.718
9,911,735.00 1,65310,137,935.0010,000,000.009,911,735.00Subtotal and Average 407 1.506
Certificate of Deposits
13Bankers Bank1086 240,000.00 240,000.00 01/14/20211.80007/14/2017 240,156.78 1,28006610RAP4 1.804
17Farm Bureau Bank1165 248,000.00 248,000.00 01/18/20213.00012/17/2018 248,357.08 763307660LC2 2.898
19Eagle Bank1146 245,000.00 245,000.00 01/20/20212.85007/20/2018 245,371.54 91527002YDV5 2.858
31Infinty FCU1211 248,000.00 248,000.00 02/01/20212.10007/31/2019 248,436.43 55145667EDY1 2.110
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:16 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
52Comenity Capital Bank1009 240,000.00 240,000.00 02/22/20211.70002/22/2016 240,558.18 1,82720033APG5 1.702
66Ally Bank Midvale1176 245,000.00 245,000.00 03/08/20212.50003/07/2019 246,061.46 73202007GHX4 2.016
74Unity Bank1120 245,000.00 245,000.00 03/16/20212.55003/16/2018 246,214.48 1,09691330ABN6 2.552
108Amex Centurion1077 240,000.00 240,000.00 04/19/20212.25004/19/2017 241,480.76 1,46102587DP85 2.252
119Towne Bank1128 240,000.00 240,000.00 04/30/20212.80004/30/2018 242,069.76 1,09689214PBL2 2.803
145PrivateBank & Trust1032 240,000.00 240,000.00 05/26/20211.50005/26/2016 241,234.66 1,82674267GVG9 1.501
157Capital One Natl Assn FDIC42971082 240,000.00 240,000.00 06/07/20212.25006/07/2017 242,114.59 1,46114042RGD7 2.252
194Central State Bank1085 240,000.00 240,000.00 07/14/20211.85007/14/2017 242,065.31 1,46115523RBJ4 1.851
227General Electric Credit Union1150 240,000.00 240,000.00 08/16/20213.10008/15/2018 244,297.42 1,097369674AV8 3.100
269New York Community Bank1226 245,000.00 245,000.00 09/27/20211.80009/27/2019 247,787.64 731649447TC3 1.802
298Northpointe Bank1127 240,000.00 240,000.00 10/26/20212.70004/26/2018 244,797.55 1,279666613GV0 2.703
320First Source Bank1168 245,000.00 245,000.00 11/17/20213.15012/17/2018 251,196.85 1,06633646CKP8 3.153
325Belmont Savings Bank1102 245,000.00 245,000.00 11/22/20212.10011/21/2017 248,971.92 1,462080515CD9 2.101
325TNB Bank1187 248,000.00 248,000.00 11/22/20212.40005/22/2019 252,693.26 91587266AAA1 2.407
354Neighbors FCU1167 245,000.00 245,000.00 12/21/20213.20012/21/2018 251,928.92 1,09664017AAQ7 3.203
355United Credit Union1214 248,000.00 248,000.00 12/22/20212.00008/22/2019 252,100.68 853910160AH3 2.003
383The Ohio Valley Bank1089 240,000.00 240,000.00 01/19/20221.90007/19/2017 243,980.62 1,645677721CN0 1.903
395Third Federal Savings and Loan1112 245,000.00 245,000.00 01/31/20222.50001/30/2018 250,832.26 1,46288413QBY3 2.502
396Discover Bank Greenwood DE CF1066 240,000.00 240,000.00 02/01/20222.25002/01/2017 245,067.75 1,8262546722U1 2.251
419BMW Bank1067 240,000.00 240,000.00 02/24/20222.20002/24/2017 245,221.02 1,82605580AGK4 2.201
423Maine Savings FCU1171 248,000.00 248,000.00 02/28/20223.30012/28/2018 256,657.00 1,158560507AK1 3.306
441Luana Savings Bank1225 245,000.00 245,000.00 03/18/20221.60009/18/2019 248,845.26 912549104JN8 1.599
453Bellco Credit Union1264 248,000.00 248,000.00 03/30/20221.30003/31/2020 251,064.70 72907833EAD9 1.300
454Cadence Bank, NA1259 245,000.00 245,000.00 03/31/20221.20003/31/2020 247,760.45 73012738RFX7 1.200
454Bank of Santa Clarita1261 248,000.00 248,000.00 03/31/20221.10003/31/2020 250,483.62 73006424KBC3 1.100
480Goldman Sachs1078 240,000.00 240,000.00 04/26/20222.40004/26/2017 246,695.28 1,82638148PJK4 2.401
483Farmers Insurance Group FCU1126 240,000.00 240,000.00 04/29/20222.80004/30/2018 248,029.74 1,46030960QAG2 2.802
501Kansas State Bank1101 245,000.00 245,000.00 05/17/20222.10011/17/2017 251,156.59 1,64250116CBE8 2.099
517Synchrony Bank Retail1080 240,000.00 240,000.00 06/02/20222.40006/02/2017 247,293.83 1,82687164XQV1 2.401
523PCSB Bank1149 245,000.00 245,000.00 06/08/20223.00006/08/2018 254,671.66 1,46169324MAD7 3.002
524Synovus Bank1253 245,000.00 245,000.00 06/09/20221.60003/09/2020 249,695.91 82287164DRD4 1.602
528Allegiance Bank1143 245,000.00 245,000.00 06/13/20223.10006/13/2018 255,116.72 1,46101748DBE5 3.102
536Sallie Mae Bank Salt Lake CIty1083 240,000.00 240,000.00 06/21/20222.35006/21/2017 247,382.51 1,826795450A70 2.351
543America's Credit Union1200 248,000.00 248,000.00 06/28/20222.30006/28/2019 255,545.57 1,09603065AAL7 2.302
584Traditions Bank1148 245,000.00 245,000.00 08/08/20223.00006/08/2018 255,896.60 1,52289269CBX9 3.002
599CIT Bank NA1219 245,000.00 245,000.00 08/23/20221.90008/23/2019 251,689.86 1,09612556LBA3 1.902
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:16 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 4
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
605American Express Fed Savings B1096 240,000.00 240,000.00 08/29/20222.40008/29/2017 248,632.95 1,82602587CFU9 2.402
605Sterling Bank1201 245,000.00 245,000.00 08/29/20222.15006/28/2019 252,784.70 1,15885916VDC6 2.153
650Alliance Credit Union1095 245,000.00 245,000.00 10/13/20222.25010/13/2017 253,911.65 1,82601859BAA3 2.251
662Barclays Bank1097 240,000.00 240,000.00 10/25/20222.30010/25/2017 249,110.77 1,82606740KLJ4 2.291
665Merrick Bank1163 248,000.00 248,000.00 10/28/20223.25010/30/2018 261,810.84 1,45959013J4K2 3.252
676Mountain America Federal CU1099 245,000.00 245,000.00 11/08/20222.30011/08/2017 254,557.93 1,82662384RAC0 2.301
686CrossFirst Bank1106 245,000.00 245,000.00 11/18/20222.20011/20/2017 254,232.29 1,82422766ACB9 2.201
696Enterprise Bank, NA1107 245,000.00 245,000.00 11/28/20222.15011/28/2017 254,129.75 1,82629367QCP1 2.151
705Medallion Bank1169 248,000.00 248,000.00 12/07/20223.40012/07/2018 263,486.47 1,46158404DCX7 3.402
705Red Rocks Credit Union1166 248,000.00 248,000.00 12/07/20223.35012/07/2018 263,243.81 1,46175701LAB3 3.352
727Knoxville TVA Credit Union1110 245,000.00 245,000.00 12/29/20222.40012/29/2017 255,831.32 1,826499724AB8 2.401
728Kern FCU1239 248,000.00 248,000.00 12/30/20221.90012/30/2019 256,473.51 1,09649228XAK6 1.902
728San Francisco FCU1240 248,000.00 248,000.00 12/30/20221.85012/30/2019 256,222.96 1,09679772FAC0 1.852
759Wells Fargo Natl Bank West1244 248,000.00 248,000.00 01/30/20231.90001/29/2020 256,896.90 1,097949495AT2 1.900
781Servisfirst Bank1254 248,000.00 248,000.00 02/21/20231.60002/21/2020 255,519.49 1,09681768PAF3 1.601
788Verus Bank of Commerce1180 248,000.00 248,000.00 02/28/20232.70002/28/2019 261,551.88 1,46192535LCD4 2.700
810Aneca Federal Credit Union1119 245,000.00 245,000.00 03/22/20232.80003/22/2018 259,287.41 1,826034577AH9 2.802
819Northstar Bank1263 248,000.00 248,000.00 03/31/20231.15003/31/2020 253,308.20 1,09566704MEQ0 1.150
819West Michigan Cmnty Bk1265 248,000.00 248,000.00 03/31/20231.15003/31/2020 253,308.20 1,095954444BS3 1.150
830Citibank NA1123 245,000.00 245,000.00 04/11/20232.90004/11/2018 260,179.41 1,82617312QJ26 2.902
847Congressional Bank1189 248,000.00 248,000.00 04/28/20232.50004/30/2019 261,355.43 1,45920726ABA5 2.502
847EnerBank USA1125 240,000.00 240,000.00 04/28/20232.95004/30/2018 255,462.17 1,82429278TAY6 2.952
854First National Bank1179 248,000.00 248,000.00 05/05/20232.80003/05/2019 263,203.64 1,52232117BCX4 2.802
864University of Iowa Comm. CU1134 240,000.00 240,000.00 05/15/20233.05005/14/2018 256,322.71 1,82791435LAG2 3.052
887Pittsfield Cooperative Bank1194 245,000.00 245,000.00 06/07/20232.50006/07/2019 258,764.78 1,461725404AB3 2.502
900Morton Community1173 248,000.00 248,000.00 06/20/20232.75003/20/2019 263,690.77 1,553619165JD6 2.753
900RCB Bank1144 245,000.00 245,000.00 06/20/20233.15006/20/2018 262,946.87 1,82674934YAH4 3.152
906American First CU1285 248,000.00 248,000.00 06/26/20230.35006/26/2020 248,841.15 1,09502616AAH2 0.350
929American National Bank1205 248,000.00 248,000.00 07/19/20232.00007/19/2019 259,377.00 1,46102772JBD1 2.001
930First National Bank of America1147 245,000.00 245,000.00 07/20/20233.15007/20/2018 263,516.52 1,82632110YLK9 3.152
941Bank of New England1151 249,000.00 249,000.00 07/31/20233.25007/31/2018 268,663.14 1,82606426KAN8 3.252
964Raymond James Bank1218 244,000.00 244,000.00 08/23/20231.95008/23/2019 255,255.19 1,46175472RAD3 1.951
1,001Triad Bank1262 248,000.00 248,000.00 09/29/20231.35003/30/2020 255,733.51 1,27889579NCD3 1.352
1,019Marlin Business Bank1155 248,000.00 248,000.00 10/17/20233.30010/17/2018 269,499.63 1,82657116ARV2 3.302
1,019Municipal Trust and Savings1160 245,000.00 245,000.00 10/17/20233.20010/17/2018 265,547.71 1,826625925AR3 3.202
1,019UBS Bank USA1161 245,000.00 245,000.00 10/17/20233.35010/17/2018 266,585.48 1,82690348JEJ5 3.352
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:16 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 5
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,021Jefferson Financial CU1154 245,000.00 245,000.00 10/19/20233.35010/19/2018 266,616.59 1,826474067AQ8 3.352
1,048Commercial Bank1162 248,000.00 248,000.00 11/15/20233.40011/15/2018 270,798.83 1,82620143PDV9 3.402
1,061Numerica Credit Union1164 248,000.00 248,000.00 11/28/20233.55011/28/2018 272,173.92 1,82667054NAN3 3.552
1,084National Cooperative Bank, N.A1170 245,000.00 245,000.00 12/21/20233.40012/21/2018 268,258.40 1,826635573AL2 3.402
1,092Bar Harbor Bank and Trust1172 248,000.00 248,000.00 12/29/20233.35012/31/2018 271,353.04 1,824066851WJ1 3.352
1,123Lakeside Bank1208 248,000.00 248,000.00 01/29/20242.00007/30/2019 261,567.64 1,64451210SQU4 2.003
1,137Rollstone B&T1251 245,000.00 245,000.00 02/12/20241.65002/12/2020 255,808.61 1,46177579ADF0 1.651
1,138Northwest Bank1181 248,000.00 248,000.00 02/13/20242.95002/13/2019 269,115.91 1,82666736ABP3 2.951
1,152Wells Fargo1174 248,000.00 248,000.00 02/27/20243.00002/27/2019 269,769.96 1,826949763XY7 3.001
1,182Texas Bank Financial1260 245,000.00 245,000.00 03/28/20241.10003/31/2020 251,770.02 1,458882213AB7 1.101
1,200The Jefferson Bank1272 248,000.00 248,000.00 04/15/20241.25004/15/2020 256,137.75 1,461472382AQ3 1.251
1,201Belmont Bank and Trust1270 248,000.00 248,000.00 04/16/20241.25004/16/2020 256,144.49 1,46108016PDQ9 1.251
1,201Pacific Western Bank1269 245,000.00 245,000.00 04/16/20241.30004/16/2020 253,448.20 1,46169506YRH4 1.301
1,211Main Street Bank1188 248,000.00 248,000.00 04/26/20242.60004/26/2019 267,432.75 1,82756065GAG3 2.603
1,230First Service Bank1231 248,000.00 248,000.00 05/15/20241.70011/15/2019 260,078.18 1,64333640VDD7 1.701
1,231JP Morgan Chase1185 245,000.00 245,000.00 05/16/20243.25005/16/2019 269,870.71 1,82748128HXU7 3.254
1,238Iowa State Bank1186 245,000.00 245,000.00 05/23/20242.40005/23/2019 262,873.35 1,82746256YAZ2 2.403
1,243Live Oak Bank1238 248,000.00 248,000.00 05/28/20241.80011/27/2019 261,058.06 1,644538036GV0 1.802
1,244Century Next Bank1184 248,000.00 248,000.00 05/29/20242.50005/29/2019 267,043.66 1,827156634AK3 2.503
1,253Plains Commerce Bank1195 245,000.00 245,000.00 06/07/20242.55006/07/2019 264,299.98 1,82772651LCL6 2.553
1,258Evansville Teachers Credit FCU1196 248,000.00 248,000.00 06/12/20242.60006/12/2019 268,057.00 1,827299547AQ2 2.603
1,265Legacy Bank1197 248,000.00 248,000.00 06/19/20242.40006/19/2019 266,432.35 1,827524661CB9 2.403
1,267Citizens State Bank1199 248,000.00 248,000.00 06/21/20242.40006/21/2019 266,461.33 1,827176688CP2 2.403
1,274Communitywide FCU1202 248,000.00 248,000.00 06/28/20242.25006/28/2019 265,251.82 1,82720416TAQ5 2.253
1,274Revere Bank1203 247,000.00 247,000.00 06/28/20242.30006/28/2019 264,607.23 1,827761402BY1 2.303
1,302Abacus Federal Savings1207 248,000.00 248,000.00 07/26/20241.95007/26/2019 262,885.21 1,82700257TBD7 1.952
1,306First Security Bank of WA1209 248,000.00 248,000.00 07/30/20242.00007/30/2019 263,378.51 1,82733625CCP2 2.002
1,307People's Bank1210 248,000.00 248,000.00 07/31/20242.00007/31/2019 263,325.48 1,827710571DS6 2.002
1,323Preferred Bank1213 249,000.00 249,000.00 08/16/20242.00008/16/2019 264,574.48 1,827740367HP5 2.002
1,330FirsTier Bank1216 249,000.00 249,000.00 08/23/20241.95008/23/2019 264,198.60 1,82733766LAJ7 1.952
1,330Washington Federal1215 248,000.00 248,000.00 08/23/20242.00008/23/2019 263,593.51 1,827938828BH2 2.002
1,337First State Bk DeQueen1222 248,000.00 248,000.00 08/30/20241.80008/30/2019 261,841.75 1,827336460CX6 1.802
1,337First Natl Bk of Syracuse1221 249,000.00 249,000.00 08/30/20241.85008/30/2019 263,357.74 1,827334342CD2 1.852
1,337Celtic Bank1220 248,000.00 248,000.00 08/30/20241.85008/30/2019 262,300.08 1,82715118RRH2 1.852
1,365BankWest Inc1227 248,000.00 248,000.00 09/27/20241.70009/27/2019 261,126.78 1,82706652CHB0 1.702
1,393Southern Bancorp Bk1286 248,000.00 248,000.00 10/25/20240.50006/26/2020 249,870.93 1,58284223QAN7 0.500
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:16 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 6
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
Certificate of Deposits
1,406Sauk Valley B&T Co1235 248,000.00 248,000.00 11/07/20241.70011/07/2019 261,379.86 1,827804375DL4 1.702
1,419Morgan Stanley Bank1237 245,000.00 245,000.00 11/20/20241.95011/20/2019 260,729.64 1,82761690UNX4 1.952
1,419Morgan Stanley Private Bk, NA1236 245,000.00 245,000.00 11/20/20241.90011/20/2019 260,249.78 1,82761760A3B3 1.902
1,459Bank Princeton1287 248,000.00 248,000.00 12/30/20240.50006/30/2020 249,818.52 1,644064520BG3 0.500
1,498United Community1249 248,000.00 248,000.00 02/07/20251.65002/07/2020 261,493.64 1,82790983WBT7 1.652
1,505First National Bank Michigan1250 248,000.00 248,000.00 02/14/20251.65002/14/2020 261,556.20 1,82732114VBT3 1.652
1,505Freedom Financial1248 248,000.00 248,000.00 02/14/20251.55002/14/2020 260,526.10 1,82735637RDC8 1.552
1,512American State1255 248,000.00 248,000.00 02/21/20251.60002/21/2020 261,101.34 1,827029728BC5 1.602
1,518Citadel FCU1252 248,000.00 248,000.00 02/27/20251.65002/27/2020 261,672.41 1,82717286TAG0 1.652
1,532Access Bank1256 248,000.00 248,000.00 03/13/20251.60003/13/2020 261,176.37 1,82600435JBH5 1.601
1,539Spring Bank1257 248,000.00 248,000.00 03/20/20251.50003/20/2020 260,183.11 1,826849430BF9 1.501
1,545Axos Bank1258 248,000.00 248,000.00 03/26/20251.65003/26/2020 261,815.83 1,82605465DAE8 1.651
1,547Alma Bank1267 248,000.00 248,000.00 03/28/20251.40003/30/2020 259,187.52 1,824020080BX4 1.399
1,550Commonwealth Business Bk1268 248,000.00 248,000.00 03/31/20251.25003/31/2020 257,531.85 1,8262027506M2 1.251
1,550Nicolet Natl Bank1266 248,000.00 248,000.00 03/31/20251.40003/31/2020 259,122.26 1,826654062JZ2 1.401
1,558Capital One USA FDIC339541271 245,000.00 245,000.00 04/08/20251.60004/08/2020 258,139.37 1,82614042TDD6 1.601
1,578Firrst Natl Bk McGregor1274 248,000.00 248,000.00 04/28/20251.35004/28/2020 258,781.86 1,82632112UDR9 1.351
1,579First Freedom Bank1273 249,000.00 249,000.00 04/29/20251.20004/29/2020 258,205.70 1,82632027BAL1 1.201
1,580Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 257,707.27 1,82633847E3A3 1.251
1,5921st Internet Bank1278 248,000.00 248,000.00 05/12/20251.00005/11/2020 254,966.65 1,82732056GDJ6 0.985
1,593Western State Bank1277 245,000.00 245,000.00 05/13/20251.00005/13/2020 251,881.19 1,82695960NKD8 1.001
1,635Chippewa Valley Bk1284 248,000.00 248,000.00 06/24/20250.60006/24/2020 250,581.31 1,826169894AS1 0.600
32,949,000.00 1,56034,394,918.9932,949,000.0033,114,967.74Subtotal and Average 901 2.163
Corporate Notes
215Apple Inc1079 500,000.00 493,050.00 08/04/20211.55006/12/2017 503,570.00 1,514037833CC2 1.900
401Proctor and Gamble1159 500,000.00 487,950.00 02/06/20222.30010/15/2018 511,575.00 1,210742718DY2 3.071
713Wal-Mart Stores, Inc1190 500,000.00 496,650.00 12/15/20222.35004/16/2019 520,630.00 1,339931142DU4 2.799
761Colgate-Palmolive1175 500,000.00 485,250.00 02/01/20231.95003/04/2019 517,400.00 1,43019416QEA4 2.751
949Microsoft Corporation1157 400,000.00 378,360.00 08/08/20232.00010/15/2018 417,240.00 1,758594918BQ6 3.222
2,341,260.00 1,4362,470,415.002,400,000.002,341,260.00Subtotal and Average 591 2.725
Money Market with Fiscal Agent
1US Bank1058 29.27 29.2707/01/2016 29.27 1SYS1058 0.000
29.27 129.2729.2729.27Subtotal and Average 1 0.000
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:16 PM (PRF_PM2) 7.3.0
Days to
Maturity
Page 7
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2020
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of La Quinta
YTM
365TermCUSIPInvestment #
Purchase
Date
CERBT - OPEB Trust
1CalPERS CERBT Plan1114 1,933,023.17 1,933,023.1707/01/2020 1,933,023.17 1SYS1114 0.000
1,933,023.17 11,933,023.171,933,023.171,790,658.93Subtotal and Average 1 0.000
PARS Pension Trust
1Pblc Agncy Rtrmnt Serv1230 11,025,029.02 11,025,029.0207/01/2020 11,025,029.02 1SYS1230 0.000
11,025,029.02 111,025,029.0211,025,029.0210,866,593.65Subtotal and Average 1 0.000
682147,790,286.26 149,792,734.38 401 0.996152,242,521.08 149,603,821.74Total and Average
Portfolio CITY
CP
Run Date: 02/12/2021 - 16:16 PM (PRF_PM2) 7.3.0
City of La Quinta
Total Earnings
City of La Quinta
-
Sorted by Fund - Fund
December 1, 2020 - December 31, 2020
Current
Rate
Ending
Par Value
Ending
Fund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
500,000.001288500,000.00 0.500FNMA 208.33 0.00 208.330.491101500,000.003135G05S8 0.00
495,950.001206500,000.00 1.750FNMA 729.16 0.00 729.161.731101495,950.003135G0V75 0.00
500,000.001299500,000.00 0.600FNMA 66.67 0.00 66.670.5411010.003135GA7D7 0.00
992,100.0012331,000,000.00 1.375FNMA 1,145.83 0.00 1,145.831.360101992,100.003135G0W33 0.00
1,000,000.0012891,000,000.00 0.560FNMA 466.66 0.00 466.660.5491011,000,000.003136G4N74 0.00
499,750.001290500,000.00 0.520FNMA 216.67 0.00 216.670.510101499,750.003136G4M75 0.00
499,250.001292500,000.00 0.560FNMA 233.33 0.00 233.330.550101499,250.003135GA2Z3 0.00
499,250.001291500,000.00 0.420FNMA 175.00 0.00 175.000.413101499,250.003135G06E8 0.00
500,000.001300500,000.00 0.400FNMA 5.56 0.00 5.560.2031010.003135GAAW1 0.00
500,000.001301500,000.00 0.550FHLMC 7.64 0.00 7.640.2791010.003134GXGZ1 0.00
997,300.0012971,000,000.00 0.375FHLMC 250.00 0.00 250.000.3661010.003137EAEU9 0.00
1,000,000.0012791,000,000.00 0.625FHLMC 520.84 0.00 520.840.6131011,000,000.003134GVYG7 0.00
998,500.0012751,000,000.00 0.700FHLMC 583.33 0.00 583.330.688101998,500.003134GVLC0 0.00
999,217.3612471,000,000.00 1.400FFCB 1,166.67 0.00 1,166.671.375101999,217.363133EGWJ0 0.00
247,275.001158250,000.00 2.800FFCB 583.34 0.00 583.342.778101247,275.003133EJYL7 0.00
996,900.0012341,000,000.00 1.600FFCB 1,333.34 0.00 1,333.341.575101996,900.003133EK4X1 0.00
499,500.001198500,000.00 1.875FFCB 781.25 0.00 781.251.842101499,500.003133EKQP4 0.00
998,600.0012421,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.670101998,600.003133ELEA8 0.00
499,500.001212500,000.00 1.850FFCB 770.83 0.00 770.831.817101499,500.003133EKWV4 0.00
992,200.0011051,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.681101992,200.003133EHWM1 0.00
999,000.0012461,000,000.00 1.430FFCB 1,191.66 0.00 1,191.661.404101999,000.003133ELNE0 0.00
500,000.001282500,000.00 0.680FFCB 283.33 0.00 283.330.667101500,000.003133ELH80 0.00
499,400.001223500,000.00 1.600FFCB 666.66 0.00 666.661.572101499,400.003133EKZK5 0.00
498,750.001224500,000.00 1.600FFCB 666.67 0.00 666.671.574101498,750.003133EKP75 0.00
499,850.001280500,000.00 0.500FFCB 208.34 0.00 208.340.491101499,850.003133ELH23 0.00
499,850.001281500,000.00 0.500FHLB 208.33 0.00 208.330.491101499,850.003130AJKW8 0.00
497,400.001298500,000.00 0.375FHLB 124.99 0.00 124.990.3671010.003130AKFA9 0.00
300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.667101300,000.003130AJRP6 0.00
498,550.001177500,000.00 2.500FHLB 1,041.67 0.00 1,041.672.460101498,550.003130AFW94 0.00
1,942,800.0010702,000,000.00 1.250USTR 2,140.89 0.00 2,140.891.2971011,942,800.00912828T67 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:09 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
Accretion
Amortization/
Earnings
Adjusted Interest
December 1, 2020 - December 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
496,650.001192500,000.00 1.750USTR 749.31 0.00 749.311.776101496,650.00912828SV3 0.00
499,300.001217500,000.00 1.375USTR 585.50 0.00 585.501.381101499,300.00912828T26 0.00
5,000,000.0010455,000,000.00 1.125USTR 4,740.99 0.00 4,740.991.1161015,000,000.00912828S27 0.00
989,687.5012411,000,000.00 1.500USTR 1,277.47 0.00 1,277.471.520101989,687.50912828YV6 0.00
493,610.001193500,000.00 1.375USTR 585.51 0.00 585.511.397101493,610.00912828R77 0.00
489,687.501178500,000.00 1.875USTR 798.42 0.00 798.421.920101489,687.509128282W9 0.00
248,000.001174248,000.00 3.000WELLS 631.89 0.00 631.893.000101248,000.00949763XY7 0.00
1,098,081.6710571,098,081.67WELLS 0.01 0.00 0.01101763,093.004159282482 0.00
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 520.21 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
53,275,840.36105553,275,840.36 0.540LAIF 28,518.44 0.00 28,518.440.59710156,275,840.3698-33-434 0.00
0.0012930.00BNY 2.07 0.00 2.071010.00SYS1293 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
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 366.91 0.00 366.911.800101240,000.0006610RAP4 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 489.20 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
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:09 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
Accretion
Amortization/
Earnings
Adjusted Interest
December 1, 2020 - December 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
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 395.35 0.00 395.351.900101245,000.0061760A3B3 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
0.0011110.00 2.050FREECU 288.97 0.00 288.972.050101245,000.0035638BAA9 0.00
3,300.0010593,300.00CITYPC 0.00 0.00 0.001013,300.00SYS1059 0.00
1,933,023.1711141,933,023.17CALPRS 0.00 0.00 0.001011,785,913.46SYS1114 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
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 645.06 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
853,848.561153853,848.56 0.120CAMP 100.74 0.00 100.740.0421012,853,747.82SYS1153 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
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:09 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
Accretion
Amortization/
Earnings
Adjusted Interest
December 1, 2020 - December 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
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
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 568.71 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 499.39 0.00 499.392.400101245,000.0046256YAZ2 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 979.16 0.00 979.162.321101496,650.00931142DU4 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 505.52 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 404.10 0.00 404.101.950101244,000.0075472RAD3 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
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:09 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
Accretion
Amortization/
Earnings
Adjusted Interest
December 1, 2020 - December 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
245,000.001225245,000.00 1.600LUANA 332.93 0.00 332.931.600101245,000.00549104JN8 0.00
5,889,426.3412285,889,426.34BOTW 0.01 0.00 0.011012,628,359.40059731851 0.00
248,000.001227248,000.00 1.700BNKWST 358.07 0.00 358.071.700101248,000.0006652CHB0 0.00
11,025,029.02123011,025,029.02PARS 0.01 0.00 0.0110110,861,312.47SYS1230 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 315.94 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 270.51 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 263.28 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 263.29 0.00 263.291.250101248,000.0033847E3A3 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:09 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
Accretion
Amortization/
Earnings
Adjusted Interest
December 1, 2020 - December 31, 2020
Total Earnings
City of La Quinta
Annualized
YieldCUSIPInvestment #
Interest
EarnedIssuer Realized
Gainl/Loss
Fund: General Fund
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
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
490,015.121294490,015.12DREYF 0.00 0.00 0.00101246,860.66X9USDDTP3 0.00
138,967,564.24Subtotal 138,778,651.60 1.032 121,099.020.00121,099.02136,878,814.53 0.00
Fund: Fiscal Agent
29.27105829.27USBANK 0.01 0.00 0.010.40223129.27SYS1058 0.00
29.27Subtotal 29.27 0.402 0.010.000.0129.27 0.00
Fund: Housing Authority : WSA and LQ
279,993.581062279,993.58LQPR 0.00 0.00 0.00241277,123.88SYS1062 0.00
279,993.58Subtotal 279,993.58 0.000.000.00277,123.88 0.00
Fund: SA Low/Mod Bond Fund
10,545,147.29111310,545,147.29 0.540LAIF 6,651.46 0.00 6,651.460.47324916,545,147.2925-33-005 0.00
10,545,147.29Subtotal 10,545,147.29 0.473 6,651.460.006,651.4616,545,147.29 0.00
149,792,734.38Total 149,603,821.74 0.970 127,750.490.00127,750.49153,701,114.97 0.00
Portfolio CITY
CP
Run Date: 02/18/2021 - 15:09 TE (PRF_TE) 7.3.6
Report Ver. 7.3.6.1
City of La Quinta
-City of La Quinta
Purchases Report
Sorted by Security Type - Fund
October 1, 2020 - December 31, 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
Federal Agency Coupon Securities
500,000.00 0.560 11/17/2025 499,250.00499,250.0011/17/2020 0.59005/17 - 11/17FNMA12923135GA2Z3FAC101
500,000.00 0.420 11/18/2024 499,250.00499,250.0011/18/2020 0.45805/18 - 11/18FNMA12913135G06E8FAC101
500,000.00 0.375 12/12/2025 497,400.00497,400.00 Received12/07/2020 0.48006/12 - 12/12FHLB12983130AKFA9FAC101
1,000,000.00 0.375 07/21/2025 997,300.00997,300.00 Received12/07/2020 0.43401/21 - 07/21FHLMC12973137EAEU9FAC101
500,000.00 0.600 12/23/2025 500,000.00500,000.0012/23/2020 0.60006/23 - 12/23FNMA12993135GA7D7FAC101
500,000.00 0.550 12/30/2025 500,000.00500,000.0012/30/2020 0.55006/30 - 12/30FHLMC13013134GXGZ1FAC101
500,000.00 0.400 12/30/2024 500,000.00500,000.0012/30/2020 0.40006/30 - 12/30FNMA13003135GAAW1FAC101
Subtotal 3,993,200.003,993,200.00 0.004,000,000.00
3,993,200.00Total Purchases 4,000,000.00 0.00 3,993,200.00
Received = Accrued Interest at Purchase was received by report ending date.
Portfolio CITY
CP
Run Date: 02/12/2021 - 11:57 PU (PRF_PU) 7.1.1
Report Ver. 7.3.6.1
City of La Quinta
-City of La Quinta
Maturity Report
Sorted by Maturity Date
Amounts due during October 1, 2020 - December 31, 2020
Rate
at MaturityPar Value
Sec.
TypeFund
Maturity
Date
Maturity
ProceedsInterest Income
Net
CUSIP Investment #Issuer
Purchase
Date
Book Value
at Maturity
245,000.00 2.700 245,018.1218.1204/18/20181STTCH112433715LBJ8MC110110/19/2020 18.12245,000.00
245,000.00 1.800 246,860.661,860.6606/21/2017RICHMN1081319267GC8MC110111/23/2020 1,860.66245,000.00
245,000.00 2.050 247,518.132,518.1312/22/2017FREECU111135638BAA9MC110112/22/2020 2,518.13245,000.00
739,396.91Total Maturities 735,000.00 4,396.91735,000.00 4,396.91
Portfolio CITY
CP
Run Date: 02/12/2021 - 12:07 MA (PRF_MA) 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 24, 2021
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE FEDERAL AWARDS REPORTS IN
ACCORDANCE WITH THE UNIFORM GUIDANCE FOR YEAR ENDED JUNE 30,
2020
RECOMMENDATION
Receive and file Federal Awards Reports in Accordance with the Uniform
Guidance for the year ended June 30, 2020.
EXECUTIVE SUMMARY
•Government agencies receiving an excess of $750,000 from Federal
funds during a fiscal year must obtain a single audit by an independent
auditor.
•The annual single audit of federal funds produces the Federal Awards
Report (Attachment 1), which is submitted to external awarding and
oversight agencies.
•The independent auditors found no internal control deficiencies or
findings.
FISCAL IMPACT - None
BACKGROUND/ANALYSIS
Agencies awarded an excess of $750,000 in federal funds during a fiscal year
require an additional audit and analysis by Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (Uniform Guidance). This audit is
in addition to the basic financial statements audit, which produced the
Comprehensive Annual Financial Report (CAFR), however, it uses the
underlaying accounting and records used to prepare the CAFR.
The federal awards audit was completed by Eide Bailly Certified Public
Accountants for the year ended June 30, 2020. The independent audit involved
CONSENT CALENDAR ITEM NO. 4
auditing internal control over compliance with the types of requirements that
could have a direct and material effect on each major federal program and to
test and report on internal controls over compliance in accordance with the
Uniform Guidance. The independent auditors found no internal control
deficiencies or findings.
Many State funds, such as those administered by the State of California
Department of Transportation, are subrecipients of federal funds and therefore
subject to Uniform Guidance regulations under this audit. For fiscal year ended
June 30, 2020 the City of La Quinta expensed a total of $2,607,229 awarded
by six grant programs. These funds were leveraged for road improvements,
emergency preparedness, and accessibility compliance.
The Federal Awards Report was submitted to the State Controller’s Office,
Federal Audit Clearinghouse, and the California Department of Transportation
(Caltrans). The Report demonstrates proper oversight of federal funds and
compliance with regulatory requirements. This Report shall be used to qualify
for future federal funds.
ALTERNATIVES
The Federal Awards Report is a requirement for agencies receiving more than
$750,000 in federal funds during a fiscal year, therefore, no alternatives are
recommended.
Prepared by: Claudia Martinez, Accounting Manager
Approved by: Karla Romero, Finance Director
Attachment: 1.Federal Awards Reports in Accordance with the Uniform
Guidance June 30, 2020
eidebailly.com
Federal Awards Reports in Accordance
with the Uniform Guidance
June 30, 2020
City of La Quinta, California
ATTACHMENT 1
City of La Quinta, California
Table of Contents
June 30, 2020
Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements Performed in Accordance
with Government Auditing Standards .................................................................................................................. 1
Independent Auditor’s Report on Compliance for Each Major Federal Program; Report on Internal
Control over Compliance; and Report on the Schedule of Expenditures of Federal Awards
Required by the Uniform Guidance...................................................................................................................... 3
Schedule of Expenditures of Federal Awards ....................................................................................................... 6
Notes to Schedule of Expenditures of Federal Awards ......................................................................................... 7
Schedule of Findings and Questioned Costs
Section I - Summary of Auditor’s Results .......................................................................................................... 8
Section II - Financial Statement Findings .......................................................................................................... 9
Section III - Federal Award Findings and Questioned Costs ..............................................................................10
Summary Schedule of Prior Audit Findings..........................................................................................................11
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1
Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements Performed in Accordance
with Government Auditing Standards
To the Honorable Mayor and Members of City Council
City of La Quinta, California
We have audited, 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, the financial statements of the governmental
activities, the 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 and
have issued our report thereon dated December 23, 2020.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the City's internal control.
Accordingly, we do not express an opinion on the effectiveness of the City 's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a material
misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a
timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
that is less severe than a material weakness, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
2
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity’s internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Riverside, California
December 23, 2020
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3
Independent Auditor’s Report on Compliance for Each Major Federal Program; Report on Internal
Control over Compliance; and Report on the Schedule of Expenditures of Federal Awards
Required by the Uniform Guidance
To the Honorable Mayor and Members of City Council
City of La Quinta, California
Report on Compliance for Each Major Federal Program
We have audited the City of La Quinta, California’s (City) compliance with the types of compliance
requirements described in the OMB Compliance Supplement that could have a direct and material effect
on each of the City’s major federal programs for the year ended June 30, 2020. The City’s major federal
programs are identified in the summary of auditor’s results section of the accompanying schedule of
findings and questioned costs.
Management’s Responsibility
Management is responsible for compliance with federal statutes, regulations, and the terms and
conditions of its federal awards applicable to its federal programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of the City’s major federal programs
based on our audit of the types of compliance requirements referred to above. We conducted our audit
of compliance in accordance with auditing standards generally accepted in the United States of America
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan
and perform the audit to obtain reasonable assurance about whether noncompliance with the types of
compliance requirements referred to above that could have a direct and material effect on a major
federal program occurred. An audit includes examining, on a test basis, evidence about the City’s
compliance with those requirements and performing such other procedures as we considered necessary
in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major
federal program. However, our audit does not provide a legal determination of the City’s compliance.
4
Opinion on Each Major Federal Program
In our opinion, the City complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on its major federal program for the year
ended June 30, 2020.
Report on Internal Control over Compliance
Management of the City is responsible for establishing and maintaining effective internal control over
compliance with the types of compliance requirements referred to above. In planning and performing
our audit of compliance, we considered the City’s internal control over compliance with the types of
requirements that could have a direct and material effect on each major federal program to determine
the auditing procedures that are appropriate in the circumstances for the purpose of expressing an
opinion on compliance for each major federal program and to test and report on internal control over
compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion
on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on
the effectiveness of the City’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their
assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance
requirement of a federal program on a timely basis. A material weakness in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such
that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A
significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies,
in internal control over compliance with a type of compliance requirement of a federal program that is
less severe than a material weakness in internal control over compliance, yet important enough to merit
attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over
compliance that might be material weaknesses or significant deficiencies. We did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses. However,
material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of
the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
5
Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance
We have audited the financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of the 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. We issued our report thereon dated December 23, 2020, which contained
unmodified opinions on those financial statements. Our audit was conducted for the purpose of forming
opinions on the financial statements that collectively comprise the basic financial statements. The
accompanying schedule of expenditures of federal awards is presented for purposes of additional
analysis as required by the Uniform Guidance and is not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the 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 schedule of
expenditures of federal awards is fairly stated in all material respects in relation to the basic financial
statements as a whole.
Riverside, California
February 11, 2021
See Notes to Schedule of Expenditures of Federal Awards 6
City of La Quinta, California
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2020
Pass-through
Federal Entity Amounts Passed-
CFDA Identifying Through to
Number Number Expenditures Subrecipients
U.S. Department of Housing and Urban Development
Community Development Block Grants/Entitlement Grants Cluster:
Passed through the County of Riverside- Economic Development Agency:
Community Development Block Grants/Entitlement Grants 14.218 4.LQ.30-17 46,735$ 18,105$
Total Community Development Block Grants/Entitlement Grants Cluster 46,735 18,105
Total U.S Department of Housing and Urban Development 46,735 18,105
U.S. Department of Transportation
Highway Planning and Construction Cluster:
Passed through the State of California - Department of Transportation
Highway Planning and Construction (Dune Palms Bridge)20.205 BRLKS-5433(014)633,360 -
Highway Planning and Construction- Highway Safety Improvement Program (HSIP)20.205 HSIPL-5433(015)107,826 -
Highway Planning and Construction- Highway Safety Improvement Program (HSIP)20.205 HSIPL-5433(017)1,791,503 -
Highway Planning and Construction- Highway Bridge Program 20.205 BR-NBIL(547)6,506 -
Total Highway Planning and Construction Cluster 2,539,195 -
Total U.S. Department of Transportation 2,539,195 -
U.S. Department of Homeland Security
Passed through the California Governor's Office of Emergency Services:
Emergency Management Performance Grants (EMPG)97.067 2015-SS-00078 3,194 -
Total U.S. Department of Homeland Security 3,194 -
2,589,124$ 18,105$
Federal Grantor/Pass-Through
Grantor/Program or Cluster Title
Total Federal Financial Assistance
7
City of La Quinta, California
Notes to Schedule of Expenditures of Federal Awards
Year Ended June 30, 2020
Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of the City of La Quinta, California (City) under programs of the federal government for the year ended
June 30, 2020. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of
the operations of the City, it is not intended to and does not present the financial position, changes in net
position, or cash flows of the City.
Note 2 - Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the modified accrual basis of accounting for the
governmental funds and the accrual basis of accounting for the proprietary funds, which is described in Note 1
of the City’s financial statements except for subrecipient expenditures, which are recorded on the cash basis.
When applicable, such expenditures are recognized following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Note 3 - Indirect Cost Rate
The City has not elected to use the 10-percent de minimis indirect cost rate.
8
City of La Quinta, California
Schedule of Findings and Questioned Costs
Year Ended June 30, 2020
Section I – Summary of Auditor’s Results
FINANCIAL STATEMENTS
Type of auditor's report issued Unmodified
Internal control over financial reporting:
Material weaknesses identified No
Significant deficiencies identified not considered
to be material weaknesses None Reported
Noncompliance material to financial statements noted?No
FEDERAL AWARDS
Internal control over major program:
Material weaknesses identified No
Significant deficiencies identified not considered
to be material weaknesses None Reported
Type of auditor's report issued on compliance
for major programs:Unmodified
Any audit findings disclosed that are required to be reported in
accordance with Uniform Guidance 2 CFR 200.516:No
Identification of major programs:
CFDA Number
Highway Planning and Construction Cluster 20.205
Dollar threshold used to distinguish between type A
and type B programs:$ 750,000
Auditee qualified as low-risk auditee?Yes
Name of Federal Program
9
City of La Quinta, California
Schedule of Findings and Questioned Costs
Year Ended June 30, 2020
Section II – Financial Statement Findings
None Reported.
10
City of La Quinta, California
Schedule of Findings and Questioned Costs
Year Ended June 30, 2020
Section III – Federal Award Findings and Questioned Costs
None Reported.
11
City of La Quinta, California
Summary Schedule of Prior Audit Findings
Year Ended June 30, 2020
None Reported.
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 24, 2021
STAFF REPORT
AGENDA TITLE: APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO
FORM A 10-YEAR FINANCIAL PROJECTIONS TASK FORCE
RECOMMENDATION
Appoint two Financial Advisory Commissioners to form a 10-year financial
projections task force.
EXECUTIVE SUMMARY
•Ten-year financial projections are prepared every year after the
comprehensive audit is complete and prior to the annual community
workshop.
•The Financial Advisory Commissioners (FAC) have expressed an interest
in forming a 10-year financial projections task force.
•The FAC typically appoints two Commissioners to serve on
subcommittees.
BACKGROUND/ANALYSIS
During the FAC meeting on February 10, 2021 Commissioners expressed an
interest in forming a 10-year financial projections task force. The task force
may consist of up to three Commissioners but typically two are appointed.
The task force will:
•Review the 10-year financial projections as presented on December 2,
2020
•Formulate and present recommendations to enhance the presentation
of the 10-year projections in a user friendly format for future
consideration
ALTERNATIVES
The subcommittee may be comprised of up to three commissioners.
Prepared by: Karla Romero, Finance Director
BUSINESS SESSION ITEM NO. 1
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 24, 2021
STAFF REPORT
AGENDA TITLE: APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO
FORM A LONG-RANGE STRATEGIC PLANNING TASK FORCE
RECOMMENDATION
Appoint two Financial Advisory Commissioners to form a long-range strategic
planning task force.
EXECUTIVE SUMMARY
•Long-range financial planning ensures long-term fiscal stability.
•The Financial Advisory Commissioners (FAC) have expressed an interest
in forming a long-range strategic planning task force.
•The FAC typically appoints two Commissioners to serve on
subcommittees.
BACKGROUND/ANALYSIS
During the FAC meeting on February 10, 2021 Commissioners expressed an
interest in forming a long-range financial planning task force. The task force
may consist of up to three Commissioners but typically two are appointed.
The task force will:
•Review the FAC’s role in long-range financial planning
•Learn about the functions of the City’s Economic Development
Committee
ALTERNATIVES
The subcommittee may be comprised of up to three commissioners.
Prepared by: Karla Romero, Finance Director
BUSINESS SESSION ITEM NO. 2
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 24, 2021
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2020/21 MID-YEAR
BUDGET REPORT
RECOMMENDATION
Receive and file fiscal year 2020/21 Mid-Year Budget Report.
EXECUTIVE SUMMARY
•The 2020/21 Mid-Year Budget Report (Attachment 1) provides an update
of the City’s fiscal activities from July to December 2020.
•The Mid-Year Budget Report includes revenue and expenditure
adjustments in 19 funds.
•Staff recommended allocating $5,000,000 of General Fund Unassigned
Fund Balance to Committed Reserves.
FISCAL IMPACT
Staff recommended adjustments in 19 funds are:
BUSINESS SESSION ITEM NO. 3
BACKGROUND/ANALYSIS
Throughout the fiscal year each Department monitors their budget and
proposes adjustments to reflect current conditions and ongoing operational
needs. Requests are reviewed and discussed by the City Manager and
Directors before recommendations are presented in the Budget Report
(Attachment 1). Funds with no adjustments have been excluded.
ALTERNATIVES
Council could delay, modify, or reject the requested budget amendments.
Prepared by: Karla Romero, Finance Director
Approved by: Jon McMillen, City Manager
Attachment: 1. 2020/21 Mid-Year Budget Report
Fund #Fund Name Revenues Expenses
101 General Fund 3,964,434$ 456,564$
501 Facility & Fleet Replacement Fund - 60,000
502 Information Technology Fund 25,800 -
504 Insurance Fund - 77,000
201 Gas Tax Fund 13,400 -
202 Library and Museum Fund (1,300) 23,000
221 AB 939 Cal Recycle Fund - 150,000
223 Measure A Fund 200,000 -
226 Emergency Management Performance
Grant Fund 7,600 7,600
235 So. Coast Air Quality Fund - 6,700
244 Housing Grants Fund 60,000 60,000
247 Economic Development Fund 109,100 169,100
255 Street Facility DIF Fund (15,000) -
256 Park Facility DIF Fund (6,600) -
259 Maintenance Facilities DIF Fund 21,600 -
270 Art in Public Places Fund 10,000 15,000
401 Capital Improvement Project Fund 15,000 15,000
761 CERBT OPEB Trust Fund 15,000 -
762 PARS Pension Trust Fund 300,000 -
TOTAL ADJUSTMENTS ALL FUNDS 4,719,034$ 1,039,964$
Fiscal Year 2020/21 Second Quarter Budget Report
SUMMARY
Quarterly budget reports are presented to provide ongoing oversight of public
funds, relate current and upcoming activities, and request funding
adjustments.
The 2020/21 budget was adopted with a conservative outlook on the
economy. We acknowledged constant vigilance would be required,
adjustments were inevitable, and we are grateful they are generally positive.
Ongoing pandemic restrictions and health and safety regulations will continue
to shape future revenue sources, but our economy has proven to be more
resilient and adaptive than previously anticipated. The revenue adjustments
presented in this mid-year budget report are anticipated to carry forward to
the next fiscal year with a continued gradual recovery to pre-pandemic levels.
Having reduced services early and decisively at the beginning of the pandemic
has saved the City valuable resources. Several processes have been
streamlined and become paperless in a highly virtual environment. Available
infrastructure has been repurposed to produce personal protective equipment
at the Library’s MakerSpace, provide a COVID testing site at the Wellness
Center, and childcare services for frontline responders at the La Quinta
Museum. Employee ingenuity has been at an all-time high, with staff
continuing to thrive and collaborate in order to provide essential services to
the community.
Due to ongoing economic
volatility, the 2020/21 First
Quarter Budget Report had no
recommended adjustments,
however, this 2020/21 Mid-
Year Budget Report has
several, which are detailed in
Exhibits 1 and 2. The
recommended adjustments
are largely derived from year
to date revenues collected
and expenses incurred,
program activities, the
continued closure of facilities,
and additional COVID related
implementation guidelines.
ATTACHMENT 1
GENERAL FUND
REVENUES
The largest of the revenue adjustments are focused on the top three General
Fund revenue sources, which are property taxes, sales taxes, and transient
(hotel) occupancy taxes (TOT).
Property Taxes - On May 27, 2020, the California Court of Appeal for the
Third Appellate District issued a decision in the case of City of Chula Vista v.
Sandoval, et al. As a result of this court decision, on January 4, 2021, the City
was notified by the County of Riverside Office of the Auditor-Controller of an
approximate $800,000 reduction in Redevelopment Property Tax Trust Fund
(RPTTF) payments for the current fiscal year.
The Auditor-Controller has confirmed they do not anticipate a retroactive
adjustment for the statutory limit of three years, but rather the adjustment
would be applied from this point forward. The noticed received from the
Auditor-Controller is attached as Exhibit 3.
Sales Taxes - Sales tax
revenues have been stronger
than anticipated, partially
because of a lag in the reporting,
collecting, and remittance of prior
fiscal year revenues which were
received after the accrual period
(ending on August 30, 2020) and
therefore recorded as revenues in
the current fiscal year. Last year’s
implementation of the South
Dakota v. Wayfair, Inc. decision
which now requires out-of-state
retailers to collect and remit local taxes on online sales and customers
temporarily shifting their purchasing power because of pandemic restrictions
to more spending on taxable goods have both contributed to increased sales
tax revenues.
Notwithstanding another unanticipated severe economic impact, revised
projections estimate the City could receive an additional $2,500,000 in sales
tax revenue by year-end; of this amount $1,000,000 is derived from the State
sales tax rate and $1,500,000 is derived from local Measure G sales taxes,
which will increase the current fiscal year Measure G reserve contribution to
$4,627,200.
TOT - An adjustment is not recommended for hotel TOT because of the
complete closure of the La Quinta Resort during the Summer of 2020,
pandemic travel restrictions, and decreased business travel with work now
being conducted online. Reduced hotel TOT revenues are anticipated to be
partially offset by the December opening of the 108-suite Residence Inn by
Marriott hotel.
Current Short-Term Vacation Rental (STVR) revenue projections are $757,345
lower than actual revenues received in the prior fiscal year and $1,395,926
lower than fiscal year 2018/19. In addition, when (STVR) revenues were
budgeted we did not anticipate an increase in the local drive market seeking
to retreat from larger congested cities or traveling families with children and
pets seeking accommodations for work and school. The implementation of
online reporting has also facilitated the timely remittance of TOT revenues.
The recommended increase of $1,500,000 is based on revenues collected
during the first six months of the fiscal year and moderate activity for the
remainder of the fiscal year.
Licenses and Permits – An increase of $50,000 in STVR registration fees is
recommended based on current year to date activity. Revised projections are
approximately $112,000 lower than last fiscal year actuals, which is reflective
of the current STVR permit moratorium.
Charges for Services –
Recreation programs, special
events, group sports, and large
events have been non-existent and
are now anticipated to resume next
fiscal year. The Wellness Center has
been closed for health and wellness
activities and memberships are
anticipated to be extended for the
time the facility has been closed.
Combined, these revenues would
be reduced by $210,500.
Fines and Other Taxes – False alarm fees have been suspended during the
pandemic in part because of their negative economic impact on businesses
and the community, and as a result a reduction of $26,000 is recommended.
Staff has focused their efforts on education and sending notifications about
false alarms. Overall, there has been a decrease in false alarms when
compared to last year, indicating efforts keep generating positive results.
Document transfer taxes are paid when properties or large equipment is sold.
Despite the pandemic, the detached single-family (DSF) home sales in La
Quinta for 2020 surpassed DSF sales in 2019. An increase of $350,000 is
recommended which would increase the total budget by $187,500 over last
fiscal year’s actuals.
One-Time Revenues – One-time revenues are derived from state and federal
COVID-19 relief funds. The Coronavirus Aid, Relief, and Economic Security Act
(CARES) Act funds have been received in the amount of $502,034. On January
21, 2021 Federal Emergency Management Agency (FEMA) announced it would
retroactively increase FEMA eligible expenses for state and local governments
to 100% from the standard 75%, based on this rate the reimbursement is
anticipated to be $98,900. At this time, no further COVID-19 relief funds are
anticipated.
All revenue projections will continue to be monitored during the Spring of 2021
and an additional update shall be provided during the 2020/21 Third Quarter
Budget Report.
EXPENSES
As noted in the FY 2019/20 General Fund Year-End Budget Report, increased
carryovers from expense savings were recommended because of the
continued volatility in reopening the economy, which impacts City operations.
This is also contributing to the condensed recommended expense adjustments
in this report.
One-Time Expenses – One-time expenses are limited to COVID-19 related
expenses. A $75,000 increase reflects current fiscal year expenses but does
not fully represent all incurred pandemic response expenses, such as
additional janitorial services which are added in other expense accounts. In
addition, FEMA eligible expenses are limited to a timeframe from March 13,
2020 to September 14, 2020; after this date updated guidelines resulted in
city expenses no longer being eligible for FEMA reimbursement.
Design and Development – During the pandemic, online payments have
increased dramatically. An increase of $80,000 is reflective of both credit card
and e-check fees. When the 2020/21 budget was adopted, the GIS consultant
was eliminated from the budget to reduce expenses. However, during the last
several months this service has been increasingly desired for zoning, general
plan and specific plan maps, as well as to support the STVR program, therefore
an increase of $45,000 is requested.
Community Resources – With the continuing spread of COVID-19, a new
emergency temporary standard (ETS) protecting employees in most worksites
was recently approved by Cal-OSHA. This new ETS extends an existing safety
standard for medical and emergency responders to most workplaces, including
non-emergency municipal personnel. As a result, Human Resources has
contracted for professional services to implement Cal-OSHA guidelines,
COVID-19 compliance requirements, and contact tracing; a $20,000 increase
is recommended to continue these efforts.
The current budget of $1,000 has been exhausted for lot abatements and
cleaning. A budget increase of $4,000 is recommended to continue these
efforts.
Public Works – An increase of
$35,000 for Fritz Burns Pool
maintenance is requested to repair
the pool deck and replace torn
shade covers and outdated
controllers for pool equipment.
These repairs would be completed
in the Spring of 2021.
Janitorial services have increased
due to additional deep cleaning
and sanitations at all city facilities,
therefore an increase of $50,000 is requested.
Accidents involving city property are unpredictable and therefore not
budgeted, however, based on current expenses a budget adjustment of
$10,000 is recommended. When possible, the City shall continue to seek
reimbursement for these damages.
Marketing – An increase of $28,500 is requested to fulfill the contractual
obligation under the Joint Powers Agreement with the Greater Palm Springs
Convention and Visitors Bureau (GPSCVB), which is based on TOT revenues
received by member agencies.
INTERNAL SERVICE FUNDS (ISF)
ISF are used to account for activities involved in rendering services to
departments within the City. Adjustments are recommended for three of the
four ISF. Expense adjustments would be funded from available fund balances
in each Fund.
Facility and Fleet Replacement Fund – The City has been reevaluating
leases versus purchases for vehicle replacements. Vehicles with a useful life
of over 5 years may be more cost effective to purchase depending on their
intended use. Currently two vehicles have been identified as highly priority for
an immediate replacement. These 2006 and 2008 vehicles have exhausted
their useful life. Additional vehicles are needed for two vacant positions; a
Code Officer and a Building Inspector. The recommended budget increase of
$60,000 would allow for the purchase and retrofitting of two vehicles in the
current year. Additional requests would be included in the 2021/22 budget.
Information Technology Fund – The City’s computer leases have ended
and new computers are being purchased rather than leased. The lease
agreement terms included an escrow account refund in the amount of
$25,800, which has been received.
Insurance Fund – A $77,000 adjustment is needed to account for the
earthquake insurance premium from February 2021 to June 2021.
SPECIAL REVENUE FUNDS
Special Revenue Funds account for specific revenues and their related
expenditures that are legally required to be held in separate funds. Revenues
are derived from developer impact fees, property tax assessments, State and
Federal programs, housing income, or operations. These restricted funds are
for road repairs, recycling programs, art in public places, housing activities,
police programs, and the administration of retiree benefits through trusts.
Expense adjustments without matching revenue adjustments would be funded
from available fund balances in each Fund.
Gas Tax Fund – In January of each year the State provides agencies with
updated gas tax revenue projects, therefore, an increase of $13,400 is
recommended to reflect this update.
Library and Museum Fund – The MakerSpace has been closed since March
2020 and is not anticipated to fully reopen before June, therefore a reduction
of $1,300 in membership fees is recommended.
The Library has reopened with limited use and therefore additional janitorial
services are required. In addition, the Museum required additional cleaning
while operating a day care. Combined janitorial services would increase by
$8,000 for these two facilities.
In the Summer of 2020, the Museum experienced HVAC issues which resulted
in additional repairs and a unit was stolen which was replaced, therefore an
increase of $15,000 is needed.
AB 939 Cal Recycle Fund – An expense
increase of $150,000 is requested to
implement a business recycling campaign.
The campaign would include the distribution
of organic recycling barrels and public
education.
Measure A Fund – Based on stronger than
anticipated sales tax revenues a positive
revenue adjustment of $200,000 is
recommended in the Measure A Fund, which
is restricted for road improvements.
Emergency Management Performance Grant Fund – Proposed revenue
and expense adjustments of $7,600 would recognize grant funds for the
current fiscal year. These funds were used to purchase a trailer and generator
for emergency preparedness.
South Coast Air Quality Fund – An increase of $6,700 is requested to
recognize an incurred final expense for the installation of six electric vehicle
charging stations located at Highway 111 and Washington Street and La
Quinta Park.
Housing Grants Fund - Proposed revenue and expense adjustments of
$60,000 would recognize grant funds for the current fiscal year. These funds
are being used for the housing element update.
Economic Development Fund – A revenue an expense increase of $109,100
recognizes CARES Act funds used for Small Business Emergency Economic
Relief Programs and a $60,000 marketing and tourism increase recognized
ongoing COVID-19 related marketing efforts.
Development Impact Fee (DIF) Funds – Adjustments are recommended
in three DIF Funds. An updated DIF Study was adopted on February 4, 2020
with an effective date of July 1, 2020. This DIF Study phased out the Street
Facility DIF and the Park Facility DIF and replaced these fees with one
Maintenance Facilities DIF fee. In early FY 2020/21, residual revenues
were collected for the two phased out fees from permits issued under the prior
fee schedule and new fees were collected in the Maintenance Facilities DIF
Fund. As a result, revenue budgets adjusted are recommended in these three
Funds to reallocate revenue budgets totaling $21,600.
Art in Public Places (APP) Fund – A recommended increase of $10,000 in
APP fees is based on current activity and a $15,000 expense increase is
recommended for an art mural installation at the SilverRock event site
restroom. The $15,000 increase would also be recognized as revenue and an
expense in the Capital Improvement Fund for this project.
CERBT OPEB and PARS Pension Trust Funds – The City has two trust
funds for retiree benefits one with California Employer’s Retiree Benefit Trust
(CERBT) for Other Post-Employment Benefits (OPEB) and one with Public
Agency Retirement Services (PARS) for pension benefits. Both trusts have
been earning greater interest returns than originally anticipated and therefore
an increase of $15,000 is recommended for the OPEB Trust and $300,000 for
the Pension Trust.
GENERAL FUND RESERVES
General Fund reserve balances were discussed
during the 2019/20 General Fund Fiscal Year-End
Budget Report and confirmed in the 2019/20
Comprehensive Annual Financial Report. The
Reserve Policy requires an annual review of
reserves and funding levels during the mid-year
budget process. Reserve funding generally
comes from excess revenues over expenditures
including one-time revenue and may be allocated
to reserves as directed by Council until target
levels are reached. Once all targets are funded,
funds will remain in unassigned fund balance.
The following is a summary of committed
reserves as of June 30, 2020. The current Economic Disaster balance of
$6,800,000 does not include the $500,000 allocated in the current fiscal year
for Small Business Emergency Economic Relief Programs.
Staff has prepared three reserve funding options for Council discussion and
consideration. Each option allocates $5,000,000 from unassigned fund
balance to committed reserves.
Summary of Committed Reserves and Funding Options
Funding Options
Options 1 and 2 partially fund the two deficit balance reserve categories.
Option 3 fully funds the Economic Disaster reserve, leaving one partially
unfunded reserve category (Capital Replacement). The following illustrates
how each option would impact the reserve balances.
Council may choose a funding option presented, alter the amount allocated
but use an allocation method presented, request additional alternatives, or
not allocate additional funds to reserves.
Reserve Category Current Target Surplus/(Deficit)Option 1 Option 2 Option 3
Cash Flow Reserve 5,000,000 5,000,000 -
Natural Disaster Reserve 10,000,000 10,000,000 - - - -
Economic Disaster 6,800,000 11,000,000 (4,200,000) 2,500,000 2,741,514 4,200,000
Capital Replacement Reserve 6,540,000 10,000,000 (3,460,000) 2,500,000 2,258,486 800,000
Pension Trust Benefits 10,249,738 10,000,000 249,738 - - -
38,589,738 46,000,000 (7,410,262) 5,000,000 5,000,000 5,000,000
Unassigned Fund Balance 19,094,653 (5,000,000) (5,000,000) (5,000,000)
Option One: Evenly distribute an allocation to each deficit reserve balance.
Option Two: Distribute an allocation to each category on a weighted basis, with the largest unfunded category
receiving the largest amount.
Option Three: Fully fund the Economic Disaster Reserve and partially fund Capital Replacement Reserves.
Reserve Category Option 1 Target Surplus/(Deficit)
Cash Flow Reserve 5,000,000 5,000,000 -
Natural Disaster Reserve 10,000,000 10,000,000 -
Economic Disaster 9,300,000 11,000,000 (1,700,000)
Capital Replacement Reserve 9,040,000 10,000,000 (960,000)
Pension Trust Benefits 10,249,738 10,000,000 249,738
43,589,738 46,000,000 (2,410,262)
Reserve Category Option 2 Target Surplus/(Deficit)
Cash Flow Reserve 5,000,000 5,000,000 -
Natural Disaster Reserve 10,000,000 10,000,000 -
Economic Disaster 9,541,514 11,000,000 (1,458,486)
Capital Replacement Reserve 8,798,486 10,000,000 (1,201,514)
Pension Trust Benefits 10,249,738 10,000,000 249,738
43,589,738 46,000,000 (2,410,262)
Reserve Category Option 3 Target Surplus/(Deficit)
Cash Flow Reserve 5,000,000 5,000,000 -
Natural Disaster Reserve 10,000,000 10,000,000 -
Economic Disaster 11,000,000 11,000,000 -
Capital Replacement Reserve 7,340,000 10,000,000 (2,660,000)
Pension Trust Benefits 10,249,738 10,000,000 249,738
43,589,738 46,000,000 (2,410,262)
City of La Quinta FY 2019/20 Recommended Second Quarter Budget Adjustments
Exhibit 1
Account No. Description Revenues Expenses
FINANCE
Top 3 Revenue Sources
101-0000-40315 Property Taxes - RPTTF Pass Through (800,000)
101-0000-41320 State Sales Taxes 1,000,000
101-0000-41326 Measure G Sales Taxes 1,500,000
101-0000-41401 TOT - Short-Term Vacation Rentals 1,500,000
Licenses and Permits
101-0000-41415 STVR Registration Fee 50,000
Charges for Services
101-0000-42200 Leisure Enrichment (26,000)
101-0000-42202 Gift Shop (3,000)
101-0000-42210 Youth Sports (27,000)
101-0000-42211 Adult Sports (3,600)
101-0000-42212 Facility Rental (20,000)
101-0000-42213 Special Events (12,000)
101-0000-42214 Wellness Center Leisure Events (30,000)
101-0000-42216 Senior Center Special Events (900)
101-0000-42218 Wellness Center Memberships (88,000)
Fines and Other Taxes
101-0000-42709 False Alarms - Police (20,000)
101-0000-42710 False Alarms - Fire (6,000)
101-0000-41327 Document Transfer Tax 350,000
One Time Revenues and Expenses
101-0000-41710 State Government Revenue - CARES ACT 502,034
101-0000-41700 Federal Government Revenue - FEMA 98,900
101-1007-60195 Coronavirus Expenses 75,000
101-1007-99900 Transfer Out - CARES Act Funding for Small
Business Grants 109,064
DESIGN AND DEVELOPMENT
101-6001-60122 Credit Card/Electronic Check Fees 80,000
101-6002-60103 Consultant Services, GIS 45,000
COMMUNITY RESOURCES
101-1004-60101 Human Resources, Professional Services 20,000
101-6004-60120 Code Enforcement, Lot Cleaning 4,000
PUBLIC WORKS
101-3005-60184 Fritz Burns Pool Maintenance 35,000
101-3008-60115 Janitorial 50,000
101-7003-60120 Street Cleaning/Accidents 10,000
MARKETING
101-3007-60151 Greater Palm Springs Convention & Visitors
Bureau 28,500
TOTAL GENERAL FUND 3,964,434 456,564
General Fund (101)
City of La Quinta FY 2019/20 Recommended Second Quarter Budget Adjustments
Exhibit 2
Account No. Description Revenues Expenses
501-0000-71031 Vehicles, Purchased 60,000
Account No. Description Revenues Expenses
502-0000-42207 Capital Contributions 25,800
Account No. Description Revenues Expenses
504-1010-60447 Earthquake Insurance 77,000
Account No. Description Revenues Expenses
201-0000-42900 Section 2105 1,400
201-0000-42905 Section 2106 (2,500)
201-0000-42910 Section 2107 16,600
201-0000-42920 Section 2103 (29,900)
201-0000-42922 SB 1, Road Maint. Rehab 27,800
Total for Fund 201 13,400
Account No. Description Revenues Expenses
202-0000-42218 MakerSpace Memberships (1,300)
202-3004-60115 Janitorial Services at Library 4,000
202-3004-60115 Janitorial Services at Museum 4,000
202-3006-60667 HVAC at Museum 15,000
Account No. Description Revenues Expenses
221-0000-60127 Recycling Solutions 150,000
Account No. Description Revenues Expenses
223-0000-41320 County Sales Tax 200,000
Account No. Description Revenues Expenses
226-0000-43120 EMP Grant 7,600
226-0000-60432 Tools/Equipment 7,600
Account No. Description Revenues Expenses
235-0000-80100 Machinery & Equipment 6,700
Account No. Description Revenues Expenses
244-0000-41710 State Grant Revenue 60,000
244-0000-60103 Professional Services 60,000
INTERNAL SERVICE FUNDS
Information Technology Fund (502)
Facility & Fleet Replacement Fund (501)
SPECIAL REVENUE FUNDS
Library and Museum Fund (202)
Gas Tax Fund (201)
Insurance Fund (504)
AB 939 Cal Recycle Fund (221)
Emergency Management Performance
(EMP) Grant Fund (226)
So. Coast Air Quality Fund (235)
Housing Grants Fund (244)
Measure A Fund (223)
City of La Quinta FY 2019/20 Recommended Second Quarter Budget Adjustments
Exhibit 2
Account No. Description Revenues Expenses
247-0000-49500 Transfers In, From General Fund 109,100
247-0000-60520 CARES Act, Small Business Relief Programs 109,100
247-0000-60461 Marketing & Tourism 60,000
Account No. Description Revenues Expenses
255-0000-43200 Developer Fees (15,000)
Account No. Description Revenues Expenses
256-0000-43200 Developer Fees (6,600)
Account No. Description Revenues Expenses
259-0000-43200 Developer Fees 21,600
Account No. Description Revenues Expenses
270-0000-43201 APP Fees 10,000
270-0000-99900 Transfer Out to CIP Fund - SilverRock
Event Site (Project No. 201608)15,000
Account No. Description Revenues Expenses
401-0000-49500 Transfer In from APP Fund 15,000
401-0000-60188 Construction, Art Mural at SilverRock
Event Site (Project No. 201608)15,000
Account No. Description Revenues Expenses
761-0000-41915 Non-Allocated Interest 15,000
Account No. Description Revenues Expenses
762-0000-41915 Non-Allocated Interest 300,000
SPECIAL REVENUE FUNDS CONTINUED
PARS Pension Trust Fund (762)
Street Facility DIF Fund (255)
Park Facility DIF Fund (256)
Maintenance Facilities DIF Fund (259)
Art in Public Places (APP) Fund (270)
CERBT OPEB Trust Fund (761)
Economic Development Fund (247)
Capital Improvement Project Fund (401)
January 4, 2021
TO: Cities, Schools and Special Districts of Riverside County
SUBJECT: Impact of Appellate Court Decision in City of Chula Vista v. Sandoval, et. al. on the
Calculation of Residual Payments from the Redevelopment Property Tax Trust Fund
On May 27, 2020, the California Court of Appeal for the Third Appellate District issued a decision in the case
of City of Chula Vista v. Sandoval, et al. (49 Cal. App. 5th 539). In the case, the court considered a dispute
regarding the allocation of residual funds related to the Redevelopment Property Tax Trust Fund (RPTTF)
distribution. Redevelopment Agencies (RDAs) were officially dissolved as of February 1, 2012. As a result of
the elimination of the RDAs, tax increment is distributed to pay required payments on existing bonds, other
obligations, and pass-through payments to local governments. The remaining property tax revenues that
exceed the enforceable obligations are allocated as residual to cities, counties, special districts, schools and
community college districts. The redevelopment agency dissolution laws require the County Auditor
Controller’s Office to administer the trust funds according to the rules implemented by the state legislature.
Section 34183 of the Health and Safety code instructs the County Auditor Controller’s Office to allocate the
money in the trust funds in the following order of priority: (1) passthrough payments to local agencies and
school entities as required by agreement of by statute at the time of dissolution; (2) recognized obligations of
the former redevelopment agency, including bond debt service payments; (3) successor agency
administrative costs; and (4) any residual balance to local agencies and school entities in accordance with
Section 34188. This residual allocation was previously calculated by deducting the passthrough payments
before determining each taxing entity’s AB8 share of the trust funds. According to the court’s decision, the
methodology should not have deducted the pass through amounts prior to determining the AB8 share. This
change will be reflected in the current year distribution beginning January fiscal year 2020-2021. Below is a
general estimated projection of the residual financial impact by entity category using data from FY2019-20.
This projection may change based on values and data for FY2020-21.
Category Estimated Impact
Cities -25%
County 135%
School Districts -13%
Special Districts 68%
If you have any questions, please contact Khanh Truong, Supervising Accountant at (951) 955-1375 or by
email at Ktruong@Rivco.org. You may also contact Pam Elias at (951) 955-0320 or by email at
Pelias@Rivco.org.
Sincerely,
Paul Angulo, CPA, M.A.
County Auditor-Controller
By: Pamela Elias
Property Tax Division Chief
Paul Angulo, CPA, M.A.
County Auditor-Controller
Tanya S. Harris, DPA, CPA
Assistant Auditor-Controller
COUNTY OF RIVERSIDE
OFFICE OF THE
AUDITOR-CONTROLLER
County Administrative Center
4080 Lemon Street, 11th Floor
P.O. Box 1326
Riverside, CA 92502-1326
(951) 955-3800
Fax (951) 955-3802
EXHIBIT 3
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 24, 2021
STAFF REPORT
AGENDA TITLE: DISCUSS PROJECTS TO BE INCLUDED IN FISCAL YEARS
2021/22 THROUGH 2025/26 CAPITAL IMPROVEMENT PROGRAM
RECOMMENDATION
Discuss projects to be included in fiscal years 2021/22 through 2025/26 Capital
Improvement Program and provide Staff direction.
EXECUTIVE SUMMARY
•The Capital Improvement Program (CIP) is a five-year plan for major
construction projects such as bridges, streets, traffic signals, drainage
facilities, landscaping, lighting, parks, and other facilities.
•Based upon Council and resident input over the past year, Staff
developed a preliminary scope and budget for various projects proposed
for the 2021/22 CIP budget.
•The Financial Advisory Commission (FAC) provides oversight of Measure
G sales tax uses which are included in the CIP budget.
•The FAC established a CIP Budget Committee to participate in the CIP
preparation process with Staff.
•Staff and the FAC CIP Budget Committee are recommending a CIP Budget
of $44.3mm for FYs 2021/22 through 2025/26 (Attachment 1).
•Staff will present the draft CIP to the City Council for consideration on
March 2, 2021.
•Council will be requested to appropriate funds for the 2021/22 CIP
improvements when the operating budget and final CIP is considered in
June 2021.
FISCAL IMPACT
This review does not generate fiscal impacts. The Landscape and Lighting
Median Island Improvements and Citywide Drainage Enhancements would use
General Funds. The La Quinta Landscape Renovation Improvements, Highway
111 Corridor Area Plan Implementation, and Fritz Burns Park Improvement
STUDY SESSION ITEM NO. 1
Projects would use Measure G funding. Revenue sources are identified in
Attachment 2.
BACKGROUND/ANALYSIS
Staff recommends the following projects be included in the 2021/22 CIP:
Transportation Projects
Transportation projects are generally funded through the Pavement
Management Plan (General Fund), Transportation Development Impact Fees
(DIF), Gas Tax, Measure A, SB1, and ATP funds.
• 2021/22 Pavement Management Plan (General Fund: $1.0M)
The City of La Quinta’s current proposed Five-Year Pavement
Management Plan (PMP) (Attachment 2) spans from 2021 to 2026. The
proposed 2021/22 projects include Crack sealing, slurry sealing and dig
outs on Avenue 52 from Washington Street to Desert Club Drive, Desert
Club Drive from Avenue 52 to Calle Tampico, Seasons Way, and within
the Desert Pride development; and Crack sealing the east/west street
segments within the Cove.
• Avenue 53 at Jefferson Street Roundabout (Measure A: $345K, DIF
Transportation: $204.5K)
This project was approved by Council as part of the 2016/17 CIP. Staff
recommends the addition of SB-1 funds and DIF Transportation funds to
supplement the existing budget; these funds will be used for the
landscape improvements and the construction phase of the project.
• Dune Palms Road Pavement Rehabilitation (Measure A: $240K, SB1:
$822K)
This project includes pavement rehabilitation of Dune Palms Road from
Fred Waring Drive to Miles Avenue.
• Citywide Striping Refresh (Measure A: $400K)
This project includes a striping refresh of all arterial streets within City
limits.
Drainage Improvements
• Citywide Drainage Enhancements (General Fund: $477K)
This project will upgrade drainage facilities along Calle Tampico from
Eisenhower Drive to Washington Street for minimum 150-year storm
protection in accordance with the Focused Drainage Study.
Parks and Facilities Projects
• La Quinta Landscape Improvements (Measure G: $1.4M)
A continuation of the multi-year initiative to refurbish the neighborhood
parkways for the communities north of Highway 111. The Year 5 phase
will focus on the Cactus Flower parkways per the schedule presented in
Attachment 4.
•Landscape and Lighting Median Island Improvements (General Fund:
$500K)
This project entails refurbishing City-owned parkways and medians south
of Highway 111, prioritized over five years. Staff has developed an
implementation strategy that recommends priorities and landscape
materials.
•Fritz Burns Park Improvements (Measure G: $350K)
This project entails space planning and additional park amenity
improvements at Fritz Burns Park.
•Village Art Plaza, Promenade and Cultural Center (Library Fund: $2.575M
and Community Cultural Center DIF: $125K)
This project would complete the Village Art Plaza Promenade and Cultural
Center and incorporate any current master planning effort into the design
and construction. Improvements would include but are not limited to a
seating and socializing area, landscape and irrigation, walkways,
permanent and temporary art spaces, and shade structures. The Village
Art Promenade would be designed in a manner that allows for
connectivity to the adjacent Village Art Plaza (prior lumberyard building)
and the City Museum. This project would also convert the old Lumber
Yard structure and surrounding grounds to a Village Art Plaza and provide
connectivity to the Museum and Village Art Promenade
Other Adjustments
•Highway 111 Corridor Area Plan Implementation (Measure G: $1M)
Implement the Highway 111 Corridor Area Plan demonstration project
improvements, which may include landscape, connectivity and circulation
improvements, entry monuments, wayfinding, catalyst project sites,
lighting, and art installations.
•Citywide Miscellaneous American with Disabilities Act (ADA)
Improvements (CDBG: $128K)
This is a continuation of implementing ADA improvements at City parks,
buildings, intersection curb ramps and sidewalks based upon the City's
ADA Transition Plan Report.
Reimbursements for Existing Developer Impact Fee Reimbursement
Agreements (Transportation DIF: $400K)
The City entered into reimbursement agreements with nine development
entities who constructed improvements for the benefit of the City in anticipation
of future reimbursement from development impact fees. In 2017 the Council
set reimbursement priorities; 9 of 11 developers submitted the required
documentation and have been included in the approved repayment plan
(Attachment 5).
Projects on the Horizon
The CIP also identified future year projects; those that may be of interest to
the Council entail the following:
•Fred Waring Drive Pavement Rehabilitation (Washington Street to Adams
Street) (2022/23)
•Corporate Yard Administrative Offices and Crew Quarters (2022/23)
•Washington Street Sidewalk Improvements (Avenue 50 to Calle Tampico)
(2023/24)
•Moon River Drive Pavement Rehabilitation (Ave 50 to DSUSD ROW)
(2024/25)
Staff and the FAC CIP Budget Committee, including Commissioners Batavick
and Hoffner, reviewed the CIP process, funding, prioritization criteria, and
projects (Attachment 5). During this study session Commissioners are
encouraged to discuss their review process and findings. Staff and the FAC CIP
Budget Committee are recommending a CIP Budget of $44.3mm for FYs
2021/22 through 2025/26.
Staff seeks direction on all projects included in the draft CIP. The draft CIP will
be presented to the City Council for consideration during a study session on
March 2, 2021. After incorporating Council’s comments, an updated CIP
program will be presented for adoption in June.
Prepared by: Julie Mignogna, Management Analyst
Approved by: Bryan McKinney, P.E., Public Works Director/City Engineer
Attachments: 1. FAC CIP Budget Committee Report
2.Project Revenue Summary Draft from 2021/22 through
2025/26 CIP
3.2021 Pavement Management Update - 5 Year Plan
4.La Quinta Landscape Renovation Project Schedule
5.DIF Reimbursement Agreement Repayment Schedule
6. CIP Budget Comparison
.
FAC Commissioner CIP Budget Committee Report
Committee Review Process:
1.Held three Committee meetings with Public Works, Finance, Consultant, and
Commissioners.
2.Reviewed proposed CIP spending by project for FYs 2021/22 through
2025/26.
3.Reviewed proposed priority rating and sequencing of each project in each
fiscal year.
4.Reviewed funding source adequacy of each project in each fiscal year.
5.Reviewed proposed changes to CIP Budget based on project priority ratings,
funding source adequacy, and meeting discussions.
6.Made recommendations to continue to strengthen and improve the annual
CIP budgeting process.
Findings and Conclusions:
1.Total Final CIP Budget spending recommendation for FYs 2021/22 through
2025/26 is $44.3 million, up $3.8 million from the Original CIP Budget (as
presented in Attachment 5 to the Staff Report). The majority of this increase
is made up of new additions for Fritz Burns Park Improvements, Washington
Street Sidewalk Improvements, Pavement Rehab Projects, and Cove Area
Slurry Seal Improvements.
2.The CIP project priority rating and sequencing methodology and outcomes
are reasonable.
3.The amounts budgeted for each project are reasonable in relation to past
standards and practices and factors known today. It is understood that final
amounts will change and spending decisions on each project will be re-
evaluated prior to engagement to reflect most current City needs and to
ensure that such spending will deliver best possible cost/benefit outcomes.
4.The CIP budget funding sources and reserves are adequate and reasonable
to cover the proposed CIP spending recommendations with minimal risk to
impacts on the City’s normal operations.
5.Therefore, the $44.3 million CIP Budget proposed for FYs 2021/22 through
2025/26 is deemed to be reasonable.
ATTACHMENT 1
6.The FAC Commissioners appreciate and compliment Staff for all of the
diligence, support, and leadership exhibited throughout this CIP budgeting
process.
Recommendations:
1.That the FAC recommends to the City Council the approval of this proposed
$44.3 million CIP Budget for FYs 2021/22-2025/26 as presented by the CIP
Budget Committee.
2.That Staff continues to provide a Final CIP Budget Comparison Schedule
(Attachment 5) showing all changes made to the Original CIP Budget to
ensure there is a clear audit trail of any revisions to project spending, project
prioritization, project sequencing, and project funding sources as the CIP
Budget Committee moves through the CIP budgeting process.
3.That Finance and/or City Manager provide to the CIP Budget Committee, at
the beginning of the annual CIP Budget process, some general written
guidelines on the total amount of CIP spending which can be “afforded” per
fiscal year, based on some assessment of expected annual City cash flows,
reserves levels, revenue sources, and CIP carryover. The CIP Budget
Committee can then work within those guidelines to ensure that total
proposed annual CIP spending will fit within them and can be allocated to
those projects which will deliver highest and best utilization to the City.
Project #Project Description
General Fund
Operating
Measure G
Sales Tax
SB 1 Road
Maint/Rehab
DIF Community
and Cultural
Center
DIF
Transportation Measure A Other Revenue
Other
Revenue Source Total
2021/2022
2122ADA ADA Accessible Ramps - Various Locations 20,000 20,000
2122CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000
2122PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000
2122STI Sidewalks - Various Locations 55,000 55,000
2122TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000
2122DRA Citywide Drainage Enhancements 477,000 477,000
201603 La Quinta Landscape Renovation Improvement 1,408,356 1,408,356
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000
201709 Avenue 53 Jefferson St. Roundabout 204,500 345,500 550,000
201804 Landscape and Lighting Median Island Improvements 500,000 500,000
201901 Village Art Plaza Promenade and Cultural Center 125,000 2,575,000 Library Funds and Cultural Ctr DIF 2,700,000
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000
202101 Dune Palms Road Pavement Rehabilitation (Fred Waring Drive to Miles Avenue) 822,800 240,000 1,062,800
202102 Fritz Burns Park Improvements 350,000 350,000
202103 Citywide Miscellaneous ADA Improvements 128,350 Community Dev Block Grant 128,350
202104 Citywide Striping Refresh 400,000 400,000
FY 2021/2022 SUBTOTAL:2,052,000 2,758,356 822,800 125,000 604,500 1,220,500 2,753,350 10,336,506
2022/2023
2223ADA ADA Accessible Ramps - Various Locations 20,000 20,000
2223CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000
2223PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000
2223STI Sidewalks - Various Locations 55,000 55,000
2223TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000
2223DRA Citywide Drainage Enhancements 477,000 477,000
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000
201804 Landscape and Lighting Median Island Improvements 500,000 500,000
201805 Corporate Yard Administrative Offices and Crew Quarters 2,773,000 2,773,000
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000
202102 Fritz Burns Park Improvements 2,000,000 2,000,000
202201 Avenue 50 Pavement Rehabilitation (Washington St. to Eisenhower Dr.)1,100,000 1,100,000
202202 City Hall Rehabilitation 100,000 100,000
202203 Fred Waring Drive Pavement Rehabilitation (Washington Street to Adams Street)800,000 520,000 1,320,000
FY 2022/2023 SUBTOTAL:2,152,000 5,773,000 800,000 0 400,000 1,855,000 50,000 11,030,000
2023/2024
2324ADA ADA Accessible Ramps - Various Locations 20,000 20,000
2324CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000
2324PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000
2324STI Sidewalks - Various Locations 55,000 55,000
2324TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000
2324DRA Citywide Drainage Enhancements 477,000 477,000
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000
201804 Landscape and Lighting Median Island Improvements 500,000 500,000
201805 Corporate Yard Administrative Offices and Crew Quarters 3,657,000 3,657,000
CITY OF LA QUINTA
CAPITAL IMPROVEMENT PROGRAM
REVENUE SUMMARY
ATTACHMENT 2
ATTACHMENT 2
Project #Project Description
General Fund
Operating
Measure G
Sales Tax
SB 1 Road
Maint/Rehab
DIF Community
and Cultural
Center
DIF
Transportation Measure A Other Revenue
Other
Revenue Source Total
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000
202202 City Hall Rehabilitation 900,000 900,000
202301 Avenue 58 Pavement Rehabilitation (Jefferson Street to Madison Street)1,380,000 1,380,000
202302 Caleo Bay at Avenue 47 (New Traffic Signal)430,000 430,000
202303 Washington Street at Lake La Quinta Drive (New Traffic Signal)430,000 430,000
202304 Francis Hack Lane Pavement Rehabilitation (Avenida Bermudas to Cul-De-Sac)380,000 380,000
202305 Washington Street Sidewalk Improvements (Avenue 50 to Calle Tampico)478,000 478,000
FY 2023/2024 SUBTOTAL:2,952,000 4,657,000 858,000 0 1,260,000 1,615,000 50,000 11,392,000
2024/2025
2425ADA ADA Accessible Ramps - Various Locations 20,000 20,000
2425CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000
2425PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000
2425STI Sidewalks - Various Locations 55,000 55,000
2425TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000
2425DRA Citywide Drainage Enhancements 477,000 477,000
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000
201804 Landscape and Lighting Median Island Improvements 500,000 500,000
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000
202401 Avenue 50 Sidewalk Improvements (Washington Street to Avenida Montero)400,000 400,000
202402 Moon River Drive Pavement Rehabilitation (Ave 50 to DSUSD ROW)400,000 400,000
202403 Washington Street Sidewalk Improvements (Calle Tampico to Avenue 52)444,000 444,000
202404 Cove Area Slurry Seal Improvements Phase 1 860,000 860,000
FY 2024/2025 SUBTOTAL:2,052,000 1,000,000 860,000 0 400,000 1,479,000 50,000 5,841,000
2025/2026
2526ADA ADA Accessible Ramps - Various Locations 20,000 20,000
2526CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000
2526PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000
2526STI Sidewalks - Various Locations 55,000 55,000
2526TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000
2425DRA Citywide Drainage Enhancements 477,000 477,000
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000
201804 Landscape and Lighting Median Island Improvements 500,000 500,000
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000
202501 Citywide Striping Refresh 400,000 400,000
202502 Highway 111/Simon Drive Dual Left Turn Lanes 723,850 723,850
202503 Cove Area Slurry Seal Improvements Phase 2 850,000 850,000
FY 2025/2026 SUBTOTAL:2,052,000 1,000,000 850,000 0 400,000 1,358,850 50,000 5,710,850
TOTAL FISCAL YEARS 2021/22 THROUGH 2025/26:11,260,000 15,188,356 4,190,800 3,064,500 7,528,350 2,953,350 44,310,356
SH-111
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®
Legend
La Quinta
$1 Million Recommended
Streets
2021-22 Crack Sealing
2021-22
2022-23 Crack Sealing
2022-23
2023-24
2024-25
2025-26
City of La Quinta
$1 Million Budget Map
2021-26
75
ATTACHMENT 3
L.Q. HIGHLANDS
ACACIA
QUINTERRA
RANCHO OCOTILLO
DESERT PRIDE
SIERRADEL REY
MARBELLA
TOPAZ
CACTUS FLOWER
L.Q. VISTAS
L.Q. DEL ORO
CIP 2019/2020 - Design Topaz MarabellaSierra Del ReyDesert Pride Budget $3,859,103CIP 2021/2022 - FutureCactus Flower Budget $1,408,356
CIP 2018/2019 - On-GoingLa Quinta Highlands/VistasRancho OcotilloBudget $2,129,613
CIP FY2017/2018 - CompleteAcacia BasinLa Quinta Highlands Basin QuinterraBudget $1,807,098
CIP FY2016/2017 - Complete
La Quinta Del OroLa Quinta Acacia Parkway
Budget $634,046
Legend
ATTACHMENT 4
ATTACHMENT 4
DEVELOPER(RESPONSIVE / CONFIRMED)AGREEMENTDATECIP PROJECT DESCRIPTIONNTE AMOUNT TOTAL POINTSACCRUED FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 FY 26/27 FY 27/28 FY 28/29ND La Quinta Partners, LLC 4-Dec-07 Avenue 52 - Improved One Lane of Travel & Installed Raised/Landscaped Median 1,344,690$ 1865,455$ 65,455$ 66,536$ 77,563$ 90,000$ 90,000$ 101,106$ 101,408$ 140,021$ 204,400$ 225,000$ 117,747$ East of Madison, LLC 4-Dec-07 Avenue 52 - Improved One Lane of Travel & Installed 1/2 Raised/Landscaped Medi669,920$ 1761,818$ 61,818$ 62,839$ 73,254$ 85,000$ 85,000$ 95,489$ 95,775$ 48,926$ -$ -$ -$ East of Madison, LLC (Part 1) 26-Jan-16 Madison Street - Improved One Lane of Travel & Installed Raised/Landscaped Med976,266$ 1450,909$ 50,909$ 51,750$ 60,327$ 70,000$ 70,000$ 78,638$ 78,873$ 108,905$ 158,978$ 175,000$ 21,976$ Toll Brother's Inc. (Part 1) 6-Feb-08 Avenue 50 - Installed Full Median Curb & Median Island Landscape 179,062$ 1347,273$ 47,273$ 48,054$ 36,463$ -$ -$ -$ -$ -$ -$ -$ -$ East of Madison, LLC (Part 2) 26-Jan-16 Avenue 54 - Improved One Lane of Travel & Striped 1/2 width Painted Median 524,010$ 1140,000$ 40,000$ 40,661$ 47,400$ 55,000$ 55,000$ 61,787$ 61,972$ 85,568$ 36,622$ -$ -$ ND La Quinta Partners, LLC 26-Jan-16 Madison Street - Improved One Lane of Travel 418,400$ 1140,000$ 40,000$ 40,661$ 47,400$ 55,000$ 55,000$ 61,787$ 61,972$ 16,580$ -$ -$ -$ Lennar Homes of California, Inc6-Jun-11 Fred Waring Drive - Installed full Median Curb & Median Island Landscape 103,083$ 1036,364$ 36,364$ 30,356$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Sam's Real Estate Business Trus10-Oct-12 Dune Palms Road - Installed Full Median Curb & Median Island Landscape228,697$ 932,727$ 32,727$ 33,268$ 38,782$ 45,000$ 45,000$ 1,193$ -$ -$ -$ -$ -$ Toll Brother's Inc. (Part 2) 6-Feb-08 Avenue 52 - Median Island Improvements (Landscape Only)95,596$ 725,455$ 25,455$ 25,875$ 18,812$ -$ -$ -$ -$ -$ -$ -$ -$ 4,539,723$ 110400,000$ 400,000$ 400,000$ 400,000$ 400,000$ 400,000$ 400,000$ 400,000$ 400,000$ 400,000$ 400,000$ 139,723$ $Denotes the final payment due to the DeveloperDEVELOPER(NON-RESPONSIVE)AGREEMENTDATECIP PROJECT DESCRIPTIONNTE AMOUNT TOTAL POINTSACCRUED Greystone Clubhouse Assoc., LL12-Jun-08 Avenue 52 - Improved One Lane of Travel & Installed Raised/Landscaped Median 463,894$ 15T.D. Desert Development LLP 12-Oct-06 Avenue 50 - Installed 1/2 Median Curb (with Landscape) 186,900$ 10650,794 25CITY OF LA QUINTA CAPITAL IMPROVEMENT PROGRAMDEVELOPER REIMBURSEMENT AGREEMENT REPAYMENT The above listed developers (two total) have not submitted the appropriate invoices or documentation, and are therefore considered as "Non‐Responsive". The repayment plan above does not include the total of the Non‐Responsive Developers ($650,794) in its total ($4,539,723). TOTAL DEVELOPER REIMBURSEMENT:TOTAL DEVELOPER REIMBURSEMENT:This repayment plan is applicable to the Developers who have submitted invoices to the City, and the City has reviewed / approved repayment.This method calculates the overall percentage based on the Total Points Accrued, and allows the Developers to receive annual payments accordingly, until the Agreement has been satisfied. The percentage of (Total Points Accrued / Total Points) was determined for each Developer Reimbursement Agreement and multiplied by an annual anticipated payment of $400,000 to determine how much each Developer shall receive each year. In the event that a Developer's Agreement was fulfilled in a year, and there was a remainder of the anticipated $400,000, a new percentage, excluding the points from the previously repaid developer, was calculated and redistributed within that same Fiscal Year. ATTACHMENT 5ATTACHMENT 5
Project #Project Description Original Budget Revised Budget Variance Notes
Priority
Rating
FY 2021/2022
2122ADA ADA Accessible Ramps - Various Locations 20,000 20,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2122CPM Citywide Preventative Maintenance Plan Improvements 50,000 50,000 0 Annual building maintenance High
2122PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000 0 Needed for Maintenance of Effort (MOE)High
2122STI Sidewalks - Various Locations 55,000 55,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2122TMI Citywide Traffic Signal Maintenance Improvements 500,000 235,000 -265,000 Needed to maintain traffic equipment - reduced allocation High
2122DRA Citywide Drainage Enhancements 477,000 477,000 0 Council priority - Annual drainage project allocation Medium
201603 La Quinta Landscape Renovation Improvement 1,408,356 1,408,356 0 Had shifted funds from FY2020/21 - final allocation Medium
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 0 Council priority Medium
201709 Jefferson Street at Avenue 53 Roundabout - 550,000 550,000 Additional funds needed for construction High
201804 Landscape and Lighting Median Island Improvements 500,000 500,000 0 Council priority Medium
201805 Corporate Yard Administrative Offices and Crew Quarters 2,773,000 - -2,773,000 Shifted to FY 2022/23 and 2023/24 Medium
201901 Village Art Plaza Promenade and Cultural Center - 2,700,000 2,700,000 Shifted up from FY 2022/23
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 0 Reduced in FY 20/21, $1M /yr for demonstration project constructio Medium
202101 Dune Palms Road Pavement Rehabilitation (Fred Waring Drive to Miles Avenue) 815,843 1,062,800 246,957 Council priority - using SB1 and Measure A funds Medium
202102 Fritz Burns Park Improvements - 350,000 350,000 New community and Council priority Medium
202103 Citywide Miscellaneous ADA Improvements - 128,350 128,350 CDBG Grant Funded Project High
202104 Citywide Striping Refresh - 400,000 400,000 Needed for striping visibility and safety every 3-5 years Medium
202202 City Hall Rehabilitation 100,000 - -100,000 Shifted to FY 2022/23 and 2023/24 Low
202203 Fred Waring Drive Pavement Rehabilitation (Washington Street to Palm Royale Driv 813,366 - -813,366 Shifted to FY 2022/23 Low
202302 Caleo Bay at Avenue 47 (New Traffic Signal)430,000 - -430,000 Shifted to FY 2023/24 Low
202303 Washington Street at Lake La Quinta Drive (New Traffic Signal)430,000 - -430,000 Shifted to FY 2023/24 Low
SilverRock Event Space 700,000 - -700,000 Moved to AD Project List Low
TOTAL 11,472,565 10,336,506 (1,136,059)
Project #Project Description Original Budget Revised Budget Variance Notes
Priority
Rating
FY 2022/2023
2223ADA ADA Accessible Ramps - Various Locations 20,000 20,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2223CPM Citywide Preventative Maintenance Plan Improvements 50,000 50,000 0 Needed for annual building maintenance High
2223PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000 0 Needed for Maintenance of Effort (MOE)High
2223STI Sidewalks - Various Locations 55,000 55,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2223TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 0 Needed to maintain traffic equipment High
2223DRA Citywide Drainage Enhancements 477,000 477,000 0 Council priority - Annual drainage project allocation Medium
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 0 Council priority Medium
201804 Landscape and Lighting Median Island Improvements 500,000 500,000 0 Council priority Medium
201805 Corporate Yard Administrative Offices and Crew Quarters 3,657,000 2,773,000 -884,000 Funding shift from FY 2021/22 Low
201901 Village Art Plaza Promenade and Cultural Center 2,700,000 - -2,700,000 Shifted to FY 2021/22 Medium
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 0 Council and community priority Medium
202102 Fritz Burns Park Improvements - 2,000,000 2,000,000 Construction Phase of Park Improvements - Council Priority Medium
202201 Avenue 50 Pavement Rehabilitation (Washington St. to Eisenhower Dr.)1,000,000 1,100,000 100,000 Increased project budget by 100K Medium
202202 City Hall Rehabilitation 900,000 100,000 -800,000 Funding shift from FY 2021/22 Low
202203 Fred Waring Drive Pavement Rehabilitation (Washington Street to Adams Street)- 1,320,000 1,320,000 Shifted from FY 2021/22 due to Measure A Funding constraints Medium
202304 Francis Hack Lane Pavement Rehabilitation (Avenida Bermudas to Cul-De-Sac)213,153 - -213,153 Moved to FY 2023/24 Medium
Avenue 52 Pavement Rehabilitation (Desert Club to Washington St.)622,196 - -622,196 Included in proposed FY 2021/22 PMP Medium
TOTAL 12,829,349 11,030,000 (1,799,349)
Project #Project Description Original Budget Revised Budget Variance Notes
Priority
Rating
FY 2023/2024
2324ADA ADA Accessible Ramps - Various Locations 20,000 20,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2324CPM Citywide Preventative Maintenance Plan Improvements 50,000 50,000 0 Needed for annual building maintenance High
2324PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000 0 Needed for Maintenance of Effort (MOE)High
2324STI Sidewalks - Various Locations 55,000 55,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2324TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 0 Needed to maintain traffic equipment High
201512 Citywide Drainage Enhancements 477,000 477,000 0 Council priority - Annual drainage project allocation Medium
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 0 Council priority Medium
201804 Landscape and Lighting Median Island Improvements 500,000 500,000 0 Council priority Medium
201805 Corporate Yard Administrative Offices and Crew Quarters - 3,657,000 3,657,000 Second part of funding shift from FY 2021/22 Low
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 0 Council and community priority Medium
202202 City Hall Rehabilitation - 900,000 900,000 Second part of funding shift from FY 2021/22 Low
202301 Avenue 58 Pavement Rehabilitation (Jefferson Street to Madison Street)1,190,000 1,380,000 190,000 Increased due to Measure A projection Medium
202302 Caleo Bay at Avenue 47 (New Traffic Signal)- 430,000 430,000 Shifted from 2021/22 Low
202303 Washington Street at Lake La Quinta Drive (New Traffic Signal)- 430,000 430,000 Shifted from 2022/23 Low
CIP BUDGET COMPARISON
FY 2021/22 THROUGH 2025/26 ATTACHMENT 6
ATTACHMENT 6
202304 Francis Hack Lane Pavement Rehabilitation (Avenida Bermudas to Cul-De-Sac)- 380,000 380,000 Shifted from 2022/23 Medium
202305 Washington Street Sidewalk Improvements (Avenue 50 to Calle Tampico)- 478,000 478,000 Community priority per resident request Medium
202502 Highway 111/Simon Drive Dual Left Turn Lanes 723,850 - -723,850 Moved to FY 2025/26 Low
TOTAL 5,650,850 11,392,000 5,741,150
Project #Project Description Original Budget Revised Budget Variance Notes
Priority
Rating
FY 2024/2025
2425ADA ADA Accessible Ramps - Various Locations 20,000 20,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2425CPM Citywide Preventative Maintenance Plan Improvements 50,000 50,000 0 Reduced initial increase High
2425PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000 0 Needed for Maintenance of Effort (MOE)High
2425STI Sidewalks - Various Locations 55,000 55,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2425TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 0 Needed to maintain traffic equipment High
201512 Citywide Drainage Enhancements 477,000 477,000 0 Council priority - Annual drainage project allocation Medium
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 0 Council priority Medium
201804 Landscape and Lighting Median Island Improvements 500,000 500,000 0 Council priority Medium
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 0 Council and community priority Medium
202401 Avenue 50 Sidewalk Improvements (Washington Street to Avenida Montero)400,000 400,000 0 Community priority per resident request Medium
202402 Moon River Drive Pavement Rehabilitation (Ave 50 to DSUSD ROW)400,000 400,000 0 Community priority per resident request Medium
202403 Washington Street Sidewalk Improvements (Calle Tampico to Avenue 52)- 444,000 444,000 Community priority per resident request Medium
202404 Cove Area Slurry Seal Improvements Phase 1 - 860,000 860,000 Community priority per resident requests - PMP need Medium
Seasons Way Pavement Rehabilitation (Calle Tampico to Springtime Way)276,000 - -276,000 Included in proposed FY 2021/22 PMP Medium
TOTAL 4,813,000 5,841,000 1,028,000
Project #Project Description Original Budget Revised Budget Variance Notes
Priority
Rating
FY 2025/2026
2526ADA ADA Accessible Ramps - Various Locations 20,000 20,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2526CPM Citywide Preventative Maintenance Plan Improvements 50,000 50,000 0 Reduced initial increase High
2526PMP Pavement Management Plan Street Improvements 1,000,000 1,000,000 0 Needed for Maintenance of Effort (MOE)High
2526STI Sidewalks - Various Locations 55,000 55,000 0 Use as match for grant funded projects (SB821 and CDBG)High
2526TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 0 Needed to maintain traffic equipment High
2425DRA Citywide Drainage Enhancements 477,000 477,000 0 Council priority - Annual drainage project allocation Medium
201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 0 Council priority Medium
201804 Landscape and Lighting Median Island Improvements 500,000 500,000 0 Council priority Medium
201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 0 Council and community priority Medium
202501 Citywide Striping Refresh 400,000 400,000 0 Needed for striping visibility and safety every 3-5 years Medium
202502 Highway 111/Simon Drive Dual Left Turn Lanes 723,850 723,850 0 Shifted from FY 2023/24 to assess with Highway 111 Plan Low
202503 Cove Area Slurry Seal Improvements Phase 2 850,000 850,000 0 Community priority per resident requests - PMP need Medium
TOTAL 5,710,850 5,710,850 - No Comparison Available
TOTAL 2021/22 through 2025/26 CIP 40,476,614 44,310,356 3,833,742
High
Critical to keep project funded.
Needed to maintain grant funding,
maintenance of effort or matching
funds.
Priority Rating Criteria Legend
Low
Project could be shifted to next
fiscal year without major impacts.
No funding constraints or match
requirements.
Medium
Ongoing project needing
additional funding, community
priority, or important for
maintenance efforts.
Grant and/or CVAG Funded
DIF Funds or Other Special Funds
FUNDING SOURCE LEGEND
Measure G Funded
General Fund
SB1 or Measure A Funded
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 24, 2021
STAFF REPORT
AGENDA TITLE: DISCUSS PRELIMINARY GENERAL FUND REVENUE
PROJECTIONS FOR THE FISCAL YEAR 2021/22 BUDGET
RECOMMENDATION
Discuss preliminary General Fund revenue projections for the fiscal year
2021/22 budget.
EXECUTIVE SUMMARY
• The annual General Fund operating budget includes revenues and
expenses of Measure G sales taxes with oversight by the Financial
Advisory Commission (FAC).
• The FAC formulated a subcommittee to serve on the 2021/22 Operating
Budget Subcommittee.
• Public meeting attendance is encouraged to receive citizen input during
the budget process.
FISCAL IMPACT - None.
BACKGROUND/ANALYSIS
Measure G was approved on November 8, 2016 and adopted by resolution on
December 20, 2016 with an effective date of April 1, 2017. Additional funds
generated by the Measure are subject to citizen oversight by the FAC. Each
year the General Fund operating budget includes revenue projections and uses
of Measure G funds, therefore an FAC subcommittee was established to review
the overall project process and projections.
FAC SUBCOMMITTEE
On December 2, 2020 the FAC appointed Commissioners Rosen and Hunter to
serve on the 2021/22 Operating Budget Subcommittee to review and discuss
the 2021/22 Budget projections for revenues and expenses with the Finance
Department.
The Committee has met twice to discuss current State and regional economic
reports, professional consultant revenue projections, multiple expense impacts
which will be incorporated into the proposed budget, and the current fiscal year
budget. Additional meetings are needed before finalizing revenue or expense
STUDY SESSION ITEM NO. 2
2/10/2021 Financial Advisory Commission Meeting - verbal update on
Capital Improvement Project (CIP) and Budget Committees
2/24/2021 Financial Advisory Commission Meeting - CIP Study Session
& Overview of Preliminary General Fund Revenue Projections
3/2/2021 City Council Meeting - CIP Study Session
4/7/2021 Financial Advisory Commission Meeting - Preliminary General
Fund Expense Projections & Update on Revenue Projections
5/4/2021 City Council Meeting - Budget Study Session #1 - (General
Fund and Internal Service Funds focus)
5/4/2021 Housing Authority Board Meeting - Budget Study Session #1
(Housing Funds only)
5/5/2021 Housing Commission Meeting - Budget Study Session
5/12/2021 Financial Advisory Commission Meeting - Proposed General
Fund and Capital Improve Program Budgets
5/18/2021 City Council Meeting - Budget Study Session #2 - (General
Fund, Enterprise, and Special Revenue Funds)
6/1/2021 City Council Meeting - Budget Study Session #3 - (All
Appropriations)
6/1/2021 Housing Authority Board Meeting - Budget Study Session #2
(Housing Funds Only)
6/2/2021 Financial Advisory Commission Meeting - Final review of
proposed Measure G sales tax uses
6/9/2021 Housing Commission Meeting - Final Review of proposed
Housing Authority Budget
6/15/2021 City Council Meeting - Adopt Operating and CIP budget
6/15/2021 Housing Authority Adopt Budget
PUBLIC MEETING DATES
FISCAL YEAR 2021/22 BUDGET
projections for the 2021/22 Budget. This study session provides an overview of
known economic conditions, which will shape 2021/22 revenue projections.
BUDGET PROCESS
The annual budget process is complex, it requires the coordination of all City
departments and external contractors which provide essential City services. The
City invites the public to participate in the budget process by attending any of
the following public meetings. Finance staff is also available to discuss the
proposed budget and may be reached by email at finance@laquintaca.gov or by
calling 760-777-7000. Below is a schedule of all planned public meeting dates
leading up to budget adoption.
ALTERNATIVES
The FAC may wish for the budget subcommittee and Staff to consider additional
revenue impacts as the Proposed 2021/22 Budget is prepared.
Prepared by: Karla Romero, Finance Director
ATTACHMENT: 1. Revenue Trends and Types
Revenue
Trend/Type Notes
Employment and
Economic Trends
Employment is not expected to return to pre-COVID levels until 2022. Trends in information
technology have accelerated as a result of COVID - remote work, online e-commerce,
education and healthcare. With advancements in technology unemployment rates may not
be as low as 4% again based on the regions high concentration of tourism and hospitality.
Inflation is not a concern at this time, as the Federal reserve is committed to keeping
interest rates low for years to come.
Large Events
Large in person audience events will not take place in their normal form and may resume
late in the second year of 2021 (best case scenario). Attendance may be lower than before,
predictions for Coachella are 60,000 to 90,000 compared to the previous 125,000.
Property Taxes Strong home sale prices in 2020, lag in Prop 8 valuation adjustments, if any, due to an
economic downturn. Revenues would be impacted in FY 21/22. 1% increase overall.
State Sales Tax Sales tax projections will be based on a modest increase from the adjusted FY 2020/21
budget. HdL sales tax consulting projections will be taken into consideration.
Measure G Sales
Taxes
Measure G sales tax projections will be based on a 15% increase over the State sales tax
projections. Online and delivery sales are expected to remain strong.
TOT Revenues
Leisure and Hospitality make up 28% of the employment sector in the Coachella Valley and
will continue to slowly recover in 2021 and will be affected by restrictions as the pandemic
continues. Social distancing, mask wearing, no large events will continue to be the norm.
Tourism recovery is expected to begin until September and October 2021 at the earliest -
vaccine delays.
TOT Hotels
Continued decrease in business travel with some work permanently shifting to online.
Travel for leisure likely to bounce back much quicker than business travel.
Minimal large group gatherings after 2022, slow recovery, with less attendance.
No festivals anticipated during the fiscal year, would be a nice surprise for Spring of 2022.
TOT STVR's
Not taking into account any limits on the number of permits and assuming all current
permits are retained. Continue to be strong as families continue to travel together with
children and pets, drive market is strong. Airline travel is viewed as riskier during the
pandemic. Impacts from STVR Committee recommendations may also impact this revenue
source.
License and Permits
Increase from the adopted FY 2020/21 budget, an increase is anticipated at 3rd quarter in
2020/21. Strong construction of new homes is underway for several developments and
more have submitted plans.
Building Related Fees
and Permits
New construction expected to remain strong as interest rates remain low and demand for
housing remains strong. Assembly Bill 330 incentivizes Housing developments by freezing
housing fees to the time an application is submitted (in affect from 1/1/2020 to 1/1/2025).
Housing demand is likely to increase in the Coachella Valley as remote work environments
continue to exist and people seek to relocate from denser city's such as Los Angeles.
Intergovernmental
Includes money received from grants, fire property taxes, use of fire reserves, and CSA 152
Assessment reimbursements for flood control measures. Fire reserves are currently at
$10,491,653.
ATTACHMENT 1
Revenue
Trend/Type Notes
Charges for Services
City facilities are anticipated to reopen, however:
Wellness center membership will be extended for the time period the facility was closed due
to pandemic restrictions to promote its use.
The City may be asked to reduce fees for adult and youth sports to promote outdoor
activities and avoid children not participating due to financial constraints.
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 24, 2021
STAFF REPORT
AGENDA TITLE: DISCUSS THE CITY’S OUTSTANDING PENSION
OBLIGATIONS AND THE FINANCIAL ADVISORY COMMISSION
SUBCOMMITTEE RECOMMENDATIONS
RECOMMENDATION
Discuss City’s outstanding pension obligations and the Financial Advisory
Commission subcommittee recommendations.
EXECUTIVE SUMMARY
•As of June 30, 2020, the City’s financial statements reported outstanding
pension obligations $13,458,200 and a balance of $10,249,738 in the
pension trust.
•Financial Advisory Commission (FAC) formulated a subcommittee to
review the City’s outstanding pension obligations and formulate
recommendations for City Council’s consideration.
FISCAL IMPACT
None at this time, however, accelerating payments to California Public
Employees’ Retirement System (CalPERS) would impact the General Fund
budget.
BACKGROUND/ANALYSIS
FAC SUBCOMMITTEE
On December 2, 2020 the FAC appointed Commissioners Twohey and Way to
review the City’s outstanding pension obligations. The Committee met three
times to review and discuss the following items:
•CalPERS Actuarial Reports for the City’s three pension tiers
•CalPERS asset liability management cycle (ALM)
•Viewed an interview on the historical performance of CalPERS and its
impact on agencies
•Financial statement note disclosure pertaining to pension obligations
•How the pension trust is reported in the financial statements
•How the assets in the pension trust can be applied to outstanding pension
obligations
•When pension trust assets decrease the reportable pension obligation
STUDY SESSION ITEM NO. 3
• How extra payments to CalPERS are applied to outstanding pension
obligations
• Reviewed pension obligations and accelerated payments with the City’s
actuarial consulting firm.
The goal of this study session is to provide an overview of the subcommittee’s
findings summarized in Attachment 1 and review recommendations.
RECOMMENDATIONS
• Continue reviewing pension obligations with the FAC annually
• Leave assets in the Pension Trust
• Accelerate payments to CalPERS using the 10-year model for the Classic
pension tier
• Include additional payments in each year’s budget for consideration
ALTERNATIVES
Prepared by: Karla Romero, Finance Director
Attachment: 1. Fiscal Year 2020/21 Pension Subcommittee Findings
Fiscal Year 2020/21 Pension Subcommittee Findings
Summary of Financial Advisory Commission (FAC) Subcommittee
On December 2, 2020 the FAC appointed Commissioners Twohey and Way to
review the City’s outstanding pension obligations with the City’s Financial
Services Analyst and the Finance Director. This report summarizes key
findings of the subcommittee.
The Committee reviewed and discussed the following items:
•CalPERS Actuarial Reports for the City’s three pension tiers
•CalPERS asset liability management cycle (ALM)
•Viewed an interview on the historical performance of CalPERS and its
impact on agencies
•Financial statement note disclosure pertaining to pension obligations
•How the pension trust is reported in the financial statements
•How the assets in the pension trust can be applied to outstanding
pension obligations
•When pension trust assets decrease the reportable pension obligation
•How extra payments to CalPERS are applied to outstanding pension
obligations
•Reviewed pension obligations and accelerated payments with the City’s
actuarial consulting firm.
CalPERS Actuarial Reports
Actuarial reports are provided annually in the summer to each member
agency. The City of La Quinta (City) receives three reports, one for each
pension plan tier.
CalPERS actuarial reports include the following information:
•Employer unfunded accrued liability payment projections for five years
•Employer normal cost rates for bi-weekly payroll calculations
•Employee bi-weekly payroll contribution rate for the next two years
•Funded ratio of each pension tier
•Summarized amortization schedule for each tier’s unfunded liability
•Amortization schedule alternatives when applicable
•Funding history
•Discount rate sensitivity analysis
•Hypothetical plan termination liability calculations
ATTACHMENT 1
Key findings are summarized below:
Asset Liability Management (ALM) Cycle
The CalPERS four-year ALM cycle is currently underway. The ALM includes a
review of CalPERS investment portfolio’s anticipated returns and retirement
plan liabilities, which are based on demographic and economic factors and
trends, including future salary and payroll growth, retirement ages, inflation,
and life expectancy.
The goal of the ALM process is to balance the expected cost of future pension
payments with the expected future investment returns. During the last ALM
cycle the discount rate (anticipated investment rate of return) was lowered
from 7.5% to 7% over the three-year period, which resulted in increased
unfunded liability contributions from member agencies including the City of La
Quinta. Since 2017/18, the City’s unfunded liability payments have increased
by $563,421 from $564,496 to $1,127,917 in 2020/21.
The current ALM cycle findings are anticipated to be completed by November
2021 with recommended changes effective July 2022.
Classic Tier Tier 2 PEPRA Tier
Hire Date On and after 12/16/1983 On and after 12/17/2012 On and after 1/1/2013
Benefit Formula 2.5% at age 55 2% at age 60 2% at age 62
Benefit Vesting Schedule 5 years of service 5 years of service 5 years of service
Benefit Payments monthly for life monthly for life monthly for life
Retirement Age 50 and up 50 and up 52 and up
Required employee contribution rate 8.000%7.000%6.750%
Required employer contribution rate 11.432%8.081%6.985%
Number of Active Members*37 8 53
Number of Retired Members*35 1 0
* As of June 30, 2019 from CalPERS valuation reports.
Classic Tier Tier 2 PEPRA Tier
Entry Age Normal Accrued Liability 50,417,881$ 532,890$ 1,340,430$
Plan's Market Value of Assets 35,957,546$ 505,580$ 1,253,920$
Unfunded Accrued Liability 14,460,335$ 27,310$ 86,510$
Funded Ratio 71.3%94.9%93.5%
Unfunded Liability Payments
Fiscal Year 2016/17 471,501$ -$ 20$
Fiscal Year 2017/18 564,145$ 201$ 150$
Fiscal Year 2018/19 698,026$ 5,197$ 8,591$
Fiscal Year 2019/20 842,026$ 4,955$ 11,921$
Fiscal Year 2020/21 952,096$ 5,590$ 19,433$
Fiscal Year 2021/22 1,108,426$ 1,962$ 17,529$
Fiscal Year 2022/23 1,224,000$ 2,000$ 18,000$
Fiscal Year 2023/24 1,295,000$ 2,000$ 18,000$
Fiscal Year 2024/25 1,371,000$ 2,000$ 18,000$
Fiscal Year 2025/26 1,412,000$ 2,000$ 18,000$
Fiscal Year 2026/27 1,449,000$ -$ -$
Financial Statements Pension Disclosures
The Comprehensive Annual Financial Statement (CAFR) includes a summary
of the City’s outstanding pension obligation in Note 8 – Defined Benefit
Pension Plan.
The CAFR’s Note 8 includes the following information:
• A description of the plan
• Benefits provided
• Contributions made during the fiscal year
• Pension liabilities, pension expenses and deferred outflows and
deferred inflows of resources related to pensions
• Actuarial methods and assumptions used to determine total pension
liability
• Discount rate
• Sensitivity of the proportionate share of the net pension liability to
changes in the discount rate
• Pension plan fiduciary net position
Most notably the sensitivity of the proportionate share of the net pension
liability to changes in the discount rate demonstrate the effects on the City’s
net pension liability when changes to the discount rate are applied. The
illustration below is included in Note 8.
CalPERS Investment and Pension Funding
CalPERS investment and pension funding facts at-a-glance for fiscal year
2019/20 are included as Exhibit A. Annual investment returns from 2011 to
2020 have been as high as 21.7% or as low as 0.1%. CalPERS uses long-term
invest returns to regulate the discount rate. Annualized investment returns for
20 and 30 years have been 5.5% and 8.0% respectively.
Discount Rate -1%Current Discount Rate Discount Rate +1%
6.15%7.15%8.15%
Net Pension Liability 20,386,011$ 13,458,200$ 7,739,782$
↑↑
Fiscal impact to
General Fund
budget
higher
contributions to
unfunded liability
lower contributions
to unfunded liablity
Every dollar paid to CalPERS retirees
comes from three sources:
investment earnings, employer
(agency) contributions, and member
(employee) contributions.
CalPERS’s investment portfolio contains over $392 billion in assets, which are
strategically allocated in a variety of investment options, some of which are
not available to other public agencies.
PENSION TRUST PERFORMANCE AND USES
The City established a pension trust in August 2019 with an initial contribution
of $6,540,000. An additional contribution of $3,640,000 was made in fiscal
year 2019/20. The pension trust balance reported in the 2019/20 CAFR was
$10,249,738. The pension trust balance as of December 31, 2020 was
$11,025,029.
Investments are in a moderately conservative investment strategy which has
dual goals of current income and capital appreciation. A major portion of the
assets are committed to income producing securities; therefore, market
fluctuations are expected. The December 2020 pension trust statement
indicates the City’s pension trust performance is as follows since inception.
The Section 115 Trust was established to set aside money to fund the City’s
pension obligation. 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 section 115 Trust addresses 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 in the General Fund rather than pension plan assets. 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 with CalPERS.
ACCELERATED PAYMENTS TO CalPERS
Additional contributions made directly to CalPERS can be applied to specific
tiers and amortization bases within tiers. The greatest interest rate savings
are derived from the agency choosing to apply additional payments to the
highest balance with the longest amortization period. The classic tier’s
schedule of plan’s amortization bases is included as an example in Exhibit B.
When agencies pay the unfunded liability in a lump sum each July rather than
making monthly payments, the liability payment is slightly reduced. The City
budgets the full monthly amount each year and at mid-year if revenues are
on target, the City sends the savings directly to CalPERS as an additional
contribution to the unfunded liability.
For the past three years the City has been sending additional payments from
savings directly to CalPERS as follows:
Since the Classic Tier has the greatest liability with the longest amortization,
accelerated payments are recommended for this tier when fiscally feasible. If
the City follows the 10-year amortization payment schedule in the Classic Tier,
the liability would be paid in 10 years and $5,967,437 in interest savings would
be realized (Exhibit C).
Additional payments would be included in the General Fund budget for
consideration each fiscal year. The additional payments and savings based on
a 15-year and 10—year amortizations are summarized on the following pages.
Fiscal Year Classic Tier Tier 2 PEPRA Tier Total
2018/19 -$ 15,353$ 22,060$ 37,413$
2019/20 -$ 20,000$ 10,000$ 30,000$
2020/21 33,000$ -$ -$ 33,000$
TOTAL 33,000$ 35,353$ 32,060$ 100,413$
Date
Current
Amortization
Schedule
15-Year
Amortization
Additional
Payment
6/30/2021 1,108,426 1,556,400 447,974
6/30/2022 1,223,842 1,556,400 332,558
6/30/2023 1,294,732 1,556,400 261,668
6/30/2024 1,370,546 1,556,400 185,854
6/30/2025 1,411,617 1,556,400 144,783
6/30/2026 1,449,271 1,556,400 107,129
6/30/2027 1,487,955 1,556,401 68,446
6/30/2028 1,527,711 1,556,400 28,689
6/30/2029 1,568,552 1,556,401 (12,151)
6/30/2030 1,610,520 1,556,401 (54,119)
6/30/2031 1,653,644 1,556,401 (97,243)
6/30/2032 1,640,814 1,556,400 (84,414)
6/30/2033 1,626,061 1,556,400 (69,661)
6/30/2034 1,587,084 1,556,401 (30,683)
6/30/2035 1,518,883 1,556,400 37,517
6/30/2036 780,392
6/30/2037 692,656
6/30/2038 599,541
6/30/2039 526,245
6/30/2040 478,139
6/30/2041 337,630
6/30/2042 317,630
6/30/2043 248,242
6/30/2044 89,997
TOTAL 26,150,130 23,346,005 1,266,347
Interest Paid 11,486,932 8,682,692
Savings 2,804,240
Date
Current
Amortization
Schedule
10-Year
Amortization
Additional
Payment
6/30/2021 1,108,426 2,018,281 909,855
6/30/2022 1,223,842 2,018,281 794,439
6/30/2023 1,294,732 2,018,281 723,549
6/30/2024 1,370,546 2,018,281 647,735
6/30/2025 1,411,617 2,018,281 606,664
6/30/2026 1,449,271 2,018,280 569,009
6/30/2027 1,487,955 2,018,281 530,326
6/30/2028 1,527,711 2,018,281 490,570
6/30/2029 1,568,552 2,018,281 449,729
6/30/2030 1,610,520 2,018,280 407,760
6/30/2031 1,653,644
6/30/2032 1,640,814
6/30/2033 1,626,061
6/30/2034 1,587,084
6/30/2035 1,518,883
6/30/2036 780,392
6/30/2037 692,656
6/30/2038 599,541
6/30/2039 526,245
6/30/2040 478,139
6/30/2041 337,630
6/30/2042 317,630
6/30/2043 248,242
6/30/2044 89,997
TOTAL 26,150,130 20,182,808 6,129,636
Interest Paid 11,486,932 5,519,495
Savings 5,967,437
Every effort has been made to verify the accuracy of the information, which is intended for general use only. 01-2021-1
Facts at a Glance for Fiscal Year 2019–20Investment & Pension Funding
Investments (PERF *)
Total Fund Market Value &
Fund Returns by Fiscal Year**
(for FY end 6/30)
(in billions) (% )
2020 $392.5 4.7%
2019 $372.6 6.7%
2018 $354.0 8.6%
2017 $326.4 11.2%
2016 $302.0 0.6%
2015 $301.9 2.4%
2014 $300.3 18.4%
2013 $257.9 13.2%
2012 $233.4 0.1%
2011 $237.5 21.7%
* Public Employees' Retirement Fund (PERF)
** Time-weighted rate of return net of investment expenses
Annualized Investment Returns*
(for FY end 6/30)
1 year 4.7%
3 years 6.6%
5 years 6.3%
10 years 8.5%
20 years 5.5%
30 years 8.0%
* Time-weighted rate of return net of investment expenses
Discount Rate Changes
2017-18* (State) 7.5% 7.375%
2018-19* (School/PA) 7.5% 7.375%
2018-19* (State) 7.375% 7.25%
2019-20* (School/PA) 7.375% 7.25%
2019-20* (State) 7.25% 7.0%
2020-21* (School/PA) 7.25% 7.0%
2012 7.75% 7.5%
2004 8.25% 7.75%
* FY required contribution
Total Fund Market Value 1988–2020 (for FY end 6/30)
$45.4 bil
$301.8 bil
$172.3 bil
$76.6 bil
$392.5 bil
$247.7 bil
$0
$50
$100
$150
$200
$250
$300
$350
$400
'20'19'18'17'16'15'14'13'12'11'10'09'08'07'06'05'04'03'02'01'00'99'98'97'96'95'94'93'92'91'90'89'88
EXHIBIT A
Investments (cont'd)
Facts at a Glance for Fiscal Year 2019–20
Investment & Pension Funding » 2
Current Asset Allocation
28+11+6+2+53+H53.1% Public Equity
28.2% Global Fixed Income
11.3% Real Assets
6.3% Private Equity
1.1% Other:
0.9% Liquidity
0.2% Trust Level*
Asset Allocation
Strategic
Current Asset
Allocation Allocation
Public Equity 53.1% 50.0%
Global Fixed Income 28.2% 28.0%
Real Assets 11.3% 13.0%
Private Equity 6.3% 8.0%
Liquidity 0.9%1.0%
Trust Level* 0.2% —
* The Trust Level includes Multi Asset Class, Completion Overlay,
Risk Mitigation, Absolute Return Strategies (Direct Investments only),
Plan Level Transition and other Total Fund level portfolios.
California Investments 89+11+H11.1%
California investments as
percentage of the total fund
$43.6 billion
Fair Value
(in millions)
Total California Investments $43,646
Public Equity* $22,418
Global Fixed Income** $7,911
Real Assets*** $12,526
Private Equity*** $791
* Includes listed public equities corporate bonds.
** Fixed income also includes a portion of MBS & ABS, which have
significant geographical exposure to CA & MHLP.
*** As of March 31, 2020
Sustainable Investing
CalPERS actively engages with the companies we own to
protect the long-term sustainability of our investment.
From issues regarding environmental responsibility
to safe labor practices, we keep an open dialog with
company leaders and vote our proxies.
14,000+Number of companies where
CalPERS cast proxy votes in
2020 worldwide (calendar year)
* The Trust Level includes Multi Asset Class, Completion Overlay,
Risk Mitigation, Absolute Return Strategies (Direct Investments only),
Plan Level Transition and other Total Fund level portfolios.
Facts at a Glance for Fiscal Year 2019–20
Investment & Pension Funding » 3Pension Funding
Funded Status of Retirement Plans by
Member Category
State School PA Total
2018–19 70.0% * 68.5% * 70.8% * 70.2%*
2017–18 69.5% * 68.6% * 70.4% * 69.8%*
2016–17 65.8% * 68.7% * 69.5% * 68.0%*
2015–16 62.3% 67.8% 66.2% 68.3%
2014–15 69.4% 77.5% 74.5% 73.1%
2013–14 72.1% 82.0% 77.9% 76.3%
2012–13 66.1% 76.2% 70.5% 69.8%
2011–12 66.1% 75.4% 70.1% 69.6%
* Based on a 7.0% discount rate and includes the terminated agency pool
and 1959 survivor benefit plan.
Contributions, 10-Year Review (in thousands)
Employer Member Investment
Contributions Contributions & Other Income
2019–20 $22,039,561 $4,901,000 $18,516,994
2018–19 $15,612,678 $4,664,618 $22,969,664
2017–18 $19,917,796 * $4,415,129 $27,448,098
2016–17 $12,329,837 $4,214,578 $32,977,020
2015–16 10,892,489 4,015,754 1,548,442
2014–15 9,997,705 3,826,072 6,702,997
2013–14 8,777,602 3,775,038 45,598,044
2012–13 8,123,833 3,897,078 30,291,983
2011–12 7,772,913 3,598,437 (196,014)
2010–11 7,465,397 3,600,089 43,907,436
* Amount includes an additional $6 billion dollar contribution by the state.
Funded Status Total PERF
30+70+H70.2%
2018–19*30+70+H70.6%
2019–20**
* The PERF is the Public Employees' Retirement Fund.
This percentage includes the terminated agency pool
and the 1959 survivor benefit plan. Percentage based
on a 7.0% discount rate.
** This estimate percentage does not include the
terminated agency pool and the 1959 survivor benefit
plan. Percetange based on a 7.0% discount rate.
Total Employer Contributions
44+43+13+H$22 bil
School districts and
Charter Schools
$2.9 billion / 13%
State of California
$9.8 billion / 44%
Public agencies
$9.3 billion / 43%
Shared Responsibility
Every dollar paid to CalPERS retirees comes
from three sources*:
32+13+55+H$1
Investment earnings
55¢
CalPERS employers
32¢
CalPERS members
13¢
* Income over the last 20 years.
CALPERS ACTUARIAL VALUATION - June 30, 2019
Miscellaneous Plan of the City of La Quinta
CalPERS ID: 2186535078
Rate Plan belonging to the Miscellaneous Risk Pool Page 11
Schedule of Plan’s Amortization Bases
Note that there is a two-year lag between the valuation date and the start of the contribution fiscal year.
•The assets, liabilities, and funded status of the plan are measured as of the valuation date: June 30, 2019.
•The required employer contributions determined by the valuation are for the fiscal year beginning two years after the valuation date: fiscal year 2021-22.
This two-year lag is necessary due to the amount of time needed to extract and test the membership and financial data, a nd the need to provide public agencies with
their required employer contribution well in advance of the start of the fiscal year.
The Unfunded Accrued Liability (UAL) is used to determine the employer contribution and therefore must be rolled forward two years from the valuation date to the first
day of the fiscal year for which the contribution is being determined. The UAL is rolled forward each year by subtracting the expected payment on the UAL for the fiscal
year and adjusting for interest. The expected payment on the UAL for a fiscal year is equal to the Expected Employer Contribution for the fiscal year minus the Expected
Normal Cost for the year. The Employer Contribution for the first fiscal year is determined by the actuarial valuation two ye ars ago and the contribution for the second
year is from the actuarial valuation one year ago. Additional discretionary payments are reflected in the Expected Payments column in the fiscal year they were made by
the agency.
Reason for Base
Date
Est.
Ramp
Level
2021-22
Ramp
Shape
Escala-
tion
Rate
Amort.
Period
Balance
6/30/19
Expected
Payment
2019-20
Balance
6/30/20
Expected
Payment
2020-21
Balance
6/30/21
Minimum
Required
Payment
2021-22
Share of Pre-2013 Pool UAL 6/30/13 No Ramp 2.75% 15 4,668,054 389,618 4,591,794 395,381 4,504,234 406,254
Non-Investment (Gain)/Loss 6/30/13 100% Up/Down 2.75% 24 (42,644) (2,860) (42,671) (2,895) (42,663) (2,974)
Investment (Gain)/Loss 6/30/13 100% Up/Down 2.75% 24 4,623,390 310,123 4,626,234 313,830 4,625,442 322,460
Non-Investment (Gain)/Loss 6/30/14 100% Up/Down 2.75% 25 3,896 207 3,955 262 3,961 269
Investment (Gain)/Loss 6/30/14 100% Up/Down 2.75% 25 (3,430,258) (182,085) (3,482,026) (230,256) (3,487,589) (236,588)
Assumption Change 6/30/14 100% Up/Down 2.75% 15 2,184,693 162,485 2,169,546 206,300 2,108,016 211,974
Non-Investment (Gain)/Loss 6/30/15 100% Up/Down 2.75% 26 (176,354) (7,038) (181,419) (9,489) (184,303) (12,187)
Investment (Gain)/Loss 6/30/15 100% Up/Down 2.75% 26 2,084,746 83,199 2,144,617 112,172 2,178,709 144,071
Non-Investment (Gain)/Loss 6/30/16 80% Up/Down 2.75% 27 (329,390) (8,898) (343,243) (13,489) (353,317) (18,480)
Investment (Gain)/Loss 6/30/16 80% Up/Down 2.75% 27 2,580,570 69,714 2,689,097 105,678 2,768,020 144,779
Assumption Change 6/30/16 80% Up/Down 2.75% 17 811,167 29,941 836,977 45,569 848,428 62,430
Non-Investment (Gain)/Loss 6/30/17 60% Up/Down 2.75% 28 (69,068) (960) (72,910) (1,938) (76,009) (2,987)
Investment (Gain)/Loss 6/30/17 60% Up/Down 2.75% 28 (1,298,061) (18,034) (1,370,271) (36,424) (1,428,513) (56,139)
Assumption Change 6/30/17 60% Up/Down 2.75% 18 899,515 16,991 944,905 34,456 975,407 53,106
Non-Investment (Gain)/Loss 6/30/18 40% Up/Down 2.75% 29 198,381 0 212,268 2,899 224,128 5,958
Investment (Gain)/Loss 6/30/18 40% Up/Down 2.75% 29 (387,128) 0 (414,227) (5,657) (437,371) (11,626)
Assumption Change 6/30/18 40% Up/Down 2.75% 19 1,380,003 (21,113) 1,498,443 27,938 1,574,435 57,412
EXHIBIT B
CALPERS ACTUARIAL VALUATION - June 30, 2019
Miscellaneous Plan of the City of La Quinta
CalPERS ID: 2186535078
Rate Plan belonging to the Miscellaneous Risk Pool Page 12
Schedule of Plan’s Amortization Bases (continued)
Reason for Base
Date
Est.
Ramp
Level
2021-22
Ramp
Shape
Escala-
tion
Rate
Amort.
Period
Balance
6/30/19
Expected
Payment
2019-20
Balance
6/30/20
Expected
Payment
2020-21
Balance
6/30/21
Minimum
Required
Payment
2021-22
Method Change 6/30/18 40% Up/Down 2.75% 19 387,543 (1,397) 416,116 7,758 437,219 15,943
Non-Investment (Gain)/Loss 6/30/19 No Ramp 0.00% 20 194,568 0 208,188 0 222,761 20,328
Investment (Gain)/Loss 6/30/19 20% Up Only 0.00% 20 176,712 0 189,082 0 202,318 4,423
Total 14,460,335 819,893 14,624,455 952,095 14,663,313 1,108,426
The (gain)/loss bases are the plan’s allocated share of the risk pool’s (gain)/loss for the fiscal year as disclosed in “Allocation of Plan’s Share of Pool’s
Experience/Assumption Change” earlier in this section. These (gain)/loss bases will be amortized in accordance with the CalPERS amortization policy in effect at the
time the base was established.
CALPERS ACTUARIAL VALUATION - June 30, 2019
Miscellaneous Plan of the City of La Quinta
CalPERS ID: 2186535078
Rate Plan belonging to the Miscellaneous Risk Pool Page 14
Amortization Schedule and Alternatives
Alternate Schedules
Current Amortization
Schedule 15 Year Amortization 10 Year Amortization
Date Balance Payment Balance Payment Balance Payment
6/30/2021 14,663,313 1,108,426 14,663,313 1,556,400 14,663,313 2,018,281
6/30/2022 14,543,181 1,223,842 14,079,792 1,556,400 13,602,019 2,018,281
6/30/2023 14,295,251 1,294,732 13,455,425 1,556,400 12,466,434 2,018,281
6/30/2024 13,956,638 1,370,546 12,787,352 1,556,400 11,251,358 2,018,281
6/30/2025 13,515,899 1,411,617 12,072,514 1,556,400 9,951,227 2,018,281
6/30/2026 13,001,823 1,449,271 11,307,637 1,556,400 8,560,087 2,018,280
6/30/2027 12,412,811 1,487,955 10,489,219 1,556,401 7,071,568 2,018,281
6/30/2028 11,742,555 1,527,711 9,613,511 1,556,400 5,478,852 2,018,281
6/30/2029 10,984,258 1,568,552 8,676,504 1,556,401 3,774,646 2,018,281
6/30/2030 10,130,633 1,610,520 7,673,906 1,556,401 1,951,145 2,018,280
6/30/2031 9,173,843 1,653,644 6,601,126 1,556,401
6/30/2032 8,105,470 1,640,814 5,453,251 1,556,400
6/30/2033 6,975,582 1,626,061 4,225,026 1,556,400
6/30/2034 5,781,865 1,587,084 2,910,825 1,556,401
6/30/2035 4,544,902 1,518,883 1,504,629 1,556,400
6/30/2036 3,291,900 780,392
6/30/2037 2,715,089 692,656
6/30/2038 2,188,656 599,541
6/30/2039 1,721,692 526,245
6/30/2040 1,297,860 478,139
6/30/2041 894,120 337,745
6/30/2042 607,342 317,630
6/30/2043 321,297 248,242
6/30/2044 87,003 89,997
6/30/2045
6/30/2046
6/30/2047
6/30/2048
6/30/2049
6/30/2050
Total 26,150,245 23,346,005 20,182,808
Interest Paid 11,486,932 8,682,692 5,519,495
Estimated Savings 2,804,240 5,967,437
EXHIBIT C
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 24, 2021
STAFF REPORT
AGENDA TITLE: DISCUSS LIBRARY DEVELOPMENT IMPACT FEE LOAN AND
REPAYMENT CALCULATIONS
RECOMMENDATION
Discuss Library Development Impact Fee loan and repayment calculations.
EXECUTIVE SUMMARY
• As of December 31, 2020, the Successor Agency to the City’s former
Redevelopment Agency has an outstanding interagency loan of
$1,498,029.
• Development impact fee revenues used to pay back the loan have
declined and are not expected to increase as the City is nearly built out.
• The Financial Advisory Commission (FAC) formed a subcommittee to
review the outstanding loan, evaluate alternatives to retire the loan, and
prepare a recommendation for City Council’s consideration.
FISCAL IMPACT
None at this time, the subcommittee shall formulate options for future
consideration.
BACKGROUND/ANALYSIS
FAC SUBCOMMITTEE
On September 30, 2020 the FAC appointed Commissioners Mills and Hoffner to
review the outstanding interagency Library Development Impact Fee (DIF) Fund
loan. Efforts were delayed after the current Successor Agency bond refinancing
proposal was suspended and recalculated for additional savings.
The subcommittee has met to discuss the preliminary analysis. A formal
recommendation is being developed; however, the matter is complex and
requires legal and external auditor review. The goal of this study session is to
provide an overview of the outstanding loan due to the Successor Agency.
Recommendations will be presented at a future FAC meeting.
LOAN HISTORY
The Successor Agency loaned the Library DIF $2,490,273 in April of 2005 for
the construction of the Library; the outstanding balance on December 31, 2020
STUDY SESSION ITEM NO. 4
was $1,498,029. This outstanding loan is reported in the City’s financial
statements under Note 17 – Successor Agency Trust for Assets of Former
Redevelopment Agency, Due from other Governments.
Loan repayment terms:
• The loan does not have specified repayment terms or an amortization
schedule. Likely, because it is repaid using development impact fees
which are not received uniformly each year.
• The loan does not have a defined interest rate. Interest charges are tied
to the monthly interest rate earnings of the City’s investment portfolio.
On February 15, 2011 with the possibility that Redevelopment Agencies (RDA)
might be eliminated, Staff presented the option to forgive or assume any
outstanding RDA loans by paying them off with General Fund unassigned fund
balance. At the time, the RDA had three loans outstanding for a total of
$4,226,564. One of which was the Library DIF loan which at the time had a
balance of $1,923,999.
On March 1, 2011 Staff proposed using General Fund unallocated reserved fund
balances to fund the City’s purchase of the three loans. City Council and
Redevelopment Agency meeting minutes reflect the unanimous approval for the
General Fund to repay these loans, however, financial statements do not
demonstrate this action was implemented. Since this date, two loans have been
fully repaid under the original repayment terms (La Quinta Community Park and
North Fire Station) to the former RDA and the library loan remains outstanding.
On December 29, 2011 the California Supreme Court upheld Assembly Bill 1X
26 that provided for the dissolution of all redevelopment agencies in the State
of California.
As of June 28, 2011, redevelopment agencies in the State of California cannot
enter into new projects, obligations or commitments.
REPAYMENT CALCULATIONS and HISTORICAL BALANCES
Using the average of the annual Library DIF revenues over the past three years
($63,101). If the City continued to charge interest, the loan would be repaid in
28 years or by 2049; if interest was not charged and the annual Library DIF
income remained the same, the loan would be repaid in approximately 24 years
or by 2045.
The following is a 10-year summary of the library loan balance. The outstanding
balance includes accrued interest and principal at the end of each fiscal year.
As of Outstanding Balance Year-Over-Year Change
6/30/2011 1,923,779$
6/30/2012 1,860,330$ (63,449)$
6/30/2013 1,841,056$ (19,274)$
6/30/2014 1,750,152$ (90,904)$
6/30/2015 1,654,779$ (95,373)$
6/30/2016 1,631,001$ (23,778)$
6/30/2017 1,609,835$ (21,166)$
6/30/2018 1,572,557$ (37,278)$
6/30/2019 1,548,436$ (24,121)$
6/30/2020 1,505,187$ (43,249)$
12/31/2020 1,498,029$ (7,158)$
Total Repaid (425,750)$
The FAC subcommittee recommends a study session with City Council to
discuss these preliminary findings before presenting any recommendations for
consideration.
ALTERNATIVES
No alternatives are recommended at this time. A future report will be presented
to the FAC with further findings and recommendations.
Prepared by: Karla Romero, Finance Director
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING
DEPARTMENT REPORT
TO: Members of the Financial Advisory Commission
FROM: Rosemary Hallick, Financial Services Analyst
DATE: February 24, 2021
SUBJECT: THIRD QUARTER 2020 (JULY-SEPTEMBER) SALES TAX
UPDATE FOR THE CITY OF LA QUINTA
The attached report was prepared by consultants HdL Companies as an update
of sales tax receipts for third quarter sales from July-September 2020.
• La Quinta’s overall adjusted sales tax receipts for major industry groups
increased 12%, which compares to Riverside County at 7.5% and the
state at (1.0%).
• The City’s sales-per-capita was higher than both the county and state
averages.
• General consumer goods (such as department stores) made up 37% of
sales tax revenue and 44% of Measure G revenue.
• Autos and transportation made up 10% of sales tax revenue and 16%
of Measure G revenue.
• As in the second quarter, the City continues to benefit from increased
online purchasing in the form of an increase in the County pool share,
which was 18% of our sales tax revenue.
DEPARTMENTAL REPORT ITEM NO. 1
The City continuously monitors local development, economic conditions,
impacts on travel and trade, and legislative and judicial news for any potential
changes to sales tax collections. Attached is the December 2020 update
regarding economic conditions. The City’s current fiscal year budget was
based on known information as of last Spring, and was recently adjusted to
reflect incoming tax receipts; staff will continue to monitor for any additional
needed adjustments.
Attachment 1: City of La Quinta Sales Tax Update
Attachment 2: California Economic Forecast from HdL
www.hdlcompanies.com | 888.861.0220
Q3 2019*
Q3 2020*
Legend
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
SALES TAX BY MAJOR BUSINESS GROUP*Allocation aberrations have been adjusted to reflect sales activity
General
Consumer
Goods
County
and State
Pools
Building
and
Construction
Restaurants
and
Hotels
Autos
and
Transportation
Food
and
Drugs
Fuel and
Service
Stations
Business
and
Industry
TOP 25 PRODUCERSCITY OF LA QUINTA HIGHLIGHTS
Published by HdL Companies in Winter 2021
Arco AM PM
Bed Bath & Beyond
Best Buy
Circle K
Costco
Floor & Decor Outlets
Genesis/Hyundai of La Quinta
Hobby Lobby
Home Depot
In N Out Burger
Kohls
La Quinta Chevrolet & Cadillac
La Quinta Resort and PGA West
Lowes
Marshalls
McDonald’s
Ross
Stater Bros
Stein Mart
Target
TJ Maxx
Torre Nissan
Tower Mart
Vons
Walmart Supercenter
SALES TAX UPDATE
CITY OF LA QUINTA
3Q 2020 (JULY - SEPTEMBER)
La Quinta’s receipts from July through
September were 12.0% above the third
sales period in 2019.
Consumer spending increased in the
third quarter as more retail stores re-
opened, pushing up totals for general
consumer goods. A continued focus on
home improvement products resulted in
higher totals for building-construction.
The dine-at-home pandemic trend
became the norm during the COVID-19,
boosting grocery store profits at the
expense of dine-in restaurants, who
continued to struggle with on again, off
again closures and restrictions.
The resurgence of COVID-19 cases
in Southern California, ongoing travel
restrictions and consumers continuing
to work from home combined with
crude oil oversupply resulting from the
OPEC–Russia price war led to a slower-
than-expected recovery for fuel-service
stations. The auto-transportation
industry saw a stronger performance
than expected, but still below pre-
pandemic levels.
The City’s share of the countywide
use tax pool increased 56.9% when
compared to the same period in the
prior year. Measure G brought in an
additional $2,448,728 in revenue.
TOTAL:
13.2%
$2,448,728
Measure G
TOTAL:$ 2,105,264
12.0% 7.5%-1.0%
COUNTY STATE
LA QUINTA
3Q2020
ATTACHMENT 1
TOP NON-CONFIDENTIAL BUSINESS TYPES
Q3 '20*La QuintaBusiness Type Change Change ChangeCountyHdL State
-38.0%-30.9%-29.4% 91.4 Casual Dining
-29.0%-20.4%-11.8% 83.7 Service Stations
-21.3%-9.2%-3.7% 75.5 Electronics/Appliance Stores
-10.2%9.1%8.0% 72.0 Quick-Service Restaurants
7.1%11.0%28.8% 64.8 Grocery Stores
-24.5%-14.1%4.3% 53.4 Family Apparel
-8.8%2.2%20.0% 51.6 Specialty Stores
-3.7%7.6%-2.8% 48.6 Home Furnishings
-14.2%4.6%11.6% 29.8 Fast-Casual Restaurants
-78.5%-60.0%66.0% 18.6 Leisure/Entertainment
*Allocation aberrations have been adjusted to reflect sales activity *In thousands of dollars
REVENUE BY BUSINESS GROUP
La Quinta This Quarter*
10%
Others
18%
Pools
11%
Restaurants
10%
Autos/Trans.
13%
Building
37%
Cons.Goods
*ADJUSTED FORECONOMIC DATA
SALES TAX UPDATECITY OF LA QUINTA3Q 2020
STATEWIDE RESULTS
The local one-cent sales and use tax from
sales occurring July through September
was 0.9% lower than the same quarter
one year ago after factoring for
accounting anomalies. The losses were
primarily concentrated in coastal regions
and communities popular with tourists
while much of inland California including
the San Joaquin Valley, Sacramento
region and Inland Empire exhibited gains.
Generally, declining receipts from
fuel sales, brick and mortar retail
and restaurants were the primary
factors leading to this quarter’s overall
decrease. The losses were largely offset
by a continuing acceleration in online
shopping that produced huge gains in the
county use tax pools where tax revenues
from purchases shipped from out-of-
state are allocated and in revenues
allocated to jurisdictions with in-state
fulfillment centers and order desks.
Additional gains came from a generally
solid quarter for autos, RV’s, food-drugs,
sporting goods, discount warehouses,
building material suppliers and home
improvement purchases. Some
categories of agricultural and medical
supplies/equipment also did well.
Although the slight decline in comparable
third quarter receipts reflected a
significant recovery from the immediate
previous period’s deep decline, new
coronavirus surges and reinstated
restrictions from 2020’s Thanksgiving
and Christmas gatherings compounded
by smaller federal stimulus programs
suggest more significant drops in
forthcoming revenues from December
through March sales.
Additionally, the past few quarter’s gains in
county pool receipts that were generated
by the shift to online shopping plus last
year’s implementation of the Wayfair v.
South Dakota Supreme Court decision will
level out after the first quarter of 2021.
Much of the initial demand for computers
and equipment to accommodate home
schooling and remote workplaces has
been satisfied. Manufacturers are also
reporting that absenteeism, sanitation
protocols, inventory and imported parts
shortages have reduced production
capacity that will not be regained until
mass vaccines have been completed,
probably by the fall of 2021.
Significant recovery is not anticipated until
2021-22 with full recovery dependent
on the specific character and make up
of each jurisdiction’s tax base. Part of
the recovery will be a shift back to non-
taxable services and activities. Limited to
access because of pandemic restrictions,
consumers spent 72% less on services
during the third quarter and used the
savings to buy taxable goods.
Full recovery may also look different than
before the pandemic. Recent surveys find
that 3 out of 4 consumers have discovered
new online alternatives and half expect to
continue these habits which suggests that
the part of the recent shift of revenues
allocated through countywide use tax
pools and industrial distribution centers
rather than stores will become permanent.
CALIFORNIA FORECAST
SALES TAX TRENDS AND ECONOMIC DRIVERS
DECEMBER 2020
888.861.0220 | solutions@hdlcompanies.com | hdlcompanies.com
Delivering Revenue, Insight and Efficiency to Local Government Since 1983
HdL provides relevant information and analyses on the economic forces affecting California’s
local government agencies. In addition, HdL’s Revenue Enhancement and Economic Development
Services help clients to maximize revenues.
Lake Tahoe, CA
ATTACHMENT 2
HDL CONSENSUS FORECAST – DECEMBER 2020STATEWIDE SALES TAX TRENDS
Autos/Transportation 5.9% | 3.0%
The retail auto industry bounced back this summer and
completed a V-shaped recovery by posting positive results
for the first time since the beginning of the pandemic.
Higher income households bankrolled the unexpectedly
rapid comeback with savings that have accumulated
over the last year. Record low interest rates, a recovering
economy and contagion fears surrounding ridesharing
and mass transit are expected to support the market
in the near-term. Vehicle prices are also rising with the
ongoing shift in buyer preference toward larger vehicles
compounded by the scarcity of many popular models. RV,
boat and niche vehicle sales are all exceptionally strong.
Fleet sales, however, remain depressed and will take
longer to recover.
Building/Construction 2.9% | 3.5%
Spending for home improvement projects increased
again as previously postponed remodeling jobs got
underway. The Bay Area grew 2% overall as the region
bounced back from having projects shutdown at the
onset of the pandemic. Central and Northern California
reported steady activity while Southern California saw a
positive trend. Looking ahead, the forecast sees growth
as employment migration gains momentum from remote
workers seeking cheaper housing options. This will lower
Bay Area construction as commercial project levels have
declined already. Construction in Southern California
is expected to remain steady as existing projects move
toward completion. The statewide trend of declining
construction permit issuance is expected to begin a
reversal within two years.
Business/Industry -4.0% | 6.7%
The new order index is moving upward but manufacturers
report that COVID-19 related absenteeism, qualified
worker shortages, sanitization protocols, inventory
and imported parts delivery issues collectively reduced
production capacity. Full recovery is not anticipated to
begin until the second half of 2020-21 when vaccines
become widely available. Recent surges in computers
and communication equipment to facilitate work-at-
home initiatives are expected to level off with further
declines from industrial machinery/equipment, fabricated
metal products, manufacturers serving food processing,
printing/publishing and petroleum industries. Some
improvements are projected from companies serving the
logistics, construction, transportation and agriculture
segments. Each jurisdiction’s experience will differ with
the specific character and size of its individual business/
industrial tax base.
Food/Drugs 6.8% | 3.0%
Improvement over the past year in this group’s tax
revenues is largely twofold. People ate more at home
due to limited dining out accessibility and venue options,
thus, convenience stores and grocers reported strong
activity. Also, cannabis operators expended the number
of permitted locations and functioned as essential
businesses while demand for their products continues
to climb. Short term, these segment specific trends
are expected to trigger strong sales. By mid next year,
increases moderate as retailers and eateries reopen their
doors to expectant customers.
Fuel/Service Stations -9.3% | 16.5%
While crude barrel prices and the cost of a gallon of
gas have begun to slowly rise, recent COVID-19 cases
continued to trend up which has weakened retail demand
and gallons sold. Prices at the pump are still more than
a dollar less per gallon than the same quarter last year.
Vehicle and air travel have stagnated. A combination of
lower fuel prices, downward pressure on consumption
(tied to less vacations and road trips), along with additional
shelter in place restrictions through 2020 yields a forecast
reduction in sales tax for this category in the coming
two quarters. The anticipated roll out of the vaccine will
increase consumer and business travel by next spring
with effective deployment leading to solid growth for this
segment in the second half of 2021.
General Consumer Goods 1.4% | 6.9%
Core retail segments continue to show large contractions
in sales. Apparel heavy categories accounted for the brunt
of declines making up roughly 75% of the group’s total
variation from prior year third quarter collections. Tax
volumes from discount department stores expanded as
consumers opted for fewer stops to shop across multiple
product lines. Diminished foot traffic, continued in-store
limitations and an accelerated shift to digital shopping
puts more pressure on brick-and-mortar retailers. The
pandemic altered habits in ways that demonstrate
permanent repercussions on shopping behavior as
the economy recovers. Recent regional stay-at-home
orders are prompting additional negative impacts on
physical stores, dampening the outlook. Our forecast
anticipates a rebound in fiscal year 2021-22 following a
wide distribution of vaccines which prompts a return to
more normalized in-store shopping experiences. Local
tax receipts are not expected to return to pre-pandemic
peaks until fiscal year 2022-23.
2020/21 | 2021/22
HdL Companies | hdlcompanies.com
TOTAL 2.1% | 7.5%2020/21 | 2021/22
2020/21 | 2021/22
Restaurants/Hotels - -15.0% | 26.5%
The ever-changing health regulations over the past
nine months have created overwhelming challenges for
the hospitality industry. The late December restriction
orders could mean more restaurants closing their
doors permanently. Quick service continues to fair
better than traditional sit-down dining establishments.
Outdoor options could be returning sooner rather than
later due to a successful challenge of those restrictions
by the California Restaurant Association. The forecast
assumes some restaurants and hotels will not survive
this second round of forced hibernation. An uptick in
travel is not expected to begin until spring and will take
years to reach 2019 pre-pandemic levels.
HDL CONSENSUS FORECAST – DECEMBER 2020STATEWIDE SALES TAX TRENDS
TOTAL 2.1% | 7.5%2020/21 | 2021/22
HdL Companies | hdlcompanies.com
2020/21 | 2021/22
Proposition 172 projections vary from statewide Bradley-Burns calculations due
to the state’s utilization of differing collection periods in its allocation to counties.
HdL forecasts a statewide increase of 0.80% for Fiscal Year 20/21 and 8.89% for
2021/2022.
State and County Pools 19.3% | 3.1%
Recent data showed staggering tax escalations into the
pools during the last four quarters, a confluence of full
deployment of Wayfair’s marketplace facilitator AB147
compliance, accelerated movement to online spending
linked to COVID-19 store closures and use of federal
stimulus for at-home needs. Thus, a new baseline
of pool’s taxes is now in place for future projections.
Early holiday results demonstrated sizeable growth in
ecommerce activity during the Thanksgiving weekend.
Sheltering directives happening in most parts of
California are intensifying more shopping by way of
computers and mobile devices. Trends in our forecast
note many household spending patterns dating back
to the pandemic arrival are now permanent, however,
future pools gains are expected to subside to levels a bit
higher than pre-Wayfair historical outcomes.
2020/21 | 2021/22
NATIONAL AND STATEWIDEECONOMIC DRIVERS
Beacon Economics | BeaconEcon.com
U.S. Real GDP Growth 12.0% | 3.4%
The U.S. economy’s record-breaking expansion peaked in February
2020, and with the emergence of the COVID-19 pandemic, the
economy hit rock bottom in April. This two-month pandemic-driven
downturn was the shortest in American history. Even though the
economy hasn’t returned to its pre-pandemic trend, this has been
the fastest recovery in history with over 33% real GDP growth
in the third quarter of this year. Consumer spending drove most
of the growth in the third quarter, and solid expansion occurred
throughout the economy with the exceptions of investment in
nonresidential structures and government spending. As of the third
quarter, the economy was only 4% below long-run growth trends
having recovered three-quarters of the output it lost from February
to April. A genuine return to pre-COVID consumer demand
cannot occur until the spread of the virus is controlled. There is
downside risk in the short-term due to the continued spread of the
coronavirus, but the expansion of the economy will pick up speed
in the spring as millions of people are vaccinated and a semblance
of normality returns to consumer behavior.
U.S. Unemployment Rate 6.8% | 4.9%
Following the economic downturn in March and April, the
performance of the labor market has been the weakest aspect
of the economic recovery. As of November 2020, there were 9
million fewer workers employed in the US compared to February
2020 and commensurate increase in the unemployment rate from
3.5% to 6.7%. While the current unemployment rate is a great
improvement since the highs reached in April (14.7%), the current
figure has been aided by the exodus of 4 million workers from the
labor force. The labor market recovery should gather momentum
in the spring as the worst effects of COVID-19 are behind us. This
job creation will place downward pressure on the unemployment
rate, although the return of workers to the labor force will slow
this trend.
CA Total Nonfarm
Employment Growth -3.8% | 5.5%
Since the record drop in employment in April, California’s labor
market has underperformed compared to the U.S. labor market.
The number of jobs contracted by 6.5% nationally since February
while in California the number of jobs fell by 8%, and only 46%
of the jobs lost by April have been recovered in the state. As of
November, there were 1.4 million fewer workers employed in the
state than there were in February. One key feature of the labor
market recovery has been the extent to which job losses have
disproportionately impacted low-income workers. Employment in
jobs that pay more than $60,000 per year have shrunk just 1.3% in
the state, but middle-wage jobs (with annual wages ranging from
$27,000 to $60,000) and low-wage jobs (less than $27,000 per
year) have been hit much harder. Middle-income jobs declined
by 8.1% between January and November whereas low-wage jobs
fell by 28.1%. Because the recovery in California has lagged the
national economy to this point, this should mean that, once a
vaccine is widely distributed and some normality resumes in 2021,
employment growth in California will outpace the growth in the
national economy.
CA Unemployment Rate 8.8% | 5.7%
California’s unemployment rate fell to 8.2% in November – down
from 9.0% in the previous month and a peak of 16.4% in May –
but remains elevated relative to the 6.7% rate in the U.S. overall.
This decline is a positive sign but is as much due to a contracting
labor force as it is to employment gains. In November, there were
630,000 fewer people looking for work in the state compared to
February 2020. Under normal circumstances, the state’s labor force
would have expanded over this period. The very short-term outlook
(through February 2021) is not positive as the significant spread of
the coronavirus in the state and resulting restrictions on businesses
place downward pressure on job creation. But as the vaccine rollout
picks up speed in the spring, the unemployment rate should fall
significantly as the year progresses.
CA Median Existing
Home Price $583,320 | $618,930
The state’s housing market has been by far the brightest spot of the
2020 economy. Single family home prices have surged compared
to last year, growing by 13% percent from Q3 2019 to Q3 2020.
As of Q3 2020, year-to-date sales of new and existing homes were
around 10,000 units lower compared to the same point in 2019,
though figures from Q4 will likely reveal that more homes have will
have sold in 2020 than in 2019. This is an extraordinary feat given
the performance of the state’s labor market this year. The strong
performance of the state’s housing market is likely driven by two
factors. First, typical homebuyers (higher income earners) have been
less affected by the labor market fallout. Second, mortgage rates are
at historically low levels, spurring purchasing activity. That said, the
growth in home prices this year is unsustainable so expect interest
rates to tick up at some point in 2021.
CA Residential
Building Permits 111,780 | 117,780
The increase in home prices this year have once again brought
California’s housing shortage to the fore. Until the supply of housing
picks up considerably, there will be upward pressure on home
prices in the state. As of September, around 7,500 fewer permits
were issued in the state compared to the same point in 2019. This
will do little to help the state’s chronic housing shortage, but the
expectation is that housing permits will rebound in 2021 as the
economy continues to recover.
2020/21 | 2021/22 2020/21 | 2021/22
Beacon Economics LLC
5777 West Century Boulevard, Suite 895
Los Angeles, CA 90045
Telephone: 310.571.3399
Fax: 424.646.4660
Beacon Economics has proven to be one of the most thorough
and accurate economic research/analytical forecasting firms
in the country. Their evaluation of the key drivers impacting
local economies and tax revenues provides additional
perspective to HdL’s quarterly consensus updates. The
collaboration and sharing of information between Beacon
and HdL helps both companies enhance the accuracy of the
work that they perform for their respective clients.
HdL Companies
120 S. State College Blvd., Suite 200
Brea, CA 92821
Telephone: 714.879.5000 • 888.861.0220
Fax: 909.861.7726
California’s allocation data trails actual sales activity by three
to six months. HdL compensates for the lack of current
information by reviewing the latest reports, statistics and
perspectives from fifty or more economists, analysts and
trade associations to reach a consensus on probable trends
for coming quarters. The forecast is used to help project
revenues based on statewide formulas and for reference
in tailoring sales tax estimates appropriate to each client’s
specific demographics, tax base and regional trends.
714.879.5000 | hdlcompanies.com
HAND OUTS
FAC
MEETING
FEBRUARY 24, 2021
Staff Report Date
Revenues (Adopted 202/21 Budget)50,726,100$
CIP Savings/Use of Reserves (Adopted 2020/21 Budget)321,900
11/3/2020 Carryover Funding (Capital Projects/Operating)14,957,983
11/17/2020 Use of Measure G Reserves, SilverRock Event Site 244,700
11/17/2020 Use of Measure G Reserves, Alongi Building 160,000
12/1/2020 Use of Measure G Reserves, SilverRock Event Site 290,000
12/1/2020 Use of Measure G Reserves, SilverRock Soil Stabilization 10,000
12/9/2020 Use of Economic Disaster Reserves 560,000
9/15/2020 Fire Service Reserves, Ladder Truck Purchase 350,000
2/16/2021 2nd Quarter Adjustments 3,964,434
2/16/2021 Use of Measure G Reserves, SilverRock Event Site 427,250
TOTAL REVENUES 72,012,367
Operating/CIP Expenses (Adopted 2020/21 Budget)47,911,600
Measure G Reserves (Adopted 2020/21 Budget)3,127,200
11/3/2020 Carryover Funding (Capital Projects/Operating)14,957,983
11/17/2020 SilverRock Event Site 244,700
11/17/2020 Alongi Building 160,000
12/1/2020 SilverRock Event Site 290,000
12/1/2020 SilverRock Retention Basin Soil Stabilization 10,000
12/9/2020 Small Business Grant Programs 500,000
12/9/2020 Find Food Bank Contribution 60,000
9/15/2020 Fire Ladder Truck Contribution 350,000
2/16/2021 2nd Quarter Adjustments 456,564
2/16/2021 2nd Quarter, Measure G Reserves Increased 1,500,000
2/16/2021 SilverRock Event Site 427,250
TOTAL EXPENDITURES 69,995,297
AMENDED BUDGET SURPLUS/(DEFICIT)2,017,070$
General Fund Unassigned Reserves 6/30/2021 19,094,651$
2nd Quarter Allocation to Reserves (8,160,000)
CURRENT UNASSIGNED RESERVES 10,934,651$
2020/21 GENERAL FUND BUDGET SUMMARY
BUSINESS SESSION ITEM NO. 3 HANDOUT -
RECEIVE AND FILE THE 2020/21 MID-YEAR BUDGET REPORT - Additional Exhibit
POWER POINTS
FAC
MEETING
FEBRUARY 24, 2021
2/24/2021
1
Financial Advisory Commission
Special Meeting
February 24, 2021
1
2
2/24/2021
2
Financial Advisory Commission Special Meeting
02/24/2021
Business Session Item No. 1
Appoint Two Commissioners to Form a 10-year
Financial Projects Task Force
Financial Advisory Commission Special Meeting
02/24/2021
Business Session Item No. 2
Appoint Two Commissioners to Form a Long-Range
Strategic Planning Task Force
3
4
2/24/2021
3
Financial Advisory Commission Special Meeting
02/24/2021
Business Session Item No. 3
Receive and File Fiscal Year 2020/21 Mid-Year
Budget Report
•General Fund
•3 Internal Service Funds
•15 Special Funds
•Recommended Adjustments
•Revenues $4,719,034
•Expenses $1,039,964
•General Fund Reserves
•Review Balances
•Allocation Options
Mid-Year Report
Includes
5
6
2/24/2021
4
Top Three Revenues
•Property Taxes $800,000
•City of Chula Vista v. Sandoval
•No retro adjustment
•Sales Taxes $1,000,000 / $1,500,000
•Lagging remittances
•Online sales, South Dakota v. Wayfair, Inc.
•Local spending on taxable goods
•Transient Occupancy Taxes (TOT) $1,500,000
•No hotel adjustment
•Short-Term Vacation Rentals
•Drive market, traveling families, online reporting
Other General Fund
Revenue Adjustments
Revenue Type Increase Decrease
Property Taxes 800,000
Sales Taxes 2,500,000
TOT Taxes 1,500,000
Licenses and Permits 50,000
Charges for Services 350,000 210,500
Fines and Other Taxes 26,000
One‐Time (CARES Act and FEMA)600,934
TOTAL Revenue Adjustments $5,000,934 $1,036,500
•Overall an
increase of
$3,964,434
•Continue to
monitor changes
•3rd Quarter
Budget Report
7
8
2/24/2021
5
General Fund
Expenses
Expense Type Increase
One‐Time (CARES & FEMA) $184,064
Credit Card & E‐Check Fees 80,000
GIS Consultant 45,000
HR Services (COVID) 20,000
Lot Abatements & Cleaning 4,000
Fritz Burns Pool 35,000
Janitorial Services 50,000
Street Cleaning/Accidents 10,000
GPSCVB (TOT MOU) 28,500
TOTAL Expense Adjustments $456,564
•Low due to carryovers
from 2019/20
•No reductions proposed
•Hope to reopen
sooner in 2020/21
•Quick response =
increased cost
Other Fund Adjustments
•Recognize grant revenues
•Avoid budget shortfalls
•Use fund balance when appropriate
•Implement State recycling mandate
•Fund updates resulting from Development
Impact Fee study
•Investment returns
9
10
2/24/2021
6Exhibit 2, Page 1Fund Name Revenues Expenses Description
Facility & Fleet 60,000 2 vehicles
Information Technology 25,800 Lease escrow account
Insurance 77,000 Earthquake insurance
Gas Tax 13,400 State projections
Library & Museum (1,300) 23,000 Closure, cleaning, HVAC
Cal Recycle 150,000 Organic waste program
Measure A 200,000 Increase in sales taxes
Emergency Mgmt. Grant 7,600 7,600 Trailer, generator, EOC
So. Coast Air Quality 6,700 EV charging stations
Housing Grants 60,000 60,000 Housing element update
Other Fund Adjustments
Exhibit 2, Page 2Fund Name Revenues Expenses Description
Economic Development 109,100 169,100 Business grants, marketing
Street Facility DIF (15,000) New merged Fund
Park Facility DIF (6,600) New merged Fund
Maintenance Facilities DIF 21,600 New Fund
Art in Public Places 10,000 15,000 Fees, art mural installation
Capital Improvement 15,000 15,000 Art mural installation
CERBT OPEB Trust 15,000 Interest earnings
PARS Pension Trust 300,000 Interest earnings
Other Fund Adjustments Continued
11
12
2/24/2021
7
General Fund
Reserves
•Based on Reserve Policy
•Balances as of 6/30/2020
•$500,000 allocated from Economic Disaster Reserve in current fiscal year
•3 options for consideration
Reserve Balances and Targets
Reserve Category Current Balance Target Balance Surplus / (Deficit)
Cash Flow $5,000,000 $5,000,000 ‐‐
Natural Disaster 10,000,000 10,000,000 ‐‐
Economic Disaster 6,800,000 11,000,000 (4,200,000)
Capital Replacement 6,540,000 10,000,000 (3,460,000)
Pension Trust 10,249,738 10,000,000 249,738
Total $38,589,738 $46,000,000 (7,410,262)
Unassigned Fund Balance $19,094,653
Recommended Allocation ($5,000,000)
Unassigned Fund Balance $14,094,653
13
14
2/24/2021
8
Funding Options
Reserve Category Option 1 Option 2 Option 3
Deficit at
6/30/2020
Economic Disaster $2,500,000 $2,741,514 $4,200,000 ($4,200,000)
Capital Replacement 2,500,000 2,258,486 800,000 (3,460,000)
TOTAL $5,000,000 $5,000,000 $5,000,000 ($7,660,000)
•Reserve Policy Adopted
in FY 2017/18
•Third year of allocations
•Funded ratio would be
95% after allocation
Reserve Funding Approved
Reserve Category Option 4
Approved
Current
Deficit
Deficit at
6/30/20
Economic Disaster $4,700,000 ($4,700,000) ($4,200,000)
Capital Replacement 3,460,000 (3,460,000) (3,460,000)
TOTAL $8,160,000 ($8,160,000) ($7,660,000)
Unassigned Fund Balance $19,094,653
Approved Allocation ($8,160,000)
Unassigned Fund Balance $10,934,653
•Reserves are now 100% funded
•Annual reviews will continue
15
16
2/24/2021
9
General Fund Bottom Line
Date Revenues Expenses Surplus/(Deficit)
Budget Adoption $51,048,000 $51,038,800 $9,200
Adjustments from
7/1/20 – 2/2/21
16,572,683 16,572,683 ‐‐‐
Total $67,620,683 $67,611,483 $9,200
Date Revenues Expenses Surplus/(Deficit)
Mid‐Year Report $3,964,434 $1,956,564 $2,017,070
2/16/2021 Other 427,250 427,250 ‐‐‐‐
Total $72,012,367 $69,995,297 $2,017,070
Discussion & Questions
17
18
2/24/2021
10
Financial Advisory Commission Special Meeting
02/24/2021
Study Session Item No. 1
Discuss Projects to include in 2021/22 Through 2025/26
Capital Improvement Program budget
Purpose and Timeline
•Review CIP – 5-year plan
•Finance Advisory Commission
–Review today
•City Council
–Study Session March 2, 2021
–Public Hearing June
–Appropriate first year funds with City Budget
19
20
2/24/2021
11
FAC CIP Budget Committee
•Commissioners Batavick and Hoffner
•Committee Reviewed:
–CIP process
–Funding
–Prioritization criteria
–Proposed Projects
•Commissioners Report:
–Committee and Staff Recommend CIP Budget of $44.3mm for FYs 2021/22 through 2025/26
Transportation Projects
•2021/22 PMP
–First year of proposed 5-Year PMP
–Crack Fill and Slurry Seal and Dig Outs:
•Avenue 52 from Washington Street to Desert Club Drive,
•Desert Club Drive from Avenue 52 to Calle Tampico,
•Seasons Way,
•Within the Desert Pride development
–Crack sealing the east/west street segments within
the Cove
21
22
2/24/2021
12
Transportation Projects
•Avenue 53 at Jefferson Street Roundabout
–Roundabout at Jefferson Street and Avenue 53
–Road diet on Jefferson Street from Ave 52 to Ave 54 -
buffered bicycle and golf cart lane
•Dune Palms Pavement Rehabilitation
–Miles Avenue to Fred Waring Drive
•Citywide Striping Refresh
–Striping refresh of all arterial streets within City limits
Drainage Improvements
•Citywide Enhancements
–Calle Tampico from Eisenhower Drive to
Washington Street and Dune Palms Road
–Minimum 150-year storm protection
23
24
2/24/2021
13
Parks and Facilities Projects
•Landscape & Lighting Median Island Improvements
–Refurbish southern medians
–Utilizing current landscape contractor and staff
–Currently completing Eisenhower Drive
•La Quinta Landscape Renovation Improvements
–Renovate northern parkway over 5 years
–Desert efficient landscape palette
–Final funding allocation for Cactus Flower parkways
5 Year Landscape Renovation Plan
25
26
2/24/2021
14
Landscape Renovation Projects
Parks and Facilities Projects
•Fritz Burns Park Improvements
–Space planning and additional park amenity improvements
•Village Art Plaza, Promenade and Cultural Center
–Master planning effort underway
–Village Art Promenade improvements include:
•Seating and socializing area, landscape and irrigation, walkways, permanent and temporary art spaces, and shade structures.
–Connectivity between Village Art Plaza and the City Museum
–Convert Lumber Yard structure and surrounding grounds to a Village Art Plaza
27
28
2/24/2021
15
Other CIP Projects
•Highway 111 Corridor Area Plan
Implementation
–Form Based Code assessment underway
–PS&E for demonstration projects and ATP Grant
application
–Banking construction funding for demonstration
project
•Citywide Miscellaneous ADA Improvements
DIF Reimbursements
•Pay down existing obligations
–In lieu of approving new Transportation DIF
Projects
–$400,000 per year
–Anticipated completion: 2028/29
29
30
2/24/2021
16
Projects on the Horizon
•Fred Waring Drive Pavement Rehabilitation (2022/23)
–Washington Street to Adams Street)
•Corporate Yard Administrative Offices and Crew
Quarters (2022/23)
•Washington Street Sidewalk Improvements (2023/24)
–Avenue 50 to Calle Tampico
•Moon River Drive Pavement Rehabilitation (2024/25)
–Avenue 50 to DSUSD Right of Way
31
32
2/24/2021
17
Developer Reimbursement
3.87%
Drainage Improvement
4.61%
Landscape &
Lighting…
Public Facility
26.60%
Street Improvement
29.15%
Street Improvement
Pedestrian
11.64%
Street Improvement
Traffic Signal
2.27%
Park Improvements
3.39%
FISCAL YEAR 2021/2022
IMPROVEMENT SUMMARY
$10,336,506 Developer Reimbursement
$400,000
Drainage Improvement
$477,000
Landscape & Lighting
$1,908,356
Public Facility
$2,750,000
Street Improvement
$3,012,800
Street Improvement
Pedestrian
$1,203,350
Street Improvement
Traffic Signal
$235,000
Parks
$350,000
2021/22 CIP
•Staff seeks FAC input
•Present CIP to Council March 2, 2021
•CIP adopted in June
•Appropriate first year funds with City
Budget
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34
2/24/2021
18
Financial Advisory Commission Special Meeting
02/24/2021
Study Session Item No. 2
Discuss Preliminary General Fund Revenue Projections
for the Fiscal Year 2021/22 Budget
Financial Advisory Commission Special Meeting
02/24/2021
Study Session Item No. 3
Discuss the City’s Outstanding Pension Obligations and
the Financial Advisory Commission Subcommittee
Recommendations
35
36
2/24/2021
19
Reviewed and Discussed
CalPERS
Actuarial
Reports
Asset
Liability
Management
Cycle
Historical
Performance
of CalPERS
City Financial
Statements
Pension Trust
Assets
Accelerated
Payment
Savings
Consultant
Analysis
Findings Summarized
• Has the greatest liability and lowest funded ratio
The Classic Tier
• Currently underway, expected completion 11/2021, changes effective in 7/2022
CalPERS ALM process may increase future unfunded liability payments
• If the discount rate decreases the obligation increases
• If the discount rate increases the obligation decreases
Financial statement pension disclosures include sensitivity analysis
• Balance as of 12/31/2020 is $11,025,029
Pension Trust is fully funded at the target rate
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38
2/24/2021
20
Recommendation
•Accelerate payments directly to CalPERS when
fiscally feasible
•15‐year and 10‐year savings are presented
–15‐year amortization saves $2,804,240
–10‐year amortization saves $5,967,437
Commissioner Comments
and Discussion
39
40
2/24/2021
21
Financial Advisory Commission Special Meeting
02/24/2021
Study Session Item No. 4
Discuss Library Development Impact Fee Fund Loan and
Repayment Calculations
Library Loan
Subcommittee
Findings
•Loan history
•Repayment calculations
•Historical balances
•Next steps
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42
2/24/2021
22
Loan History
April 2005 Loan
issued for Library
Construction
March 2011
Loan approved
for repayment by
General Fund
December 2011
RDA dissolution
June 2011
No further RDA
activity allowed
•Due to the Successor Agency of the RDA
•Accrues interest monthly based on the City’s
investments effective rate of return
•Paid from Library Development Impact Fees
•Current balance $1,498,029
Repayment Calculations
•Annual average Library DIF fees are $63,101
•Based on current loan terms
–Repaid in 28 years or by 2049
•Removing interest from loan
–Repaid in 24 years or by 2045
•Loan has decreased by $425,750 in 10 years
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44
2/24/2021
23
Next Steps
•Review loan history with
–Legal counsel
–Capital improvement staff and consultants
–City Council in a study session
•Formulate and evaluate potential recommendations
•Review recommendations with
–Legal counsel
–Capital improvement team for impacts to DIF fee
–External auditing firm
•Present recommendations to
–FAC for approval to move forward to City Council
–City Council for approval
Commissioner Comments
and Discussion
45
46
2/24/2021
24
Financial Advisory Commission Special Meeting
02/24/2021
Departmental Report Item No. 1
Third Quarter 2020 (July-September) Sales Tax
Update for the City of La Quinta
Financial Advisory Commission Special Meeting
02/24/2021
Commissioner Items:
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48
2/24/2021
25
A Special Meeting will be held on
April 7, 2021
The Next Regular Quarterly
Financial Advisory Commission
Meeting will be on
May 12, 2021
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50